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

​Amaroq Minerals' RNS on 12 February 2024 was about the proposed funding, This has now been achieved. Under the heading "About Amaroq'', the RNS said: "Amaroq’s PRINCIPAL business objectives are the identification, ACQUISITION, exploration, and development of gold and strategic metal properties in Greenland." - http://tinyurl.com/m3vuzyb3

Will they acquire JAY's Thunderstone licence?​ Only time will tell.

Enuff - You say: "Probably wishful thinking, though I don’t know when they changed the project update to a holding page?"

I can confirm that ​JAY's Thunderstone project page was changed ​​sometime after 12 February 2024. It now reads: "A detailed summary will be uploaded shortly." In addition to other stuff, JAY removed a video presentation on the project by Joshua Hughes​. His employment with JAY was terminated on 28 January 2024. - http://tinyurl.com/mvd7jbdt

Enuff - You ask: "How close is Thunderstone to Amaroq interests?"

​The Nalunaq Gold Mine is located within the Nanortalik Gold Belt which is 15km northwest of JAY's Thunderstone licence.​ Amaroq Minerals owns the Nalunaq Gold Mine.

On 22 September 2020, JAY released an RNS and an associated PDF document. Both made references to the proximity of JAY's licences to the Nalunaq Gold Mine. Please note JAY then had two Mineral Exploration Licences for Thunderstone: MEL 2020-03 and MEL 2020 -22. During Q4-2022, JAY reduced the licence area retaining the most prospective areas for gold and base metal deposits. As a result, JAY now holds only MEL 2020-03.​ The licence expires on 31 December 2026.

RNS 20 September 2020 - http://tinyurl.com/ywcjrfzc

Associated PDF document - http://tinyurl.com/36pfz9ef

KatAmnesia - Referring to yourself, you say, "I don't know nothing".

Please don't be too hard on yourself.

1. After our recent exchanges, you now know that there is a difference between a fact and an opinion, and never get the two mixed up.

2. You also know that one should not claim something to be a fact when it is not.

3. You must know that if someone expresses an opinion or claims something to be a fact publicly, they must be prepared to answer follow-up questions. It would not be right to duck the questions. By the way, you still have not answered my question despite repeated requests. You have claimed that it is a FACT there is zero interest in JAY's licences. What is your source/evidence for your claim?

4. In your last note you have now gone and claimed that JAY's Finnish assets are without consistent evaluations. What is your source/evidence for your claim?

5. You must know that the substance of what one writes is more important than an embroidered style of writing just to capture readers' attention.

6. You say JAY is having "convulsions" (your own words). But you will probably know that the absence of information can make some people suffer from convoluted thinking.

Looking forward to your replies to my questions under (3) and (4) above.

KatAmenisia - You have claimed that it is a fact there is "zero interest in JAY licenses (including Disko)". This claim is untenable. Let me explain why.

Firstly, Disko licences are not for sale, so the question of "interest" in them does not arise (in any case please read the next paragraph). A more pertinent question here would be: "Does KoBold have a continued interest in its Disko licences?" My answer is an emphatic "Yes". But do I have the necessary evidence for saying "Yes"? Yes, I do. The evidence is in the RNS on 21 September 2023. The RNS confirmed that Nikkeli Greenland A/S [the company that owns all of Disko licences which in turn is owned by KoBold Metals (51%) and Bluejay (49%)] has applied for a new Mineral Exploration Licence (MEL) for Disko to the MLSA, Government of Greenland. If granted, the new MEL would provide Nikkeli with a buffer around its existing licences and secure a continuous land position along the drill-accessible north coast of Disko Island where JAY has several high-priority drill targets. I have this month checked with JAY the progress of this licence application and the company has confirmed that the application is currently moving through the process with the MSLA as we speak. I expect we will have an RNS when the licence has been granted. If KoBold has no interest in its existing licences, why would it apply for a new licence?

Secondly, how do you know that there is zero interest in other JAY's licences? You have claimed this to be a fact. How do you know this is a fact? ​Kindly answer this question. In the meantime, it would be relevant to remind ourselves of the old quote by Dr Carl Saga​n: "Absence of Evidence does not mean Evidence of Absence”.

Facts are indisputable because they can be objectively verified and established through evidence. Opinions are different and varied opinions are good for a healthy discussion. But ​I would find it objectionable if someone claims something ​to be a fact without presenting evidence or worse unwilling to provide evidence​. By the way, I have lit a candle and prayed that you have not got the two mixed up (opinion and fact)!

KatAmensia - You ask: Did any mining company approach JAY?

"I don't know", would be my answer. Just because I don't know does not necessarily mean no talks are taking place. Let me illustrate my point. On 9 November 2020, if you had asked me whether any mining company was talking to JAY, I would have said, "I don't know". But do you know what happened on 10 November 2020? Click on this link for the answer: http://tinyurl.com/2ar78npb

By the way, have you heard of Dr Carl Saganan? See my next post for a fuller reply.

In the note you posted on 9 Feb 2024 at 08:33 you listed seven items and claimed them to be facts. One of the items you listed said: "zero interest in JAY licenses (including Disko)".

​What did you mean by zero interest in Disko licences?

Nothing new about JAY that we don't already know about. Perhaps a useful read for less knowledgeable followers of JAY. That said, my imagination was kindled by this comment: "Bluejay, perhaps, has an ace up its sleeve in the shape of a joint venture with media-savvy KoBold Metals. This project is now Bluejay's primary focus."

Quite an upbeat commentary on Amaroq whose share price has risen 80% in the last 12 months, hitting a record high, and giving the company a market cap of £343 million. I wonder whether they will strike a deal with JAY for the Thunderstone licence!

Http://tinyurl.com/yk93y7zm

"Amaroq's steady ship is a different animal to Bluejay"

Published today 20 February 2024.

Bigboyblue - I should have added to my note that even though I was silly to have inadvertently stated the wrong exchange rate (DKK - £), I used the correct conversion of 1,000 DKK = £114 for my calculations - http://tinyurl.com/bdzetwuk

Torreaguas - You say: "Great chatter but sadly it all means nothing until this new bod put some meat on the bones. What happened to the second interview?"

Yes, we can't wait for some solid positive news from JAY to put a stop to the share price rot (e.g. Disko drilling).  In the meantime, in my note, I was trying to convey three pieces of underlying important messages:

1. The fact that  Anglo American is still pursuing its Disko project, despite the rising obligatory mineral exploration expenses, must surely mean that they believe that something promising is potentially there under the ground. Imagine if AA had walked away from its Disko project, this board would be full of negative chatters.

2. There is pressure on every miner in Greenland to up their performance over the coming years because of the increase in exploration obligated expenses. This applies to AA, JAY and KoBold.

3. It raises the question of if KoBold decides to walk away from the JV (I don't think they will but the current JV may well be modified), it raises the possibility of AA stepping to do a deal with JAY. After all, AA was in the frame when JAY conducted negotiations in 2021 for a partner for Disko.

As for the Eric Sondergaard interview, Rod McIllree did not give a timeline. He said, "Eric will certainly come on and introduce himself In the coming weeks and months". Personally speaking, I would rather that the interview take place when JAY has some solid positive news to report (e.g. progress on asset sales or Disko). Eric can then talk freely about them rather than having to be too guarded about what he can say (like what RM did in his interview about Disko).

I should add Eric's interview would be a momentous event for him as it would be his maiden presentation to shareholders. All the more reason why the interview is well received by the shareholders with some positive breaking news to accompany it and is not rushed. We had too many interviews with Robert Edwards which did get us far. In the future, I would rather have fewer but meaningful interviews. Just my opinion.

Silly me, £114 indeed - http://tinyurl.com/bdzetwuk

You are absolutely right, bigboyblue, I have understated AA's obligated annual exploration expenses by using the 2013 figures instead of the 2023 figures. Here is a comparison of the two scales:

2013 SCALE OF OBLIGATED EXPENSES

Year 5 - Amount per licence per calendar year - DKK 200,000

Year 5 - Amount per km² per calendar year - DKK 5,000 per km²

Year 6 - Amount per licence per calendar year - DKK 400,000

Year 6 - Amount per km² per calendar year - DKK 10,000 per km²

2023 SCALE OF OBLIGATED EXPENSES

Year 5 - Amount per licence per calendar year - DKK 345,000

Year 5 - Amount per km² per calendar year - DKK 8,620 per km²

Year 6 - Amount per licence per calendar year - DKK 690,000

Year 6 - Amount per km² per calendar year - DKK 17,200 per km²

My apologies to readers for inadvertently presenting the understated figures. Dare I recalculate the figures based on the 2023 Scale? This would further reinforce AA's substantial and required financial commitments to maintain its current Disko licences.

I am glad you are keeping a watching brief over what is being said here. Please continue to stick around. Thanks

NB: 1,000 DKK (Danish Krone) = £15

PART I

Those who listened to the half-hour presentation by Rod McIllree on 11 January 2021 on the Mining & Entertainment Investment Picks for 2021 Webinar, Eventbrite would know that this is what he said and, I will quote him verbatim:

"We expect that there will be significant news on Disko in the next 3-6 months."

"We just had our drilling approval granted by the Greenland government and again we will see more news on that."

"Maybe Anglo might actually become a partner of ours in moving forward, maybe not."

Although RM said 3-6 months, almost 7 months later we did have the "significant news". The deal, however, turned out to be not with Anglo American but with KoBold Metals. This leads me to talk about AA, which is the main purpose of this note.

In 2019, AA moved into Greenland and pegged out Mineral Exploration Licences (MEL) all around JAY's Disko licences. The total licence area amounted to 9,724km² as follows: MEL 2019-115 (1,671km²), MEL 2019-79 (2,434km²), MEL 2019-80 (4,792km²) and MEL 2019-59 (827km²). The first three licences will expire in 2025 and the fourth in 2026. Please note, MEL 2019-59 is owned by NAIP West Exploration A/S, which in turn is owned by Anglo American.

Okay, what I have shared so far relates to what happened in 2019 and 2021. But what are the most recent developments about AA and its Disko exploration and licences?

Please read Part II.

PART II

In March 2022, AA started a fieldwork programme in Greenland - https://tinyurl.com/4xvresyp

In 2023, the MLSA, Government of Greenland issued AA 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 (827km² ) 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. To perform field activities under a licence, an application must be submitted to the MLSA for approval by no later than 1st May of the year in question.

Following the summer of 2023 fieldwork, AA reduced the total licence area from 9,724km² to 7.379km² as follows: MEL 2019-115 (1,671km² ), MEL 2019-79 (2,434km² ), MEL 2019-80 (2,447km² ) and MEL 2019-59 (827km² ). As you can see the reduction in the area relates to just one licence, namely MEL 2019-80 (from 4,792km² to 2,447km²). The rest have remained the same as they were in 2019.

I have checked on the Greenland government licence map the land position of JAY's Disko licences and compared them with that of AA. What I found was quite revealing. Of the three licences held by AA, two of them MEL 2019-79 (2,434 km²) and MEL 2019-115 (1671 km²) are adjacent to JAY's Disko licences, However, MEL 2019-80 (4,792 km²) is not, as it’s positioned quite separate from JAY's licences and located further north of the Island but is still on the west side. Does this mean not all of AA’s licences enjoy the same high degree of prospectivity as that of JAY's licences? Is this why AA reduced its total licence area from 9,724km² to 7.379km²? Maybe topographic, maybe not!

As I said, AA took up its licences in 2019​ (Year 1). By using the MLSA standard scale for mineral exploration expenses I have calculated that AA was obligated to spend at least circa £3.9 million in 2023 (Year 5). From 2024 (Year 6) until 2028​(Year 10), AA will be obligated to spend at least circa £8.6 million per year. Please note, under the MLSA scale​ for exploration expenses, ​AA's obligated expenses doubled ​in 2024 (Year 6) ​and will remain so until 2028 (Year 10)​. From 2029 (Year 11) the obligated expenses will rise even further and substantially. I have not calculated how much AA spent from 2019 (Year 1) to 2022 (Year 4) for the reason that during the pandemic period miners in Greenland were exempt from obligations to spend on exploration expenses.

Please read Part III.

Part III

I will summarise the key points and end this note with a question:

1. AA took four Mineral Exploration Licence (MEL) for its Disko project in 2019 (Year 1) and therefore has been a licence holder for 6 years.

2. The four MELs currently cover a total area of 7,379km². In comparison, JAY's total licence area is 2,903km² (not including the pending application for an additional 116 km² - see RNS on 21.09.2023).

3. I have shared evidence here that AA carried out fieldwork at Disko in 2022​ (Year 4) and 2023​ (Year 5).

4. Following the fieldwork in 2023​ (Year 5), AA reduced the total area for its four licences from 9,724km² in 2019 ​(Year 1) to 7,379km² in 2024​ (Year 6).

5. AA spent at least circa £3.9 million in 2023 (Year 5). From 2024 (Year 6) until 2028 (​Year 10), AA will be obligated to spend at least circa £8.6 million per year - assuming AA continues to hold onto the four licences and the licence areas.

6. There must be a reason why AA decided to hold onto its licences for the last 6 years (2019 - 2024 inclusive) and pay the rising associated annual exploration expenses.

7. What will be AA's plan for the 2024 field season?

1st Welcome - ​RNS 12 November 2019 - http://tinyurl.com/mvvpma2x

2nd Welcome - ​JAY Tweet 19 January 2023 (appointed on 6 February 2023​) - http://tinyurl.com/4vpfks53

Final and disgraced goodbye - ​RNS 28 January 2024 - http://tinyurl.com/yjjrmuxu

Media Report - 9 February 2024 - http://tinyurl.com/y4vmf2aj

JAY regarded Joshua Hughes as a specialist in gold geology ​(please read RNS 12 November 2019). He was ​therefore put in charge as the lead project manager for the Thunderstone gold project. Only 25 km west of Thunderstone's licence is the southern extension to the Nanortalik Gold Belt that hosts the Nalunaq gold mine (now owned by AIM-listed Amaroq Minerals). During Q4-2022 JAY reduced the licence area of the Thunderstone project, retaining the most prospective areas for gold and base metal deposits to focus on other assets. Joshua Hughes did a presentation video on the Thunderstone project which has now been removed from the company website since his employment was terminated due to "gross misconduct". The relevant page now says information to be updated - http://tinyurl.com/mvd7jbdt

Greed is a deadly sin!

His/her/their

Where will Enuff get the answers to his/her incessant questions without Ashton's RNS replays?

I am so fascinated that Enuff is so fascinated by Ashton. I am sure he has not been possessed! As for the twist in the tale, I thought Enuff was smart at picking up hints, but not so it seems. By the way, I did not make up the notion of the twist in the tale but someone with real knowledge fleetingly but seriously passed it on to me. And here is a clue; it has nothing to do with Dundas. This might now keep Enuff busy because he/she loves conspiracy theories, for example, at one point he/she had a self-inflicted ​misplaced belief that Ashton was a Chatbot (maybe he/she still does, which might explain his/her fascination)! God, please give me strength.

You may not get your money back investing in JAY, but you can be sure of getting free entertainment!