Appointment of Interim Chairman

RNS Number : 2006Q

Bluejay Mining PLC

27 June 2022

 

Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector: Mining

 27 June 2022

Bluejay Mining plc ('Bluejay' or the 'Company')

Appointment of Interim Chairman

The Board of Directors of Bluejay, the AIM, FSE-listed and OTCQB traded exploration and development company, is pleased to announce that Mr Michael Hutchinson ("Mike") has been appointed as Interim Chairman following the resignation of Mr Roderick McIllree, as notified on 23 June 2022. Mike was Chairman of Bluejay prior to Mr McIllree's appointment and will provide experience and continuity until the appointment of a new Chairperson.

Mike Hutchinson, Interim Chairman, commented: "The Board would like to thank Rod for his contributions to the Company and his work on driving the formation of a portfolio of high quality assets. A portfolio that is in the most exciting and progressive phase of its history, with four separate field-programmes running this summer at Disko-Nussuuaq ("Disko"), Dundas, Kangerluarsuk and Enonkoski.

"We will keep the market updated on the appointment of a new Chairperson and developments on the current field activities across the portfolio."

About Michael Hutchinson

Mike began his career at Metallgesellschaft Ltd where he worked for 25 years, becoming the Managing Director in 1985. Metallgesellschaft Ltd was a metal trading subsidiary of one of Germany's largest industrial conglomerates. Additionally, Mike was Director between 1986-2008 of the world's largest market for industrial metals trading, the London Metals Exchange ("LME").  Since then he has held several notable board and management roles, including Chairman of Metalloyd Ltd, a major supplier of steel and raw materials to traders, distributors and end-users. He was also Chairman of Wogen Ltd, a speciality metals trading house. Mike joined Bluejay as Non-Executive Chairman in September 2017 and is a member of the Audit, Remuneration and AIM Compliance Committees of the Company.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018.

For further information on the Company and the project please visit the website at: www.bluejaymining.com

Contacts:

Kevin Sheil	Bluejay Mining plc	[e-mail]
Ewan Leggat / Adam Cowl	SP Angel Corporate Finance LLP (Bluejay Mining Nominated Adviser)	[phone]
Andrew Chubb	Hannam & Partners	[phone]
Tim Blythe / Megan Ray	BlytheRay (Bluejay Mining Press Contact)	[phone]

About Bluejay Mining Plc

Bluejay is listed on the London AIM market and Frankfurt Stock Exchange and its shares also trade on the OTCQB Market in the US. With multiple projects in Greenland and Finland, Bluejay has now secured four globally respected entities as partners, customer, and co-investor on three of its projects, giving the Company and its shareholders both portfolio and commodity diversification in high quality jurisdictions.

Bluejay, through its wholly owned subsidiary Disko Exploration Ltd., has signed a definitive joint venture agreement with KoBold Metals to guide exploration for new deposits rich in the critical materials for electric vehicles (The Disko-Nuussu a q Project). Principal investors in KoBold include Breakthrough Energy Ventures, a climate & technology fund, overseen by Bill Gates, and whose investors include Michael Bloomberg, Jeff Bezos, and Ray Dalio. Other investors in KoBold include Andreessen Horowitz, the premier Silicon Valley venture capital fund and Equinor, the Norwegian state-owned multinational energy company.

Bluejay's most advanced project is the Dundas Ilmenite Project in Greenland, which is fully permitted and being developed towards production in the near term, with preparatory activities scheduled to commence in 2022. Dundas has a Mineral Resource reported in accordance with the JORC Code of 117Mt at 6.1% ilmenite and a maiden offshore Exploration Target of between 300Mt and 530Mt of ilmenite at an average expected grade range of 0.4 - 4.8% ilmenite in-situ.  The Company has agreed a Master Distribution Agreement with a major Asian conglomerate for up-to 340ktpa of its anticipated 440ktpa annual output. The Company has signed on a major European bank to head the financing syndicate for Dundas. The Company's strategy is focused on securing financing ahead of commencing commercial production at Dundas in order to create a company capable of self-funding exploration on its current and future projects.

Disko Exploration Ltd holds two additional projects in Greenland - the 692sq km Kangerluarsuk zinc-lead- silver project ('Kangerluarsuk'), where historical work has recovered grades of 41% zinc, 9.3% lead and 596 g/t silver and identified four large-scale drill ready targets; and the 2,025 sq km Thunderstone project which has the potential to host large-scale base metal and gold deposits. Bluejay has agreed a joint-venture agreement with a mining major at its Enonkoski Project in Finland and has recently signed a binding agreement for a partial divestment in a fourth Finnish project.

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