REG - Jangada Mines PLC - Molly Project Agreement, Update and TVR

Jangada MinesAnnouncement

07/05/2026 11:00

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RNS Number : 4279D  Jangada Mines PLC  07 May 2026

Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining

7 May 2026

Jangada Mines plc ('Jangada' or 'the Company')

 

 Molly Project Agreement, Update and TVR

 

Exploration success prompts signing of definitive agreement to secure the
highly prospective scalable Molly Gold Project

 

Jangada Mines plc (AIM: JAN), a Brazil-focused natural resource development
company, is pleased to announce that following a successful extended 14 hole
2,573 metre drilling campaign and exploration field work that identified
multiple new targets, it has signed a definitive acquisition agreement with
BGold Mineração Ltda ("BGold") (the 'Agreement') for the 6,656.2-hectare
Molly Gold Project ('Molly' or the 'Project') in the Tapajós Gold Province of
Pará State in Brazil.

 

The Agreement underlines the Board's confidence in the wider Molly Project and
marks the next important step in the Company's strategy of building a
portfolio of shallow high grade gold projects in Brazil.

 

Overview:

·    Signing of the Agreement follows a successful extended drilling
campaign and underpins the Board's confidence in the potential of the Project.

·    The Agreement provides a staged path to secure 100% ownership of the
Molly Project on staged cash and share payments, together with fulfilment of
work commitments, aligned with exploration success.

·    14 holes drilled for a total of 2,573 metres, primarily targeting the
high-grade Molly 1 & Molly 2 targets with potential identification of a
discovery at Molly 2 - all contained quartz vein and/or disseminated
sulphides, the host for gold in this style of mineralisation

·    Full suite of assays from latest drill programme expected shortly
with the expectation they will confirm the Molly 1 target extends in four
directions and quantify the potential of Molly 2, where the Company
anticipates a new discovery.

·    Additional structures identified underlining the broader licence
prospectivity and potential to significantly build on the Project's existing
JORC resource of 130,000 oz Au.

·    Fully funded Phase 2 of the exploration programme to include drilling
and geological work and given the scale of the targets, drone-based magnetic
surveys also planned.

 

Paulo Misk, CEO of Jangada Mines, commented: "With the drilling obligations
exceeded in the first campaign, prevalence of sulphides and quartz veins in
the drill core and multiple additional structures and historical workings
identified, we are delighted to sign the definitive acquisition agreement to
acquire 100% of the Project. The staged cash and share payments, together with
work commitments, aligned with exploration success, allow us to take full
control of the Project and the opportunity to maximise what we believe is a
highly prospective gold licence that has the potential to deliver a
significant gold resource.

 

"We extended the drilling campaign to 2,573m, 7 holes on each of the Molly 1
& 2 targets, all of which contained quartz vein and/or disseminated
sulphides. The sulphide intersections at Molly 2 exceeded those of Molly 1 so
we are particularly excited about its potential to contain a new discovery.
We await the full suite of results to ascertain the true extent of the
mineralised structure, which is a natural high grade narrow vein and similar
to the other producers in the area.

 

"Understanding the wider licence is crucial and we were delighted to discover
multiple additional areas, particularly where previous artisanal activity was
prevalent.  New vein systems at Molly and Boomerang highlight the
prospectivity and we are delighted to launch the next stage of exploration and
drilling.  We truly believe the Project has the potential to evolve into a
much larger gold system, underpinned by multiple targets and broader
district-scale prospectivity."

 

Further details on the Acquisition Agreement

As announced on 9 February 2026, Jangada secured an exclusive option with
BGold to acquire a 100% interest in the Molly Gold Project, acting as operator
and funder of all exploration and development activities during the option
period. Due to the drilling campaign and additional exploration activities on
the licence yielding excellent data and multiple additional target zones, the
decision has been taken to exercise the option and to enter into a definitive
acquisition agreement. Accordingly, an initial cash payment of US$100,000 has
been made to BGold and 10,212,418 new ordinary shares in Jangada have been
issued, at par value as of the closing middle market price on acceptance of
the LOI (9 February 2026), equating to US$250,000.  These shares are subject
to a 6-month lock-up. During the next 12 months, under the terms of the
Agreement, Jangada is required to complete a further 2,500 metres of drilling.

 

On the first anniversary of signature of the Agreement, Jangada is required to
make a further cash payment of US$150,000 and issue US$500,000 in new ordinary
shares in Jangada, priced at the 20-day VWAP immediately preceding issuance
(or cash at the Company's discretion). During the 12 months between first and
second anniversary of signature of the Agreement, the Company is required to
complete a further 10,000m of drilling and deliver either an updated
JORC-compliant Mineral Resource Estimate report or a Preliminary Economic
Assessment (PEA) report (the "Reports").

 

Following production of either of the Reports, Jangada is then able to request
transfer of ownership of the Project to a Brazilian subsidiary of Jangada. As
part of this process, further consideration will then also be payable on a
resource basis at US$5.00 per ounce over the total Inferred, Indicated and
Measured Resources (all JORC categories combined), payable 50% in cash and 50%
in Jangada new ordinary shares, priced at the 20-day VWAP immediately
preceding issuance, with the same terms applying to future resource updates.

 

BGold will retain a 2.0% net smelter return royalty on future production. If
commercial production has not commenced within five years of signing the
Agreement, Jangada will pay an annual NSR advance of US$100,000, which will be
creditable against future royalty payments.

 

Project development:

The 14 holes 2,573m drill programme primarily targeting the high-grade Molly 1
& Molly 2 targets with potential identification of a discovery at Molly 2
has been completed with the full set of assay results expected shortly. In
parallel, detailed mapping, geophysics (including IP and magnetics, supported
by drone surveys), and geochemical work has also been completed.  Drilling at
Molly 1 has successfully extended mineralisation to the west, confirming
continuity beyond the limits of previous drilling. The core indicates that the
system remains open in all directions and has the potential to significantly
expand the existing resource footprint. At Molly 2, drilling has intersected
sulphide-rich zones with highly encouraging geological characteristics. These
intersections correlate well with historical IP geophysical anomalies and
geochemical data, supporting the interpretation of a coherent mineralised
system. The sulphides and quartz veins at Molly 2 are more prevalent and
continuous at Molly 2 highlighting excellent potential for a new discovery.

 

Beyond the core Molly 1 & 2 areas, fieldwork has identified multiple new
zones of interest. Mapping and site visits have confirmed the presence of
previously unreported mineralised structures, including two new vein systems
currently being worked by artisanal miners. Samples from these areas have been
collected, and while early-stage, these discoveries are significant and
demonstrate additional active gold mineralisation within the licence area.

 

The objective of the exploration programmes is to identify new primary gold
occurrences, specifically, bedrock sources that may have contributed to the
extensive alluvial deposits identified within the mining concession (Figure
1). A secondary, but equally important, objective is the detailed
characterization of historically mined alluvial deposits, which may conceal
primary sources at depth.

Figure 1 - Areas subjected to artisanal mining since 1985, which will be the
focus of detailed studies.

 

Additional targets have also been identified to the west of Molly 1, including
Vivi 1 & 2 (Molly 3), where the team is studying the relationship to the
main system. These areas show strong potential, particularly where historical
soil geochemical anomalies coincide with favourable structural settings.
Follow-up work, including IP geophysics, is planned to better define these
targets and guide future drilling. (Figure 2)

 

Figure 2 - New veins with intense sulphide mineralization identified in April 2026.

Rock samples exhibiting strong sulphide mineralization (including pyrite, chalcopyrite, and galena) have been collected and submitted to external laboratories for analysis (Figure 3).

Figure 3 - Sample exhibiting sulphide mineralization.

At the Boomerang target, a large area that has already yielded significant
artisanal gold production, the primary source of mineralization is
hypothesized to occur either at depth or at higher elevations within the
surrounding terrain. Recent reconnaissance work has identified new mineralized
veins and has outlined a broad alteration zone associated with historical
artisanal workings, further highlighting the area's strong prospectivity.

 

Given the scale of the target, drone-based magnetic surveys are planned as the
next step to refine the structural interpretation and support the
prioritization of drill targets.  Geologically, the Project lies within a
highly prospective structural corridor, with multiple intersections of
mineralisation identified, including east-west and northwest trends. The
system is characterised by narrow, high-grade quartz-sulphide veins, alongside
zones of disseminated sulphides and alteration-hosted mineralisation. This
variability is consistent with other deposits in the wider Tapajós region.

 

As a follow-up to the above activities, a detailed geological mapping
programme is being planned along the western extension of the Molly 2 target.
This will be complemented by a geophysical survey campaign incorporating
MagDrone and induced polarization (IP) methods.  At the Boomerang target, a
MagDrone survey will be conducted over a pilot area to enhance understanding
and calibration of the geophysical signature associated with the structural
framework of the target.

 

Once all the drill results have been returned and evaluated, the Company will
look to publish an updated Mineral Resource Statement. The medium-term aim is
to define a multi-pit operation with work including further drilling at the
Molly 2 prospect, metallurgical test work, and preliminary economic
assessments. The Company remains well funded to complete the next stage of its
exploration activities.

 

Historic Work:

The Project already has an initial declared JORC inferred resource of 130k oz
Au from 2.1Mt @ 2g/t at a 0.5 g/t cutoff. Historic 2,857 metre of drilling has
previously confirmed the presence of a robust high-grade, near-surface
epithermal primary gold system at shallow depths: Grades included 3.0m @
14.4g/t, 5.07m @ 8.6g/t, 6.5m @ 10.5g/t and 1m @ 200 g/t. The intention is to
publish an updated resource number as soon as possible following the receipt
of assay for all the recent 14 holes of diamond drilling.

 

Related Party Transaction:

Luis Azevedo, a former director of the Company and substantial shareholder in
the Company, and who is represented on the board of the Company by Luis Felipe
Azevedo, is a 100 per cent. shareholder in BGold. Accordingly, the Company
entering into the Agreement is deemed to be a related party transaction
pursuant to the AIM Rules, The Directors, other than Luis Felipe Azevedo,
consider, having consulted with the Company's Nominated Adviser, that the
terms of the Agreement are fair and reasonable in so far as Shareholders are
concerned.

 

Qualified Person Signoff:

The resource information in this announcement has been reviewed by Mr. Emerson
Ricardo Re who is a senior professional geologist with 25 years of experience
in the mining industry, which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he has
undertaken to qualify as a Competent Person as defined in the 2012 edition of
the JORC Code. Mr. Re also meets the requirements of a competent person under
the AIM Note for Mining, Oil and Gas Companies. Mr. Re has no economic,
financial or pecuniary interest in the Company, and he consents to the
inclusion in this document of the matters based on his technical information
in the form and context in which it appears.

 

Admission and Total Voting Rights

The new ordinary shares issued to BGold will rank pari passu in all respects
with the existing Ordinary Shares. Application has been made for the admission
of 10,212,418 new Ordinary Shares to trading on AIM ("Admission"), and it is
expected that Admission will become effective and that dealings in such new
ordinary shares on AIM will commence on or around 8.00 a.m. on 11 May 2026.

 

Following Admission, the Company's issued share capital will consist of
853,326,351 Ordinary Shares, each with one voting right. As the Company does
not hold any shares in treasury, this figure may be used by shareholders as
the denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in, the
share capital of the Company following Admission under the FCA's Disclosure
Guidance and Transparency Rules.

 

**ENDS**

 

For further information, please visit http://www.jangadamines.com, follow us
on social media (LinkedIn and X: @Jangada Mines Plc or contact:

 

  Hugo de Salis   Jangada Mines plc                   hugo@lepanto.co.uk

 Ritchie Balmer   Strand Hanson Limited               Tel: +44 (0)20 7409 3494

 James Spinney    Nominated & Financial Adviser

 Harry Hiley
 Jonathan Evans   Tavira Financial Ltd                Tel: +44 (0)20 7100 5100

                  Broker

 

About Jangada Mines Plc

Jangada is a natural resource development company listed on AIM of the London
Stock Exchange (AIM:JAN) with assets in Brazil. It is led by a team with deep
industry, financial and in-country experience, and has a dual growth strategy
to:

·    Advance its portfolio projects including its right to acquire 100% of
the high-grade Molly Gold Project, its current 33.3% interest in the
Paranaíta Gold Project and the 100%-owned Pitombeiras vanadium
titanomagnetite Project

·    Utilise its proven in-country and geological expertise to
identify/acquire additional projects that it can rapidly advance to build
value for shareholders.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

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