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 May 26, 2021, decided on a new share issue directed towards a private investor (the "Investor") of a maximum of 1,145,161 shares at a subscription price of SEK 0.93 per share at a total value of MSEK approximately SEK 1,065,000 (the "Share Issue").

The Share Issue means that the share capital may increase by a maximum of SEK 114,516.10 through a new issue of a maximum of 1,145,161 shares. Subscription of shares must be on a separate subscription list by no later than December 17, 2021, whereby payment also must be made. Payment for subscribed shares must be made in cash. The Share Issue has been subscribed for in full.

As previously announced, in August 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 5 (the "Loan") to finance a Preliminary Economic Assessment regarding the nickel project Rönnbäcken in Sweden and to strengthen the Company's cash position. The Investor provided part of the Loan. At the beginning of September this year, SEK 4 million of the Loan was repaid by directed share issue. The Share Issue is carried out at the request of the Investor in accordance with the terms of the Agreement. The issue proceeds from the Share Issue shall be used in its entirety to repay the remaining MSEK 1 of the Loan plus accrued interest of SEK 65,000.

The Board is of the view that the subscription price of SEK 0.93 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 (November 25 - December 1, 2021) 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 aims to secure the continued financing of the Company as the issue proceeds will be used to repay the remaining MSEK 1 of the Loan plus accrued interest. 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.

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Stockholm, December 2021
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 December 14, 2021, at 08.40 am CET, by the contact person above.

Additional information

For additional information, please contact:
Peter Hjorth, Managing Director, Bluelake Mineral AB (publ), phone +46-725 38 25 25
Email: info@bluelakemineral.com 

General information about the Company

Bluelake Mineral AB (publ) 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 (November 2021) Mineral Resource estimate by SRK Consulting, contains 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 in 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/tonne).

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 668 million tonnes with an average grade of 0.176% nickel ("measured and indicated"). The preliminary economic assessment that SRK completed predicts a production of 26,000 tonnes 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 Mining Oy, 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

2021-12-14
Regulatory

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 May 26, 2021, decided on a new share issue directed towards a private investor (the "Investor") of a maximum of 1,145,161 shares at a subscription price of SEK 0.93 per share at a total value of MSEK approximately SEK 1,065,000 (the "Share Issue").

2021-12-09
Regulatory

Bluelake Mineral AB (publ) ("Bluelake Mineral" and "the Company"), has, as previously announced, via its Norwegian subsidiary Joma Gruver AS, entered into an agreement with SRK Consulting AB ("SRK") to conduct Mineral Resource Estimates ("MRE") for mineralization at Joma (Norway) and Stekenjokk-Levi (Sweden). SRK has previously on July 29, 2021, presented a preliminary Mineral Resource Statement for Joma.  SRK now has completed an updated Mineral Resource estimate for Joma based on revised metal prices for copper and zinc and also including the so called Joma South deposit which had not formed part of the original estimate. The updated MRE amounts to Indicated Mineral Resources of some 6.0 Mt with a mean Cu and Zn grade of 1.00% and 1.66% respectively and Inferred Mineral Resources of some 1.2 Mt with a mean Cu and Zn grade of 1.2% and 0.7% respectively.  The NSR (Net Smelter Return) value for the Indicated Mineral Resource is estimated to 95.95 USD/t and 97.0 USD/t for the Inferred Mineral Resource.

2021-11-24
Regulatory

Bluelake Mineral AB (publ) ("Bluelake Mineral" and "the Company"), has as previously announced, via its Norwegian subsidiary Joma Gruver AS entered into an agreement with SRK Consulting AB ("SRK") to conduct Mineral Resource Estimates ("MRE") for mineralization at Joma (Norway) and Stekenjokk-Levi (Sweden). SRK now has completed the MRE for Stekenjokk-Levi stating inferred mineral resources of 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 % Cu, 1.5 % Zn, 0.1 % Pb, 22 Ag g/t and 0.2 g/t Au for Levi. The Net Smelter Return ("NSR") value for the inferred mineral resources is estimated to 128 USD per tonne for Stekenjokk and 105 USD per tonne for Levi.

2021-11-19
Regulatory

Third quarter 2021 (July - September)

  • Revenue in third quarter amounts to MSEK 0.0 (1.2)
  • Exploration and evaluation costs for third quarter amounts to MSEK -1.0 (-2.2)
  • After-tax result for the third quarter amounts to MSEK -2.4 (-87.6)
  • Result per share for third quarter amounts to SEK -0.05 (-0.15)

First nine months 2021 (January - September) 

  • Revenue for first nine months amounts to MSEK 0.7 (1.2)
  • Exploration and evaluation costs for first nine months amounts to MSEK -2.2 (-2.3)
  • After-tax result for first nine months amounts to MSEK -12.1 (-265.9)
  • Result per share for first nine months amounts to SEK -0.28 (-0.46)
2021-11-15
Regulatory

As previously announced, Bluelake Mineral AB (publ) ("Bluelake Mineral" or "the Company"), has via its Swedish subsidiary Vilhelmina Mineral AB (publ) ("Vilhelmina Mineral") submitted an application for a Natura 2000 permit on May 3, 2021, in accordance with the Environmental Code to the County Administrative Board of Västerbotten. Subsequently, as previously announced, the County Administrative Board of Västerbotten has decided that a supplement to the application is required regarding, among other things, the impact on the surrounding water systems. Vilhelmina Mineral now has submitted its supplement to the application to the County Administrative Board in which the key conclusion is that the potential negative impact from planned mining operations is very limited on the Natura 2000 area and a Natura 2000 permit should be granted.

2021-10-01
Regulatory

Bluelake Mineral AB (publ) ("Bluelake Mineral" and "the Company"), has as previously announced, via its Swedish subsidiary Nickel Mountain AB ("Nickel Mountain") entered into an agreement with SRK Consulting AB ("SRK Consulting") to conduct a preliminary economic assessment ("PEA") of the Rönnbäcken nickel project in Sweden. As a supplementary analysis to the PEA, Nickel Mountain has now appointed consultant Minviro Ltd ("Minviro") to conduct a so called life cycle assessment ("LCA") including analysis of CO2 footprint and other environmental impact from the Rönnbäcken project.

2021-09-07
Regulatory

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 May 26, 2021, decided on a new share issue directed towards a group of private investors (the "Investors") of a maximum of 3,305,784 shares at a subscription price of SEK 1.21 per share at a total value of MSEK 4 (the "Share Issue").

2021-09-02

As previously announced, Bluelake Mineral AB (publ) ("Bluelake Mineral" or "the Company"), has via its Swedish subsidiary Vilhelmina Mineral AB (publ) ("Vilhelmina Mineral") applied for an exploitation concession within the exploration permits Levi K no. 1 and Stekenjokk K no. 1 in Vilhelmina municipality. In its statement to the Swedish Mining Directorate, the County Administrative Board of Jämtland has previously recommended that an exploitation concession for Stekenjokk K no. 1 should be granted. However, during the ongoing examination of the exploitation concession application, the County Administrative Board of Västerbotten has declared that an examination according to Natura 2000 is required for both of the applied exploitation concessions before a final assessment can be made. Therefore, Vilhelmina Mineral submitted a separate application for a Natura 2000 permit on May 3, 2021, in accordance with the Environmental Act to the County Administrative Board of Västerbotten. Subsequently, as previously announced, the County Administrative Board of Västerbotten has decided that a supplement to the application is required regarding, among other things, the impact on the surrounding water systems. The Company therefore has appointed the consulting company Pelagia Nature & Environment ("Pelagia") to carry out biotope mapping and wetland inventory at Stekenjokk and the upper Saxån river during the autumn of 2021.

2021-08-16
Regulatory

Bluelake Mineral AB (publ) ("Bluelake Mineral" and "the Company") will via its Norwegian subsidiary Joma Gruver AS ("Joma Gruver") participate in a meeting on August 18, 2021 with Røyrvik municipality in Trøndelag to present a zoning plan in relation to plans for restart of the copper and zinc mine in Joma. At the meeting, Joma Gruver will report regarding planned mining operations and the expected social, economic and environmental impact. The zoning plan and approximately 20 impact assessment studies for various areas (which have been published previously) will form the basis for the municipality's decision during the autumn concerning the zoning plan, which is an important step in the Norwegian permit process. Joma Gruver is of the opinion that a restart of the mine can have far-reaching positive consequences in several areas. Through an estimated investment of more than NOK 500 million, the mine will create many direct and indirect jobs and could function as a growth engine both locally and regionally. The number of inhabitants in the municipality is estimated to increase by approximately 25 % and create increased financial resources for further growth. The mine will be established and operated according to strict principles of sustainability with the least possible impact on the local environment and other sensitive and valuable interests such as nature, hunting, fishing and reindeer husbandry. As copper and zinc can be produced locally instead of being imported from other continents, the Joma mine would also contribute to the global environment through, among other things, lower carbon dioxide emissions.

2021-08-02
Regulatory

Bluelake Mineral AB (publ) ("Bluelake Mineral" and "the Company"), has via its Swedish subsidiary Nickel Mountain AB entered into an agreement (the "Agreement") with SRK Consulting AB ("SRK Consulting") to conduct a preliminary economic assessment ("PEA") of the Rönnbäcken nickel project in Sweden.

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