Jangada Mines, the Brazil-focused natural resources company, said investee Fodere Titanium has made significant progress toward a US listing while fellow investee Axies Ventures has notified it of intentions to pursue its own IPO.
Jangada holds a 7.8% stake in Fodere following a roughly £1 million investment in 2021, and a 4.4% stake in Axies after investing £150,000 across two tranches in 2022 and 2026.
Fodere, renamed Fodere Critical Minerals, has shifted its near-term focus to a proposed pre-commercial plant in Mississippi, supported by a memorandum of understanding for feedstock from Tronox's Hamilton site.
A US investment bank is leading a proposed $10 million to $15 million pre-IPO financing targeted for completion by the end of October, ahead of a potential US listing in the first half of 2027.
Fodere's board is exploring liquidity mechanisms for existing shareholders tied to that financing, though structure and timing remain unconfirmed.
Axies, which holds copper and copper-gold projects in Cyprus and Canada, believes its portfolio will be ready for an IPO in the fourth quarter at what Jangada describes as a significant multiple to its entry price.
"With more than £1 million in cash, sufficient funding for our current work programmes in Brazil and the potential for additional proceeds from realising our investments in Fodere and Axies, we believe Jangada is in a strong financial position to continue building shareholder value without the need for immediate dilution," said chairman Brian McMaster.
Jangada's board said it will consider its options on the Fodere stake if a liquidity offer materialises.
