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BenAlder, you say: (a) "I am less optimistic that these partners will do the drilling and pay money to finance Jay's business" and (b) "I think they will have to raise cash early next year to pay the bills for 2024/25."

When you say "finance JAY's business", I presume you mean G&A expenses (see definition below). In his video interview on 30 September 2023, Rob Edwards stated that JAY's corporate burn rate is about £900,000 per annum without doing any work in the field (G&A expenses). He also said, and I quote: " I am focussed on delivering that strategic capital which isn't dilutive to shareholders which changes the perception that we are perpetually on the verge of going bust or about to come back to the market for another issue, which changes that perception. So we don't have to go cap in hand back to our AIM-based shareholders for another round of G&A capital to keep us alive." - Unquote

Please also note in the case of the now defunct JV with Rio Tinto, and also the current JV with KoBold, the terms of the ​agreements allow JAY to manage ​the field operations for which the company receives a management fee based on the expenditure. If I am not mistaken the fee is 10% of the expenditure. For example, KoBold's Stage II to be completed by 31 December 2024 has ​US$11.6 million in drilling expenditure​. This means JAY would receive US$1.16 million (£950,000) ​in management fees. Please therefore do not underestimate the income from operational management fees. In fact, the RNS on 14 September 2021 said: "Of note is that income generated from operational management fees are expected to be meaningful during the 2022 period from three projects: Disko, Enonkoski and the Black Shales project - https://tinyurl.com/45bjbd29

To sum up, if JAY managed to deliver one, ideally two​, strategic investors​, it would result in these benefits:

1. The Kangerluarsuk project in Greenland and the project(s) in Finland would be able to progress with externally funded money and technical expertise (major miner).

2. Help remove any perception that JAY is on the verge of going bust.

3. Avoid the need to go back in the near term to the AIM-based shareholder to raise new money (for projects or G&A expenses).

4. Bring income by way of fees for performing the role of field manager. This would contribute towards meeting the G&A expenses.

Definition of G&A: (a) General and administrative expenses are the necessary costs required to maintain a company's daily operations and administer its business. (b) General and administrative costs are not directly attributable to the production of goods and services.

Part II

Please note, the Interim Results RNS on 29 September 2023 said: "Bluejay is progressing positive discussions with FOUR strategic entities with complimentary attributes which we believe have the ability to strengthen both the financial and technical capabilities of the business as we explore and develop our portfolio of projects. This is aimed to both financially de-risk the business as well as create a unique and powerful combination of skills." So, let's hope JAY comes up with the best possible deals under the circumstances.

2023/2024 is a pivotal ​period ​for JAY!

By my reckoning we could be looking at two potential strategic investors: (a) A supply chain-oriented investor (SCOI) from the US for progressing Kangerluarsuk in Greenland and (b) A Nordic country-based Tier 1 major miner for progressing all three Finnish assets (Enonkoski, Hammashlathi and Outokumpu ).

Major miners have well-established terms for JVs. JAY’s JV with Rio Tinto started on 8 January 2021 with a three-stage agreement for progress, ending in 2029. So, in total the agreement spanned EIGHT years. Beyond Stage III, each party had to fund its respective 75%:25% share of the project expenditure or be diluted (see RNS dated 10 November 2020 and 15 January 2021).

In the case of KoBold, the JV started in August 2021 with a two-stage agreement for progress ending on 31 December 2024. So, in total it spans THREE years. Beyond Stage II, each party has to fund its respective 51%:49% share of the project expenditure or be diluted (see RNS dated 9 August 2021).

But what could be the terms for a JV with a supply chain-oriented investor (SCOI)? Let's take a recent real example. Appian Capital Advisory, a London-based mining-focused private equity firm, is a SCOI. As it happened, on 9 October 2023 (just a few days ago), it had successfully raised US$2.06 billion (£1.7 billion) for its latest fund, Fund III, as it takes advantage of renewed investor interest in the sector fuelled by the move toward green energy. Fund III takes Appian’s total assets under management to about US$4 billion (£3.3 billion). The fund will look at co-investment opportunities, widening the pool of capital available for the firm. Its geographical focus will be on countries with proven geology, supportive governments and robust legal frameworks. The fund will focus on middle-market investments in the mining sector, looking at potential transactions in energy-transition commodities and precious metals - https://tinyurl.com/j9k3apba

On 22 February 2023, Osisko Metals signed a C$100 million (£60 million) JV investment agreement with Appian for its project named Pin Point. Osisko Metals is a Canadian exploration and development company creating value in the critical metals space, specifically copper and zinc. The company controls one of Canada’s premier past-producing zinc mining camps, the Pine Point project. Commitment by Appian was to invest up to C$100 million (£60 million) over an estimated FOUR-YEAR period, acquiring a 60% interest in the Pine Point project - https://tinyurl.com/ev4ay387

To sum up, a JV with a major miner or an SCOI is likely to cover at least FOUR years - quite likely longer - and also JAY will have to be prepared to lose majority control of the associated assets. The latter will be a painful outcome for JAY but one has to recognise that one may be forced to accept an offer or a situation if that is the only one available.

Continued....

BenAlder - That was a measured and objective analysis, thank you. However, I wish to respond to your comment: "I would not place all my money on it. It (Disko) may be too small like Dundas is."

I agree with the first part of your comment: "I would not place all my money on it.". Yes, It is certainly not wise to put all your eggs in one basket, especially in a junior mining company.  Junior mining companies are a high-risk investment 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. There are eight reasons why a junior mining company may fail:

1. Choice of jurisdiction

2. Poor exploration drill results

3. Technical limitations of the orebody

4. Mining permit not granted

5. Running out of cash

6. Change in the commodity price

7. Social and environmental conflicts

8. Poor Management decisions

As for the second part of your comment: "It (Disko) may be too small like Dundas is.", I am not sure here. If Disko turns out to be anywhere close to being an analogue to Noril’sk Nickel District, it would be worth many times over any of JAY's assets. It may even surpass the potential value of all of JAY's assets put together. To put into some context, the total value of the ores in the Norilsk district based on metal prices in 2020 was US$1.4 trillion. Please take a look at these links:

Disko Podcast February 2022 -  https://tinyurl.com/mt6crbdh

RNS 9 August 2021 - Page down and read "Details on the potential analogue Norilsk nickel district" - https://tinyurl.com/y9tyeh55

Thankfully, KoBold's highly upbeat findings on Disko's potential, as detailed in the RNS on 21 September 2023, give me considerable hope for what we can expect from drilling at Disko. Now where is that RNS on drilling?

HereforHemo - You said: "I have no reason to change my personal belief they should be sitting at a Mcap of £30m rather than £10m, and that's before news starts to arrive."

Just wait for the assay results from the Disko drilling campaign in 2024 which would set the market cap alight many times over £30 million. Thankfully, KoBold has already confirmed Disko's potential with their recent upbeat findings. Be that as it may, it is drilling that locates and defines economic mineralisation, and drilling provides the ULTIMATE test for all the ideas, theories and predictions that are generated in the preceding prospect generation and target generation phases of the exploration process. I keep in regular contact with JAY and I am brutally honest with them about the company's strengths and weaknesses. That said, I continue to have ultra confidence that it is Disko that would be JAY's silver bullet, not Kangerluarsuk or the Finnish assets.

Https://www.youtube.com/watch?v=PYDTgcpEDkk

Recently (21 September 2023) I listened to an interview with Eldur Olafsson. The subject was "Unlocking Greenland's Minerals Wealth". To listen to the interview, click on this link and select the interview dated 21 September from the list - https://miningir.com/dig-deep-the-mining-podcast/

JAY has often referred to Amaroq Minerals in relation to JAY's Thunderstone project. In fact, the Chairman's Strategic Review RNS on 14 February 2023 had this statement: "Thunderstone Gold & Base Metals Project- Despite being located in one of the most accessible areas of Greenland, the area covered by the Thunderstone licenses remains a true greenfield region that has largely evaded exploration until now. Thunderstone is the earliest stage Project in Bluejay's portfolio with a potential for base metals (nickel, copper, cobalt and zinc) and gold, and aligns with our strategy of building a project pipeline as we deliver on our more advanced projects. The first phase of regional-scale geochemical sampling and reconnaissance by Bluejay in 2020, supports a previously unrecognised southern extension to the Nanortalik Gold Belt that hosts Nalunaq gold mine (held by Amaroq Minerals TSXV: AMRQ), only 25 km west of our Thunderstone licence. During Q4-2022 Bluejay reduced the licence area of the Thunderstone Project, retaining the most prospective areas for gold and base metal deposits and focussing our exploration efforts to advance targets and move them up the value creation curve.​" - Unquote

PS: I have been a follower of Amaroq Minerals since 2020 when it was then known as AEX Gold. The company has had its fair share of hiccups in the last two years, largely as a result of a strategic blunder, but it seems to have turned the corner. In April 2021, the share price hit a low of 26p but it now stands at just over 57p. I have never been a shareholder of Amaroq Minerals as I am generally not a fan of AIM stocks because of their associated high risks and share price volatility. For this reason, my share portfolio is mainly made up of value stocks (e.g. Shell, Marks & Spencer) and JAY is the only AIM stock in the portfolio. In 2020, I decided to invest in JAY mainly because of its highly valuable mineral assets. I currently have a LARGE six-figure holding in JAY at an average price of just under 9p.

"A junior resource company’s place in the mining food chain is to acquire projects and make discoveries.

There’s going to be a very real and increasing trend for Mergers and Acquisitions (M&A) because juniors, not majors, own the world’s future mines and juniors are the ones most adept at finding these mines. They already own, and endeavor to find more of, what the world’s major miners, automakers and battery manufacturers need.

Security of supply is paramount, if they cannot get offtake agreements by investing with the world’s miners then auto and battery manufacturers will slide down the food chain and invest directly into junior resource companies.

It used to be that junior mining companies would only be acquired by majors and mid-tiers. That’s no longer the case. As automakers and battery manufacturers become more desperate for battery/ electrification/ decarbonization metals we could be looking at a monumental shift in the way juniors are valued.​"

https://tinyurl.com/23yr75zj

IvRoche - Yes, today's Assays are a result of drilling conducted in 2023. Yes, there will be more drilling and the RNS says: "Our immediate focus will therefore be on continuing to drill test targets north of the Mine targeting shallow mineralisation that may have the potential to be open-pittable in any future mining scenarios. The timing of this continued drilling and associated surface exploration is subject to the outcome of our advanced discussions with several strategic investors and possible joint venture partners. We look forward to providing further updates in due course."

1. Enonkoski Ni-Cu-Co-PGE project – historically produced 6.7Mt at 0.78% nickel and 0.22% copper from 1984 – 1994

2. Hammaslahti Cu-Zn-Au-Ag project – historically produced 10Mt at 1.16% Cu, 1.55% Zn, 0.59 g/t Au and 5.2 g/t silver from 1973 – 1986

3. Outokumpu Cu-Co-Au-Ag project – historically produced 57Mt at 3.1% Cu with polymetallic credits from 1908 – 1988

Source: Hannam and Partners Equity Research (page 5) - https://tinyurl.com/47uddrk5

According to the table above, Hammaslahti's historical mine delivered a grade of 1.16% Cu. However, it is particularly encouraging to note from today's RNS that a grade of 2.99% CuEq was delivered at the best intercept, and at only 75m depth. With mineralisation now proven to be located so close to the surface (as predicted in the modelling), it dramatically improves the economics of the project. The next critical step is the work towards developing a maiden Mineral Resource Estimate (MRE) for the project.

"Intercepting sulphide mineralisation with ​EIGHT OUT OF EIGHT drill holes targeting extensions of the E-lode mineralisation previously discovered by the Company is ​an EXCELLENT result." - Thomas Levin, Chief Operating Officer

"Our immediate focus will therefore be on continuing to drill test targets north of the Mine targeting shallow mineralisation that may have the potential to be open-pittable in any future mining scenarios. The timing of this continued drilling and associated surface exploration is subject to the outcome of our ADVANCED discussions with several strategic investors and possible joint venture partners. We look forward to providing further updates in due course." - Joshua Hughes, Vice President Exploration

Https://polaris.brighterir.com/public/bluejay_mining/news/rns/story/ryj33yr

Grubber- Thank​ you for posting the interview. HereforHemo has ​usefully summarised some ​of the important highlights. I would like to add these takeaways:

1. "We both (JAY and KoBold) are committed to instituting a program for (Disko) for next year (2024)" - 9:00 mins into the interview.

2. "Those (Disko) targets are no deeper than many mineral sulphide targets around the world, we are talking about top structures being 300-400 meters going down to 700 meters." - 10.00 mins into the interview - ​https://tinyurl.com/2pmxvurp

My comments: With regard to (1), JAY will have to announce the 2024 Disko program ​in the next few months otherwise ​it will miss ​next year's field season. Planning ​the program and getting the contractors and logistics in place for drilling takes time. Also​, I am not expecting the drilling to be confined to just one hole but likely to involve many holes. With regard to (2), it's good to know that some of the targets are not that deep which would make ​the cost of maiden drilling and the subsequent mining for the ore in​ some ​of ​the areas ​of Disko not as costly as deep drilling​/mining.

​Where is that drilling RNS?

Sorry for posting the wrong link. Here is the current link to the Research Report. Please see page 21.

https://tinyurl.com/ycxe6ebw

Research Report January 2022 (page 21) - https://tinyurl.com/ytrmbk37

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?"

I have asked this question myself many times. Your question is particularly pertinent given the fact the market cap is at under £10 million, despite JAY's "implied" value of assets in the ground being much more (see footnote). I think why there hasn’t been an offer for JAY from a major miner can be due to these reasons:

1. JAY is made up of too many disparate assets: (a) Dundas - Ilmenite (b) Thunderstone - Gold (c) Kangerluarsuk - Zinc (d) Only the Finnish and Disko assets have something in common, namely, they are battery metals tenements. In fact, in his video interview on 21 September 2023 (forward wind to 7:00 - ​https://tinyurl.com/ytrmbk37 ), Rob Edwards commented (in the context of something else): "We essentially have more than one company in one corporate structure. You can easily have a junior company with Disko; You can easily have a junior company with Kangerluarsuk: You can easily have a junior company with the Finnish assets." - Unquote. RE repeated the same message in his interview yesterday (30 September 2023). So, 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.

2. The most valuable asset in JAY's portfolio, Disko, can't be touched without KoBold's consent because of its majority ownership/control of Nikkeli Greenland A/S.

3. Current major shareholders are unlikely to sell their shares cheaply because despite seeing much higher levels they didn't sell. Rod McIllree did sell at 14.5p but still owns 75,820,635 shares or 6.34% of JAY. RM participated in the webinar on 8 September 2023 (where I was an observer). He was not only upbeat about Disko but also said he might even consider buying more shares (presumably at the present levels). Even the current long-term private shareholders, many of whom bought their shares at double-digit prices and did not sell even after the highly disappointing Dundas revised MRE news, are unlikely to sell them cheaply to a predator. So any offer for JAY has to be attractive enough for these two groups of shareholders. This means the offer ​has to be many times more than the current share price to stand any chance.

Footnote:

(a) Disko: KoBold can earn 51% of the project with an expenditure commitment of US$15m, which means US$30m for 100% of the project. The actual project potential could be worth significantly more. (b) Enonkoski: Rio Tinto may acquire up to 75% of the project with an expenditure commitment of US$20m, which means US$27m for 100% of the project. (c) Other Projects: Combined estimated value of Kangerluarsuk, Thunderstone, Outokumpu, and Hammaslahti US$20m. I have excluded Dundas in the valuation - Research Report January 2022 (page 21) - https://

According to the latest Interim Results, ​positive discussions are progressing with not TWO but FOUR prospective strategic investors. I thought previously it was two. Is this a new development​ or am I mistaken (see RNS releases below)? I must also mention that in his video interview on 21 September 2023 (forward wind to 6:00 - http://www.youtube.com/watch?v=x2KU3IsJ99s ) ​Rob Edwards said: ​"​​I​inquiries from really really tier 1 partners and we have that due diligence going on at the moment."

PLACING AND OPERATIONAL UPDATE RNS 28 JUNE 2023: "Bluejay is also in advanced discussions with TWO strategic entities with complimentary attributes which we believe will strengthen both the financial and technical capabilities of the business as we progress the Company's portfolio of exploration projects as outlined in the recent Strategic Update (see Bluejay RNS dated: 14 February 2023). The Company is hopeful that it can successfully conclude one or both of these discussions. However, there can be no certainty that any binding agreements will be entered into with these investors."

FINAL RESULTS RNS 29 JUNE 2023: "In recognition that current shareholders have already borne a significant burden of risk in the past, Bluejay is in discussions with TWO strategic entities with complimentary attributes which we believe have the ability to strengthen both the financial and technical capabilities of the business as we explore and develop our portfolio of projects. This is aimed to both financially de-risk the business as well as create a unique and powerful combination of skills."

PLACING TO RAISE £600,000 23 AUGUST 2023: "As previously disclosed in June 2023, management is progressing discussions with prospective strategic investors from US and Nordic jurisdictions which are offering complementary technical and financial capabilities to the Company. This group of interested parties has subsequently widened, and management is encouraged by the level of interest demonstrated in the Bluejay portfolio. However, as has been previously stated, there can be no certainty that any binding agreements will be entered into with these investors."

INTERIM RESULTS RNS 29 SEPTEMBER 2023: "Bluejay is progressing positive discussions with FOUR strategic entities with complimentary attributes which we believe have the ability to strengthen both the financial and technical capabilities of the business as we explore and develop our portfolio of projects. This is aimed to both financially de-risk the business as well as create a unique and powerful combination of skills. Despite the positive discussions, and as previously mentioned, there can be no certainty that any binding agreements will be entered into, although we hope to conclude at least one of these before the end of the year."

HereforHemo - You ask: "There may not have been a drilling programme for Disko but there was substantial work was there not?"

Yes, there was a substantial amount of fieldwork at Disko in 2022 followed by upbeat findings from KoBold in the RNS on 21 September 2023. That's unquestionably true and I posted a detailed note on this achievement in my post on 26 Sep 2023 at 11:13 under the thread "Disko: What could be KoBold's next big step?" Equally true, though, is the fact that in his strategic review RNS on 14 February 2023 Rob Edwards raised expectations by stating that there would be a program for Disko for 2023 which, sadly, did not happen. I started this new thread "Robert Edwards (Chairman): Fulfilling Expectations" to highlight the point that if management fails to fulfil their expectations, shareholders ​would walk away and the share price ​​would get punished. I hope you will appreciate the fact that I was simply trying to present a balanced viewpoint. Be that it may, I maintain a positive outlook for Disko, Kangerluarsuk and the Finnish assets.

RE has certainly raised expectations with the statement: " "We expect some positive news I would think in the short to medium term, i.e. 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." - Unquote. Although RE has used the words "not seen for many years", I have gone only as far back as 1 January 2021 and the share price reached its zenith at 15p on 13 August 2021. He CERTAINLY has raised expectations!

Https://polaris.brighterir.com/public/bluejay_mining/news/rns/story/wkje5dr

Rob Edwards' strategic review RNS on 14 February 2023 ( https://tinyurl.com/47jr7seh ): "The final decision on the shape and nature of the (Disko) 2023 campaign is ongoing, and the programme will be outlined by KoBold. Both parties are committed to developing the best and most effective programme possible for 2023 and beyond." - Unquote. In reality, ​however, there was no 2023 programme for Disko.

Rob Edwards' video Interview 5 December 2022 (forward wind to 3:30 - https://youtu.be/Isw6tXl1VzQ ): "I hope to instil a level of confidence into our shareholders and stakeholders in the broader market and this portfolio will change shape and move up the value curve in 2023." - Unquote. In reality, however, shareholder confidence has gone into reverse from 5.02p per share on 5 December 2022 (date of the interview) to 0.81p per share today.

Rob Edwards' video Interview 21 September 202​3 (forward wind to 8:00 - http://www.youtube.com/watch?v=x2KU3IsJ99s ): "We expect some positive news I would think in the short to medium term, i.e. 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." - Unquote. In reality, however, I await the good news with bated breath and in the meantime take comfort from RE's supreme confidence in choosing to use the word "CERTAINLY". He CERTAINLY has raised the stakes!