First Quarter 2023 (January - March)
Significant events in the reporting period
Significant events after the reporting period
Stockholm, May 2023
Bluelake Mineral AB (publ)
The Board of Directors
Publication of information
This information is inside information which Bluelake Mineral AB (publ) is required to publish in accordance with the EU Market Abuse Regulation. The information was submitted, for publication on May 12, 2023 at 8.40 CET, by the contact person below.
For additional information, please contact:
Peter Hjorth, CEO, Bluelake Mineral AB (publ), phone +46-725 38 25 25
Email: [email protected]
General information about the Company
Bluelake Mineral AB (public) is an independent Swedish company active in exploration and mine development of copper, zinc, nickel and gold resources.
The Company owns approximately 99% of the subsidiary Vilhelmina Mineral AB, which is focusing on development of copper and zinc deposits in the Nordic region. In Sweden, the Company owns Stekenjokk-Levi project, where a total of approximately 7 million tonnes of ore were mined between 1976 and 1988 with an average grade 1.5% Cu and 3.5% Zn. Stekenjokk-Levi is, according to a recent Mineral Resource Estimate by SRK Consulting, containing inferred mineral resources of approximately 6.7 million tonnes with 0.9 % Cu, 2.7 % Zn, 0.6 % Pb, 55 Ag g/t and 0.2 g/t Au for Stekenjokk and inferred mineral resources of 5.1 million tonnes with 1.0 % Cu, 1.5 % Zn, 0.1 % Pb, 22 Ag g/t and 0.2 g/t Au for Levi (at a NSR cut-off of 60 USD/t). In Norway, the Company is owner of Joma Gruver AS which holds exploitation rights for the Joma field, where approximately 11.5 million tonnes of ore were processed between 1972 and 1998 with an average grade of 1.5% Cu and 1.5% Zn. The Joma field (excluding Gjersvik) is, according to a recent mineral estimate by SRK Consulting, containing indicated mineral resources of approximately 6 million tonnes with grades amounting to 1.00 % Cu and 1.66 % Zn and inferred resources of 1.2 million tonnes with grades 1.2 % Cu and 0.7 % Zn (at cut-off of 50 USD/t).
In addition, the Company holds exploitation concessions for the nickel project Rönnbäcken (which is Europe's largest known undeveloped nickel resource) and an exploration permit for Orrbäcken, both which are located in Sweden. According to a recently updated mineral resource update in by the mining consulting company SRK, the Rönnbäcken project contains a mineral resource of 600 million tonnes with an average grade of 0.18% Ni, 0.003% Co and 5.7% Fe ("measured and indicated"). The updated preliminary economic assessment that SRK completed predicts a production of 23,000 tonnes of nickel, 660 tonnes of cobalt and 1.5 million tonnes of iron per year for 20 years, which would be a significant share of Sweden's total annual use of nickel which thereby has a strategic value. Orrbäcken is considered to have potential as a nickel deposit.
Further, the Company holds an exploration permit for Kattisavan which is considered to have potential as a gold resource and is located within the so-called gold line, close to projects such as Svartliden, Fäboliden and Barsele.
First Quarter 2023 (January - March)
The shareholders of Bluelake Mineral AB (publ) ("Bluelake" or the "Company") have held an Annual General Meeting on May 11, 2023 (the "AGM") whereby the following main decisions were made.
Bluelake Mineral AB (publ) (the "Company" or "Bluelake Mineral") is, as previously announced, via its Norwegian subsidiary Joma Gruver AS, working with the permit process in Norway to implement a so-called plan program and to obtain an approved zoning plan which is a detailed plan for the industrial area for the proposed mining operations in Joma in Røyrvik municipality in Trøndelag county. On May 9, Røyrvik municipality submitted a revised version of the zoning plan for consideration and decided to send it to a new consultation round and put it out for public review. The time for consultation responses ends in six weeks on June 26. This would mean that the municipal board in Røyrvik could make a decision to accept the regulation plan at the beginning of September.
Bluelake Mineral AB (publ) ("The Company" or "Bluelake Mineral") has, via its Norwegian subsidiary Joma Gruver AS, commissioned the opinion polling institute Kantar to conduct an opinion poll among the residents of the surrounding municipalities of Røyrvik, Namsskogan and Lierne in Trøndelag county concerning the attitude to the re-establishment of the Joma mine. Data collection was carried out in the period 29 March to 11 April through an SMS-based survey and the response rate was a total of 32%. The survey shows, among other things, that 80% of the residents are positive regarding re-establishing the mine, of which 63% are very positive. Furthermore, eight out of 10 respondents believe that the mining operations can work in parallel with the reindeer herding in the area. Those who are positive about mining point to new jobs, increased population growth and better municipal finances as the main reasons. Those who are negative to mine establishment state the impact on the environment and reindeer herding as the main reasons.
The shareholders of Bluelake Mineral AB (publ), company registration no 556493-3199 (the "Company"), are hereby invited to participate in the Annual General Meeting ("AGM") to be held May 11, 2023, at 10 am at Brahegatan 29, 114 37 Stockholm, Sweden.
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Bluelake Mineral AB (publ) ("Bluelake Mineral" or the "Company") has completed the rights issue of units with the subscription period between 21 March and 4 April 2023 (the "Rights issue"). The Rights issue has been subscribed to approximately 75.0 per cent and the Company will receive approximately SEK 19.8 million before deduction of issue costs. The subscription price in the Rights issue was SEK 10.00 per unit, where one unit consisted of ten new shares and five warrants of series TO3 free of charge. 988,340 units, corresponding to approximately 37.4 per cent of the Rights issue, was subscribed for and allocated to investors that subscribed with unit rights. 32,740 units, corresponding to approximately 1.2 per cent of the Rights issue, was subscribed for and allocated to investors that subscribed without unit rights. The outcome entails that underwriting commitments for a total of 963,420 units, corresponding to approximately 36.4 per cent of the Rights Issue, will be claimed, whereby the Rights issue is subscribed to approximately 75.0 per cent in total. The net proceeds from the Rights issue will be used to finance the permit processes in Joma and Stekenjokk-Levi, project development in Rönnbäcken, repayment of outstanding loans, as well as overhead and contingency costs.
Bluelake Mineral AB (publ) (the "Company" or "Bluelake Mineral") is, as previously announced, via its Norwegian subsidiary Joma Gruver AS, working with the permit process in Norway to implement a so-called plan program and to obtain an approved zoning plan which is a detailed plan for the industrial area for the proposed mining operations in Joma in Røyrvik municipality in Trøndelag county. Due to certain previous administrative handling errors, Røyrvik municipality decided in June 2022 to transfer responsibility for the administrative handling of the process to the larger neighboring municipality of Grong. Grong municipality has now communicated that they intend to present the regulatory plan for consideration by the municipal board in Røyrvik at the next meeting on May 9. At this meeting, a decision is expected to send the revised regulatory plan out to a public consultation round for six weeks. This would mean that the municipal board in Røyrvik could make a decision to accept the regulatory plan at the beginning of September.
The shareholders of Bluelake Mineral AB (publ) ("Bluelake" or the "Company") have held an Extraordinary General Meeting on March 29, 2023 (the "EGM") whereby the following main decisions were made.