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ChirpyCheep - You have asked in the note addressed to me whether I would expect JAY to drill at Kangerluarsuk if KoBold decides not to drill at Disko. Before I could give my reply, I noticed Ailean had jumped in with his reply. Here is my reply.

At the General Meeting on 5 February (which I did attend), Rod McIllree made a brief but positive comment about Kangerluarsuk. I am inclined to think Kangerluarsuk will not be included in the sale of JAY's assets. If this proves to be correct, I am unable to say when drilling might take place. There are three possible ways to fund drilling at Kangerluarsuk:

1. Placing

2. By using funds from the sale of assets

3. By bringing in a major miner as partner

Strangely, in his reply Ailean had pointed out only option (1) but left out options (2) and (3).

By the way, if you have not seen the note I posted on 1 Apr 2024 at 12:58 under the thread "New Strategy Update '', I would suggest you take a look at it as I had made some comments about Kangerluarsuk.

Https://tinyurl.com/59yw74zs

Chirpy Cheep - You ask: “Any suggestions why they (Sandgrove Capital Management) have bailed out?”

I do not know why they have bailed out but it is in ​a way good news that a big persistent seller is now out of the way. I reliably understand the sold stock has been absorbed by ​other long-term holders. Please see my next post

As I promised in my note on 1 April 2024 at 12:58, I have contacted JAY and raised the matter of when we can expect the update promised in the RNS on 2​1 ​December 2023 (three months ago) - https://tinyurl.com/yn64yykm

The reply from JAY was that things are moving but not at the pace shareholders would like. All aspects of JAY deteriorated under previous management and this fact is not being raised as an excuse but is the situation inherited by the new management in moving things forward. I took this to mean that any perceived delay in getting the update should be viewed in this context.

I have noted the pub rumour comment by Ailean: “Rod has also let slip in the pub that KoBold have already informed JAY of their intention not to drill at Disko this year and therefore control will be returning to JAY - IF TRUE, then the board are sitting on this information."

Ailean himself has admitted that he is not sure whether the rumour is true. So, I will leave it at that!

The shortened links I provide are safe to open because before I post them I test them on my computer to make sure the links work. I have good antivirus protection on my computer, so if there are any issues it would show up. I can assure you that the shortened links I provide will not not take you to a spam website. I have applied tinyurl shortened links for more than 4 years on the previous bulletin board that I used to post on and no readers there expressed concern. Same here, no one else has expressed concern. If this reassurance does not satisfy you, best not to open the shortened links I provide. I find the link-shortening tool is handy when sharing links on a chat board like this one where character space is limited.

Https://tinyurl.com/ym8nenr5

Https://tinyurl.com/55y6j5vt

Https://tinyurl.com/nchjrr8w

IvRoche - In the note you posted on 30 Mar 2024 at 09:20 under a different thread, you said: "..we don't really have any elaboration of the strategy and still no sign of an Eric interview." I thought your comment deserved a reply.

In the RNS on 21 December 2023, Mike Hutchinson, Non-Executive Chairman of JAY, commented: "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."

So, you are right, shareholders are due for an elaboration of the new strategy. I raised this very question with Mike Hutchinson at the General Meeting on February 5th but did not get a satisfactory answer. I will raise it again because three months have passed since the RNS.

We have been told that under the new strategy, JAY’s primary focus would be the development of the Disko project and the the other assets would be sold. However, until we have the update on the implementation of the new strategy we do not know the details of the plan. In the meantime, I am hoping JAY will not include Kangerluarsuk in the sell-off.

​"Kangerluarsuk exhibits very exciting characteristics which makes it a very compelling exploration project​" - Rob ​Edwards. Rod McIllree once said ​that with the benefit of hindsight​, JAY should have developed Kangerluarsuk ​first instead of ​going for Dundas. Kangerluarsuk is a district-scale asset that hosts the strongest cluster of stream sediment zinc anomalies in Greenland. It contains abundant Zn-Pb-Ag showings and hosts the former Black Angel Zn-Pb-Ag mine that produced 11 million tonnes of ore grading at 12.6 % Zn, 4.1 % Pb, and 29 grams per tonne ("g/t") Ag during operations conducted by Cominco (1973-1986) and subsequently Boliden (1986-1990).​ How can JAY let go of such a valuable asset with a proven mining history (unlike Dundas)?

Besides, Kangerluarsuk being located almost next door to Disko, this should enable both assets to be developed more economically in terms of shared use of fieldwork personnel and equipment between the two sites, where possible. In 2022, the US added Zinc to its critical minerals list - http://tinyurl.com/bdftd4n5

I hope Kangerluarsuk can somehow be saved from the sell-off​ of assets.​ Please don't tell me it's April Fool's Day!

Kangerluarsuk licences are:

MEL 2020-06: 586km²

MEL 2011-31: 107km²

https://tinyurl.com/yj9xbefr

IvRoche - Thanks for that explanation.

In the note redknight1 posted on 19 Mar 2024 at 11:09, he said: "A good friend of mine is in touch with Eric. Obviously he cannot say anything but they are pursuing initiatives to bring NEW ENERGY to the company..."

Would the addition of a major miner be regarded as "NEW ENERGY"?

You may not get your money back investing in JAY but you are sure to be entertained by a roller coaster ride in the meantime!

The recent departure of operational/logistical staff such as Hans Jensen and Thomas Levin is being interpreted by some posters here as not good signs for a 2024 field programme at Disko. There is another way of looking at it. Maybe if a major miner becomes a partner they would provide such expertise. No one here knows for sure how this is going to play out and it would be unwise to rule out one option at the expense of another.

In the note I posted on 28 Mar 2024 at 19:37, I said: "I will not rule out the possibility of a major miner joining as a partner sooner rather than later (at least a 50% chance)." I did NOT say this on a whim.

IvRoche - You say your preferred option is a major miner (e.g. Anglo American) takes out a chunk of KoBold's 51% in Disko or even the whole of 51% (i.e. KoBold exiting completely) and also a chunk of JAY's 49% (e.g. take out 24% leaving JAY with 25%) with no further dilution and no additional financial commitment/obligations on the part of JAY. Who can discount your option (or some variation of it) since none of us here know for sure what’s being negotiated behind the screens until JAY makes an announcement. I have been advised to be patient.

You say: "I still believe it (drilling) will happen this year - but they should get on with it." What makes you feel so confident about drilling in 2024?

The recent RNS on 12 February 2024 said: "Amidst these cost reduction measures, Bluejay is focussed on its commitment to deliver critical work programmes at the Disko Nuussuaq project, where it has an ongoing joint venture with KoBold Metals. As we progress, our PRIMARY AIM is to deliver on our critical work programmes, creating substantial and enduring value for our shareholders.'' - https://tinyurl.com/3sukv2uw

Eric Sondergaard (MD) has nailed his colours to the mast with the above statement. We now await to see whether he delivers on it. April/May is when I am expecting an announcement.

IvRoche - It is always good to look at alternative scenarios, so thank you for that. I am enjoying this meaningful conversation so let's develop it further. For ease of reference let's call the two scenarios Option 1 (Listing) and Option 2 (Non-Listing). Also, let's name the company to be newly listed as Greenland Nickel.

Option 1 (Listing) - which is what I have suggested - would provide several advantages. Depending on how much capital is raised via the IPO of Greenland Nickel, the funds could support the development of the Disko project for many years without the need for KoBold or Bluejay to inject their own money into the project. Senior managers of KoBold Metals would join the Board of Directors of Greenland Nickel. For example, either Kurt House (Chief Executive of KoBold) or Jeff Jurinak (Chief Operating Officer) could become Executive Chairman of the Board with Eric Sondergaard as Executive Managing Director [Note: The two KoBold managers are already on the Board of Nikkeli Greenland A/S  - see below for details of the full membership of the Board]. This would bring much-needed management credibility and strength to the newly listed Greenland Nickel. This should in turn attract new investors in greater numbers to the company pushing up its share price. Since Bluejay shareholders would have received new shares in Greenland Nickel proportionate to their Bluejay shareholding, their investment value would rise correspondingly. One of the biggest advantages of Option 1 (as I see it) is KoBold would be more fully committed to the success of Greenland Nickel (its subsidiary company) since they would be answerable directly to the shareholders of Greenland Nickel - unlike under the present situation where KoBold is not answerable to Bluejay shareholders. Moreover, under Option 1, I would also expect Greenland Nickel to have more ready access to the resources of KoBold (e.g. Geologists, Data Scientists, etc). Finally, Greenland Nickel will not have the legacy baggage of Bluejay as it would be a fresh company on the stock market(s).

I don't see Option 2 (Non-Listing) providing all of the above advantages.

Current Board of Nikkeli Greenland A/S: Kurt House (Chairman); Eric Sondergaard; Jeff Jurinak and Rod McIllree

NB: As I have already stated before, I would not expect Greenland Nickel to be listed until both drilling and assay results have been successfully completed at the Disko project.

Section 4.02.02 of the document you have shared says; "For approval of drilling operations the application form in enclosure 4.01 shall be forwarded to BMP, filled in for all sections, IF POSSIBLE not later than 1 month before the drilling operations are commenced." - https://tinyurl.com/4kejpbmz

As you can see there is some flexibility over the 1 month notice period. That said, the one that I will be keenly monitoring is applications to perform field activities under a licence. Such an application must be submitted to the MLSA for approval by no later than 1st May of the year in question, although the authorities can extend this timeline if needed. So again, there is some flexibility here. I am expecting a Field Activity Approval ​Licence to show up in April/May.

There is something else I want to share with you in response to your comments to LWHL: "Fair point on cash runaway, but based on last cap raise and sacking a tonne of people - safe to say we have about 9-12mths runway."

I won’t be surprised if we have an announcement of a proposal to list Disko (to be precise Nikkeli Greenland A/S) on the stock market. Obviously, KoBold will have to consent to such a proposal as it owns 51% of Nikkeli. The fact that KoBold themselves have recently disclosed that they are prepared to consider listing their own shares in three to four years bodes well for them giving consent to the listing of Nikkeli so that when they list they will have an asset on their books (among their other assets), a listed subsidiary company, namely Nikkeli Greenland A/S, with an established market cap. All that said, I am not expecting the Nikkeli listing announcement to happen not until after the 2024 maiden drilling campaign and the follow-up assay results have been successfully completed, assuming of course JAY confirms the two events.

How will the share price react to the news of (a) Drilling in 2024 (b) A major miner joining in as a partner for the Disko project and (c) Listing of Nikkeli Greenland A/S on the AIM, Toronto and US markets.

"Dream on", a pessimist might say!

https://tinyurl.com/yvthswpa

LWHL - Ref your question to me, "Fair enough, but what are your thoughts on the lack of news on the sale of all the other assets? Been some time now, surely?", IvRoche has responded with a reference to an interview with Rod McIllree. I presume you have not seen the interview since the answer to your question actually lies in that interview. That is, RM was expecting the Finnish assets to be sold (hopefully) by mid-summer 2024. Forward wind the video to 16:00 mins - https://tinyurl.com/yc8xfhf9

Apart from the Finnish assets, I am not overlooking the sale of the Thunderstone asset.​ There is the danger that too much pessimism can blind people to overlook the potentials of JAY. Please see my next post.

Take a look at the note I posted on 6 Feb 2024 at 13:53 where I commented on asset sales. I suggested a buyer for the Finnish assets could come from farther afield. These things can take time but please do your own research. I am in no hurry.

On 31 Jan 2024, I posted a note under this thread and said I was happy to wait patiently for the following two key events to play out and then take stock again:

1. Announcement before the end of March 2024 of a fieldwork program including a drilling campaign this summer. I based my expectation purely on the fact the 2022 fieldwork program was announced on 24 March of that year (with hindsight it was wrong to have placed too much reliance on the past timetable).

2. Announcement before the end of 2024 of the assay results following the drilling campaign.

Moreover, I gave an undertaking to return to the post before the end of this month and then again before the end of 2024. So, here I am as promised after the market closed on the last trading day of March (IvRoche - You can now see why I could not post this note any sooner and that I wasn't being cryptic in my earlier post for the sake of it.).

I attended the General Meeting in London on 5 February 2024 and posted a note on the same day. I also posted a note a few weeks ago on March 13th. Based on my research, I intimated in the two notes that it was unlikely we would have the Disko update in March. I am therefore not surprised at all that there has been no update this month.

I continually review my views in light of my ongoing research findings on JAY. Consequently, I have changed my view that the Disko 2024 fieldwork program update is now likely to come next month (April) - if not, then sometime in May (Yes, I repeat, it could even be May). The Disko 2022 fieldwork started in May and ended in September. So even if the JV decides to carry out the 2024 drilling activities as late as August/September that would give the JV some four/five months to complete the plan for the fieldwork program and get everything ready for the groundwork. I was told at the General Meeting that drilling rigs were already in place in Greenland and could therefore be moved to the drilling locations swiftly. I suppose if additional rigs are required they will have to be brought in but I did not check this. I must add that it is possible to carry out drilling activities even as late as October in Greenland. That’s exactly what Eclipse Metals Ltd did in 2022, albeit with their project located much further south of Disko - https://tinyurl.com/5c28ndv5

Moving away from the subject of fieldwork, I am of the view that the current JV would most likely be revised (> 90% chance). Furthermore, I will not rule out the possibility of a major miner joining as a partner sooner rather than later (at least a 50% chance). Whatever JAY is working on at the moment cannot be hurried just because shareholders are impatient. Moreover, I am sure no shareholder wants to see another aborted maiden drilling debacle like what happened in 2022 by rushing things unnecessarily.

Interesting times could be ahead at last!

"The pessimist sees difficulty in every opportunity. The optimist sees the opportunity in every difficulty".

“Yesterday is but today’s memory, and tomorrow is today’s dream.”

My apologies, IvRoche, for being cryptic with my post. Hopefully, you will understand and accept the explanation in the note I intend to post on the last trading day of this month, Thursday 28th. That said, I would be over the moon if we get a positive update on the Disko 2024 fieldwork program in the meantime but I somehow doubt it very much.

IvRoche - You say: “Will we get a RNS next week before Easter or after... Timing stinks a little, imo, if not next week probably week commencing the 8th of April ”

The two outstanding news items to do with Disko are:

1. 2024 fieldwork program.

2. Outcome of the new Mineral Exploration Licence application referred to in the RNS on 21 September 2023.

As for item 1, I have been recently and repeatedly saying that I was not expecting an update on the 2024 fieldwork program this month (March). I intend to post a note on this subject next Thursday 28th (the last trading day next week) as to when I am expecting the update.