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Bluejay amongst the top risers today up 12%. Plenty more to come I think, especially with asset sales and KoBold drilling in the pipeline. Should be a good quarter. All in my opinion.

Torr you may well be right. The fact that Michael and Eric have both been brought back into the fold and both work with Ajax, the fact that Michael is a Co founder of Ajax and has a lot to lose if they fail to secure an acquisition this quarter and the fact Bluejay immediately put assets up for sale upon Michael and Eric's return..is it all a coincidence? Well we'll know this quarter because if Ajax don't buy something this quarter, after nearly two years since listing they'll fold the company if it's not secured this quarter. The main co founder interestingly bought a lot more shares towards the end of last year, so appears confident they will indeed buy something..maybe in Finland?

Torr you may well be right.

Negatives:

Ajax merged 2 subsidiaries in North America to look for opportunities there.

I know they were also exploring opportunities in Asia.

Their mission statement also says they are looking at opportunities that will generate revenue within 12 months.

With £1m cash they would have to raise money to fund any acquisition, but that's to be expected with their business model.

Positives

Both Finland and Greenland fit the jurisdictions they want to be in.

Strong synergy with Bluejay non exec directors.

Bluejays assets are for sale and available.

Ajax MUST complete an acquisition this quarter or the company will wind down.

Let's see what happens.

Ashton I have no idea why Ajax decided to go for a major listing rather than AIM. It looks to me as all the Directors were focused on Oil and Gas, with the exception of the ex Bluejay guys who came on board, and I believe Mike Hutchinson was a co founder. Their shares hit a maximum around 14.5p on listing but have retraced and seem to bounce around 3.5-4.5p now, giving them a Mcap of around £2m, very small for a main market listing. I think 8 people hold around 70% of the company so there's a real incentive for Directors to succeed. However, they wanted an acquisition secured by now and the company could have folded, but instead opted for a years extension on their mission. Despite the Bluejay links I'd be very surprised if they were involved in our asset sales. I believe Asia is what they're looking at, but obviously may be wrong.

I would add a third reason. KoBold decided they wanted to scope and analyse the whole region in one go. Doing this coupled with them including all the historical data (some $50m worth) meant they spent four times what was originally planned plus that extent of analysis has obviously taken more time than originally planned. I have been told by multiple sources that this is in principle now complete. So shouldn't be too much longer before we hear their findings and their drilling plan for 2024.

Ashton Ajax are a SPAC, a special purpose acquisition company, formed In Italy. Main focus to date has been the USA and Canada. Copper is a key focus for them as well as gold, and all metals associated with battery metals. They are probably one of the smallest SPAC's that's not just a shell company. All board members do not take a salary, they'll only be rewarded on results..ie acquisitions. They have targeted their first acquisition back end of 2023, ie now. As far as I'm aware they haven't acquired anything yet. They seem to lean very heavily to their Bluejay experts. Seems more than a coincidence that Bluejay's assets are now up for sale. Let's see what happens in the near future.

Ashton/Grubber It's fair to say our wives are probably more risk adverse than us lol. Let's just hope for a very successful and profitable new year!

Ashton whilst I take your point you're no expert it's fair to say you are extremely knowledge on all things Bluejay and your posts are always done in a very articulate and balanced way. I for one always appreciate you taking the time to inform the board of the current situation.

Guys, although none of us are experts on valuations for the assets Bluejay have for sale, we do have something factual to base it on to determine whether or not we believe Bluejay is currently undervalued, as we have only recently divested ourselves on the Black Schist license, arguably the least valuable in Bluejay's portfolio. Our resident expert Ashton can correct me if I'm wrong but I believe that was sold at around £4m in cash and shares, and led to the creation of Metals One which has a Mcap of £5.5m.

So that's a mere £2m less than Bluejay's.

Surely no-one in their right mind would say that with 6 bigger assets for sale, plus the 5/6 licences in a district scale opportunity that is Disko, which will have a JV partner spending at least $12m drilling in 2024 (on top of over $10m already spent), that Bluejay is worth only £2m more than Metals One????

In my opinion Bluejay is SUBSTANTIALLY undervalued. That being said there's reasons for it. Investor disappointment over Dundas, RE not delivering and an ever changing strategy that's led to uncertainty amongst holders. BUT let's not lose focus on what they still have. Take comfort we now have people in charge like Eric, who if this doesn't hit at least 10p in the next year will lose 12.9m in share options, and RM who INCREASED his holding to 79M just recently. They have a lot more to lose with failure than you or I and they have the benefit or knowing exactly what we have and how to monetise it. Again all the above is just my personal take on it.

Kat of course but name me an AIM company that didn't deserve better management? Its the nature of the beast, high risk high reward sector and market. Personally I'm now very happy with the current management structure, the jurisdiction, the licences they hold and the JV partner they have. Others may disagree and that's their perogative, it's not a team game an individual is solely responsible for any investment they make.

Kat I think you'll find the board are non exec directors, therefore do not receive a salary as they're not considered as employees. Also I would find it highly unlikely KoBold would CHOOSE to spend 4 times what they needed to in Phase 1 of the JV before then deciding not to proceed with Phase 2. Also, as Bluejay are in constant communication with KoBold, do you not think it would be rather stupid to announce a single focus on Disko if they didn't think KoBold would drill next year? But, if you have no faith then just sell up, there's plenty more companies to choose from.

Beardover, I hope you understand the definition of a ramping? In case you don't it's someone who pumps up the price before selling and usually crashing it. I don't see the price spiking? I don't see anyone positive on here selling? I don't see many if anyone in profit at this moment in time? Anyone is entitled to their opinion and obviously if anyone has no faith for the future of Bluejay is rather stupid continuing to hold their shares. I'd advise anyone with doubts to sell up and move on. That would be the sensible thing to do. Happy new year for all that choose to have faith and hold for better things ahead in 2024.

Red just a final point on cash. RM would know their cash position and if he thought there was any chance of Bluejay needing a placing, he would have waited and participated in that at a discount to today's price. Again just my personal take on it.

It's difficult to know about pay offs but senior management were getting 50% of their salary and directors were not getting paid at all. Personally I think it highly unlikely a placing will be done at current levels, I'm sure that RM would not want to dilute his 79m holding any further. But whether its SOLG, Prem, Beacon Energy or others o follow, everyone will need cash at some time. My take (and why I was happy with the single focus on Disko) is that asset sales should not only bring in more cash, but faster too. Of course I could be wrong but hopefully I'm right.

2024 should start on a very positive note with expanded details on the new strategy and KoBolds drilling plan and thoughts on the targets at Disko. It'd worth remembering that KoBold have already demonstrated their AI is ten times more effective identifying targets than traditional methods.

https://research.contrary.com/reports/kobold-metals

RM bought his shares after the new strategy with a single focus on Disko was announced. Furthermore we are awaiting news on KoBolds drilling program. This is already in the public domain and they are contractually obliged to drill. It could be argued that with a single focus on Disko asset sales are a given and as none have been agreed yet there is no insider knowledge that precluded him from buying more stock. Just my take on it.

Thanks Ashton. Now let's get their strategy outlined, the KoBold drilling program and those non core assets sold!

Red Knight It is my understanding they have enough cash to see them through to the end of Q1, but that was before the recent board changes and revised strategy which I'm assuming will drastically reduce their 900k pa cash burn, so their cash may last longer. Also, if they sell any of their assets they'll certainly be sorted for 2024 and beyond. Hope that helps.

Ashton, thank you for the clarification, much appreciated.

So Bluejay will indeed focus on the 5 exploration licences currently held at Disko. Isn't there also another licence application that's awaiting approval at Disko, or have you included that in the 5?

From the figures that have been posted for potential asset valuations, if you include the 2 omitted, would you agree that once Bluejay's new strategy is completed they could end up with anywhere £20-35m in cash in the bank, whilst still retaining a £15m stake in the Disko opportunities? Because if that is the case it would be pretty much guaranteed there would be no further shareholder dilution for the foreseeable future, and a current Mcap of £7m would have them vastly undervalued, as I've always thought. Finally, I know they were in discussions with multiple entities on their assets. Any idea how far advanced they are?

Kobold may say corruption is being tackled in Africa, somehow I very much doubt it.

https://www.bbc.com/news/world-africa-67826860

Chirpy makes an excellent point 'most people's views on this will be directly proportional to the price they paid'. I would say all but the more vocal on here of late aren't invested here at all. It's always amazed me why people take so much time day after day sowing seeds of doubt on a share they have no interest in and I'll leave it to others to speculate on their motivation.

So what are the current facts;

We know Bluejay have stated an intention to have a sole focus on the Disko project and we know off the back of that statement RM was confident enough to add an additional 10 million shares at 0.53 to take his holding up to 79 million shares.

Those are the two facts we know. We don't know why RM is so confident to increase his holding, and we don't know if Bluejay are looking to sell all or part of their portfolio to focus on Disko. We certainly don't know if any asset were sold how much cash that would bring in. I do think we'll know a lot more in the next week or so when i expect Bluejay to clarify their statement and put some meat on the bones. Meanwhile I take comfort from RM adding to his already considerable holding.