RE: RNS3 Jun 2019 18:36
Financial Review
The loss before taxation of the Group for the year ended 31 December 2018 amounted to Β£10,776,686 (18 months to 31 December 2017: Β£2,680,708).
The Group's cash position at 31 December 2018 was Β£8,843,709 (31 December 2017: Β£2,901,922).
Outlook
Dundas is a confirmed world class project - it is a high-grade, defined and scalable deposit with a low capex simple processing route, in a strategic and supportive jurisdiction. Its potential has been noted internationally, most recently by RTIT. The delivery of a large bulk-sample to RTIT's Sorel-Tracy plant in Quebec is the initial operational focus within the agreement and we are confident that ilmenite sourced from Dundas will be shown to be valuable material for RTIT's operation.
The Project not only has the potential to provide significant value to the Company, its strategic partners and its shareholders, but also to the local region and to Greenland as a whole. This potential has been recognised by the Greenlandic authorities and Government who have consistently demonstrated their support for Bluejay and for this we are sincerely grateful. We realise the importance of this project to Greenland, and as such we are delighted with the close cooperation we are receiving from the relevant local authorities and national ministries, to develop Dundas for the benefit of all stakeholders.
I am grateful for the support of shareholders and the Company will continue to provide updates regarding our operational progress and ongoing negotiations as regularly as possible. I would like to reiterate our thanks to the local community, the Greenlandic authorities and government, our dedicated team of staff, our advisors, our strategic partner and shareholders for their continued patience and support. I look forward to what I believe will be a transformational 2019/2020.