Aim- and FSE-listed Bluejay Mining has given its broker SP Angel notice, after it “inadvertently” released information about the mineral sands developer’s financial results for 2018.
Bluejay, which this week also announced a major resource increase at its Dundas ilmenite project in Greenland, said that it only intended to publish its December 2018 financial results next week Tuesday.
But, following its broker’s release of preliminary unaudited financial information, Bluejay on Thursday published a results preview on the Regulatory News Service (RNS) of the London exchange.
The company said that its exploration costs during the year had increase from £4.6-million in 2017, to £6.3-million. Administration expenses amounted to £1.8-million, split between Greenland (£0.5-million), Finland (£0.1-million) and the UK (£1.2-million).
Bluejay had £8.8-million cash or cash equivalents at December 31 and said it expected to impair £8.9-million of intangible assets in relation to its Finnish exploration assets.
“The company has today given notice to SP Angel of its intention to terminate the broker relationship with Bluejay,” the RNS announcement stated.
Earlier in the week, Bluejay said that the Dundas mineral resource had increase by 15% to 117-million tonnes at 6.1% ilmenite following drilling at onshore Iterlak East and Iterlak West.
The company also announced a maiden offshore exploration target, which highlighted the significant expansion potential from the offshore deposit at Dundas. The offshore exploration target is between 300-million tonnes and 530-million tonnes of ilmenite at an average grade range of 0.4% to 4.8% ilmenite.
Bluejay is working with dredging company Royal IHC to produce a dredging study at Dundas' offshore ilmenite deposit. The company noted that early indications supported a conceptual low-cost operation.
Environmental baseline studies for the marine deposit are ongoing and will continue in 2019.