Aankondiging • Apr 16

Bluejay Mining plc Provides Update on Dundas Ilmenite Project

Bluejay Mining plc provided an update on the Company's 100% owned Dundas Ilmenite Project located in North-West Greenland. Following an in depth assessment of deficiencies in the 2022 work programs at Dundas, alongside consultations with various independent consultants, the Company has determined that there is sufficient evidence to warrant the reinstatement of the 2019 Mineral Resource Estimate (MRE) at the Dundas Ilmenite Project. After joining the Company in late December 2023,significant concerns were raised by the new management team regarding the accuracy and representativeness of the 2023 MRE. This decision to reinstate the 2019 MRE reflects the Company's well-informed position that the downgrade in the 2023 MRE was the result of multiple factors, including the use of unsuitable drilling methods, and questionable decision-making. Bluejay reaffirms its commitment to transparency and integrity with its shareholders and will continue to prioritize clear communication, accountability and ethical conduct. The Company is also considering its legal options concerning individuals involved in the 2023 resource estimation process, including former members of management. Key Concerns and Observations of the 2022 Work Streams Choice of Drill Rig:In 2022, a Geoprobe rig, which deploys a combination of direct push, diamond drilling, and other methods was selected by the Company's prior management as an alternative method of drilling to the sonic rig: Diamond drilling is rarely, if ever, deployed during exploration of mineral sand deposits. At Dundas, a sonic drill was successfully used on prior campaigns to collect high-quality core samples from the subsurface. Sonic drilling is an industry standard for achieving representative samples in unconsolidated sediment. Variability in Sample Types:The utilization of multiple drilling approaches (direct push, diamond, auger, etc) led to inconsistencies in sample types, recovery rates, and comparability of results. Challenges with Diamond Drilling:Diamond drilling with water lubrication in hard ground conditions resulted in poor core recovery and material washing, particularly affecting particle size distribution (PSD), and recovery of sand. Short Drill Runs:Short drill runs yielded a significant number of very short samples, highlighting drilling difficulties alongside repeated hole withdrawals and abandonments. Geoprobe Limitations:Geoprobe struggled to penetrate ice-bound sediment, leading to misinterpretation of basement refusal as bedrock, negatively impacting both grade and tonnage estimates. Exclusion of Fluvial Zones:Fluvial zones were omitted from resource estimation without sufficient justification, potentially overlooking significant resource areas. Rejection of Pre-2022 Exploration Data:During the Mineral Resource Estimate (MRE) process in May 2023, all exploration data predating 2022 was dismissed without a valid rationale. Neglect of Oversight:The 2022 Qualified Person refrained from visiting site and failed to engage with pre-2022 consultants to rectify disparities in grade and tonnage estimates. The scientific and technical disclosure included in this announcement has been reviewed and approved by Roderick McIllree, a director of Bluejay Mining plc, who is also a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr. McIllree has sufficient experience, relevant to the styles of mineralisation and type of deposits under consideration and to the activity that he is undertaking, to qualify as a Qualified Person ('QP') as defined by the AIM rules, and for the purposes of The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. McIllree has reviewed this press release and consents to the inclusion in the press release of the matters based on his information in the form and context in which this appears. Bluejay Mining conducted a drill programme at its Dundas Ilmenite project in 2022, intending to operate on a 7-day per week and 24hr basis with one day shift and one night shift. The planned programme aimed to drill a total of 1323 meters. Due to slow progress, drilling issues, broken equipment, the programme reverted to a single dayshift for the remaining 50% of the programme. The actual programme recovered 395m of sampled material. In a highly irregular course of events, multiple drilling methods were used or attempted including Hollow Stem Auger, Direct Push, Diamond Coring, Split Spoon, Continuous Sampling, HWT, Downhole Hammering, and ODEX Hammering. The primary drilling methods were Hollow Stem Auger, Diamond Coring and Direct Push, within the same borehole. A detailed internal presentation documenting the issues mentioned was distributed to a board member in September 2022. This presentation was never distributed to the broader Board of Directors. hollow stem auger is a drilling tool used in geotechnical and environmental drilling. It consists of a hollow steel tube with a cutting bit on the end. The larger footprint of the augers can disturb the surrounding environment, leading to complications such as flowing sands, sand lock (the entrapment of sand in the auger), and ice rinds (frozen layers) in ice-bound sediment. Hollow stem auger drilling requires specialized equipment with specific torque and weight requirements. If the equipment lacks sufficient power or stability, it cannot effectively penetrate tough formations. In rocky or ice conditions, augers may struggle to retrieve intact samples due to the resistance of the material. This can compromise the representativeness of the samples collected and affect subsequent analyses. In the 2022 programme, the hollow stem auger was often used as "casing", to drill and recover the first meter. Direct push sampling method is a technique used to collect soil directly from the subsurface. Unlike traditional drilling methods that involve rotary drilling or augering, direct push does not involve the removal of soil or rock during drilling. Instead, specialized tools are pushed into the ground to collect samples. During the 2022 field programme, borehole stability was a continual problem, particularly in unstable formations, where the boreholes could collapse or freeze around the sampling tool, significantly affecting sample quality and integrity. Additionally, the method's shallow depth penetration restricted its exploration potential, especially in areas requiring deeper sampling. Concerns about sample integrity arose due to the method's inability to remove soil or rock during drilling, potentially distorting collected samples.

Percentage CEO-salaris	n/a
Dienstverband CEO	no data
Eigendom CEO	n/a
Management gemiddelde ambtstermijn	1.6yrs
Gemiddelde ambtstermijn bestuur	2.4yrs

Naam	Positie	Tenure	Compensatie	Eigendom
Roderick McIllree	Executive Director	1.6yrs	UK£127.69k	10.28% £ 3.9m
Troy Whittaker	Executive Director	less than a year	UK£59.76k	0.36% £ 139.4k
Olga Solovieva	Chief Operating Officer	less than a year	geen gegevens	geen gegevens
Hans Jensen	Managing Director of Dundas Titanium A/S	8.3yrs	geen gegevens	geen gegevens
Thomas Levin	Chief Operating Officer of Finland	7.3yrs	geen gegevens	geen gegevens
Mark Frascogna	Managing Director of Hydrogen Valley	less than a year	geen gegevens	geen gegevens
Urpo Kuronen	Chief Operating Officer of FinnAust Minning Finland Oy	12.5yrs	geen gegevens	geen gegevens

Naam	Positie	Tenure	Compensatie	Eigendom
Roderick McIllree	Executive Director	2.4yrs	UK£127.69k	10.28% £ 3.9m
Troy Whittaker	Executive Director	2.4yrs	UK£59.76k	0.36% £ 139.4k
Michael Hutchinson	Independent Non-Executive Chairman	8.7yrs	UK£81.69k	0.58% £ 222.4k
Ingo Hofmaier	Independent Non-Executive Director	less than a year	geen gegevens	0.23% £ 88.8k

Gegevens	Laatst bijgewerkt (UTC-tijd)
Bedrijfsanalyse	2026/05/22 08:40
Aandelenkoers aan het einde van de dag	2026/05/22 00:00
Inkomsten	2025/06/30
Jaarlijkse inkomsten	2024/12/31

Pakket	Gegevens	Tijdframe	Voorbeeld Amerikaanse bron ^*
Financiële gegevens bedrijf	10 jaar	Resultatenrekening Kasstroomoverzicht Balans	SEC-formulier 10-K SEC-formulier 10-Q
Consensus schattingen analisten	+3 jaar	Financiële prognoses Koersdoelen analisten	Onderzoeksrapporten van analisten Blue Matrix
Marktprijzen	30 jaar	Aandelenprijzen Dividenden, splitsingen en acties	ICE Marktgegevens SEC-formulier S-1
Eigendom	10 jaar	Top aandeelhouders Handel met voorkennis	SEC-formulier 4 SEC-formulier 13D
Beheer	10 jaar	Leiderschapsteam Raad van bestuur	SEC-formulier 10-K SEC-formulier DEF 14A
Belangrijkste ontwikkelingen	10 jaar	Bedrijfsaankondigingen	SEC-formulier 8-K

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Belangrijke informatie

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