Press Releases

Bluelake Mineral conducts a directed share issue

The Board of Directors of Bluelake Mineral AB (publ) ("Bluelake Mineral" or "the Company") has today, with the support of an authorization from the Annual General Meeting held 2022-05-12, decided on a new share issue directed towards a group of private investors (the "Investors") of a maximum of 1,395,349 shares at a subscription price of SEK 2.15 per share at a total value of approximately MSEK 3 (the "Share Issue").

The Share Issue means that the share capital may increase by a maximum of SEK 139,534,90 through a new issue of a maximum of 1,395,349 shares. According to the terms, the subscription of shares must be made on a separate subscription list no later than October 18, 2022, whereby payment also must be made. Payment for subscribed shares shall be made in cash. The Share Issue has been subscribed for in full.

As previously announced, in July this year the Company entered into an agreement (the "Agreement") with a group of private investors, whereby the Company raised a loan from such investors amounting to a total of MSEK 8 (the "Loan") to partly, as part of the Company's subscription of shares in Mahvie Minerals AB which at that time was the Company's subsidiary, finance Mahvie Minerals and to partly to strengthen the Company's cash position. The Investors provided the Loan. The Share Issue is carried out at the request of the Investors in accordance with the terms of the Agreement. The issue proceeds from the Share Issue shall be used in its entirety to repay MSEK 3 of the Loan.

The Board considers that the subscription price of SEK 2.,15 per share is market-based as it corresponds to the Company's share volume weighted average price (VWAP) on NGM Nordic SME during five consecutive trading days (September 20-26, 2022) during the last 15 trading days after deduction of 10 percent discount. The reason for the deviation from the shareholders' preferential rights is to fulfil the Company's obligations under the Agreement. The Share Issue further aims to secure the continued financing of the Company as the issue proceeds will be used to repay MSEK 3 of the Loan. In light of the above, the Board of Directors considers that the Share Issue directed towards the Investors will be to the benefit of the Company and its shareholders.


Stockholm, October 2022

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 October 11, 2022, at 13.30 PM CET, by the contact person below.

Additional information

For additional information, please contact:
Peter Hjorth, CEO, Bluelake Mineral AB (public), 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.


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.


Bluelake Mineral AB (publ) (the "Company" or "Bluelake Mineral") notes that in Brussels on Thursday, March 16, the EU presented a proposal for legislation regarding critical raw materials called the European Critical Raw Materials Act ("CRMA"). The bill on critical raw materials is being put forward by the EU to support domestic capacity and strengthen sustainability work around value chains based on critical raw materials within the EU. The objective is to enable the green transition, securing digitization, and protecting the defense and space industry in Europe. According to the proposal, increased European access to metals and minerals is required to cope with climate change and strengthen the EU's degree of self-sufficiency. In the proposal, there are demands for significantly faster permit processes, something that has been a problem in Sweden. In CRMA, 34 so-called critical raw materials are identified and of these, 16 are deemed to be of particular strategic importance. Among those of strategic importance are copper occurring in Bluelake Minerals' projects Stekenjokk-Levi and Joma, as well as nickel and cobalt occurring in the Company's project Rönnbäcken. With regard to the strategic raw materials, the EU sets several targets, for example that at least 10% of the EU's annual consumption of strategic raw materials must be mined within the EU by 2030.


The shareholders of Bluelake Mineral AB (publ), company registration no 556493-3199 (the "Company"), are hereby invited to participate in the Extraordinary General Meeting ("EGM") to be held on March 29, 2023 at 10 am at Brahegatan 29, 114 37 Stockholm, Sweden.


Fourth Quarter 2022 (October - December 2022)

  • Revenue in fourth quarter amounts to MSEK 0.0 (0.0)
  • Exploration and evaluation costs for fourth quarter amounts to MSEK 0.0 (-2.8)
  • After-tax result for the fourth quarter amounts to MSEK -4.2 (-2.2)
  • Result per share for fourth quarter amounts to SEK -0.08 (-0.04)

Full Year 2022 (January - December 2022)

  • Revenue for full year amounts to MSEK 7.9 (0.0)
  • Exploration and evaluation costs for full year amounts to MSEK -3.5 (-5.0)
  • After-tax result for full year amounts to MSEK -6.2 (-14.4)
  • Result per share for full year amounts to SEK -0.11 (-0.07)

Bluelake Mineral AB (publ) (the "Company" or "Bluelake Mineral") has, as previously announced via the subsidiary Vilhelmina Mineral AB, applied for exploitation concessions for the areas Stekenjokk K no. 1 and Levi K no. 1 in Vilhelmina and Strömsund municipalities. After the County Administrative Board in Västerbotten County granted a Natura 2000 permit for mining operations in the area, the Swedish Mining Inspectorate has resumed processing the applications for exploitation concessions. During this process, the Swedish Mining Inspectorate has drawn attention to the issue of mineral resource assessment, after which the Company now has expressed its opinion on the matter to the Swedish Mining Inspectorate.


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. The process related to the zoning plan and re-start of the Joma mine involves social and political processes with many stakeholders both locally, regionally and nationally to establish legitimacy. In order to further strengthen the organization and the network of contacts, Joma Gruver has recruited Bjarne Håkon Hanssen as strategic advisor and head of communication. Hanssen is a former minister in two Norwegian governments under Jens Stoltenberg as Prime Minister and Hanssen was, among other things, Minister of Labor and Integration and was then responsible for coordinating the government's work on various Sami issues, including regular consultations with the Sami Parliament. Hanssen takes up his new role in Joma Gruver immediately.