Bluejay Mining PLC (LON:JAY) has refuted speculation regarding a potential fundraise, saying it is not considering one at this time.
The AIM-listed mining group said whilst it is likely that it would require additional funding at a future date, its current cash balance is in excess of £15mln and that it remained focused on the development of its Dundas Ilmenite Project in Greenland, with the 2018 fieldwork programme due to commence in June and run through to October.
READ: Bluejay will shortly commence fieldwork at Dundas with a view to delivering a significant resource upgrade
Bluejay added that its strategy is to an offtake partner and commence commercial production at Dundas in the near term in order to create a company capable of self-funding exploration on current projects and future acquisitions.
In a previous announcement on 22 May, the group said its internal estimates for Dundas indicated that it should be possible to define additional resources in excess of 100mln tonnes.