AIM-quoted natural resources company Jangada Mines’ first-half performance was marked by the ongoing development of its 100%-owned, Brazil-based Pitombeiras ferrovanadium project.
The company concluded the current phase of its drilling programme, posting a total mineral resource estimate of 8.26 metric tonnes (Mt), representing a 45% increase from the previous interim period.
Pitombeiras' development and the sell-down of the investment in ValOre Metals (TSX-V:VO) resulted in the group making an operating loss of US$418,000, against a US$1mln profit this time last year.
Total comprehensive losses came to US$992,000, though a strong cash position coming into the second half supported net cash outflows of US$826,000.
Jangada’s forward-looking strategy remains focused on making the Pitombeiras project fully operational and cash flow generative.