Member Info for A-s-h-t-o-n

In the note I posted on 4 Jul 2024 at 16:01, I said I was closely watching the major miner Anglo American's progress with its Disko licences. I can report that AA has now been granted a third field activity licence by the Government of Greenland for field activity in 2024. This particular licence is from 1 August 2024. With this latest addition, AA has been granted three field activity licences for this summer. Here are the details of the licences including the start and finish dates and the acreages:

MEL 2019-79: 2,434km² - 1 July 2024 to 15 September 2024

MEL 2019-59: 827km² - 1 July 2024 to 15 September 2024

MEL 2019-115: 1,671km² - 1 August 2024 to 15 September 2024

The total field activity licence area is 4,932km². This is 67% of AA's total Disko licence area of 7,379km². KoBold/JAY's total Disko licence area is 3,015km². This means AA's field activity licence area of 4,932km² for this summer is even larger than KoBold/JAY's total licence area of 3,015km².

At the AGM on 26 June 2024, I asked Rod McIllree this question: "Is it possible that a future partnering arrangement for Disko might include Anglo American (AA) whereby the partnership becomes a three-way arrangement?” Surprisingly RM responded to my question by saying under any such arrangement it would mean JAY losing majority control and was unwilling to elaborate further. I could NOT draw any firm inferences from RM’s reply except so far as to say JAY would ideally like to have majority control (>50%) in progressing the project. I wonder what the likelihood of a three-way partnership is: JAY, KoBold and AA. As for the ownership of Disko (strictly speaking Nikkeli Greenland A/S), there could be one of two possible outcomes:

1. KoBold gives up 2% of Nikkeli to JAY and a proportion of the remaining 49% to AA. This would mean JAY becoming the majority owner (51%) with KoBold and AA as minority partners

or

2. The Nikkeli ownership is reconfigured in such a way that AA assumes 51% (majority control) with the remaining 49% distributed between JAY and KoBold as minority partners.

All this is pure conjecture but you can never tell.

Back to AA, when will the company undertake drilling at Disko? That's what I am trying to find out. I am an AA shareholder.

Catwithamnesia - Oh dear! Will the execution be by electric chair, lethal injection, hanging, or a firing squad? In which case I plead for clemency on the basis that I have already suffered enough punishment as a JAY shareholder.

Rach - You ask: "We both spend too much time on Jay, it's addictive though, isn't it?"

Interesting you have chosen the word "addictive". Not sure that would have been my word of choice. My preferred word is "belief". So, the word "addictive" does not apply to me. My primary reason for sticking with JAY is I have this unshakeable "belief" that Disko will come good and that's reflected in my numerous posts. If I were a staunch "non-believer" in JAY, like you, I wouldn't be hanging around here spending an inordinate amount of time posting on a stock where I hardly have any "belief". So, I can understand why you have chosen the word "addictive" as the label for you. Interesting!

Catwithamnesia - Here are my replies to your questions.

Q: What are the real commodities present in JAY's assets?

A: I presume when you say "real" you mean findings from drilling. If so, please see drill results RNS for Dundas (Ilmenite), Enonkoski (nickel-copper-cobalt) and Hammaslahti (Copper-Zinc-Gold-Silver) - https://bluejaymining.com/investors/regulatory-news

Q: What kind of exploration can we expect?

A: Early-stage exploration. This includes geological, geochemical and geophysical exploration plus drilling.

Q: What kind of shareholder value is expected?

A: You say guessing is a waste of time and have still gone ahead and asked the question where one can only make a guess. In any case, you have not stated shareholder value over what period.

These are my expectations:

1. Drilling at Disko in 2025 [JAY is determined to achieve this outcome].

2. Excellent assay results from drilling [An expectation based on ​the vast amount of exploration scientific data (geological, geochemical, and geophysical) collected over the past 30 years plus KoBold Metals' recent ranking of priority targets for future field and drilling programmes].

3. Share price gets a significant boost from the excellent assay results [An expectation based on (1) and (2) coming good].

If you think my expectations are unrealistic, please tell me why. I won't be offended. As I see it, the truth of the matter is no one here knows for sure whether all of the above events will happen or fail.

We all are in a dark gutter (i.e. the share price is in the doldrums). Whilst in the gutter, I don't believe in focusing on smelling the stench. Instead, I will keep looking at the stars!

Wealth Warning: The value of your shareholding can go up or down. If you are not prepared for it, don't play the stock market. Apologies for stating the obvious.

Rach - I did not say: " ....to make a negative case on every aspect of JAY you rush and come to wrong conclusions based on false assumptions."

What I said was: "...to make a negative case on every aspect of JAY you rush and come to wrong conclusions EVEN based on false assumptions."

The operative word was "EVEN". Semantics! Okay, perhaps I should have written: "You make a negative case on every aspect of JAY. In so doing, you rush and come to wrong conclusions EVEN based on false assumptions."

Happy?

Changing the subject somewhat. You know what? We both have something in common. We both spend a lot of time on JAY. I am invested in JAY and that is my reason. You are not willing to disclose whether or not you are a shareholder currently but have admitted you trade the stock. Are you expecting any good news soon for trading?

PS: Yes, the value of my holding has gone down. But it can go up as well. That's the stock market for you. Please see my next post.

Rach - In your post, you said maybe private investors are GULLIBLE that they haven't done THOROUGH RESEARCH - maybe that's Jay's target audience."

Come on, what about you? Unfortunately, you didn't do ANY research whatsoever on Amaroq Minerals. Still, you went ahead and presented an erroneous case based on a false assumption that the company is an exclusively gold player to support your persistent critical view of JAY. This was your comment:

“Your comparison to Amaroq is somewhat tenuous – you're comparing apples to pears. Amaroq is a gold play, simple. It doesn't profess to be anything else. It doesn't have the variety of different skill sets, costs and regulatory challenges that Jay has burdened itself with. Jay is after titanium (sand and now rock), nickel, cobalt, copper, helium, hydrogen, O&G etc etc. Much simpler and much more cost effective for Amaroq to move its efficient and highly experienced gold team and their equipment from one location to the other and therefore be able to quickly and efficiently exploit their resources with a minimum of cost. In comparison Jay is juggling too many balls and now needs numerous very expensive teams operating a wide variety of differing equipment to tackle all of its projects. That will be both costly and time consuming – which brings me back to the need for Jay to raise vast sums of capital. There's no fair comparison between Amaroq and Jay.”

Just to be clear, I bring this up only to point out that to make a negative case on every aspect of JAY you rush and come to wrong conclusions based even on false assumptions. The need to undertake THROUGH RESEARCH applies just as much to you as it does to other private investors. Good job we were not GULLIBLE to accept your erroneous presentation of facts at face value because we have done a THOROUGH RESEARCH on Amaroq.

It is a fact that JAY will need new money to progress its projects. It is also a fact that Greenland has at least two challenges for mining companies: climate and inadequate infrastructure. That said, there are three ways JAY can raise new money to progress its projects:

1. Equity placing

2. Partnership

3. External funding

You appear to be focussing relentlessly on (1) but hardly talk about the possibility of (2) or (3). As for (3), on 30 November 2023, the EU and Greenland signed a strategic partnership on sustainable raw materials value chains. One of the five pillars of the partnership is identifying and developing projects and then attracting investments and supporting access​ to finance for the projects - https://tinyurl.com/3489epcd

Here is a question for you. Are you ruling out JAY obtaining funds through the EU​-Greenland strategic partnership?

Let me now turn to Amaroq Minerals. You say: "Amaroq is a gold play, simple. It doesn't profess to be anything else." I have to point out that you are factually incorrect with your claim. Amaroq is now a gold and strategic minerals player. At the AGM on 16 June 2022, shareholders of AEX Gold (AIM: AEXG) approved the name change to Amaroq Minerals (AIM: AMRQ). The change of name came into effect on 12 July 2022. The reason for the change was considered appropriate due to the company's business being recognised for holding mineral licences in gold as well as strategic minerals. If you click on this link you can read about Amaroq's gold projects as well as strategic minerals projects - https://tinyurl.com/jkyf24uv

There are therefore some comparisons between JAY and Amaroq.

This is one of the most comprehensive reports I have read on KoBold Metals and thought of sharing it. The best way to read the report is to click on this link and download the PDF version. It is a 28-page report released this year. Happy reading! - https://tinyurl.com/bdfaf98y

PS: All is seemingly quiet on the JAY front but I am sure hyper activities are going on behind the scenes. I hope we will have some excellent news on Disko before too long.

In the note I posted on 23 Jul 2024 at 19:57 (addressed to Rach), I said I wished the current JV with KoBold Metals did not pass on majority control (i.e.​ 51% ownership of Nikkeli Greenland A/S) to KoBold until drilling had taken place. For the sake of completeness, I thought I should share the information that it is common practice for KoBold to enter into an earn-in-agreement where the controlling interest is not 51% but as high as 75%. Let me give two recent examples of such an earn-in-agreement.

On 22 November 2023, junior miner Iondrive from South Korea announced that it had signed such an earn-in-agreement with KoBold. ​On 14 May 2024, Iondrive provided an update on the project's progress:

Earn-in agreement - https://tinyurl.com/3a5pubrw

Project ​progress update - https://tinyurl.com/bd3a7698

On 20 February 2024, junior miner Midnight Sun Mining from Zambia announced that it had signed such an earn-in agreement with KoBold. Click on this link and scroll down. - https://tinyurl.com/3thb4zjr

Rach you say: "The article posted below illustrates my point very well - there are multiple white hydrogen prospects far closer to home in both mainland Europe and the US, projects that are already quite advanced, far more so than White Flame's rather insignificant showing."

Firstly, Greenland is part of Europe. Secondly, just because other projects are more advanced does not mean a junior miner should not progress its project. If that's the case there won't be many junior miners left. Let me now give you an example of a project that is right in JAY's backyard. Amaroq Minerals (formerly AEX Gold) in Greenland progressed with their Nalunaq gold project with hard work over the past many years even though there were other more advanced gold projects, some of them already in production. According to your logic, Amaroq should not have progressed with its early-stage project because other projects were far more advanced. That's nonsense! As it happens, Amaroq is now on course for its first gold pour during Q4 2024 - https://youtu.be/8tVqKdQED0I

I get the impression shareholders appear to be focusing almost exclusively on helium and overlooking the fact that Jameson Land (JAY's new tenement as a result of acquiring White Flame Energy) is being promoted as highly prospective not only for helium but also for white hydrogen​ (also known as natural hydrogen), industrial gases, natural gas and liquid hydrocarbons. The RNS dated 20 June 2024 says: "Multiple parties and decades of various surveys indicate all the necessary characteristics for significant deposits of helium and white hydrogen rich industrial gases, natural gas as well as liquid hydrocarbons at the Jameson Land Project." Please take a look at the ​RNS, in particular, the "White Hydrogen Prospectivity" section. It says: "White hydrogen, naturally occurring in certain geological formations, is highly prized for its minimal environmental impact and cost-effectiveness compared to green and blue hydrogen. Unlike green hydrogen, which is produced using renewable energy through water electrolysis and is often energy-intensive and costly, white hydrogen can be extracted with MINIMAL ENVIRONMENTAL DISRUPTION and FAR LOWER PRODUCTION COSTS." - https://tinyurl.com/4rkycv7c

A British company, Getech, developed software to find oil. It is now adapting the technology to locate hydrogen deposits. This article is worth a read. Take a look at Fig 2. It shows white hydrogen has the LOWEST PRODUCTION COST, which confirms what is said in the RNS. interestingly, the article also provides a process diagram for white hydrogen exploration - https://tinyurl.com/5x3r99cu

Correction - It should have read: "Here is an excerpt from RE's Strategic Review RNS 14 February 2023" - not 2024.

https://tinyurl.com/47jr7seh

Continued from the previous post:

Getting back to Disko, it is my view that the market will not take it kindly if there is no drilling at Disko in 2025. I suspect JAY knows this only too well and the importance of drilling in 2025. My primary focus is Disko. If Rod McIllree and Eric Sondergaard can deliver drilling in 2025, followed by excellent assay results, I will be chuffed because the share price will then take care of itself. As I have said repeatedly, let’s wait and see what the next update on Disko says.

PS: I wonder whether Norton Rose Fulbright will be providing the legal support again - https://tinyurl.com/4dayn42t

Rach

1. Yes, I can confirm, it was KoBold who decided to cancel the drilling in 2022.

2. Yes, KoBold is a relatively new company; therefore, they do not have a "long track record“ of publicly reported successes of their AI technology in finding minerals. However, KoBold discovered a large copper find in Zambia using their AI technology this year. Furthermore, BHP and Rio Tinto have partnerships with KoBold which adds some credence to its technology. - https://tinyurl.com/8ydwt6sx

3. By and large, I don’t usually look back at events except for learning lessons. That said, if only the current JV had these clauses, it would have provided better safeguards for JAY: (a) The majority control is given to KoBold only after drilling. (b) Drilling commitment by no later than 2023 (not 2024). (c) If there was no drilling by 2023 (not 2024), a substantial reduction to KoBold's ownership of Nikkeli Greenland - not 49% as it stands now. Anyway, all this is water under the bridge now!

4. Yes, KoBold has failed to press ahead at pace so far but let’s see what JAY says in the next Disko update.

5. As for Rob Edwards, proof of the pudding is in the eating. REs’ hardball stance (as you have described) did not work well after all with KoBold as he failed to achieve drilling in 2023. Moreover, the relationship between KoBold and JAY appears to have broken down during RE's tenure. Here is an excerpt from RE's Strategic Review RNS 14 February 2024: "In 2022, the Joint Venture ("JV") carried out extensive geophysical, geological and geochemical programmes in order to define drill targets. Data gathered from the maiden 2022 JV exploration campaign continues to be interpreted by KoBold and shared with Bluejay under the terms of the shareholder agreement. Final sample data is expected to be available in the first quarter of 2023 and the JV's understanding of the licence continues to evolve. THE FINAL DECISION ON THE SHAPE AND NATURE OF THE 2023 CAMPAIGN IS ONGOING, AND THE PROGRAMME WILL BE OUTLINED BY KOBOLD. BOTH PARTIES ARE COMMITTED TO DEVELOPING THE BEST AND MOST EFFECTIVE PROGRAMME POSSIBLE FOR 2023 AND BEYOND." - End

In saying "both parties are committed", RE gave the impression he spoke for KoBold as well. The reality was there was no fieldwork programme in 2023. It raises the question of whether KoBold reneged on its alleged commitment or RE was economical with the truth. Take your pick! In his video interview on 21 September 2023, RE made the statement: "We expect some positive news I would think in the short to medium term, that is, CERTAINLY SEWN UP BY CHRISTMAS ONE OR TWO STRATEGIC INVESTORS TO HELP US REALLY LIFT THE VALUE OF THIS PORTFOLIO TO LEVELS WHICH WE HAVE NOT SEEN FOR MANY YEARS." There were no deals - zilch!  Is that because he played hardball with the strategic investors as well? What meaningful successes can RE show to his credit during his tenure as Chairman of JAY? Please do me a favour - don't remind me of RE.

On 10 July 2024, Bluejay Mining shareholders approved the company’s proposal to acquire White Flame Energy (WFE) and its three exploration and exploitation licences for Jameson Land in Greenland. The licences cover an area of 8,429 km².

Pulsar Helium has two projects, one in the US named Topaz and the other in Greenland named Tunu which has a licence area of 2,816km² - as opposed to JAY's Jameson Land's licence area of 8,429 km². The two areas sit side-by-side. Pulsar is undertaking fieldwork at the Tunu project as we speak. I will be following the progress of the project, in particular, when drilling commences and assay results come out.

In case you have not seen the project brief for Tunu, here is the link. In the brief, under the sections "Thermal Springs"; "Geology" and "Geophysics", there is a reference to Bluejay's Jameson Land - https://tinyurl.com/37awkmee

This month Pulsar released an RNS on the positive seismic survey at its Topaz helium project in the US - https://tinyurl.com/vthetnk2

Continued (please see previous post)

Will you ever change and live up to your own words you expressed in your post to me on 28 May 2024? You can still say what you want to say but why not use the right tone and style in the way you say it?

In your last post on Disko, you have raised a few points of merit. The post deserves due consideration and response but I am reluctant to reply for fear of the risk that you might rub it again that the value of my shareholding has declined by 95% or use some other words that would make me feel uncomfortable interacting with you. All that said, I have decided to take the risk and engage with you by replying to your post, which I will do in due course.

Rach - Your personality is such that you are impolite and insensitive to others' feelings. For example, is it really necessary for you to keep repeatedly reminding me that the value of my shareholding has declined by 95%? You have done this not once or twice but umpteen times including in a post as recently just a few days ago. I would not do that to anyone. You also apply double standards. You have recently accused me of misrepresenting facts as a desperate attempt to inflate the share price so that I might recover my losses. That’s some accusation without a shred of evidence. How about you? You have said you trade the stock. It is no secret you keep putting down JAY incessantly. One could therefore raise the legitimate question of whether you deramp JAY to try and deflate the price to buy it cheaper for trading. I am not accusing you of anything but I am simply pointing out your double standards. I may be many things but I am not a deceitful person.

Why do you have to mock other posters (e.g. by referring to a poster as “Mystic Meg reincarnated” or what they have posted as “hilarious” etc.)? Quite childish. You may not realise it, you don’t talk with people, you talk at them. More importantly, your personality is such that you can't tell the difference between what is decent behaviour and what is indecent behaviour. After Sarah Lowther's video interview with Eric Sondergaard, you referred to her as an "absolute tart " in your post on 2 May 2024 at 7:51. As a fellow woman, you should know better. The post was subsequently taken down. You have admitted that you have a naturally abrasive manner. Yes, it is all too clear from your posts that you have an uncontrollable abrasive manner as part of your personality. Do you remember this note you posted to my attention on  28 May 2024 at 14:40? After a short period of absence from posting since 2 May 2024, you have restarted posting, and going by your recent posts, you are drifting back to your bad old ways of exhibiting that awful naturally abrasive manner. Here is that post.

~~~

"Ashton – I would genuinely like to express my appreciation to you for bringing the matter of defamation to our attention. It has been a wake up call for me as it is something I had certainly not contemplated when making posts to a chat room. I would like to take this opportunity to un-reservedly apologise for any hurt, harm or ill-feeling any of my posts may have caused. Any of my posts referring to any individuals were intended to be nothing more than an inconsequential expression of opinion and not fact.

Ashton, I am indebted to you. Henceforth, if I do continue to post, I intend to curb my naturally abrasive manner and to ensure that my posts are more considerate and circumspect.

Regards, Rach"

~~~~

ChirpyCheep - In the note you posted on I6 Jul 2024 at 15:48, you said: "If you know something about Rach's personality you should post it. Can't keep us hanging on!

Please see my next post.

Meant to say See 1(b) - page 3 and 2(a) - page 4