It said Tuesday the JORC-compliant PGM resource had grown 53% to 1.45 million ounces, with the global ore volume up 50% to 34.5 million tonnes at 1.3g/t PGM and gold.

In the rest of the commodity basket, the nickel resource rose 28% to 140 million pounds (635 tonnes), the copper resource was up 11% to 26Mlb and the cobalt resource increased 4% to 6.7Mlb.

Jangada said there was potential to increase the resource figures further as it was planning on evaluating six more known targets across the licence.

This is the third time it had increased the Pedra Branca's resource, with previous increases in October and August last year.

The company expected to receive and publish metallurgical test work results soon, after which it would also publish a further technical assessment.

Jangada chairman Brian McMaster said the resource increase and better base metal credits were expected to have a major material impact on the already positive economics of Pedra Branca.

"Importantly, we have a further six known targets to explore which, with the overall district expansion potential, translates to Pedra Branca being potentially much larger and of significantly greater value than originally anticipated," he said.

McMaster added Pedra Branca was seen as an "industry important project" as it was not located in the increasingly expensive and geopolitical turbulent historical areas of PGM exploitation, had scale, grade and credits. 

"We are therefore excited about its development path and look forward to quantifying further value, which has already been transformed since listing," he said. 

Jangad'as shares reacted well to the resource increase, rising 3.21% Tuesday to 4.03p (US5.45c).