REG - Bluejay Mining PLC - Cost Reductions and Leadership Adjustments

Bluejay MiningAnnouncement

12/02/2024 07:00

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RNS Number : 7321C  Bluejay Mining PLC  12 February 2024

February 12, 2024

 

Bluejay Mining plc / Ticker: JAY / Market: AIM / Sector: Mining

 

Significant Cost Reductions and Leadership Adjustments

 

Bluejay Mining plc ('Bluejay' or the 'Company'), the AIM, FSE listed and OTCQB
traded exploration and development company with projects in Greenland and
Finland is pleased to provide an update on its previously announced cost
reduction initiatives, underlining the Company's commitment to financial
resilience and operational efficiency.

 

Strategic Cost Reduction Measures

 

Since the beginning of 2024, Bluejay has successfully implemented the
following actions:

 

·   Workforce reduction: A rigorous evaluation of our workforce structure
has led to an 80% reduction in both employee and contractor numbers.

·    Reduced director costs: Bluejay's Executive Director's costs have
been reduced by 70%.

·   Additional cost synergies: In addition to an overall reduction of
£1.3 million in annual payroll savings, the reduction in workforce will
result in other cost synergies, including decreased operational overhead and
associated administrative expenses.

 

Diversity and Inclusion Advancements

 

Bluejay would like to also announce the appointment of Olga Solovieva as the
Company's Senior Geologist, further enhancing the Company's expertise and
diversifying the leadership team.

 

Successful Funding of £1.2 million

 

Following the passing of all resolutions at the recent general meeting,
Bluejay is pleased to confirm the successful completion of the recent funding
round, raising gross proceeds of £1.2 million. This infusion of capital will
sustain the Company's activities, including fieldwork, project divestment and
general corporate purposes.

 

Strategic Focus on Critical Work Programmes

 

Amidst these cost reduction measures, Bluejay is focussed on its commitment to
deliver critical work programmes at the Disko Nuussuaq project, where it has
an ongoing joint venture with KoBold Metals.

 

Eric Sondergaard, Managing Director of Bluejay Mining, commented: "These
strategic initiatives underscore our commitment to bolstering financial
sustainability, achieving operational excellence, and maintaining a sharp
strategic focus. The success of our recent funding round, along with the rapid
implementation of our cost reduction measures, positions us well for sustained
success.  As we progress, our primary aim is to deliver on our critical work
programmes, creating substantial and enduring value for our shareholders."

 

 

For further information please visit http://www.bluejaymining.com
(http://www.bluejaymining.com)  or contact:

 Eric Sondergaard          Bluejay Mining plc               enquiry@bluejaymining.com
 Ewan Leggat / Adam Cowl   SP Angel Corporate Finance LLP   +44 (0) 20 3470 0470

(Nominated Adviser and Broker)
 Tim Blythe / Megan Ray /  BlytheRay                        +44 (0) 20 7138 3205

Said Izagaren
(Media Contact)

 

About Bluejay Mining plc

Bluejay is listed on the London AIM market and Frankfurt Stock Exchange and
its shares also trade on the OTCQB Market in the US. With multiple projects in
Greenland and Finland, Bluejay offers both portfolio and commodity
diversification focused on base and precious metals in Tier 1 jurisdictions.

 

Bluejay, through its wholly owned subsidiary Disko Exploration Ltd., has
signed a definitive Joint Venture Agreement with KoBold Metals to guide
exploration for new deposits rich in the critical materials required for the
green energy transition and electric vehicles (the Disko-Nuussuaq
nickel-copper-cobalt-PGE Project). This project is Bluejay's primary focus.

 

Disko Exploration Ltd holds two additional projects in Greenland - the 692 sq
km Kangerluarsuk zinc-lead- silver project, where historical work has
recovered grades of up to 45.4% zinc, 9.3% lead and 596 g/t silver; and the
920 sq km Thunderstone project which has the potential to host large-scale
base metal and gold deposits. Bluejay also owns 100% of the fully
permitted Dundas Ilmenite Project under its subsidiary Dundas Titanium A/S in
northwest Greenland.

 

In Finland, Bluejay currently holds three large scale multi-metal projects
through its wholly owned subsidiary FinnAust Mining Finland Oy. The Company
has identified multiple drill ready targets at the Enonkoski
nickel-copper-cobalt project in East Finland. Bluejay's Hammaslahti
copper-zinc-gold-silver project hosts high-grade VMS mineralisation and
extensions of historical ore lodes have been proven. The drill ready Outokumpu
copper-nickel-cobalt-zinc-gold-silver project is located in a prolific
geological belt that hosts several high-grade former mines. In August 2023,
Bluejay successfully divested its Black Schist Projects in Finland to Metals
One plc in a transaction worth £4.125 million (Bluejay currently owns c.
29% of the issued ordinary share capital of AIM listed Metals One plc).

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