(Alliance News) - Bluejay Mining PLC on Monday updated shareholders on cost reduction initiatives, underlining its "commitment to financial resilience and operational efficiency."
Bluejay Mining is a London-based base metals and gold explorer and developer with projects in Greenland and Finland. Its shares closed down 0.1% to 0.38 pence each in London on Monday afternoon.
Since the beginning of 2024, Bluejay said it has reduced its workforce. This has led to an 80% reduction in both employee and contractor numbers.
Bluejay's executive director's costs have been reduced by 70%.
It also noted some other additional cost synergies. It said: "In addition to an overall reduction of GBP1.3 million in annual payroll savings, the reduction in workforce will result in other cost synergies, including decreased operational overhead and associated administrative expenses."
Amidst these cost reduction measures, Bluejay said it 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.
Managing Director Eric Sondergaard said: "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."
By Sophie Rose, Alliance News senior reporter
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Bluejay (JAY)