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

Thank you, Corryvreckon, for those important points you have raised.

I readily accept that £250,000 in cash is payable only on completion of the Proposed Transaction which is dependent on meeting ALL eight conditions and not just Metals One having raised at least £3,000,000 from the issue of new shares.

The eight conditions are:

1) Metals One having conducted and being satisfied with due diligence.

2) Metals One and Bluejay entering into the asset purchase agreement.

3) If required, all applicable and necessary consents, authorities or approvals required from any applicable statutory or quasi-statutory body.

4) Metals One having raised at least £3,000,000 from the issue of new shares.

5) The preparation and publication of a competent person's report in respect of the exploration licences.

6) The preparation and publication of an AIM admission document in respect of Metals One.

7) The admission of the enlarged issued share capital of Metals One to AIM; and

8) The granting of a waiver under Rule 9 of the Takeover Code to make a general offer to Metals One shareholder as a result of the issue of the consideration shares.

I am inclined to think that conditions 1), 2), 3) and 5) have all been met. If not, the agreement would have become null and void and we would have had an RNS from Bluejay to this effect by now.

That leaves conditions 4), 6), 7) and 8) to be met, which are not under Bluejay's control.

I have noted with interest your qualified comment that the 2021 RNS may have omitted a clear indication that the consideration could be proportionate to the amount raised at the IPO, rather than raise £3m or it doesn't go ahead. I must say I am struggling to consider this as a possibility given the importance of such a clause which would have altered the terms of the agreement in a significant way. Given that various parties including lawyers representing the two parties would have pored over and vetted the agreement before it was published, I doubt very much such an omission could have happened. Moreover, the inclusion of the words "at least" in condition 4) makes me think they actually meant it. That said, if there was indeed an omission I would be pleased because that would play in favour of Bluejay, should the IPO fail to raise at least £3m.

Yes, hope the IPO goes well for Bluejay but we will not know for sure until after 27 July 2023.

I do not accept any notion of the terms of the agreement being negotiated and finalised if Metals One decides to proceed with the IPO.

The terms of the agreement were set out in the RNS on 28 July 2021 (link below). If there were to be any changes to the agreement (for example a payment of £200K instead of £250K), the market will have to be informed via an RNS.

The key terms of the transaction and the eight dependent conditions for it were set out in the RNS. As long as the eight conditions are met then Bluejay would benefit as stated in the agreement, unless the market is informed of a revision to the agreement via a fresh RNS. 

I would just wait and see what happens on 27 July 2023. 

https://tinyurl.com/mr4ame4z

The Metals One IPO has now been put back from the original admission date of 17 July 2023 to 27 July 2023 (link below).

On 28 July 2021,​ ​Bluejay announced a deal with Metals One in which the company conveyed that it stood to gain from the deal as follows :

1. Receive £25,000 within five days of signing the deal (this money has already been received).

2. Receive £250,000 in cash on completion of the IPO of Metals One.

3. Receive £3,725,000 in Metals One's shares at the IPO price.

4. Appoint the Technical Director of the Board of Metals One.

For (2), (3) and (4) to become effective, the IPO must raise at least £3 million.

If all goes well, Bluejay would become the largest shareholder of Metals One with 29.01% of issued share capital (link below - click and page down to bottom).

By coincidence, the IPO is to take place on the same day as Bluejay's General Meeting on 27 July 2023.

https://www.londonstockexchange.com/live-markets/new-issues

https://profile.lsegissuerservices.com/upcoming-issues/MetalsOne

​Dundas Titanium A/S (wholly owned by Bluejay) has the following licences:

Mining Exploitation Licence MIN 2021-08 - Expires 31.12.2050

Mineral Exploration Licence MEL 2019-114 - Expires 31.12.2025

Mineral Exploration Licence MEL 2015-08 - Expires 31.12.2026

Source: Greenland Government

A Mining Exploitation Licence is granted for a period of 30 years, unless a shorter period has been laid down as a condition for granting the licence. The Government may extend the period for exploitation. The total period is subject to a maximum of 50 years.

Source: Greenland Mineral Resources Act - see Part 7 (Page 12)

https://tinyurl.com/3vd69jz6

In relation to the Exploitation Licence MIN 2021-08, and as bigboyblue has pointed out, Bluejay must commence mining activities by no later than 31.12.2025.

However, should the company fail to meet this requirement, it can seek an extension of the time limit by providing reasons. It is for the Government to decide whether the reasons presented are valid and then grant an extension.

see 4.02 (c) and 4.03 - https://tinyurl.com/58ew4vas

I would have thought Bluejay could use the disruption caused by the pandemic as a valid reason and seek a two-year extension up to 31.12.2027. After all, the Government did waive certain mining obligations for 2020 and 2021:

1. Adjustment of exploration obligations for 2020

https://tinyurl.com/496rs3vx

2. Further relaxations regarding exploration obligations and licences in 2021

https://tinyurl.com/2f4bbnf4

NB: Please note the start date for the Exploitation Licence MIN 2021-08 was 1 January 2021.

An exploitation licence is granted for a period of 30 years, unless a shorter period has been laid down as a condition for granting the licence. The government may extend the period for exploitation. The total period is subject to a maximum of 50 years.

See 4.05 (page 13).

https://govmin.gl/wp-content/uploads/2021/01/Exploitation-licence-2021-08-Dundas.pdf

Timetable for Expected Newsflow

1. Outcome of the "advanced" discussions with two prospective strategic investors as outlined in the Final Results released on 30 June 2023 - No date specified for the update.

2. Should Metals One succeed in raising at least £3 million from the IPO on 17 July 2023, an RNS is likely to confirm the benefits for Bluejay - July 2023.

3. An update on the results of the 2022 fieldwork at Disko and the field programme going forward - Q2 2023.

4. Dundas revised Mineral Resource Estimate - Mid-2023.

5. Dundas Interim Stage Feasibility Study - Autumn 2023.

6. Dundas Full Feasibility Study - Mid-2024 (at the latest).

NB:

a) RE said the two potential strategic investors with whom the company was in advanced discussions would strengthen the "financial" and "technical" capabilities of Bluejay (should they come on board). I think it is highly likely that one of the strategic investors could be a major miner for a project. An alliance with such a partner can strengthen the company's technical skills in fast-tracking the progress of the project.

b) As for the Disko project, Bluejay never gave a timescale for the update on the results of the 2022 fieldwork and the field programme going forward. This should have come out in Q1 2023, so it is highly likely that the information could come out in the coming weeks.

c) We can also expect newsflow on Enonkoski and Hammaslathi's summer 2023 fieldwork.

Disko-Nuussuaq Nickel-Copper-Cobalt-Platinum Group Metals Project (Greenland)

16. In 2022, the Joint Venture carried out extensive geophysical, geological and geochemical programmes in order to define drill targets.

17. Data gathered from the 2022 fieldwork was being interpreted by KoBold and the final sample data was expected to be available in Q1 2023.

18. The final decision on the shape and nature of the 2023 campaign was ongoing, and the programme to be outlined by KoBold.

19. Both parties are committed to developing the best and most effective programme possible for 2023 and beyond.

NB:

a) In his interview on 30 June 2023, RE said a large amount of data was gathered in 2022 and the assessment of the data was almost complete. I have taken this to mean we can expect an update pretty soon.

b) Should the decision be not to carry out any drilling in 2023, which looks more likely as we are already in July, it is important that a drilling programme for 2024 is confirmed, with details, in order to maintain/enhance confidence in the project.

Kangerluarsuk Zinc-Lead-Silver ± Copper Project (Greenland)

20. The company was to commence a drilling campaign at Kangerluarsuk in the summer of 2023.

NB:

a) The drilling campaign was subsequently abandoned due to unseasonal and unexpected sea-ice conditions in the fjords leading to the Kangerluarsuk.

Thunderstone Gold & Base Metals Project (Greenland)

21. In Q4 2022 the company reduced the licence area of the 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.

Enonkoski Nickel-Copper-Cobalt Project (Finland)

22. Under the JV and earn-in agreement with Rio Tinto, up to US$20 million of expenditure has been committed to Enonkoski.

23. The work to date has not only been focused on targets near the historic mines operated in the 1980s and 1990s but the JV has also opened up the less explored parts of the licence area further away from the former mines.

24. Besides the drilling activities, exploration campaigns have also included fresh geological mapping, sampling of new mineralised outcrops and new ground and airborne geophysical data. These campaigns have delivered promising results.

Hammaslathi Copper-Zinc-Gold-Silver Project (Finland)

25. The last drilling activities by the company were in November 2020.

26. The mine was successfully operated in the 1970s and 1980s by Outokumpu Oy.

27. The company is convinced that the project represents a clear opportunity.

NB:

a) The company commenced a diamond drilling programme in May 2023.

The purpose of this note is to share with readers Robert Edwards' (Executive Chairman) thinking on how he intends to steer the Bluejay ship from troubled seas onto smoother waters. Listed below are 27 takeaway items I have identified from his strategic review which was published in February 2023.

General

1. The company will progress certain projects by itself. I have taken this to mean from planning to production without the need for a mining partner.

2. Where appropriate, the company will monetise (sell-off) projects on commercially attractive terms, once they have been advanced to an optimal stage.

3. If projects do not merit further expenditure for whatever reason, they will then be dealt with appropriately.

4. All projects will be allowed to compete for shareholders' funds, and all will have the chance to do so.

5. The company will never progress a project without a sound strategic and commercial basis.

6. The company will endeavour to provide transparent communications to shareholders and our wider stakeholder base to report progress and properly explain management and Board decisions.

7. The company aims to be active in Greenland's development over many years to come and aims to assist the Greenlandic authorities in the best-practice stewardship of its emergent mining sector.

Dundas Ilmenite Project (Greenland)

8. The 2019 Pre Feasibility Study (PFS) was inappropriate and sub-optimal, both from a conceptual perspective but also operationally, financially, and logistically.

9. One of the recommendations in the 2019 PFS was that further drilling was required to enhance confidence in orebody grade distribution, generate more accurate tonnage estimates, as well as further define mineralogy.

10. Optimisation work in 2022 was aimed at ensuring that the Project was "fit for purpose".

11. Significant positive improvements have been identified in 2022 and into 2023 with the aim to present a cheaper, better, and more realisable project.

12. In summary, by the end of 2022, the company had significantly enhanced the project scope.

13. The company has produced an internal Preliminary Evaluation Report to inform a more robust interim stage feasibility study by autumn 2023.

14. A revised Mineral Resource Estimate (MRE) is expected to be produced in mid-2023.

15. A full Feasibility Study is to be concluded for Board approval by mid-2024 at the latest.

NB:

a) The deduction from Item 10 is that the project, as it stood, was not “fit for purpose” and had to be revamped.

b) A Full Feasibility Study (or Definitive Feasibility Study) is a must for project financing.

c) The purpose of drilling in 2022 was to establish a revised MRE in order to enhance confidence in orebody grade distribution, generate more accurate tonnage estimates, as well as further define mineralogy. A good MRE is a must for the viability of the project.

KoBold tweeted this podcast yesterday. It's a half-hour interview with Kurt House, CEO. The whole interview is well worth a listen but if you haven't got the time you may wish to listen to where Kurt House talks about KoBold's success rate and how and when the company decides to ditch a project (23 mins into the audio).

The last question (just after 29 mins into the audio and at the end): "If there is one thing you are excited about for the future, what is it?"

Kurt House's reply: "We have made a major copper/cobalt discovery. I think we are on the verge of a major nickel discovery and a major lithium discovery, we will see, fingers crossed.

If things continue apace, there will be a time when there will be a new nickel mine, a new lithium mine, and a new copper mine producing copper, producing lithium, producing nickel, producing cobalt all going into the EV supply chain and I think that could happen within this decade and that will be the moment when we will know our efforts have been worthwhile."

Only Kurt House will know which project he was referring to when he said KoBold is on the verge of a major nickel discovery. However, this is what he said after KoBold completed the summer 2022 fieldwork at Disko:

"Our joint exploration campaign on Disko Island this summer 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."

RNS 10 October 2022

https://www.inc.com/alexa-von-tobel/kurt-house-kobold-founders-project.html

In case the second link I included in my post (6 Jul 2023 19:31) did not work, I have created this new link and hope it works.

https://tinyurl.com/2skrft7u

​Please click on the link below and page down to "PERSON(S) INTERESTED IN 3% OR MORE OF THE ISSUED SHARE CAPITAL"

​It shows for Bluejay Mining Plc: "% of issued share capital following Admission 29.01%"

This would also mean Bluejay becoming the largest shareholder of Metals One, assuming of course all goes well with the IPO​ on 17 July 2023.

https://profile.lsegissuerservices.com/upcoming-issues/MetalsOne

On 28 July 2021,​ ​Bluejay announced a deal with Metals One in which the company conveyed the information that it stood to gain from the deal as follows :

1. Receive £25,000 within five days of signing the deal (this money has already been received).

2. Receive £250,000 in cash on completion of the IPO of Metals One.

3. Receive £3,725,000 in Metals One's shares at the IPO price.

4. Appoint the Technical Director of the Board of Metals One.

For (2), (3) and (4) to become effective, the IPO must raise at least £3 million.

According to the London Stock Exchange website, the expected date for the IPO is 17 July 2023, and the expected primary offer is £2.5 million (click on the 1st link below).

However, on 5 June 2023, Metals One passed and approved two resolutions at their General Meeting where the directors: "generally and unconditionally authorised to allot shares in the Company and grants to subscribe for or to convert any securities into shares in the Company up to aggregate nominal amount of £4,000,000 (£4 million) provided this authority shall, unless renewed, varied or revoked by the company."

Click on the 2nd link below.

I keep my ears close to the ground and from what I have heard (and I cannot go into the details), I am confident that the IPO would raise at least £3 million. We should know on 17 July 2023 or soon after.

The question is, should the IPO raise at least £3 million, will there be an RNS from Bluejay and how will its share price react to the news? Not long to wait.

https://www.londonstockexchange.com/live-markets/new-issues

https://tinyurl.com/23kfn3yr

Strategic Review RNS 14 February 2023

"In summary, by the end of 2022, Bluejay management had significantly enhanced the (Dundas) project scope whilst working with respected industry partners and produced an internal Preliminary Evaluation Report which will serve to inform a more robust interim stage feasibility study by autumn 2023, coupled with the revised Mineral Resource Estimate ("MRE") expected to be produced in mid 2023."

Final Results RNS 29 June 2023

"We expect to receive the revised Mineral Resource Estimate relatively soon.

Consistent with the new strategy as outlined in the Chairman's Review of late 2022, the Company's aim is to present a more realisable way to develop the Dundas project. "

Actions speak louder than words. I await action!

Thank you, Grubber, for your kind words about my posts on MW's site.

You say "Presumably this means demonstrating to a miner that an area explored by Bluejay has the potential for a profitable mine and then sell the rights to that to the miner."

Yes, I agree with what you say. It resonates with my own thinking. In my view, Rob Edwards' discussions are likely to be with a major miner in order to bring them on board for either Dundas or Disko but I think RE is likely to focus on Dundas rather than Disko for these reasons:

a) Dundas is a more advanced project than Disko since it comes with a mining permit. Moreover, a revised Mineral Resource Estimate (MRE) and an interim stage feasibility study are expected this year. As a general rule, the more advanced the project, the more value has been created, and the more leverage a junior miner like Bluejay will have in the negotiations.

b) Dundas can go into commercial production much earlier than Disko and can therefore bring in the badly needed revenue sooner.

That said, I am not ruling out Disko totally but if I have to pick between the two my money would be on Dundas.

You say "Strategic entities: the catch is that either entity is likely to want something for its money. That would seem to mean either giving away an awful lot of shares or selling the family silver (licences) at knock-down prices."

I personally don't think the major would be interested in acquiring an equity interest in Bluejay. Instead, they are likely to demand part ownership of Dundas plus an agreement to other conditions. I say this because ownership of the asset would be a better investment for the major than acquiring equity interest since they can exercise control over the value of, and the value from, the property (by developing it) but not so with the value of the equity. Should this turn out to be the route for the agreement with the major, Bluejay may have to give away a good chunk of Dundas (beggars can't be choosers, I suppose).

​The Annual General Meeting (AGM) was held as scheduled on 30 June 2023 and the following resolutions were duly passed:

https://tinyurl.com/2zhm5wek

There will be a General Meeting (GM) on 27 July 2023 to consider and pass the Annual Report and Accounts 2022.

https://tinyurl.com/43wfhk8p

In all probability, the confusion was caused by this statement in Final Results:

"Notice of General Meeting

Bluejay Mining plc, the AIM, FSE and OTCQB traded exploration and development company with projects in Greenland and Finland, is pleased to give notice that its Annual General Meeting ('AGM') will be held on 27 July 2023 at 11:00 am at The Washington Mayfair Hotel, 5 Curzon Street, London, W1J 5HE. Copies of the Notice of AGM and the Form of Proxy will be posted to shareholders today and available to view on the Company's website shortly."

https://tinyurl.com/mpr85ahw

​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.

If you haven’t already, please also listen to the interview with Rob Edwards (Executive Chairman) released yesterday in which he talks about this very subject at the end (6mins into the video).

https://www.youtube.com/watch?v=_3RKOY9rsLU

We all will have our own interpretations of the above statements and also what RE has said in his interview. In my case I have taken them to mean Bluejay is aiming to de-risk the business by strengthening its capabilities in two areas:

1. Financial: By partnering with a strategic investor, strengthen Bluejay’s finances going forward.

2. Technical: By partnering with a major miner, combine Bluejay's technical skills with that of the miner, and produce a combination of capabilities going forward.

Bluejay says it cannot give a guarantee but if its engagement with the two strategic entities were to produce binding agreements it could mean a greatly de-risked company moving into a new epoch going forward. I am hoping we will know before the General Meeting on 27 July 2023.

https://tinyurl.com/43wfhk8p

I bought a chunk of shares at 1.819p last Friday (30th). I must be nuts, on the other hand, maybe not!

PS: Before my latest purchase I already had a LARGE 6-figure holding at an average price of 9.1p per share. I am a regular Bluejay poster on http://www.michaelwalters.com

Are you able to tell us whether it was a private seller or an institutional seller?

Thanks, Nicks, for your post on 23 July – so comprehensive and helpful. You speculate there could be deal on Disko between Bluejay and Anglo American because you say:
“JV for Disko? Rumours of Anglo American. Historical link to Anglo through Avannaa?”

I would like understand the rationale behind your thinking.

In the RNS of 4 February 2020, Bluejay said the licence expansion has increased the Company’s total land position at Disko-Nuussuaq to 2897 km². This area is in West Greenland. Anglo American has also taken up exploration licences covering a land mass in West Greenland. Anglo American’s licence numbers and the associated areas are as follows:
2019-79> 2434km²
2019-80> 4792km²
2019-115> 1671km²
Total area> 8897km²
Source: Greenland government website

The land area of 8897km² covered by Anglo American’s licences is three times the size of Bluejay’s 2897km². So, why do you think Anglo American could be interested in taking on an additional area of 2897km² from Bluejay for exploitation?