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

For all intents and purposes what the new strategy means is Bluejay Mining has been split into two companies:

Company 1: An entity with its sole focus being Disko where it owns only 49% of the asset, the remaining 51% is owned by KoBold. The legal owner of Disko is Nikkeli Greenland A/S.

Company 2: An entity with its sole focus being to dispose of the 100% owned 6 assets (Dundas, Kangerluarsuk, Thunderstone, Enonkoski, Hammaslahti and Outokumpu).

It would NOT make sense to list Company 1 with only 49% ownership of Disko which means a minority control of the asset. What would make sense is to list Nikkeli Greenland A/S as a whole. For this to happen you will of course need KoBold Metals' agreement. As part of the agreement, a senior management person from KoBold (e.g. Jeff Jerome Jurinak, Chief Operating Officer) could become the Chief Executive Officer of the newly listed Nikkeli Greenland, with the company's Board membership reflecting the 51%:49% ownership split. Bluejay shareholders could be allocated 49% of the shares in Nikkeli Greenland in line with their current holding in Bluejay.

In my view, a newly listed Nikkeli Greenland is a workable entity with the advantage of being able to raise funds to progress the project from exploration right through to production. Alternatively, KoBold could decide to sell its 51% ownership to a major miner.

Just thinking outside the box!

Http://tinyurl.com/bdh8yx4p

Notes:

Nikkeli Greenland A/S is the legal owner of all of Disko's Mineral Exploration and Mineral Prospecting Licences.

Kurt Zenz House is the Chief Executive Officer and Co-Founder of KoBold Metals

Jeff Jerome Jurinak is the Chief Operating Officer and Co-Founder of KoBold Metals

Hemo - You say: " Firstly, as I've said before, there was absolutely no need for them to announce a new strategy with a single focus on Disko before they had the new strategy in place."

The first priority for the new management was to get rid of Rob Edwards quickly as he had caused so much harm to the share price during his short tenure. The new management could have just announced the Board changes on 21 December 2023 and left out any mention of a new strategy until they were ready to explain to shareholders the justification for the new strategy and all of the details of how it was going to be implemented, etc. If they had done that then shareholders would have been under the wrong understanding that the old strategy was going to continue under the new management which was not to be the case. That would not have been a satisfactory outcome either. You're damned if you do and damned if you don't!

That said, I agree that ideally when the new strategy was announced, it should have also included the justification for it and the details of how it was going to be implemented. But I understand RE left the place in such a mess that the new management had to sort things out urgently before presenting to shareholders a fuller update on the new strategy, the justification for it and the details of its implementation. I am expecting that update soon. I suspect adopting a new strategy for the company must also mean obligatory conversations with the Greenland authorities and KoBold and these things can also take time.

 

As for the management interview you have mentioned, JAY never made any official announcement of it on the company website or as a tweet. Nevertheless, informal messages were put out to shareholders to expect an interview soon which has not materialised yet. That's not good communication.

By the way, Andy Blowster tweeted this yesterday: " Gone very quiet here, but nothing has changed. Rod back in charge. Been cleaning up the business after the disaster Robert left. Skin in game, which is important. Right at the lows and a ridiculous valuation given they have Disko and many other high value assets."

PS: I do not know the details of the mess left by RE. I suspect he screwed up a few important things.

Meant to say "Let me take each item in turn."

LWHL - You say: "The lack of update on this (Disko), but especially on the other assets, not to mention the promised detailed strategic update (which is entirely in their hands) is consistent with how this lot roll, sadly."

If I may say so, you are being a little too harsh with your comments about the alleged delay in providing updates. You are also being unrealistic about the time required for providing updates on such important subjects.  Let me take each item in return.

UPDATE ON DISKO: The 2022 field programme was not announced until 24 March 2022. On that basis, there is still time for the update on the 2024 field programme.

UPDATE ON THE NEW STRATEGY AND SALE OF ASSETS: The RNS on 21 December 2023 did NOT give a timescale for the update. It said, "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."

We are not talking here as though many months have elapsed since 21 December 2023.  Also, since that date some days were lost due to the Christmas and New Year holidays as well. This is such an important subject - embarking on a new strategy. I would therefore prefer JAY take its time and provide proper updates on Disko and the new strategy rather than rush and provide less-than-satisfactory updates.

I will always support justifiable criticism of JAY but not otherwise.

Good to hear from you, Hemo, and thanks for the YouTube video. Nice to know that you hope to return in due course, all being well.

Thank you guys for your replies that IG and A J Bell have already covered the Bluejay Mining General Meeting corporate action on their websites. I will get on to Charles Stanley tomorrow but I note the documents are already available on the company website.

http://tinyurl.com/mtstrm7z

http://tinyurl.com/bde3zdap

PS: bricall - Thank you for your kind words. We were very fortunate that MW kept the website going as long as he did and well past his retirement date.

The RNS on 16 January 2024 said: "The Company announces that it will shortly despatch (dispatch!) a Circular and notice of General Meeting to shareholders. The Directors confirm they are to convene a general meeting of the Company for 10.00 a.m. on 5 February 2024, to be held at the Washington Mayfair Hotel, 5 Curzon Street, London, W1J 5HE. The circular and notice of General Meeting will be made available on the Company's website, and a further announcement will be made confirming the posting and availability of the circular."

My shares are held with Charles Stanley and I can't see any corporate activity communication on my account for Bluejay Mining. Has anyone else received the circular and the notice of the meeting?

https://polaris.brighterir.com/public/bluejay_mining/news/rns/story/w0jydpx

After undertaking considerable research on the company, ​I became a JAY shareholder for the first time on 18 May 2020. Since then, my unwavering and solid belief in the prospects of Disko is what ​has kept me in the game​ so far. Even when Dundas was the flagship project and was the centre of attention, I posted regularly on Michael Walters' chat board about Disko:

21 June 2020 - ​"Is Disko worth significantly more than Dundas?​" (I posted this note less than a month after becoming a shareholder)

13 June 2021 - ​"Dreaming of a Dazzling Disko​"

2 October 2021 - ​"Will Disko Outshine Dundas?​"

13 January 2022 - ​"Will Disko become a sought-after project?​"

On 11 November 2021, I posted a note entitled "Driving Disko" after watching Bo Stensgaard's interview. For some unknown reason​ the interview which was published on YouTube was almost immediately taken down from public viewing. It was nearly an hour-long interview (55 mins). Roughly 30 mins were spent discussing Disko. An important point that came out of the interview was that KoBold are likely to sell off their 51% stake in Disko once they have completed the exploration work (assuming it's successful). We know that KoBold is a mineral exploration company looking for battery metals and is not known as a mine-producing company. KoBold will therefore be in a hurry to complete the exploration work at Disko, sell off their 51% stake, and move on to the next project. In view of this reason, I expect them to be a fast mover in getting things done as quickly as possible. We can already see early signs of their hurried pace from the fact that JAY and KoBold are currently finalising the 2022 Disko field programme. If KoBold finds a buyer for their 51% stake that would give us a pretty good idea of the actual market value for Disko. The reason why I have chosen the title "Driving Disko '' for ​the post is because I expect Disko - not Dundas - to drive the share price to new heights (or thereabouts) in the near term (12 months). What I will be looking out for is what Dr Peter Lightfoot, Chief Geologist (Nickel) at KoBold has to say after the drilling programme at Disko has been completed.

When I wrote ​the above note on 11 November 2021, did I ever think that Disko would ​become JAY's sole mining focus?​ I continue to remain resolutely confident of Disko.

Hemo - I am truly sorry to learn you have sold out. I will miss your enthusiasm for JAY but wish you good luck with your future investment endeavors. I appreciate your best wishes for my investment in JAY.

​In 2022, the US added Nickel and Zinc to its critical minerals list - http://tinyurl.com/bdftd4n5

JAY will have to manage the sale of the assets carefully. taking into account, among other factors, the commodity price cycle. I am hoping JAY will sell all three Finish assets followed by Thunderstone first (and quickly) for a decent price and leave Kangerluarsuk out until they ​think they can get a ​fair price. If this means only selling enough assets to keep Disko going beyond 31 December 2024, so be it.

Enuff - You asked: " Ashton. I was also invested in VDTK (Verditek). Our stars aligned. When did you buy? I sold a bit earlier."

24 July 2020 - Bought @ 12.6p

7 August 2020 - Sold @ 17.7p

A gain of 40% in less than a month. I was simply lucky!

Kat - You say: "Disko is a hope. Hope don’t feed the people but…"

Until they are drill-tested all of JAY's assets are hope assets. That's the nature of the beast.

You also say: "The other assets are just a joke."

Really! Have you brushed up on Kangerluarsuk, the district-scale asset? - http://tinyurl.com/46kdcxuy

Hemo - ​You say: " I may be wrong but I don't think tomorrow's interview (23 January) will tell us anything we don't already know.​"

There is a fundamental issue that JAY will have to explain. If the company can get one Mineral Resource Estimate (MRE) wrong, how can investors/potential trust future MREs? This goes to the heart of trusting the value of the company. In that sense, it is a hugely significant issue.

Hemo - ​Please allow me ​to expand my thinking further.

​RNS 21 September 2023 (Previous Management): "It has consequently been concluded that it is not in the interests of the Company and its shareholders to progress the Dundas Project as a sole developer. The Company will therefore not be proceeding with any further cash commitments to the Project whilst it considers strategic and commercial alternatives."

RNS 16 January 2024 (New Management): "Bluejay also owns 100% of the fully permitted Dundas Ilmenite Project through its subsidiary Dundas Titanium A/S in northwest Greenland for which it will seek strategic alternatives."

It looks as though strategic alternatives for Dundas (apart from selling it off) is under serious consideration by the new management. One option could be for JAY to transfer the ownership of Dundas to a partner ​(a mining company) outright and in return receive from the partner ​an immediate up-front cash payment plus a royalty payment when production commences. By this way JAY would not be required to provide any funding whatsoever for the development and operation of the working mining or its management. Take a look at this article by the law firm Norton Rose Fulbright. - http://tinyurl.com/h2wspmwa

Norton Rose Fulbright is not new JAY - http://tinyurl.com/muvbp4yc

What might he (RM) say of the future of the Dundas project in his interview next week?

Some of the key findings of the Dundas strategic review by ex-Chairman Rob Edwards released on 21.09.23 can be summarised as follows:

1. The drilling activities carried out in 2022 came up with a MRE 2023 for the Moriusaq West part of the overall resource deposit which showed 29.7 million tonnes at an in situ TiO2 grade of 1.99%, whereas previously the MRE 2019 for the same part showed a deposit of 59.3 million tonnes at a grade of 3.26% in situ TiO2.

My comment: Disappointingly, the review did not provide an explanation for why MRE2023 is more reliable than MRE2019. After all, MRE2019 was signed off as JORC compliant by Dr. Armitage, a full-time employee of SRK Consulting (UK) Ltd who was regarded as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (the JORC Code) and for the purposes of the AIM Rules.

2. No drilling activities were carried out as part of the fieldwork in 2022 at the 'Moriusaq East', 'Iterlak East' and 'Iterlak West' areas due to time constraints.

My comment: Dundas was put into cold storage without validating the MREs for these areas.

3. Extensive mineralogical and metallurgical test work on the Ilmenite carried out by MinSol Engineering Pty Ltd in Perth following the fieldwork in 2022. It confirmed the consistent Ilmenite mineralogy and processing characteristics across the entire deposit. The low level of deleterious elements in the final Ilmenite product would make the Dundas Ilmenite an ideal blending material for the global pigment plant feedstock market. This has been verified through market discussions and through the Master Distribution Partner on the project.

My comment: Even according to the MRE2023, Dundas ilmenite is still suitable for the global pigment market.

4. The company won't be proceeding with any further cash commitments to the project whilst it considers strategic and commercial alternatives. The company has commenced the process of investigating these alternatives, which may include partnership, disposal or a combination thereof. The revised concept and design for Dundas is significant for discussions related to these alternatives.

My comment: Dundas is not a dead duck, not even a lame duck. How will the market react if the company manages to secure a decent strategic alternative? Dundas was RM’s baby and he staked his personal reputation on this asset with numerous upbeat statements, including this one (RNS 09.08.17): "We have already proven that Pituffik is the highest-grade mineral sand ilmenite project globally. Now we are focussed on demonstrating the significant size of the asset, securing an off-take partner and defining a viable logistics solution to ship our premium quality ilmenite product, as we remain on track to commence commercial production in 2018." I am sure RM will want to redeem his bruised reputation. What might he say of the future of the Dundas project in his i

Beardozer - You ask: “ In future, how about investing in 3 different companies? For a start, it would make it more interesting and you'd also be spreading your risk.“

This may come as a surprise but I'm generally not a fan of AIM stocks because of the higher level of risk associated with them compared to the ones on the main market. I became a JAY shareholder in 2020 and in the last four years or so I have indulged myself in only three AIM stocks: Verditek; Pure Gold and of course Bluejay. I was awfully lucky with VDTK - sold it near its peak at around 18p for a decent profit; sold PUR for a modest profit by applying stop loss (since then PUR got acquired, I think). By and large, my portfolio was made up of single value stocks (e.g. GSK, Shell, Marks & Spencer, Flutter Entertainment, etc) plus a good selection of Investment Trusts and ETFs. I liquidated a large portion of my portfolio in the last couple of years when I started to get nervous about the general market conditions. I am now left with just three stocks: Shell, M&S and JAY. The first two are in decent profit and as for JAY, what can I say - a large holding at around 9p!

My wife and I have put the money from the sale of the equities into cash ISAs and instant access savings accounts (best of the bunch being Santander at 5.2%). We will stay that way for the foreseeable future, especially with the situation in the Middle East being volatile and the Ukraine-Russia war going nowhere.

I bought into JAY for three main reasons: (a) Great critical minerals assets (b) Stable jurisdiction and (c) Management with skin in the game. Big mistake, not applying stop loss. Oh well, you live and learn!

I have always had this unflinchingly high expectations of Disko and still do and it's not based on wishful thinking. It simply comes down to probability. How can 30 years of historical data including that from KoBold confirming targets go wrong?

PS: Enuff, some time ago you asked why I post only on JAY. You now know why.

Thank you CC and Hemo

Andy Blowster says: “ I expect a big PR push and tangible newsflow to start next week. We have management presentation on Tuesday for starters.”

Although Disko is the big ticket, I am hoping RM will talk about Dundas and its future. I just could not understand for the life of me how Dundas was deemed as a dead duck (not a viable commercial development opportunity for JAY alone).

I was saddened to read a note here two days ago where the authour came across to me as highly agitated, frustrated and angry with the whole situation to do with JAY. There are lessons for all of us from the JAY story so far. With that in mind I thought of sharing this video and hope you will find it helpful - https://youtu.be/yrhgeTXvmow?t=13

PS: Myself, my wife and our son have all invested heavily in JAY. So, we too are collectively nursing huge albeit paper losses but thankfully we have not invested money that we cannot afford to lose. Also, since we are a close-knit family we talk about the trials and tribulations of the JAY story without getting too agitated by the whole situation. We can only but hope that the JAY story will have a happy ending.