An updated mineral resource estimate for Jangada Mines Plc's Pedra Branca platinum group metals project in Brazil showed increases of 35% and 74%, respectively, in measured and indicated resources.

The project now hosts a JORC-compliant resource of about 1 million ounces of PGM plus gold at 2.46 g/t of palladium equivalent, 109 million pounds of nickel, 23 million pounds of copper, 6.4 million pounds of cobalt and 670,000 tonnes of chromium.

Meanwhile, 77% of the project's resources are now in the indicated and measured categories and are expected to be converted to economic reserves during the finalization of the pre-feasibility study, which may materially impact the life of the mine and project value.

The pre-feasibility and scoping studies are progressing on schedule, with the latter expected to be completed during the current quarter.

Jangada is targeting an exploration potential of more than 3 million ounces of PGM at the project.