Jay update10 Oct 2020 09:46
With an easier Political climate in Greenland hopefully our exciting project will flourish.
It’s a marathon not a sprint.
Jays update
Bluejay Mining Plc (AIM: JAY) released its interim results for the six months ended 30 June 2020. The company, which is focussed on commencing near-term production at the world class Dundas Ilmenite Project alongside progressing its wider portfolio in Greenland, has made a number of cost savings during the period under review as part of its response to COVID-19 whilst advancing its projects as much as possible. With work starting to recommence on-site, the company’s focus remains on securing an offtake agreement and commencing production at Dundas at the earliest opportunity to realise the project’s potential and, in the process, prove its high-quality status. Crucially, their confidence is not just limited to Dundas but extends to its wider portfolio, which includes the recently acquired Thunderstone licences where a low-cost fieldwork programme has recently been completed targeting several high-priority gold and base metal geochemical anomalies, and the Disko-Nuussuaq Ni-Cu-Co-PGE-Au Project and Kangerluarsuk zinc-lead-silver project projects, where an extensive exploration and drill programme is planned. Given Bluejay is operating within a supportive jurisdiction, has large scale resources, high grades, a proven processing route, low costs, strong economics, institutional and industry backers, a team with a proven track record of delivery, and access to end markets, the outlook for the Company remains highly positive. The £7m cash balance at the period end excludes £720,000 of receivables due and £914,870 of VAT receivable from an HMRC tribunal claim, so the cash balance remains healthy with little planned cash needs for the rest of this year, aided by the pragmatism of the Greenlandic authorities in easing licence commitments for 2020.
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