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Jangada Mines: Final Results delivered following strong progress of the development of South America’s largest PGM and nickel project

Friday, November 30th, 2018

Jangada Mines plc, a natural resources company developing South America’s largest and most advanced platinum group metals (‘PGM’) project, is pleased to announce its audited annual financial results for the year ended 30 June 2018. The Company will shortly be posting the annual report & accounts to Shareholders, together with a notice convening the annual general meeting.

Overview of activities during the year, and post year end

  • Independently assessed, substantial JORC resource increases across commodity basket
    • 50% increase in global ore volume to 34.5 million tonnes at 1.3 g/t PGM+Au
    • 53% increase in PGM resource to 1.45 million ounces
    • 28% increase in nickel resource to 140 million pounds
    • 11% increase in copper resource to 26 million pounds
    • 4% increase in cobalt resource to 6.7 million pounds
  • Metallurgical test work demonstrated that the inclusion of magnetic separation could positively impact the economics of the Project
    • Addition of magnetic separation increased recoveries of PGM and yielded unexpectedly high gold and chrome grades in pre-concentrate
  • PEA confirmed that the Project has the potential to become a robust, low CAPEX and OPEX, shallow, open pit operation yielding attractive financial returns and a short payback period
    • NPV of US$192 million, IRR of 67% and 1.6-year payback
    • Potential life-of-mine of 13 years at 64,000 ounces of PGM+Au, 2.2 Mlb of nickel, 1.2Mlb of copper, 44,000 lb of cobalt and 30,000t of chrome
    • Low CAPEX requirement of US$64.4 million and low OPEX of US$17.31/t of ROM
  • Issuance of the Environmental Licence required for trial mining
  • High-grade economic nickel and copper sulphide mineralisation identified potentially enhancing the already strong project economics
  • Successfully secured a funding package of £2.1 million enabling the Company to advance the Project towards a bankable feasibility study (‘BFS’), quantifying the value of the nickel sulphide deposit, additional hydrology and metallurgy test work and exploration drilling at the vanadium project
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