(Alliance News) - Minerals exploration firm Bluejay Mining PLC on Monday said its first-half loss narrowed, helped by fair value gains and a disposal of financial assets.
In the six months to June 30, Bluejay's pretax loss narrowed to GBP203,059 from GBP867,791 a year before, helped by a GBP344,475 fair value gain on its financial assets. It also made a profit of GBP428,805 from the disposal of financial assets.
Bluejay generated insubstantial revenue in both periods.
The company operates the Dundas titanium project in Greenland, and in September it lodged an exploitation licence application to the country's Mineral Licence & Safety Authority.
The licence covers the onshore portion of Dundas and once approved will allow the company to produce 440,000 tonnes per year.
During the period, the project, which will produce ilmenite, received an upgraded resource estimate to 117 million tonnes at 6.1% ilmenite. Ilmenite is the main source of titanium dioxide, which is used in paints, printing inks, fabrics, plastics, paper, sunscreen, food and cosmetics.
Bluejay also secured a contract with Rio Tinto Iron & Titanium Canada Inc, for the analysis of Ilmenite from the Dundas project. Under the agreement, Rio Tinto Iron & Titanium will analyse ilmenite from the project and will work with Bluejay to review and improve on technical work that has been completed on Dundas to date.
Bluejay said: "We are extremely excited about both our project portfolio and our operational jurisdiction. Greenland's international prestige has drastically increased as the country took to the global stage over President Trump's recent comments. This interest in Greenland and its considerable mineral wealth has also highlighted the prospectivity and geographic benefits of our portfolio.
"Greenland's supportive and strategic jurisdiction, when paired with our high-grade, low capex, defined and scaled deposit, has highlighted Bluejay to be of significant interest internationally."
Shares in Bluejay closed 0.3% higher at 9.20 pence each in London on Monday.
By Eric Cunha; ericcunha@alliancenews.com
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Bluejay (JAY)