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

Published just a few hours ago on YouTube. Watch the first few minutes of the video (from 1:45 mins) where Sara Lowther makes a brief reference to KoBold Metals and Bluejay Mining.

https://youtu.be/wOjpuK4tQ04

Chirpy Cheep - I can confirm the terms of the JV about Disko ownership as follows:

1. When the JV came into force in 2021, the Disko ownership was split into KoBold 51%: Bluejay 49%.

2. To retain the 51% ownership KoBold must complete Stage I (which they did in 2022) AND complete Stage II before 31 December 2024 (which they have not done yet).

3. If KoBold fails to complete Stage II before 31 December 2024, 2% of their 51% ownership will move across to Bluejay. The new ownership split would then become KoBold 49%: Bluejay 51%. This means Bluejay would assume majority ownership of Disko and as a result would enjoy control over all of the decisions to do with Disko from 1 January 2025.

IvRoche

- Click on this link to open the Google Map for Greenland - http://tinyurl.com/kxkw6ytu

- In the search window type Kangerlussuaq and click

- Move the cursor over the marked area to your specific location of interest and right click and you will get the coordinates

Kangerlussuaq coordinates: 67.00939834578806, - 50.72422087746563

Torreaguas - You ask: "Nothing mentioned about other assets A-s-h-t-o-n? "

​There was a brief discussion ​about other assets since the primary focus is Disko. The only two assets that came up for discussion at the meeting were:

DUNDAS - ​The new management may revisit the findings of the recent MRE and take appropriate action. However, it's not a priority as the ​primary focus is Disko. ​It was made clear there are no regulatory requirements to spend money on Dundas as it has an Exploitation Licence (NB: Unlike in the case of Mineral Explorations Licences, during the licence period, the licensee is obliged to spend a fixed minimum of exploration expenses per calendar year calculated as the sum of an amount per licence per year and an amount per square kilometre per year stipulated in the standard terms. In addition, a yearly licence fee is payable from year six of the licence period).

My comment: Got the impression that the new management is not happy about how the fieldwork that was carried out to arrive at the latest degraded Mineral Resource Estimate (MRE). They may do something about it but it is not a priority at the moment since all minds are currently focused on Disko.

FINNISH ASSETS - Copper is going to be in high demand. This bodes well for the Enonkoski, Hammaslahti and Outokumpu assets.

My comment: Enonkoski, Hammaslahti and Outokumpu assets have two things in common; (a) They have Copper and (b) They are located in a stable, mining-friendly and corruption-free jurisdiction - namely, Finland. I think these assets will be sought after because of the fortuitous timing of the demand for Copper both near​-term​ and long-term. I, therefore, think JAY will find a suitable buyer for the assets before long either from nearer home ​(Europe) or farther afield - http://tinyurl.com/4asux2zj

IvRoche - You said: "...so it depends on the definition of when fieldwork commences it could be May for example."

Spot on! What is the definition of commencement of fieldwork? I don't think JAY will until all the equipment and personnel ​have been actually moved ​onto the ​site(s) before releasing the RNS. ​If that's the case, there is a risk of local media getting hold of the news and reporting on it before shareholders are informed by the company. I therefore think JAY will release the RNS when the contracts ​for equipment with the suppliers and service providers are all in place, fieldwork personnel are ready and KoBold have signed off for the operation to commence.

IvRoche - You ask: "Point 3: Tweaking the JV, hmmm. Sounds a bit strange at this stage as that could literally go anywhere -> anything from the meeting to provide a little more context?"

Yes, I can:

1. Bluejay fulfilled the role of Field Operations Manager during the 2022 field programme for which it received an expenditure-based fee for the role. There could be a revision to this arrangement for the 2024 fieldwork, if and when the fieldwork is confirmed.

2. The current JV tenure expires on 31 December 2024. There could be an extension to the tenure beyond 2024, if and when the 2024 fieldwork is announced. This is quite understandable since the project does not just come to a dead stop on 31 December 2024.

NB: Regarding your comment concerning the drilling window, the 2022 field programme commenced in June and ended in September.

Https://polaris.brighterir.com/public/bluejay_mining/news/rns/story/rgg8j7r

I attended the General Meeting today.

Directors present: Mike Hutchinson (Non-Executive Chairman) and Rod McIllree (Non-Executive Director)

KEY TAKEAWAYS

- Discussions with KoBold Metals regarding the 2024 fieldwork for Disko are still ongoing

- JAY is expecting to know of KoBold’s decision regarding the fieldwork before the end of March 2024

- JAY may decide not to announce the details of the fieldwork to the market until the work has actually started, assuming that’s the way forward (My comment: I suspect the reason for this could be it is better to inform the market that work has actually started rather than say work is to start, given the bitter lessons learned from the 2022 premature drilling announcement debacle)

- Necessary drilling equipment is already in place in Greenland, so it can be moved swiftly to the drilling locations, should KoBold decide to drill

- Terms of the current JV may be tweaked as appropriate, if necessary

- The whole KoBold matter is price-sensitive at the moment. The Directors were therefore guarded about giving information on the details of their discussions with KoBold. Please note, as I have already stated above, KoBold have yet to notify JAY of their decision on the way forward as discussions are still ongoing

CC - You ask: "Apart from reputation wouldn't it make sense not to drill for K?"

The answer is in the first part of your question: "Apart from reputation..." The second part of your question is therefore redundant and does not come into play.

In any case, we should know the definitive answer to the question of 'drilling' or 'no drilling' before the end of March 2024. Not long to wait!

IvRoche (1 February 2024 at 09:51): "My own speculation on that is Kobolds reputation would take a big hit if they did that, remember Bluejay are not Kobolds only partners and a move like that would make others skeptical of doing business with them. Not only would reputation (trustworthiness) take a hit but also would call into question their tech, they spend all that money all, identify large targets in Disko and pump out statements like most significant Nickel discovery in 100 years and they don't follow it up..."

I agree with the central tenets of IvRoche's message (i.e. reputation, trustworthiness, etc must matter for KoBold). My view is we should not assume every company is unscrupulous - https://koboldmetals.com/ethics

This interview with Kurt House (Co-founder and CEO of KoBold Metals) was published three weeks or so ago and is worth a listen from start to finish. Here is an interesting excerpt from the interview (from 1:30 mins)

"The interesting thing is that the incumbent industry (major miners) at the time and still mostly the case isn’t even trying, actually - so unlike the oil and gas industry which is largely vertically integrated so the major gas players do everything from the original exploration and project generation development all the way through to operations and even retail sales. The metals mining business (major miners) over the last generation has largely vertically disintegrated, so the major mining houses of the world (major miners) are mostly construction and operations. They mostly play at the end of the chain, and they’ve outsourced the exploration to very small prospecting firms generally known as the mining juniors (e.g. Bluejay Mining). These companies tend to be very poorly capitalised (e.g. Bluejay Mining) and kind of focused on trying to get one particular project through some stage gates (e.g. Drilling at Disko). Basically, the project developers are prospecting firms. None of those entities are investing in new technologies and new techniques to improve the efficacy of the efficiency of the exploration process to accelerate discovery, this is a problem and therefore an enormous opportunity WE NEED TO JUMP IN WITH BOTH FEET. (e.g. drilling at Disko)."

NB: What's within brackets are my inserts. Kurt House is Chairman of the Board of Nikkeli Green A/S. The company holds all of the mineral prospecting and mineral exploration licences for Disko.

We should know the answer to the question before the end of March 2024.

https://youtu.be/3hcIc4Z-OJA?t=6      

I am not here to convince others of Disko. That is a matter for each individual to assess. All that I would ask is are you looking at JAY through the right lenses at this juncture when the share price is at this low level with potential upside on the Disko project? If you are looking for a copper-bottom guarantee, forget JAY, and move on. For Pete's sake, we are looking at an early-stage junior miner who is still in the exploration stage. It therefore boils down to what Risk-Reward Ratio is acceptable, taking into account one's risk tolerance depending on the personal circumstances and investment goals. That's enough talk of the 3Rs!

Turning to JAY, I am expecting Disko to bring about a profound positive value change in the company in the short term and I am happy to wait patiently for two key events to play out and then take stock again:

1. Announcement before the end of March 2024 of a fieldwork programme including a drilling campaign this summer.

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

I promise to return to this post before the end of March 2024 and then again before the end of 2024.

Back to the interview. Rod McIllree's words: "It's not something I am prepared to go into too much. KoBold is a very sophisticated organisation and they make their own decisions and they are very considered and competent people. We hope to have some news on some upcoming activities in 2024 but I leave that for the Managing Director (Eric Sondergaard) to elaborate" (4:00 mins into the video - https://youtu.be/i_9UOExW7Wc?t=5 )

The above is just one example of where RM was careful not to tread on KoBold's toes while they are considering Stage II of the JV but at the same time RE did his best to convey the positive message that there would be work activities at Disko in 2024. I can produce further excerpts from the interview where he conveyed similar kinds of positive messages about Disko but obliquely (e.g. forward wind video to 13:00 mins; 16:00 mins and 19:00 mins).

Patience is not the ability to wait, but the ability to keep a good attitude while waiting.

At 7:00 am. I can't wait to watch it.

Poiu - As for possibly listing of Nikkeli Greenland, I did not touch on timing. In my view, it would make sense to go for listing only after Disko has been drill-tested and assay results have been produced - assuming both came up with excellent results.

As for Dundas, it is a real mystery to me as to how a new Mineral Resource Estimate can invalidate the previous one.

Chirpy Cheep - You ask: "Is there any reason why KoBold wouldn't want a separate listing?"

As I have already pointed out there are two main advantages to KoBold ​Metals ​from going down the listing route for Nikkeli Greenland:

1. As a major shareholder of a listed company, KoBold has the potential to make capital gains from its shareholding.

2. Rely on the market to fund the development of the Disko project.

3. If the ​listed company is highly successful, it would bring in good publicity for KoBold and they could ​also use ​the experience as a template for other projects.

On the flip side, I can think of a few reasons:

1. As far as I know, KoBold has never embarked on such a venture. That is, managing a listed company which involves considerable time and effort in ensuring all of the regulatory requirements are complied with plus maintaining effective communication with shareholders and stakeholders (governmental authorities, local communities, etc). Are they up to it? But then they seem to be doing well on this score in Zambia.

2. Would it fit in with KoBold's business model?

3. If the listed company were to fail, there would be reputational damage.

4. Running a listed company is a long-haul effort. Are they up to it? But then their Zambian project is a long-haul effort.

All that said, I think KoBold is unlikely to entertain the listing route unless it enjoys majority control of the Board of the listed company and also remains a major shareholder.

Just thinking outside the box.

Interesting looking back at the June 2022 RNS - http://tinyurl.com/yvthswpa

With JAY'S sole focus ​now being the ​exploration and development of ​the Disko project under the new strategy, it would make TOTAL sense to go for a listing of Nikkeli Greenland A/S, subject to ​the agreement ​of KoBold Metals and Bluejay shareholders. Several reasons highlighted in the ​June 2022 RNS, if anything, are even more valid and justified ​now to go for a separate listing​, especially under the new strategy.​ If KoBold Metals agrees to the listing, I don't think there will be any problem whatsoever raising funds on the market for progressing a battery metals project like Disko right through from exploration to production, backed up by a reputable name like KoBold Metals behind the listed company as a major shareholder.​

​Should a new listing become a reality, Bluejay shareholders are to receive shares in the newly listed company proportionate to their Bluejay shareholding.

Just thinking outside the box.

Part 1 - http://tinyurl.com/ycdeh4am

Part 2 - http://tinyurl.com/mr2w5225

Part 3 - http://tinyurl.com/3cs7xpn5

Part 4 - http://tinyurl.com/2zddjtkf

Part 5 - http://tinyurl.com/yck9w6j8

Chirpy Cheep - You ask: "You said that it was interesting that RM has joined the Board rather than MH. Any significance?"

Yes, on two counts:

1. Previously, the two most senior managers of JAY, namely, Rob Edwards (Executive Chairman) and Bo Stensgaard (Chief Executive Officer) were Board members of Nikkeli Greenland. I therefore expected Mike Hutchinson (Non-Executive Chairman) and Eric Sondergaard (Managing Director) to join the Board of Nikkeli Greenland this time. But this was not to be. In that sense, I find the appointment of Rod McIllree to the Board of Nikkeli Greenland interesting.

2. Eric Sondergaard (Chief Operating Officer then) identified, negotiated and managed JAY's JV with KoBold Metals under the stewardship of Rod McIllree (Executive Chairman then). The two very people who were most closely involved in securing the JV with KoBold are now together as Board members of Nikkeli Greenland, along with Kurt House (CEO, KoBold) and Jeff Jurinak (Chief Operating Officer, KoBold). I find this situation to be interestingly significant and also a good move in helping to maintain a good working relationship with KoBold.

 

Enuff - You ask two questions. I can answer the first question but I do not know the answer to the second.

On 6 January 2024 at 16:04, I posted this under the thread "KoBold Executive Team and the Board of Nikkeli Greenland A/S":

[The top three most senior positions of KoBold are held by the co-founders of the company: Kurt House (CEO); Josh Goldman (President) and Jeff Jurinak (Chief Operating Officer). What is significantly interesting for JAY shareholders is Kurt House and Jeff Jurinak are Board members of Nikkeli Greenland A/S. This means we have the presence of two of KoBold's most senior people on the Board of Nikkeli Greenland. Why did they appoint such senior people to the Board? Until Rob Edwards left JAY and Bo Stensgaard stepped down as CEO these two were JAY's representatives on the Board of Nikkeli Greenland. I am expecting Mike Hutchinson (Non-Executive Chairman) and Eric Sondergaard (MD) to take up the places of RE and BS on the Board shortly.]

So to answer your first question, the appointment of Eric Sondergaard and Rod McIllree to the Board of Nikkeli Greenland A/S must have happened some time after 6 January 2024. Interestingly, my expectation of Mike Hutchinson (Non-Executive Chairman) joining the Board of Nikkeli Greenland ​did not happen. Instead, RM has joined the Board​, along with ES.

Hemo - It pained me to read of your huge financial loss. Such decisions are never made lightly and you had your own good reasons for bailing out. If and when you decide to come back, I wish you well. In the meantime, I hope you will find good fortune elsewhere to make up for the loss. Take care.