The PFS is the final step on the road to an exploitation application, laying out the proposed development and economic consequences of the mine.
CEO Roderick McIllree said the company would make the exploitation application as soon as it received a response to its regulatory comments.
"The conclusions drawn from this study indicate positive economic outcomes and low environmental impact, with strong social benefits," he said.
The PFS focuses on onshore mining producing 440,000 tonnes per annum of ilmenite concentrate, as well as the anticipated processing and associated infrastructure.
The company plans to negotiate the impact benefit agreement in parallel to the application assessment.
Bluejay's shares (AIM:JAY) slipped 0.99% Thursday to 8.01p (US10.16c), down from 13.83p at the start of January.