Jangada Mines plc provided an update on activities with regards to the Company's projects and investments. The Company's strategy remains to acquire, develop and invest in projects primarily targeting commodities and technologies related to the renewable energy sector, where companies such as Jangada, which have an established track record and ability to finance projects, can make significant Return On Investments in targeted project selection. Commodity markets related to the EV/critical minerals space have been very strong over the last 18 months, endorsing the Company's strategy, while bulk commodities such as iron ore, have been more volatile and under pressure.

As previously reported, Jangada's Pitombeiras project's commodity suite is iron ore, vanadium, and titanium. The headline 100.3% post-tax Internal Rate of Return, a US$96.5 million post-tax Net Present Value (8% discount rate), a USD 145.9 million post-tax undiscounted operating cash flow, and a 13-month payback, were announced earlier this year, with the pricing for the economic evaluation used being, Fe/V2O5 concentrate was US$165.64/t, U$120/t for the Fe component and US$45.64 for the V2O5. A price of US$220/t was used for the TiO2.

With the Measured, Indicated and Inferred resource of 8.26Mt from only 3 of 8 known magnetic targets being targeted, there remains potential resource upside. With the above project economics and the fact that the asset is technically and geologically sound, discussions with international and local off takers were progressed throughout 2022. Given the volatility of bulk commodities and market uncertainty in the global demand for iron ore, it became apparent that the optimal course was to progress with local end-users/steel producers, whereby the Company's supply (once developed and extracted) would be blended into the mix of a larger processor.

These discussions were hindered in H2 2022 as Brazil entered election season, which curtailed many on-ground investment and business decisions, but this hindrance has now subsided with the election of President Lula. Despite current iron ore market conditions, the Pitombeiras project is viewed by the Board as high quality, as demonstrated in the economic studies, and has elicited significant interest. The Board continues to keep discussions live with in-country offtake partners.

At this stage, the Company has not progressed the titanium to feasibility status because without an off-take arrangement for the iron ore, the Titanium is inaccessible and accordingly, the project is dependent upon favourable iron ore market conditions. In addition to Pitombeiras, the Company has progressed with two additional investment opportunities, namely targeting strategic minerals and metals, has borne fruit with its investments in Blencowe Resources PLC ('Blencowe') and Fodere Titanium Limited ('Fodere').