Bluejay Mining PLC (LON:JAY) closed out the year ending 31 December 2018 with £8.85mln of cash, after booking losses before tax of £10.7mln.
During the period the company continued to make progress on the development of its Dundas Ilmenite project in Greenland.
As it stands, Dundas is arguably now the most significant, highest grade mineral sand ilmenite deposit in the world. The resource currently sits at 117mln tonnes at 6.1% ilmenite, although the company is targeting hundreds of millions of more tonnes in resource offshore.
The current cash position is £7.2mln.
Rio Tinto Iron and Titanium Canada is currently in the process of evaluating the project.