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

Sorry if my post gave the impression that the current incumbents would turn JAY around. What I would say is that the jury is still out on this matter. In his video on 5 December 2022, Chairman Rob Edwards made this statement: "Bluejay's portfolio of assets will change shape and move up the value curve in 2023 and beyond." So, he has until the end of 2023 to live up to his statement by showing, for a start, how he has moved the two flagship projects Dundas and Disko up the value curve.

Definitely -Yes, you say: "I think it is important to treat a company and its current leaders separately and to segregate the two."

I am not sure whether I can agree. Let me give some examples:

1. A headmaster or headmistress can turn a failing school into an institution of excellence but conversely can also thrash an excellent school through mismanagement.

2. The competence of a captain can make all the difference in how a ship weathers the storm (speaking metaphorically and literally).

3. The Chairman of a firm can make all the difference to the success or failure of a company since strategic leadership and direction come from the top.

Let's take a FTSE company that was in the news last month - namely Marks & Spencer. The Chairman Archie Norman radically shook up the company and fixed the drifting business. The share price is now flourishing under his chairmanship - http://tinyurl.com/yuvuk5cr

I hold shares in M&S and was fortunate enough to buy them for around £1.00 per share in 2020 when they were bombed out. They are now standing at around £2.25 under the chairmanship of Archie Norman.

There is of course a fourth way to raise funds: Sell off an asset or assets. I am not ruling this out.

There are at least three ways JAY could raise funds:

1. 'Equity Financing' by issuing new shares.

2. 'Debt Financing' by taking up a commercial loan.

3. 'Royalty Financing' where the lender provides an upfront payment in return for a right by the lender to receive payment in the form of a percentage of the commodity produced or of the revenue or profit generated from the sale of the commodity.

If JAY adopts (3), the company can avoid issuing new shares or paying interest charges on a loan but it will, in effect, be giving away a part of its assets through payment from the sale of the commodity. For example, this could be adopted for moderately advanced projects such as the Dundas, Enonkoski and Hammaslahti. For JAY, 'Equity Financing' will provide the upfront capital needed to get its projects off the ground or fund expansion work. I am not necessarily saying JAY will go down this funding route but I wanted to point out to readers that there's more than one way to skin a cat​.

http://tinyurl.com/4b8sjrtz

PS: I hope to post a note later today on the Dundas revised MRE which could play a crucial part in receiving funding or clinching a deal with a major miner for the project. For this reason, I regard the revised MRE as an important piece of news we are waiting to hear from JAY.

Definitely-Yes

Thank you for answering Q1 and also for providing an explanation as to why you are not able to answer Q2 and Q3. I may come back ​to you with supplementary questions to Q2 and Q3, if necessary.

As for Rob Edwards, he has until the end of 2023 to deliver on his statement: "Bluejay's portfolio of assets will change shape and move up the value curve in 2023 and beyond." - Video interview 5 December 2022 (forward wind to 4.40) - https://youtu.be/Isw6tXl1VzQ

When RE was appointed Executive Chairman on 25 October 2022, the share price was circa 5.5p. Now it is circa 1p. This means the share price has lost nearly 80% of its value under his watch. If RE fails to get the share price back up to at least 5.5p or better before the end of 2023, then his position could become seriously untenable. But he still has a few more months left to deliver shareholder value, so let's wait and see what happens over the coming months. I only wish you didn't start the threat of, or even actual, legal proceedings until the end of 2023, if necessary.

Definitely-Yes, I have a few questions but let me first refer you to these messages you have posted (now deleted):

30 Jun 2023 20:32: "Mr. Edwards: Through two unrelated companies and personal holdings, we own an aggregate of 6 013 432 shares in the common stock of Bluejay Mining PLC, a company for which you serve as the Executive Chairman to the Board since October 25, 2022." - unquote

28 July 2023 04:51: "As the largest shareholder in the Association with over 8 million shares, we expect to bear the lion’s share of fees which should amount to £15K to £20K to initially send out a formal demand letter to Bluejay's BOD." - unquote

24 August 2023 23:58: " "The initial goal (of the campaign) will be to negotiate a potential monetary settlement in lieu of formal litigation proceedings." - unquote

My questions:

1. Between 30 July 2023 and 28 July 2023, you claim that the total shareholding was increased from 6,013,432 shares to over 8 million shares. What factors motivated the unrelated (and unnamed) companies and yourself to increase the shareholding, especially when you have been vociferously expressing your displeasure of JAY’s management, in particular Rob Edwards?

2. You have stated that: "The initial goal (of the campaign) will be to negotiate a potential monetary settlement in lieu of formal litigation proceedings.” That's clear. Are you able to tell us of your other goals?

3. Any threat to legal proceedings, or actual, litigation at this juncture could potentially risk derailing JAY's efforts to successfully conclude the deals with the prospective strategic investors. Given this potential risk, why not wait until the end of 2023 and see what happens, and If you still want to proceed with your action, you could do so then - after all what's the hurry?

When I said I would sell up my entire JAY holding if RE did not purchase shares before the end of 2023, I said what I said because I had every confidence that he would do so. It would not be right for me to go into the reasons for my confidence.

Paxto, that's very kind of you. As you will know, this is what I posted as my last message on Michael Walter's bulletin board on 30 July 2023:

~~~

In his latest front-page report Bluejay on the Way, Mike commented: "It all seems pretty bleak, but Edwards (Executive Chairman) was happy to repeat that he believes there is considerable value in the company."

I must say my feelings are exactly the same, supported by a strong conviction. Despite everything looking so bleak I too believe that there is considerable value in Bluejay. If so, the chips could fall one of three ways:

1. With the new management in place, Bluejay is steered competently and the company eventually becomes successful and profitable.

2. Gets swallowed up because of its valuable assets.

3. Despite its considerable value, Bluejay goes bust.

Turning to the main purpose of this post, I have decided to take a break from posting on our bulletin board. I will return when Bluejay has successfully achieved all (I repeat "all") of the following items:

1. Reach an agreement with either one or both of the prospective strategy investors with whom Bluejay is currently in advanced discussions to strengthen its financial and technical capabilities - My expected timeline is August/September 2023.

2. Produce a revised Mineral Resource Estimate (MRE) for Dundas that is good enough to proceed with the production of an Interim Feasibility Study (IFS) - Bluejay's stated timeline for the MRE is Mid-2023.

3. Produce an IFS that is good enough for the production of a Full Feasibility Study (FFS), also known as a Bankable Feasibility Study - Bluejay's stated timeline for the IFS is Autumn 2023.

4. An update from KoBold Metals of Disko's potential deposits with future drill targets identified - My expected timeline is August 2023.

5. Insider buying by Robert Edwards - My expected timeline is August/September 2023.

Please note that all of the above five items refer to 2023. Bluejay's stated timeline for the production of the FFS is Mid-2024. Since that date is not in the current year, I have excluded the item from my list.

In the note I posted under the heading Senior Management Share Purchase (26 July 2023) I said if Rob Edwards failed to show his personal confidence in JAY by not purchasing shares before the end of this year (sooner actually), I would sell up and walk away from JAY.

Regardless of all of the above, I intend to return to the bulletin board for the very last time to say a BIG thank you to Mike and bid my final farewell to all. - End

~~~~

Since my last post on MW's site on 30 July 2023, JAY has already delivered item 4. In fact, item 4 was delivered the day after my post. Moreover, since my post, JAY has confirmed that the company is in discussions with not two but five prospective strategic investors (according to the RNS on 23 August 2023). I am expecting JAY to deliver the remaining four items on my list before the end of 2023 when I hope to speak to you on MW's bulletin

In his strategic review, Rob Edwards stated that JAY'S portfolio of assets will change shape and move up the value curve in 2023. The big question for shareholders is will the share price also move up the value curve in 2023? If so, which items of news could make this happen? I have listed below the 2023 news items we are waiting to hear from JAY and the time frame for them.

1. Dundas revised Mineral Resource Estimate (mid-2023) - NB: Overdue

2. Dundas Interim-stage feasibility study (autumn 2023)

3. Outcome of the discussions with the five prospective strategic investors (second half of 2023)

4. Results of the Disko summer 2022 fieldwork and the program for 2024 fieldwork (No officially stated time frame but quite likely in September 2023)

5. Hammaslahti geochemical assay results (No officially stated time frame but quite likely in September 2023)

In my opinion, the two big ticket items that could possibly move the share price up the value curve in a substantial way in 2023 are items (3) and (4). RE has been granted a 1.5 million share option with a price of 10p exercisable until 1 October 2023. In order for RE to exercise the option the share price has to climb from the current level of sub-1p to 10p, which is a multiple of almost 10. Historical data shows that JAY's share price can move with intensity (in either direction). Here are some interesting figures demonstrating the upward movement.

14 December 2015 - 0.78p (Last time the share price went down to sub-1p level)

18 November 2016 - 8.12p (2016 peak price)

8 December 2017 - 25p (2017 peak price)

So, the big question: Will RE qualify for his 1.5 million share option before 1 October 2023?

​https://youtu.be/9YXZ90d7oI8

Magmatic Nickel Potential in Greenland

"Greenland comprises geological environments that are highly prosperous for nickel mineralising processes. Considering the historically limited exploration activities that have been carried out in many parts of Greenland and the limited amount of data and information that are available, the assessment still resulted in an estimate of undiscovered nickel deposits and an associated nickel endowment that can be considered significant and warrants further opportunities and exploration. When the few historical exploration campaigns that have been directed towards nickel mineralising systems in Greenland, e.g. those on the West Greenland Flood Basalt Province and those within the Maniitsoq Norite Belt, are taken into consideration, it is worth noticing that each new campaign has resulted in new targets for nickel ((JAY's Disko tenement is in West Greenland). This is mainly due to technical advancements in geological models and the available geophysical methods. Recent and ongoing exploration campaigns have thus resulted in the identification of new nickel deposits that might represent larger nickel districts. The assessment of undiscovered nickel deposits also concluded that numerous tracts are highly prosperous for nickel, but more investigations and data are needed to increase the certainty with which to evaluate the favourability of these tracts. Greenland is especially enriched in geological environments favourable for hosting conduit-type nickel deposits. However, environments for komatiite-hosted nickel deposits are also present, although to a lesser degree." - Source: Geological Survey of Denmark and Greenland (GEUS).

In his February 2022 podcast on Disko, Bo Stensgaard (Bluejay CEO) made reference to the above survey - https://youtu.be/gggOBrZQE6Q

Since 2018, exploration methods have advanced significantly to the point where AI technology is being used for discovery. KoBold applied AI technology for exploration at Disko. This video about KoBold's AI technology is a good one to view - https://tinyurl.com/3cy773js

All that said, it is greatly disappointing that the hopes that were generated in 2022 about drilling in 2023 did not materialised. Oh well, let's see what the next Disko update says.  

Polkadotdoor, you say: "No. These results have been available to the company since the 2022 work program started over a year ago. They even referenced preliminary results in their “program completed” rns from last October."

The Disko 2022 fieldwork program completed RNS on 10 October 2022, which you have referred to above, actually said: "The JV Company will incorporate the extensive exploration results, ONCE RECEIVED, into the 2023 exploration plans - see bullet point 5 under "Highlights" - https://tinyurl.com/2n859zwv

So, contrary to what you have claimed, JAY had not received the exploration results from KoBold by October 2022. Are you able to produce an RNS that says JAY has received the exploration results since then?  

In his video interview on 30 June 2023, Rob Edwards made a statement that the assessment period for the data collected at Disko in 2022 has almost been completed - forward wind video to 4.40 - https://tinyurl.com/bd84vhst

It is not entirely clear from the above statement whether KoBold was in the final stages of completing the assessment of the data collected or whether the assessment results have already been passed on to JAY and the two parties are now in discussion on the way forward. In any event, two months have passed since the video interview on 30 June 2023. Strangely, though, one month after the video interview on 30 June 2023, when RE was asked in the video interview on 31 July 2023 what newsflow shareholders can expect, RE did not make any mention whatsoever of Disko - how odd is that? - https://tinyurl.com/3svwu45e - But then, a statement appears in the RNS on 23 August 2023 to say that Disko is a high priority for 2024 for its advancement together with KoBold.

I am now wondering whether the Disko news blackout has anything to do with the discussions JAY is having with the five prospective strategic investors. Please note that since KoBold has majority control over Nikkeli Greenland A/S (51% holding), JAY cannot - in any event - discuss the future of Nikkeli Greenland without KoBold being involved. In the meantime, I continue to hold high hopes for Disko's mineralogy - https://tinyurl.com/26shcyzf

RNS 23 August 2023

"We would reiterate that our 100% owned Kangerluarsuk project remains a high-priority target for Bluejay for 2024. As previously explained, due to unforeseen sea-ice conditions, we were unable to progress with our intended maiden drilling campaign in summer 2023 but we are very much focussed on driving forward with a 2024 programme. Of equal priority is the advancement of our 49% owned Disko-Nuussuaq nickel-copper-cobalt-platinum group elements-gold ('Ni-Cu-Co-PGE-Au') project ('Disko') together with our JV partner, Kobold Metals."

As for Disko, one could draw two conclusions from the above statement:

1. Disko is a priority project for 2024.

2. The project is to be advanced together with KoBold Metals in 2024.

What we badly need now is flesh on the bones. That is, confirmation of how Disko would be advanced in 2024 with details of the fieldwork program including drill targets. Under the terms of the JV, KoBold is required to spend US$11.6 million in drilling expenditure or 15 pre-agreed drill holes within the Disko licence area by 31 December 2024 - otherwise, they lose control over Nikkeli Greenland A/S.

If the Disko update turns out to be positively positive, we can expect a badly needed share price uplift just based on the Disko announcement alone, disregarding the other announcements pending (outcome of the discussions with the prospective strategic investors; Dundas revised MRE and Hammaslahti assay results).

Fao Grubber

If you haven't already seen it, watch this video and forward wind it to 0.30 and listen to what Kurt House, CEO of KoBold Metals has to say - https://youtu.be/wWO4STnTe2w

I will be gobsmacked if the minerals are not present in sizeable quantities.

This was going to be my opening paragraph in Part I but I inadvertently left it out. So please take this as part of Part I.

Let me start with the big canvas regarding the financials. That is, JAY cannot go on being a serial fundraiser forever. So, the only realistic option left for the company is to try and sell some of its assets. In any case, one could argue that JAY has too many tenements for a junior miner and not enough funds to progress all of them in any meaningful manner (Disko, Dundas, Kangerluarsuk and Thunderstone in Greenland; Enonkoski, Hammaslahti and Outokumpu in Finland). In fact, Rob Edwards has acknowledged that junior mining companies can't hang on to everything all the time (video interview 31 July 2023).

Part III

KANGERLUARS​UK: This project remains a high-priority target for Bluejay for 2024 (RNS 23 August 2023). Although a major miner could be brought in to partner here I am expecting the project to remain 100% in-house from exploration to production provided it has the necessary funding (the sale of Dundas should see to it). After all, according to RE, JAY is capable of progressing certain projects by itself and in my opinion, this is one of those projects (RNS 14 February 2023).

DISKO: This project may go one of two ways: (a) The JV continues with KoBold and exploration fieldwork including drilling is undertaken in 2024 (b) A major miner could become a partner for the project for the fieldwork in 2024 and beyond. Who could be that major miner? My topic pick is BHP but one should not rule Vale, Glencore, or Rio Tinto. An article in the FT a few days ago identified these miners as leading companies in the EV supply chain - https://tinyurl.com/bdd4hjvb - Please note, Dr Peter Lightfoot (Technical Lead of Magmatic Systems at KoBold) had a career as a geologist with Vale.

ENONKOSKI: Following the departure of Rio Tinto, RE stated JAY may progress this project by itself or bring in another partner (video interview 31 July 2023). I am expecting a major miner to join here in line with JAY'S aim to partner on one or more projects in Greenland and Finland - (RNS 23 August 2023).

HAMMASLAHTI AND OUTOKUMPU: I expect these two properties to remain 100% in-house and JAY to progress them from exploration to production in line with RE's statement that JAY is capable of progressing certain projects by itself (RNS 14 February 2023).

If none of the above happens, it would be a bust. If most or all of them happen, it would be a boom. Take your pick!

Part II

​DUNDAS: Bluejay has stopped spending money on the project. In fact, RE stated that Bluejay has elected not to spend any money on Dundas in the current financial year and the project is now de-emphasised (video interview 31 July 2023). Even the latest communication from JAY mentions only two Greenland projects, Disko and Kangerluarsak (RNS 23 August 2023). Moreover, RE has stated that JAY would monetise certain projects on commercially attractive terms after advancing them to an optimal stage (RNS 14 February 2023). For me, all of the indications​ and in particular Dundas being de-emphasised point​ to the scenario that ​RE's intentions are to come up with the revised Mineral Resource Estimate so that an asset value can be put on Dundas ​for a sell-off lock, stock and barrel. I am more than 90% confident that talks are currently progressing for the sale of Dundas to one of the five prospective strategic investors. After all, RE has achieved the sale of a mineral sand asset in the past (for US$285 million) - so the man has direct experience in this kind of transaction. Click on this link and read RE's bio - https://bluejaymining.com/corporate/our-team

The sale of Dundas should bring in a decent amount of money to pivot the company financially and enable it to progress the projects it wants to keep. It would also mean there would not be the need ​for equity fundraising and dilution for the foreseeable future. Thankfully, Ilmenite prices continue to pick up in China and the price trend reflects the need for new sources of titanium feedstock in the market. So, it is a good time to sell off Dundas whilst the iron is hot, so to speak.

THUNDERSTONE: Under previous management, Bluejay deemed this project as a low priority (RNS 24 May 2021). RE too has deemed this project as a low priority by giving a low prominence in his strategic review except so far as to say 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 JAY's exploration efforts to advance targets and move the asset up the value creation curve. Nalunaq gold mine (held by Amaroq Minerals AMRQ) is only 25 km west of our Thunderstone licence. An obvious potential buyer of Thunderstone could be Amaroq Minerals and I will not be surprised if AMRQ is one of the five prospective strategic investors JAY is in discussions with.

Part I

First, let me repeat what JAY has said recently discussions are progressing with TWO well-capitalised prospective investors from the US and Nordic jurisdictions offering complementary technical and financial capabilities to the Company. - (RNS 28 June 2023). A couple of months later, JAY said, the group of interested parties has subsequently widened to FIVE prospective strategic investors and management is encouraged by the level of interest demonstrated in the Bluejay portfolio. Bluejay is continuing discussions with strategic investors with respect to partnering on one or more of its base metals projects in Finland and Greenland." - (RNS 23 August 2023). Previous to these RNS releases, Rob Edwards said among the prospective strategic investors, JAY is talking to mining companies (video interview 31 July 2023). Putting all of this information together plus what RE stated in his strategic review (RNS 14 February 2023), I would summarise JAY'S current position as follows:

1. Discussions with five prospective strategic investors - (RNS 23 August 2023)

2. One of them is from the US the other is from a Nordic country - (RNS 28 June 2023)

3. Among the prospective strategic investors are mining companies - (RE's video interview 31 July 2023).

4. The aim is to partner on one or more projects in Greenland and Finland - (RNS 23 August 2023).

5. Monetise certain projects on commercially attractive terms after advancing them to an optimal stage (RNS 14 February 2023).

6. JAY is capable of progressing certain projects by itself (RNS 14 February 2023).

​I will now take each of JAY's seven assets in turn and throw in my two pennies' worth:

Today's RNS said:

- "Bluejay is in advanced discussions with five strategic investors."

- "The Company is hopeful that it can successfully conclude some of these discussions in the second half of 2023."

- "Bluejay is continuing discussions with strategic investors with respect to partnering on one or more of its base metals projects in Finland and Greenland."

Previous to today's RNs, Rob Edwards stated in one of his recent video interviews that Bluejay was engaged in discussions with mining companies. So, if all goes well with the talks, It looks as though we could end up having one major miner joining as a partner for a Finland project and another as a partner for a Greenland project. If so, I wonder which Greenland project!

With reference to negotiating with major miners, I found this article (link below) an interesting read. The article conveys some important messages for a layperson like me. It highlights how not easy it is to progress commercial discussions to achieve agreements with major miners, given the differing perspectives and motivations of the parties involved. I have learned a lot from the article, so thought of sharing it.

https://tinyurl.com/4hbc5kau

This is my checklist:

1. Reach an agreement with one or both of the prospective strategy investors with whom Bluejay is currently engaged in advanced discussions to strengthen the company's financial and technical capabilities. Bluejay has not given a timeline but my expected timeline is August/September 2023.

2. Produce a revised Mineral Resource Estimate (MRE) for Dundas that is good enough to proceed with the production of an Interim Feasibility Study (IFS)​. Bluejay's stated timeline for the MRE is Mid-2023, which is now overdue.

3. Produce an IFS that is good enough for the production of a Full Feasibility Study (FFS), also known as a Bankable Feasibility Study​. Bluejay's stated timeline for the IFS is Autumn 2023.

4. Update from KoBold Metals on Disko's potential mineral deposits and drill targets​. Bluejay has not given a timeline ​for the update but my expected timeline is August/September 2023.

5. Hammaslahti drill core samples assay results. My expected timeline is August/September 2023.

6. Interim Results - My expected timeline is September 2023. Please note, the last Interim Results were released on 22 September 2022.