Bluelake Mineral Ab · NGM:BLUE
Bluelake Mineral Ab — Investor Presentation (August 2022)
30 slides from Bluelake Mineral Ab's investor presentation, Aug 25, 2022
Slide 1: Pro Hearings 25 August 2022
Pro Hearings 25 August 2022 Building a Nordic Base Metal Group
Slide 2: Disclaimer
STRICTLY PRIVATE AND CONFIDENTIAL Disclaimer This presentation (”the Presentation”) has been prepared by Bluelake Mineral AB (publ) (“Bluelake Mineral” or “the Company”)) and is for information purposes only and is for the sole purpose of assisting such recipients in reviewing the Company. By receiv
Slide 3: Building a Nordic base metal group
STRICTLY PRIVATE AND CONFIDENTIAL Building a Nordic base metal group - 100 % 99 % 50,1 % MAHVIE MINERALS Nickel 100 % Gold Joma Sweden Finland Gruver Norway Copper & Zink Sweden / Norway Building a raw material group 3
Slide 4: Agenda
STRICTLY PRIVATE AND CONFIDENTIAL Agenda I. Copper and zinc: Joma and Stekenjokk-Levi II. Nickel: Rönnbäcken III. Gold, copper and zinc: Mahvie Minerals IV. Bluelake Mineral: investment highlights 4
Slide 5: Global electrification driving demand for copper and zinc
STRICTLY PRIVATE AND CONFIDENTIAL Global electrification driving demand for copper and zinc Strong price development Copper price 2017-2022 Copper price: All time high in spring 2021 USD / Tonne • Historically high level 8,030 • All time high price twice in 2021 (Current) • Down 25% since peak in 20
Slide 6: Current mineral resources of 18 million tonnes and 20 years life of mine
STRICTLY PRIVATE AND CONFIDENTIAL Current mineral resources of 18 million tonnes and 20 years life of mine Site overview Historic mineral resources Site mt Cu% Zn% (a) Stekenjokk / Levi 7.4 1.17 3.01 (b) Ankarvattnet 0.8 0.45 5.48 (c) Jormlien 0.6 0.4 4.75 (d) Joma 5.7 1.55 0.82 Gjersvik (e) 0.9 1.5
Slide 7: Employment: approx. 165 direct jobs in the mining operations
STRICTLY PRIVATE AND CONFIDENTIAL Employment: approx. 165 direct jobs in the mining operations Joma 5 Stekenjokk Management - Mining Processing Logistics 75 35 - 35 - 15 115 (a) 165 staff 50 Source: Vilhelmina Mineral Note (a): Seasonal workers 6 months winter time 7
Slide 8: Adaptation: seasonal mining in Sweden and processing in Norway
STRICTLY PRIVATE AND CONFIDENTIAL Adaptation: seasonal mining in Sweden and processing in Norway Mining in winter in Sweden and 60 km transportation to processing plant in Joma New application exploitation concession ▪ Ore transportation from Stekenjokk to Joma in Norway ▪ Distance to Joma approx. 6
Slide 9: Sweden: approval of Natura 2000 and exploitation concession key
STRICTLY PRIVATE AND CONFIDENTIAL Sweden: approval of Natura 2000 and exploitation concession key Natura 2000 – preservation of habitat and species ▪ Approval of Natura 2000 subject to ▪ Seasonal mining (November – May) ▪ Preservation of habitat and species ▪ Secure good conditions of wetlands ▪ Mea
Slide 10: Norway: approval of zoning plan key to re-opening Joma mine
STRICTLY PRIVATE AND CONFIDENTIAL Norway: approval of zoning plan key to re-opening Joma mine 10
Slide 11: Long-term development plan
STRICTLY PRIVATE AND CONFIDENTIAL Long-term development plan Project development Sweden (Stekenjokk – Zinc & Copper) Area Item 2020 2021 2022 2023 TBD Mineral resource update Preliminary Economic Assessment Mining Studies Pre-Feasibility Study Bankable Feasibility Study Exploitation Concession Natur
Slide 12: Agenda
STRICTLY PRIVATE AND CONFIDENTIAL Agenda I. Copper and zinc: Joma and Stekenjokk-Levi II. Nickel: Rönnbäcken III. Gold, copper and zinc: Mahvie Minerals IV. Bluelake Mineral: investment highlights 12
Slide 13: Global infrastructure and electrification driving demand for nickel
STRICTLY PRIVATE AND CONFIDENTIAL Global infrastructure and electrification driving demand for nickel Strong price development Nickel price 2017 – 2021 (5 years) Nickel price: attractive level USD / Tonne • Up 90 % in five years • Historically attractive level • But far from peak in March 2022 (48,1
Slide 14: Overview of top nickel producing countries globally in 2021
STRICTLY PRIVATE AND CONFIDENTIAL Overview of top nickel producing countries globally in 2021 Total global production: ~2.7 million tonnes, whereof Indonesia and Philippines account for ~50% of global production (3) Domestic nickel production (2021) and % Production 58 Share of global production ide
Slide 15: Nickel as the cornerstone metal in EV batteries
STRICTLY PRIVATE AND CONFIDENTIAL Nickel as the cornerstone metal in EV batteries High nickel content battery technologies, primarily Nickel Manganese Cobalt batteries (“NMC”), is expected to dominate the global EV market. Furthermore, Europe is the fastest growing EV market with planned annual Giga
Slide 16: Breakdown of primary nickel market demand by first-use
STRICTLY PRIVATE AND CONFIDENTIAL Breakdown of primary nickel market demand by first-use Global primary nickel demand estimated to more than double from 2,250kt in 2020 to some 5,000kt by 2040 driven by strong underlying demand from the electric vehicle market with nickel being an increasingly criti
Slide 17: New nickel supply needed as EV demand accelerates from 2025
STRICTLY PRIVATE AND CONFIDENTIAL New nickel supply needed as EV demand accelerates from 2025 Tight nickel market supply expected in the short to medium-term followed by a large long-term deficit predominantly driven by the accelerated demand surge from the EV market coupled with anticipated reserve
Slide 18: Rönnbäcken – A major European nickel-cobalt project (Class 1 nickel)
STRICTLY PRIVATE AND CONFIDENTIAL Rönnbäcken – A major European nickel-cobalt project (Class 1 nickel) ▪ Located in the Swedish mining region in Storumans Municipality, Västerbotten County ▪ Classified as area of National Interest for Mineral Extraction ▪ Strategically located close to well-develope
Slide 19: Key historical project milestones of Rönnbäcken
STRICTLY PRIVATE AND CONFIDENTIAL Key historical project milestones of Rönnbäcken Extensive history of confirmed mineral resource findings at the Rönnbäcken Project area and historical pilot mining carried out by Boliden. Total investment of SEK 130m by IGE Nordic in the Project (2007-2016) and addi
Slide 20: Cumulative Post-Tax Net Free Cashflow ($M)
STRICTLY PRIVATE AND CONFIDENTIAL PEA Current Technology Case - Nickel price assumption of $22,046/t Cumulative Post-Tax Net Free Cashflow over LoM of ~$2.2bn at a nickel price assumption of $22,046/t Net revenue generation by commodity Annual and cumulative post-tax net Free Cashflow Annual Post-Ta
Slide 21: Rönnbäcken PEA summary
STRICTLY PRIVATE AND CONFIDENTIAL Rönnbäcken PEA summary Key operational assumptions Initial life of mine (LoM) 20 years Initial Capital Expenditures $1,396-1,439m(1) Plant throughput rate per annum 30Mt Mineralization during LoM 600Mt Average Ni metal production p.a. (in sulphide concentrate)(3) 23
Slide 22: Illustrative development timeline
STRICTLY PRIVATE AND CONFIDENTIAL Illustrative development timeline The capital raised will be used for PFS, ESIA & the permit application PFS and ESIA Environmental permit process, bankable feasibility & Construction & development phase project financing commissioning phase Submission of PFS & ESIA
Slide 23: Agenda
STRICTLY PRIVATE AND CONFIDENTIAL Agenda I. Copper and zinc: Joma and Stekenjokk-Levi II. Nickel: Rönnbäcken III. Gold, copper and zinc: Mahvie Minerals IV. Bluelake Mineral: investment highlights 23
Slide 24: Mahvie Minerals in brief
STRICTLY PRIVATE AND CONFIDENTIAL Mahvie Minerals in brief Focus on base, precious and battery metals – two key Nordic brownfield projects 24
Slide 25: Mo i Rana in Norway
STRICTLY PRIVATE AND CONFIDENTIAL Mo i Rana in Norway Old copper and zinc mine – good exploration potential 25
Slide 26: Haveri in Finland
STRICTLY PRIVATE AND CONFIDENTIAL Haveri in Finland Old gold mine – good exploration potential 26
Slide 27: Timeline for dividend of shares and IPO of Mahvie Minerals
STRICTLY PRIVATE AND CONFIDENTIAL Timeline for dividend of shares and IPO of Mahvie Minerals 27
Slide 28: Agenda
STRICTLY PRIVATE AND CONFIDENTIAL Agenda I. Copper and zinc: Joma and Stekenjokk-Levi II. Nickel: Rönnbäcken III. Gold, copper and zinc: Mahvie Minerals IV. Bluelake Mineral: investment highlights 28
Slide 29: Key investment highlights
STRICTLY PRIVATE AND CONFIDENTIAL Key investment highlights ▪ Copper, zinc and nickel will be scarce resources ▪ Solid grades and tonnage (Joma) + large tonnage (Rönnbäcken) Attractive resource ▪ Exploration upside ▪ Brownfield – historic data, mineral resources and infrastructure in place, leading
Slide 30: Bluelake Mineral share – near term important events
STRICTLY PRIVATE AND CONFIDENTIAL Bluelake Mineral share – near term important events BLUE:SS (2022) Near terms important events • Permitting – Natura 2000 Stekenjokk-Levi (final approval) – Exploitation concession Stekenjokk-Levi – Zoning plan Joma • Financing Rönnbäcken – Equity – Soft money • Div
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