Rankings Commodities & uranium Bluelake Mineral
Bluelake Mineral
49
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin and earnings−10
- Dilution−8
- Permits and regulation−7
Strengths
- Strategic partner+2
- Insider buying+2
- Permitting progress+1
Speculative profile
A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.
- Asymmetry (1–10)
- 4
- Price
- 0.88 DKK
- Market value
- DKK 180m
- Cash runway
- 15 months
- Cash / debt
- 64.0 / 0.0m SEK
- Dilution, 12 months
- +82%
Bull case
The pre-feasibility study shows robust economics for Joma and Stekenjokk-Levi at the current high copper price, LNS becomes contractor and possible co-financier, and the environmental permits go through. A revaluation toward Mangold's DCF price target of 3.35 SEK gives about 2.5x. A 3–5x (market cap 0.8–1.3 bn SEK) requires a PFS NPV of several bn SEK and a financing solution with limited dilution.
Bear case
The pre-feasibility study disappoints, or the permits drag on for years while the copper price falls. The share price falls below 1.70 SEK, so TO7 is not exercised, and the company must raise money at 0.5–1 SEK with heavy dilution. The construction phase may require many times the market cap: −60–85%.
Catalysts
- 18 Nov 2026Q3 report (estimated date): cash after the issue, drilling results at Joma/Gjersvik and timeline for the PFSgradual stockanalysis.com
- 1–15 Oct 2027Exercise of TO7:1 at SEK 1.70: gives up to approx. SEK 70m if the share price is above strike, and otherwise a new funding gapbinary inderes.fi
- 1–15 Jul 2028Exercise of TO7:2 at SEK 1.87gradual inderes.fi
Risk of going to zeromedium – no debt, approx. 15 months of runway and a strategic partner, but no revenue, and development requires repeated share issues before there is cash flow.
Next financingPro forma cash of approx. 64m SEK (6.0m at 30/6-2026 + tranches 1 and 2 of 62m SEK − estimated costs; tranche 3 of 8m SEK awaits ISP). With a burn of approx. 12.5m SEK per quarter the money lasts to approx. the end of 2027. The next raise will probably come via TO7:1 in October 2027 (up to approx. 70m SEK if the price is above 1.70 SEK) or a new issue, and the construction phase requires far more.
Warrants & convertiblesFrom the July issue: 41.2 m TO7:1 (strike 1.70 SEK, exercise 1–15 October 2027) and 41.2 m TO7:2 (strike 1.87 SEK, exercise 1–15 July 2028), which could raise about 147 m SEK and give about 42% more shares. In addition TO6 warrants from the rights issue in October 2025 (terms not found). No debt or convertibles on the balance sheet at 30/6-2026.
Insiders, last 12 monthsJuly 2026: CEO Peter Hjorth and board members Jonas Dahllöf and Pär Göting subscribed in the directed issue at SEK 1.70 per share (amount not found). No insider selling found.
Largest ownersViko Eiendom AS, Jaras Gruppen AS, LNS Holding AS (new strategic owner from July 2026), Peter Hjorth, Avanza Pension, Jonas Dahllöf and Jubar Eiendom. Insiders own approx. 16% and institutions approx. 11% according to Stockanalysis (before the July issue); the exact stakes were not found.
Circio check(1) Small market cap: yes – approx. DKK 180m. (2) Hot theme: partial – copper and critical metals in the Nordics are in vogue. (3) Upcoming milestones: partial – drill results, PFS and permits, but without fixed dates. (4) Major partner: partial – LNS Holding is a large Norwegian mining contractor and new owner, but not a mine operator. (5) Funding for 2+ years: no – approx. 15 months and warrant-dependent. (6) Price near the bottom: partial – −13% in a year and below the issue price of SEK 1.70, but up from approx. SEK 1.05 in November 2025.
Why this asymmetryThe stock trades below the July issue price, while insiders and a strategic contractor have just bought, and the projects are former producing copper mines with a concession in Sweden. That gives real upside if the PFS and permits succeed. But the road to production is long and very capital-intensive, and warrants and issues will dilute heavily along the way.
How the score is built
From 100 to 49, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 1.15 SEK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −6%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−23 of −30
- −10Margin and earningsNo revenue in 2026 (SEK 1.1m in 2025). Net loss was SEK 55.2m TTM and operating cash flow −SEK 49.3m; exploration and evaluation costs rose to SEK 21.6m in H1 2026 (3.0m the year before).
- −6Project stage and quality of growthJoma (Norway) and Stekenjokk-Levi (Sweden) are former copper-zinc mines, but the pre-feasibility study (PFS) is only now being prepared (SLR Consulting has been appointed), and environmental permits have not yet been applied for. Any production is several years away.
- −2Moat and future segmentCopper is a future metal, and the old mines have existing infrastructure. But the company has no technological edge, and the projects are small on a global scale.
- −5Capital allocationThe share count has risen from 51.6m (2021, after a 1:20 reverse split in January 2021) to 198.3m in 2026, i.e. almost a quadrupling in five years. Issues are the only source of financing (SEK 75m in 2025, about 70m in July 2026).
Price
Today's multiples against the company's own history and its peers. · 1 finding−6 of −35
- −6Pricing of the assetsP/B 4.95 on equity as of 30/6-2026 (approx. 1.9 after the July issue). EV is approx. SEK 140–150m for two development projects without published PFS economics, so the value rests on expectations and not on documented reserves.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−21 of −35
- −8DilutionThe share count rose about 82% in 12 months (108.8 → 198.3m). The July issue gave 21% dilution, and the attached 82.4m warrants (TO7:1 at SEK 1.70 in October 2027 and TO7:2 at SEK 1.87 in July 2028) can increase the share count by a further about 42%, plus TO6 from 2025.
- −7Permits and regulationThe processing concession for Stekenjokk was only granted by the government after an appeal, and environmental permits are still missing in both Sweden and Norway, as well as a permit for an open pit at Gjersvik. Nordic mining permits typically take many years and can be appealed.
- −6Financing of the construction phaseThe issue of SEK 70m covers only studies and permits. Reopening two mines will require an investment many times larger than the market cap (about SEK 265m), so large issues or partner financing are unavoidable before cash flow arrives.
Plus
Only documented strengths. · 3 findings+5 of +15
- +2Strategic partnerThe Norwegian mining contractor LNS Holding AS entered a strategic cooperation and investment agreement in July 2026, took part in the issue (awaiting ISP approval) and received a board seat (Frode Nilsen).
- +2Insider buyingCEO Peter Hjorth and board members Jonas Dahllöf and Pär Göting subscribed shares in the directed issue at SEK 1.70 in July 2026, together with major shareholders Viko Eiendom and Jaras Gruppen.
- +1Permitting progressThe government granted the processing concession for Stekenjokk K no. 1 and approved Levi K no. 1 in Q2 2026, and the Joma drill hole intersected 4.8 metres at 2.23% copper and 15 g/t silver.
Caveats
What the score does not capture, or where the data is weak.
Penny analysis (Under DKK 3 – Nordics). Stockanalysis' share count (157.08m) and market cap (SEK 214.9m) are from before the rights issue in July 2026. After the issue there are 198.3m shares, and 198.3m × DKK 0.88 ≈ DKK 175m matches Nordnet's DKK 180m (within 3%). Stockanalysis' 'Employee Count 1,000' is a data error. Cash at 30/9-2026 has not been published; cash and runway are pro forma (cash at 30/6 + tranches 1 and 2 of the issue with estimated costs, excluding the ISP-conditional tranche 3). No public PFS/NPV or mineral resource under the applicable standard has been found in this analysis, and the terms of the TO6 warrants from October 2025 have not been found. Mangold's price target (SEK 3.35, November 2025) is a paid analysis.
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