Jangada Mines PLC (AIM:JAN) said it had US$1.4mln cash at hand at the end of last year as it reported results for 2022.
These showed a loss of US$0.9mln from continuing operations as it focused on advancing the Pitombeiras project in north-eastern Brazil.
Following the release of the technical report last April, showing amongst other things a US$415mln total predicted gross revenue and a post-tax payback period of 13 months, the company evaluated financing options to progress development.
“Given the uncertainty of markets that prevailed throughout 2022, and have continued into 2023, no plans have yet been finalised,” it said.
It has since reported in April 2023 that tests on ore from Pitombeiras showed potential for the extraction of high-grade titanium dioxide (TiO2) and vanadium pentoxide (V2O5) at a reduced cost.
It was also noted that there is an ongoing land ownership dispute in respect of some of the area covered by the Pitombeiras project, but the directors believe there to be no material impact on the operations of the group, or the ongoing exploration at Pitombeiras.
Jangada said it is authorised to develop its activities where the disputed land is located and has requested an extension of the exploration permit period granted by the National Mining Agency.
Overall, the reported total comprehensive loss attributable to the group for the 2022 calendar year was US$1.3mln compared to US$0.3mln the year before.