focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
LWHL - You say: "Perhaps they have simply not had ANY interest, at any price, for these assets?"
Not so. There has been an interest from at least one party. I attended the General Meeting in February 2024 and came to find out from a member of the Board of Directors that a potential buyer from South Asia was engaged in talks with JAY about the sale of assets.
You say JAY has been talking "for a long time". I would not describe 4 months as a "long time" considering any potential buyer has to carry out thorough due diligence and also negotiate mutually agreeable terms. This can be a prolonged affair. Just because we are in a hurry does not mean the process can be hurried.
RNS 20 December 2023: "In due course, the new Board will update shareholders regarding the implementation of a new strategy that will focus SOLELY around developing the Disko magmatic massive sulphide project in Greenland."
RNS - 16 January 2024: "In December 2023, the Company announced the appointment of a new Managing Director, Eric Sondergaard and three new non-executive directors, Rod McIllree, Harry Ansell and Tory Whittaker. This new board are looking to implement a new strategy that will focus SOLEY around developing the Disko magmatic sulphide project in Greenland."
The conclusion from the above two news items is that the Disko project would be the sole focus for future development and the remaining assets would be sold off.
RNS - 19 April 2024: "Company has identified its strategic assets as follows; Disko - Nuussuaq, Dundas, Hammaslahti and Kangerluarsuk."
The conclusion from the above news item is that Disko, Dundas, Hammaslahti and Kangerluarsuk are now NOT for sale.
The overall conclusion: The assets Disko, Dundas, Hammaslahti and Kangerluarsuk are NOT for sale. By deduction, the assets Dundas, Thunderstone, Enonkoski and Outokumpu are for sale.
JAY is yet to explain the reason for the change in the strategy for the sale of assets.
ChirpyCheep - I posted it simply because it contained information about Eric Sondergaard and nothing more.
You ask: "Isn’t Kobold a major miner?"
Major miners are companies like BHP, Vale, Rio Tinto, Anglo American etc. KoBold is primarily a mining explorer. It has not built a single mine and taken it to production, at least not yet. This might change if they take their Zambia copper project to production on their own.
LWHL - You say: "They presumably have been trying (for a long time now) to sell ALL the non-Disko assets."
Not ALL the non-Disko assets are for sale. Did you see the RNS on 19 April 2024?
ChirpyCheep - As for White Cliff Minerals, you ask: “Any relevance?”
"No" is my answer, not in the way you might be thinking.
Keep a lookout for the RNS on the Disko update. I have previously and repeatedly stated here that the Disko project will need a major miner at some point to progress and realise its full upside potential with or without KoBold.
The latest RNS on 19 April 2024 had this statement: "This project (Disko) represents the LARGEST POTENTIAL UPSIDE in the company's current portfolio."
A key question arising from this upbeat statement is will JAY succeed in progressing the project to realise Disko's full upside potential with or without KoBold. I have repeatedly said here that the Disko project will need a major miner at some point. Let's see what the impending update says.
Hello Catwithamnesia - Thanks for asking, I am very well. How are you?
Here is my short reply to your long post. You say: "Until then we are just talking about things to entertain while some people are making fun of other people's money. It's not the first nor will it be the last time they do it."
Until we have an update from JAY no one knows for sure what the next step is for Disko. I agree with you, what we are doing in the meantime is talking about things to entertain ourselves (as you put it).
ChirpyCheep - You ask: “Have you been in conversation (with JAY) since?”
Yes, I have, and on two issues: (a) Divestment of assets and (b) Eric Sondergaard’s impending maiden interview.
(a) I am advised that the divestment process is continuing. I am expecting an update soon, given this encouraging statement in the RNS on 19 April 2024: "The Company is in the process of rationalising its current Finland portfolio for further cost savings, and expects to be able to update the market on this SHORTLY shortly."
(b) No indication from JAY as to when we can expect the interview with ES but I have stressed the urgent need to break the radio silence given the fact that since ES' appointment 4 months ago on 20 December 2023 some important decisions have taken place (Expansion of the corporate strategy; Reinstatement of the Dundas 2019 MRE, etc). Disko update is also due. I am hoping that the interview will take place SHORTLY.
On 30 April 2024, Anglo American will be holding its AGM at The Mermaid London, Puddle Dock, London EC4V 3DB. I hope to attend. If I do, I will try to find out from the Directors about the company’s progress on its Disko project in Greenland, in particular when the maiden drilling is likely to happen. AA carried out field activities at Disko in 2022 and 2023. Its Disko tenement is a massive 7,379km² compared with JAY’s acreage of 2,903km² (not including the 116 km² mentioned in the RNS on 21 September 2023). AA's licence areas surround that of JAY's.
I would not rule out the possibility of AA teaming up with JAY on the latter’s Disko project. I noted with interest this statement in the latest RNS on 19 April 2024: "This project (Disko) represents the LARGEST POTENTIAL UPSIDE upside in the company's current portfolio." JAY could have easily avoided this statement but chose to include it. Why? Only time will tell.
Eric Sondergaard completes 4 months as MD of Bluejay today. I wonder when we can expect his maiden interview, sooner the better.
In the meantime, I am tempted to describe shareholders' sentiments as:
- The anxious are tense (Will JAY go to the wall?)
- The weak are in fear of uncertainty (Will JAY turn things around?)
- The optimists are waiting for a brighter day (i.e. JAY's better days are ahead!)
KatAmnesia - Thank you for your concern but I don't rant, I don't rave and I don't get stressed out. You can see that from my posts. I wish I could say the same when reading your posts. So, if anything I have good reasons to be a bit concerned about KatAmnesia. As you say it's only cash and life has more meaningful things to offer. So dial down and enjoy life! Looking forward to reading your next post on JAY.
Pulsar Helium has two projects, the Topaz project in the USA and the Tunu project in Greenland. In Greenland, Pulsar has a Mineral Exploration Licence via its subsidiary Skyfire Ltd. The licence covers an area of 2,771km².
Article dated June 2023 - https://tinyurl.com/3ydrr5uh
Article dated April 2024 (Watch the video in the article) - https://tinyurl.com/33bnf5uu
RachT - You were more than "a little rude" given the fact that you dished out repeated insults but apologies accepted.
For someone who claims 40+ years of investing with a moderate degree of success, you should know better that vagaries of share prices are nothing new on AIM, especially junior mining stocks where prices can be highly volatile. If a junior miner proves an asset as a mega find, the price can rocket.
On 19 Feb 2021, COBR was 3.3p and is now 1.1p as we speak. That is a value drop of 67% but who knows COBR may well recover all that loss and go beyond. Who can tell? You must be here for a reason.
Trombone - In the note RachT posted today at 08:18 and addressed to you she said: "If you dislike my posts you are free to not read and ignore them. Looking at many of your previous posts you have often referred to those posters that disagree with your narrative in an INSULTING manner."
I am a regular poster on the JAY chat board and RachT appeared on the board for the first time on 10 April 2024 and posted this: "Hi - new to this board but read a fair few of the posts and my conclusion is that - Ashton is a grade A muppet." I was taken aback by her comment on two counts: (a) Why get personal and behave in that manner especially when I have never disagreed with her on anything whatsoever (b) Being her maiden post on JAY, why did she focus on a poster instead of on the stock? She then volleys the same insult by calling me a muppet again in a post on 14 April 2024. Now she complains that you are behaving in an insulting manner towards other posters. The phrase "The pot calling the kettle black" comes to mind.
I don't like personal attacks and abusive behaviour. I have been posting on the JAY chat board since 2020. I had not come across such insulting behavior from a poster on the JAY chat board before RachT arrived. What is the matter with her? Does she realise that the LSE chat board standards do not permit abusive posts?
Finally, my apologies for coming on this board when I have nothing to contribute on the subject of COBR but thought I had to say what had to say about insulting behaviour on a chat board. It spoils discussions on a board and lowers its tone.
In the RNS today, Eric Sondergaard (MD) says: "As Dundas is fully permitted, with a valid mining license, we will continue to review critical aspects of the project, as well as potential value adding acquisitions within the country."
Going by what a few posters have said here there is understandably some confusion over the statement. I therefore contacted ES for clarification. Here is my exchange with him.
Question from Ashton: "The RNS says: As Dundas is fully permitted, with a valid mining license, we will continue to review critical aspects of the project, as well as potential value adding acquisitions within the country." Does this mean Bluejay potentially acquiring new asset(s) within Greenland or potential inbound acquisition(s) of Bluejay's existing asset(s)? I would appreciate your clarification, please. Thanks
Reply from ES: "Potential inbound acquisition(s)." - unquote
Hope this clarification puts to bed the erroneous assumption among some posters that JAY is looking to acquire new assets in Greenland. Good God, in any case, JAY hasn't got any spare cash for such luxuries!
LWHL - You ask: "All things considered, including the cash position, would further acquisitions be welcome though, Ashton?" Absolutely not is my decisive answer.
Please refer to the note I posted on 14 Apr 2024 at 20:46 and addressed to you in which I asked: "Will JAY succeed in selling any of its assets this year (in other words some kind of INBOUND partial or full ACQUISITIONS of JAY's assets)?"
Please note I used the words "INBOUND ACQUISITIONS of JAY's assets. I did NOT say JAY acquiring new assets. Please see my next post.
LWHL - In the note you posted at 07:39 today you said: "NO PROGRESS on selling this, or any of the OTHER assets, one can only presume." Fair enough, that's one way of looking at an unknown situation.
You will recall that in the note I posted on 14 Apr 2024 at 20:46" and addressed to you I asked: "Will JAY succeed in selling any of its assets this year (in other words some kind of inbound partial or full ACQUISITIONS of JAY's assets)?"
Eric Sondergaard (MD) says in today's RNS: "As Dundas is fully permitted, with a valid mining license, we will continue to review critical aspects of the project, as well as potential value adding ACQUISITIONS within the country."
The reason for choosing to use the word "ACQUISITIONS '' in my note was not random. That said, we have to wait and see what JAY actually meant by "ACQUISITIONS". In the meantime, all we can do is engage in positive, negative or neutral (open-minded) views on the matter.
Please do your own research.
LWHL - You say: "To your point about AA: Yes I am, although I am not sure whether it was JAY who decided to go with Kobold ahead of AA. Furthermore, AA's willingness to pay those licence fees does not really signify much. These big boys have deep pockets and to them such things are pocket change."
Taking the first part of your comment, the important point here is that AA was interested in Disko. Who walked out of the deal is secondary. It seems AA's offer included a multiple of the dollars committed under the KoBold deal and for a longer tenure of time. Despite such an offer, JAY decided to go with KoBold. Forward wind this video to 8:45 and listen to Rob Edwards talking about Disko and a major miner without mentioning the name AA - https://tinyurl.com/3uxdwk8e
Taking the second part of your comment, it may be a pocket change for AA but they also have shareholders to whom they are answerable. Besides, not only AA has been paying the annual regulatory fees but has also been carrying out field activities. Why would they go to such trouble? Besides, what is there to gain by staying in Greenland if AA is not interested in developing their project, wasting other peoples' time including that of the Government of Greenland?
I am tempted to say your interpretation and reasoning of AA's reasons for staying in Greenland is somewhat tenuous.
As for your comment: "I am not a shorter, nor looking to get back in here cheaper than the current price etc" - I have never regarded you as a shorter but have been intrigued by your intense interest in JAY despite being a non-shareholder or any intention to become one. You also come across as a decent guy!
RachT (28 Mar 2024 at 14:17- Posted under COBR): "I'm not sure why Jollifant makes the claim that I own PRE; and Rach is short for Rachel so he's wrong on at least 2 counts."
I have quoted you verbatim. It is blatantly clear that Jollifant claimed that you own PRE and you denied it. This means you can confirm or deny your holdings when it suits you, which is the opposite of what you said to ChirpyCheep.
You can say I am delusional about JAY but at least I am not deceitful, ill-mannered or discourteous. Did you come on this board to talk about Ashton because even your first post was about me? You turn the conversation I am having with LWHT to talk about Ashton. Any chance you could switch to talking about JAY instead of Ashton and spare us of your tedious posts?