Bluelake Mineral AB (publ) ("Bluelake Mineral" and "the Company") has, as previously announced, restructured operations during the past year with, among other things, the two company acquisitions of Vilhelmina Mineral and Palmex Mineral, as well as a change of the Company name. Due to this and as a service to shareholders and investors, the Company is now publishing a new website. Visit us at https://www.bluelakemineral.com
Stockholm, January 2021
Bluelake Mineral AB (publ)
The Board of Directors
For additional information, please contact:
Peter Hjorth, Managing Director, Bluelake Mineral AB (publ), phone +46-725 38 25 2
General information about the Company
Bluelake Mineral AB (publ) is an independent Swedish company active in mine development of copper and zinc resources as well as exploration of primarily nickel, gold and oil.
The Company owns approximately 95% of the subsidiary Vilhelmina Minera AB (publ)l, which is focusing on the development of copper and zinc deposits in the Nordic region. In Sweden, the Company owns Stekenjokk, where a total of approximately 7 million tons of ore was mined between 1976 and 1988. According to previous resource estimates, there is a remaining indicated mineral resource of approximately 7.4 million tons with grades of 1.17% Cu, 3.01% Zn and 47 g/ton Ag (at cut-off grade of 0.9% Cu). In Norway, the Company is owner in the Joma field, where approximately 11.5 million tons of ore was processed between 1972 and 1998 with an average grade of 1.5% Cu and 1.5% Zn. The Joma field (excluding Gjersvik) is estimated to contain an additional indicated mineral resource of approximately 5.7 million tons with grades amounting to 1.55% Cu and 0.82% Zn (at cut-off grade 0.8% Cu).
In 2017, the Company acquired the Cypriot company Mezhlisa Resources Cyprus Ltd ("Mezhlisa"). At the end of 2020, the Company transferred the ownership of all shares in Mezhlisa to the newly formed subsidiary Mezhlisa Resources AB. Through the Russian subsidiary OOO Bakcharneftegaz (BNG), Mezhlisa controls 71-1 exploration and production licenses in the Tomsk region of Russia. Mezhlisa is currently registered as the owner of 72.3809 percent of BNG. Mezhlisa has, based on that, access to the exploration and evaluation project that BNG acquired at a public auction in August 2010, license 71-1 "Ellej-Igajskoje" in Tomsk Oblast, Russia. The Company conducts an exploration program of oil and gas assets on licenses 71-1 which has shown significant potential.
In addition, the Company owns the nickel projects Rönnbäcken (which is Europe's largest known undeveloped nickel resource) and Orrbäcken in Sweden. According to the mining consulting company SRK, the Rönnbäcken project contains a mineral resource of approximately 574 million tons with an average grade of 0.0174% nickel ("measured and indicated"). The preliminary economic assessment that SRK completed predicts a production of 26,000 tons of high-grade nickel concentrate per year for 20 years, which would be a significant proportion of Sweden's total annual use of nickel which thereby has a strategic value. Orrbäcken is an exploration license that is considered to have potential as a nickel deposit.
The Company owns the gold project Haveri, through its subsidiary Palmex Mineral AB, which in 2014 carried out a so-called Preliminary Economic Assessment (PEA) prepared by SRK Consulting. This report estimates 1.56 million oz. historically inferred mineral resource of gold equivalents with a grade of 0.93 g/t gold.) Kattisavan is mainly 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.
Bluelake Mineral AB (publ) ("Bluelake" or "the Company") hereby published the annual report for 2020. The annual report has been audited by the Company's auditor and is also available at the Company's website www.bluelakemineral.com.
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") which is held on May 26, 2021 at 10 am at Brahegatan 29, 114 37 Stockholm, Sweden.
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 April 30, 2021 at 10 am at Brahegatan 29, 114 37 Stockholm, Sweden.
Bluelake Mineral AB (publ) ("Bluelake" or the "Company") has today decided to allot 177,603 shares in the Company against consideration of 330,726 shares in Vilhelmina Mineral AB (publ) ("Vilhelmina Mineral"), after which the Company holds a total of 99.2 percent of all outstanding shares in Vilhelmina Mineral.
Bluelake Mineral AB (publ) ("Bluelake Mineral" or "the Company") Bluelake Mineral today decided to offer the remaining shareholders in Vilhelmina Mineral AB (publ) ("Vilhelmina Mineral") to sell all their shares in Vilhelmina Mineral to the Company in exchange for receipt of newly issued shares in the Company (through a non-cash share issue) for the same consideration and otherwise on essentially the same terms as the sale of shares in Vilhelmina Mineral to the Company that took place in the summer of 2020, taking into account the reverse share split in the Company resolved at the Extraordinary General Meeting on December 17, 2020. As a result, the Board today decided to carry out a new issue of a maximum of 298,767 shares (the "Non-Cash Issue") through payment in kind of a maximum of 543,214 shares (the "Non-Cash Property") in Vilhelmina Mineral corresponding to approximately 1.9 percent of the shares in Vilhelmina Mineral.
Fourth Quarter 2020 (October - December 2020)
- Revenue in fourth quarter amounts to MSEK 0.0 (0.0)
- Exploration and evaluation costs for fourth quarter amounts to MSEK -1.6 (0.0)
- After-tax result for the fourth quarter amounts to MSEK -3.8 (-7.2)
- Result per share for fourth quarter amounts to SEK -0.01 (-0.02)
Full Year 2020 (January - December 2020)
- Revenue for full year 2020 amounts to MSEK 1.2 (0.0)
- Exploration and evaluation costs for 12 months 2020 amounts to MSEK -3.8 (-0,2)
- After-tax result for full year 2020 amounts to MSEK -274.1 (-5.8)
- Result per share for full year 2020 amounts to SEK -0.48 (-0.01)
Bluelake Mineral AB (publ) ("Bluelake Mineral" and "The Company") has, via Norwegian subsidiary Joma Gruver AS, entered into an agreement (the "Agreement") with SRK Consulting AB ("SRK Consulting") to conduct updated mineral resource estimates ("MRE") for the mineralizations in Joma in Norway and in Stekenjokk-Levi in Sweden.
The extraordinary general meeting in Bluelake Mineral AB (publ) (the "Company") held on 17 December 2020 (the "Extraordinary General Meeting") resolved on a reversed share split whereby 20 existing shares are merged into one (1) new share, in order to achieve a number of shares appropriate for the Company (the "Reverse Share Split"). The Board of Directors of the Company has today, based on the authorization from the Extraordinary General Meeting, decided that the record date for the Reverse Share Split shall be on January 11, 2021.