Stakeholder Briefing Workshop October 2017

COMPANY OVERVIEW

Exploring a number of high grade & high tonnage polymetallic assets throughout Greenland and the Nordic Region

1

World’s highest grade

ilmenite project

• Primary focus

• Exploration upside

• Bulk sampling and

piloting underway

GREENLAND

Dundas Titanium Project

South-west Greenland

Two advanced polymetallic projects

• +US$50m previously spent on

exploration

• Disko-Nuussuaq:

Magmatic Massive Sulphide nickel-

copper-platinum project

• Kangerluarsuk SedEx:

Zinc-lead-silver project

Additional upside potential

from wider portfolio

• 3 high grade copper, zinc

and nickel projects in

Finland

FINLAND

COMPANY STRUCTURE

2

Bluejay Mining Plc (UK) (Formely FinnAust Mining plc)

Disko Exploration Limited (UK)

Greenland - Disko

Finland Investments Limited (UK)

Finland

FinnAust Mining Northern Oy

(Fin)

FinnAust Mining Finland Oy (Fin)

100% 100%

Centurion Mining Limited

(UK)

100% 100%

100%

BJ Mining Limited (BVI)

Greenland - Pituffik

100%

Dundas Titanium A/S (Greenland)

100%

Centurion Universal

Limited (UK)

Centurion Resources GmbH

(Austria)

100%

Austria - Mitterberg

100%

Bluejay Mining plc Group Structure

30-Jun-17

DUNDAS ILMENITE PROJECT

3

Moriasaq

Dundas Titanium’s main exploration base for last three years

LICENCE AREA

4

MORIUSAQ BAY

The deposit covers two types of terrain:

Raised and Active Beaches: Raised Beach refers to the dunes up to the base of the escarpment. Active beach refers to the area seaward of the frontal dunes, including the beach, tidal zones and surf zone

Drowned Beaches: refers to the areas seaward of active beaches.

INFERRED RESOURCE OF 23.6MT AT 8.8% ILMENITE (IN SITU) FOR THE TESTED AREA – 17% OF TOTAL DEPOSIT

RESOURCE

Classification Volume

(M.m3)

Tonnage

(M.t)

Density

(t/m3) % THM

%

>2mm

%

>5mm

%

<63µm

% TiO2

In HM

% TiO2

In-situ

% Ilmenite

In-situ

Inferred 11.2 23.6 2.12 34.5 29.0 21.8 2.5 12.0 4.2 8.8

5

CAPABLE OF SUPPORTING AN OPERATION OF 30 YRS PLUS MINE LIFE WITH EXTENSIVE EXPLORATION POTENTIAL

Only covers ~17% of the licence area – Iterlak and additional 25km of raised beach are yet

to be tested

Includes a high-grade zone of 7.9Mt at 14.2% ilmenite (in situ) at Moriusaq which is the

focus of the feasibility and production studies currently underway

A larger exploration target of between 90Mt to 130Mt at an in-situ grade of between 6.3%

and 8.4% ilmenite has been identified

TARGET AREAS

6

Port 2

Port 1

RAISED BEACH

7

ACTIVE BEACH

8

MINE PLAN – OPTION 1

9

Raised and Active Beach mining using scrapers or excavator/trucks.

MINE PLAN – OPTION 2

10

Dredging within Tombolo and dozer pushing down to dredge and/or off shore dredging near Iterlak delta.

PROCESS FLOWSHEET – STAGE 1

11

Raised and active beach sands are fed to a run of mine bin. Coarse rocks are screened by a grizzly to prevent blocking the bin. The sands and smaller rocks are fed to a wet scrubber which breaks up the lumps and attritions the ore. The scrubber discharges to a rotating trommel screen which rejects material greater than 2 mm.

Dundas Ilmenite Project

PROCESS FLOWSHEET – STAGE 2

12

Screened slurry from Stage 1 is fed to a gravity circuit which uses spirals to separate the heavy (ilmenite rich) sands from the light (silica) sands. The heavy sands are fed to an upward current classifier which washes out residual light sands.

Dundas Ilmenite Project

PROCESS FLOWSHEET – STAGE 3

13

The heavy sands are fed to a wash filter to remove salt water and then are dried and cooled. The dry heavy sands are fed to rotating drum magnets which firstly remove magnetite, and then recover ilmenite. Non magnetic sands are rejected.

Dundas Ilmenite Project

PLANT & INFRASTRUCTURE

14

Modular structure planned with minimum construction required at site itself.

Options

1. Bring concentrator in on large barge;

2. Bring in components in sea containers, in modular form.

Main site works will be port and stockpile facility.

INFRASTUCTURE – AIR TRANSPORT

15

Number of suitable areas available for airstrip or helicopter pad. Air Greenland operating services to Qaanaaq. Royal Arctic servicing Qaanaaq.

INFRASTRUCTURE - WATER SUPPLY

16

Fresh water readily available although studies required on storage requirements for winter period.

Process Plant can operate on seawater.

Fresh water required for washing ilmenite concentrate and for drinking and domestic use.

INFRASTRUCTURE – PORT OPTION 1

17

Dredged Channel for Port with Barge

INFRASTRUCTURE - PORT OPTION 1

18

Nalunaq Gold Mine

Floating barge may be used as jetty for loading barges, subject to impact of wind and currents.

INFRASTRUCTURE – PORT OPTION 2

19

An alternative port structure may be designed to accommodate barges given shallow draft.

TRANSHIPPING

20

Met-ocean study confirms shipping window available between July and October.

At an annual production of 300,000t of ilmenite need:

1. Six 50,000t carriers, each arriving every 2-3 weeks; or

2. Ten 30,000t carriers, each arriving every 1-2 weeks.

TRANSHIPPING

21

Due to shallow harbour a transhipping vessel fitted with a crane and motorised barges will be built to load the carriers. Transhipping vessel may be a single panama fitted with two cranes or two smaller vessels fitted with a single crane.

MANNING

22

Professionals: Engineers, Metallurgists, Geologists, Chemists, Accountants, Environmentalists, Administration, Doctors, Nurses

Skilled: Harbour Master, Heavy Equipment Operators, Mechanics, Electricians, Chefs, Technicians, Carpenters, Safety & Training Officers

Non-Skilled: Mine & Process Operators, Port Operators, Kitchen Hands, Cleaners, Clerks

Personnel By Department Total Professional Skilled Non Skilled

On Site Management 14 11 3 0

Process 28 1 7 20

Maintenance 24 1 21 2

Accounting 3 2 1 0

Shipping 9 0 3 6

Accommodation 27 0 15 12

EHS&T/Community 3 3 0 0

Mining 4 2 2 0

Mining Contractor 64 7 33 24

176 27 85 64

WORK PROGRAMME

23

Goal Activities Status

Deliver a viable development and logistics

solution

Dredge mining study by Royal IHC.

Transhipping study by CSL.

Engineering studies on plant design and

infrastructure.

Metocean study completed. Dredging options under

review.

Shipping logistics study commenced.

Detailed engineering studies awarded.

Define a processing route and optimise

design

Metallurgical testing and flowsheet

development by Robbins/AML

Bulk metallurgical sample undergoing large scale

testwork in Queensland aimed at optimising process

design

Define a Mineral Resource

Define the project life and production

levels

Complete a feasibility study.

SRK to develop a Mineral Resource Estimate

for Life of Mine

SRK to develop mine plan and schedule

Appoint a Study Manager and Complete

Feasibility Study

Initial resource announced in Q1 2017. MRE being

upgraded by SRK based on 2017 field season.

.

In progress.

In progress.

Dundas has completed extensive exploration and development studies.

WORK PROGRAMME

24

Goal Activities Status

Finalise marketing and offtake

agreements.

Finalise Environmental Impact

Assessment (EIA) and Social Impact

Assessment (SIA)

Complete Exploitation Licence Application

Engage specialist marketing partners to

develop to develop sales strategy.

Define Terms of Reference for EIA and SIA

EIA studies by Orbicon A/S

SIA studies by NIRAS Greenland A/S.

Public Hearing for SIA and EIA.

IBA development and negotiations.

Appointed marketing experts. Product specifications

being developed.

Public hearings completed, White Paper finalised.

Baseline study inclusive of marine, freshwater and

terrestrial samples commenced.

Underway. Public consultation has commenced.

Not commenced.

.

Market analysis shows a large and growing demand for ilmenite products available from Dundas