Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.
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Lol...Jeez LWHL - it's pretty safe to say none of us are satisfied but no point selling.
Fair point on cash runaway, but based on last cap raise and sacking a tonne of people - safe to say we have about 9-12mths runway.
Have a good Easter.
Fair enough, although I still think the lack of detail concerning the cash runway at the very least, is not particularly shareholder-friendly. No updates on salary reductions etc, unless I missed it.
Ah well. If you guys are satisfied, then all good. Have a good Easter all.
Confirmation that Thomas Levin (COO) has left JAY. The Scandinavian geological consultancy firm, GeoPool announced today on their LinkedIn that he has joined them as Senior Project Manager. It will be very difficult for JAY to sell their Finland assets now that Mr Levin has left the company. With their geology team gone, there will be little or no technical knowledge of the projects left within JAY.
Its interesting that Mr Levin's own LinkedIn profile lists him as being the COO of Bluejay Mining plc, not only its Finnish subsidiary FinnAust Mining Oy. This may explain why Troy Whittaker's appointment as COO of JAY that was announced back in December was swiftly retracted the next day (see RNS from 21 December 2023). I suspect that the new management of JAY probably realised that they risked a constructive dismissal claim by Mr Levin, if they didn't retract it quickly! In the ammend RNS it was blamed on sloppy editing of the RNS.
Link to the GeoPool LinkedIn post on Mr Levin's appointment: [LINK REMOVED]
LWHL: re: sale of assets RMc stated himself in the interview that he did not expect a quick process and would likely take many months to complete. Expectation of any news re: sales is likely from June onwards not before.
Ashton: All fair points, I largely was aware of already, however while they can announce whenever suits them but still have to give 1 months notice to the Greenland BMP - I think it would be a big mistake taking a risk on leaving exploration drilling late as they run the risk re: bad / lack of day light limiting operations. The expression make hay when the sun shines springs to mind.
Greenland BMP Link Below:
https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://govmin.gl/wp-content/uploads/2019/09/Rules_for_Fieldwork_and_Reporting_regarding_Mineral_Resources.pdf&ved=2ahUKEwid5M_A35eFAxVRQUEAHQ6fAWYQFnoECBQQAQ&usg=AOvVaw2Dk3ImEa6TLqaesuMtlxu9
Daily Satellite Imager - Sea Ice Conditions:
https://zoom.earth/maps/satellite-hd/#view=69.67391,-53.41699,8.06z/date=2024-03-25,pm
Take a look at the note I posted on 6 Feb 2024 at 13:53 where I commented on asset sales. I suggested a buyer for the Finnish assets could come from farther afield. These things can take time but please do your own research. I am in no hurry.
Fair enough, but what are your thoughts on the lack of news on the sale of all the other assets? Been some time now, surely?...
Sometimes, a pessimist is an optimists' realist....
On 31 Jan 2024, I posted a note under this thread and said I was happy to wait patiently for the following two key events to play out and then take stock again:
1. Announcement before the end of March 2024 of a fieldwork program including a drilling campaign this summer. I based my expectation purely on the fact the 2022 fieldwork program was announced on 24 March of that year (with hindsight it was wrong to have placed too much reliance on the past timetable).
2. Announcement before the end of 2024 of the assay results following the drilling campaign.
Moreover, I gave an undertaking to return to the post before the end of this month and then again before the end of 2024. So, here I am as promised after the market closed on the last trading day of March (IvRoche - You can now see why I could not post this note any sooner and that I wasn't being cryptic in my earlier post for the sake of it.).
I attended the General Meeting in London on 5 February 2024 and posted a note on the same day. I also posted a note a few weeks ago on March 13th. Based on my research, I intimated in the two notes that it was unlikely we would have the Disko update in March. I am therefore not surprised at all that there has been no update this month.
I continually review my views in light of my ongoing research findings on JAY. Consequently, I have changed my view that the Disko 2024 fieldwork program update is now likely to come next month (April) - if not, then sometime in May (Yes, I repeat, it could even be May). The Disko 2022 fieldwork started in May and ended in September. So even if the JV decides to carry out the 2024 drilling activities as late as August/September that would give the JV some four/five months to complete the plan for the fieldwork program and get everything ready for the groundwork. I was told at the General Meeting that drilling rigs were already in place in Greenland and could therefore be moved to the drilling locations swiftly. I suppose if additional rigs are required they will have to be brought in but I did not check this. I must add that it is possible to carry out drilling activities even as late as October in Greenland. That’s exactly what Eclipse Metals Ltd did in 2022, albeit with their project located much further south of Disko - https://tinyurl.com/5c28ndv5
Moving away from the subject of fieldwork, I am of the view that the current JV would most likely be revised (> 90% chance). Furthermore, I will not rule out the possibility of a major miner joining as a partner sooner rather than later (at least a 50% chance). Whatever JAY is working on at the moment cannot be hurried just because shareholders are impatient. Moreover, I am sure no shareholder wants to see another aborted maiden drilling debacle like what happened in 2022 by rushing things unnecessarily.
Interesting times could be ahead at last!
"The pessimist sees difficulty in every opportunity. The optimist sees the opportunity in every difficulty".
A mining company is suppose to mine. From survey to prospection and exploration.
JAY is jumping over a rich minefield but withan obscure management team.
My only source of credibility is Kobold having a JV with JAY.
Dundas is a minefield being disposed in a fishy process. It will show in the future that Titanium % is higher than the last survey.
Disko will be sold to pay salaries.
Finland assets will be sold for nothing...
Link below if anyone wants to do the same:
[LINK REMOVED]
No worries mate. Good luck to you and other holders here. Hope you will update us if you hear anything on that front.
LW. Apologies, I think we were distracted by all the other changes going on. I for one will forward to FCA.
Senior management page on the JAY website has been removed. Are we to take that to mean that all have left the company? Seems they have no technical or operational staff left. Bluejay are meant to be the operators in the KoBold JV - how would they operate a programme at Disko without a team? Who is managing the Finland assets if Thomas Levin (COO) has gone?
Bo Stensgaard (CEO) also noticably absent from the updated website. In the board changes RNS on 20 December, it said "Mr Stensgaard will remain as an employee of the Company". Do we really have a CEO and an MD in a company with a £5 million market cap?!
Nothing stopping you from contacting them. It would not surprise me if the greater the volume of enquiries, the more likely they might be to investigate, but perhaps I am not giving the authorities enough credit.
Either way, the point still stands.
I was somewhat surprised at how little a stir it caused on here at the time, but then I just assumed that nobody cared about it. GLA.
@EnuffRMbs - yes bought the shares back for approx 10% of what he sold them for (share price around 14 September 2023 when the 3% threshold was reported to have been crossed was around 0.94-0.99p). He bought around 38.9 m shares, totalling around £375k. Compared to the £3.2 million that he sold for a year earlier.
The share dealing itself is probably not in violation of any AIM rules. Rod was not an employee of JAY when these trades are reported to have taken place. However the lack of disclosure is clearly a serious breach of both FCA and AIM rules. Rod is very clearly on the wrong side of the law here. Is anyone here aware of whether this has been reported to the FCA?
He also bought an additional 10 m shares on 21 December 2023, two days after he had returned as a Director of JAY. Given the major changes that were taking place at this time, he was almost certainly in possession of price sensitive information that had not been disclosed to the market and as an insider should have been in a closed period. This also looks like it could be a serious breach of FCA and AIM rules, possibly amounting to insider dealing.
..and bought back for a fraction of that?
Ignoring the legality, would Rod, as the major shareholder accept an offer of (say) 2p per share for the company?
Of course he would.
Nice work.
Please could someone clarify if the share dealing is acceptable within AIM rules?
Typo - I meant Definitely-Yes. Lack of auto correct is a real negative of this site! GLA.
I doubt it - the form clearly says when the notification was received by the company - and typically (pretty much always, apart from this example, as far as I personally have seen) it is within a couple of days of the date of the transaction itself.
I am pretty sure that I commented on this irregularity back at the time on here, but it was so long ago now, I cannot remember.
So - still waiting for news on the various asset sales and K/Disko I see?
How is the case progressing, Definitely-Maybe? Good luck to you and your cohort. Rooting for justice to be done, if such a case for justice exists, of course.
EnuffRMbs - yes you are right, going below the 3% threshold was crossed in September 2022, not 2023. So Rod didn't declare it for 15 months!!
Rod dumped around 45.8 m shares. No significant volumes in early September 2022 (when the threshold is reported to have been crossed). Looking at the volumes, it looks like he sold in early August 2022, when the shareprice was around 7 - 7.4 p (pocketing him around £3.2 million). This was shortly after his resignation from the JAY board on 22 June 2022 (jumping before he was pushed at the AGM the same day).
I doubt that JAY had any knowledge of this before Rod finally disclosed it in December 2023. It would have been beneficial to JAY's management at the time (RE & BS) to have been able to disclose that Rod was no longer a significant shareholder, given the reputational damage/legacy issues that are associated with Rod.
It is possible that Rod submitted the TR1 but the company did not tell us. He would have long known that. If that is the case, that seems pretty serious, especially as the Sandgrove & M&G changes seem to have been reported.
Ashton, are you able to apply your usual rigor and precision?
Aileen. Can you check, but I think the under 3% was breached in Sep 2022, so a year earlier? Check the first TR1.
I thought that was a real no, no. But I don’t exactly know the rules.
At what price?
Rod McIlree sold his JAY shares to below 3% threshold for disclosure on 6 September 2023 (75.8 m to 30 m shares) then buys above the 3% threshold for disclosure (30 m to 68.9 m shares) on 14 September 2023.
Under the FCA’s Disclosure Guidance and Transparency Rules, the shareholder must notify the company (and the FCA) within two trading days of the interest first arising or of any subsequent changes. The company must then notify the market by the end of the next following trading day. Yet Rod's TR1 forms are not announced until 7 December 2023? A serious breach of the FCA regulations. What was his excuse? Has this been raised with the FCA?
Only 12 days after RoD's TR1's were finally announced, the JAY board resigns and Rod returns as an Non Executive Director and appoints his pals to the board. Is the timing a coincidence? I don't think so. Clear that he was using his shareholding to put pressure on the board - presumably threatening to call an EGM, which would have prevented the board closing on any financing. Rod clearly picked his timings for a takeover very carefully...
Looks.like we have broken through an SP support level. Excited for Ashton's update tomorrow. Hopefully he has some info from his various sources to share.
Nope no sign of withdrawals from JVs as far as I can find.
Although interesting that they have raised about $400m over three funding rounds (Mar 2019~20m, Feb 2022 ~190m and June 2023 ~195m).
They spend >$60 million annually across 60+ projects (assume from mid 2022) and committed to investing $150m Mingomba (announced Dec 2022).
Back of a cigarette pack calcs would tell me they have the cash on hand to fund their JV commitments for Disko but given how long it's taken to get an announcement, I think they will stick to contractual commitments this time (fingers crossed).
Can anyone find a project that K have walked away from and how they do it? Do they announce or does it all just go very quiet…. Tumbleweed …