George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Poiu -
1) AA licences share the same geology as JAY's Disko licences. All part of the same volcanic province.
2) JAY would need to apply for an alteration to their exploration licence terms for Disko licences to explore for helium. They don't hold the rights to helium. Currently Pulsar Helium are the only company to have helium included in their licence terms, for their Tunu project in East Greenland. They have received the "only licence of its kind that gives exclusive rights to all mineral resouces (including helium and hydrogen), except hydrocarbons and radioactive elements". Look up Pulsar's news release from October 17, 2023.
3) As several of us have pointed out over the last week, Greenland will not grant any new licences for hydrocarbons. They banned any new hydrocarbon exploration in 2021. So whilst you might get a licence for helium exploration (or an amendment to a current licence), you can only explore for "pure play" helium. There aren't many places globally where helium only deposits are found - usually it is a by-product of natural gas. Disko is a hydrocarbon basin (look up JAY's press release from September 21, 2023). The government were inviting companies to apply for onshore hydrocarbon licences a few years ago over the Disko area. That was canned when they banned all future hydrocarbon exploration. Why do you think previous explorers had blow outs at Disko? Natural gas.
In short, no chance that Bluejay can explore for natural gas on Disko. Its not possible by law. And any helium would occur with natural gas = a no go.
4) To alter the licence terms would need KoBold approval. They are the majority partner. Would they risk being associated with hydrocarbon exploration given their shareholder base. No.
5) As I and others have already pointed out it is clear that the recent helium/natural gas RNS by JAY is related to the private company, White Flame Energy Ltd where RM and JAY chairman Micheal Hutchinson are directors. ES is the COO. White Flame has a subsidiary in Denmark/Greenland called Greenland Gas & Oil A/S (RM and ES are directors of this). They have active onshore hydrocarbon exploration licences on the east coast of Greenland. MLSA website shows that these were granted back in 2014. Licences due to expire in 2027 and looks like the company has never done any work on the licences. Seems they are busy rolling one of their sh*tshow companies into another, so EM/ES/MH can cash in before those licences expire. The licences neighbour the Pulsar Helium licences, whuch is why JAY jumping on the helium bandwagon. I very much doubt this new gas "stratergy" has anything to do with Disko as you are suggesting. This is just another scheme for RM to cheat JAY shareholders and monetise one of their failing private companies before their licences expire (its impossible to re-apply for these once they have expired now that all new hydrocarbons exploration has been banned).
John Meyer - "Aquiring directly from the government, some oil and gas projects.... or perhaps through M&A".
Erm, bit of a problem there John - it's impossible to get an oil and gas licence from the government of Greenland. The government banned all new licences in 2021. Do your research pal...
Greenland passed legislation in 2021 banning any new hydrocarbon exploration licences. With Greenland Oil & Gas A/S licences expiring in 2027, its last chance saloon for RM/ES/MH to squeeze some $$$$ out of these licences for themselves.
RM and JAY chairman Micheal Hutchinson are directors of White Flame Energy Ltd (Companies House records show was it was until recently named Greenland Gas and Oil Ltd). Who is the COO - no other than ES! White Flame Energy Ltd has a subsidiary in Denmark/Greenland called Greenland Gas & Oil A/S (RM and ES are directors). Greenland Gas & Oil A/S has been around a while. They have active onshore hydrocarbon exploration licences on the east coast of Greenland. MLSA website shows that these were granted back in 2014. Licences due to expire in 2027 and looks like the company has never done any work on the licences? Seems they are busy rolling one of their sh*tshow companies into another, so EM/ES/MH can cash in on Greenland Gas & Oil A/S before those licences expire.
Who is their neighbour on the Greenland east coast? "Skyfire Ltd", 100% owner subsidiary of TSXV listed, Pulsar Helium Inc. Starts to make sense why JAY are also referring to helium in today's RNS.
Open your eyes... this is just another scheme to milk JAY shareholders by monetising one of their failing private companies.
According to today's RNS the biggest problem was the choice of drilling technique. Your telling me that as the COO of JAY at the time (in 2022), Sondergaard was not the person resposible for the drilling tender and approving the drilling contractor?
Oh, who was the Executive Chairman when the drilling/2022 programme was being planned? No other than Rod McIlree. He didn't resign from JAY until late June 2022.
Am I the only one here that finds it ironic that ES states that there are "serious concerns regarding the execution of the 2022 drilling campaign and decision making processes"... who was COO of JAY in summer 2022?... no other than Eric Sondergaard. As the most senior technical person in JAY at during the 2022 programme, then surely the book untimely stops with him? Talk about shooting yourself in the foot. What a fool.
I'd also recommend that holders also contact JAY's Nomad (SP Angel). Contact details at the end of the RNS. If AIM rules mean that the 2019 and 2023 Mineral Resource Estimate reports should have been publically disclosed (as they would need to be on the TSX and ASX by law) then is this is a major disclosure issue that needs to be flagged with JAY's nomad and/or the regulators.
To the best of my knowledge, neither of the Mineral Resource Estimate reports (2019 or 2023) have ever been disclosed?
If JAY was TSX or ASX listed then public disclosure of these reports would be a legal requirement. Seemingly the looser regulations on AIM mean that they can keep shareholders in the dark and refer only to cherry picked snipits from the studies to suit their latest story.
According to the Dundas page on JAY website (not updated yet following today's RNS) the 2023 JORC Mineral Resource Estimate was done by Palaris. They look to be a large mining consultancy group with a strong background in mineral sands having done studies for most of the Australian mineral sands players. There is clearly more to this story than JAY have presented in today's RNS.
Shareholders need to collectively put pressure on the new management to publish both the 2019 and 2023 reports on their website immediately. I encourage holders to email the management requesting this.
Eric @ bluejaymining . com
Rod @ bluejaymining . com
After all its the shareholders that paid for these reports. If there is nothing to hide there is no reason for the new management not to be transparent on this matter, particularly when in the same RNS the new management stated their "commitment to transparency" and promised to prioritize "clear communication, accountability and ethical conduct" (...not words that have ever been used to describe RM... and never will be).
"Bluejay reaffirms its commitment to transparency and integrity with its shareholders and will continue to prioritize clear communication, accountability and ethical conduct"... how ES and RM can say that with a straight face is beyond me!
If no drilling at Disko, no I can't see them drilling Kanga this summer. If you recall the deal with Towards Net Zero in February 2023, JAY announced the first US$2 million to be used to fund a maiden drill programme at Kanga. They don't have this cash to drop on Kanga. Don't forget it would have been KoBold funding the drilling at Disko. JAY hold Kanga 100% so would need to do another placing soon to be able to drill Kanga themselves this summer.
Yes it was interesting that in the recent interview, rigs already there were mentioned. Why are the rigs already there? Where they sent there for last summers cancelled programme? If so, presumably JAY have had to pay the owners for the rigs to be sat idle for nearly a year. If not used again this year are JAY shareholders paying for them to be sat unused for another year? Money down the drain.
Confirmation that Hans Jensen (Managing Director of JAY subidary, Dundas Titanium A/S) has left JAY. A LinkedIn starement from Mr Jensen, posted one week ago:
"Time for change. I have after more than 7 years as the Maninging Director of Dundas Titanium decided that it is time for me to leave and move on. The decision is based upon the fact that the Board of Directors has decided to shut down the development site of Dundas Titanium A/S and to refocus the Company (Bluejay) towards other projects and other jurisdictions. This gives me the opportunity to seek new challenges and I would like to thank all my previous and present colleagues for the many interesting and exciting experiences we have had together through the past 7 years".
Mr Jensen was also responsible for managing JAY's logistics at Disko during their 2022 field programme with KoBold. This doesn't look good for a 2024 field programme at Disko. JAY don't appear to have any operational or logistical staff left in the company.
Confirmation that Thomas Levin (COO) has left JAY. The Scandinavian geological consultancy firm, GeoPool announced today on their LinkedIn that he has joined them as Senior Project Manager. It will be very difficult for JAY to sell their Finland assets now that Mr Levin has left the company. With their geology team gone, there will be little or no technical knowledge of the projects left within JAY.
Its interesting that Mr Levin's own LinkedIn profile lists him as being the COO of Bluejay Mining plc, not only its Finnish subsidiary FinnAust Mining Oy. This may explain why Troy Whittaker's appointment as COO of JAY that was announced back in December was swiftly retracted the next day (see RNS from 21 December 2023). I suspect that the new management of JAY probably realised that they risked a constructive dismissal claim by Mr Levin, if they didn't retract it quickly! In the ammend RNS it was blamed on sloppy editing of the RNS.
Link to the GeoPool LinkedIn post on Mr Levin's appointment: [LINK REMOVED]
Senior management page on the JAY website has been removed. Are we to take that to mean that all have left the company? Seems they have no technical or operational staff left. Bluejay are meant to be the operators in the KoBold JV - how would they operate a programme at Disko without a team? Who is managing the Finland assets if Thomas Levin (COO) has gone?
Bo Stensgaard (CEO) also noticably absent from the updated website. In the board changes RNS on 20 December, it said "Mr Stensgaard will remain as an employee of the Company". Do we really have a CEO and an MD in a company with a £5 million market cap?!
@EnuffRMbs - yes bought the shares back for approx 10% of what he sold them for (share price around 14 September 2023 when the 3% threshold was reported to have been crossed was around 0.94-0.99p). He bought around 38.9 m shares, totalling around £375k. Compared to the £3.2 million that he sold for a year earlier.
The share dealing itself is probably not in violation of any AIM rules. Rod was not an employee of JAY when these trades are reported to have taken place. However the lack of disclosure is clearly a serious breach of both FCA and AIM rules. Rod is very clearly on the wrong side of the law here. Is anyone here aware of whether this has been reported to the FCA?
He also bought an additional 10 m shares on 21 December 2023, two days after he had returned as a Director of JAY. Given the major changes that were taking place at this time, he was almost certainly in possession of price sensitive information that had not been disclosed to the market and as an insider should have been in a closed period. This also looks like it could be a serious breach of FCA and AIM rules, possibly amounting to insider dealing.
EnuffRMbs - yes you are right, going below the 3% threshold was crossed in September 2022, not 2023. So Rod didn't declare it for 15 months!!
Rod dumped around 45.8 m shares. No significant volumes in early September 2022 (when the threshold is reported to have been crossed). Looking at the volumes, it looks like he sold in early August 2022, when the shareprice was around 7 - 7.4 p (pocketing him around £3.2 million). This was shortly after his resignation from the JAY board on 22 June 2022 (jumping before he was pushed at the AGM the same day).
I doubt that JAY had any knowledge of this before Rod finally disclosed it in December 2023. It would have been beneficial to JAY's management at the time (RE & BS) to have been able to disclose that Rod was no longer a significant shareholder, given the reputational damage/legacy issues that are associated with Rod.
Rod McIlree sold his JAY shares to below 3% threshold for disclosure on 6 September 2023 (75.8 m to 30 m shares) then buys above the 3% threshold for disclosure (30 m to 68.9 m shares) on 14 September 2023.
Under the FCA’s Disclosure Guidance and Transparency Rules, the shareholder must notify the company (and the FCA) within two trading days of the interest first arising or of any subsequent changes. The company must then notify the market by the end of the next following trading day. Yet Rod's TR1 forms are not announced until 7 December 2023? A serious breach of the FCA regulations. What was his excuse? Has this been raised with the FCA?
Only 12 days after RoD's TR1's were finally announced, the JAY board resigns and Rod returns as an Non Executive Director and appoints his pals to the board. Is the timing a coincidence? I don't think so. Clear that he was using his shareholding to put pressure on the board - presumably threatening to call an EGM, which would have prevented the board closing on any financing. Rod clearly picked his timings for a takeover very carefully...