Discovering and developing Greenland's mineral wealth
Corporate Presentation
January 2021
Disclaimer
Corporate
This presentation ('Presentation'), and the information contained herein, is not for viewing, release, distribution or publication into or in the United States or any other jurisdiction where applicable laws prohibit its release, distribution or publication. This Presentation is being issued by Bluejay Mining plc (the 'Company' or 'Bluejay') for information purposes only. The content of this Presentation has not been approved by an authorised person for the purposes of Section 21(2)(b) of the Financial Services and Markets Act 2000. Reliance on this Presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. This Presentation is not an admission document or an advertisement and does not constitute or form part of, and should not be construed as, an offer or invitation to sell or any solicitation of any offer to purchase or subscribe for any shares in the Company ('Shares') in the United States or any other jurisdiction.
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- that you are permitted, in accordance with all applicable laws of all applicable jurisdictions, to receive such information. This Presentation (including its contents) is confidential and is for distribution only to a limited number of companies or persons and their professional advisers selected by the Company and its financial adviser for that purpose. It is not intended to be distributed or passed on, directly, or indirectly, to, and may not be read by, any other persons without the express written consent of the Company. This Presentation is being supplied to you solely for your information and may not be copied, reproduced, further distributed to any other person or published, in whole or in part, for any purpose. The distribution of this Presentation in certain non-UK jurisdictions may be restricted by law and therefore persons into whose possession this document comes should inform themselves about and observe any such restrictions. Any such distribution could result in a violation of the law of such jurisdictions. Neither this document nor any copy of it may, subject to certain exemptions, be taken or transmitted into Australia, Canada, Japan, South Africa, Singapore, or the US or distributed to these countries or to any national, citizen or resident thereof or any corporation, partnership or other entity created or organised under the laws thereof. This Presentation does not constitute or form any part of an offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe or otherwise acquire, any ordinary shares in the Company in any jurisdiction. No person other than Company is authorised to give any information or to make any representation other than as contained in this document and, if given or made, such information or representation must not be relied upon as having been authorised by the Company. This Presentation has been delivered to interested parties for information only and on the express understanding that they shall use it only for the purpose set out above. The distribution of this Presentation shall not be deemed to be any form of commitment on the part of the Company to proceed with any transaction. Any dispute, action or other proceeding concerning this presentation shall be adjudicated within the exclusive jurisdiction of the courts of England. All material contained in this Presentation (including in this disclaimer) shall be governed by and construed in accordance with the laws of England and Wales. Please note that the information in this Presentation has yet to be announced or otherwise made public and as such constitutes inside information as defined by Market Abuse Regulation, relevant information for the purposes of section 118 of FSMA and non-public price sensitive information for the purposes of the Criminal Justice Act 1993. You should not therefore deal in any way in the securities of the Company until after the formal release of an announcement by the Company as to do so may result in civil and/or criminal liability. Issued by Bluejay, a company incorporated in the England and Wales under number 07245568. The information in this presentation that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Roderick McIllree, who is Chief executive of the Company and a Member of The Australasian Institute of Mining and Metallurgy. Mr McIllree has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves".
Appendix Investment Case Wider Portfolio Disko Project Dundas Project
2 Bluejay Mining plc - Corporate Presentation - January 2021
Overview
London, OTCQB & FSE listed, and OCTQB traded, resource development company
Multiple large-scale natural resource projects under development
- Exploitation licence granted at Dundas - progressing to production
Focused on Greenland
- Recognised as one of the last undeveloped resource regions in the world
Taking advantage of macro trends
- Commodity exposure includes ilmenite (the main source of titanium dioxide), nickel, lead, zinc, titanium, silver, copper, cobalt and platinum
Proven delivery capabilities
- From exploration through to imminent exploitation
International network of strategic partners
Strong institutional backing, including Greenlandic and Danish government backed organisations; Vaeksfonden and Greenland Venture;
Defined development plan to create value for all stakeholders
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
3 Bluejay Mining plc - Corporate Presentation - January 2021
Portfolio Snapshot
1 | Dundas Ilmenite Project | Greenland | |||||||||
• | The world's highest-grade and permitted mineral sands ilmenite project | |||||||||
• | Current JORC resource of 117Mt @ 6.1% ilmenite in situ | |||||||||
• | Exploration target of between 300Mt and 530Mt | |||||||||
2 | Disko | Greenland | |||||||||
• | Significant 2,776km2 project | |||||||||
• | Similar characteristics to the world's largest nickel/copper sulphide mine | |||||||||
3 | Thunderstone | Greenland | |||||||||
• | Large regional scale project of over 2,500km2 | |||||||||
• Potential to host gold, nickel, copper, PG, lead, zinc and uranium | ||||||||||
• Maiden field programme completed | ||||||||||
4 | Kangerluarsuk | Greenland | |||||||||
• | 692km2 licence area | |||||||||
• | Historical work has recovered grades of 41% zinc, 9.3% lead and 596 g/t silver | |||||||||
5 •FinlandPortfolio of historic polymetallic assets >28,000 hectares
- Rio Tinto earn-in at the Enonkoski Project
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
4 Bluejay Mining plc - Corporate Presentation - January 2021
Commodity Exposure - Tapping into Global Trends
Corporate
Global GDP Metals
Society Key Metals
Sustainable Growth
Green Energy Metals
Battery Metals
Electrification Metals
Strong & Light Material
Dundas Ilmenite [Ti]
[greenfield]
Kangerluarsuak Zn-Pb-Ag
[greenfield]
Hammaslahti Zn-Cu-Au-Ag
[brownfield]
Dundas Ilmenite [Ti]
[greenfield]
Disko Ni-Cu-Co-PGE-Au
[greenfield]
Outokumpu Cu-Co-Ni-Au
[brownfield]
Enonkoski Ni-Cu-Co
[brownfield]
Appendix Investment Case Wider Portfolio Disko Project Dundas Project
5 Bluejay Mining plc - Corporate Presentation - January 2021
Greenland - an Attractive Location
Bluejay benefits from first mover advantage and extensive in country operational experience
• A European mineral region with an established and transparent regulatory environment
• Geological studies highlight the potential
of this large, highly prospective but underdeveloped country
• Greenland is a low-risk,pro-mining
jurisdiction, facilitating capital allocation from European agencies
• Strategically located with access to
North America & European markets
• Over 100 years of data from GEUS
enforces regional understanding
• Increasingly recognised as one of the
last resource frontiers
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
6 Bluejay Mining plc - Corporate Presentation - January 2021
GREENLAND
The Dundas Ilmenite Project
An exceptional low-cost,high-grade ilmenite project
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
Exploitation Licence Awarded
Delivering Production at Dundas
Exploitation Licence awarded by | Gateway to taking the next | |||
the Greenland Government in | important step toward annualised | |||
December 2020 | production of 440,000tpa | |||
- The Licence will allow Dundas to progress towards procurement, construction and ilmenite production. It is valid for an initial period of 30 years and can be extended
- The licence grants Dundas Titanium A/S the rights to the ilmenite resource
- The licence covers the onshore portion of Dundas
- The Environmental Impact Assessment and Social Impact Assessment studies have both been approved as part of the Licence granting process
- The Impact Benefit Agreement between the Municipality of North-West Greenland, the Government of Greenland and Dundas Titanium A/S has also been signed
- Throughout the process Bluejay received a high degree of support from all stakeholders
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
8 Bluejay Mining plc - Corporate Presentation - January 2021
Commitment to delivering a sustainable operation
As part of the exploitation licence process, Bluejay undertook extensive
Corporate
environmental and social studies
Environmental Impact Assessment
- EIA presented three years of extensive environmental surveys and baseline studies
- Prepared by Orbicon A/S, one of the most experienced environmental service providers with respect to mining operations in Greenland
- Submitted to The Ministry of Nature and Environment, Government of Greenland
- Based upon the development scenario as outlined in the optimised PFS, which anticipates a yearly production of 440,000 tonnes of ilmenite concentrate
- Both onshore and offshore environments investigated and reported
- No major environmental obstacles or larger impacts found by the EIA
Social Impact Assessment
- SIA completed and submitted to the Ministry of Industry, Energy & Research, Government of Greenland
- Key findings of the Study concluded:
- Dundas judged to have a net positive impact on local communities
- Substantial public support for Dundas' development demonstrated across the Qaanaaq region as well as throughout Greenland with national stakeholders
- The new mine is expected to bring significant employment opportunities and economic development to the region and to Greenland in general
Appendix Investment Case Wider Portfolio Disko Project Dundas Project
9 Bluejay Mining plc - Corporate Presentation - January 2021
Master Distribution Agreement
Delivering Dundas ilmenite to key global markets
Master Distribution Agreement signed with large, long established Asian Conglomerate for up to 340,000 tpa - approximately 75% of the expected annual production at Dundas
Agreement approximately a 70% increase compared to the Company's original expectation of up to 200,000 tpa
Agreement will allow Bluejay to continue driving Dundas towards commercial production
The Agreement is for an initial period of five years from commencement of commercial production at Dundas and can be renewed every 12 months.
Pricing per tonne of product will be determined at the time of acceptance as referenced to independent industry data for ilmenite (e.g. TZMI), less a handling commission.
Look to secure additional offtake agreements for the remaining 100,000 tonnes of expected annual production
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
10 Bluejay Mining plc - Corporate Presentation - January 2021
A World Class JORC Resource
Independently proven to be the highest-grade mineral sand ilmenite project globally
Classification | Location | Tonnes | >5mm (%) | >2mm | <63μm | THM (%) | In-Situ TiO2 |
(kt) | (%) | (%) | (%) | ||||
Moriusaq | 88,000 | 27.5 | 36.1 | 4.2 | 27.0 | 3.1 | |
Indicated | Iterlak East | 19,500 | 15.3 | 24.0 | 12.8 | 22.2 | 2.2 |
Iterlak West | 4,800 | 23.2 | 32.4 | 13.8 | 11.9 | 1.0 | |
Total Indicated | 112,300 | 25.2 | 33.9 | 6.1 | 25.5 | 2.8 | |
Inferred | Moriusaq | 5,000 | 15.7 | 23.0 | 5.7 | 34.2 | 4.4 |
Total Inferred | 5,000 | 15.7 | 23.0 | 5.7 | 34.2 | 4.4 | |
TOTAL MINERAL RESOURCE | 117,300 | 24.8 | 33.4 | 6.1 | 25.9 | 2.9 | |
- Additional upside via an additional Maiden offshore Exploration Target of between 300 to 530 million tonnes at between 0.4% and 4.8% ilmenite (in-situ)
- Further upside via the Iterlak Delta Exploration Target of between 20 to 60 million tonnes at between 6.0% and 10.0% ilmenite (in-situ)
- Assessment of the shallow marine area underway where potential for additional resources is being evaluated
- Opportunity to upgrade the in-situ grade by up to 30% via a simple oversize separation step prior to processing, further enhancing run of mine (ROM) grade and project economics
- Strong possibility of a large and long-life operation with further expansion potential
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
11 Bluejay Mining plc - Corporate Presentation - January 2021
Dundas - the Licence
Over 30km of strike underpins the resource potential
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
12 Bluejay Mining plc - Corporate Presentation - January 2021
Pre-Feasibility Summary
- Based on a JORC Compliant Mineral Reserve of 67.1Mt - current Mineral Resource of 117Mt @ 6.1% ilmenite in-situ at a 0% cut-off grade
IRR | NPV5 | LOM | Undiscounted net profit | |
Base Case | 32.8% | US$83.1MM | 9 year | US$153.1MM |
Expanded Case | 34.0% | US$130.7MM | 11 year | US$247.2MM |
- Ore Reserve presented at a 1.6% TiO2 cut-off grade within an engineered pit design and includes loss and dilution of 4.1% and 4.3% respectively
- Cut-offgrade for Ore Reserve, assuming a selling price of US$232/t, all in sustaining C3 cost of US$113/t, Greenland royalty of 2.5% and total TiO2 recovery of 79.7%
- Capital Expenditure:
- US$245M estimated CapEx with significant improvements expected to be achieved
- Project finance discussions have commenced with European funding agencies
- Upside: JORC Exploration Target of between 300-530Mt of ilmenite at an average grade range of 0.4%-4.8% at Shallow Marine and 20-60Mt at an average grade range of 6.0%- 10.0% at the Iterlak Delta
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
13 Bluejay Mining plc - Corporate Presentation - January 2021
Basic Mining Process and Flow Sheet
"Simple mining and processing translates into low CapEx and a highly
competitive cost environment."
• Simple, easy & efficient
• Translates into low CapEx
and a highly competitive
cost environment
• 13 km x up 1.5 km - with
average depth of 4.6 m (to
basement)
• All year operation/24-7
• 440.000 tons of ilmenite
concentrate per year
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
14 Bluejay Mining plc - Corporate Presentation - January 2021
Significant Project Milestones
Ship arrived and unloaded in Quebec, Canada
Product at Bluejay Pilot Processing Plant - awaiting separation of heavy mineral concentrate
Award of the Exploitation Licence for Dundas
Master Distribution Agreement signed for up to 340,000 tonnes of annual production
Optimisation of pre-feasibility study - cost savings/alternative solutions, greener solutions, and financing of mine construction
Delivery of Project funding
Commence construction & production
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
15 Bluejay Mining plc - Corporate Presentation - January 2021
WEST GREENLAND
The Disko-Nuussuaq's Nickel, Copper, Cobalt & Platinum Project
Early-mover on large-scale mineralisation analogous to Norilsk-Talnakh with multiple large historical/new datasets acquired and 28 drill-ready targets
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
Disko - A Significant Opportunity
Corporate
- 2,897km2 licence area
- Over 30 years of exploration has identified multiple primary drill targets
- Cominco in the 1980s
- Falconbridge in the 1990s
- Vismand Exploration 2003-2011
- Strong similarities to Norilsk in Siberia - minimum overall resource of 1.3Bt @ 1.8% Ni, 3.6% Cu, 9.5g/t PGM (Naldrett, 1999)*
- Model confirmed by large MMS boulder assaying 7% Ni, 3% Cu & 2ppm PGE found on licence area*
- Detailed sulphide inclusion analysis shows Disko has undergone complete sulphide segregation
- >28 large MMS Ni-Cu-PGE conductor targets identified
Drill ready Ni, Cu & PGE MMS targets on the Nuussuaq Peninsular mainland Greenland
Additional drill ready large scale MMS targets on Disko Island. Targets in the above are Jussi N and Jussi S, Enrico which cannot be seen in the above is behind and underneath the valley floor.
Appendix Investment Case Wider Portfolio Disko Project Dundas Project
17 Bluejay Mining plc - Corporate Presentation - January 2021
Disko - A Potential World Class Nickel Project
Analogy to Norilsk-Talnakh, Siberia - the world's largest nickel district
- Strong and validated similarities to Norilsk in Siberia
- Norilsk is the worlds biggest nickel district - minimum overall resource of 1.26Bt @ 1.8% Ni, 3.8% Cu, 10g/t PGM (Naldrett, 1999)*
West Greenland | Siberia |
The lines of analogy are:
1. Magma composition (picrate lavas and contamination)
2. Lavas erupted through and into sedimentary basin
3. Fault controls on magma
Corporate
Wider Portfolio Disko Project Dundas Project
conduits
Nuussuaq
Disko
Investment Case
- Level of erosion
- Sites of sulphide segregation
Appendix
18 Bluejay Mining plc - Corporate Presentation - January 2021
Disko - Field Work Programmes
- 28 large-scale drill ready targets identified on expanded licence holdings at Disko
- Extensive exploration and drilling programme planned (deferred due to covid-19)
- 2019 work programme designed to refine both new and previously defined drill targets by;
- Reprocessing and validating historical data; and
- Acquiring new geophysical and geochemical data
- Work to augment geological understanding of Disko includes;
- Reprocessing original Titan 24 survey data from six survey areas
- Magnetic, photogrammetric and hyperspectral imaging surveys
- Spatiotemporal Geochemical Hydrocarbon ('SGH') survey
- Mobile Metal Ions survey ('MMI')
- Geological field work
- Grab samples from the historical Igdlukunguaq Gossan assayed 1.9% Cu, 3.3% Ni, and 1.1% Cu, 2.8% Ni, confirming the previously identified existence of a Massive Sulphide System ('MMS')
- Site visit undertaken identified significant and multiple nickel/copper gossans in the licence area
- Multiple occurrences of nickel and copper sulphide bearing boulders identified throughout licence holdings
- Prospectivity of total area has been highlighted by major mining companies (such as Anglo American) recently acquiring c.10,000 km2 of licence area surrounding Disko
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
19 Bluejay Mining plc - Corporate Presentation - January 2021
Disko - Development
Ground based exploration work undertaken to identify optimum drill site
Corporate
Area 1 - The Kugg Project, Southern Peninsular
- Surface sampling confirmed working sulphide system with initial chemical assays in oxidised surface material returning 2.02% nickel, 0.8% copper, 0.2% cobalt
-
Handheld XRF sampling on fresh, polished material returned values averaging between 4.6%-9.3%nickel &
1.5 - 2.8% copper - Completed a Moving Loop, High Powered Electro-Magnetic ('MLEM') survey:
- Designed to test low resistivity targets identified by previous licensees
- EM results are currently the subject of detailed evaluation and assessment by the Company and its advisors
- Fresh sample taken from outcrops show characteristics indicative of large scale Ni-Cu-Co-PGE sulphide segregation, course grained inter-locking crystals of metal sulphides observed in hand specimens, average size +15cm
Area 2 - The Illug Project, Northern Peninsular
- Data compilation and interpretation has identified numerous additional targets, as well as confirming historically identified anomalies - work is currently ongoing
- Additional large coincident gravity, magnetic and conductor anomalies identified
Appendix Investment Case Wider Portfolio Disko Project Dundas Project
20 Bluejay Mining plc - Corporate Presentation - January 2021
SOUTH GREENLAND
Thunderstone
Exploration project with the potential to host gold, nickel, copper, PG, lead, zinc and uranium
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
Thunderstone - Demonstrating Significant Extensions
Large regional scale project of over 2,500km2
Potential to host gold, nickel, copper, PG, lead, zinc and uranium
Maiden fieldwork programme completed targeting precious and base metals
347 samples collected
Field observations align with historic geochemical anomalies
Significant southern extension to the Nanortalik gold belt
Data used to refine target areas for a focussed field programme
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
22 Bluejay Mining plc - Corporate Presentation - January 2021
WEST GREENLAND
The Kangerluarsuk Zinc, Lead and Silver Project
Sulphide mineralisation; the next profitable Black Angel in Greenland - with multiple large historical/new datasets acquired and 5+ drill ready targets
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
Kangerluarsuk
- 692km2 Exploration Licence situated 20km north of the Black Angel Pb- Zn mine in a geologically favourable, starved sub-basin
- Large scale drill ready targets located in favourable topography
- Historical results include 41% Zn, 9.3% Pb and 596g/t Ag (20oz of silver/tonne)*
- Upcoming Maiden drill programme commencing (deferred from 2020 due to covid-19)
- 20 years of exploration - historical and modern data available within Bluejay's licence area
- Situated 20km north of the Black Angel Pb-Zn mine in a geologically favourable setting
*Estimates not JORC compliant
- Abundant Pb-Zn showings
- Historical results include 41% Zn, 9.3% Pb and 596g/t Ag (20oz silver/t)*
Corporate
Disko Project Dundas Project
Black Angel 20km
Nukavsak Fm | |
Basement | pelites |
gneiss |
Discovery zone - outcropping, thin, but high-grade Zn mineralizations near contact to basement (grab samples up to 41 wt% Zn*)
Appendix Investment Case Wider Portfolio
24 Bluejay Mining plc - Corporate Presentation - January 2021
Kangerluarsuk
Development programme aimed at unlocking value
• Further refinement of targets; prioritisation | Exploration Licence received |
January 2020 |
- Maiden drill programme planning and preparation completed
- 6 drill ready targets
- Historic sampling by Rio Tinto Zinc underpins resource potential including including up to 1 metre at 41.1% Zn, 0.4 meters at 45.4% Zn and grab samples up to 9.3% Pb, 1.2% Cu and 596 g/t Ag
Black Angel Zn-Pb-Ag Mine:
• 20 km south of Kangerluarsuk
• Production from 1973-1996
• Gross Sales 9.454M DKK (1.400M USD)
• Net earnings 1.154M DKK (171M USD)
• Proposed drill sites and total drill hole depths:
• A1-A2 ca 900m, B1-B2 ca 600m, C1-C2 ca 400- 500m
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
25 Bluejay Mining plc - Corporate Presentation - January 2021
FINLAND
Hammaslahti, Enonkoski & Outokumpu
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
FINLAND
- Three high-grade,multi-element base metal deposits in southern Finland:
- Hammaslahti Copper Project
- Enonkoski Nickel-Copper Project
- Outokumpu Copper Project
- Finnish assets are cost sustainable in the long term - Bluejay is continuing to assess best ways in which to realise value
27 Bluejay Mining plc - Corporate Presentation - January 2021
JV with Rio Tinto
- Rio Tinto earn-in agreement at Enonkoski nickel project for up to 75% for US$25 million
- Stage One - 51% ownership by spending US$5.0 million
- Stage Two -65% ownership for further expenditure of US$5.0 million
- Stage Three - 75% ownership for further expenditure of US$10.0 million
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
Investment Case
Strong portfolio of multi-commodity, | Progressing the flagship Dundas | |||
large-scale projects in transparent, | Ilmenite Project to production | |||
low-risk jurisdictions | ||||
One of the most significant, highest | Advancing the highly prospective | Strong support from Greenlandic | |||||||||
grade mineral sand ilmenite | Disko Nickel, Copper, Cobalt & | Government and local authorities | |||||||||
deposits in the world with a defined | Platinum Project | and community | |||||||||
path to production | |||||||||||
Accomplished Board & | Proven and established | Delivering significant value through | |||||
Management team with over 15 | development pipeline towards | the partnership with major mining | |||||
years of operational experience in | commercial production | corporates | |||||
Greenland | |||||||
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
28 Bluejay Mining plc - Corporate Presentation - January 2021
Rod McIllree
Managing Director
Tel: +44 (0) 20 7907 9326
rod@bluejaymining.com
Kevin Sheil
Corporate Development & Strategy
Tel: +44 (0) 20 7907 9326
kevin@bluejaymining.com
Blytheweigh (Tim Blythe/Megan Ray)
Financial PR
Tel: +44 (0) 20 7138 3204
tim.blythe@blytheweigh.com/megan.ray@blytheweigh.com
Appendix
Key Data
Major Shareholders | Share Price Graph | |
Major Shareholders | % Shareholding | |
Sandgrove Capital Management LLP | 16.90 | |
M&G plc | 13.62 | |
Roderick McIllree | 7.69 | |
Investor Information | *as at 08.01.2021 | Corporate Structure | ||||||||||||||||||||||||||||||
Markets | AIM, Frankfurt | |||||||||||||||||||||||||||||||
& OTCQB | ||||||||||||||||||||||||||||||||
Bluejay Mining Plc (UK) | ||||||||||||||||||||||||||||||||
Share Price * | 11.9p | |||||||||||||||||||||||||||||||
Market Cap * | £116.08m | |||||||||||||||||||||||||||||||
100% | 100% | 100% | ||||||||||||||||||||||||||||||
EPIC | JAY | |||||||||||||||||||||||||||||||
Disco Exploration | Dundas Titanium A/S | Finland Investments | ||||||||||||||||||||||||||||||
Shares in Issue * | 969,969,397 | |||||||||||||||||||||||||||||||
Limited (UK) | (Greenland) | Limited (UK) | ||||||||||||||||||||||||||||||
Nomad | SP Angel | |||||||||||||||||||||||||||||||
Greenland - Disko | Greenland - Dundas | |||||||||||||||||||||||||||||||
100% | 100% | |||||||||||||||||||||||||||||||
Broker | Hannan & | |||||||||||||||||||||||||||||||
Greenland - Kangerluarsuk | ||||||||||||||||||||||||||||||||
Partners | ||||||||||||||||||||||||||||||||
FinnAust Mining | FinnAust Mining | |||||||||||||||||||||||||||||||
Northern Oy | Finland Oy | |||||||||||||||||||||||||||||||
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
30 Bluejay Mining plc - Corporate Presentation - January 2021
Appendix
Board & Management Team
Corporate
"A highly experienced team to manage project and corporate
development."
Rod McIllree
Executive Chairman
Geologist with more than 25 years´ experience in both the resources and financial sectors. Has 15 years proven operating experience in Greenland.
Disko Project Dundas Project
Dr. Bo Møller Stensgaard
Chief Executive Officer
Pre-eminent Danish geologist with extensive operational experience in Greenland. Previously senior research scientist and advisor to multiple European federal and commercial entities in the field of commodity development.
Mike Hutchinson
Non-Executive Director
A deep understanding of commodities and metal trading, with extensive corporate experience. Possesses a wealth of specialised operational experience, particularly in Greenland, and an esteemed network of contacts.
Peter Waugh
Non-Executive Director
More than 30 years´ experience in global titanium dioxide industry. Responsible for leading efforts to establish Bluejay as a significant global supplier of ilmenite for the titanium dioxide industry.
Wider Portfolio
Hans Jensen
Managing Director
Dundas (Non-Board)
More than 30 years´ experience managing and operating in Greenland. Previously held senior roles in Greenlandic transportation and logistics companies. Experienced in navigating Greenland's permitting regulations.
Thomas Levin
Chief Operating Officer
Finland (Non-Board)
Finnish Geologist with 15 years' experience in exploration and mining in Finland and Australia.
Eric Sondergaard
Geology Manager
Posses over a decade of on-ground exploration experience in challenging conditions and remote
locations. Eric posses experience in permitting regulations required by various ministries and served as a primary regulatory contact for a number of years.
Appendix Investment Case
31 Bluejay Mining plc - Corporate Presentation - January 2021
Appendix
Dundas - A Recognised Mineral Region
The Geological Survey of Denmark and Greenland (GEUS) conducted a regional analysis of the titanium rich basalts and sediments at Dundas during 2017
Steensby Land is a region within Greenland and is south of Nunatârssuk, east of Itivdliarssuk and southeast of Natsilivik.
Summary of calculated ilmenite
The estimated ilmenite tonnages calculated for the
Steensby Land Sill Complex in southern Steensby
Land include:
1 | Ilmenite contained in sills prior to | 17 Gt |
erosion | ||
2 | Ilmenite remaining in sills after erosion | 10 Gt |
3 | Ilmenite available for sedimentation | 7 Gt |
Total ilmenite deposited at Moriusaq derived from sills and dykes north of Moriusaq is estimated at between 500 to 1,100 million tonnes.
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
32 Bluejay Mining plc - Corporate Presentation - January 2021
Appendix
Dundas Pre-Feasibility Study
Corporate
Cost Breakdown
Total direct costs of $143,030,426:
- $24,360,000 for mining
- $57,695,044 for processing
- $60,975,382 for infrastructure
Mining | Processi | Infrastructure | |
Cost Category | ng | ||
(US$M) | (US$M) | ||
(US$M) | |||
Earthworks & General | 0.360 | 6.217 | 2.449 |
Services | |||
Civils & Buildings | 15.067 | 15.258 | |
Structural | 8.465 | 3.776 | |
Platework | 1.743 | 2.302 | |
Mechanical | 24.000 | 13.884 | 22.102 |
Electrical & | 3.951 | 7.587 | |
Instrumentation | |||
Piping & Valves | 2.807 | 2.809 | |
First Fills & Spares | 0.121 | ||
Vendor Representatives | 0.180 | 0.084 | |
Contingency | 1.1 | 1.2 | 2.18 |
Total | 24.360 | 57.695 | 60.975 |
Total indirect costs for the project are: $87,333,001
Indirect Cost | ||
Cost Category | (US$M) | (% of Total Direct Cost) |
Owner's Costs | 3.712 | 2.6 |
Engineering & Procurement | 9.717 | 6.8 |
Construction Management Costs | 5.503 | 3.8 |
Vendor Reps, Spares & First Fills | 5.240 | 3.7 |
Indirect Construction Costs | 18.156 | 12.7 |
Indirect Contractors Costs | 3.475 | 2.4 |
Freight, Duty & Taxes | 19.463 | 13.6 |
Insurances | 1.360 | 1.0 |
Contingency & Escalation | 20.705 | 14.5 |
Total | 87.333 | 61.1 |
Wider Portfolio Disko Project Dundas Project
- Highly conservative approach to costs and CapEx
- Significant cost reductions anticipated by the Company
-
Base case Revenue to Cost Ratio ('R:C') is 2.01, versus
1.7 - Assumes year-round mining and processing and spring/summer shipping window
Cost per Tonne Operating Costs
Discipline | Cost (US$) per | Cost (US$) per tonne |
tonne of ROM | of Ilmenite | |
Mining | 2.63 | 44.45 |
Processing | 1.82 | 30.80 |
Infrastructure, Services and G&A | 2.23 | 37.56 |
Total | 6.68 | 112.81 |
Appendix Investment Case
33 Bluejay Mining plc - Corporate Presentation - January 2021
Appendix
Dundas - Simple Processing
Quality of the resource ensures that a simple, low cost processing method is required with minimal environmental impact
• Un-weathered state of the ilmenite and low impurity levels
• Chemically homogenous resource - the entire resource is derived from the same source rock
• Local deposition and high concentration factors, which are beneficial for material movement and throughput at processing level
• Opportunity to upgrade the in-situ grade by up to 30% via a simple oversize separation step prior to processing, further enhancing run of mine (ROM) grade and project economics
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
34 Bluejay Mining plc - Corporate Presentation - January 2021
Appendix
Dundas Development Timeline
Advancing towards commercial production
October 2020
Navigational Safety Investigation accepted
December 2020
Master
Corporate
May 2019 | ||||
Submission of SIA by | ||||
NIRAS Gruppen A/S | ||||
December | ||||
2018 | May 2019 | |||
Mineral | Onshore resource of 117Mt | |||
Resource | at 6.1% and Maiden | |||
April 2018 | Upgrade to | Offshore Exploration Target | ||
>400% Increase in | 101Mt at 7.1% | of 300-530Mt @ 0.4%- | ||
JORC Compliant | ilmenite | 4.8%Resource | ||
Maiden Mineral | May 2019 | |||
Resource | ||||
Assessment agreement | ||||
with Rio Tinto | ||||
August 2019
Export Permit granted and Shipping Company appointed for 40,000t Bulk Sample
December 2019 Fundraising of £11.5m with a minimum of£4m to be attributed to Dundas' development
Distribution agreement for 340,000 tpa
December 2020
Award of
Exploitation
Licence
September 2020
Public consultation process closed
Wider Portfolio Disko Project Dundas Project
June 2019 | |||||||||
February 2020 | |||||||||
Submission of PFS ahead of | |||||||||
EIA confirmed | |||||||||
September 2018 | lodging application for | ||||||||
compliant for public | |||||||||
10,000t Bulk Sample | Exploitation Licence | ||||||||
consultation process | |||||||||
completed | |||||||||
September 2019 | |||||||||
Shipment of 42,000t bulk sample departed | |||||||||
Greenland bound for the Port of Contrecoeur, | |||||||||
April 2019 | Canada | ||||||||
Submission of EIA by Orbicon | |||||||||
September 2019 | |||||||||
Exploitation Licence application formally lodged | |||||||||
35 | Bluejay Mining plc - Corporate Presentation - January 2021 | for the Dundas Ilmenite Project | |||||||
Appendix Investment Case
Appendix
Dundas in Pictures
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
36 Bluejay Mining plc - Corporate Presentation - January 2021
Appendix
Mining Fleet & Equipment
The fleet and equipment comprises:
- One 30 tonne Hitachi excavator
- Two 30 tonne wheel loaders
- Two 30 tonne articulated dump trucks
- TRT516 high output mobile trommel screener
- One Caterpillar Dozer
- Mobile stacking unit
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
37 Bluejay Mining plc - Corporate Presentation - January 2021
Appendix
Titanium
Corporate
Ti
90% of titanium ore is used to produce a white pigment that is used in paints, paper, plastics, coatings, enamel, sunscreen.
Ti
Other use; titanium alloys in aerospace and marine, implants, sports-gear, corrosion resistance pipes. Future use; 3D printing with titanium.
Ti
The growth of the pigment market follow global GDP growth.
Yearly increase of 3% in consumption.
Ti
Market consumes 10 million tons of ilmenite per year.
Primarily a market where producers sell to customers (off-takers).
Appendix Investment Case Wider Portfolio Disko Project Dundas Project
38 Bluejay Mining plc - Corporate Presentation - January 2021
Appendix
Strategic Operational Partners
Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate
39 Bluejay Mining plc - Corporate Presentation - January 2021
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Bluejay Mining plc published this content on 08 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 January 2021 14:17:02 UTC