logo-loader
viewBlueJay Mining PLC

Bluejay Mining confident its product will be highly sought after

The explorer recently raised funds to support the rapid advancement of the Dundas project and fast-track the project into production and commercialisation

Ilmenite
"We anticipate meaningful news flow as we get closer to exploitation licence approval and production at Dundas"

Bluejay Mining PLC (LON:JAY) is engaged in a number of positive discussions with potential off-take partners, it told investors in its full-year results.

Another bulk sample will be taken from the active beaches at Moriusaq, in northern Greenland, in 2018, where the current resource has been defined to supply final product parcels to customers.

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

“We have strong confidence that, our product will be highly sought after thanks to a number of key attributes,” said Mike Hutchinson, the non-executive chairman of Bluejay.

These key attributes include the grade and size of the deposit at the Dundas ilmenite project, the simple extraction and processing method required plus the attractive location of Greenland, which offers the prospect of selling to both the European and North American markets.

“This accessible and strategic location means Bluejay's ilmenite is set to be much cheaper to ship than the majority of current ilmenite producers which are based in Africa, giving us significant competitive advantage,” Hutchinson maintained.

Bluejay is still at the pre-revenue stage, so the profit and loss account is not especially significant but for the record, the group, which recently changed its year-end, posted a loss before tax of £2.68mln, compared to a loss of £620,059 in the 12 months to the end of June 2016.

The group ended 2017 with cash of £2.90mln, up from £425,046 at the end of June 2016.

SPAngel repeats 'strong buy'

In a note to clients, analysts at SPAngel reiterated a ‘strong buy’ rating on the stock with a 48p price target.

They said the latest report “indicates strong confidence that Dundas will be highly sought after for high grade, low impurity and homogenous mineral sands.”

In lunchtime trading, Bluejay Mining shares were trading at 23.2p, down 1.3% on Wednesday’s close.

Quick facts: BlueJay Mining PLC

Price: 10.11 GBX

AIM:JAY
Market: AIM
Market Cap: £86.44 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of BlueJay Mining PLC named herein, including the promotion by the Company of BlueJay Mining PLC in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

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