Member Info for IvRoche

I said the below last week when Sandgrove were selling out - how is this not insider trading? - they obviously knew the cap raise was coming...

"The last time we had major shareholders selling was right before Dundas RNS and capnraise... I can only assume bad news is coming."

In addition, at least, some part is aligned to what we had expected in terms of use of funds for divestments. However, still no strategy, still no understandinh of what the new old management have planned -> good business practice would have released the strategy and the cap raise at the same time, you know here is what we are doing we need your funds to execute it - it's called transparency. I fear we are back to smoke and mirrors and hands in the cookie jar with Bluejay. P.s. the cookie jar is shareholder money.

Thanks Bfdinvestor, I understand where you are coming from now with the valuation. Cheers

Quick question, how do you reckon 5p? Don't get me wrong I would love it.

However, a 5p share price is the equivalent to an MC of about 800m GBP. Even with recent resource upgrades NPV would probably be about NPV of 1bn USD or about 800m GBP. Granted yes, more exploration coming.

But we only own 49% of the project, and a companies MC generally converges with the project NPV when in production = ~400m GBP. So from my bag of a cig packet calc - just taking what we know without any further exploration or resource upgrades etc we get to a an SP max of around 2p for Bougoumi (so a 5 bagger from here). Again happy to be wrong.

I am curious re: JVs / Strategic Investors, does anyone know how far we actually got in the process?

REs last point was that they were in the bunker, which in my book means significantly progressed.

Thanks in advance.

IV_Bot :-p

There you go... https://support.google.com/chrome/answer/12027911?hl=en

I don't think Aston will stop posting. I think, Aston please correct if I am wrong, will be coming back to say I told you so - and is laying a marker.

@enuff, assume you have heard of spell / grammar checker?

It was my understanding that sonic (SD) had been used previously for Dundas and when completing the BFS, SRK was appointed and they used Diamond head drilling (DH) obviously a very big difference in that material would get washed away or contaminated using DH versus SD (example below). I guess the question is who made the decision to use DH Vs SD? (sounds like a Bo decision to me)

Example:

Sonic drilling can also reduce the risk of cross-contamination between different layers or zones of the subsurface, which can affect the quality and reliability of your data. This is because the vibrations prevent the drill fluids or cuttings from mixing with the core or the surrounding soil, creating a clear boundary between the sample and the drill hole. Sonic drilling can also use less or no water as a drilling fluid, which minimizes the environmental impact and the waste disposal costs.

The last time we had major shareholders selling was right before Dundas RNS and capnraise... I can only assume bad news is coming.

Given the volume - 13m shares traded (2xdaily avg) are people expecting another cap raise? Or are they dumping because they are fed up?

Doesn't look like we are getting an RNS this week... They must still be on holidays.

Well we know Disko is valued at ~9m from the JV side so divide by 2 to get the Bluejay carrying value.

There is also a problem... since they kitchen sinked Dundas and no further cash will be invested in developing it, they will have to impair/write down the value of Dundas (good old accounting rules) - this will hurt the balance sheet of course but this should have been baked into the SP at this stage (but will still hurt the SP when they do announce it).

Dollar Vs GBP on the first point Kat.

Re: Excitement - see Kurt Hous s interview where he states most significant Nickel discovery in a hundred years.

What did you mean if nothing happens till June? (A RNS?, Drilling? ???)

Actually now that I think of it, option 2 would be the best scenario..., we know Kobold have to spend ~12m drilling this year. If Bluejay/Kobold want to drill more (providing Bluejay can raise funds through asset sales and agree) Kwhatever Bluejay raise obold will then match the additional amount of drilling expenditure as part of the JV.

Scenario, is let's say Jay raises 10m through asset sales, of which they allocate 6-7m for additional drilling expenditure. Kobold pony up an additional 6-7m on top of their ~12m of committed expenditure would mean a 24-26m field season for Disko - which may get us to an MRE or very close.

Rationale for the above is I don't think Kobold will want to overspend again without matching funds as they did for the 2022 field season but more than likely want to spend more on the up omong drilling which Bluejay will also need to find per the JV - this could potentially be the reasoning for the latest RNS where they stated that Disko is the sole focus.

Yes, the above is speculation but the more I think about it the more it seems the most likely scenario. (The base case is Kobold still spend the ~12m irrespective, assuming Bluejay can't raise the additional cash on time).

There will be no "twist in the tale" this time around imo -> all the have are promising targets nothing is proven and there is certainly no MRE at present for Disko.

Until there is a delineated resource or material assays that can be assessed by the market Disko is a speculative prospect and the value of the Disko will be low i.e. Disko's book value in the accounts is ~9m. So in other words drill, drill, drill... and get a a maiden MRE -

So Kobold sub-contract drilling out to BHP/Anglo for Bluejay to manage via our field operations role? Hmm... that doesn't seem likely to me but happy to be wrong.

What do you think the twist in the tale is?

There are a few possibilities, imo.

1.) Kobold don't drill and Bluejay funded by asset sales drill

2.) Kobold dot drill and Bluejay add-on additional drilling (through funded by asset sales

3.) Kobold sells their stake to a major and they conduct the drilling

4.) Kobold drills and Bluejay sells part of their 49% to a major (and eliminates any funding costs of future exploration) - Turquoise Hill type.

Thanks for letting me know Laverda.

Have to say the Neile deposit last drill results were pretty impressive...so its lithium for show and gold for dough! The future for Kodal is looking excellent (hopefully not many more bumps in the road) this will take off.

Highlights:

· RC drilling returned wide intersections of gold mineralisation and includes zones of high-grade gold mineralisation including:

o 33m at 2.33g/t gold from 3m in drill hole NLRC035, including 6m at 7.99g/t gold from 6m

o 12m at 5.96g/t gold from 6m in drill hole NLRC032, including 6m at 11.45g/t gold from 6m

o 6m at 6.51g/t gold from 87m in drill hole NLRC029, including 9m at 3.02g/t gold from 24m; and

o 9m at 3.76g/t gold from 99m in drill hole NLRC038.

· RC drilling has confirmed drill intersections extending to the north and south along strike of the previously defined gold mineralised zone.

· A new western zone has been intersected by these new drill holes and remains open along strike.

The assays we are awaiting for KOD are from the Nielle deposit?

FYI, £838,361 is how much we received from Kobold for the field season in 2022.

You and me both Jimbolina...