Discovering and developing Greenland's mineral wealth

Corporate Presentation

January 2021

Disclaimer

Corporate

This presentation ('Presentation'), and the information contained herein, is not for viewing, release, distribution or publication into or in the United States or any other jurisdiction where applicable laws prohibit its release, distribution or publication. This Presentation is being issued by Bluejay Mining plc (the 'Company' or 'Bluejay') for information purposes only. The content of this Presentation has not been approved by an authorised person for the purposes of Section 21(2)(b) of the Financial Services and Markets Act 2000. Reliance on this Presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. This Presentation is not an admission document or an advertisement and does not constitute or form part of, and should not be construed as, an offer or invitation to sell or any solicitation of any offer to purchase or subscribe for any shares in the Company ('Shares') in the United States or any other jurisdiction.

Neither the Presentation, nor any part of it nor anything contained or referred to in it, nor the fact of its distribution, should form the basis of or be relied on in connection with or act as an inducement in relation to a decision to purchase or subscribe for or enter into any contract or make any other commitment whatsoever in relation to any Shares. Whilst the Presentation has been prepared in good faith, no representation or warranty, express or implied, is given by or on behalf of the Company, its respective directors and affiliates or any other person as to the accuracy or completeness of the information or opinions contained in this Presentation and no responsibility or liability whatsoever is or will be accepted by the Company, its respective directors and affiliates or any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith. Any such liability is expressly disclaimed. The contents of this Presentation are confidential and may not be copied, distributed, published or reproduced in whole or in part, or disclosed or distributed by recipients to any other person. No reliance may be placed for any purpose whatsoever on the information or opinions contained in this Presentation or on its completeness, accuracy or fairness. Certain statements, beliefs and opinions in this Presentation are forward-looking, which reflect the Company's or, as appropriate, the Company's directors' and/or proposed directors' current expectations and projections about future events. By their nature, forward- looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Although reasonable care has been taken to ensure the facts stated in this Presentation are accurate and that the assumptions expressed are fair and reasonable the information in this Presentation, which includes certain information drawn from public sources, does not purport to be comprehensive, and has not been independently verified and is liable to change. The date of this Presentation is November 2016. Forward-looking statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this document. Recipients should not treat the contents of this Presentation as advice relating to legal, taxation or investment matters, and are to make their own assessments concerning these and other consequences of the various investments, including the merits of investing and the risks. Recipients are advised to conduct their own due diligence. Accordingly, recipients should note that the Brokers are neither advising nor treating as a client any other person and will not be responsible to anyone other than the Company for providing the protections afforded to clients of the Brokers under the COBS nor for providing advice in relation to the proposals contained in this Presentation. The promotion of the Shares and the distribution of this Presentation in the United Kingdom are restricted by law. Accordingly, this Presentation is directed only at (i) persons outside the United Kingdom to whom it is lawful to communicate it, or (ii) persons having professional experience in matters relating to investments who fall within the definition "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the 'Order'), or (iii) high net worth companies,

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  1. that you are permitted, in accordance with all applicable laws of all applicable jurisdictions, to receive such information. This Presentation (including its contents) is confidential and is for distribution only to a limited number of companies or persons and their professional advisers selected by the Company and its financial adviser for that purpose. It is not intended to be distributed or passed on, directly, or indirectly, to, and may not be read by, any other persons without the express written consent of the Company. This Presentation is being supplied to you solely for your information and may not be copied, reproduced, further distributed to any other person or published, in whole or in part, for any purpose. The distribution of this Presentation in certain non-UK jurisdictions may be restricted by law and therefore persons into whose possession this document comes should inform themselves about and observe any such restrictions. Any such distribution could result in a violation of the law of such jurisdictions. Neither this document nor any copy of it may, subject to certain exemptions, be taken or transmitted into Australia, Canada, Japan, South Africa, Singapore, or the US or distributed to these countries or to any national, citizen or resident thereof or any corporation, partnership or other entity created or organised under the laws thereof. This Presentation does not constitute or form any part of an offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe or otherwise acquire, any ordinary shares in the Company in any jurisdiction. No person other than Company is authorised to give any information or to make any representation other than as contained in this document and, if given or made, such information or representation must not be relied upon as having been authorised by the Company. This Presentation has been delivered to interested parties for information only and on the express understanding that they shall use it only for the purpose set out above. The distribution of this Presentation shall not be deemed to be any form of commitment on the part of the Company to proceed with any transaction. Any dispute, action or other proceeding concerning this presentation shall be adjudicated within the exclusive jurisdiction of the courts of England. All material contained in this Presentation (including in this disclaimer) shall be governed by and construed in accordance with the laws of England and Wales. Please note that the information in this Presentation has yet to be announced or otherwise made public and as such constitutes inside information as defined by Market Abuse Regulation, relevant information for the purposes of section 118 of FSMA and non-public price sensitive information for the purposes of the Criminal Justice Act 1993. You should not therefore deal in any way in the securities of the Company until after the formal release of an announcement by the Company as to do so may result in civil and/or criminal liability. Issued by Bluejay, a company incorporated in the England and Wales under number 07245568. The information in this presentation that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Roderick McIllree, who is Chief executive of the Company and a Member of The Australasian Institute of Mining and Metallurgy. Mr McIllree has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves".

Appendix Investment Case Wider Portfolio Disko Project Dundas Project

2 Bluejay Mining plc - Corporate Presentation - January 2021

Overview

London, OTCQB & FSE listed, and OCTQB traded, resource development company

Multiple large-scale natural resource projects under development

  • Exploitation licence granted at Dundas - progressing to production

Focused on Greenland

  • Recognised as one of the last undeveloped resource regions in the world

Taking advantage of macro trends

  • Commodity exposure includes ilmenite (the main source of titanium dioxide), nickel, lead, zinc, titanium, silver, copper, cobalt and platinum

Proven delivery capabilities

  • From exploration through to imminent exploitation

International network of strategic partners

Strong institutional backing, including Greenlandic and Danish government backed organisations; Vaeksfonden and Greenland Venture;

Defined development plan to create value for all stakeholders

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

3 Bluejay Mining plc - Corporate Presentation - January 2021

Portfolio Snapshot

1

Dundas Ilmenite Project | Greenland

The world's highest-grade and permitted mineral sands ilmenite project

Current JORC resource of 117Mt @ 6.1% ilmenite in situ

Exploration target of between 300Mt and 530Mt

2

Disko | Greenland

Significant 2,776km2 project

Similar characteristics to the world's largest nickel/copper sulphide mine

3

Thunderstone | Greenland

Large regional scale project of over 2,500km2

Potential to host gold, nickel, copper, PG, lead, zinc and uranium

Maiden field programme completed

4

Kangerluarsuk | Greenland

692km2 licence area

Historical work has recovered grades of 41% zinc, 9.3% lead and 596 g/t silver

5FinlandPortfolio of historic polymetallic assets >28,000 hectares

  • Rio Tinto earn-in at the Enonkoski Project

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

4 Bluejay Mining plc - Corporate Presentation - January 2021

Commodity Exposure - Tapping into Global Trends

Corporate

Global GDP Metals

Society Key Metals

Sustainable Growth

Green Energy Metals

Battery Metals

Electrification Metals

Strong & Light Material

Dundas Ilmenite [Ti]

[greenfield]

Kangerluarsuak Zn-Pb-Ag

[greenfield]

Hammaslahti Zn-Cu-Au-Ag

[brownfield]

Dundas Ilmenite [Ti]

[greenfield]

Disko Ni-Cu-Co-PGE-Au

[greenfield]

Outokumpu Cu-Co-Ni-Au

[brownfield]

Enonkoski Ni-Cu-Co

[brownfield]

Appendix Investment Case Wider Portfolio Disko Project Dundas Project

5 Bluejay Mining plc - Corporate Presentation - January 2021

Greenland - an Attractive Location

Bluejay benefits from first mover advantage and extensive in country operational experience

A European mineral region with an established and transparent regulatory environment

Geological studies highlight the potential

of this large, highly prospective but underdeveloped country

Greenland is a low-risk,pro-mining

jurisdiction, facilitating capital allocation from European agencies

Strategically located with access to

North America & European markets

Over 100 years of data from GEUS

enforces regional understanding

Increasingly recognised as one of the

last resource frontiers

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

6 Bluejay Mining plc - Corporate Presentation - January 2021

GREENLAND

The Dundas Ilmenite Project

An exceptional low-cost,high-grade ilmenite project

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

Exploitation Licence Awarded

Delivering Production at Dundas

Exploitation Licence awarded by

Gateway to taking the next

the Greenland Government in

important step toward annualised

December 2020

production of 440,000tpa

  • The Licence will allow Dundas to progress towards procurement, construction and ilmenite production. It is valid for an initial period of 30 years and can be extended
  • The licence grants Dundas Titanium A/S the rights to the ilmenite resource
  • The licence covers the onshore portion of Dundas
  • The Environmental Impact Assessment and Social Impact Assessment studies have both been approved as part of the Licence granting process
  • The Impact Benefit Agreement between the Municipality of North-West Greenland, the Government of Greenland and Dundas Titanium A/S has also been signed
  • Throughout the process Bluejay received a high degree of support from all stakeholders

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

8 Bluejay Mining plc - Corporate Presentation - January 2021

Commitment to delivering a sustainable operation

As part of the exploitation licence process, Bluejay undertook extensive

Corporate

environmental and social studies

Environmental Impact Assessment

  • EIA presented three years of extensive environmental surveys and baseline studies
  • Prepared by Orbicon A/S, one of the most experienced environmental service providers with respect to mining operations in Greenland
  • Submitted to The Ministry of Nature and Environment, Government of Greenland
  • Based upon the development scenario as outlined in the optimised PFS, which anticipates a yearly production of 440,000 tonnes of ilmenite concentrate
  • Both onshore and offshore environments investigated and reported
  • No major environmental obstacles or larger impacts found by the EIA

Social Impact Assessment

  • SIA completed and submitted to the Ministry of Industry, Energy & Research, Government of Greenland
  • Key findings of the Study concluded:
    • Dundas judged to have a net positive impact on local communities
    • Substantial public support for Dundas' development demonstrated across the Qaanaaq region as well as throughout Greenland with national stakeholders
    • The new mine is expected to bring significant employment opportunities and economic development to the region and to Greenland in general

Appendix Investment Case Wider Portfolio Disko Project Dundas Project

9 Bluejay Mining plc - Corporate Presentation - January 2021

Master Distribution Agreement

Delivering Dundas ilmenite to key global markets

Master Distribution Agreement signed with large, long established Asian Conglomerate for up to 340,000 tpa - approximately 75% of the expected annual production at Dundas

Agreement approximately a 70% increase compared to the Company's original expectation of up to 200,000 tpa

Agreement will allow Bluejay to continue driving Dundas towards commercial production

The Agreement is for an initial period of five years from commencement of commercial production at Dundas and can be renewed every 12 months.

Pricing per tonne of product will be determined at the time of acceptance as referenced to independent industry data for ilmenite (e.g. TZMI), less a handling commission.

Look to secure additional offtake agreements for the remaining 100,000 tonnes of expected annual production

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

10 Bluejay Mining plc - Corporate Presentation - January 2021

A World Class JORC Resource

Independently proven to be the highest-grade mineral sand ilmenite project globally

Classification

Location

Tonnes

>5mm (%)

>2mm

<63μm

THM (%)

In-Situ TiO2

(kt)

(%)

(%)

(%)

Moriusaq

88,000

27.5

36.1

4.2

27.0

3.1

Indicated

Iterlak East

19,500

15.3

24.0

12.8

22.2

2.2

Iterlak West

4,800

23.2

32.4

13.8

11.9

1.0

Total Indicated

112,300

25.2

33.9

6.1

25.5

2.8

Inferred

Moriusaq

5,000

15.7

23.0

5.7

34.2

4.4

Total Inferred

5,000

15.7

23.0

5.7

34.2

4.4

TOTAL MINERAL RESOURCE

117,300

24.8

33.4

6.1

25.9

2.9

  • Additional upside via an additional Maiden offshore Exploration Target of between 300 to 530 million tonnes at between 0.4% and 4.8% ilmenite (in-situ)
  • Further upside via the Iterlak Delta Exploration Target of between 20 to 60 million tonnes at between 6.0% and 10.0% ilmenite (in-situ)
  • Assessment of the shallow marine area underway where potential for additional resources is being evaluated
  • Opportunity to upgrade the in-situ grade by up to 30% via a simple oversize separation step prior to processing, further enhancing run of mine (ROM) grade and project economics
  • Strong possibility of a large and long-life operation with further expansion potential

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

11 Bluejay Mining plc - Corporate Presentation - January 2021

Dundas - the Licence

Over 30km of strike underpins the resource potential

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

12 Bluejay Mining plc - Corporate Presentation - January 2021

Pre-Feasibility Summary

  • Based on a JORC Compliant Mineral Reserve of 67.1Mt - current Mineral Resource of 117Mt @ 6.1% ilmenite in-situ at a 0% cut-off grade

IRR

NPV5

LOM

Undiscounted net profit

Base Case

32.8%

US$83.1MM

9 year

US$153.1MM

Expanded Case

34.0%

US$130.7MM

11 year

US$247.2MM

  • Ore Reserve presented at a 1.6% TiO2 cut-off grade within an engineered pit design and includes loss and dilution of 4.1% and 4.3% respectively
  • Cut-offgrade for Ore Reserve, assuming a selling price of US$232/t, all in sustaining C3 cost of US$113/t, Greenland royalty of 2.5% and total TiO2 recovery of 79.7%
  • Capital Expenditure:
    • US$245M estimated CapEx with significant improvements expected to be achieved
    • Project finance discussions have commenced with European funding agencies
  • Upside: JORC Exploration Target of between 300-530Mt of ilmenite at an average grade range of 0.4%-4.8% at Shallow Marine and 20-60Mt at an average grade range of 6.0%- 10.0% at the Iterlak Delta

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

13 Bluejay Mining plc - Corporate Presentation - January 2021

Basic Mining Process and Flow Sheet

"Simple mining and processing translates into low CapEx and a highly

competitive cost environment."

Simple, easy & efficient

• Translates into low CapEx

and a highly competitive

cost environment

• 13 km x up 1.5 km - with

average depth of 4.6 m (to

basement)

• All year operation/24-7

• 440.000 tons of ilmenite

concentrate per year

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

14 Bluejay Mining plc - Corporate Presentation - January 2021

Significant Project Milestones

Ship arrived and unloaded in Quebec, Canada

Product at Bluejay Pilot Processing Plant - awaiting separation of heavy mineral concentrate

Award of the Exploitation Licence for Dundas

Master Distribution Agreement signed for up to 340,000 tonnes of annual production

Optimisation of pre-feasibility study - cost savings/alternative solutions, greener solutions, and financing of mine construction

Delivery of Project funding

Commence construction & production

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

15 Bluejay Mining plc - Corporate Presentation - January 2021

WEST GREENLAND

The Disko-Nuussuaq's Nickel, Copper, Cobalt & Platinum Project

Early-mover on large-scale mineralisation analogous to Norilsk-Talnakh with multiple large historical/new datasets acquired and 28 drill-ready targets

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

Disko - A Significant Opportunity

Corporate

  • 2,897km2 licence area
  • Over 30 years of exploration has identified multiple primary drill targets
    • Cominco in the 1980s
    • Falconbridge in the 1990s
    • Vismand Exploration 2003-2011
  • Strong similarities to Norilsk in Siberia - minimum overall resource of 1.3Bt @ 1.8% Ni, 3.6% Cu, 9.5g/t PGM (Naldrett, 1999)*
  • Model confirmed by large MMS boulder assaying 7% Ni, 3% Cu & 2ppm PGE found on licence area*
  • Detailed sulphide inclusion analysis shows Disko has undergone complete sulphide segregation
  • >28 large MMS Ni-Cu-PGE conductor targets identified

Drill ready Ni, Cu & PGE MMS targets on the Nuussuaq Peninsular mainland Greenland

Additional drill ready large scale MMS targets on Disko Island. Targets in the above are Jussi N and Jussi S, Enrico which cannot be seen in the above is behind and underneath the valley floor.

Appendix Investment Case Wider Portfolio Disko Project Dundas Project

17 Bluejay Mining plc - Corporate Presentation - January 2021

Disko - A Potential World Class Nickel Project

Analogy to Norilsk-Talnakh, Siberia - the world's largest nickel district

  • Strong and validated similarities to Norilsk in Siberia
  • Norilsk is the worlds biggest nickel district - minimum overall resource of 1.26Bt @ 1.8% Ni, 3.8% Cu, 10g/t PGM (Naldrett, 1999)*

West Greenland

Siberia

The lines of analogy are:

1. Magma composition (picrate lavas and contamination)

2. Lavas erupted through and into sedimentary basin

3. Fault controls on magma

Corporate

Wider Portfolio Disko Project Dundas Project

conduits

Nuussuaq

Disko

Investment Case

  1. Level of erosion
  2. Sites of sulphide segregation

Appendix

18 Bluejay Mining plc - Corporate Presentation - January 2021

Disko - Field Work Programmes

  • 28 large-scale drill ready targets identified on expanded licence holdings at Disko
  • Extensive exploration and drilling programme planned (deferred due to covid-19)
  • 2019 work programme designed to refine both new and previously defined drill targets by;
    • Reprocessing and validating historical data; and
    • Acquiring new geophysical and geochemical data
  • Work to augment geological understanding of Disko includes;
    • Reprocessing original Titan 24 survey data from six survey areas
    • Magnetic, photogrammetric and hyperspectral imaging surveys
    • Spatiotemporal Geochemical Hydrocarbon ('SGH') survey
    • Mobile Metal Ions survey ('MMI')
    • Geological field work
  • Grab samples from the historical Igdlukunguaq Gossan assayed 1.9% Cu, 3.3% Ni, and 1.1% Cu, 2.8% Ni, confirming the previously identified existence of a Massive Sulphide System ('MMS')
  • Site visit undertaken identified significant and multiple nickel/copper gossans in the licence area
  • Multiple occurrences of nickel and copper sulphide bearing boulders identified throughout licence holdings
  • Prospectivity of total area has been highlighted by major mining companies (such as Anglo American) recently acquiring c.10,000 km2 of licence area surrounding Disko

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

19 Bluejay Mining plc - Corporate Presentation - January 2021

Disko - Development

Ground based exploration work undertaken to identify optimum drill site

Corporate

Area 1 - The Kugg Project, Southern Peninsular

  • Surface sampling confirmed working sulphide system with initial chemical assays in oxidised surface material returning 2.02% nickel, 0.8% copper, 0.2% cobalt
  • Handheld XRF sampling on fresh, polished material returned values averaging between 4.6%-9.3%nickel &
    1.5 - 2.8% copper
  • Completed a Moving Loop, High Powered Electro-Magnetic ('MLEM') survey:
    • Designed to test low resistivity targets identified by previous licensees
    • EM results are currently the subject of detailed evaluation and assessment by the Company and its advisors
  • Fresh sample taken from outcrops show characteristics indicative of large scale Ni-Cu-Co-PGE sulphide segregation, course grained inter-locking crystals of metal sulphides observed in hand specimens, average size +15cm

Area 2 - The Illug Project, Northern Peninsular

  • Data compilation and interpretation has identified numerous additional targets, as well as confirming historically identified anomalies - work is currently ongoing
  • Additional large coincident gravity, magnetic and conductor anomalies identified

Appendix Investment Case Wider Portfolio Disko Project Dundas Project

20 Bluejay Mining plc - Corporate Presentation - January 2021

SOUTH GREENLAND

Thunderstone

Exploration project with the potential to host gold, nickel, copper, PG, lead, zinc and uranium

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

Thunderstone - Demonstrating Significant Extensions

Large regional scale project of over 2,500km2

Potential to host gold, nickel, copper, PG, lead, zinc and uranium

Maiden fieldwork programme completed targeting precious and base metals

347 samples collected

Field observations align with historic geochemical anomalies

Significant southern extension to the Nanortalik gold belt

Data used to refine target areas for a focussed field programme

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

22 Bluejay Mining plc - Corporate Presentation - January 2021

WEST GREENLAND

The Kangerluarsuk Zinc, Lead and Silver Project

Sulphide mineralisation; the next profitable Black Angel in Greenland - with multiple large historical/new datasets acquired and 5+ drill ready targets

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

Kangerluarsuk

  • 692km2 Exploration Licence situated 20km north of the Black Angel Pb- Zn mine in a geologically favourable, starved sub-basin
  • Large scale drill ready targets located in favourable topography
  • Historical results include 41% Zn, 9.3% Pb and 596g/t Ag (20oz of silver/tonne)*
  • Upcoming Maiden drill programme commencing (deferred from 2020 due to covid-19)
    • 20 years of exploration - historical and modern data available within Bluejay's licence area
  • Situated 20km north of the Black Angel Pb-Zn mine in a geologically favourable setting

*Estimates not JORC compliant

  • Abundant Pb-Zn showings
  • Historical results include 41% Zn, 9.3% Pb and 596g/t Ag (20oz silver/t)*

Corporate

Disko Project Dundas Project

Black Angel 20km

Nukavsak Fm

Basement

pelites

gneiss

Discovery zone - outcropping, thin, but high-grade Zn mineralizations near contact to basement (grab samples up to 41 wt% Zn*)

Appendix Investment Case Wider Portfolio

24 Bluejay Mining plc - Corporate Presentation - January 2021

Kangerluarsuk

Development programme aimed at unlocking value

Further refinement of targets; prioritisation

Exploration Licence received

January 2020

  • Maiden drill programme planning and preparation completed
  • 6 drill ready targets
  • Historic sampling by Rio Tinto Zinc underpins resource potential including including up to 1 metre at 41.1% Zn, 0.4 meters at 45.4% Zn and grab samples up to 9.3% Pb, 1.2% Cu and 596 g/t Ag

Black Angel Zn-Pb-Ag Mine:

20 km south of Kangerluarsuk

Production from 1973-1996

Gross Sales 9.454M DKK (1.400M USD)

Net earnings 1.154M DKK (171M USD)

Proposed drill sites and total drill hole depths:

A1-A2 ca 900m, B1-B2 ca 600m, C1-C2 ca 400- 500m

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

25 Bluejay Mining plc - Corporate Presentation - January 2021

FINLAND

Hammaslahti, Enonkoski & Outokumpu

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

FINLAND

  • Three high-grade,multi-element base metal deposits in southern Finland:
    • Hammaslahti Copper Project
    • Enonkoski Nickel-Copper Project
    • Outokumpu Copper Project
  • Finnish assets are cost sustainable in the long term - Bluejay is continuing to assess best ways in which to realise value

27 Bluejay Mining plc - Corporate Presentation - January 2021

JV with Rio Tinto

  • Rio Tinto earn-in agreement at Enonkoski nickel project for up to 75% for US$25 million
    • Stage One - 51% ownership by spending US$5.0 million
    • Stage Two -65% ownership for further expenditure of US$5.0 million
    • Stage Three - 75% ownership for further expenditure of US$10.0 million

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

Investment Case

Strong portfolio of multi-commodity,

Progressing the flagship Dundas

large-scale projects in transparent,

Ilmenite Project to production

low-risk jurisdictions

One of the most significant, highest

Advancing the highly prospective

Strong support from Greenlandic

grade mineral sand ilmenite

Disko Nickel, Copper, Cobalt &

Government and local authorities

deposits in the world with a defined

Platinum Project

and community

path to production

Accomplished Board &

Proven and established

Delivering significant value through

Management team with over 15

development pipeline towards

the partnership with major mining

years of operational experience in

commercial production

corporates

Greenland

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

28 Bluejay Mining plc - Corporate Presentation - January 2021

Rod McIllree

Managing Director

Tel: +44 (0) 20 7907 9326

rod@bluejaymining.com

Kevin Sheil

Corporate Development & Strategy

Tel: +44 (0) 20 7907 9326

kevin@bluejaymining.com

Blytheweigh (Tim Blythe/Megan Ray)

Financial PR

Tel: +44 (0) 20 7138 3204

tim.blythe@blytheweigh.com/megan.ray@blytheweigh.com

Appendix

Key Data

Major Shareholders

Share Price Graph

Major Shareholders

% Shareholding

Sandgrove Capital Management LLP

16.90

M&G plc

13.62

Roderick McIllree

7.69

Investor Information

*as at 08.01.2021

Corporate Structure

Markets

AIM, Frankfurt

& OTCQB

Bluejay Mining Plc (UK)

Share Price *

11.9p

Market Cap *

£116.08m

100%

100%

100%

EPIC

JAY

Disco Exploration

Dundas Titanium A/S

Finland Investments

Shares in Issue *

969,969,397

Limited (UK)

(Greenland)

Limited (UK)

Nomad

SP Angel

Greenland - Disko

Greenland - Dundas

100%

100%

Broker

Hannan &

Greenland - Kangerluarsuk

Partners

FinnAust Mining

FinnAust Mining

Northern Oy

Finland Oy

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

30 Bluejay Mining plc - Corporate Presentation - January 2021

Appendix

Board & Management Team

Corporate

"A highly experienced team to manage project and corporate

development."

Rod McIllree

Executive Chairman

Geologist with more than 25 years´ experience in both the resources and financial sectors. Has 15 years proven operating experience in Greenland.

Disko Project Dundas Project

Dr. Bo Møller Stensgaard

Chief Executive Officer

Pre-eminent Danish geologist with extensive operational experience in Greenland. Previously senior research scientist and advisor to multiple European federal and commercial entities in the field of commodity development.

Mike Hutchinson

Non-Executive Director

A deep understanding of commodities and metal trading, with extensive corporate experience. Possesses a wealth of specialised operational experience, particularly in Greenland, and an esteemed network of contacts.

Peter Waugh

Non-Executive Director

More than 30 years´ experience in global titanium dioxide industry. Responsible for leading efforts to establish Bluejay as a significant global supplier of ilmenite for the titanium dioxide industry.

Wider Portfolio

Hans Jensen

Managing Director

Dundas (Non-Board)

More than 30 years´ experience managing and operating in Greenland. Previously held senior roles in Greenlandic transportation and logistics companies. Experienced in navigating Greenland's permitting regulations.

Thomas Levin

Chief Operating Officer

Finland (Non-Board)

Finnish Geologist with 15 years' experience in exploration and mining in Finland and Australia.

Eric Sondergaard

Geology Manager

Posses over a decade of on-ground exploration experience in challenging conditions and remote

locations. Eric posses experience in permitting regulations required by various ministries and served as a primary regulatory contact for a number of years.

Appendix Investment Case

31 Bluejay Mining plc - Corporate Presentation - January 2021

Appendix

Dundas - A Recognised Mineral Region

The Geological Survey of Denmark and Greenland (GEUS) conducted a regional analysis of the titanium rich basalts and sediments at Dundas during 2017

Steensby Land is a region within Greenland and is south of Nunatârssuk, east of Itivdliarssuk and southeast of Natsilivik.

Summary of calculated ilmenite

The estimated ilmenite tonnages calculated for the

Steensby Land Sill Complex in southern Steensby

Land include:

1

Ilmenite contained in sills prior to

17 Gt

erosion

2

Ilmenite remaining in sills after erosion

10 Gt

3

Ilmenite available for sedimentation

7 Gt

Total ilmenite deposited at Moriusaq derived from sills and dykes north of Moriusaq is estimated at between 500 to 1,100 million tonnes.

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

32 Bluejay Mining plc - Corporate Presentation - January 2021

Appendix

Dundas Pre-Feasibility Study

Corporate

Cost Breakdown

Total direct costs of $143,030,426:

  • $24,360,000 for mining
  • $57,695,044 for processing
  • $60,975,382 for infrastructure

Mining

Processi

Infrastructure

Cost Category

ng

(US$M)

(US$M)

(US$M)

Earthworks & General

0.360

6.217

2.449

Services

Civils & Buildings

15.067

15.258

Structural

8.465

3.776

Platework

1.743

2.302

Mechanical

24.000

13.884

22.102

Electrical &

3.951

7.587

Instrumentation

Piping & Valves

2.807

2.809

First Fills & Spares

0.121

Vendor Representatives

0.180

0.084

Contingency

1.1

1.2

2.18

Total

24.360

57.695

60.975

Total indirect costs for the project are: $87,333,001

Indirect Cost

Cost Category

(US$M)

(% of Total Direct Cost)

Owner's Costs

3.712

2.6

Engineering & Procurement

9.717

6.8

Construction Management Costs

5.503

3.8

Vendor Reps, Spares & First Fills

5.240

3.7

Indirect Construction Costs

18.156

12.7

Indirect Contractors Costs

3.475

2.4

Freight, Duty & Taxes

19.463

13.6

Insurances

1.360

1.0

Contingency & Escalation

20.705

14.5

Total

87.333

61.1

Wider Portfolio Disko Project Dundas Project

  • Highly conservative approach to costs and CapEx
  • Significant cost reductions anticipated by the Company
  • Base case Revenue to Cost Ratio ('R:C') is 2.01, versus
    1.7
  • Assumes year-round mining and processing and spring/summer shipping window

Cost per Tonne Operating Costs

Discipline

Cost (US$) per

Cost (US$) per tonne

tonne of ROM

of Ilmenite

Mining

2.63

44.45

Processing

1.82

30.80

Infrastructure, Services and G&A

2.23

37.56

Total

6.68

112.81

Appendix Investment Case

33 Bluejay Mining plc - Corporate Presentation - January 2021

Appendix

Dundas - Simple Processing

Quality of the resource ensures that a simple, low cost processing method is required with minimal environmental impact

Un-weathered state of the ilmenite and low impurity levels

Chemically homogenous resource - the entire resource is derived from the same source rock

Local deposition and high concentration factors, which are beneficial for material movement and throughput at processing level

Opportunity to upgrade the in-situ grade by up to 30% via a simple oversize separation step prior to processing, further enhancing run of mine (ROM) grade and project economics

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

34 Bluejay Mining plc - Corporate Presentation - January 2021

Appendix

Dundas Development Timeline

Advancing towards commercial production

October 2020

Navigational Safety Investigation accepted

December 2020

Master

Corporate

May 2019

Submission of SIA by

NIRAS Gruppen A/S

December

2018

May 2019

Mineral

Onshore resource of 117Mt

Resource

at 6.1% and Maiden

April 2018

Upgrade to

Offshore Exploration Target

>400% Increase in

101Mt at 7.1%

of 300-530Mt @ 0.4%-

JORC Compliant

ilmenite

4.8%Resource

Maiden Mineral

May 2019

Resource

Assessment agreement

with Rio Tinto

August 2019

Export Permit granted and Shipping Company appointed for 40,000t Bulk Sample

December 2019 Fundraising of £11.5m with a minimum of£4m to be attributed to Dundas' development

Distribution agreement for 340,000 tpa

December 2020

Award of

Exploitation

Licence

September 2020

Public consultation process closed

Wider Portfolio Disko Project Dundas Project

June 2019

February 2020

Submission of PFS ahead of

EIA confirmed

September 2018

lodging application for

compliant for public

10,000t Bulk Sample

Exploitation Licence

consultation process

completed

September 2019

Shipment of 42,000t bulk sample departed

Greenland bound for the Port of Contrecoeur,

April 2019

Canada

Submission of EIA by Orbicon

September 2019

Exploitation Licence application formally lodged

35

Bluejay Mining plc - Corporate Presentation - January 2021

for the Dundas Ilmenite Project

Appendix Investment Case

Appendix

Dundas in Pictures

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

36 Bluejay Mining plc - Corporate Presentation - January 2021

Appendix

Mining Fleet & Equipment

The fleet and equipment comprises:

  • One 30 tonne Hitachi excavator
  • Two 30 tonne wheel loaders
  • Two 30 tonne articulated dump trucks
  • TRT516 high output mobile trommel screener
  • One Caterpillar Dozer
  • Mobile stacking unit

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

37 Bluejay Mining plc - Corporate Presentation - January 2021

Appendix

Titanium

Corporate

Ti

90% of titanium ore is used to produce a white pigment that is used in paints, paper, plastics, coatings, enamel, sunscreen.

Ti

Other use; titanium alloys in aerospace and marine, implants, sports-gear, corrosion resistance pipes. Future use; 3D printing with titanium.

Ti

The growth of the pigment market follow global GDP growth.

Yearly increase of 3% in consumption.

Ti

Market consumes 10 million tons of ilmenite per year.

Primarily a market where producers sell to customers (off-takers).

Appendix Investment Case Wider Portfolio Disko Project Dundas Project

38 Bluejay Mining plc - Corporate Presentation - January 2021

Appendix

Strategic Operational Partners

Appendix Investment Case Wider Portfolio Disko Project Dundas Project Corporate

39 Bluejay Mining plc - Corporate Presentation - January 2021

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Bluejay Mining plc published this content on 08 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 January 2021 14:17:02 UTC