Bluejay Mining plc ('Bluejay' or the 'Company') presents Dundas ilmenite Project - Appointment of Lead Arranger and progress update

LONDON, Nov. 29, 2021 /PRNewswire/ -- Bluejay Mining plc, the AIM, FSE listed and OTCQB traded (BLLYF) exploration and development company with projects in Greenland and Finland, is pleased to provide the following progress update on the Dundas Ilmenite Project ("Dundas" or the "Project").

Global Investment Bank appointed as Lead Arranger for Dundas

The Company is pleased to announce the appointment of a premier European Investment Bank with global reach, as lead arranger of the project financing for the Dundas Ilmenite Project.

The bank will assume responsibility for the formation of the lending syndicate, coordinating the lender due diligence process and negotiating the debt financing documentation. Participants in the syndicate may include the Export Credit Agencies, commercial banks, and industrial entities that Bluejay has been engaged in communication with over the last 12 months.

Commencement of Project preparatory activities and works in 2022

In parallel with the Project finance syndicate being formed, Bluejay will continue and complete the remaining engineering and planning works required for financial-sign off in accordance with the specific requirements from the Lead Arranger. Also in 2022, the Company will commence pre-construction activities at Dundas targeted at preparing and de-risking the commencement of the primary construction period and associated sealifts. This pre-construction activity will include geotechnical and infrastructure surveying and planning, together with preparatory works at site.

Appointment of Mr Peter Davies as Project Manager for Dundas

To further support the financing and the development of Dundas, the Company has appointed Mr Peter Davies as Dundas Project Manager. Trained as a mining engineer, Peter has over 45 years of international experience in the mining and mineral processing industries and, most notably, has extensive experience in mineral sands and titanium dioxide pigment operations.

With the bank undertaking the role of the lead arranger for Dundas (subject to customary approvals), the Company will focus on workstreams and preparatory work that will support the start of construction (including defining the final capital expenditure required for the Project) to allow production to commence. Peter will work with the Company to achieve these aims, which are a key priority.

Bo Møller Stensgaard, CEO of Bluejay Mining, commented: "Having a global investment bank on-board as the lead arranger of the debt Project financing for Dundas, signifies a significant step towards production for the Company. We are extremely excited to work alongside them, with a view to having our syndicate, and a fully-funded construction plan, in place as soon as possible. We are confident that the global demand for titanium and societal key-metals means that the fundamentals of the Project are stronger than ever.

"I speak for the entire Board and management team when I say that the appointment of Peter serves as another milestone towards the financial sign-off, construction, and eventual production from Dundas. Having delivered on numerous definitive feasibility studies and successful mining operations in the past, including mineral sands projects, we are confident that Peter's invaluable skill set and track-record will be a huge benefit to Dundas and the Bluejay team.

"We look forward to being back on site next season as we continue to move Dundas forward, hitting the ground running and I look forward to providing further updates on our progress."

For further details on the announcement please use the link: https://polaris.brighterir.com/public/bluejay_mining/news/rns/story/xlgvmjr

For further information please visit http://www.bluejaymining.com or contact:

SOURCE Bluejay Mining plc