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

Here it is:

https://www.londonstockexchange.com/news-article/JAY/final-results-and-notice-of-general-meeting/16544039

The Results must be imminent and should provide, among other things, a customary and comprehensive update from the Chairman like this one from last year - https://polaris.brighterir.com/public/bluejay_mining/news/rns/story/x44djkx

IvRoche you ask; "Why wouldn't we drill Kangarluarsuk?"

This question came up at the AGM. The answer from JAY was that the priority is to drill Disko. I may post something more comprehensive on this subject later.

Great! It will be good to see you there.

Will you be voting in favour of it, LWHL?

On 10 July 2024, Bluejay Mining shareholders will decide whether or not to accept the company’s proposal to acquire White Flame Energy (WFE) along with its three exploration and exploitation licences for Jameson Land in Greenland. The licences cover an area of 8,429 km². Common directors of the two companies will not be participating in the vote on 10 July - so it will be down to the rest of the Bluejay shareholders to decide.

Pulsar Helium has two projects, one in the US named Topaz and the other in Greenland named Tunu. Pulsar will be undertaking fieldwork at the Tunu project this summer 2024. Tunu has a licence area of 2,816km² - as opposed to Jameson Land's licence area of 8,429 km². The two areas sit side-by-side. I will be following the progress of the Tunu project, in particular, when drilling commences. Here is a video interview with Thomas Abraham-James, President and CEO of Pulsar. He talks mainly about his company's Topaz project in the US but also refers to the Tunu project in Greenland (8:00 mins into the video).

https://youtu.be/KnRw6A7UqrI?t=2

Pulsar Helium has two projects, one in the US named Topaz and the other in Greenland named Tunu.

Skyfire Ltd, a subsidiary of Pulsar, was granted a Special Mineral Exploration Licence (MEL-S 2021-45) by the Greenland Government in 2021. The licence covers an area of 2,816km2 (circa 685,000 acres) and provides rights to Pulsar for mineral resources, such as helium and hydrogen, but not hydrocarbons and radioactive elements. Concerning the MEL- S 2021-45 licence, Skyfire has been granted a Field Activity Approval Licence (FELT 2024-60) for fieldwork in the summer of 2024. The fieldwork licence starts on 01-07-2024 and expires on 15-09-2024.

Click on this link and page down to access Pulsar's projects in the US and Greenland.- https://www.pulsarhelium.com

Click on this link for the June 2024 company presentation by Pulsar. It is well worth a read as it contains helpful information about Helium (e.g. its uses, description of it as a globally growing commodity, etc.) and the two projects. You will find information about the Greenland Tunu project and its summer 2024 field activities on pages 24 and 25. On page 7, you will see that the Project Manager for the Greenland Tunu project is Hans Jensen, the former Managing Director of Dundas Titanium A/S - https://tinyurl.com/5n8784vr

In the RNS on 19 April 2024, Eric Sondergaard said: "Our decision to consider opportunities in the helium, industrial gas and hydrocarbon space has come about through the identification of a number of very compelling, large-scale opportunities which the Company believes warrant further consideration. These potential opportunities align perfectly with our ultimate goal of creating SIGNIFICANT shareholder value. With the new board and management team fully incentivised to create value, this new strategy will complement our existing portfolio of battery metal projects namely Disko-Nuussuaq, Dundas, and Hammaslahti. It is important to note that while we are actively exploring these opportunities, no decision has been made on any potential acquisition." - https://tinyurl.com/ye24up8j

I have been recently and repeatedly banging on about news announcements during the second half of 2024 with some big news coming out even as early as in the coming weeks. Could some news now be imminent?

CC - I am sorry to hear you will not be attending the AGM. I can understand your reason. Cornwall is a long journey to come for the meeting. I am lucky as I live at the outer edge of South West London (Hampton Court, Surrey) and the train journey to London Waterloo is just 35 minutes. That said, Cornwall is a beautiful county and you are blessed to live there. Last summer we spent a week in Morvah, a small village set in the idyllic landscape of the Penwith peninsula of western Cornwall. Beautiful beaches!

Cheshirebull - I suppose running a farm can be ​ busy and hard work but I hope you will find the time to attend the meeting. I am expecting news announcements during the second half of this year with the possibility of some big news item(s) even as early as over the coming weeks, fingers crossed. It would be nice to have some fricking good news to talk about at the AGM!

Chirpy Cheep - Sorry for the delayed reply. You asked whether I intend to attend the AGM on 26 June. Yes, I shall be attending the meeting. What about you? Also, are any other posters here planning to attend?

Why did JAY cancel the Towards Net Zero (TNZ) funding facility?

In the RNS on 14 February 2023, JAY announced an equity subscription where up to US$6 million was to be received from Towards Net Zero (TNZ), consisting of three tranches of US$2m. However, shortly following the receipt of the first tranche, JAY decided with a pragmatic agreement from TNZ to terminate the arrangement. In the Final Results (RNS 29 June 2023,) JAY said the decision to return US$2m of capital in April 2023 to TNZ was not taken lightly but was driven by the view that the original benefits of the structure were outweighed by the risks created by entering into it in the first place, and a simpler funding route was pursued thereafter.

JAY wanted to create certainty of funding by entering into the funding facility with TNZ. When the deal was announced the share price fell pretty much to the floor price. JAY had not envisaged a negative market reaction. Moreover, the way the facility was structured meant that the second tranche was reliant on liquidity and market cap constraints so JAY could not necessarily rely on the second US$2m tranche. JAY's major shareholders decided that they did not like it after seeing its effect on the share price. JAY, therefore, cancelled the TNZ funding agreement. That's the long and short of the story. If you want more information click on the links below for the relevant RNS.

TNZ Equity Subscription Agreement RNS 14 February 2023 - https://tinyurl.com/5bvavuab

Cancellation of TNZ Agreement RNS 25 April 2023 - https://tinyurl.com/mr47ybxx

Placement at 1.75p per share RNS 28 June 2023 - https://tinyurl.com/283nby3u

Final Results RNS 29 June 2023 - https://tinyurl.com/59se6rbr

The RNS on 28 June 2023 also announced that due to unseasonal and unexpected sea-ice conditions in the fjords leading to the Kangerluarsuk, JAY decided to cancel the planned 2023 maiden drilling programme and associated fieldwork at the site. The decision not to proceed with the programme at Kangerluarsuk resulted in lower capital requirements.

The net result of the fundraising bungle was that after cancelling the TNZ facility that had a ‘Floor Price’ (minimum price) of 2.5p per share, JAY went and raised funds at an issue price of 1.75p per share. All this happened when Rob Edwards was Chairman.

US$2m, not GB£2m - https://tinyurl.com/mryudau3

I said: "take a look at the RNS dated 29 May 2019 and 17 June 2019"

Correction: "take a look at the RNS dated 29 May 2019 and 27 June 2019"

I am sorry, Chirpy Cheep, you found my reply nebulous. I'll try again then.

The current Pre-Feasibility Study (PFS) for Dundas does not meet the quality requirement for a Bankable Feasibility Study. You are a finance person so you will know that a BFS is used to raise capital from a bank or equity capital from investors. So when I said one of JAY's next two priorities has to be to secure finance for the project this meant bringing the current PFS to BFS standard. The 2022 drilling was supposed to help achieve this aim (take a look at the RNS dated 29 May 2019 and 17 June 2019). Since JAY has questioned the drilling method used in 2022 and the 2023 MRE drawn from the drilling results, it raises the question of whether JAY will carry out fresh drilling, and if so where will the money come from for drilling? I would suggest you watch the interview with ES from 8:30 mins where he talks about including the mineralised sill that sits below the sand deposits in a future resource upgrade. As I said, let's see what the next update on Dundas says. There is also the AGM on 26 June where such questions can be raised in person.

Chirpy Cheep - You ask: " So, in your opinion, what needs to happen to put Dundas back on track?"

In my opinion, the next two priorities for the Dundas project are: (1) Complete the process of reinstating the 2019 Mineral Resource Estimate (please ​refer to Eric Sondergaard's comments in the RNS on 16 April 2024 and also his interview). (2) Secure ​the necessary financial investment​. If JAY can achieve (2) that would be a significant vote of confidence in the future of Dundas because no investor will part with their money without thorough due diligence on the merits and viability of the project of this size.​

Chirpy Cheep - You said (27 May 2024 at 15:12): "Dundas, haven't the new Management agreed it's a dead duck by not only trying to sell it and stating Disko has more potential even though it's further down the curve   ..."

I am not sure the new management has concluded that Dundas is a dead duck. On the contrary, the RNS on 16 April 2024 on Dundas said the company has decided to not only reinstate the 2019 Mineral Resource Estimate but would also undertake a low-cost review of limited sample material available from the 2022 campaign - https://tinyurl.com/4ykfdetc

Furthermore, the RNS on 19 April 2024 said: "... the company has identified its strategic assets as follows; Disko - Nuussuaq, Dundas, Hammaslahti and Kangerluarsuk.". So, Dundas is being treated as a strategic asset, along with the other three. Does this mean the only assets for sale are: Thunderstone, Enonkoski and Outokumpu? -  https://tinyurl.com/ye24up8j

Additionally, in his interview on 3 May 2024, Eric Sondergaard said: "Dundas represents our nearest term pathway to cashflow." - 7:45 mins into the video - https://youtu.be/5G5jwsxhC8E?t=2

Considering all of the above information, it is not unreasonable to conclude that Dundas may not be for sale after all. Also, I keep my ears close to the ground. I am therefore not going to assume that Dundas is up for sale but is most likely to be given a renewed lease of life. Let's see what the next update on Dundas says.

Rach - I have noted your post with respect and understanding. Now that the issue has been aired and made clear for the benefit of those who were not aware of the UK laws in this regard, let us put the matter behind us and move on.

Regards, Ashton

Chirpy Cheep - You say the altruists are deeply unhappy at losing money but you are taken aback at the scale of their anger.

If they have lost money investing in JAY they could end up losing even more by posting unsubstantiated defamatory personal attacks on people. I am sitting on a serious paper loss with my investment in JAY but I know I can’t allow my frustration and disappointment with JAY (so far) to get the better of me.

It is not sad to take copies of offensive/offending posts but a necessary one if it serves a justified and legitimate purpose. Without evidence, there is no proof. What is actually sad is posting such messages. This chat board is monitored. Who else could be taking copies of such posts? Don’t blame others if you behave badly and recklessly on a public forum. Control your anger and behave decently, otherwise, it may have serious consequences. JAY shareholders and followers have a right to express critical views of the company and the Board of Directors. But do it decently without indulging in unsubstantiated defamatory personal attacks or the use of vile language. My son is a senior lawyer (Partner) at an international law firm. My unsolicited but important advice is it’s best to be aware of UK laws about posting information or making comments on social media. Ignorance of the law is no excuse!

ChirpyCheep - You say: "Another personal attack from a troll. Can I respectfully ask you to ignore such messages and add posts in a manner that you see fit?"

I agree and I have already been ignoring the trolls as you have suggested. But that is not what I wanted to talk about in this post. Comments by posters, whether positive or negative, of JAY and the performance of the Board of Directors must be welcome. But what is not welcome are personal attacks and the use of vile language against individuals. Personal attacks and claims that Rod McIllree is a "crook", "drunk" and a "greedy bugger" are not acceptable. Worse, the use of vile language. Following the interview with Eric Sondergaard, RachT attacked Sarah Lowther (from Total Market Solutions) who interviewed ES. RachT used vile language by calling Sarah Lowther, and I quote, an "absolute tart". RachT posted the note on 2 May 2024 at 07:51. It was actually posted under the chat board name RachT2. It is no longer there, so I presume LSE has taken the post down (but I have a copy).

When someone makes comments or publishes content on social media about someone else that is unfair, untrue and harmful to their reputation, they could be held liable for defamation. A sensible poster here has already warned us twice about the dangers of such behaviour but it seems the trolls have not paid any attention to such warnings. An inner member of my family is a senior lawyer and I know what I am talking about here. It's best to be aware of UK laws about posting information or making comments on social media.

Regardless of all else, I avoid having anything to do with people who use gutter language.

CC - If you decide to reply to this post, please use this thread.

ChirpyCheep - I am expecting news announcements from the second half of this year with the possibility of some big news item(s) even as early as over the coming weeks, fingers crossed. I am sorry I am unable to add more.