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

Yes, I did say interview today (Thursday, 18th) and do not know why it did not happen. There must have been a good reason. Hope it appears soon.

It will be the first interview by the new management of a new company and therefore highly significant in many respects. Let’s see what they have to say.

Are you there?

Hemo - Thank you for taking the trouble to reply to each of my points. Let me first start with the big picture.

For all intents and purposes we now have a new company with its sole mining focus being the Disko project. I would name the company NG49 (meaning Nikkeli Greenland 49% ownership). So we have a new management and a new company. Things cannot remain the same as before because of the change in circumstances plus the fact that KoBold is in the driving seat of NG51. New management has to therefore up its game with better planning and delivery going forward. l will now offer some comments as a response to your reply.

1. The overall plan for progressing the Disko project in 2024 including details of the work programmes as stated in the RNS on 17 January 2024. Also an estimated timescale for releasing the information.

Comments: JAY will soon have to come up with a timescale for placing orders with contractors for the drilling equipment etc and also to notify the authorities to obtain field activity licences. JAY could use this timescale for notifying shareholders.

2. The plan for the sale of the 6 assets and an estimate of the total revenue expected from the sales. Also, an estimated timescale for achieving the sales.

Comments: The capital raised this month will possibly last around 12 months. New money will be needed for supporting Disko beyond 31 December 2024 plus G&A expenses. A plan​, including ​a timescale​, for the sale of assets will have to be therefore in place urgently. Use the timescale in the ​company's plan​ for notifying shareholders.

3. How the company intends to use the proceeds from the sales (in terms of priorities).

Comments: Surely a plan has to be in place soon for how JAY intends to spend the money to be raised from the sales of assets. I am talking here of a plan not ​of a timescale.

4. The RNS yesterday talked about seeking strategic alternatives for Dundas. An explanation of these possible alternatives should be provided. Also an estimated timescale for achieving this goal.

Comments: There has to be a plan here for two options: (a) Outright sale (b) Strategic alternative. Share this information with shareholders.

5. Current cash position and G&A burn rate.

Comments: This information should already be available.

My final point is I did not say I want all this information now. I said: "....the Board must spell out its plans to shareholders without undue delay."

Let's see how well the first interview from the new management goes today.

LWHL - You said: “You should IMO be lobbying the BOD for specifics on all the other stuff though, should the wait be much longer.”

Agree. I contacted JAY today and told them that as a shareholder I am expecting the company to provide further information covering these areas:

1. The overall plan for progressing the Disko project in 2024 including details of the work programmes as stated in the RNS on 17 January 2024. Also an estimated timescale for releasing the information.

2. The plan for the sale of the 6 assets and an estimate of the total revenue expected from the sales. Also, an estimated timescale for achieving the sales.

3. How the company intends to use the proceeds from the sales (in terms of priorities).

4. The RNS yesterday talked about seeking strategic alternatives for Dundas. An explanation of these possible alternatives should be provided. Also an estimated timescale for achieving this goal.

5. Current cash position and G&A burn rate.

I have also emphasised the point that since the company has raised the necessary capital, the Board must spell out its plans to shareholders without undue delay.

LWHL - You ask: "And who was to blame for that?" Meaning, for the disastrous management of Dundas.

My answer is JAY management.

Now that I have answered your question, I have two questions for you:

1. Who had OVERALL control over the management of the Dundas project before it was put into retirement?

2. Who has OVERALL control over the Disko project until 31 December 2024, according to the terms of the current JV?

"The Disko-Nuussuaq Property is centred in a region of extensive contaminated and metal-depleted volcanic centres where there is clear evidence for the equilibration of flood basalt magma with crustal sulfur with potential for the concentration of magmatic sulphides in shallow sub-volcanic intrusions. The rich inventory of government and exploration data provides an excellent starting point for KoBold to utilize proprietary technology to support exploration." - Dr. Peter Lightfoot, Chief Geologist (Nickel), KoBold Metals

"Our joint exploration campaign on Disko Island this summer (2022) was a significant step forward. We've identified many novel targets and significantly updated our exploration hypotheses. We are looking for what we think could be the most significant nickel and cobalt discoveries in 100 years." - Kurt House, CEO of KoBold Metals

"We are looking for a discovery that will be one of the largest, most significant nickel and cobalt deposits in the world, potentially capable of powering 100 million EVs." - Kurt House, CEO of KoBold Metals

"The two largest conductive targets are extraordinary in scale, the largest being more than 10.0 kilometres ('km') long and around 2.0 km wide and another being around 4.8 km long and 800 metres ('m') wide; both comparable in footprint to the world-class Noril'sk-Talnakh ore bodies in Siberia." - RNS 1 February 2022.

"The West Greenland Flood Basalt Province (WGFBP) constituted the last tracts, tracts C10 and C11, that are directly related to known flood basalt regimes in Greenland. WGFBP is considered to be an analogue of the Siberian Traps in Russia to which the giant Norilsk nickel deposit is related." - Geological Survey of Denmark and Greenland (GEUS)

LWHL - You say: "Well, it is a good story, Ashton. But the actions taken over the years have led to a share price and explosion of shares in issue, that tell a less enjoyable tale."

True, I agree 100%. However, that's because the actions over the past long years were, unfortunately, focused on the wrong duck - the Dundas Duck, If only...........

Thankfully, the sole focus from now will be the Disko Duck.

A mother duck laid an egg in 2021 (a new JV). Everyone was thrilled (share price hits 15p). The egg hatched and a duckling was born some time later. In 2022, the duckling started to walk, swim and quack and became outstandingly energetic (extensive fieldwork and overspend). This impressed everyone to no end. For its own good reasons, the duckling then went out of sight in 2023 (no fieldwork). Some people started to get worried - even speculated that the duckling would never return. In the meantime, the duckling grew and became a fully-grown adult duck (post-2022 fieldwork analysis). In 2024, the new adult duck became a mother herself and started to lay golden eggs to the delight of everyone (extensive drilling, followed by outstanding assay results and the share price rising significantly). Everyone lived happily thereafter.

Wealth Warning: I won't be offended if you tell me that my story is as mythical as the golden goose eggs. That said, I hope to return my story later in 2024!

LWHL - You said: "After Ashton's post last night, I was kind of expecting an RNS today with Disko news. Instead, the market is still awaiting an update on the specifics of the strategy."

I am not sure whether you meant here, among other things, the specifics relating to the 2024 work programmes for Disko. I am not expecting details of the work programmes to come out before 5 February 2024 at the earliest and March 2024 at the latest.. The details of the 2022 work programmes were announced in March of that year.

You might ask why 5 February 2024. The allotment and issue of the Second Placing Shares is conditional, inter alia, upon the passing, without amendment, of the Resolutions, at the General Meeting on this date. I think KoBold will want to be satisfied that JAY's Board has the backing of its shareholders for funding the company. That's how I see it.

Look out for it!

Correction - PS: “value enhancing work programmes”. I don’t need to spell out what this actually means in terms of field activities. I think you both are smart enough to work it out for yourselves.

IvRoche and LWHL - Yesterday I said I would return to the subject of KoBold Metals to talk to you both today and here I am. I will post further comments later today. I also have a short fun story to share. In the meantime, take a look at this:

"RENEWED FOCUS ON THE DISKO-NUUSSUAQ PROJECT: " Bluejay remains dedicated to its primary focus, the 2,776 square kilometre Disko-Nuussuaq Magmatic Massive Sulphide nickel-copper-platinum-cobalt project ('Disko'), located on the west coast of Greenland. The Company has a joint venture with KoBold Metals and is working to agree value enhancing work programmes for 2024. Disko has the potential to host a truly world-class nickel-copper-cobalt deposit." - https://www.londonstockexchange.com/news-article/JAY/bluejay-raises-ps1-2-million/16291660

PS: “value enhancing programmes”. I don’t need to spell out what this acutely means in terms of field activities. I think you both are smart enough to work it out for yourselves.

IvRoche and LWHL - I will talk to you both tomorrow!

LWHL - You said today​ (16 January 2024): "Anyway, I hope you get good Disko news soon. IMO that is the only thing that might give current shareholders with a (current) low average a chance of making fairly good profits here."

In the note I posted on 14 December 2023 at 19:08, I said: "As things stand, JAY is a HOPE share. My BIG HOPE is Disko (forget the other assets)."

I ​intend to return to this subject ​pretty soon​.

Enuff - As I have commented already, some adults engage in child-like behaviour and cheap entertainment when the situation requires serious attention. By doing so they unnecessarily distract themselves and others from focusing on what really matters - in this case their investment in JAY.

The strategic update we are waiting to hear will be pivotal in the entire history of JAY. There are two overriding objectives for the company’s new management to deliver and they will need to spell out to the market in a convincing manner how management intends to go about in achieving them. The market will punish the company if management failed to deliver on both counts.

Sure, engage in raising relevant questions but don’t indulge yourself in trivialities and worthless pursuits like calling names, researching Henry Ashton, etc. Focus on what really matters if you’re really serious about your investment.

That’s my sincere and constructive advice.

Enuff - Why do some adults behave like children? By doing so, they will fail to read between the lines!

That was quite amusing, IvRoche, you signed off as  IV_Bot. From now on should I also sign off as Ash_Bot?

Until I retired from work I was a project officer for some 30 years and my job involved writing reports regularly where substance, clarity and logic were of utmost importance. This meant taking great care in ensuring good grammar, spelling, punctuation, paragraphing and semantics when presenting written material. I can't help but I still try to apply the same standards when I am writing stuff even in non-work situations, like here. Old habits die hard!

It is so amusing I am being mistaken for an AI created being in some quarters. I must add I am not that intelligent and don't deserve such credit.

PS: Like any other human I do make mistakes but correct such errors if I spot them.

Greenfish - You say: "Only thing mentioned on kobolds web site is zambia."

KoBold doesn't have a "projects" page on their website detailing each project (unlike JAY). You will still find some information about some of their other projects (click on this link and page down) - https://www.koboldmetals.com

They also use these avenues to talk about their projects:

1. Media reports - https://www.koboldmetals.com/news/

2. Tweets - http://tinyurl.com/3nbk9s8v

3. Podcasts

KoBold’s sole focus is exploration of battery metals (including copper) projects. I wonder whether JAY will be talking to KoBold about the sale of its three Finnish projects. Not only are the projects battery metals, there is also a well-established field operations team with experience in managing drilling activities for a major miner. On top of all that the projects are located in a stable and corruption-free jurisdiction where the climate is not as harsh as in Greenland. Could be a perfect fit for KoBold. Will Eric Sondergaard (new MD), having successfully negotiated the current JV agreement with KoBold, pull another deal with them - assuming of course KoBold shows interest?

The three Finnish projects together could be worth as much as an estimated figure of circa US$35m (£27.5m). Notes:

a) Enonkoski valuation of $20m is based on Rio Tinto's JV expenditure terms.

b) Hammaslahti - $7.5m.

c) Outokumpu - $7.5m.

d) The valuation figures for Hammaslahti and Outokumpu are based on the actual sales figure of $5m last year in cash plus Metals One’s shares for the smaller Finnish Black Shales asset. I have therefore given an estimated 1.5 x Black Shales’ valuation for each of these two assets.

e) £1 = $1.27

RNS 15 January 2024 - https://bit.ly/3tSFfON

Podcast - https://bit.ly/3RVyZOh

Share price reaction - https://www.asx.com.au/markets/company/wcn