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

13 April 2023 

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

Pitombeiras Update

Successful Extraction of Titanium Dioxide & Vanadium Pentoxide

Jangada Mines plc, a natural resources development company with interests in Brazil and elsewhere, is pleased to announce that it has received positive test results regarding the extraction of high-grade titanium dioxide ('TiO2') and vanadium pentoxide ('V2O5') from its Pitombeiras vanadium titanomagnetite ('VTM') project in Brazil ('Pitombeiras' or 'the Project').  

The tests were carried out by Zambian consulting firm, YCS Sustainable Solutions Limited, utilising the proprietary technology developed by Fodere Titanium Limited ('Fodere'), in which Jangada holds a 7.7% 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.

By working closely with Fodere, the Board recognised that its sustainable technology, initially developed to treat low-grade and complex titanium-bearing feedstock, could be applied to and improve the economic potential of Pitombeiras. The highly energy efficient technology maximises resource recovery, improves processing effectiveness, reduces costs compared to regular processing routes and importantly, minimises waste improving environmental credentials and enhancing ESG performance.

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. 

With the adaptation of Fodere's technology to successfully process ore from Pitombeiras, Jangada is now preparing 25 tonnes of material to be tested on a larger scale in order to finalise a commercial flowsheet and provide in-depth economics for a Preliminary Economic Assessment ('PEA') focussed on the extraction of TiO2, V2O5 from Pitombeiras utilising Fodere's technology.  This is anticipated to improve the already robust economic studies carried out on Pitombeiras that were announced on 21 April 2022 with headline figures of 100.3% post-tax Internal Rate of Return, a US$96.5 million post-tax Net Present Value (8% discount rate), a US$145.9 million post-tax undiscounted operating cash flow, and a 13-month payback.

The Company remains focused on commodities that are critical in the energy transition and drive the

circular economy. The strategic investment in Fodere was enacted as it represented an opportunity to capitalise on a new environmentally improved solution that extracted TiO2 and V2O5, two of the three major mineral components of the Company's Pitombeiras project. The Board believes that these test results have vindicated its investment decision. Importantly, Jangada also owns exclusive rights to Fodere's IP for its application throughout South America. 

Continuing with the Company's investment strategy, the Company continues to hold a 9.5% stake in Blencowe Resources Plc (LSE: BRES) which is advancing the Orom-Cross graphite project in Uganda. A recent research note, by Resolve Research Limited, stated that "Orom-Cross is fast becoming a Tier 1 project at an inflection point for graphite demand" and applies a 23p target price with a "Strong Buy stance".

Brian McMaster, Executive Chairman of Jangada said, "Fodere's successful extraction of high-grade vanadium and titanium from material from the Pitombeiras project utilising cost efficient environmentally sound technologies is a major boost to Jangada. Furthermore, the adaptation of its technology to process mined material rather than focus on waste materials offers increased potential for its business; as shareholders in Fodere and holders of its IP rights for South America, this is a very exciting development.

"The transition to net zero is a key theme in resource development and with energy efficient processes being applied we not only potentially reduce our project OPEX but become more attractive to development partners, who we remain in discussions with. We will now look to upscale the test and deliver an additional economic study to further explore the project parameters. 

"We are focussed on value creation through our own project development and via investing in exciting opportunities in both mining and technology. As mentioned, the advancement of Pitombeiras has been dependant on the right pricing environment, particularly with relevance to iron ore. However, with the application of Fodere's technology we can improve the value of the titanium and vanadium components, and thus the attractiveness of the Project." 

**ENDS**

For further information please visit www.jangadamines.com or contact: