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

Oh dear Bluesky - That was quite a long answer to my very short question, much of it irrelevant to the question (e.g. you are a gambler who trades AIM based on gut feeling). I know I am heading for trouble not listening to all the other stuff you have written - it's just water off a duck's back for me.

So, the short answer to my question is March 2022, which means there is still time for the announcement. Glad we got there!

In your post on 10 Dec 2023 at 17:04, you said: "And one more think....KoBold? Really? If it was suppose to happen, we would have heard about it by now. Have a good week."

Really! So, you think because we have not heard anything so far there will not be a 2024 field program for Disko. Okay, but what was the date JAY announced the 2022 field program for Disko?

IvRoche - Dr. Peter Lightfoot, Chief Geologist, KoBold Metals said in the RNS on 9 August 2021: "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. After working on the Noril'sk mineral system and applying the ideas to help Falconbridge with their exploration work, it is exciting to see this work come to fruition."

I am keenly waiting for KatAmnesia's reply to my questions.

IvRoche - You ask: "​Just ​out of curiosity, does anyone know the biggest Nickel discovery over the last 100 years?"

I have wondered why Kurt House came up with a timeframe of 100 years in his comment; it just can't be an arbitrary time span picked out of thin air. I am almost certain he used the 100-year date bearing in mind the large deposits of rich ore with rare metal grades that were discovered in the Russian arctic Noril'sk region of Siberia. Watch this video from Nornickel and the first date that shows up in the clip is almost 100 years ago in 1924!

https://www.youtube.com/watch?v=YwZgLqwKrMw

KatAmnesia - Thank you for sharing your thoughts/views. You have made seven points. I have questions relating to two of them (3) and (6).

3. "Despite high expectations, Kobold is more interested in Africa, where the money pig is at the moment."

Q: Since you say KoBold is more interested in Africa, are you by implication saying KoBold will not be interested enough in drilling at Disko in 2024?

3. "The wealth density of Disko seems to be not at the level previously announced."

Q: What was wealth density announced before and what has been announced now? Please provide evidence.

3. "For sure, it that was the case Rio, BHP or Anglo wouldn’t wait…they would approach and offer partnerships."

Q: For the Disko project, JAY had looked at another deal from a big mining company which was a multiple of the dollars committed in the KoBold deal but over a longer tenure of time. But JAY went with KoBold. How do you know that the unnamed big mining company was not Rio, BHP, or Anglo?

6. "People are still believing in Norilsk…but honestly…JAY looks like the horse that lost all 6 races before the grand finale and almost in the last curve, goes in last place."

Q: Are you saying Disko is not comparable to Norilsk? If so, please provide evidence.

I am sure your answers to my questions will be succinct and to the point.

In his video interview on 21 September 2023, Rob Edwards must have felt confident enough to make the statement: "We expect some positive news I would think in the short to medium term, that is, CERTAINLY sewn up by Christmas one or two strategic investors to help us really lift the value of this portfolio to levels which we have not seen for many years."

On 9 October 2023, I contacted RE and shared with him my view that to put the share price on a solid footing JAY will need to:

1. Deliver one, preferably two, strategic partners before the end of 2023.

2. Assure the market that JAY has secured sufficient funds to progress Kangerluarsuk and the Finnish assets for the next 3/4 years.

3. Give assurance to the market that there will not be a need for further equity funding (dilution) from JAY's AIM investors for the next 3/4 years.

4. Confirm the 2024 fieldwork programs for Disko, Kangerluarsuk and the Finnish assets.

RE replied promptly with the response that I had neatly summarised JAY's own intentions and that the company intended to deliver. RE, however, qualified in his reply​ that JAY can’t control the timing and this can be frustrating for everyone with an interest in the company’s welfare. I only wish he had made the same qualification ​in the interview but he did not. I contacted RE again a couple of days ago and conveyed to him that if the delivery of the strategic investor(s) this month is now ​beginning to look unlikely, I strongly urged that JAY issue a holding/update statement on the matter. No response yet to my suggestion. I, therefore, have not entirely given up hope of delivery this month as RE still has a few more trading days left. I also said to RE that the timely delivery of the strategic investor(s) this month would not only give a badly needed boost to the share price but also reinstate shareholders' confidence in management’s ability to deliver in line with expectations raised.

I want RE to succeed not only for our sake but for his professional reputation as well. One of the key factors for investors is trust and confidence in management. If you lose that, shareholders would walk away or stay clear of the company, which is what has happened to JAY as reflected in the share price. JAY's assets deserve better!

IvRoche and Hemo - Are you both trying to be incorrigible but I like it? I am sure polkadotdoor does not need any help from either of you to answer my simple question, which was: "What is KoBold's current holding in Disko?"

Looking forward to your reply, polkadotdoor.

You say: "...if Kobold don't drill in 2024, they retain 49%."

Just to be sure I understand what you are saying, here is a simple question: What is KoBold's current holding in Disko?

Thank you, agfo, for posting the key terms of the Disko JV agreement. I hope polkadotdoor will read them and take notes.

Ra11adw2 - I thought it was odd that polkadotdoor asked Hemo: “I take it you don't have a background in the mining/exploration space?” I was tempted to ask polkadotdoor whether he has a background in investing in mining companies. It is commonplace among mining companies to enter into JV partnerships. So, for anyone investing in any mining company that is engaged in such a partnership, the investor (or potential investor) must study the terms of the JV agreement as part of their basic research into the company. Unfortunately, polkadotdoor has a habit of making misleading comments based on misrepresented facts.

Polkadotdoor - You say: "KoBold isn't contractually obligated to drill unless they want to move from 49% to 51%. No work in 2023, no news, no updates? maybe the writing is on the wall. They appear to hold on to 49% regardless."

You have misrepresented the facts, yet again. KoBold already owns 51% of Disko. Please study this RNS - https://tinyurl.com/y9tyeh55

Correction: Really, why do you say so? What is the rationale behind your thinking?

Bluesky- You say: "If it was suppose to happen (KoBold drilling in 2024), we would have heard about it by now."

Really, what do you say so? What is the rationale behind your thinking?

Some posters here take the view that even though Disko is an exciting prospect, shareholders may not reap the rewards from the asset due to what they perceive as management’s questionable ability to deliver. I disagree. But why? Because it is based on an erroneous premise that JAY is in charge of Disko. No, JAY is not in charge of Disko. KoBold is in charge of Disko.

I would suggest people holding such opinions study how the JV has been constructed. Let me spell out some facts. All exploration licences relating to Disko are owned by Nikkeli Greenland A/S. The ownership of Nikkeli Greenland is split 51%:49% between KoBold and JAY. This means KoBold has majority control of Nikkeli Greenland. Here is the makeup of the Board.

Chairman: Kurt House (KoBold CEO and Co-Founder)

Manager: Bo Stensgaard (Bluejay CEO)

Board Member: Robert Edwards (Bluejay Chairman)

Board Member: Jeff Jurinak (KoBold Chief Operating Officer)

Subject to the terms of the JV, as the controlling shareholder of Nikkeli Greenland, KoBold has the final say on all matters to do with the management and direction of the Disko project until 31 December 2024. Not JAY. Let me give you a couple of examples that show who is in charge of Disko. The RNS on 24 March 2022 included drilling as part of the field program for 2022. The RNS on 11 April 2022 took out the drilling activity at the decision of KoBold. This demonstrates KoBold's muscle power as it can even stretch to the extent of being able to reverse a decision already announced to the market. Another example is the decision not to execute any fieldwork in 2023. Who made that decision? KoBold, not JAY.

You must be familiar with the Client-Contract relationship in the commercial world. For all intents and purposes, KoBold is the Client and JAY is the Contractor. The role of JAY as the Contractor is defined in the JV as a field operator. In total, 2022 represented the most comprehensive exploration campaign ever carried out by JAY, a true testament to the company's field operating capabilities in the region. Of course, KoBold and JAY have to comply with the terms of the JV. Apart from that, for all decisions outside the terms of the JV, KoBold is in control and that's the joy of being a controlling partner:

1. Not to drill in 2022.

2. To spend more money on the fieldwork in 2022.

3. Not to execute any fieldwork in 2023.

Hope this puts to bed any notion that JAY is in control of Disko. It’s not. All that said, an important condition of the JV is that should KoBold decide not to drill next year, it would lose its controlling majority on 31 December 2024. I don't think KoBold would let that happen given the exciting prospects of Disko.

At some point, Disko will need a major miner to take it to production. That is a scenario I am happy to Disko on another day.

Thanks, Hermo, for that encouraging feedback. There is of course precedent for issuing such a holding statement. On 22 July 2020, JAY provided an update on its offtake negotiations for the Dundas project by informing the market of a three-month extension to the MOU ​​to negotiate a definitive distribution agreement. A further statement was released on 27 October to advise of a four-week extension to ​the offtake negotiations. The definitive agreement was finally confirmed on 23 December 2023.

22 July 2020 RNS - https://tinyurl.com/bde273jm

27 October 2020 RNS - https://tinyurl.com/5d8ma269

23 December 2020 RNS - https://tinyurl.com/yzy7xrff

On 6 September 2022, sold 45,790,249

On 14 September 2023, bought 38,968,882

Difference 6,821,367

Current holding 68,999,268 (5.8%)

Total no.of shares in issue 1,195,885,079

NB: Rod McIllree resigned from the Board on 22 June 2022 and the above two transactions took place after he left the company.

Second RNS today - https://tinyurl.com/hwwnspu3

Https://tinyurl.com/42ecvv74

IvRoche - Spot on! I was thinking along the same lines. That is, if RE is unable to meet the timescale he had set for himself in his statement: " ...CERTAINLY sewn up by Christmas one or two strategic investors", JAY should then release a "holding statement/update" explaining why the delay. That would be the proper thing to do and also RE's credibility would not suffer seriously. I have been a shareholder for 3+ years so I don't regard myself as a long-term holder. The timeframe I set for my investment was 4 years, so I am quite willing to be patient until 2024. However, I would like to see a short holding statement/update RNS if there ​was no delivery on the strategic investor(s) in 2023. Without such a statement I would be left in the lurch wondering what's happening. ​I am sensible enough to accept the reality that timing is not in the gift of JAY when third parties are involved.

IvRoche - ​In all probability, your second paragraph may well reflect what major shareholders ​also be think​ing about this matter. If so, RE's position could become untenable if he does not deliver the strategic investor(s) before the end of 2023. In reality, he has tomorrow and next week to deliver because of the restricted trading days during the weeks commencing 18th and 25th December - https://tinyurl.com/3bx7ysmr

I ​very ​much hope RE delivers for his sake and us!