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

HereforHemo - If you are not already aware​, Hannam & Partners came up with some valuations​ in December 2020 and May 2021.

December 2020 - See "valuation" (page 1) - https://tinyurl.com/mscyz4pc

May 2021 - See "valuation" (page 1) - https://tinyurl.com/47uddrk5

Ra11adw2 - You ask: "Ashton why you think this month November? Not next month December? We all want it this November so share price rises, but listening to Rob Edwards interviews a few times again, the way he says end of 2023 and before Christmas seems like it will be Late December."

Please listen to Rob Edwards' words again:

21 September 2023  (8 mins into the video) - "Sewn up BY CHRISTMAS" one or two strategic investors"  -  https://tinyurl.com/myyafayb

5 October 2023  (3:30 into the video) - " I have as my target BEFORE YEAR ENDS to deliver at least one of those (strategic investors), ideally two of those (strategic investors)." - https://tinyurl.com/muxy8hju

I have taken RE's words to mean at least one, ideally two, strategic investors to be in place before the end of 2023 and before Christmas 2023, and not necessarily in December 2023. In any case, I keep my ears close to the ground so my money is on it being in November 2023. Sorry, I'm unable to add much more. That said, I would be just as happy if it happened in December 2023.

Bluejay Mining Plc/FinnAust Mining Finland Oy will be an exhibitor at the conference.

https://femconference.fi/fem2023-programme/

https://femconference.fi/fem-2023-exhibitors/

PS: I will post a note later regarding my thinking on the possible nature of the transaction between JAY and the potential strategic investor regarding FinnAust Mining Finland Oy's assets in Finland. As we already know FinnAust Mining Finland Oy is a 100% owned subsidiary of Bluejay Mining. I am expecting the deal to be done this month (November 2023).

I would not worry. We should know sooner rather than later.

HereforHemo - You ask whether I know if Berry Street Capital held Bluejay shares. I am not aware of Berry Street Capital being a JAY shareholder, either in the past or present. Since becoming a JAY shareholder in July 2020, I have been diligently monitoring the company's list of substantial shareholders and Berry Street Capital has never appeared on the list. That said, only substantial shareholders appear on JAY's list - https://tinyurl.com/59yw74zs

If you want to check Berry Street Capital's holdings, click on this link and then click where it says "SEE ALL HOLDINGS" -​ https://whalewisdom.com/filer/berry-street-capital-management-llp

Although this article (18 October 2023) is about the use of AI in mine exploration, these excerpts caught my particular attention:

"He (Kurt House, KoBold CEO) remains uncertain as to whether KoBold will seek to develop mines itself or focus on exploration. Previously the company did not intend to build mines itself, but the situation has changed due to the value of AI in pinpointing where to dig. There is still a possibility that KoBold will want to take on partners for mine development but “our current view is that we will take it the distance”.

"Mr. House describes Zambia as a “spectacularly good jurisdiction” and “an easy call”. - Unquote

In my opinion, KoBold is likely to need a major miner at some stage to turn Disko into an operating mine. Unlike KoBold's Zambian project. Disko is not "an easy call". It is a vast area of 3,019 km2, challenging terrain, a harsh climate and basic infrastructure. You will need a major miner to turn it into an operating mine. The key question for me is at what stage will KoBold make that important decision to bring in a major miner? My top pick is BHP.

https://tinyurl.com/27e6p9fa

HereforHemo - I was only correcting my own comment in the interest of greater clarity. I wish there was an edit facility after posting a note, albeit time-limited.

Original comment: "Today’s announcement is about JAY contributing to someone else’s project, namely the AIMEX project. On the other hand, the strategic partners we are waiting to hear about will be contributing to JAY’s projects."

Corrected comment: " Today’s announcement is about JAY contributing to someone else’s project, namely the AIMEX project. On the other hand, the strategic partners we are waiting to hear about will be CONTRIBUTING MONEY to further JAY’s projects."

Correction: Today’s announcement is about JAY contributing to someone else’s project, namely the AIMEX project. On the other hand, the strategic partners we are waiting to hear about will be CONTRIBUTING MONEY to further JAY’s projects.

Today’s announcement is about JAY contributing to someone else’s project, namely the AIMEX project. On the other hand, the strategic partners we are waiting to hear about will be contributing to JAY’s projects.

That said, the announcement is unexpected good news because the AIMEX project will provide publicity for JAY and also benefit the company from the resulting mineral prospectivity maps and other AI and ML-derived datasets generated for the project areas, as well as access to a broad range of expertise from external partners within the consortium.

Bo Stensgaard (CEO of JAY) commented: " "Collaborative research projects of this magnitude often lead to step changes in the geological understanding of study sites. We firmly believe that our participation in the AIMEX Project will deliver significant value to our Finnish assets in parallel with our continued commercial advancement of the projects. The system developed under the AIMEX Project could ultimately be utilised across our remaining project portfolio in Finland and Greenland as well as allowing us to assess future opportunities."

Https://tinyurl.com/mvwe8dsv

PHASE I - 2023 and 2024 Q1

1. Before the end of 2023, deliver a strategic partner so that the projects at Enonkoski, Hammaslahti and Outokumpu can progress.

2. Before the end of 2023, deliver a strategic partner so that the project at Kangerluarsuk can progress.

3. Before the end of 2024 Q1, provide confirmation of a drilling program at Kangerluarsuk in 2024.

4. Before the end of 2024 Q1, provide confirmation of a drilling program at Disko in 2024.

5. Before the end of 2024 Q1, provide confirmation of a drilling program at Enonkoski in 2024.

6. Before the end of 2024 Q1, provide confirmation of a drilling program at Hammaslahti in 2024.

7. Before the end of 2024 Q1, provide confirmation of a drilling program at Outokumpu in 2024.

PHASE II - 2024

8. Achieve successful assay results from drilling at Kangerluarsuk.

9. Achieve successful assay results from drilling at Disko.

10. Achieve successful assay results from drilling at Enonkoski.

11. Achieve successful assay results from drilling at Hammaslahti.

12. Achieve successful assay results from drilling at Outokumpu.

The value of a mining stock roughly follows the market value of its reserves with a premium paid when those reserves are successfully brought to market. In the case of JAY, it will be a few years before any reserves are brought to market. However, I think it will be one of the Finnish assets that could become JAY's first operating mine. In the meantime, if all of the items that I have included for the two phases I have identified above are successfully delivered before the end of 2024, I am of the opinion that the share price is likely to be well into double digits by next year. As an optimist, I am hoping to tick off each of the 12 items as they unfold.

Please note, I have purposely left out Dundas and Thunderstone since they are currently regarded by JAY as non-priority projects.

WEALTH WARNING: As an early-stage junior miner, JAY is a high-risk stock.

"We are pleased to report that our SRH Råna Project partner Kingsrose has discovered a new high-grade, relatively shallow nickel-copper sulphide zone at the Rånbogen prospect, demonstrating that the wider Råna intrusion is host to significant mineralisation outside of the historical mine.

These results, including the interception of two stacked zones of sulphide mineralisation, confirm the scale potential of the Råna intrusion, with the exposed lower zone underexplored and highly prospective.

Diamond drilling has now identified high-grade massive sulphide nickel-copper-cobalt mineralisation at both the Rånbogen and Arnes prospects. The operator is continuing to make good progress with the exploration programme which includes drill testing several targets at Rånbogen with similar signatures."

https://tinyurl.com/kpt78uwp

PS: JAY owns 29.98% of Metals One (62,500,000 shares).

Grubber you say: "Just struck me as mildly curious – no more than that - that they (KoBold) didn’t bother to put anything at all in the RNS (on 21 September 2023) when adding a few bland words would take only a few minutes." You then expanded your comment with some lighthearted observations but ​there was a valid underlying message​ for me. In fact, I raised this very point with Rob Edwards just recently.

Do you remember the RNS on 24 March 2022? It announced, among other things, that a 3,000-metre maiden diamond drilling activity would be carried out as part of the 2022 field program at Disko. Moreover, it had this quote from KoBold:

"We're proud to partner with Bluejay to begin exploring Disko-Nuussuaq this year. Fully electrifying the global economy is our generation's greatest challenge; to accomplish that lofty goal we must accelerate our efforts to find the key materials for the EV revolution.​ KoBold's technology is perfectly suited to discovering those resources around the world. Our proprietary library of analytical tools, Machine Prospector®, will enable effective deployment of exploration capital and maximize our chances of discovery in Greenland working in partnership with Bluejay." - Unquote - https://tinyurl.com/yc6u5hfw

What happened just a few days later after the RNS on 24 March 2022, was a fiasco. On 11 April 2022, JAY reversed the decision and announced that there would not be any drilling at Disko in 2022 - https://tinyurl.com/3ufemekd

Following the RNS, I promptly ​contacted JAY's previous management to find out what went wrong. It would​ not be right for me to go into the details of what I was told but insofar as to say I​'m sure any future RNS on Disko ​would be more carefully ​read and vetted at the highest level by both parties before release.

​However, there is a positive outcome from the above sorry tale. One would assume that any future announcements by JAY on Disko's field programs ​would be thoroughly checked with KoBold for accuracy prior to releasing the RNS ​so that such fiascoes never happen again. It​ is, therefore, also possible that KoBold would be more guarded in providing quotes to be included in RNS releases. Moreover, I expect when JAY wants to talk about Disko's field programs outside of any RNS releases (e.g. video interviews), the company will make sure of ​the facts and be on the same page with KoBold on all matters to do with the project and also be within the terms of the JV (after all KoBold is the majority holder of Nikkeli Greenland A/S). For example, what RE said in his video interview on 30 September 2023 (9:00 mins into the clip): "We both (JAY and KoBold) are COMMITTED to instituting a program for (Disko) for next year (2024)" - https://www.youtube.com/watch?v=cgIt_T6SJ08

​What I​'m trying to say is JAY learnt some valuable lessons from that fiasco ​and that RE has to make sure that such fiascoes ​are never repeated under his watch. I do

Correction

I said: "Following the Disko RNS on 29 September 2023, Rob Edwards provided a video interview on 30 September 2023."

It should have read: "Following the Disko RNS on 21 September 2023, Rob Edwards provided a video interview on 30 September 2023."

Grubber you say: "Time will of course answer this and I remain positive – perhaps I’ve been so scared by Dundas that I’m seeing ghosts and shadows where I shouldn’t."

Oh dear, hope it's not long to wait for your ghost and shadows to disappear. In the meantime, let me remind you of this information. Following the Disko RNS on 29 September 2023, Rob Edwards provided a video interview on 30 September 2023 in which he said (9:00 mins into the clip): "We both (JAY and KoBold) are COMMITTED to instituting a program for (Disko) for next year (2024)" - https://www.youtube.com/watch?v=cgIt_T6SJ08

RE could not have been any clearer. Moreover, he spoke for both JAY and KoBold by confirming that both companies are committed to a field program for Disko in 2024. He said so on a public platform. Do you think he would have used those words, so publicly, if he did not have the explicit commitment of KoBold for a field program in 2024? I will let you ponder over my question and come to your own conclusion.

Kurt House, CEO of KoBold Metals will be a speaker at Europe's leading international mining investment event to be held in London on 28-30 November 2023. The event connects investors from around the world with mining company management teams online and in person.

https://minesandmoney.com/london/speaker/kurt-house

https://minesandmoney.com/london

Polkadotdoor

You say: "They (KoBold) have tech to analyze in real-time, don’t buy the “so much data” excuse."

They may have the tech but do they have enough personnel to use the tech? Fancy a job with KoBold? They are on a recruitment drive - https://www.koboldmetals.com/careers

You say: "They could have just paid Bluejay to do the program if they still liked the project?"

It's KoBold's (and not JAY's) responsibility to rank and prioritise the drill targets which would form the basis for decisions on the future field and drilling programs. That's what the JV is about - I thought you knew that.

JAY's perilous state of finances must be obvious for all to see. In fact, in his interview on 30 September 2023, Rob Edwards himself said his immediate focus is to achieve the survivability of JAY. He could not have been more honest (forward wind the video to 17 mins) - https://tinyurl.com/muscrs3s

It is also obvious that junior mining companies are high-risk investments but can result in high rewards for those who seek to do their own due diligence and ask the right questions. And most importantly seek honest answers to those questions. This goes equally to those who are pessimistic or optimistic about JAY. I repeat what I have already said: "Most of the time our mind gets conditioned so much by the circumstances that we fail to see the obvious."

JAY is not a stock for widows and orphans (nor for anyone with a nervous disposition). I knew the risks and went into JAY with my eyes wide open. I presume you did as well.

Agfo - You say: "Points 2 and 3 are strongly related to point 1."

Yes, up to a point. But just delivering Point 1 alone is not good enough. Point 2 and Point 3 refer to the strength of the deals under Point 1. The deals will have to be long-term ( >3 years) unlike the deal with KoBold which was too short for such a deal ( 3 years). In his interview, Rob Edwards referred to the short-term tenure of the deal with KoBold.

You say: "Right now the only news we see coming from Kobold is Zambia and Copper. I wonder how high the Disko project is on their (KoBold's) list."

High enough not to lose majority control over a highly valuable battery metals asset such as Disko. KoBold has two options: (a) Undertake drilling in 2024 and keep its 51% control of Disko. (b) Sell off its 51% interest in Disko to a major miner and let them carry out the drilling in 2024 and continue to maintain the majority interest. KoBold are not dumb. They are in the business of making money, whether in Zambia or Greenland.

Most of the time our mind gets conditioned so much by the circumstances that we fail to see the obvious.

In his interview on 30 September 2023 (7 minutes into the video), Rob Edwards talked about the second generation. Is JAY about to enter a second version of itself and what could that mean? - https://youtu.be/cgIt_T6SJ08?t=2

We may well come to describe the period 2023/2024 as a “pivot of history” for JAY heralding a “new dawn” if the company can achieve the following:

1. Deliver one, ideally 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. Provide confirmation of the 2024 fieldwork programs for Disko, Kangerluarsuk and the Finnish assets.

JAY already knows all of this stuff and sources close to the company INTEND TO DELIVER. However, the timing of it is not in the company's gift.

Nothing is confirmed until it is confirmed!

Grubber you asked: "All of this is heartening but I’m afraid that I still can’t shake off my nagging worry: if the potential is so great and with the share price so low, why doesn’t a miner simply buy Bluejay now?" In my reply to your question on 1 October 2023, I said: "Any bid for JAY is likely to be for an individual asset or a collection of similar assets (Finnish battery metals assets) rather than for the whole company."

This article, dated 8 August 2023, talks about major miners targeting early-stage projects in their M&A strategy. The gist of the article vindicates my thinking. According to the article, Rio Tinto is focusing on building its portfolio through smaller acquisitions, Reuters reported on 1 August 2023, citing CEO Jakob Stausholm. This is in line with the comments Stausholm made on 22 February 2023 during the company's 2022 earnings call. "I probably much more believe in smaller M&A than big M&A. And I hope you can see [that] with the things we are doing, They are all very different, but they all make industrial sense because that's where you actually get value out of M&A, in my view." - https://tinyurl.com/ync9zb4y

I would not rule out the possibility of BHP or another major miner acquiring KoBold's 51% stake in Disko​ when the latter is ready to dispose of its holding. Did ​you or anyone ​else watch Bo Stensgaard's interview that was published on YouTube on 9 November 2021? For some strange reason, the interview was taken down on the same day. Fortunately, I managed to watch the interview before it disappeared. This was the link but it does not work - https://www.youtube.com/watch?v=HB3J89kDKo0