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LONDON - Jangada Mines plc (AIM:JAN.L) reported a net loss of $1.2 million for the year ended December 31, 2024, widening from a $1.0 million loss in the previous year, according to the company’s final results released Wednesday.
The natural resources development company, which has interests in Brazil, maintained its 100% ownership of the Pitombeiras Vanadium Project in the state of Ceará, Brazil, but did not actively pursue its development during the reporting period. Instead, the company focused on preserving cash resources while seeking assets with quicker pathways to production.
The exploration license for the Pitombeiras Project remains active pending analysis of a Final Exploration Report submitted to Brazilian authorities in May 2024. Once approved, the company will have one year to file an economic exploration plan for a mining concession request.
At year-end, Jangada held investments in several companies, including a 7.8% stake in Fodere Titanium Limited, a 7.1% interest in Blencowe Resources PLC, and a 3.6% holding in Axies Ventures Limited. During 2024, the company divested its entire shareholdings in KEFI Gold and Copper PLC for gross proceeds of $317,273, and in ValOre Metals Corp and ATHA Energy Corp for $63,067.
The company reported cash and cash equivalents of $66,000 at December 31, 2024, down from $414,000 a year earlier. Total (EPA:TTEF) assets decreased to $2.97 million from $4.26 million.
Jangada stated it is currently arranging to convert a portion of outstanding director salaries into new ordinary shares, with an announcement expected following publication of these annual results.
The company’s Annual General Meeting will be held at the offices of Bird & Bird LLP in London on July 18, 2025.
The article is based on a company press release statement.
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