Member Info for DRB83

3 deaths and close to 20k cases globally. Compared to covid it's nothing but surely if we learnt anything from the last 2 years it's to not let a virus take hold. Covid with how it spread so quickly was always going to be an impossible task and in the end nothing really worked regarding the spread. However, Monkeypox seems much slower which imo makes regular wide scale testing a perfect weapon to stem the flow. Hopefully DA will be working on a UK and EU approved version. I haven't seen many companies disclosing assays for Monkeypox.

Certainly at £1.10 no revenue from Monkeypox is built in and certainly isn't in the £9m revenue forecast for H2 so hopefully governments will start walking up to this risk before it becomes too widespread.

All being well ncyt will give us something to debate very soon. Look forward to it.

Agree in most part Captain. Over time you develop a sense for who and what to listen to. By being ultra negative all of the time you switch listeners off. A few haven't learned that yet. Maybe one day.

Captain, we have very balanced posters on here. I put myself in that category. I can certainly highlight several negatives about ncyt and have done many times. Do I need the likes of PI100 and byp posting 24/7 on here telling repeatedly just the negative side in which I already know. Certainly not. Do you?

I'd much rather have a balanced conversation with 3-4 fellow investors than be repeatedly harassed, provoked and annoyed by those that keep spouting the same negative rhetoric.

Captain, if you are interested in a balanced debate then keep PI100 and the likes at arm's length. More recently you are coming across as their knight in shining harmour.

I for one am not interested in posters who are only 100% negative or 100% positive. Clearly when revenues and profits have diminished over the last 2 years whilst CAB has remained £100m then it is impossible to be 100% positive. Having said that there are many positives to be had here and lots of potential. I put a list together a couple of days ago of many potential outcomes here that would boost the SP and fundamentals. What is a drain on this board is the unbalanced 100% negative views by the few that unfortunately probably account for 60% of the posts on this BB. There's no harm in every now and again acknowledging the potential.

A few too many have not a lot to say and say it far too often. PI100, BH, byp to name a few. Take a break. The SP would be where it is today even if you never posted here.

A lost dispute would require a cash outlay of £60m offset with a cash inflow from tax rebates of c £20-30m so why would the bod need to hold back £100m. Your not making sense again PI100. Also, if the bod did think it was going to take years to resolve then why old anything back at all. Invest in the strategy and grow profits.

Captain, maybe that was the problem. DHSC identified several super users who were then responsible for training other team leaders who were then responsible for training their teams. Good old Chinese whispers, never fails lol.

Who knows what the issue(s) were. We'll find out one day

Everyone requires some level of training to use a completely new system. Whether it's just a couple of hours doesn't matter because when you have 90 hospitals and hundreds of staff then logistically it can be a challenge.

Basil, your header is DHSC dispute but then you talk about Genesig 3g. Although you refer to it as Promate 3g which I don't believe we have one of those. Anyway, Genesig 3g was launched in April 21 so after the issues with DHSC so has absolutely nothing to do with the dispute.

Aimhigh, agreed, any change at the top as the potential to change expectations but the overall objective for Han**** remains unchanged which is to get it to production. Bill is still here and an extract from the latest RNS

In conjunction with the proposed appointment of Rod, Bill Brodie Good (“Bill”) stepped down as a
director of the Company with immediate effect. Bill will remain as a non-board CEO to focus on
operational matters, primarily in completing the final studies and permits required to start production
at the Company’s high-grade Han**** Iron Ore Project in Western Australia.

Suggests Bill's primary focus is on getting the shovel in the ground at Han****. If anything the appointment of Rod may actually speed up the Han**** process as Bill and Dan will be just flat out getting it over the line. I'm certainly not predicting a quicker timeframe than end of Q1 but just saying what possibilities I see.

One quarter at a time is the best way. Bill was kind enough to provide us with a checklist for this current quarter. Only 2 months left.

Ongoing work
Planned activities from the IOCA development team during the September quarter include:
• Planned geotechnical ground assessment of access road and intersection
• Progress MRWA intersection design
• Water bore drilling
• Finalise crushing & screening plant flowsheet design and plant selection
• Finalise CAPEX and OPEX inputs, including pricing for intersection, haul road, mining, haulage
and site establishment
• Secure offtake agreement and funding for early works
• Further resource drilling
• Upgrade JORC Resource, including maiden measured and/or indicated resources to support a
maiden mining reserves

Nothing has been disclosed yet so the next 8 weeks will hopefully be very fruitful.

Rod oversaw a large part of the Dundas project for BlueJay where the project suffered from numerous significant delays. The SP went from almost 30p to 4p over 4 years. Why?

Well in 2018 the expectation seems to have been that the project would be producing very shortly and most probably in 2019.

The first delays were with the PFS which went from 2018 q4 to its actual submitting date of 2019 q2.

Rod signed an agreement with Rio in 2019 Q1 for them to test the quality of the product but delays in the approval to ship a test batch of product meant that the product wasn't shipped until Sep19.

Mining application was submitted in Sep19.

Covid arrived in Mar20 with Rio advising their smelter test of the test sample provided in Sep19 will now be delayed to 2021. Also the mining license approval timescales are effected.

Off take MOU signed in Apr20, several delays from the buyer lead to several extensions. First to Oct, then to Dec. May be Covid related.

Dec20, mining application granted.

Starting to think that a lot of the delays are due largely to 2 things.

1. Greenland is a relatively new mining industry and therefore a lot of the processes were still being defined. This takes time. I'm not familiar with Greenland mining but I don't believe it has the history and processes that Australia have.

2. Covid delays

MOU finally confirmed in Dec20.

It's worth noting here that according to the PFS the capex cost is $245m. UFO need only $30m.

Feb 21 first interest from a bank to provide $208m over a 8 year loan period. Debt financing. Great. Would love that for UFO

Jun21 Mining permit received. What? 6 months after approval. Just seems really slow to me but wtfdik.

Nov21 Lead arranger appointed to manage the funding syndicate. $245m is a lot of money to arrange. No wonder it's taking so long. $30m for UFO should be a lot more straight forward.

Dec21, Rio Tinto finally test the samples more than 2 years after Rodnsent them. Wow.

Today, funding still to be arranged.

I think my point here is that whilst the project has taken over 4 years to get to production it isn't just down to Rod. The Greenland approval process seems very slow at the moment probably due to its infancy. Covid caused huge problems and couldn't have come at a worse time for Dundas. $245m is a lot of funding to arrange.

All the above are not an issue for UFO. The last we heard BBG is still looking at end of Q1 2023 for Han**** to be shovel ready. It's seems optimistic reading what I've just read but Bill knows a lot more than we do. GLA

That Bill and Dan should move over. Unless it's themselves I feel it wouldn't have been the other bod members. That leads me to a theory that maybe some large ii's are wanting to buy in and have demanded a change at the top to a more experienced investor relations person.

My understanding is that Bill is still CEO and therefore still running the day to day business but when it comes to the overall direction of the business no longer holds any weight in the conversations. We retain Dan's expertise who also keeps his seat at the top table. Rod will soon become Executive Chairman and will be the head man when deciding what the strategy and direction of the business is i.e JV's, spin offs, sales etc.

These board and management changes feel like they have had some outside influence imo.

We did say Q3 would be busy. Buckle up.

As at May22 Rod owns almost 8% of the shares of Bluejay. That's close to £4m. I'm happy with that level of commitment. I'll be looking for some director buys from him in 2022. He obviously sees the potential here.

From reading the below RNS, just as project Dundas was heading towards production, Rod steps away from CEO to become Chairman.

Did Rod or the bod feel he wasn't the right man for the job? If so, why does he and UFO now feel he his the right man for our job?

Have we any BlueJay holders who know more about this who could enlighten us please. Thanks

https://polaris.brighterir.com/public/bluejay_mining/news/rns/story/w0y5y6x

Looking at this RNS extract below, Rod has very recent experience in what is just around the corner for UFO.

Bluejay's most advanced project is the Dundas Ilmenite Project in Greenland, which is fully permitted and being developed towards production in the near term, with preparatory activities scheduled to commence in 2022. The Dundas Ilmenite Project has been proven to be the highest-grade mineral sand ilmenite project globally, with a Mineral Resource reported in accordance with the JORC Code of 117Mt at 6.1% ilmenite and a maiden offshore Exploration Target of between 300Mt and 530Mt of ilmenite at an average expected grade range of 0.4 - 4.8% ilmenite in-situ. The Company has agreed a Master Distribution Agreement with a major Asian conglomerate for up-to 340,000ktpa of its anticipated 440,000ktpa annual output. The Company's strategy is focused on securing financing ahead of commencing commercial production at Dundas and has appointed a Global Investment Bank as the lead arranger. This strategy will create a company capable of self-funding exploration on its current and future projects.

Let's also not forget that BBG isn't going anywhere. He's been demoted yes but imo it's a result of his great exploration leadership that now means UFO have grown into the next level. He'll stick around until he exercises his options by which time Han**** will be up and running. BBG has done a great job but as he says, he's an explorer.

One possibility is that UFO split into Alien Metals Mining and Alien Metals Exploration with BBG heading up the Exploration side of things. Let's see

Makes you wonder why he left BluJay.

https://www.pkf-l.com/catch-up-with/a-catch-up-with-rod-mcillree/

https://www.google.com/amp/s/www.proactiveinvestors.com.au/companies/amp/news/41893

The guys got deep pockets and likes to put his money where his mouth his.

Apologies captain, you didn't specify what part of PI100's post you agreed with so I assumed all of it.

They certainly appear to have lost interest but it could be possible that Bio were interested in a partnership of some sort in which ncyt were happy to listen but ultimately talks broke down when an agreement couldn't be reached. That would quite clearly explain the drop in interest but that is not where PI100 landed. PI100 decided it is definitely because Bio bought 5% then decided it was a good idea to do some due diligence which unfortunately lead them to believe they had made a huge mistake and that ncyt was a mess so decided to sell just a small portion around 150p and now are selling all the rest at 110p.

Do you agree with PI100's version of events or have you got your own ideas of why Bio may have lost interest.

Captain, you agree with PI100 that Bio are offloading as we speak at 106 yet you think they may not have wanted to sell at a loss on their 170p average.

Whilst none of us know why Bio have stopped buying and sold a few shares there are plenty of reasons to explain it. They aren't all negative. PI100 likes to think of himself as a rationale investor protecting the naive who ways up a balanced scorecard but in reality he is 100% negative. It's not what shareholders new or old want to here.

Let's view things from a balanced perspective.

Over time there is a very good chance it could happen. I'm sure Bio would have done some homework before buying 5% of the business. Something told them it was a good investment between £1.40-£2. Who knows why they sold. Why just a little? and not all.

I'm fairly certain your 2 + 2 on the matter doesn't equal 4. If like you said they concluded the business was a mess only 3 months after thinking it was a solid investment then why just sell a small proportion.

Your narrative doesn't stack up yet again. You sniff a negative and jump in with both feet without engaging brain. Not a great characteristic.