Interim Results

Jangada Mines PLC

30 September 2026

 

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

30 September 2026

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

Interim Results

Positioned for growth and value creation

Jangada Mines plc (AIM: JAN), a gold focused Brazilian natural resources company, is pleased to announce its interim results for the period ending 30 June 2026.

Overview:

• Molly emerging as high-grade polymetallic opportunity - Phase 1 validated the historical ~130,000 oz Au resource at Molly 1, extended mineralisation beyond the existing resource envelope and materially improved the geological model.
• Dual mineralisation style enhances prospectivity - Molly 1 hosts narrow, high-grade veins intersections including 21.81 g/t Au over 0.5m and 20.76 g/t Au over 0.5m together with broader near-surface disseminated mineralisation over wide widths e.g. 14 metres at 1.19g/t, supporting the potential for a larger shallow open-pit component.
• Multi-target resource growth opportunity - Mineralisation is established at Molly 1 and Molly 2, with multiple additional targets across the wider licence supporting the potential for a future multi-pit development.
• Significant exploration upside remains at Molly - Vivi returned bonanza grades of up to 306.2 g/t Au, while the ~5km Boomerang target provides further exploration potential, with only around 15% of the licence currently well understood.
• Fully funded programme to drive the next stage of Molly - Phase 2 includes licence-wide geophysics, geological mapping, further drilling and expanded work at Vivi, designed to refine targets and support an updated mineral resource estimate.
• Paranaíta provides a second substantial gold opportunity - The project has an internally generated CBRR-compliant resource of approximately 210,000 oz Au at 3.165 g/t across an 8km mineralised corridor containing more than 15 known high-grade gold occurrences.
• Pitombeiras provides significant underlying portfolio value - Jangada retains 100% ownership of the vanadium-titanium project, which has a reported post-tax NPV of US$96.5 million at an 8% discount rate.
• Strong asset and financial position - Jangada has ~340,000 oz of gold resources across Molly and Paranaíta, 100% of Pitombeiras with a reported US$96.5m post-tax NPV, ~£1.15m invested in Fodere and Axies, and currently over £1m cash, with Molly Phase 2 fully funded.

Brian McMaster, Chairman of Jangada, said: “Jangada is in a very strong position, and in particular we are increasingly excited by what we are seeing at Molly. Our work has validated the historical resource at Molly 1, extended mineralisation beyond the existing resource envelope and confirmed both high-grade veins and broader near-surface mineralisation. We are also seeing exceptional bonanza grades at Vivi, while Molly 2, Boomerang and other targets demonstrate the potential for a much larger, multi-target system. Importantly, Molly sits within the established Tapajós gold district and displays geological similarities to the high-grade vein-hosted mineralisation successfully exploited by Serabi Gold in the region.

“With only a relatively small proportion of the licence well understood, there is considerable scope to extend known mineralised structures, test new targets and build the overall resource base. We now have a fully funded Phase 2 programme, more than £1 million in cash and a strong pipeline of drilling, geophysics, assay results and resource work ahead. Combined with the underlying value in Paranaíta, Pitombeiras and our investment portfolio, we believe Jangada has the assets, funding and momentum to deliver substantial news flow and an exciting period of value creation for shareholders.”

Introduction:

I am pleased to report on an important and productive first half of 2026 for Jangada, during which we made significant progress in advancing our gold strategy and building a stronger platform for growth from our Brazilian assets. Our focus remains on deploying capital where exploration can create meaningful value, while maintaining financial discipline and exposure to the underlying value of our wider portfolio. Central to this has been the advancement of Molly, which is now our principal operational focus and, we believe, offers significant potential for resource growth and production.

Progress at Molly during and since the period end has been particularly encouraging. Phase 1 drilling validated the historical data underpinning the approximately 130,000 oz gold resource at Molly 1, extended mineralisation and returned high-grade intersections including 21.81 g/t Au over 0.5 metres and 20.76 g/t Au over 0.5 metres, alongside broader mineralisation of 14 metres at 1.19 g/t Au. Importantly, the work has transformed our understanding of Molly, demonstrating a broader polymetallic system with strong silver and base-metal grades accompanying the gold. The combination of high-grade structures and broader near-surface mineralisation supports the potential for shallow open-pit mining across multiple pits, subject to further technical and economic work.

The wider licence adds considerable further upside. Mineralisation has been confirmed at Molly 2, while Vivi has emerged as an exciting new discovery, with exposed veins returning bonanza grades of up to 306.2 g/t Au. With only around 15% of the licence currently well understood, and further potential at Vivi, Molly 2, the approximately five-kilometre Boomerang target and other areas being defined through geophysics, we see substantial opportunity to increase the scale of the wider system and convert exploration success into resource growth.

This opportunity is further underpinned by a portfolio with significant underlying value. Paranaíta provides a second Brazilian gold asset with an internally generated CBRR-compliant resource of approximately 210,000 oz Au at 3.17 g/t, where again we see strong potential for resource growth, while our 100%-owned Pitombeiras vanadium-titanium project has a reported post-tax NPV of US$96.5 million at an 8% discount rate. We have also invested approximately £1.0 million in Fodere Titanium and £150,000 in Axies Ventures. Together, these assets provide a strong and diversified platform, while our clear near-term priority is to demonstrate the scale and value potential of Molly.

The Molly Project – A Polymetallic High-Grade Multi-Target Opportunity

Acquisition and Phase 1 programme

In February 2026, Jangada secured an exclusive option to acquire 100% of Molly, a 6,656.2-hectare project in the Tapajós region of Pará State. The project came with more than 2,800 metres of historical drilling and a JORC (2004) Inferred Resource of approximately 130,000 oz Au from 2.1Mt at 2.0 g/t Au. Following encouraging results from the initial programme, we exercised the option in May and entered into a definitive acquisition agreement.

Phase 1 drilling confirmed the historical geological model while also demonstrating growth potential outside the existing resource envelope. The results included multiple high-grade intersections, including 21.81 g/t Au over 0.5 metres and 20.76 g/t Au over 0.5 metres, together with wider intersections such as 14 metres at 1.19 g/t Au. Importantly, the high-grade intercepts do not occur only as isolated results: individual holes encountered multiple mineralised veins, with one high-grade intersection accompanied by additional veins grading 11.5 g/t and 5.7 g/t Au, while another hole intersected seven mineralised veins over a combined width of more than six metres. In the context of Molly 1, it is this combination of grade, width, multiple structures and continuity that is particularly encouraging.

An evolving development concept

At acquisition, Molly 1 was expected predominantly to comprise classic Tapajós-style narrow, high-grade gold vein mineralisation. The drilling has broadened that interpretation considerably. In addition to confirming high-grade gold, assays have demonstrated meaningful associated silver and copper, including 20.70 g/t Au, 0.58% Cu and 6.30 g/t Ag over 0.5 metres; 11.50 g/t Au, 21.30 g/t Ag and 0.47% Cu over 0.58 metres; and 5.75 g/t Au, more than 1.0% Cu and 9.00 g/t Ag over 0.50 metres. The programme has also identified a second style of gold mineralisation: a corridor of disseminated gold close to surface, including mineralisation over widths of tens of metres. The presence of these two gold styles, together with the associated polymetallic signature, is significant for the potential development of Molly 1. Rather than relying solely on selective extraction of narrow veins, there is potential for a future operation to incorporate a larger open-pit component, with multiple mineralised zones potentially mined together and higher-grade veins contributing additional grade. Ultimately, the economic significance of the associated metals will depend on continuity, recoveries and future metallurgical and economic studies.

There is relevant operating precedent in the Tapajós Province. Serabi Gold’s Palito Complex exploits steeply dipping, high-grade quartz-gold-copper veins, with typical vein widths of approximately 0.5m to 1.0m and grades commonly reported between 10 g/t and 30 g/t Au. Serabi has operated in the region for more than a decade and reported 2026 production guidance of 53,000-57,000 oz across its operations. The comparison is geological and regional rather than a direct economic analogue, but it demonstrates that high-grade vein systems in the Tapajós can support established mining operations. Molly’s newly recognised broader near-surface mineralisation potentially adds a further dimension to the project concept.

A Multi target opportunity - Vivi, Molly 2 and Boomerang

The exploration programme has progressively expanded beyond Molly 1. Molly 2 has confirmed mineralisation in a previously undrilled area and remains open toward Vivi, providing another potential contributor to the overall resource base. Results also reinforce the polymetallic nature of the wider hydrothermal system: Hole 7A at Molly 2 returned 0.87 metres grading 3.11 g/t Au, 30.40 g/t Ag, 0.13% Cu and 0.24% Pb, together with a separate 5.42 metre interval grading 1.41% Pb, including 1.00 metre at 4.97% Pb, with zinc also present.

Vivi is more significant than originally envisaged because it was unknown as an exploration target at acquisition. We have identified two exposed gold-bearing veins, with exceptional initial gold grades and strong associated silver and base metals. The standout sample from a 1.8-metre-thick mineralised vein returned 306.2 g/t Au, 166.0 g/t Ag, 2.24% Cu, 2.19% Pb and 1.12% Zn. Other in-vein sampling included 151.23 g/t Au with 83.8 g/t Ag and 0.95% Pb. Across seven samples returning significant gold grades, the average was approximately 83 g/t Au. While further work is required to establish scale, continuity and the economic contribution of the associated metals, these results show that Vivi is not simply a high-grade gold occurrence but part of a strongly mineralised polymetallic system. To further understand the prospectivity, we have conducted further sampling which is at the laboratory, drone magnetics have been undertaken, and IP surveying is being used to refine drill positions ahead of maiden drilling at the target.

Boomerang provides a different but potentially large-scale exploration opportunity and is currently the largest Molly target by surface extent. It runs for approximately five kilometres through the central part of the tenement and, for more than 50 years, informal miners have recovered gold from alluvial sediments within the valley. The exploration question is therefore whether the primary hard-rock source of that gold can be identified. Surface mapping has already identified alteration and geological features suggesting that mineralisation may lie immediately beneath the sedimentary cover, associated with a major geological contact extending along the valley. In addition, a strong magnetic anomaly extends for approximately one kilometre south of Boomerang. The hard-rock source remains untested and Boomerang is earlier-stage than Molly 1 or Vivi, but the combination of multi-kilometre scale, historic alluvial gold recovery, mapped surface alteration and geophysical targets provides a compelling rationale for systematic follow-up through mapping, sampling, IP and ultimately drilling.

Phase 2 and next steps

Phase 2 combines drilling with licence-wide geophysics and geological mapping. A 350 line-km drone magnetic survey and ground IP work are being used to refine the structural model and prioritise targets across Molly 1, Molly 2, Vivi and Boomerang. The programme is fully funded. Near-term objectives include further Vivi results, interpretation of the geophysical datasets, additional drilling and an updated mineral resource estimate.

The strategic priority remains to demonstrate the scale of the overall Molly system before determining whether the optimal route is development by Jangada, a strategic partnership or another transaction. Management believes there is potential for material growth beyond the historical Molly 1 resource, but this remains subject to further drilling, geological modelling and resource estimation.

Paranaíta Gold Project

Paranaíta remains an important second gold asset within the portfolio. During the period, drilling supported a revised geological model indicating a large hydrothermal system containing both structurally controlled high-grade veins and disseminated mineralisation. At the TP2 target, approximately 1,200 metres of mineralised structure has been identified along a north-east trending corridor. The results support further work aimed at resource growth and the definition of additional mineralised trends.

Paranaíta also provides Jangada with a more advanced resource-growth opportunity in the Alta Floresta-Juruena Gold Province. The 7,211-hectare project has an internally generated CBRR-compliant resource of approximately 210,000oz Au at 3.17g/t across an 8km mineralised corridor hosting more than 15 known high-grade gold occurrences. Work during 2026 included trenching and drilling at the priority TP2 and TP3.2 targets, with results contributing to an improved understanding of the controls on mineralisation. The programme is intended to support preliminary resource modelling, increase the existing resource and guide a second phase of drilling, while assessing the potential for a shallow open-pit development.

Financing, Balance Sheet and Investment Portfolio

Jangada has retained strategic investments alongside its directly held Brazilian projects. Subsequent to the period end, Fodere Titanium Limited, in which Jangada holds a 7.8% interest following an investment of approximately £1 million, reported progress across its development programme, engineering, technology platform and funding strategy.

Axies Ventures Limited, in which Jangada holds a 4.4% interest following investment of approximately £150,000 across two tranches, has advised that it intends to pursue an IPO, currently targeted for Q4 2026. Axies holds prospective copper and copper-gold projects in Cyprus and Canada.

The Board has continued to take a disciplined approach to capital management, with funding directed principally toward programmes capable of advancing Molly and Paranaíta and demonstrating resource growth. In February 2026, we raised £1.2 million before expenses at 1.4 pence per share, comprising a £1.1 million placing and a £100,000 subscription by myself. Participants received one warrant for each Fundraise Share, exercisable at 2.25 pence for two years. The proceeds were allocated to drilling, geophysical and geological studies at Molly, further exploration at Paranaíta and general working capital.  In addition, the Company received approximately £478,000 of gross proceeds from warrant exercises between January and May 2026.

Together with the February fundraising, this resulted in approximately £1.7 million of new gross cash proceeds being raised through equity and warrant exercises from the beginning of 2026 to 30 June 2026. The Phase 2 Molly programme, including ongoing geophysics, mapping and the remaining drilling programme, is fully funded, with more than £1 million of cash available and sufficient funding to continue exploration into next year. Potential liquidity events from investments also have the potential to provide further non-dilutive funding flexibility.

Board and Corporate

In March 2026, Heinrich Müller and Luis Felipe Azevedo (‘Felipe Azevedo’) joined the Board as Non-Executive Directors. Mr Müller brings extensive geological and mining experience, strengthening the Company’s technical and in-country capability. Luis Maurício Azevedo stepped down from the Board to focus on his role as Chairman and CEO of Bravo Mining Corp, while continuing as an adviser to Jangada; Felipe Azevedo joined as a Brazil-based director and representative of his family’s ownership interest.

Subsequent to the period end, Nicholas von Schirnding stepped down as a Non-Executive Director on 1 September 2026 following the establishment of the Company’s gold-focused strategic direction and completion of the first phase of exploration at Molly. The Board thanks him for his contribution since the Company’s inception.

Outlook

We enter the remainder of 2026 with considerable momentum and a clear priority: to demonstrate the scale and value of Molly. The next phase of work, including expanded Vivi sampling, project-wide geophysics, further drilling and an updated mineral resource, is designed to build on the success of Phase 1 and determine how Molly 1, Molly 2, Vivi and the wider target areas can contribute to a larger, potentially multi-pit development. With the current programme funded, we are well positioned to maintain this momentum while managing dilution and capital allocation carefully.

We are equally encouraged by the broader value within Jangada. Alongside Molly, the Company has the approximately 210,000 oz gold resource at Paranaíta, 100% ownership of Pitombeiras, with its reported post-tax NPV of US$96.5 million, and approximately £1.15 million invested in Fodere Titanium and Axies Ventures. These assets provide additional sources of potential value and financial flexibility as we advance our core strategy.

The Board is excited by the opportunities ahead. Our focus is now firmly on converting the exploration success at Molly into meaningful resource growth, demonstrating the scale of the wider mineralised system and establishing a clear pathway towards development and value realisation. We believe Jangada has entered an exciting stage in its evolution, with a growing flagship project, a valuable wider portfolio and a strong platform from which to deliver further progress for shareholders.

Brian McMaster, Chairman

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2026

		30 June	30 June
		2026	2025
		(Unaudited)	(Unaudited)
	Notes	$'000	$'000
Gain (loss) on fair value of investments		-	33
Profit (loss) on disposal of investments		-	(5)
Directors’ remuneration		(627)	(188)
Foreign exchange (loss)/gain		20	(2)
Administration expenses		(402)	(225)
Operating loss from continuing operations		(1,009)	(387)
Finance expense		-	-
Loss before tax		(1,009)	(387)
Tax expense	5	-	-
Loss from continuing operations		(1,009)	(387)
Other comprehensive income:
Items that will or may be classified to profit or loss:
Currency translation differences arising on translation of foreign operations		61	260
Total comprehensive loss for the period		(948)	(127)
Loss from continuing operations attributable to:
Equity holders of the parent		(998)	(387)
Non-controlling interest		(11)	-
		(1,009)	(387)
Total comprehensive loss attributable to:
Equity holders of the parent		(982)	(127)
Non-controlling interest		34	-
		(948)	(127)
Loss per share attributable to ordinary equity holders of the parent
-           Basic and diluted (cents)	6	(0.12)	(0.15)

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2026

		30 June	31 December
		2026	2025
		(Unaudited)	(Audited)
	Notes	$'000	$'000
Assets
Non-current assets
Investment in group entities		-	-
Exploration and evaluation assets	7	7,694	6,469
Property, plant and equipment		7	1
Investments	8	199	67
		7,900	6,537
Current assets
Other receivables		32	16
Cash and cash equivalents		2,099	1,768
		2,131	1,784
Total assets		10,031	8,321
Liabilities
Current liabilities
Trade payables		280	101
Accruals and other payables		-	72
Total liabilities		280	173
Issued capital and reserves attributable to owners of the parent
Share capital	9	453	372
Share premium	9	11,835	9,365
Translation reserve		(442)	(458)
Option reserve	10	29	29
Retained earnings		(5,515)	(4,517)
Non-controlling interest		3,391	3,357
Total equity		9,751	8,148
Total equity and liabilities		10,031	8,321

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2026

	Share capital	Share premium	Translation reserve	Fair value reserve	Option reserve	Retained earnings	Non-controlling interest	Total equity
	$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000
Balance as at 1 January 2025	135	5,959	(834)	38	665	(3,408)	-	2,555
Total comprehensive loss for the period
Loss for the period	-	-	-	-	-	(387)	-	(387)
Other comprehensive income	-	-	260	-	-	-	-	260
Total comprehensive loss for the period	-	-	260	-	-	(387)	-	(127)
Transactions with owners in their capacity as owners
Total transactions with owners	-	-	-	-	-	-	-	-
Balance at 30 June 2025	135	5,959	(574)	38	665	(3,795)	-	2,428
Balance as at 1 January 2026	372	9,365	(458)	-	29	(4,517)	3,357	8,148
Total comprehensive loss for the period Loss for the period	-	-	-	-	-	(998)	(11)	(1,009)
Other comprehensive income	-	-	16	-	-	-	45	61
Total comprehensive loss for the period	-	-	16	-	-	(998)	34	(948)
Transactions with owners in their capacity as owners
Shares issued, net of share issue costs	81	2,470	-	-	-	-	-	2,551
Total transactions with owners	81	2,470	-	-	-	-	-	2,551
Balance at 30 June 2026	453	11,835	(442)	-	29	(5,515)	3,391	9,751

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2026

	30 June	30 June
	2026	2025
	(Unaudited)	(Unaudited)
Cash flows from operating activities	$'000	$'000
Loss before tax from continuing operations	(1,009)	(387)
Add back: loss/(profit) on sale of investment	-	5
Add back: Share-based payment expense (see Note 9)	300	-
Non-cash fair value (gain)/ loss on investments	-	(33)
Non-cash foreign exchange difference	(20)	2
Operating cash flows before working capital changes	(729)	(413)
Decrease/(increase) in other receivables	(16)	(10)
(Decrease)/increase in trade and other payables	107	388
Net cash outflow from operating activities	(638)	(35)
Investing activities
Development of exploration and evaluation assets	(853)	(4)
Investment in Axies (see Note 8)	(137)	-
Sale of shares in investments	-	18
Net cash (outflow) / inflow from investing activities	(990)	14
Financing activities
Increase in cash from the issue of shares, net of share issue costs (see Note 9)	2,001	-
Net cash from financing activities	2,001	-
Net movement in cash and cash equivalents	373	(21)
Cash and cash equivalents at beginning of period	1,768	66
Movements in foreign exchange	(42)	4
Cash and cash equivalents at end of period	2,099	49

NOTES TO THE CONDENSED FINANCIAL INFORMATION

FOR THE SIX MONTHS ENDED 30 JUNE 2026

1. General Information

 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. The Company's principal activities are the exploration and development of mining assets in Brazil.

2. Accounting Policies

 Basis of preparation

The condensed consolidated interim financial statements have been prepared in accordance with the requirements of the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The condensed interim financial information of the Group and Company for the six months ended 30 June 2026 has been prepared using accounting policies consistent with those applied in the Company’s audited financial statements for the year ended 31 December 2025.

The interim financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of UK-adopted International Accounting Standards, and hence the previously reported accounting policies still apply.

The interim condensed consolidated financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the audited consolidated financial statements of the Company as at and for the year ended 31 December 2025.

Statutory financial statements for the year ended 31 December 2025 were approved by the Board of Directors on 29 June 2026 and delivered to the Registrar of Companies. The auditor’s report on those financial statements was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report, and did not contain a statement under section 498(2) or section 498(3) of the Companies Act 2006.

The consolidated financial information is presented in United States Dollars (USD or $). The functional currency of the Company is British Pound Sterling (GBP) and the functional currency of the Brazilian subsidiaries is Brazilian Real (BRL). Amounts are rounded to the nearest thousand ($'000), unless otherwise stated.

 Changes in accounting principles and adoption of new and revised standards

No new or amended standards effective for the period had a material effect on the condensed interim financial information. Standards and amendments issued but not yet effective are not expected to have a material effect on the Group.

 Going concern

The Group is not currently generating revenue and reported an operating loss for the period. The Directors have reviewed the Group’s cash-flow forecasts, projected expenditure, available funding and committed obligations for a period of at least twelve months from the date of approval of this interim financial information, including various scenarios and sensitivities. Based on this review, the Directors have a reasonable expectation that the Group and Company have sufficient resources to meet their committed and contractual expenditure and maintain good title to the exploration licences for the foreseeable future.

The Directors do not consider there to be a material uncertainty that may cast significant doubt on the Group’s or the Company’s ability to continue as a going concern. Accordingly, they continue to adopt the going concern basis in preparing the condensed interim financial information.

3. Critical accounting estimates and judgements

Except as described below, the same accounting policies, presentation and methods of computation have been followed in these condensed consolidated interim financial statements as were applied in the preparation of the Group's annual financial statements for the year ended 31 December 2025.

NOTES TO THE CONDENSED FINANCIAL INFORMATION

FOR THE SIX MONTHS ENDED 30 JUNE 2026

Judgements

The Directors have considered the impairment indicators in IFRS 6 in assessing the carrying value of the Group’s exploration and evaluation assets. The assessment considers the status of the underlying exploration rights, available geological information, exploration results, planned expenditure and the Group’s intention and ability to continue exploration. The Directors have concluded that no impairment is required at 30 June 2026.

The Directors have considered the recognition and measurement criteria in IAS 38 in determining the appropriate accounting treatment for the acquired right relating to the Molly Project. Further information is provided in Note 7.

Estimates and assumptions

In arriving at the carrying value of the acquired right relating to the Molly Project, the Directors consider the enforceability of the underlying contractual rights, progress in satisfying the conditions required to complete the acquisition, available geological information, planned exploration expenditure and the Group’s intention and ability to complete the earn-in. Based on this assessment, the Directors have concluded that no impairment is required at 30 June 2026.

The Company measures share options at fair value. For more detailed information in relation to the fair value measurement of such items, please refer to Note 10.

4. Segment information

The Group evaluates segmental performance on the basis of profit or loss from operations calculated in accordance with IFRS 8. In the Directors' opinion, the Group operates in one segment: mining exploration and development. All of the Group’s non-current assets, excluding financial instruments, are located in Brazil.

The Directors believe that the Group’s operations are not subject to any significant seasonality.

5.   Tax expense

	Six months ended	Six months ended
	30 June 2026	30 June 2025
	Continuing operations	Continuing operations
	(Unaudited) $’000	(Unaudited) $’000
Loss on ordinary activities before tax	(1,009)	(387)
Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025: 25%)	(252)	(97)
Effects of:
Recognition of previously unrecognised tax losses	-	-
Unrelieved tax losses for the period carried forward	252	97
Total tax charge for the period on continuing operations	-	-

Factors that may affect future tax charges

Apart from the losses incurred to date, there were no factors that may affect future tax charges.

NOTES TO THE CONDENSED FINANCIAL INFORMATION

FOR THE SIX MONTHS ENDED 30 JUNE 2026

Loss per share

	Six months ended 30 June 2026 (Unaudited)	Six months  ended 30 June 2025 (Unaudited)
	$'000	$'000
Loss for the period attributable to equity holders of the parent	(998)	(387)
Weighted average number of shares (basic & diluted)	810,214,035	258,602,032
Loss per share - basic & diluted (US cents)	(0.12)	(0.15)

7. Exploration and evaluation assets and acquired rights

Exploration and evaluation assets consist of the following:

		As at 30 June  2026	As at 31 December 2025
		$'000	$'000
Cost and net book value
At beginning of period		6,469	1,031
Asset recognised on acquisition of MTGold		-	5,066
Expenditure capitalised during the period		754	239
Acquired project right – Molly option		343	-
Foreign exchange gain/(loss) during the period		128	133
Cost and net book value at 30 June 2026		7,694	6,469

Acquired Right (Molly option)

On 9 February 2026, the Company announced that it had entered into a Letter of Intent (LOI) with BGold Mineração Ltda. (BGold), securing an exclusive option to acquire a 100% interest in the Molly Project. On 7 May 2026, following completion of the initial drilling programme, the Company exercised the option and entered into a definitive acquisition agreement with BGold. The agreement provides a staged path to acquire 100% ownership of the Molly Project through cash and share consideration and the completion of specified exploration commitments. The Company acts as operator and funds all exploration and development activities pending completion of the acquisition.

Terms completed by 30 June 2026

• Cash payment of US$100,000 to BGold.
• Issuance of 10,212,418 new ordinary shares in Jangada, valued at US$250,000. The shares are subject to a six-month lock-up.
• Completion of the initial 2,573-metre drilling programme prior to exercise of the option.

Future terms

• Completion of an additional 2,500 metres of drilling in the first 12 months following signing of the definitive acquisition agreement.

On first anniversary of signing the definitive acquisition agreement:

• Cash payment of US$150,000.
• Issuance of US$500,000 in Jangada shares, priced at the then prevailing market price (or cash at Jangada's discretion).

NOTES TO THE CONDENSED FINANCIAL INFORMATION

FOR THE SIX MONTHS ENDED 30 JUNE 2026

• Completion of an additional 10,000 metres of drilling in the 12 months following the first anniversary of signing the definitive acquisition agreement and delivery of either:

-           An updated JORC-compliant Mineral Resource Estimate, or

-           a Preliminary Economic Assessment (PEA).

Resource-based consideration:

• Payment of US$5.00 per ounce of total defined Indicated Resources (JORC or NI 43-101 equivalent), payable 50% in cash and 50% in shares.
• The same per-ounce payment applies to any future resource updates.
• Following delivery of the updated Mineral Resource Estimate or Preliminary Economic Assessment, Jangada may request the transfer of ownership of the Project to a Brazilian subsidiary. The applicable resource-based consideration will become payable as part of that transfer process.

Royalty:

BGold will retain a 2.0% NSR on future production.

NSR advance:

If commercial production has not commenced within five years of signing the definitive acquisition agreement, Jangada will pay an annual NSR advance of US$100,000, creditable against future royalty payments.

The remaining cash and share consideration, drilling commitments, resource-based consideration, royalty and potential NSR advance have not been included in the carrying value at 30 June 2026. These amounts will be recognised or capitalised when the relevant contractual obligations arise and the applicable recognition criteria are met.

8. Investments – At FVTPL

		Level 1		Level 2		Level 3		Total
Period ended 30 June 2026 (Unaudited)		$’000		$’000		$’000		$’000
At 1 January 2026		-		-		67		67
Additions		-		-		137		137
Foreign exchange		-		-		(5)		(5)
Total assets		-		-		199		199

		Level 1		Level 2		Level 3		Total
Year ended 31 December 2025 (Audited)		$’000		$’000		$’000		$’000
At 1 January 2025		989		-		879		1,868
Additions		(252)		-		-		(252)
Disposals		(728)		-		-		(728)
Impairment		-		-		(859)		(859)
Foreign exchange		(9)		-		47		38
Total assets		-		-		67		67

The Company holds shares in the share capital of Axies Ventures Limited ("Axies"). Axies is a United Kingdom registered exploration and development company focused on the Axies Copper Project in Cyprus.

NOTES TO THE CONDENSED FINANCIAL INFORMATION

FOR THE SIX MONTHS ENDED 30 JUNE 2026

9. Share capital

	Issued	Share Capital	Share Premium
	Number	$’000	$’000
At 31 December 2025	699,316,320	372	9,365
Shares issued in fundraising	85,714,281	47	1,420
Exercise of warrants	47,833,332	21	513
Shares issued in lieu of directors’ remuneration	15,000,000	8	292
Shares issued for the Molly acquired right	10,212,418	5	245
At 30 June 2026	858,076,351	453	11,835

As announced on 17 February 2026, the Company raised £1.2 million before expenses through the issue of 85,714,281 new ordinary shares at a price of 1.4 pence per share. The financing comprised a placing of 78,571,424 new ordinary shares raising £1.1 million and a subscription by the Executive Chairman for 7,142,857 new ordinary shares raising £100,000. The proceeds were raised principally to fund drilling and exploration activities at the Molly and Paranaíta gold projects and for general working capital purposes. Directly attributable share issue costs of £124,250 were deducted from share premium.

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.

10. Share options and warrants

Share options

	Average exercise price per share option (pence)	Period ended 30 June 2026 Number of options	Average exercise price per share option (pence)	Year ended 31 December 2025 Number of Options
At the beginning of the period	1.00	6,500,000	8.00	31,000,000
Adjustment in relation to prior year expiry not previously recognised	-	-	8.00	(1,000,000)
Share options expired	-	-	8.00	(30,000,000)
Share options granted	-	-	1.00	6,500,000
At the end of the period	1.00	6,500,000	1.00	6,500,000

			As at 30 June 2026	As at 31 December 2025
			$'000	$'000
Share-based payments reserve
At beginning of year			29	665
Share-based payments expired			-	(665)
Share-based payments expense			-	29
Closing balance			29	29

NOTES TO THE CONDENSED FINANCIAL INFORMATION

FOR THE SIX MONTHS ENDED 30 JUNE 2026

Warrants

	Average exercise price per warrant (pence)	Period ended 30 June 2026 Number of Warrants	Average exercise price per warrant (pence)	Year ended 31 December 2025 Number of Warrants
At the beginning of the period	0.96	82,500,003		-
Warrants granted 24 July 2025	-	-	1.00	133,333,334
Warrants granted 24 July 2025	-	-	0.60	8,000,000
Warrants granted 17 February 2026	2.25	78,571,424	-	-
Warrants granted 17 February 2026	1.40	4,714,285	-	-
Warrants exercised during the period	1.00	(47,833,332)	1.00	(58,833,331)
Warrants expired during the period		-	-	-
At the end of the period	1.82	117,952,380	0.96	82,500,003

Share options and warrants outstanding at the end of the period have the following expiry dates and exercise prices:

Grant date	Expiry date	Exercise price £	Share options/warrants 30 June 2026	Share options/warrants 31 December 2025
24 July 2025	24 July 2027	0.0100	26,666,671	74,500,003
24 July 2025	24 July 2027	0.0060	8,000,000	8,000,000
24 November 2025	24 November 2030	0.0100	6,500,000	6,500,000
17 February 2026	17 February 2028	0.0225	78,571,424	-
17 February 2026	17 February 2028	0.0140	4,714,285	-

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.

The 74,500,003 investor warrants and 8,000,000 broker warrants granted on 24 July 2025 formed part of the July 2025 equity fundraising. No separate share-based payment expense or warrant reserve has been recognised in respect of these warrants and accordingly no valuation assumptions are disclosed.

The model inputs for the options granted on 24 November 2025 were as follows:

1.          6,500,000 options, vesting 6 months from the date of grant
2.         Expiry date: 24 November 2030
3.          Share price at grant date: 1.7 pence
4.         Expected price volatility of the company’s shares: 154%
5.          Risk-free interest rate: 0%

The 83,285,709 warrants granted on 17 February 2026 formed part of the February 2026 equity fundraising. No separate share-based payment expense or warrant reserve has been recognised in respect of these warrants and accordingly no valuation assumptions are disclosed.

NOTES TO THE CONDENSED FINANCIAL INFORMATION

FOR THE SIX MONTHS ENDED 30 JUNE 2026

11. Related Party Transactions

During the period, the Group entered into the following transactions with related parties:

			Six months ended	Six months ended
			30 June 2026 (Unaudited)	30 June 2025 (Unaudited)
			$'000	$'000
FFA Legal Ltda – Legal, accountancy and administrative services expensed		42		-
Subscription for ordinary shares by the Executive Chairman		136		-
Shares issued in lieu of Directors’ remuneration		300		-
Acquisition of the Molly project right from BGold		343		-

FFA Legal Ltda is a related party by virtue of a common director. At 30 June 2026 it was owed BRL 518 (approximately $100) (30 June 2025: $nil).

During the period, 15,000,000 ordinary shares, valued at approximately $300,000, were issued to Nicholas von Schirnding, Hugo de Salis and Luis Felipe Azevedo in lieu of remuneration.

As part of the February 2026 fundraising, the Executive Chairman subscribed for 7,142,857 ordinary shares on the same terms as the placing (approximately $136,000).

As described in Note 7, the Company acquired the Molly project right from BGold, a company in which Luis Felipe Azevedo has an interest. The amount recognised during the period was $343,000.

12. Parent Entity

Parent Entity Information	30 June 2026	31 December 2025
	$'000 (Unaudited)	$'000 (Audited)
Current assets	1,984	1,700
Non-current assets	5,125	3,821
Total assets	7,109	5,521
Current liabilities	275	168
Total liabilities	275	168
Net assets	6,834	5,353
Share capital	453	372
Share premium	11,835	9,365
Reserves	(1,223)	(1,110)
Accumulated losses	(4,231)	(3,274)
Total equity	6,834	5,353
	Six months ended 30 June 2026	Year ended 31 December 2025
Loss of the parent entity	956	1,805
Other comprehensive loss for the period	113	36
Total comprehensive loss of the parent entity	1,069	1,841

NOTES TO THE CONDENSED FINANCIAL INFORMATION

FOR THE SIX MONTHS ENDED 30 JUNE 2026

13. Subsequent Events

On 1 September 2026, Nicholas von Schirnding resigned from his position as a Non-Executive Director of the Company.

There have been no other significant events after the reporting period.

14. Nature of Financial Information

The condensed consolidated interim financial information presented above does not constitute statutory financial statements for the period under review.

15. Approval of interim financial information

The condensed consolidated interim financial information was approved by the Board of Directors on 29 September 2026.

ENDS

For further information, please visit www.jangadamines.com, follow us on social media, LinkedIn and X: @Jangada Mines Plc, or contact:

Hugo de Salis	Jangada Mines plc	[e-mail]
Ritchie Balmer James Spinney Harry Hiley	Strand Hanson Limited Nominated & Financial Adviser	Tel: [phone]
Jonathan Evans	Tavira Financial Ltd Broker	Tel: [phone]

About Jangada Mines Plc

Jangada Mines Plc (AIM: JAN) is a natural resource development company with assets in Brazil. It is led by a team with deep industry, financial and in-country experience, and has a dual growth strategy to advance its portfolio projects including the high-grade Molly Gold Project, the Paranaíta Gold Project and the 100%-owned Pitombeiras vanadium titanomagnetite Project; and utilise its proven in-country and geological expertise to identify/acquire additional projects that it can rapidly advance to build value for shareholders.

The Company has a 7.8% interest in Fodere Critical Minerals, a transformative mineral processing business centred around a patented hydrometallurgical and pyrometallurgical extraction platform.  Further information is available at www.foderegroup.com. Additionally, the Company has a 4.4% stake in Axies Ventures Ltd which is advancing a portfolio of copper and gold exploration targets in recognized geological proven regions within Cyprus and Canada. www.axiesventures.com.              

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.

 

END