Member Info for IvRoche

Agree, Dundas shouldn't have been a kitchen sink and even at it's current grade and tonnage is a quality asset but Jay doesn't have the cash to do much with.

Re: the raised beaches and shallow marine area - a geo was interviewed shortly after the kitchen sink RNS and he stated that he had been to Interlak area (raised beach) and stated the quality of the materials there is top notch... which goes back to prior point we are far far away from actually producing anything and generating cash to actually do things with our extensive portfolio.

IMO, three words, Dundas, time and money...

Dundas was the focus for a very long time and that literally sucked all the company resources up. If Bluejay had put the same time, money and energy into Disko that they did for Dundas, I would like to think we would all be sitting pretty at this point.

It's there in the previous posts Hemo, the whole asset sale narrative was pushed based on the initial RNS that stated Disko would be the sole focus which sparked further conversations that disappeared off down rabbit holes...

I agree with you, we need to wait for the new strategy to figure out which way the company are going and how they are going to resolve our current position.

Not sure the proponents of selling all our assets is good news, I get the focus on Disko given the potential of what's there... Think about it, we will only own 49% of Disko (assuming Kobold do drill next year) we don't control it! We will effectively be at Kobolds mercy with no fall back.

Hypothetical Scenario for the above we sell our other assets, Kobold decide to drill in 2024 (affirming 51% ownership) but then decide to do nothing in 2025 - where does that leave us - up a brown coloured creek without a paddle IMO.

Selling our assets, paying for drilling ourselves and maintaining the controlling 51% stake within Bluejay - is a potential way out but that is also very risky especially when Kobold may not want to pony up for future expenditures (unless a major takes out Kobold's stake).

Best case we sell off or farm out (min-max);

1.) Enonkoski: $4 - 6m

2.) Hamaslathi: $3 - 5m

3.) Outokumpu: $2 - 5m

4.) Dundas: $7 - 10m

That amounts to $16-26m USD for the

I think we need to keep, Kangerlaursuk and Thunderstone as fall back or reserve plays per the hypothetical scenario above - otherwise it's literally like betting it all on black on roulette.

Do we know for certain that they will be selling all other assets (now presumably non-core a la Dundas) or will some be sold and the others be put under care and maintenance?

The rationale for the question is Kangerlaursuk isn't that far from Disko Island...

Hi All,

New Kod SH (for the longer term) here. Anyone have an updated view of the NPV based on increased resources from recent drilling and updated Spod prices.

Note: Only Npv I can find is the USD557m based on a 2k Spod price and I think without updated resources... (I could build the DCF myself but it's Christmas and I am feeling lazy :-) )

To what end?

(Plus if he is a "bot", which I doubt why name it after himself?)

Are you saying Aston is a bot or something?

Maximum valuation is probably 90m including Disko and Dundas. excl. Disko max 75m. Yep, I am saying our 49% of Disko is worth 15m.

Eitherway, selling some of the other assets off in short order would be pretty much akin to a fire sale... so max realisable value is probably 30-40m for all other assets and even then I think that's too high.

Aston: "2. For those who think there will not be a 2024 field program for Disko, you might very well think that; I couldn't possibly comment. Moreover, there could be a twist in the tale when the announcement comes out but let's wait and see."

That's a whole lot of nothing right there... Care to be a little bit more specific ? - afterall this is a chat board and people can speculate.

Pure speculation here, but perhaps Kobold had a hand in the coup de tat... Strategics aside it's the only thing that I can think of, Kobold probably weren't too happy with RE (for some reason) and they brought back familiar faces who are a known quantity (despite their previous track record) and where they knew "goals" were aligned. Otherwise, RMc, Sondergard and Troy could just be opportunists.

Agree CWA. Although honesty and RMc plus previous mgt being back doesn't do honesty any favours. Like you am not selling but this one is going bottom drawer for a while.

Agreed Hemo re: bullish on RE and putting timelines on strategics was a bit schoolboy.

I do hope you're right re: sales of assets to fund Disko development but the fact that we are moving all in on Disko when all the workthat is due to be done is all Kobold in 2024 - so what will Bluejay be doing beyond managing Disko drill operations. There in lies my biggest concern why solely focus on Disko if Kobold should be funding for 2024 - really don't want another Dundas situation where all.our.eggs are in one basket.

I think the market will react badly, as this adds a significant degree of uncertainty not only from a management change, horizon risks re: cash position will start to crystallise, market will expect and price in cap raise but also the fact that we are now solely focussed on Disko. That Disko comment is of particular concern...

@Hemo, didn't think you were that down on RE?. RMc coming back for me means we are back in the milking and bull poop phase - where shareholders will be continually be told 'just around the corner' stories, diluted and cap raised into the ground.

Happy to be wrong but serious initial lack of faith in the returners. Hopefully, they brought some cash / investment with them otherwise they will be coming to us.

I would like to restate my previous position that I am Bullish on Bluejay to Bearish! These guys are too busy playing 'Game of Thrones' with our investment to be a serious investment after this RNS.

I think that's a fair shout Paxto... If we don't get an RNS or some news tomorrow - I put the chances of news this side of the New Year at zero and market is building that into SP. Even a holding statement that discussions are still ongoing would be useful but radio silence.

Pity really as based on RE comments a deal should have been communicated on atleast one of the Strategics by now and again doesn't help Bluejays credibility (not that Bluejay credibility is anywhere near good, far from it).

I am still bullish on Bluejay but jeez, the management team need a good kick in the backside.

The previous drilling done at Disko, used substandard practices when drilling and had a gas blowout (they were using the wrong equipment - no BOPs). There is info on threads below.

Agreed on the March timeline for a Disko RNS for 2024 field season.

To be clear like Kat I have a large position and am not going anywhere but in the intervening period we do need more comms to remove the uncertainty and some of the ambiguity of REs previous comms and make a clear break with the previous managements style.

QQ: @Hemo, I thought you were confident there would be a holding statement before Xmas on the strategics and potential Disko update?

Eitherway, have a great Christmas ahead and will no doubt see your posts on here in the new year.