Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
I am so sorry to hear, ChirpyCheep, that you were shouted down and treated like an idiot. I am sure it was not me. It is an extremely important and valid question to ask. Please follow the conversation I am having with LWHL and you may well get the answer to your question.
I am disappointed by your reply, LWHL, as you have failed to provide any figures to back up your view: "I am however fairly confident that it (value of Bluejay's assets) will be appreciably lower than they have, over the years.... "
What is even more disappointing is not only you failed to provide any figures but ask me: "How much estimated value would you give to them Ashton?"
Since you are the one who started the subject of valuation with your comment, the onus rests with you to come up with some estimated figures. Without those figures, this conversation would be too abstract for me. Sorry!
Okay, LWHL, let's get down to putting some hard figures to back up your view when you say "I am however fairly confident that it (value of Bluejay's assets) will be appreciably lower than they have, over the years.... "
Let's assume JAY managed to sell the six assets. Since you are so confident that the value of the total sales would be appreciably lower, what monetary figures would you assign to these three outcomes:
Good sale = £
Satisfactory sale = £
Poor sale = £
Have a go so that I can understand what you mean.
LWHL - You say: "I am however fairly confident that it (value of Bluejay's assets) will be appreciably lower than they have, over the years.... "
I think you are taking an unduly pessimistic view by ignoring the bigger picture. Tenements containing critical minerals have become sought after in recent years. For example, the U.S. Geological Survey (USGS) added nickel and zinc to its 2022 Critical Minerals List. The USGS 2022 list included 50 items. Among them were:
1. Cobalt
2. Nickel
3. Platinum
4. Titanium
5. Zinc
Plus these Platinum Group Metals (PGMs)
6. Palladium
7. Rhodium
8. Iridium
9. Ruthenium
Although copper was not on the list, the USGS said the supply risk for copper has been increasing in recent years and it merited watching. What is of particular interest to JAY shareholders is that all of the above 9 critical minerals on the USGS list plus copper (not on the list) are present at the company's properties in Greenland or Finland.
I won't bore you producing the critical mineral lists of other jurisdictions such as the EU, Japan, UK, etc.
You also seem to be ignoring the pressure on major miners to increase the availability of critical minerals needed to drive the electric vehicle revolution.
And finally, are you not also ignoring the initiatives by the West to safeguard the supply of critical minerals? For example, the Inflation Reduction Act (IRA) by the U.S. to spur investment in green technology.
The above factors have made tenements with critical minerals more sought after now than many years ago. It seems to me you have not paid sufficient attention to the bigger picture before making your comment.
KatAmnesia - You ask: “What’s the sea temperature in Disko at the moment?". My answer would be brass monkey weather.
A more sensible question to ask would be what are the sea temperature (for shipping) and land temperature for exploration during the mining season from May to September? If you want a reliable answer to this important question I would suggest you contact these three sources:
1. Anglo American - The Government of Greenland issued them 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 (827 km2) 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. All four Mineral Explorations Licences cover areas around Disko. So, Anglo American will know the answer to the weather question.
2. Dr Peter Lightfoot worked as a geologist for Falconbridge and carried out exploration work at Disko for the company. He is now the Chief Geologist (Nickel) at KoBold Metals. Peter Lightfoot would have done the due diligence and given the green light for the JV to go ahead between KoBold Metals and JAY. Peter Lightfoot will therefore know the answer to the weather question.
3. Black Angel Zn-Pb-Ag mine is acknowledged as Greenland’s most profitable mine to date and produced 11.2 MT @ 12.6 % Zn, 4.1 % Pb and 29 g/t Ag between 1973-1990. The mine was operated by Cominco (now Teck) and later Boilden. If you didn't already know, Black Angel is located even further north than Disko (take a look at the map displayed on slide 3 - http://tinyurl.com/5kxjpvck ). So, Teck will also know the answer to the weather question because they have operated a working mine for some 17 years further north than Disko.
Please let us know when you have received their answers. Thanks
PS: It seems you have decided to join the muppet show as a star performer!
LWHL - You say: "Ignoring everything that went on before, and only focusing on Disko now, would be something that I could understand better, if the entire BOD had been cleared out and you had an entirely new management team."
As I see it, after the sale of the six assets, we will have a company that is going to be very different from the current Bluejay.
1. Single asset (albeit partly owned)
2. Single jurisdiction (Greenland only)
3. Some cash reserves from the sale of six assets.
After the sale of the six assets, if Bluejay remains listed as it is now (that's a big IF for me), what we will be having - for all intents and purposes - is 49% of Nikelli Greenland A/S being listed on the stock exchanges of London, Frankfurt and New York under the name of Bluejay. The new Bluejay management will not have much say in the overall management of Nikkeli Greenland. That will be down to KoBold Metals, as long as they retain majority control of Nikkeli Greenland. A strange arrangement to say the least. For these reasons, I am keenly waiting for the update on Bluejay's new strategy and how all this is going to work in practice. I am also looking forward to the update on Disko and won't be entirely surprised if there were to be a twist in the tale in this regard.
Quick reply LWHL:
1. No interim/stand-in for the post of CEO. The top two positions on the new Board are: Non-Executive Chairman (Mike Hutchinson) and Managing Director (Eric Sondergaard). I personally would not assume anything more than what is there in the RNS. For a start, any additional posts - whether interim or stand-in - have to be paid for and JAY is not in a position to spend money like water. In any case, JAY will soon become a one-trick pony and this, in all probability, would mean scaling back on unnecessary positions.
2. If enuffRMbs wants to waste his time going on a wild-goose chase, who am I to stop him?
Happy Festive Season to you as well LWHL. For me, the festive fun is still in full swing with my family, so I will get back to you with a fuller reply later. In the meantime, I thought I should point out an important factual error in your reply.
You say: "Instead, you have RM back as CEO (this is where, to repeat the point, all of the company updates and interviews from circa 2018 onwards is a useful exercise) and Bo still employed in some capacity. I mean...I really do not know what to say about that. OK - RM bought a decent chunk the other day. And now he is CEO again, he will not be able to update the market in such a tardy fashion with future buys and sells (as per his last non-CEO holdings RNS which I mentioned at the time)."
The factually correct position is Rod McIllree (RM) is back but not as CEO but as Non-Executive Director. In fact, there is no CEO post in the new management team. It appears you have not read the RNS that gave details of the management change. Here it is - http://tinyurl.com/yn64yykm
ChirpyCheep - You ask: “Re your comments the other assets will be sold off. Any ideas how and how much for?”
I have not seen a recent reliable valuation figure for Bluejay’s six assets that will be sold off. However, the research report dated January 2022, which is available on the company website, gave a sum-of-the-parts valuation for Bluejay’s seven assets (including Disko and Dundas) as US$301m of which US$219m was assigned to Dundas.
Hemo - You ask: "One question for you, are you more or less confident in your investment following the latest RNS? You obviously reserve the right not to answer."
Happy to answer. Following the RNS, I am more confident of getting a decent return from my investment because Disko is now going to be the sole focus of JAY. I regard Disko as a highly reliable asset because of the wealth of historical records of its prospectivity, complemented by KoBold's recent upbeat findings.
Additionally, if JAY manages to monetise the remaining six assets, the company should be able to fund the development of Disko without suffering dilution of ownership of it and also avoid further equity placements to raise capital in the short term.
All that said, I still want to see the details of the new strategy which I am expecting in the first week of January 2024 or thereabouts.
EnuffRMbs - You say: "Anglo seem to be a thread running through this both in terms of their Greenland exploration interest and via Troy (Sirius and Alien)."
I would say that is a very logical and sensible comment.
In fact, on 20 December 2023 at 22:06, I posted this information:
"At Anglo American UK he (Troy Whittaker) was responsible for ensuring the delivery and execution of the mine site development to the required programme, specification and budget as part of the US$4.8bn investment at the Woodsmith polyhalite project." - http://tinyurl.com/ydhdec8k
In your post on 20 December 2023 at 13: 11, under the thread "Next round of interviews", you said: "To anyone new here thinking whether to invest, if you haven't already done so, please listen to all the historic interviews, webinars, etc, on top of all the historic RNS material. At least from 2028 onwards I would suggest."
That's one approach but I will be adopting a different approach. Following the recent announcement of JAY's new strategy, the Disko project will become the company's sole focus, with other six assets to be sold off. Consequently, my approach to researching in the future would focus more on the Disko project specifically, and battery metals generally in terms of the bigger picture. I will therefore be studying all current and historical RNS announcements plus past industry, academic and governmental work (e.g. GEUS) on Disko. I will add to the list here here podcasts/video presentations on Disko and also all publicly available information on Nikkeli Greenland A/S, the company that owns all the Disko licences, and is owned 51%:49% by KoBold Metals and JAY.
I will be looking at Disko with my attention focused on two factors: (a) Management of the project and (b) Geological and asset value factors (grade, tonnage, M&I Resource, etc) once the drilling campaign gets going. Under the terms of the current JV, the overall control of the project rests with KoBold (the majority owner of Nikkeli Greenland), thus the key decision maker, with JAY performing the role of field operations manager. This arrangement will change when a major miner joins the project. So, I will be keeping a lookout for any development on this front as well.
Torreaguas and IvRoche - It was neither speculation nor assumptions. I am sorry I am unable to add more, best to wait for news from JAY.
I started this thread simply because I thought the RNS raised more questions than answers. I had five important questions arising from the RNS, one of which was to do with the Disko project. Following the RNS, I did some digging and managed to get answers to all five questions. I will, however, deal with just the three in this post - one of which is the Disko project - which will be the "sole focus" of JAY in implementing its new strategy. I am presenting the answers using a certain style and carefully selected choice of words for a good reason but the underlying message is there for all to see.
1. If you are wondering about the timing for the next update on the details of the next strategy, you will not have to wait too long. Look out for news in early 2024, probably in the first week of the new year or thereabouts.
2. For those who think there will not be a 2024 field program for Disko, you might very well think that; I couldn't possibly comment. Moreover, there could be a twist in the tale when the announcement comes out but let's wait and see.
3. From now on think, Disko, Disko and more Disko! The other assets will get sold off, it will be fine.
Yes, ChirpyCheep, I have got my wish about Disko but the devil is in the details. So I am now keenly waiting for the details.
"At Anglo American UK he (Troy Whittaker) was responsible for ensuring the delivery and execution of the mine site development to the required programme, specification and budget as part of the US$4.8bn investment at the Woodsmith polyhalite project."
I hope it won't be long before we see Troy Whittaker purchase a meaningful quantity of shares in JAY.
http://tinyurl.com/ydhdec8k
In the note I posted on 30 November 2023 at 16:29, I raised these questions: If he (RE) doesn't (deliver), what then? Would his position become untenable? That would depend on how major shareholders react."
I had a good reason for raising those questions because I try to keep an ear to the ground and I was hearing some noises from the ground and that's why I referred to "major shareholders". I was therefore not at all surprised to learn from the RNS today that RE has been replaced. RE is history now and good luck to him with his endeavours.
For me, the RNS raises several questions and I am expecting a follow-up RNS soon which would make things clear on the details of the new strategy and also importantly the plan for progressing Disko. After all, The RNS says Disko is going to be the sole focus of the new strategy.
In the note I posted on 14 December 2023 at 19:08, I said: "As things stand, JAY is a HOPE share. My BIG HOPE is Disko (forget the other assets)."
PS: I am ever so glad Eric Sondergaard is back, now as the Managing Director. I did know that he had fruitful relationships with KoBold Metals.
i am re-posting this note i posted yesterday addressed to katamensia (now using the moniker catwithamnesia). after posting, i asked the moderator to remove the original post and the repeated posts because of a glitch.
~~
thanks, katamnesia, for your comments. i was tempted to address some of them but decided not to as they have been previously rehe****d here a few times. that said, one particular comment by you pricked my ears when i read you say: "in fact (kobold) is considering the pros and cons between the 49/51% and the cash spent in something not certain."
did you offer the above comment as a matter of opinion or did you base it on an element of reliable information? your use of the words "in fact" intrigued me, hence my question. i must say i did take particular note of your comment in your post on 14 dec 2023 at 16:04 where you said: "i won’t disclose my background and won’t get into much detail."
we may not agree on all of the issues to do with jay but i genuinely value your comments since you present them intelligently.
ps: you say: "at the moment it looks more plausible to have a gold rush in river thames, i think." (unquote). as it happens, we live just a few minutes’ walk away from the banks of the river thames that runs along hampton court palace. so, i will certainly look out for any gold rush and will be the first one to report back to you if i see any activity!
~~~
catwithamnesia – i wonder whether you can answer my question in para 2 of the note.
Very interesting post, CWA, in particular your comment: "Many small details were bad in the management, abusive. This crested (created?) a negative aura over management and actually jeopardized the integrity of the board. If things go fine, hopefully...people will consider that as an accident. "
I took the above comment as an oblique reference to the KoBold-JAY relationship. Please correct me if I am wrong. Two "visible" events from the past bothered me in this regard:
1. Reversal of the 2022 Disko drilling decision within a matter of few weeks after informing the market.
2. An interview with Bo Stensgaard was published on YouTube on 9 November 2021. The interview was taken down almost immediately. I was lucky enough to have watched it before it disappeared and took notes. I published my notes on Michael Walters' bulletin board. Bo made reference to KoBold in the interview.
PS: I will attempt to guess your background. You are a geologist!