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In the note you posted on 9 Feb 2024 at 08:33 you listed seven items and claimed them to be facts. One of the items you listed said: "zero interest in JAY licenses (including Disko)".
What did you mean by zero interest in Disko licences?
Nothing new about JAY that we don't already know about. Perhaps a useful read for less knowledgeable followers of JAY. That said, my imagination was kindled by this comment: "Bluejay, perhaps, has an ace up its sleeve in the shape of a joint venture with media-savvy KoBold Metals. This project is now Bluejay's primary focus."
Quite an upbeat commentary on Amaroq whose share price has risen 80% in the last 12 months, hitting a record high, and giving the company a market cap of £343 million. I wonder whether they will strike a deal with JAY for the Thunderstone licence!
We dig dig and dig…for hope.
The facts…not all them are available.
The strategy is: Kobold and wait.
No one from the BOD gave a reliable scientific interpretation to geo surveys.
Yes…it’s candles and prayers.
I can't seem to subscribe to this- can't login.
What does it say please; in a few words!
"Amaroq's steady ship is a different animal to Bluejay"
Published today 20 February 2024.
Bigboyblue - I should have added to my note that even though I was silly to have inadvertently stated the wrong exchange rate (DKK - £), I used the correct conversion of 1,000 DKK = £114 for my calculations - http://tinyurl.com/bdzetwuk
I dont really think that Eric S. can come forward to give an interview until the forward looking decision process from Kobold is known. he may well RNS it before his interview. RM said ' weeks and months ' which muddies the timescales somewhat but given Kobold are in Strategic Mineral Exploration, and given their success so far, one can only surmise they will carry on if they think the Ni & Cu are present in quantities enough to make their stake not just attractive but very attractive to the Majors. One of which is next door, another of which has been involved already with the project.
I guess we have to wait for the current seller to get out or reach their sales target. After that we should get our RNS. My thoughts only for what they are worth.
Torreaguas - You say: "Great chatter but sadly it all means nothing until this new bod put some meat on the bones. What happened to the second interview?"
Yes, we can't wait for some solid positive news from JAY to put a stop to the share price rot (e.g. Disko drilling). In the meantime, in my note, I was trying to convey three pieces of underlying important messages:
1. The fact that Anglo American is still pursuing its Disko project, despite the rising obligatory mineral exploration expenses, must surely mean that they believe that something promising is potentially there under the ground. Imagine if AA had walked away from its Disko project, this board would be full of negative chatters.
2. There is pressure on every miner in Greenland to up their performance over the coming years because of the increase in exploration obligated expenses. This applies to AA, JAY and KoBold.
3. It raises the question of if KoBold decides to walk away from the JV (I don't think they will but the current JV may well be modified), it raises the possibility of AA stepping to do a deal with JAY. After all, AA was in the frame when JAY conducted negotiations in 2021 for a partner for Disko.
As for the Eric Sondergaard interview, Rod McIllree did not give a timeline. He said, "Eric will certainly come on and introduce himself In the coming weeks and months". Personally speaking, I would rather that the interview take place when JAY has some solid positive news to report (e.g. progress on asset sales or Disko). Eric can then talk freely about them rather than having to be too guarded about what he can say (like what RM did in his interview about Disko).
I should add Eric's interview would be a momentous event for him as it would be his maiden presentation to shareholders. All the more reason why the interview is well received by the shareholders with some positive breaking news to accompany it and is not rushed. We had too many interviews with Robert Edwards which did get us far. In the future, I would rather have fewer but meaningful interviews. Just my opinion.
Does any kind soul know what RM's total cost of shares is out of his own pocket? i.e. number of shares and price paid using his own hard earned.....
Great chatter but sadly it all means nothing until this new bod put some meat on the bones.
What happened to the second interview ?
And sorry to be picky, but 1000DKK is about £114, not £15
Another thing, the exploration commitments were paused and extended twice due to covid in 2020: https://govmin.gl/2020/08/additionally-adjustments-of-the-exploration-obligations-and-a-one-year-extension-of-the-licence-period/ and again in 2021: https://govmin.gl/2020/12/further-relaxations-regarding-exploration-obligations-and-licences-in-2021/
The effect is that although most of Anglo's licences were granted in 2019, year 5 is officially next year (ending Dec 2025). The higher rate per sq km for exploration (year 6) therefore starts in 2026. This kind of information can be found on the MRA website if you go to 'media' and then 'news'. I no longer hold here, but I used to research this sort of thing very thoroughly!
You are absolutely right, bigboyblue, I have understated AA's obligated annual exploration expenses by using the 2013 figures instead of the 2023 figures. Here is a comparison of the two scales:
2013 SCALE OF OBLIGATED EXPENSES
Year 5 - Amount per licence per calendar year - DKK 200,000
Year 5 - Amount per km² per calendar year - DKK 5,000 per km²
Year 6 - Amount per licence per calendar year - DKK 400,000
Year 6 - Amount per km² per calendar year - DKK 10,000 per km²
2023 SCALE OF OBLIGATED EXPENSES
Year 5 - Amount per licence per calendar year - DKK 345,000
Year 5 - Amount per km² per calendar year - DKK 8,620 per km²
Year 6 - Amount per licence per calendar year - DKK 690,000
Year 6 - Amount per km² per calendar year - DKK 17,200 per km²
My apologies to readers for inadvertently presenting the understated figures. Dare I recalculate the figures based on the 2023 Scale? This would further reinforce AA's substantial and required financial commitments to maintain its current Disko licences.
I am glad you are keeping a watching brief over what is being said here. Please continue to stick around. Thanks
NB: 1,000 DKK (Danish Krone) = £15
Ashton. Whilst your research on AAL's acreage is correct, I believe you have understated their expenditure commitments. I believe you have worked on the figures in this document at page 7 : https://govmin.gl/wp-content/uploads/2019/07/Application_Procedures_and_Standard_Terms-1.pdf, which states 5000DKK in year 5 and 10,000 from year 6. However, that is a 2013 document and whilst the standard terms are substantially unchanged, the actual fees are regularly updated. The current expenditure requirements are shown here: https://govmin.gl/wp-content/uploads/2023/10/Fees-2023.pdf , so 8620DKK per sq km in year 5 and 17,200 from year 6.
For those who like detail, it may be of interest to know that the Mining Act, which previously existed in draft form, came into effect last month. Happy reading:
Those who listened to the half-hour presentation by Rod McIllree on 11 January 2021 on the Mining & Entertainment Investment Picks for 2021 Webinar, Eventbrite would know that this is what he said and, I will quote him verbatim:
"We expect that there will be significant news on Disko in the next 3-6 months."
"We just had our drilling approval granted by the Greenland government and again we will see more news on that."
"Maybe Anglo might actually become a partner of ours in moving forward, maybe not."
Although RM said 3-6 months, almost 7 months later we did have the "significant news". The deal, however, turned out to be not with Anglo American but with KoBold Metals. This leads me to talk about AA, which is the main purpose of this note.
In 2019, AA moved into Greenland and pegged out Mineral Exploration Licences (MEL) all around JAY's Disko licences. The total licence area amounted to 9,724km² as follows: MEL 2019-115 (1,671km²), MEL 2019-79 (2,434km²), MEL 2019-80 (4,792km²) and MEL 2019-59 (827km²). The first three licences will expire in 2025 and the fourth in 2026. Please note, MEL 2019-59 is owned by NAIP West Exploration A/S, which in turn is owned by Anglo American.
Okay, what I have shared so far relates to what happened in 2019 and 2021. But what are the most recent developments about AA and its Disko exploration and licences?
Please read Part II.
In March 2022, AA started a fieldwork programme in Greenland - https://tinyurl.com/4xvresyp
In 2023, the MLSA, Government of Greenland issued AA with four Field Activity Licences FELT 2023-104, FELT 2023-105 and FELT 2023-106 and FELT 2023-107 for the Mineral Exploration Licences MEL 2019-115 (1,671km² ), MEL 2019-79 (2,434km² ), MEL 2019-80 (4,792km² ) and MEL 2019-59 (827km² ) respectively. The first three FELT Licences started on 27-05-2023 and expired on 15-09-2023, the last FELT licence started on 15-06-2023 and expired on 15-09-2023. To perform field activities under a licence, an application must be submitted to the MLSA for approval by no later than 1st May of the year in question.
Following the summer of 2023 fieldwork, AA reduced the total licence area from 9,724km² to 7.379km² as follows: MEL 2019-115 (1,671km² ), MEL 2019-79 (2,434km² ), MEL 2019-80 (2,447km² ) and MEL 2019-59 (827km² ). As you can see the reduction in the area relates to just one licence, namely MEL 2019-80 (from 4,792km² to 2,447km²). The rest have remained the same as they were in 2019.
I have checked on the Greenland government licence map the land position of JAY's Disko licences and compared them with that of AA. What I found was quite revealing. Of the three licences held by AA, two of them MEL 2019-79 (2,434 km²) and MEL 2019-115 (1671 km²) are adjacent to JAY's Disko licences, However, MEL 2019-80 (4,792 km²) is not, as it’s positioned quite separate from JAY's licences and located further north of the Island but is still on the west side. Does this mean not all of AA’s licences enjoy the same high degree of prospectivity as that of JAY's licences? Is this why AA reduced its total licence area from 9,724km² to 7.379km²? Maybe topographic, maybe not!
As I said, AA took up its licences in 2019 (Year 1). By using the MLSA standard scale for mineral exploration expenses I have calculated that AA was obligated to spend at least circa £3.9 million in 2023 (Year 5). From 2024 (Year 6) until 2028(Year 10), AA will be obligated to spend at least circa £8.6 million per year. Please note, under the MLSA scale for exploration expenses, AA's obligated expenses doubled in 2024 (Year 6) and will remain so until 2028 (Year 10). From 2029 (Year 11) the obligated expenses will rise even further and substantially. I have not calculated how much AA spent from 2019 (Year 1) to 2022 (Year 4) for the reason that during the pandemic period miners in Greenland were exempt from obligations to spend on exploration expenses.
Please read Part III.
I will summarise the key points and end this note with a question:
1. AA took four Mineral Exploration Licence (MEL) for its Disko project in 2019 (Year 1) and therefore has been a licence holder for 6 years.
2. The four MELs currently cover a total area of 7,379km². In comparison, JAY's total licence area is 2,903km² (not including the pending application for an additional 116 km² - see RNS on 21.09.2023).
3. I have shared evidence here that AA carried out fieldwork at Disko in 2022 (Year 4) and 2023 (Year 5).
4. Following the fieldwork in 2023 (Year 5), AA reduced the total area for its four licences from 9,724km² in 2019 (Year 1) to 7,379km² in 2024 (Year 6).
5. AA spent at least circa £3.9 million in 2023 (Year 5). From 2024 (Year 6) until 2028 (Year 10), AA will be obligated to spend at least circa £8.6 million per year - assuming AA continues to hold onto the four licences and the licence areas.
6. There must be a reason why AA decided to hold onto its licences for the last 6 years (2019 - 2024 inclusive) and pay the rising associated annual exploration expenses.
7. What will be AA's plan for the 2024 field season?
To this I would add…
Slide 7 or 8. Tenement 30/31,
Funnily enough, I don’t think it’s gold.
Doesn’t alter the Disko sh*t or bust situation.
1st Welcome - RNS 12 November 2019 - http://tinyurl.com/mvvpma2x
2nd Welcome - JAY Tweet 19 January 2023 (appointed on 6 February 2023) - http://tinyurl.com/4vpfks53
Final and disgraced goodbye - RNS 28 January 2024 - http://tinyurl.com/yjjrmuxu
Media Report - 9 February 2024 - http://tinyurl.com/y4vmf2aj
JAY regarded Joshua Hughes as a specialist in gold geology (please read RNS 12 November 2019). He was therefore put in charge as the lead project manager for the Thunderstone gold project. Only 25 km west of Thunderstone's licence is the southern extension to the Nanortalik Gold Belt that hosts the Nalunaq gold mine (now owned by AIM-listed Amaroq Minerals). During Q4-2022 JAY reduced the licence area of the Thunderstone project, retaining the most prospective areas for gold and base metal deposits to focus on other assets. Joshua Hughes did a presentation video on the Thunderstone project which has now been removed from the company website since his employment was terminated due to "gross misconduct". The relevant page now says information to be updated - http://tinyurl.com/mvd7jbdt
Greed is a deadly sin!
1. I’m with you and everyone else re Disko. Just nervous about K getting cold feet. I’ve been consistent on this.
2. I am Ashton fan. Again consistent, even if I am a bit critical of how he replays stuff and the tease regarding inside info (out of character for him to introduce hearsay which is why I keep picking up on it). He normally deals in fact.
3. What utter rubbish regarding Rod and Covid. He left shortly after announcing a potential split of Disko from other assets. He resigned right before the meeting which quashed this notion (presumably by major shareholders when we had some). He has admitted exactly that in last months interview. Absolutely nothing to do with Covid.
4. Why do you think I don’t read RNS? I do, but they are only part of th e story.
You dont seem to mention in your list of JAY 'shortcomings' Covid. It shut Greenland down for longer than us. Good reason for that, the population is small, spread out in tiny groups but with people moving around, group top group, village to village in non-stop trading, visiting relatives friends etc. The Govt knew if Covid got hold, the Ethnic groups, spread out as they were, could not possibly get medical help in time to stop the virus spreading.
JAYs work was put on hold. Rod Mc sold his shares and left, see relevant RNSs, dont blame him, but when it turned out the next management were useless he returned, bought 70 million shares back, and is now helping the company recover, which from the RNSs is actually happening. What RM will do now, or when or how will no doubt become clearer as time moves on but for sure he is the Geologist who has motivated JAY more than anyone else.
As investors, us who hold, and in fact many of us who have increased holdings, are waiting to see what Kobold do. They can leave, giving up thier 2% controling share, thus losing their past large investment, or go the one step further to prove up what the results of their work so far has shown. Results have shown clear Geological evidence that pursuing their strategy to the next stage is likely to give final proof of Ni content on JAYs lease land. Part of your inabliity to understand Ashtons posts may be because he has actually read DEEPLY into JAYs reports whereas you have not. Like Ashton i too have read, still do read, every word of the reports, not just from JAY but also from others. Like Ashton i believe in JAYs future discovery potential via Kobold, contingent upon the fact that they do decide to drill. I cannot speak for anyone else but thats how i see Ashtons posts.
Your sarcasm about Ashton having as twist in the tale with Gold in Dundas is of course just you making up stuff, you should be aware however that Gold may just be of importance one eay when JAY eventually RNS about their other properties, some of which do contain, not 'Fabled Gold' but the real thing.
Never mind, its all down to each of us to do our research and act accordingly. Pip Pip.
His/her or non gender specific please.