TIDMJAN
RNS Number : 3637E
Jangada Mines PLC
29 June 2023
Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector:
Mining
29 June 2023
Jangada Mines plc ('Jangada' or 'the Company')
Final Results
Jangada Mines plc, a natural resources development company with
interests in Brazil and elsewhere, is pleased to announce its
audited results for the year ended 31 December 2022. The Annual
Report & Accounts will today be made available on the Company's
website and posted to Shareholders, where appropriate. The Company
will shortly be posting out its Notice of AGM to Shareholders and a
further announcement will be made in this regard.
GROUP STRATEGIC REPORT
INTRODUCTION
Jangada was incorporated as an acquisition vehicle for the
purposes of acquiring mining concerns in Brazil.
The Company has subsequently focused its strategy on investing
in mining assets with clear economic, geological, and environmental
objectives. At the balance sheet date, the Company acted as a
holding company for its subsidiary undertaking, VTF Mineração Ltda,
which owns 100% of the Pitombeiras Vanadium Project and
additionally the Company held investments in ValOre Metals Corp,
Fodere Titanium Limited and Blencowe Resources Limited and a loan
receivable from KEFI Gold and Copper PLC, which was converted to an
equity investment after the year end.
The financial statements are presented in thousands of US
Dollars ($'000). The financial statements have been prepared in
accordance with the requirements of applicable law and UK-adopted
International Accounting Standards ('UK IAS').
REVIEW OF THE BUSINESS
Pitombeiras Vanadium Project
During the year under review, the Company maintained its 100%
ownership of the Pitombeiras Vanadium Project ('Pitombeiras' or
'the Project'), located in the state of Ceará, Brazil.
Further and as announced on 21 April 2022, the Company provided
an updated technical report ('Technical Report') with the inclusion
of the titanium component at its 100%-owned Pitombeiras Vanadium
Titano-Magnetite ('VTM') Project ('the Project') in Ceará State,
Brazil. The Technical Report was prepared by Brazilian based GE21
Consultoria Mineral ('GE21') and is compliant with National
Instrument 43-101 ('NI 43-101'). The Technical Report supersedes
the Preliminary Economic Assessment ('PEA') published in 2021. The
financial figures include the production of vanadium
pentoxide('V2O5') concentrate and titanium dioxide (' TiO2') and
are summarised below:
-- US$96.5 million NPV @ 8% discount rate
-- 100.3% post-tax IRR
-- US$415.2 million total gross revenue
-- US$145.9 million post-tax, undiscounted operating cash flow
-- Post-tax payback period of 13 months
-- US$18.45 million CAPEX (US$2.25 million for TiO2)
-- US$1.26 per tonne mined average operating cost
-- US$19.39 per tonne of Fe V2O5 concentrate processed average operating cost
-- US$12.48 per tonne of TiO2 processed average operating cost
Subsequent to the release of the Technical Report, the Company
evaluated financing options to progress development but given the
uncertainty of markets that prevailed throughout 2022, and have
continued into 2023, no plans have yet been finalised.
As announced on 13 April 2023, tests were carried out regarding
the extraction of high-grade TiO2 and V2O5 from the Project. The
tests were carried out by Zambian consulting firm, YCS Sustainable
Solutions Limited, utilising the proprietary technology developed
by Fodere Titanium Limited, in which Jangada holds a 7.78%
interest. The work is part of the Company's strategy to optimise
the value of the Project by applying innovative processing
technology while also improving its Environmental, Social and
Governance ('ESG') credentials.
Five samples, delivered by Jangada from various locations at
Pitombeiras, were crushed, homogenised, and milled. The samples
were then subjected to magnetic separation. Preliminary test works
concentrated the Fe2O3, TiO2 and V2O5 with all upgrading well and
excellent recovery and purity rates reported, the highest recovery
rates being 86.73% TiO2, 91.19% Fe2O3, and 95.88% V2O5.
The Directors note that there is an ongoing court case in
respect of a land ownership dispute where the Pitombeiras project
is located. The Group is not party to the lawsuit, and as such
cannot be held liable from any claim arising from the case. The
disputed ownership represents approximately 25% of the land covered
by the mining license granted to the Group. The Group is authorised
to develop its activities where the disputed land is located and
has already conducted mineral research, exploration reports and has
requested an extension of the Exploration Permit period, which has
been granted by the National Mining Agency (Agencia Nacional de
Minería). The Directors believe there to be no material impact on
the operations of the Group, or the ongoing exploration at
Pitombeiras.
ValOre Metals Corp
As announced in August 2019, the Company divested its 100%
interest in Pedra Branca Brasil Mineração Ltda, the entity that
held the Pedra Branca Project in Brazil, to ValOre Metals Corp
(TSX-V:VO). The consideration received on the divestment was
CAD$3,000,000 alongside the issue of 25,000,000 ValOre common
shares to Jangada (of which 22,000,000 shares were received on
completion and 3,000,000 deferred consideration shares were
received over three years).
During the year, the Company sold part of the investment in
ValOre to support its working capital requirements, allowing it to
progress the development of Pitombeiras, including the technical
reports and identification of a NI 43-101 compliant resource. At
the end of the reporting year, the Company held 1,000,000 shares
representing a 0.58% interest in ValOre's share capital.
Fodere Titanium Limited
As previously announced, the Company has made a strategic
investment in Fodere Titanium Limited ("Fodere"), which continues
to make excellent progress as it focuses on the production of
titanium dioxide and vanadium from waste materials. Its highly
energy efficient technology maximises resource recovery, improves
processing effectiveness, reduces costs compared to regular
processing routes and, minimises waste to improve environmental
credentials and enhance corporate ESG performance.
Its pilot plant in South Africa is due to be operational in late
2023 targeting the production of concentrates including titanium
dioxide, vanadium pentoxide along with alumina oxide and magnesium
sulphate as by-products. Jeffry N. Quinn, the former head of
Tronox, an international vertically integrated producer of titanium
dioxide and inorganic chemicals, has joined the board of Fodere as
a Director.
One of the Company's Non-Executive Directors, Nick von
Schirnding, is Chairman of Fodere.
At the end of the reporting year, the Company held 1,774 shares
being a 7.78% interest in Fodere's share capital.
Blencowe Resources PLC
Blencowe is advancing its Orom-Cross graphite project in Uganda
where a Definitive Feasibility Study is on track to complete by the
end of the year. The Project has a JORC resource of 24.5Mt @ 6.0%
TCG based on drilling undertaken on less than 5% of the project
area, part of which already benefits from a 21-year mining licence.
The estimate of graphite is 2-3 billion tonnes. A Pre-Feasibility
Study reported a Net Present Value of US$482m based on the existing
14-year mine life and outlined capex to first production of US$62m,
average EBITDA of US$100m per annum and a return of US$1.1bn in
free cash over the 14-year life.
Metallurgical testwork reported concentrate grades consistently
ranging between 95-98%, which are battery grade. Further testing is
underway in the USA and China and international funding
negotiations are on-going. During the year, the Company purchased
16,550,000 shares in Blencowe Resources PLC (LSE: BRES)
('Blencowe') and paid GBP652,250 (USD 789,000) at GBP0.04 per share
and received a further 7,625,000 warrants with an exercise price of
GBP0.08 per share and expiry date of 31 October 2025. Blencowe
holds a portfolio of key battery metals projects located in
northern Uganda, see blencoweresourcesplc.com. Following a period
of due diligence, the directors assessed that the Blencowe assets
were being substantially undervalued by the market and we
considered the investment to be a short to medium-term value
accretive opportunity with exposure to both the graphite and nickel
sulphide markets and consistent with Jangada's strategy of being
involved in the development of "battery metals".
At the end of the reporting year, the Company held 20,050,000
shares being a 10.2% interest in Blencowe's share capital.
KEFI Gold and Copper PLC
During the year, the Company advanced an unsecured loan
receivable of GBP200,000 (USD 242,000) to KEFI Gold and Copper Plc
('KEFI') for working capital requirements. The loan receivable is
short-term in nature and carries a fixed rate of interest at
25%.
Post year end, the loan has been repaid in full by way of the
issue of 35,714,285 shares in KEFI, equating to a holding currently
of 0.756%.
Financial Results
The progress during the financial year of advancing the
Pitombeiras project resulted in the Group incurring an Operating
Loss from Continuing Operations of $0.9 million (2021: profit of
$0.1 million). Overall, the reported Total Comprehensive Loss
attributable to the Group for the reporting year was $1.3 million
(2021: $0.3 million).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 DECEMBER 2022
Year ended Year ended
31 December 31 December
2022 2021
$'000 $'000
Other Income
(Loss)/gain on fair value of investment (270) 340
Profit on disposal of investment 68 1,743
Interest from short term loans 62 -
---------------------- -------------
Total Other Income (140) 2,083
Directors' remuneration 9 (355) (379)
Share based payments - directors 9 - (533)
Impairment of investments 13 - (211)
Foreign exchange gain 223 31
Administration expenses (663) (895)
---------------------- -------------
Operating (loss)/profit from continuing
operations (935) 96
Finance expense 6 (1) (4)
(Loss)/profit before tax (936) 92
Tax expense 7 - -
---------------------- -------------
(Loss)/profit from continuing operations (936) 92
Other comprehensive income:
Items that will or may be reclassified
to profit or loss:
Currency translation differences arising
on translation of foreign operations (392) (354)
Total comprehensive loss attributable
to owners of the parent (1,328) (262)
====================== =============
(Loss)/profit per share from (loss)/profit
from continuing operations attributable Cents Cents
to the ordinary equity holders of the
Company during the year
- Basic (cents) 8 (0.36) 0.04
- Diluted (cents) 8 (0.36) 0.04
(Loss)/profit per share attributable
to the ordinary equity holders of the Cents Cents
Company during the year
- Basic (cents) 8 (0.36) 0.04
- Diluted (cents) 8 (0.36) 0.04
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2022
As at As at
31 December 31 December
2022 2021
Assets $'000 $'000
Non-current assets
Exploration and evaluation assets 11 1,210 1,019
Property, plant and equipment 4 4
Investments 13 2,081 1,331
3,295 2,354
Current assets
Other receivables 14 302 450
Cash and cash equivalents 1,397 3,589
1,699 4,039
Total assets 4,994 6,393
============= =============
Liabilities
Current liabilities
Trade payables 21 6
Accruals and other payables 15 113 53
------------- -------------
Total liabilities 134 59
Issued capital and reserves attributable
to owners of the parent
Share capital 16 135 135
Share premium 16 5,959 5,959
Translation reserve (754) (362)
Option reserve 17 709 734
Fair value reserve 38 38
Retained earnings (1,227) (170)
------------- -------------
Total equity 4,860 6,334
------------- -------------
Total equity and liabilities 4,994 6,393
============= =============
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022
As at As at
31 December 31 December
2022 2021
Assets $'000 $'000
Non-current assets
Investment in subsidiary 12 1,602 1,502
Investments 13 2,081 1,331
3,683 2,833
Current assets
Other receivables 14 302 450
Cash and cash equivalents 1,363 3,499
------------- -------------
1,665 3,949
------------- -------------
Total assets 5,348 6,782
============= =============
Liabilities
Current liabilities
Trade payables 16 6
Accruals and other payables 15 113 53
------------- -------------
Total liabilities 129 59
Issued capital and reserves attributable
to owners of the parent
Share capital 16 135 135
Share premium 16 5,959 5,959
Translation reserve (1,556) (880)
Option reserve 17 709 734
Retained earnings (28) 775
------------- -------------
Total equity 5,219 6,723
------------- -------------
Total equity & liabilities 5,348 6,782
============= =============
The loss for the year under review for the parent company,
Jangada Mines plc, was $682,168 (2021: profit of $165,681). As
permitted under Section 408 of the Companies Act 2006, no Income
Statement or Statement of Comprehensive Income is presented for the
parent company.
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEARED 31 DECEMBER 2022
Year ended Year ended
31 December 31 December
2022 2021
Cash flows from operating activities $'000 $'000
(Loss)/profit before tax (936) 92
Add back:
Depreciation 1 -
Cash proceeds on sale of investment (68) -
Cash proceeds on sale of subsidiary - (1,743)
Non-cash interest from short term loans (62) -
Fair value loss/(gain) in investments 270 (228)
Non-cash exchange differences (223) (31)
Non-cash share option charge - 683
Non-cash shares issued in lieu of fees - (58)
Non-cash impairment of investments - 211
Decrease in other receivables 20 (104)
Decrease in trade and other payables 75 70
Net cash flows used in operating activities (923) (1,108)
------------- -------------
Investing activities
Development of exploration and evaluation
assets (74) (468)
Purchase of plant, property and equipment - (3)
Sale of shares in investments 150 3,870
Purchase of shares in investments (870) (741)
Advance of loan receivable (246) -
Net cash inflows (used in)/from investing
activities (1,040) 2,658
------------- -------------
Financing activities
Share capital issue - 1,520
Exercise of options - 70
Cancellation of options 17 (102) -
Net cash flows from financing activities (102) 1,590
------------- -------------
Net movement in cash and cash equivalents (2,065) 3,140
------------- -------------
Cash and cash equivalents at beginning
of year 3,589 513
Movements in foreign exchange (127) (64)
Cash and cash equivalents at end of
year 1,397 3,589
============= =============
COMPANY CASH FLOW STATEMENT
FOR THE YEARED 31 DECEMBER 2022
Year ended Year ended
31 December 31 December
2022 2021
Cash flows from operating activities $'000 $'000
(Loss)/profit before tax (682) 165
Cash proceeds on sale of investment (68) -
Cash proceeds on sale of subsidiary - (1,743)
Non-cash interest from short term (62) -
loans
Fair value loss/(gain) in investments 270 (228)
Non-cash exchange differences (383) (31)
Non-cash share option charge - 683
Non-cash shares issued in lieu
of fees - (58)
Non-cash impairment of investments - 211
Decrease in other receivables 20 (99)
(Increase)/decrease in trade and
other payables 70 52
Net cash flows used in operating
activities (835) (1,048)
------------- -------------
Investing activities
Sale of shares in investments 150 3,870
Purchase of shares in investment (870) (741)
Advance of loan receivable (246) -
------------- -------------
Net cash flow (used in)/from investing
activities (966) 3,129
------------- -------------
Financing activities
Share capital issue - 1,520
Cost of issuing share capital - 70
Increase in related party borrowings (101) (690)
Cancellation of options 17 (102) -
Net cash (used in)/from financing
activities (203) 900
------------- -------------
Net movement in cash and cash
equivalents (2,004) 2,981
------------- -------------
Cash and cash equivalents at beginning
of year 3,499 447
Movements in foreign exchange (132) 71
Cash and cash equivalents at end
of year 1,363 3,499
============= =============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 DECEMBER 2022
Share Share Translation Fair Option Retained Total
Value
capital premium reserve reserve reserve earnings equity
$'000 $'000 $'000 $'000 $'000 $'000 $'000
As at 1 January 2021 126 4,389 (8) 38 - (262) 4,283
Comprehensive loss
for the year
Profit for the year - - - - - 92 92
Other comprehensive
income - - (354) - - - (354)
-------- -------- ------------ -------- -------- --------- --------
Total comprehensive
loss for the year - - (354) - - 92 (262)
Transactions with
owners
Shares issued 8 1,732 - - - - 1,740
Share issue costs charged
to share premium - (232) - - - - (232)
Share options exercised 1 70 - - - - 71
Share options issued - - - - 734 - 734
-------- -------- ------------ -------- -------- --------- --------
Total transactions
with owners 9 1,570 - - 734 - 2,313
As at 31 December
2021 135 5,959 (362) 38 734 (170) 6,334
======== ======== ============ ======== ======== ========= ========
Comprehensive loss
for the year
Loss for the year - - - - - (936) (936)
Other comprehensive
income - - (392) - - - (392)
-------- -------- ------------ -------- -------- --------- --------
Total comprehensive
loss for the year - - (392) - - (936) (1,328)
Transactions with
owners
Share options surrendered - - - - (25) (121) (146)
Share options expensed - - - - - - -
-------- -------- ------------ -------- -------- --------- --------
Total transactions
with owners - - - - (25) (121) (146)
As at 31 December
2022 135 5,959 (754) 38 709 (1,227) 4,860
======== ======== ============ ======== ======== ========= ========
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 DECEMBER 2022
Share Share Translation Option Retained Total
equity
capital Premium reserve reserve earnings attributable
to owners
$'000 $'000 $'000 $'000 $'000 $'000
As at 1 January 2021 126 4,389 30 - 610 5,155
Comprehensive loss
for the year
Profit for the year - - - - 165 165
Other comprehensive
income - - (910) - - (910)
-------- ---------- ------------ -------- --------- -------------
Total comprehensive
income for the year - - (910) - 165 (745)
Transactions with
owners
Share issued 8 1,732 - - - 1,740
Share issue costs
charged
to share premium - (232) - - - (232)
Share options
exercised 1 70 - - - 71
Share options issued - - - 734 - 734
-------- ---------- ------------ -------- --------- -------------
Total transactions
with owners 9 1,570 - 734 - 2,313
As at 31 December
2021 135 5,959 (880) 734 775 6,723
======== ========== ============ ======== ========= =============
Comprehensive loss
for the year
Loss for the year - - - - (682) (682)
Other comprehensive
income - - (676) - - (676)
------------ ------ ------------ -------- --------- -------------
Total comprehensive
loss for the year - - (676) - (682) (1,358)
Transactions with
owners
Share options
surrendered - - - (25) (121) (146)
Share options - - - - - -
expensed
------------ ------ ------------ -------- --------- -------------
Total transactions
with owners - - - (25) (121) (146)
As at 31 December
2022 135 5,959 (1,556) 709 (28) 5,219
============ ====== ============ ======== ========= =============
NOTES TO THE FINANCIAL STATEMENTS
For the YEAR ended 31 December 2022
General information
1.
The Company is a public limited company limited by shares,
incorporated in England and Wales on 30 June 2015 with the
registration number 09663756 and with its registered office at
Eastcastle House 27-28, Eastcastle Street, London W1W 8DH, United
Kingdom.
The nature of the Company's operations and its principal
activities are set out in the Strategic Report and the Report of
the Directors on pages 4 and 15 respectively in the Annual Report
& Accounts.
Accounting policies
2.
Basis of preparation and going concern basis
These financial statements have been prepared on a historical
cost basis in accordance with UK-adopted International Accounting
Standards and applicable law, in line with International Financial
Reporting Standards (IFRS) and IFRIC interpretations issued by the
International Accounting Standards Board (IASB) adopted by the
European Union and in accordance with applicable UK Law. The
adoption of all of the new and revised Standards and
Interpretations issued by the IASB and the IFRIC of the IASB that
are relevant to the operations and effective for annual reporting
periods beginning on 1 July 2019 are reflected in these financial
statements.
The preparation of financial statements in conformity with IFRS
requires management to make judgements, estimates and assumptions
that affect the application of policies and reported amounts of
assets and liabilities, income, and expenses. The estimates and
associated assumptions are based on historical experience and
factors that are believed to be reasonable under the circumstances,
the results of which form the basis of making judgements about
carrying values of assets and liabilities that are not readily
apparent from other sources. Actual results may differ from these
estimates.
The consolidated financial information is presented in United
States Dollars ($).
The functional currency of the subsidiary, VTF Mineração Ltda is
Brazilian Real. The functional of the Company is British Pounds
Sterling (GBP). Amounts are rounded to the nearest thousand
($'000), unless otherwise stated.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Changes in accounting estimates may be necessary if
there are changes in the circumstances on which the estimate was
based, or as a result of new information or more experience. Such
changes are recognised in the period in which the estimate is
revised.
The Group's business activities together with the factors likely
to affect its future development, performance and position are set
out on pages 4 to 15. In addition, note 4 to the Financial
Statements includes the Group's objectives, policies and processes
for managing its capital; its financial risk management objectives;
details of its financial instruments and its exposure to credit and
liquidity risk.
The Financial Statements have been prepared on a going concern
basis. Although the Group's assets are not generating revenues and
an operating loss has been reported from its continued operations,
the Directors consider that the Group has sufficient funds to
undertake its operating activities for a period of at least the
next 12 months including any additional expenditure required in
relation to its current exploration projects. The Group has cash
reserves which are considered sufficient by the Directors to fund
the Group's committed expenditure both operationally and on its
exploration project for the foreseeable future. However, as
additional projects are identified and the Pitombeiras project
moves towards production, additional funding will be required.
As discussed in the Directors' report, the directors do not
consider there to be a material uncertainty, which may cast doubt
about the Group and Company's ability to continue as a going
concern. Given the proceeds from the sale of the Pedra Branca
project and based on the Group's planned expenditure on the
Pitombeiras vanadium deposit and the Group's working capital
requirements, the Directors have a reasonable expectation that the
Group will have adequate resources to meet its capital requirements
for the foreseeable future. For that reason, the Directors have
concluded that the financial statements should be prepared on a
going concern basis.
Changes in a ccounting principles and a doption of new and
revised s tandards
In the year ended 31 December 2022, the Directors have reviewed
all the new and revised Standards issued that are relevant to the
Group's operations and effective for the current reporting
period.
The Directors have also reviewed all new Standards and
Interpretations that have been issued but are not yet effective for
the year ended 31 December 2022. As a result of this review the
Directors have determined that there is no impact, material or
otherwise, of the new and revised Standards and Interpretations on
the Group's business and, therefore, no change is necessary to the
Group accounting policies.
New and amended accounting standards and interpretations have
been published but are not mandatory. The Group has decided against
early adoptions of these standards and has determined the potential
impact on the financial statements from the adoption of these
standards and interpretations is not material to the Group.
Basis of Consolidation
Subsidiaries
The subsidiaries are consolidated from the date of acquisition,
being the date on which the Group obtains control, and continues to
be consolidated until the date that such control ceases. The
Company has control over a subsidiary if all three of the following
elements are present:
-- Power over the investee,
-- exposure to variable returns from the investee, and
-- the ability of the investor to use its power to affect those variable returns.
Control is reassessed whenever facts and circumstances indicate
that there may be a change in any of these elements of control.
The financial information of the subsidiary is prepared for the
same reporting year as the parent company, using consistent
accounting policies and is consolidated using the acquisition
method. Intra-group balances and transactions, including unrealised
profits arising from intra-group transactions, have been
eliminated. Unrealised losses are eliminated unless the transaction
provides evidence of an impairment of the asset transferred.
Business combinations
The acquisition method of accounting is used to account for
business combinations by the Group. The consideration transferred
for the acquisition of a business is the fair value of the assets
transferred, liabilities incurred, and the equity interests issued
by the Group. The consideration transferred includes the fair value
of any asset or liability resulting from a contingent consideration
arrangement.
Acquisition related costs are expensed as incurred. Identifiable
assets acquired and liabilities and contingent liabilities assumed
in a business combination are measured at their fair values at the
acquisition date. A business is an integrated set of activities and
assets that is capable of being conducted and managed for the
purpose of providing a return in the form of dividends, lower
costs, or other economic benefits.
A business consists of inputs and processes applied to those
inputs that have the ability to create outputs that provide a
return to the Company and its shareholders.
A business need not include all of the inputs and processes that
were used by the acquiree to produce outputs if the business can be
integrated with the inputs and processes of the Company to continue
to produce outputs.
If the integrated set of activities and assets is in the
exploration and development stage, and thus, may not have outputs,
the Company considers other factors to determine whether the set of
activities and assets is a business. Those factors include, but are
not limited to, whether the set of activities and assets:
-- Has begun planned principal activities;
-- Has employees, intellectual property and other inputs and
processes that could be applied to those inputs;
-- Is pursuing a plan to produce outputs; and
-- Will be able to obtain access to customers that will purchase the outputs.
Foreign currency
Transactions entered into by the Group in a currency other than
the currency of its primary economic environment in which it
operates (the "functional currency") are recorded at the rates
ruling when the transactions occur. Foreign currency monetary
assets and liabilities are translated at the rates ruling at the
reporting date. Exchange differences are taken to the Statement of
Comprehensive Income.
Financial instruments
Financial instruments are measured as set out below. Financial
instruments carried on the statement of financial position include
cash and cash equivalents, trade and other receivables,
investments, trade and other payables and loans to group
companies.
Financial instruments are initially recognised at fair value
when the group becomes a party to their contractual arrangements.
Transaction costs directly attributable to the instrument's
acquisition or issue are included in the initial measurement of
financial assets and financial liabilities, except financial
instruments classified as at fair value through profit or loss
('FVTPL'). The subsequent measurement of financial instruments is
dealt with below.
Financial assets and financial liabilities are recognised on the
Group's balance sheet when the Group becomes party to the
contractual provisions of the instrument.
Fair value
Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. All assets and
liabilities, for which fair value is measured or disclosed in the
Financial Statements, are categorised within the fair value
hierarchy, described as follows, based on the lowest-level input
that is significant to the fair value measurement as a whole:
Level 1 - quoted (unadjusted) market prices in active markets
for identical assets or liabilities;
Level 2 - valuation techniques for which the lowest-level input
that is significant to the fair value measurement is directly or
indirectly observable; and
Level 3 - valuation techniques for which the lowest-level input
that is significant to the fair value measurement is
unobservable.
Financial assets
All the Group's financial assets are held within a business
model whose objective is to collect contractual cash flows which
are solely payments of principals and interest and therefore
classified as subsequently measured at amortised cost. Group's
financial assets include cash and cash equivalents, Company's
financial assets include cash and other receivables. The Group
assesses on a forward-looking basis, the expected credit losses,
defined as the difference between the contractual cash flows and
the cash flows that are expected to be received.
Impairment provisions for receivables from related parties and
loans to related parties are recognised based on a forward-looking
expected credit loss model. The methodology used to determine the
amount of the provision is based on whether there has been a
significant increase in credit risk since initial recognition of
the financial asset. For those where the credit risk has not
increased significantly since initial recognition of the financial
asset, twelve month expected credit losses along with gross
interest income are recognised. For those for which credit risk has
increased significantly, lifetime expected credit losses along with
the gross interest income are recognised. For those that are
determined to be credit impaired, lifetime expected credit losses
along with interest income on a net basis are recognised.
Financial liabilities
Financial liabilities are classified as either financial
liabilities at fair value through profit and loss (FVTPL) or as
other financial liabilities. The Group derecognises financial
liabilities when, and only when, the Group's obligations are
discharged or cancelled, or they expire.
Financial liabilities are classified at FVTPL when the financial
liability is either held for trading or it is designated at FVTPL.
A financial liability is classified as held for trading if it has
been incurred principally for the purpose of repurchasing it in the
near term or is a derivative that is not a designated or effective
hedging instrument.
Financial liabilities at FVTPL are measured at fair value, with
any gains or losses arising on changes in fair value recognised in
profit or loss. The net gain or loss recognised in profit or loss
incorporates any interest paid on the financial liability.
Other financial liabilities, including borrowings, are initially
measured at fair value, net of transaction costs and are
subsequently measured at amortised cost using the effective
interest method, with interest expense recognised on an effective
yield basis.
The effective interest method is a method of calculating the
amortised cost of a financial liability and of allocating interest
expense over the relevant period. The effective interest rate is
the rate that exactly discounts estimated future cash payments
through the expected life of the financial liability, or, where
appropriate, a shorter period, to the net carrying amount on
initial recognition.
Exploration and evaluation assets
Costs capitalised in respect of the Group's development and
production assets are required to be assessed for impairment under
the provisions of IAS 36. Such an estimate requires the Group to
exercise judgement in respect of the indicators of impairment and
in respect of inputs used in the models which are used to support
the carrying value of the assets.
Such inputs include costs of exploration work, studies, field
costs, government fees and the associated support costs. The
directors concluded there were no impairment indicators in the
current year. Therefore, no impairment to the carrying value of the
Pitombeiras asset was considered necessary.
Costs incurred prior to obtaining the legal rights to explore an
area are expensed immediately to the Statements of Profit or Loss
and Other Comprehensive Income. Only material expenditures incurred
after the acquisition of a licence interest are capitalised.
Share Options - estimates and assumptions
The fair value of options and warrants granted to directors and
others in respect of services provided is recognised as an expense
in the Statement of Comprehensive Income with a corresponding
increase in equity reserves.
Taxation
The charge for current tax is based on the taxable income for
the year. The taxable result for the year differs from the result
as reported in the statement of comprehensive income because it
excludes items which are not assessable or disallowed and it
further excludes items that are taxable and deductible in other
years. It is calculated using tax rates that have been enacted or
substantially enacted by the statement of financial position
date.
Investments
Investments are carried at fair value. Deferred tax assets and
liabilities are recognised where the carrying amount of an asset or
liability in the audited consolidated balance sheet differs from
its tax base. Recognition of deferred tax assets is restricted to
those instances where it is probable that taxable profit will be
available against which the difference can be utilised.
The amount of the asset or liability is determined using tax
rates that have been enacted or substantively enacted by the
reporting date and are expected to apply when the deferred tax
liabilities/(assets) are settled/(recovered).
Deferred tax assets and liabilities are offset when the Company
has a legally enforceable right to offset current tax assets and
liabilities and the deferred tax assets and liabilities relate to
taxes levied by the same tax authority.
3. Critical accounting estimates and judgements
The preparation of the Financial Statements in conformity with
IFRSs requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the end of the
reporting year and the reported amount of expenses during the year.
Actual results may vary from the estimates used to produce these
Financial Statements.
Estimates and judgements are continually evaluated and are based
on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the
circumstances.
Significant items subject to such judgements and estimates
include, but are not limited to:
Judgements
The Directors have considered the criteria of IFRS 6 regarding
the impairment of exploration and evaluation assets and have
decided based on this assessment that there is no basis to impair
the carrying value of its exploration assets in respect to the
Pitombeiras project (2022: $1,210,000, 2021: $1,019,000) at this
time.
Estimates and assumptions
Share based payments
Share options issued by the Group relates to the Jangada Plc
Share Option Plan. The grant date fair value of such options is
calculated using a Black-Scholes model whose input assumptions are
derived from market and other internal estimates. The key estimates
include volatility rates and the expected life of the options,
together with the likelihood of non-market performance conditions
being achieved. Refer note 17.
On exercise or cancellation of share options and warrants, the
proportion of the share-based payment reserve relevant to those
options and warrants is transferred from other reserves to the
accumulated deficit. On exercise, equity is also increased by the
amount of the proceeds received. The fair value is measured at
grant date charged in the accounting year during which the option
and warrants becomes unconditional.
The fair value of options and warrants are calculated using the
Black-Scholes model, taking into account the terms and conditions
upon which the options and warrants were granted. Vesting
conditions are non-market and there are no market vesting
conditions. These vesting conditions are included in the
assumptions about the number of options and warrants that are
expected to vest. At the end of each reporting year, the Company
revises its estimate of the number of options and warrants that are
expected to vest. The exercise price is fixed at the date of grant
and no compensation is due at the date of grant. Where equity
instruments are granted to
persons other than employees, the statement of comprehensive
income is charged with the fair value of the goods and services
received. Please refer to note 17.
Company - Application of the expected credit loss model
prescribed by IFRS 9
IFRS 9 requires the Parent company to make assumptions when
implementing the forward-looking expected credit loss model. This
model is required to be used to assess the intercompany loan
receivables from the company's Brazilian subsidiaries for
impairment.
Arriving at the expected credit loss allowance involved
considering different scenarios for the recovery of the
intercompany loan receivables, the possible credit losses that
could arise and the probabilities for these scenarios. The
following was considered; the exploration project risk for
Pitombeiras, positive NPV of the Pitombeiras project as
demonstrated by the Feasibility Study, ability to raise the finance
to develop the projects, ability to sell the projects, market and
technical risks relating to the project. The Directors therefore
considered that there was no impairment of the subsidiary loan
(2021: nil).
Financial instruments - Risk Management
4.
The Company is exposed through its operations to the following
financial risks:
-- Credit risk;
-- Liquidity risk;
-- Fair value measurement risk; and
-- Foreign exchange risk.
Credit risk
Credit risk arises from cash and cash equivalents and
outstanding receivables. The Group maintains cash and short-term
deposits with a variety of credit worthy financial institutions and
considers the credit ratings of these institutions before investing
in order to mitigate against the associated credit risk.
The Group's exposure to credit risk amounted to $1,699,000
(2021: $4,039,000). Of this amount, $1,397,000 represents the
Group's cash holdings (2021: $3,589,000).
The directors monitor the utilisation of the credit limits
regularly and at the reporting date does not expect any losses from
non-performance by the counterparties.
Liquidity risk
In keeping with similar sized mining exploration groups, the
Group's continued future operations depend on the ability to raise
sufficient working capital through the issue of equity share
capital. The Group monitors its cash and future funding
requirements through the use of cash flow forecasts.
The Company's policy is to ensure that it will always have
sufficient cash to allow it to meet its liabilities when they
become due.
In common with all other businesses, the Company is exposed to
risks that arise from its use of financial instruments.
Fair value measurement risk
The following tables detail the Group's assets and liabilities
measured or disclosed at fair value using a three-level hierarchy,
based on the lowest level of input that is significant to the
entire fair value measurement, being:
- Level 1: Quoted prices (unadjusted) in active markets for
identical assets or liabilities that the entity can access at the
measurement date
- Level 2: Inputs other than quoted prices included within Level
1 that are observable for the asset or liability, either directly
or indirectly
- Level 3: Unobservable inputs for the asset or liability
Level Level Level
1 2 3 Total
As at 31 December 2022 $'000 $'000 $'000 $'000
Assets
Investments - At FVTPL 1,233 848 - 2,081
----- ----- ----- -----
Total assets 1,233 848 - 2,081
----- ----- ----- -----
Level Level Level
1 2 3 Total
As at 31 December 2021 $'000 $'000 $'000 $'000
Assets
Investments - At FVTPL 451 880 - 1,331
----- ----- ----- -----
Total assets 451 880 - 1,331
----- ----- ----- -----
There were no transfers between levels during the financial
year.
Foreign exchange risk
The Group operates internationally and is exposed to foreign
exchange risk arising from various currency exposures, primarily
with respect to the Brazilian Real, US Dollar and the Pound
Sterling.
Foreign exchange risk arises from future commercial
transactions, recognised assets and liabilities and net investments
in foreign operations that are denominated in a foreign currency.
The Group holds a proportion of its cash in GBP and Brazilian Reals
to hedge its exposure to foreign currency fluctuations and
recognises the profits and losses resulting from currency
fluctuations as and when they arise. The volume of transactions is
not deemed sufficient to enter forward contracts.
The Group's financial instruments are
set out below:
As at As at
31 December 31 December
2022 2021
$'000 $'000
Financial assets
Cash and cash equivalents 1,397 3,589
Other receivables 302 450
Investments - At FVTPL 2,081 1,331
------------ ------------
Total financial assets 3,780 5,370
============ ============
As at As at
31 December 31 December
2022 2021
$'000 $'000
Financial liabilities
Trade payables 21 6
Accruals and other payables 113 53
Total financial liabilities 134 59
============ ============
As at As at
31 December 31 December
2022 2021
$'000 $'000
US Dollar - -
Brazilian Real 4 1
Pound Sterling 130 58
------------ ------------
134 59
============ ============
The potential impact of a 10% movement in the exchange rate of
the currencies to which the Group is exposed is shown below:
2022 2021
$'000 $'000
Foreign currency risk sensitivity analysis
Brazilian Real
Strengthened by 10% - -
Weakened by 10% - -
Pound Sterling
Strengthened by 10% 269 351
Weakened by 10% (329) (429)
Capital risk management
The Group's objectives when managing capital are to safeguard
the Group's ability to continue as a going concern, to provide
returns for shareholders and to enable the Group to continue its
exploration and evaluation activities. The Group has only
short-term trade payables and accruals at 31 December 2022 and
defines capital based on the total equity of the Group. The Group
monitors its level of cash resources available against future
planned exploration and evaluation activities and may issue new
shares to raise further funds from time to time.
There were no changes in the Company's approach to capital
management during the year. The Company is not subject to
externally imposed capital requirements.
General objectives, policies and processes
The board of directors has overall responsibility for the
determination of the Company's risk management objectives and
policies. The overall objective of the board is to set policies
that seek to reduce risk as far as possible without unduly
affecting the Company's competitiveness and flexibility.
Principal financial instruments
The principal financial instrument used by the Company, from
which financial instrument risk arises, is related party
borrowings.
Segment information
5.
The Company evaluates segmental performance on the basis of
profit or loss from operations calculated in accordance with IFRS
8. In the Directors' opinion, the Group only operates in one
segment being mining services. All non-current assets have been
generated in Brazil.
Finance expense
6.
Year ended Year ended
31 December 31 December
2022 2021
$'000 $'000
Interest expense (1) (4)
Total finance expense (1) (4)
============= ================
Tax expense
7.
Year ended Year ended
31 December 31 December
2022 2021
$'000 $'000
(Loss)/profit on ordinary activities before
tax (936) 92
------------- -----------
(Loss)/profit on ordinary activities multiplied
by standard rate of corporation tax in the
UK of 19% (2021: 19%) (178) 17
Effects of:
Unrelieved tax losses carried forward 178 (17)
Total tax charge for the year - -
============= ===========
Factors that may affect future tax charges
Apart from the losses incurred to date and the fact that from
April 2023 the UK corporation tax rate has risen to 25%, there are
no factors that may affect future tax charges. At the year end,
$3,939,000 (2021: $5,571,000) of cumulative estimated unrelieved
tax losses arose in Brazil and the United Kingdom, which could be
utilised in the foreseeable future.
8. Loss per share
31 December 31 December
2022 2021
$'000 $'000
(Loss)/profit for
the year (936) 92
================== ==================
2022 2021
Weighted average number of shares (basic &
diluted) 258,602,032 254,618,055
================== ==================
(Loss)/earnings per share - basic & diluted
(US 'cents) (0.36) 0.04
=========== ===== ==================
There have been no transactions involving ordinary shares or
potential ordinary shares that would significantly change the
number of ordinary shares or potential ordinary shares outstanding
between the reporting date and the date of completion of these
financial statements.
9. Staff costs and directors' remuneration
Staff costs, including directors' remuneration, were as
follows:
Monetary Share
remuneration Options(1) Total Total
Year ended Year ended Year ended Year ended
31 December 31 December 31 December 31 December
2022 2022 2022 2021
$'000 $'000 $'000 $'000
B K McMaster 222 - 222 469
L M F De Azevedo 74 - 74 316
N K von Schirnding 59 - 59 127
355 - 355 912
============= ============= ============= =============
(1 - Refer to note 17 for options details.)
Excluding directors, there was one member of staff during the
year ended 31 December 2022 (2021: one). Excluding directors'
remuneration, staff costs during the year were salaries $27,000
(2021: $5,000), social security $5,000 (2021: $1,000), other
benefits $nil (2021: $nil). As at the year end, $30,000 (2021:
$20,000) of Director's Remuneration for L M F De Azevedo was
accrued but not yet settled.
10. Auditor's remuneration
Year ended Year ended
31 December 31 December
2022 2021
$'000 $'000
Fees payable to the Company's auditor and its
associates for the audit of the Company's annual
accounts 52 34
Fees payable for other services:
- High level review of interim financial statements 2 -
------------- -------------
Total auditor remuneration 54 34
============= =============
11. Exploration and evaluation assets
As at As at
31 December 31 December
2022 2021
$'000 $'000
Cost and net book value
At beginning of year 1,019 550
Expenditure capitalised during
the year 191 469
------------- -------------
Cost and net book value at
31 December 1,210 1,019
============= =============
The Directors have concluded that there are no impairment
indicators at the year end. Further details can be found in Note 2:
Accounting policies - Exploration and evaluation assets.
Investment in subsidiary
12.
As at As at
31 December 31 December
2022 2021
Company $'000 $'000
Shares in subsidiary 1 1
Contribution to capital 1,601 1,501
Total 1,602 1,502
============ ==================
The Directors have conducted an impairment review and are
satisfied that the carrying value of $1,602,000 is reasonable and
no impairment is necessary (2021: US$ nil).
Investments - At FVTPL
13.
As at As at
31 December 31 December
2022 2021
$'000 $'000
Investment in ValOre Metals Corp 203 215
Investment in Fodere Titanium Limited 976 1,091
Investment in Blencowe Resources Plc 1,030 236
Investment in Axies Ventures Limited 60 -
Impairment in Investments (188) (211)
------------ ------------------
Carrying amount of investments 2,081 1,331
============ ==================
During the year, the Company received the fifth and sixth
tranches of 500,000 Deferred Consideration Shares in ValOre Metals
Corp in February 2022 and August 2022. Currently, the Company has a
0.58% interest in ValOre's share capital. The investment is carried
at fair value with any changes recognised through profit and
loss.
The Company holds shares in the share capital of Fodere Titanium
Limited, which is a United Kingdom registered minerals technology
company which has developed innovative processes for the titanium,
vanadium, iron and steel industries. Currently, the Company has a
7.78% interest in Fodere's share capital. The investment is carried
at fair value with any changes recognised through profit and loss
and this has resulted in the Company recognising an impairment loss
in the investment of $nil (2021: $211,000), which has been
recognised as an expense in the statement of comprehensive income.
Movements in the investment during the year are the effects of
foreign exchange translations.
During the year, the Company purchased a further 16,550,000
shares in Blencowe Resources Plc, which it paid GBP652,250 (USD
789,000) at GBP0.04 per share and received a further 7,625,000
warrants with an exercise price of GBP0.08 per share and expiry
date of 31 October 2025. At the end of the year, the Company had a
10.2% interest in Blencowe's share capital, which is a United
Kingdom registered natural resources company focused on the
development of the Orom-Cross Graphite Project in Uganda. The
investment is carried at fair value with any changes recognised
through profit and loss.
The Group measures these Investments at fair value, using a
three-level hierarchy, based on the lowest level of input that is
significant to the entire fair value measurement. Further details
are available in Note 4: Financial Instruments - Risk
Management.
Other receivables
14.
Group Group Company Company
As at As at As at As at
31 December 31 December 31 December 31 December
2022 2021 2022 2021
$'000 $'000 $'000 $'000
Current
Other receivables - 20 - 20
Accrued income - 430 - 430
Loan receivable 302 - 302 -
Total other receivables 302 450 302 450
============= ============= ============= ===============
Accrued income totalling $nil (2021: $430,000) relating to the
disposal of Pedra Branca being nil (2021: 1,000,000) Deferred
Consideration Shares in ValOre with fair value determined to be
$nil (2021: $430,000) at the balance sheet date.
During the year, the Company advanced an unsecured loan
receivable of GBP200,000 (USD 242,000) to KEFI Gold and Copper Plc
for working capital requirements. The loan receivable is short-term
in nature and carries a fixed rate of interest at 25%. Post year
end, the loan has been repaid in full by the issue of 35,714,285
shares in KEFI as noted earlier in this report.
15. Accruals and other payables
Group Group Company Company
As at As at As at As at
31 31 31 December 31
December December 2022 December
2022 2021 2021
$'000 $'000 $'000 $'000
Current
Accruals 83 33 83 33
Amounts owed to Directors 30 20 30 20
Total accruals and other
payables 113 53 113 53
========== ========== ============= ==========
16. Share capital
31 December 2022 31 December 2021
Share Share Share Share
Issued Capital premium Issued Capital premium
Number $'000 $'000 Number $'000 $'000
At beginning
of the year ordinary
shares of 0.04p
each: 258,602,032 135 5,959 242,113,144 126 4,389
============ ========= ========= ============ ========= ============
19 February 2021:
shares issued
as part of placement - - - 13,888,888 8 1,732
30 March 2021:
shares issued
upon exercise
of options - - - 2,600,000 1 70
Share issue costs
charged to share
premium - - - - - (233)
At 31 December:
ordinary shares
of 0.04p each: 258,602,032 135 5,959 258,602,032 135 5,959
============ ========= ========= ============ ========= ============
Ordinary shares
Ordinary shares have the right to receive dividends as declared
and, in the event of a winding up of the Company, to participate in
the proceeds from sale of all surplus assets in proportion to the
number of and amounts paid up on shares held. Ordinary shares
entitle their holder to one vote, either in person or proxy, at a
meeting of the Company.
Share options and warrants
17.
Year ended Year ended
Average 31 December Average 31 December
exercise 2022 exercise 2021
price per Number price per Number
share option of share option of
$ options $ options
At the beginning of the
year - 37,844,444 - 9,000,000
Warrants issued 19 February
2021 - - 0.09 694,444
Surrendered share options
3 March 2021 - - 0.02 (250,000)
Share Options exercised
30 March 2021 - - 0.02 (2,600,000)
Share warrants issued
10 August 2021 - - 0.08 1,000,000
Share options issued 10
August 2021 - - 0.08 30,000,000
Share options surrendered
17 January 2022 0.02 (3,000,000) - -
At the end of the year 34,844,444 37,844,444
-------------- ------------- -------------- -------------
On 17 January 2022, the Company entered into an agreement
whereby an option holder agreed to surrender 3,000,000 options,
with a grant date of 1 December 2019 and an expiry date of 1
December 2024 with an exercise price GBP0.02 per option share, for
consideration of GBP 105,000 (USD$129,354). The amounts were
payable in 15 equal monthly instalments of GBP 7,000 (USD$8,624).
On the same date the options were cancelled by the Company. As at
the date of this report 12 of the monthly instalments have been
paid in the current reporting year and the remaining 3 instalments
were paid in the subsequent reporting year.
As at As at
31 December 31 December
2022 2021
$'000 $'000
Share based payments reserve
At beginning of year 734 -
Share based payments surrendered (25) -
Share based payments expense(1) - 734
----------------------- -------------
Closing balance at 31 December 709 734
======================= =============
(1) For the year ended 31 December 2022, the Directors have
estimated that the vesting conditions related to 20,250,000
director and employee options cannot be achieved. Therefore, $nil
(2021: $0.7m) expense has been recognised in the Statement of
Comprehensive Income.
Share options and warrants outstanding at the end of the year
have the following expiry date and exercise prices:
Share options/warrants Share options/warrants
31 December 31 December 2021
Exercise price 2022
Grant date Expiry date GBP
1 December 30 November
2019 2024 0.02 3,150,000 6,150,000
19 February 19 February
2021 2024 0.09 694,444 694,444
10 August
2021 10 August 2025 0.08 31,000,000 31,000,000
The fair value at grant date is independently determined using
an adjusted form of the Black Scholes Model that takes into account
the exercise price, the term of the option, the impact of dilution
(where material), the share price at grant date and expected price
volatility of the underlying share, the expected dividend yield,
the risk-free interest rate for the term of the option and the
correlations and volatilities of the peer group companies. In
addition to the inputs in the table above, further inputs as
follows:
The model inputs for the 694,444 broker warrants granted for
consulting services during the year included:
(a) warrants are granted for no consideration and vested
warrants are exercisable for a year of three years after the grant
date: 19 February 2021.
(b) expiry date: 19 February 2024.
(c) share price at grant date: 9.6 pence.
(d) expected price volatility of the company's shares: 70.24%.
(e) risk-free interest rate: 0.70%.
The model inputs for the 30,000,000 director and Brazilian
employee options and 1,000,000 third party warrants granted for
consulting services during the year included:
(a) 30,000,000 options are granted and split into two Tranches,
whereby 20,250,000 tranche A options have vesting conditions linked
to performance and 9,750,000 Tranche B options vest
immediately.
(b) Tranche A is split further with 9,450,000 options vesting
once all necessary permits required to commence production are
received and then a further 10,800,000 options vest upon
commencement of production at the Pitombeiras Vanadium Project.
(c) The 9,450,000 options have a vesting period of two years
from grant date and the 10,800,000 options have a vesting period of
three years from the grant date.
(d) 1,000,000 warrants are granted for no consideration and
vested warrants are exercisable for a period of three years after
the grant date: 10 August 2021.
(e) expiry date: 10 August 2025.
(f) share price at grant date: 8.0 pence.
(g) expected price volatility of the company's shares: 70.24%.
(h) risk-free interest rate: 0.591%.
18. Subsidiary
The details of the subsidiaries of the Company, which have been
included in these consolidated financial statements are:
Name Country of Proportion
incorporation of ownership
interest
VTF Mineração Ltda. Brazil 99.99%
Jangada Services Plc United Kingdom 100.00%
Allexcite Enterprises Pty
Ltd Australia 100.00%
19. Related party transactions
During the year the Company entered into the following
transactions with related parties.
Year ended Year ended
31 December 31 December
2022 2021
$'000 $'000
Garrison Capital (UK) Limited:
Purchases made on Company's behalf and
administrative fees expensed during the
year - 20
Nicholas von Schirnding:
Investment in Fodere Titanium Limited
of which Nicolas von Schirnding is the
Chairman - 490
FFA Legal Ltda:
Legal and accountancy services expensed
during year 89 90
============= =============
FFA Legal Ltda is a related party to the Group due to having a
director in common with Group companies. At the year-end they were
owed $nil (2021: $nil).
Harvest Minerals Limited is a related party to the Group due to
having directors in common with Group companies. At the year-end
they held 1,250,000 options (2021: 1,250,000), which were acquired
from various option holders on 3 March 2021 at an aggregate sum of
GBP77,000 (USD$107,175).
Directors' remuneration is disclosed within note 9.
20. Subsequent Events
In May 2023, the Company purchased an additional 2,000,000
shares in Blencowe Resources PLC and paid GBP0.05 per share. The
Company also received 1,000,000 warrants with an exercise price of
GBP0.08 per share and expiry date of 23 May 2026.
At the year end, the Company had a loan receivable from KEFI
Gold and Copper Plc ("KEFI") for $0.25 million, which was
subsequently converted post year end into 35,714,285 shares in KEFI
and is a liquid investment on the London Stock Exchange.
There have been no other significant subsequent events since the
reporting date.
21. Ultimate controlling party
The Directors consider that the Company has no single
controlling party.
**ENDS**
For further information please visit www.jangadamines.com or
contact:
Jangada Mines plc Brian McMaster (Chairman) info@jangadamines.com
Strand Hanson Limited Ritchie Balmer Tel: +44 (0)20 7409 3494
(Nominated & Financial James Spinney
Adviser)
Tavira Securities Jonathan Evans Tel: +44 (0)20 7100 5100
Limited
(Broker)
St Brides Partners Ana Ribeiro jangada@stbridespartners.co.uk
Ltd Isabel de Salis
(Financial PR)
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END
FR FLMATMTATMIJ
(END) Dow Jones Newswires
June 29, 2023 02:02 ET (06:02 GMT)
Grafico Azioni Jangada Mines (LSE:JAN)
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Da Mar 2024 a Apr 2024
Grafico Azioni Jangada Mines (LSE:JAN)
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