Share Name Share Symbol Market Type Share ISIN Share Description
Bluejay Min LSE:JAY London Ordinary Share GB00BFD3VF20 ORD 0.01P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.25p +1.16% 21.75p 1,145,131 16:35:07
Bid Price Offer Price High Price Low Price Open Price
21.60p 21.90p 22.00p 21.40p 21.50p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -2.7 -0.4 - 184.63

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Date Time Title Posts
19/6/201820:09BlueJay. Pituffik Superstar3,440

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2018-06-19 16:06:5521.75150,00032,625.00O
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2018-06-19 15:31:3321.75150,00032,625.00O
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DateSubject
19/6/2018
09:20
Bluejay Min Daily Update: Bluejay Min is listed in the Mining sector of the London Stock Exchange with ticker JAY. The last closing price for Bluejay Min was 21.50p.
Bluejay Min has a 4 week average price of 21.40p and a 12 week average price of 21.40p.
The 1 year high share price is 27.50p while the 1 year low share price is currently 11.50p.
There are currently 848,871,924 shares in issue and the average daily traded volume is 1,487,583 shares. The market capitalisation of Bluejay Min is £184,629,643.47.
30/4/2018
15:20
monts12: Latest John Meyer comment... Bluejay Mining* (JAY LN) 23.5p, Mkt Cap £200m – Eramet offer for Tizir highlights ongoing consolidation of titanium mineral sands sector STRONG BUY - included in MSCI index Target Price 45p Eramet has announced an unsolicited, off-market takeover bid for Mineral Deposits Limited ‘MDL’ for A$1.46/s at a 33% premium on the one-month VWAP. The deal values Mineral Deposits Limit at around A$288m (US$218m). TiZir are carrying around US$554m of debt of which Mineral Deposits Limited. Eramet’s offer, if successful, will fully consolidate this debt within Eramet indicating the deal has an effective cost of around US$495m. MDL’s GCO mine produced some 724,800t of heavy mineral concentrate last year to feed Tizir’s expanded target of 230,000tpa of titanium slag production. MDL view the offer as ‘highly opportunistic’. ‘It takes advantage of sharply improving commodity prices and improved operational and financial performance of the TiZir joint venture. In doing so, the Offer denies MDL shareholders the opportunity to realise what MDL considers to be the true value of their investment. That ERAMET, a partially French government-owned corporation and trusted joint venture partner in TiZir, did not approach MDL before announcing its Offer and has elected to pursue a hostile transaction supports MDL's view of the opportunistic nature of the Offer.’ MDL are urging their shareholders to take no action in relation to the Eramet offer assuring investors that they have at least a month to consider the offer which is subject to a 50.1% minimum acceptance condition. Eramet have already secured a 13.3% interest in MDL from some of MDL’s larger shareholders. In further news Exxaro, which produces coal and mineral sands in South Africa is seeking to sell its stake in Tronox. Exxaro holds some 28.7m shares representing around 24% of Tronox worth around US$505m today at US$17.58c/s. Exxaro is keen to repay debt and focus on its core activities. We suspect it is also keen to capitalise on the rise in Tronox share price since the low of US$3.16c/s in Feb 2016 although recent strength in the South African rand against the US dollar will erode some of the gains. Tronox which mines titanium mineral sands and processes the concentrates into pigments and other titanium products reported a 125% rise in Q4 EBITDA to US$135m on a 32% rise in sales to US$464m for Q4 with. The rise in EBITDA highlights demand strength in the pigment and titanium products markets led by ongoing global growth and increasing use of titanium products globally. Tronox is currently busy trying to push through its proposed acquisition of Cristal TiO2 despite objections by the Federal Trade Commission and European Commission. Tronox announced it had agreed to buy the Cristal TiO2 business on Feb 21 2017 for US$1.673in cash plus 24% of pro-forma Tronox with pre-tax synergies of >100m in year one and >$200m in year three expected. Conclusion: It is no surprise to see ongoing consolidation in the titanium sector. New anti-pollution regulations in China are shifting supply chains potentially creating a new game of musical chairs in the mineral sands sector. Eramet’s move to consolidate its position may be seen as defensive in a world where Chinese processing companies are likely to be looking to secure new sources of titanium mineral concentrate supply. We believe Eramet is keen to further expand production of titanium products, perhaps to feed growing production of titanium parts for aerospace as well as to feed rising demand for pigments. Eramet has a substantial machine tool business feeding into Airbus and other European and North American manufacturing businesses. *SP Angel act as nomad and broker to BlueJay Mining. An share price Angel mining analyst has visited the Dundas (formerly Pituffik) ilmenite sands project in Greenland. The video contained was taken by our analyst in 2017.
25/4/2018
15:04
citytilidie: It doesn't make private investors right does it though Luckykids. April 16. Share price 4p April 17. Share price 14p April 18. Share price 24p Definite trend upwards plus key institutions are piling in. If private investors had any sense they would be keeping shares on an uptrend like that and selling the dogs that have trended sideways or downwards for years. That's generally why they get it wrong more that they get it right
23/4/2018
11:11
monts12: I would suggest you are a bit naeive if you were expecting a 400% uplift in the share price. Share price invariably moves in anticipation of news and in this particular stock there was a big bull account. Further news will drive the price, upwards imho
24/2/2018
12:28
squiresquire: WELCOME THEBIGCHAP This thread is friendly, resourceful in gathering information and always polite. Welcome aboard for what is looking to be a possible medal winner in this years Best Of Aim. JAYs huge resource, globally a best for not just quantity but also quality of Ilmenite has not yet had full share price recognition in my opinion but your timing in buying now, is possibly quite impeccable, as news is about to start rolling in. We have a CPR, Competent Persons Report due now, we have results from the Environmental Impact Study, the Social Impact Study and then after these two, both due now, we will get the governments final stamp of approval in the Permit To Mine Licence. JAY though have much to also tell us via RNSs regarding their future works program and how it will be funded. China is a vast user of Ilmenite and could well prove up to be a big investor, other Mineral investing giants such as Glencore may well be looking along with the large existing Ilmenite producers. Earlier this year JAY bagged up 250 one tonne bags as samples for interested parties looking at JAYs resource to examine. Its an incredibly exciting time, I am hoping for the news to start imminently, any day, and i really am expecting some good stuff. JAY do have an outstanding website for investors to search, and they do release news with an eye to detail and write in a sensible and understandable way. Have no doubt, the big boys are circling this vast asset, they will doubtless want the Government Permit to Mine granted first, but it could so easily happen that, given the quantities of Ilmenite relate to CENTURIES of exploitation, someone will pre-emp the Permit, a conditional contract is not an impossibility. Either way, JAYs time is now.....Monday? This week? Next week? Dunno, but very very soon and once the news starts its off to the 2018 races with, in my opinion 35p, being its next target.
23/11/2017
07:34
monts12: With permission from http://michaelwalters.com/stories/news.phtml?num=5303 What's Going On? - (JAY) 11/11/2017 (119264) What’s Going On? Happy days. Shares in Bluejay Mining (JAY) continue to power ahead, ending the week at a new peak of 23.50p in decent volume. The recent surge through 20p was not followed, as it has been in earlier surges, by a spell of profit-taking and consolidation. This time it just went straight on up, taking the market capitalization to a rather serious £173m. We are not dealing with some flakey fringe stock here, but an emerging heavyweight, increasingly backed by well-informed institutions and advisers, people who would not be playing here unless they believed that this was bound for the big time, something to be taken very seriously by the world’s leading resource companies. What distinguishes Bluejay from other early stage resource plays is the undeniable evidence that is has found a world-beating ilmenite deposit out in north-western Greenland, and it is worth a fortune. Remarkably,nobody took it particularly seriously until the current management team, lead by chief executive Rod McIllree, got aboard. Folk knew the black sand beaches meant ilmenite, which ultimately meant the titanium which is used for all sorts of things across the world, but until global warming began to loosen up the permafrost and ease access to them, nobody bothered that much. Proof that ilmenite is there in abundance comes from simply looking at it (see the pictures on the website at www.titanium.gl), from the preliminary drilling by the company, and – most potently – by a survey from the Greenland and Denmark Geological Society, which talks about 17bn tonnes of ilmenite in the area. It is estimated that at least 1bn tonnes of it must be within the Bluejay licence. The team was out there last summer in the four or five month weather window when they have light almost 24 hours a day, drilling, digging, bagging and shipping. That process probably re-starts in June, though they will start building infrastructure early in 2018. That does not mean the pace of news from Bluejay will slow. There are crucial news points in the weeks and months ahead. Go back to the interim statement on August 23, and most of it is foreshadowed there. McIllree talked of defining ‘a maiden JORC resource of 23.6Mt at 8.8% ilmenite (in-situ) at the Pituffik Titanium Project in Greenland - this includes a high-grade zone equal to 7.9Mt at 14.2% ilmenite (in-situ).’ • He went on to say the ‘2017 work programme was well advanced - targeting an upgraded resource, feasibility results and off-take agreements by the year-end.’ At some stage quite soon, then, we are due the formal JORC resource upgrade. Since the original dealt with less than 17% of the area, and there has been a massive increase in the areas of drilling – see the yellow dots on the map on page eight of the October presentation at http://www.titanium.gl/documents/investor-presentation/Bluejay%20TiO2%20World%20Summit%2010.10.17.pdfhttp://www.titanium.gl/documents/investor-presentation/Bluejay%20TiO2%20World%20Summit%2010.10.17.pdf The chances are that the formal resource upgrade, though it will not get to 1bn tonnes, will multiply the previous formal figure perhaps ten-fold. Big investors, though they know about the Gigatonnes, like to see things like the generally accepted JORC, however. McIllree is clear enough. He has said ‘I expect this volume to grow exponentially in the coming months.’ On October 13 we had details of the top-class team of expert companies involved in the feasibility study, and a change of name for the project from Pituffik to Dundas. The final feasibility study report was due for completion during the first quarter of 2018, and will form the final part of the exploitation license application which is expected to be approved during the first half of 2018. When that comes, Bluejay can get digging and selling in bulk. But we might get some news on that earlier, and meanwhile we should have the social impact assessment report and environmental impact assessment report approval. The proof-of-concept bulk sampling programme has exceeded expectations, and there is an agreement with an experienced mineral sands processor to refine the ilmenite into a two high specification products which will sell at a premium price, and can be used to seed the market to assist obtaining off take agreements. There is the prospect of such agreements – and more than one significant major player is interested – before the end of the year. McIllree has been travelling across the world to talk to interested parties, with at least one of them very keen. Amid all of this ilmenite activity, there could be corporate action in the months ahead. While potential customers might be persuaded to help finance part of the development in some way, there might be a need to line up shipping and mining partners in a fashion which allows them greater margins initially in return for bearing their share of costs, and there might also be a need to raise extra funds to construct the relatively simple extraction plant on the shore. As a major shareholder himself, McIllree is always keen to keep any dilution by issuing extra shares at a minimum, but it does appear that there could be powerful institutional support for any share funding. He knows he can raise several millions from selling the group’s interests in Finland. . The board is keen to retain full exposure to the polymetal prospect at Disko in south-western Greenland, and it looks as if this will be hived off in some fashion into a company whose shares could be distributed to existing Bluejay holders. Some believe this could be bigger than the ilmenite project, but is it vastly more speculative, though it could be worth a few pence per share at this stage. Hiving it off would be a means of keeping hold of it should there be a bid for Bluejay based on the Dundas project. There are many ways of potentially valuing this, and some of them are explored in previous reports which can be accessed by putting JAY (or FAM for earlier efforts) into the box at lower left of the front page. While it is possible to arrive in perfectly logical fashion at quite breathtaking figures by simply attaching a modest price per tonne to the ultimate resource, it is best at this stage to be more cautious. This despite evidence that the ilmenite price is going higher, Bluejay has a premium product, and there could be a margin in excess of $100 per tonne. We are talking sales of hundreds of millions of tonnes a year and rising as we look ahead, so the potential values are high. That said, Bluejay has yet to make a profit, and will not be mining major quantities until 2019, all being well. And just as climate change has opened this opportunity, an unexpected reverse could make it less attractive. Given the unique size and especially attractive qualities of Bluejay’s ilmenite resource, the chances are that one of the majors will bid for it in the end. Given the innate caution of big companies, the chances are also that any such bid will not emerge until all of the loose ends are tied up. McIllree has been working his way through that task impressively, and though his good working relationship with the Greenland government, which needs the jobs and revenue, suggest it will come in good time, the Exploitation licence is not likely until the second quarter of 2018. So a bid is less likely before that date. In the meantime, with new and more influential advisers on board, the Bluejay story is getting better known, the rising market capitalisation perversely attracts more interest as it grows, and there are several news events marking progress to production which could help sustain the share price over the next few weeks and the months ahead. We started this journey a little late, introduced to it by an astute friend who told us about it with the price just above 6p, not that long after it had been 2p or lower. Clearly the scope for gains diminishes as the price rises, but Bluejay’s flight is far from over. I have a holding in Bluejay. Ends
16/10/2017
18:07
squiresquire: lasata Thats an interesting question. You see the thing is that JAY has an extraordinary set of leases. We know the Ilmenite is in quite huge quantities, far far bigger than any other known global deposit, and this is by no means factored into the share price. We also know the quality is far far better than any other known deposit, and this is by no means factored into the share price. We know our Ilmenite is suited for an extremely large sector of Industry as the quality and 'qualities' (there being a big difference) allow it to be used for a truly excellent range of applications. Again this is not factored intot he share price. Your question of what the impact will be of a off take agreement will be fueled by the agreement itself. For example the BOD may well be saying that they need to pay a certain amount towards the eventual plant required, or they may be saying they want a three year contract, two one or five depending on how they want the money to come in. My guess is that Rod Mcelwee knows he is sitting on an absolute killer of an opportunity, and others will know it too. This gives him an edge, the worlds largest consumers of Ilmenite will be very interested in his pile in Greenland. Basically if you think of hedging in the petro industry then a large user would love to have a multi year agreement for a knock off price. If this helps the BOD in JAY get their equipment, set up systems, build floating docking facilities etc etc tehn they will go for it. Basically the takeoff agreement could be huge as it could be one part of the 'funding' Rod Mcelwee needs. The share price would react very sharply if this was the case.
15/10/2017
18:19
astralvision: This is not the piece in question, but it does give you some idea of what sort of commentary you get from the MW site re JAY This is now a free article, so there is no problem with me posting it http://www.michaelwalters.com/stories/news.phtml?num=5244 Big Beasts at Bluejay - (JAY) 12/6/2017 (119264) Big Beasts at Bluejay Not a walrus in sight apparently when Bluejay Mining (JAY) completed the survey to make sure it would not inconvenience the wildlife when picking up ilmenite on the beaches of north western Greenland � but big beasts galore as the company completed a bumper share placing and fund-raising last week. The formal notifications should start to appear after Thursday�s settlement, but watch out for top class names as 3% plus shareholders as the institutions who scrambled for the stock go through the process. UK unit trust giant M & G is likely to appear with 10% or so of the company, while US Capital Group (assets under management approaching $1.5trn) will be there, along with Legal & General, Hadron, Man Group and others. Bluejay could have shifted over �50m of shares as long-standing Aussie shareholder Western Areas placed out all 138m of its holding, while Bluejay raised �3.5m gross of new money and people in the company tossed in a further 5m shares � all at 12p. (Note � as ever, chief executive Rod McIllree did not part with a single share.) Make no mistake. There was no lack of demand, and it seems that, looking over a shoulder at a possible major interested player, the company moved smartly to disperse the Western stake among key investors who would take a long-term view. Western had been looking to realise cash for a while, worrying about a loss-making mine in Australia, and will be able to report for the year to June 30 with a decent profit, instead of a large loss, thanks to the money it has made by taking profits on the Bluejay stake. It all works rather well. Bluejay has expanded a quality base of shareholders who understand the business and raised what, by Bluejay standards, is a substantial extra slug of working capital at very modest overall dilution. The new money will speed the pace of exploiting the remarkable, record grade deposit of ilmenite in Greenland, with cash to add personnel and equipment, and negotiate from a position of relative financial strength as Bluejay delivers a bulk sample and ties up deals with potential partners to shift product. While the share price settles after running from around 13p to touch 16.5p as the placing negotiations were finalised, the market should recognise the quality of the new shareholder support. There could be buying from some of the new investors, impressed at what they have seen. The whole Pituffik development process will be moving ahead in the next few months as the weather window opens up and full-time working on site can get under way. The company has a clear path set out, and while the full extent of the potential Pituffik bonanza is not yet fully appreciated in the market, Bluejay will rapidly be adding value. This is not empty dreaming. There appear to be no great environmental barriers, and the Greenland government must be happy to have such a substantial and relatively benign project under way. Remember, this is low tech stuff, no need to build a mine or to use large quantities of unwelcome chemicals � just a plan to drill to establish the depth and location of the resource, and machines to dig it up, filter it, and load it onto ships. While the conventional JORC resource statement covers only a small area of the licence so far, there is clearly a massive resource. That is confirmed beyond question by the recent study undertaken by the Geological Survey of Denmark and Greenland which estimates that 10 billion tonnes of ilmenite (note � actual ilmenite, not material containing ilmenite) exist in the original rock with up to 7bn tonnes of eroded ilmenite in the region. It is estimated that perhaps 1bn tonnes of this ilmenite is within the Bluejay licence. Bluejay is pushing ahead with an eye on initial commercial production in 2018. House broker S P Angel, citing a share price target of 22p a few weeks ago, was talking about the ability to mine 100,000 tonnes of ilmenite in a matter of weeks when it gets going. On a conservative basis, the potential profit margin is maybe $60 a tonne. It could be significantly higher, but even the low figure would mean profits of $6m. It is probable that production could be raised, with the resulting cash flow perhaps spurring a change in financing which could raise margins. There are also signs that the ilmenite price could be rising. The new institutional investors could well have done sums which suggest production of 250,000 tonnes and then 500,000 tonnes two or three years further down the line. Such figures might mean profits of $15m and then $30m a year, with the capacity for yet more expansion over the horizon. These, of course, are highly speculative projections. They assume that the Greenland government and environmentalists will continue to smile on Pituffik, and that the ilmenite price remains at least steady. The chances of one of the majors taking Bluejay out before we get to really big figures are strong. Go back to my report �Jay Talking� of April 14, where chief executive Rod McIllree is speculating that Pituffik has maybe 500,000 to 700,000m tonnes of ilmenite. That, he speculates, could be worth $1 to $3 a tonne in the ground � equivalent then to maybe 55p a share or 75p a share. It is pretty certain that there is 1bn tonnes on the Bluejay licence after the GEUS survey. Maybe the shares will not get that far, though it looks pretty clear that Bluejay could create the capacity to produce, say, 1m tonnes a year almost indefinitely (notional $60m profit). The shares eased to 14.75p as I write, but are up from the 6p to 7p region since first recommended here. At 15p, the market capitalisation would be �115m. If you are ready to gamble on any share, this really is the one. It could still have a long way to go. I have a holding in Bluejay. Ends
06/9/2017
12:30
astralvision: probably been posted before, but not a bad reminder http://www.michaelwalters.com/stories/news.phtml?num=5244 Big Beasts at Bluejay - (JAY) 12/6/2017 (119264) Big Beasts at Bluejay Not a walrus in sight apparently when Bluejay Mining (JAY) completed the survey to make sure it would not inconvenience the wildlife when picking up ilmenite on the beaches of north western Greenland � but big beasts galore as the company completed a bumper share placing and fund-raising last week. The formal notifications should start to appear after Thursday�s settlement, but watch out for top class names as 3% plus shareholders as the institutions who scrambled for the stock go through the process. UK unit trust giant M & G is likely to appear with 10% or so of the company, while US Capital Group (assets under management approaching $1.5trn) will be there, along with Legal & General, Hadron, Man Group and others. Bluejay could have shifted over �50m of shares as long-standing Aussie shareholder Western Areas placed out all 138m of its holding, while Bluejay raised �3.5m gross of new money and people in the company tossed in a further 5m shares � all at 12p. (Note � as ever, chief executive Rod McIllree did not part with a single share.) Make no mistake. There was no lack of demand, and it seems that, looking over a shoulder at a possible major interested player, the company moved smartly to disperse the Western stake among key investors who would take a long-term view. Western had been looking to realise cash for a while, worrying about a loss-making mine in Australia, and will be able to report for the year to June 30 with a decent profit, instead of a large loss, thanks to the money it has made by taking profits on the Bluejay stake. It all works rather well. Bluejay has expanded a quality base of shareholders who understand the business and raised what, by Bluejay standards, is a substantial extra slug of working capital at very modest overall dilution. The new money will speed the pace of exploiting the remarkable, record grade deposit of ilmenite in Greenland, with cash to add personnel and equipment, and negotiate from a position of relative financial strength as Bluejay delivers a bulk sample and ties up deals with potential partners to shift product. While the share price settles after running from around 13p to touch 16.5p as the placing negotiations were finalised, the market should recognise the quality of the new shareholder support. There could be buying from some of the new investors, impressed at what they have seen. The whole Pituffik development process will be moving ahead in the next few months as the weather window opens up and full-time working on site can get under way. The company has a clear path set out, and while the full extent of the potential Pituffik bonanza is not yet fully appreciated in the market, Bluejay will rapidly be adding value. This is not empty dreaming. There appear to be no great environmental barriers, and the Greenland government must be happy to have such a substantial and relatively benign project under way. Remember, this is low tech stuff, no need to build a mine or to use large quantities of unwelcome chemicals � just a plan to drill to establish the depth and location of the resource, and machines to dig it up, filter it, and load it onto ships. While the conventional JORC resource statement covers only a small area of the licence so far, there is clearly a massive resource. That is confirmed beyond question by the recent study undertaken by the Geological Survey of Denmark and Greenland which estimates that 10 billion tonnes of ilmenite (note � actual ilmenite, not material containing ilmenite) exist in the original rock with up to 7bn tonnes of eroded ilmenite in the region. It is estimated that perhaps 1bn tonnes of this ilmenite is within the Bluejay licence. Bluejay is pushing ahead with an eye on initial commercial production in 2018. House broker S P Angel, citing a share price target of 22p a few weeks ago, was talking about the ability to mine 100,000 tonnes of ilmenite in a matter of weeks when it gets going. On a conservative basis, the potential profit margin is maybe $60 a tonne. It could be significantly higher, but even the low figure would mean profits of $6m. It is probable that production could be raised, with the resulting cash flow perhaps spurring a change in financing which could raise margins. There are also signs that the ilmenite price could be rising. The new institutional investors could well have done sums which suggest production of 250,000 tonnes and then 500,000 tonnes two or three years further down the line. Such figures might mean profits of $15m and then $30m a year, with the capacity for yet more expansion over the horizon. These, of course, are highly speculative projections. They assume that the Greenland government and environmentalists will continue to smile on Pituffik, and that the ilmenite price remains at least steady. The chances of one of the majors taking Bluejay out before we get to really big figures are strong. Go back to my report �Jay Talking� of April 14, where chief executive Rod McIllree is speculating that Pituffik has maybe 500,000 to 700,000m tonnes of ilmenite. That, he speculates, could be worth $1 to $3 a tonne in the ground � equivalent then to maybe 55p a share or 75p a share. It is pretty certain that there is 1bn tonnes on the Bluejay licence after the GEUS survey. Maybe the shares will not get that far, though it looks pretty clear that Bluejay could create the capacity to produce, say, 1m tonnes a year almost indefinitely (notional $60m profit). The shares eased to 14.75p as I write, but are up from the 6p to 7p region since first recommended here. At 15p, the market capitalisation would be �115m. If you are ready to gamble on any share, this really is the one. It could still have a long way to go. I have a holding in Bluejay. Ends
13/8/2017
10:34
aravali: great banter boys...keep it up up up, like the JAY share price! thanks minder5...imo its an an important point to note that the management are heavily aligned to its shareholder base with their holdings...Rod and team would not like to be diluted with large capital raisings at low prices - borrowing from the capital markets and agreements with companies involved in the dredging and shipping process will ensure that dilution will be as minimal as possible
21/6/2017
22:34
monts12: Reproduced with attribution to http://michaelwalters.com/stories/news.phtml?num=5244 Big Beasts at Bluejay Not a walrus in sight apparently when Bluejay Mining (JAY) completed the survey to make sure it would not inconvenience the wildlife when picking up ilmenite on the beaches of north western Greenland – but big beasts galore as the company completed a bumper share placing and fund-raising last week. The formal notifications should start to appear after Thursday’s settlement, but watch out for top class names as 3% plus shareholders as the institutions who scrambled for the stock go through the process. UK unit trust giant M & G is likely to appear with 10% or so of the company, while US Capital Group (assets under management approaching $1.5trn) will be there, along with Legal & General, Hadron, Man Group and others. Bluejay could have shifted over £50m of shares as long-standing Aussie shareholder Western Areas placed out all 138m of its holding, while Bluejay raised £3.5m gross of new money and people in the company tossed in a further 5m shares – all at 12p. (Note – as ever, chief executive Rod McIllree did not part with a single share.) Make no mistake. There was no lack of demand, and it seems that, looking over a shoulder at a possible major interested player, the company moved smartly to disperse the Western stake among key investors who would take a long-term view. Western had been looking to realise cash for a while, worrying about a loss-making mine in Australia, and will be able to report for the year to June 30 with a decent profit, instead of a large loss, thanks to the money it has made by taking profits on the Bluejay stake. It all works rather well. Bluejay has expanded a quality base of shareholders who understand the business and raised what, by Bluejay standards, is a substantial extra slug of working capital at very modest overall dilution. The new money will speed the pace of exploiting the remarkable, record grade deposit of ilmenite in Greenland, with cash to add personnel and equipment, and negotiate from a position of relative financial strength as Bluejay delivers a bulk sample and ties up deals with potential partners to shift product. While the share price settles after running from around 13p to touch 16.5p as the placing negotiations were finalised, the market should recognise the quality of the new shareholder support. There could be buying from some of the new investors, impressed at what they have seen. The whole Pituffik development process will be moving ahead in the next few months as the weather window opens up and full-time working on site can get under way. The company has a clear path set out, and while the full extent of the potential Pituffik bonanza is not yet fully appreciated in the market, Bluejay will rapidly be adding value. This is not empty dreaming. There appear to be no great environmental barriers, and the Greenland government must be happy to have such a substantial and relatively benign project under way. Remember, this is low tech stuff, no need to build a mine or to use large quantities of unwelcome chemicals – just a plan to drill to establish the depth and location of the resource, and machines to dig it up, filter it, and load it onto ships. While the conventional JORC resource statement covers only a small area of the licence so far, there is clearly a massive resource. That is confirmed beyond question by the recent study undertaken by the Geological Survey of Denmark and Greenland which estimates that 10 billion tonnes of ilmenite (note – actual ilmenite, not material containing ilmenite) exist in the original rock with up to 7bn tonnes of eroded ilmenite in the region. It is estimated that perhaps 1bn tonnes of this ilmenite is within the Bluejay licence. Bluejay is pushing ahead with an eye on initial commercial production in 2018. House broker S P Angel, citing a share price target of 22p a few weeks ago, was talking about the ability to mine 100,000 tonnes of ilmenite in a matter of weeks when it gets going. On a conservative basis, the potential profit margin is maybe $60 a tonne. It could be significantly higher, but even the low figure would mean profits of $6m. It is probable that production could be raised, with the resulting cash flow perhaps spurring a change in financing which could raise margins. There are also signs that the ilmenite price could be rising. The new institutional investors could well have done sums which suggest production of 250,000 tonnes and then 500,000 tonnes two or three years further down the line. Such figures might mean profits of $15m and then $30m a year, with the capacity for yet more expansion over the horizon. These, of course, are highly speculative projections. They assume that the Greenland government and environmentalists will continue to smile on Pituffik, and that the ilmenite price remains at least steady. The chances of one of the majors taking Bluejay out before we get to really big figures are strong. Go back to my report ‘Jay Talking’ of April 14, where chief executive Rod McIllree is speculating that Pituffik has maybe 500,000 to 700,000m tonnes of ilmenite. That, he speculates, could be worth $1 to $3 a tonne in the ground – equivalent then to maybe 55p a share or 75p a share. It is pretty certain that there is 1bn tonnes on the Bluejay licence after the GEUS survey. Maybe the shares will not get that far, though it looks pretty clear that Bluejay could create the capacity to produce, say, 1m tonnes a year almost indefinitely (notional $60m profit). The shares eased to 14.75p as I write, but are up from the 6p to 7p region since first recommended here. At 15p, the market capitalisation would be £115m. If you are ready to gamble on any share, this really is the one. It could still have a long way to go. I have a holding in Bluejay. Ends
Bluejay Min share price data is direct from the London Stock Exchange
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