Cost Reductions and Leadership Adjustments

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 or contact:

Eric Sondergaard	Bluejay Mining plc	[e-mail]
Ewan Leggat / Adam Cowl	SP Angel Corporate Finance LLP (Nominated Adviser and Broker)	[phone]
Tim Blythe / Megan Ray / Said Izagaren	BlytheRay (Media Contact)	[phone]

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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