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I think this is the first time I've disagreed with you.
BBs are about opinions not facts; the facts are all there to see.
For example Rach repeatedly mentions the 97% share price fall; well any numpty can see that.
Notwithstanding the Altruists pejorative and vile language they do have a point about Kobold, and if I may so have been more right than the JAY believers
Even a big supporter like myself thinks they've done JAY a kipper. Apart from some flowery language what is there to say they are totally committed to Disko ?
Your OPINION would be appreciated.
Strip out the language what have K promised ?
CC - You say: "BBs are about opinions not facts; the facts are all there to see."
I am sorry, but I will have to disagree. BBs should be about both facts and opinions. Also, not everyone is well-researched to know the facts so it is worth stating the facts. But never express opinions dressed up like facts.
Turning to your question about KoBold, I am of course disappointed that they won't be drilling this year. But why? Did KoBold's relationship with JAY's previous management break down? Was this a contributory factor in not drilling this year? Maybe it was because I thought these statements in the RNS on 29 April 2024 hinted at something was amiss with the relationship:
"Prior to the December 2023 board restructuring, JV discussions were focussed around KoBold's early reversion of the joint venture, rather than 2024 field activities. Consequently, the lead-time necessary to secure specialized drilling equipment far exceeded what would have been possible in 2024." - Was this an oblique criticism of JAY's previous management?
"We are thrilled to have Eric back at the Bluejay helm; he's a great technical operator, and with his leadership, we look forward to unlocking the full potential of our partnership." - Was Kurt House hinting here that the relationship with JAY's previous management was not that thrilling or great?
As for the future, JAY has given an undertaking in the RNS that Nikkeli anticipates initiating planning for 2025 activities in late 2024 and is committed to advancing the Disko project. We await details of the plan. I am also expecting a revised JV to be announced, possibly around the same time.
I would concur with Aston, the JV terms will be revised. On what basis we need to wait and see and likely will be before any agreement on spending for 2025 and may be guided by the work being completed over the summer at Disko.
I think we can all agree that the JV between Kobold and Jay will be altered. I think Ashton has been correctly making this call for months. Let's speculate as to the likely options and who will benefit, my guess is it will Kobold and Jay's shareholders will be very disappointed but will be completely at the mercy of Kobold. The longer Kobold delay matters the more reliant upon Kobold Jay will become. Another possible reason for Kobold to be 'relieved' to have the current team back is that RE was quite possibly playing a bit more hard ball, hence why the JV with Kobold was already being adjusted and winding down Kobold's input. The present board will be a push over for Kobold.
As Ashton has previously informed us, it was Kobold's decision to cancel the planned 2022 drill within 3 weeks of it being announced (I was unsure if Jay or Kobold were responsible but have subsequently seen Ashton's post confirming Kobold were the guilty party). Kobold have now cancelled the 2024 drill and been happy to relinguist the majority holding of the Disko project. Why have they done that? Do they need to save $11.6m? I'm guessing not - it takes Jeff Besoz less than 2 hours to earn that amount. So if they don't need to save the money and it's such a great resource and will power the world's transition to EVs why loose their majority and delay drilling for yet another year? Just to save (relatively) peanuts? I don't think so. Are they really bothered about this project? Nothing they do has ever indicated that they are – cheap words and unkept promises and agreements is all we've seen. If Kobold really aren't that concerned about the project then Jay will have very little bargaining power when it comes to renegotiating the JV. Kobold can quite easily walk away or stall for as long as they like and Jay will have no option but to just suck it up. Jay haven't got the expertise, credibilty, money or reputation to progress Disko without Kobold. If Kobold don't get exactly what they want and choose to pull out Jay will lose the last shred of credibility they have left. Kobold know that. I cannot see the renegotiated JV being favourable for Jay shareholders.
I hope Ashton will post his views to agree (or disagree) that Jay will struggle to progress Disko without Kobold.