Press Releases

Bulletin from Annual General Meeting in Bluelake Mineral

The shareholders of Bluelake Mineral AB (publ) ("Bluelake" or the "Company") have held an Annual General Meeting on May 26, 2021 (the "AGM") whereby the following main decisions were made.

Adoption of annual report
The AGM resolved to approve the income statement and balance sheet in accordance with the submitted annual report. The profits are disposed of so that SEK 44,714,994 is transferred to a new account. The Board of Directors and the CEO were granted discharge from liability for the financial year 2020.

Board and auditor elections and fees
In the election of ordinary board members, My Simonsson, Patric Perenius, Peter Hjorth, Jonas Dahllöf and Neil Said were re-elected. Neil Said was re-elected Chairman of the Board. Remuneration to the Board for the period until the next AGM is SEK 120,000 to each ordinary Board member and the Chairman of the Board shall receive SEK 140,000 in Board fee. Öhrlings PricewaterhouseCoopers AB was re-elected as the Company's auditor with Henrik Boman being appointed principal auditor. The auditor shall be remunerated against an approved bill.

Incentive program for certain key executives & board of directors
The AGM resolved on the adoption of a long-term incentive program for certain key executives through a directed issue of a maximum of 1,910,000 warrants, entailing an increase of the share capital upon full exercise with a maximum of SEK 191,000. The right to subscribe for the warrants shall, with deviation from the shareholders' pre-emptive rights, only vest in certain key employees in the Company in accordance with the following principles regarding categories of allotment: (i) the managing director: not more than 1,350,000 warrants and (ii) other key executives (CFO and chief geologist): not more than 280,000 warrants each. Further, the AGM resolved on the adoption of a long-term incentive program for the board of directors through a directed issue of a maximum of 1,190,000 warrants, entailing an increase of the share capital upon full exercise with a maximum of SEK 119,000. The right to subscribe for the warrants shall, with deviation from the shareholders' pre-emptive rights, only vest in certain existing and proposed members of the board of directors of the Company, in total 4 board members, whereof the chairman of the board shall be entitled to subscribe for a maximum of 350,000 warrants and the other board members shall be entitled to subscribe for a maximum of 280,000 warrants each.

The warrants shall be subscribed for on market terms and the subscription price shall correspond to an estimated market value for the warrants, applying the Black & Scholes valuation model in accordance with a valuation carried out by PwC. One (1) warrant entitles the holder to subscribe for one (1) new share in the Company at a subscription price corresponding to 125 percent of the volume-weighted average price for the Company's share according to NGM Nordic SME's official stock price list during ten (10) trading days immediately after the record date for the distribution of all of the Company's shares in Mezhlisa Holding AB (publ) resolved at an extraordinary general meeting held 2021-04-30, but not lower than the share's quota value (SEK 0.10 / share). Subscription of shares with the support of warrants can take place during the following subscription periods: a) the two-week period beginning immediately after the date of publication of the Company's quarterly report for the first quarter of 2024; and b) the two-week period beginning immediately after the date of publication of the Company's quarterly report for the second quarter of 2024.

Authorizations
The AGM resolved to authorize the Board of Directors to, without deviation from the shareholders' preferential rights, until the time of the next AGM, on one or more occasions, decide on a new issue of shares, warrants and / or convertibles. The Company's share capital and the number of shares may, with the support of the authorization, be increased by a total of an amount or number that falls within the limits of the current Articles of Association. The AGM further resolved to authorize the Board of Directors, with a deviation from the shareholders' preferential rights, until the time of the next AGM on one or more occasions, to decide on a new issue of a maximum of 8,300,000 shares, warrants and / or convertibles.

Other
For more detailed information on the content of the resolutions, please refer to the notice convening the AGM and the complete proposals that are available on the Company's website. All decisions were made unanimously. The annual report for the year 2020 can be requested from the Company. It is also available at www.bluelakemineral.com. Report for the first quarter of 2021 was submitted on May 21, 2021. Report for the second quarter of 2021 will be submitted on August 20, 2021.

Additional information

For additional information, please contact:
Peter Hjorth, CEO, 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 mine development of copper and zinc resources as well as exploration of primarily nickel, gold and oil.

The Company owns approximately 99% 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 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 tons with an average grade of 0.176% 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 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.

2021-06-08
Regulatory

Bluelake Mineral AB (publ) ("Bluelake Mineral" or "the Company") has, in accordance with a resolution from the Extraordinary General Meeting on April 30, 2021, made a dividend in kind of all shares in Mezhlisa Holding AB (publ) ("Mezhlisa"). The record date was May 12, 2021. The Swedish Tax Agency has published information on the distribution of the acquisition cost based on the so called Lex Asea.

2021-06-01
Regulatory

As previously announced, Bluelake Mineral AB (publ), ("the Company" or " Bluelake Mineral") and its Norwegian subsidiary Joma Gruver AS, have continued work related to the permitting process in Norway and hired environmental consultant Multiconsult Norge AS for the implementation of the so-called planning process, including a number of impact assessment studies and a zoning plan. The work is proceeding according to plan with a constructive dialogue with authorities and local and regional stakeholders. The Company hereby publishes some 20 documents that make up the major part of the of the application for approval of the zoning plan at Røyrvik municipality where the Joma mine is located. The zoning plan with impact assessments will be discussed in a so-called regional planning forum on June 16 and the documents form the basis for this meeting. In this meeting, issues concerning reindeer husbandry and the environment will be the main topics.

2021-05-26
Regulatory

The shareholders of Bluelake Mineral AB (publ) ("Bluelake" or the "Company") have held an Annual General Meeting on May 26, 2021 (the "AGM") whereby the following main decisions were made.

2021-05-21
Regulatory

First Quarter 2021 (January - March)

  • Revenue in first quarter amounts to MSEK 0.0 (0.01)
  • Exploration and evaluation costs for first quarter amounts to MSEK -1.5 (-0.01)
  • After-tax result for the first amounts to MSEK -3.1 (8.3)
  • Result per share for first quarter amounts to SEK -0.004 (0.02)
2021-05-19
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 Extraordinary General Meeting held 2020-12-17, decided on a new share issue directed towards KAZ Invest AB ("KAZ Invest") of a maximum of 6,837,607 shares at a subscription price of SEK 1.17 per share at a total value of 8 MSEK.

2021-05-19
Regulatory

Bluelake Mineral AB (publ) ("Bluelake Mineral" or the "Company") has decided to initiate a review of strategic alternatives for its subsidiary Nickel Mountain AB ("Nickel Mountain"), which holds the nickel project Rönnbäcken, in order to maximize its future potential. Rönnbäcken is one of the largest, unexploited nickel deposits in Europe with the potential as a strategic resource for both the European battery technology vertical and the European steel vertical.

2021-05-11

Bluelake Mineral AB (publ) ("the Company" or "Bluelake Mineral"), has via its Swedish subsidiaries Vilhelmina Mineral AB (publ) ("Vilhelmina Mineral") and Nickel Mountain AB ("Nickel Mountain") from the Swedish Mining Inspectorate obtained extension with one year for each of four exploration permits named Kattisavan nr 4 (gold), Orrbäcken nr 4 (nickel), Blåsjön Syd nr 2 and Ankarvattnet nr 2 (copper and zinc)

2021-05-03
Regulatory

As previously announced, Bluelake Mineral AB (publ) ("the Company" or "Bluelake Mineral"), 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 has now submitted a separate application for a Natura 2000 permit in accordance with the Environmental Act to the County Administrative Board of Västerbotten.

2021-04-30
Regulatory

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. 

2021-04-23
Regulatory

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.

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