Jangada Mines plc (LSE:JAN) has raised £1.2 million via an oversubscribed placing and director subscription priced at 1.4 pence per share. The fundraising resulted in the issue of 85,714,281 new shares, each accompanied by a two-year warrant exercisable at 2.25 pence.
The proceeds will be directed toward drilling, geophysical surveys and geological analysis at the high-grade Molly Gold Project, alongside continued exploration at the Paranaíta Gold Project in Brazil. A portion of the funds will also support general working capital requirements.
At Molly, Jangada plans to undertake a 2,000-metre drilling campaign aimed at confirming and expanding the existing 130,000-ounce JORC-compliant resource. The programme will also test western extensions of the deposit, with the objective of delineating a potential multi-pit development scenario.
At Paranaíta, where the current exploration target stands at 210,000 ounces, management is seeking to grow the resource base toward approximately 350,000 ounces. Pending assay results are expected to inform additional drilling and resource modelling, supporting the development of a shallow open-pit opportunity. Together, the two projects form part of Jangada’s strategy to build scale within its Brazilian gold portfolio and enhance its future production potential.
From an investment standpoint, the company remains pre-revenue and continues to report recurring losses and cash outflows, despite operating without debt. Technical indicators are relatively supportive, with the share price trading above key moving averages and showing moderate positive momentum. However, valuation metrics remain constrained by negative earnings and the absence of dividend support.
More about Jangada Mines plc
Jangada Mines is an AIM-quoted natural resources developer focused on gold assets in Brazil. The group targets shallow, high-grade and data-rich projects in established gold districts, pursuing low upfront acquisition costs and a staged funding model linked to exploration milestones. Its broader aim is to assemble a scalable, multi-asset gold portfolio.
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