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Bluejay Mining refutes speculation on possible fundraise

The AIM-listed mining group said whilst it is likely that it would require additional funding at a future date, it was currently focused on the development of its Dundas project

Mining truck
The 2018 fieldwork programme at Dundas it due to commence in June

Bluejay Mining PLC (LON:JAY) has refuted speculation regarding a potential fundraise, saying it is not considering one at this time.

The AIM-listed mining group said whilst it is likely that it would require additional funding at a future date, its current cash balance is in excess of £15mln and that it remained focused on the development of its Dundas Ilmenite Project in Greenland, with the 2018 fieldwork programme due to commence in June and run through to October.

READ: Bluejay will shortly commence fieldwork at Dundas with a view to delivering a significant resource upgrade

Bluejay added that its strategy is to an offtake partner and commence commercial production at Dundas in the near term in order to create a company capable of self-funding exploration on current projects and future acquisitions.

In a previous announcement on 22 May, the group said its internal estimates for Dundas indicated that it should be possible to define additional resources in excess of 100mln tonnes.

Quick facts: BlueJay Mining PLC

Price: 10.17 GBX

Market: AIM
Market Cap: £87.72 m

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BlueJay Mining announces significant upgrade to resource at Dundas

Rod McIllree, chief executive of Bluejay Mining PLC (LON:JAY) talks Proactive's Andrew Scott through the upgrade to the ilmenite resource at the Dundas shoreline project in Greenland. The mineral sands prospect now holds 96mln tonnes at 6.9% ilmenite, a 400% increase on the first estimate...

on 23/4/18

2 min read