Blue Jay Gold raises $2.14M from metals trader Ocean Partners
What's the deal? Blue Jay GoldDealroom has a profile for this one. Try Dealroom → has raised US$2.2M (roughly $2.14 million) in a non-brokered private placement with Ocean PartnersDealroom has a profile for this one. Try Dealroom → UK Limited, an international trader of base and precious metal concentrates. The Canadian gold explorer sold units at US$0.66 each, with closing expected on or about November 5, 2026.
The terms: Each unit pairs one common share with one warrant exercisable at US$0.88 for a year. Following closing, Ocean Partners is expected to hold about 6.5% of Blue Jay's shares on a non-diluted basis.
Where the money goes: Proceeds will fund exploration and study work at Blue Jay's flagship Steller Gold Project in southern Yukon — a past-producing mine — including a preliminary economic assessment planned for the first half of 2027, and general working capital.
Why now? The placement follows a separate October agreement under which Ocean Partners will buy legacy remediation stockpiles from Steller, a potential non-dilutive cash source and a commercial test ahead of the 2027 assessment. Chief executive officer Geordie Mark signed off on the deal.
Context: This is a supplementary financing, not the main source for Blue Jay's work. It closed a larger US$10.8M round in April to fund its 2026 exploration program, including up to 16,000m of drilling at Steller.
What could go wrong? The warrants add potential dilution if exercised, and the deal signals a strategic relationship rather than a producing mine or committed project-level offtake.
The signal: By tying a global metals trader into its share register, Blue Jay gains added runway and a commercial partner as it moves Steller toward a formal economic study — though the raise sits near the small end of the funding scale.
Read more: Business Insider
Image credit: MININGdotcom
