focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
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 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.
Re: The wealth density of Disko seems to be not at the level previously announced.
What first alerted me to Bluejay was a friend of mine that said in relation to Disko, "even if they have a tenth of what they think they have this will be massive for Bluejay." For context my friend did some work for Bluejay (post Kobold JV) and is a geophysicist.
Note: My guess is that the wealth density refers to Kurt Houses statement re: biggest Nickel discovery in over a hundred years comment. Coupling that with my friends comment means that even if it's not the biggest in a 100 years it will still be a massive discovery.
Just out of curiosity, does anyone know the biggest Nickel discovery over the last 100 years?
Don't disagree with anything you said Hemo (and there is zero emotion involved) but we have been here before with Bluejay many times just because the person at the top is different - doesn't let the company off the hook. It comes back to my original point, it's a credibility thing and he will lose a lot of he doesn't deliver this year.
RE does have a get out of jail clause though, if he communicated that they were still in discussions with strategics doing the DD and that it would take slightly long than initially anticipated and further updates on Disko - I would give him some more slack but radio silence combined with non delivery would be a very bad look.
No RNS this week by the looks of it... tick tock RE, there is very few trading days left before Christmas and most people starting leave w/c 18th Dec, which only leaves next week to back up his statements around strategic partners before year end.
I gave RE time and hoped for a management reset when he arrived and recognise it hasn't been easy for him dealing with the mess left behind by previous management, however after clearing the decks with bad news, a bad cap raise, and making commitments around strategic investors before year end -> if he doesn't deliver something around strategics very soon -> he has failed and he needs to go as his credibility is done.
My take on the "Bunker" comment is that it's preparing and responding to strategic investor(s) due diligence requests - fingers crossed they have enough to land more than one Strategic and an RNS is released in the next few weeks or at the very latest early doors 2024.
Point of note for me was the Kangers comment around the drilling along with the anticipated Disko drilling. That comment along with the fact that Kangers is a Zinc-Lead ± Copper etc plus the comment around ease of dealing with potential strategic investor if Bjay had TSX/North America listing. For me that points to Teck Resources and more specifically Teck as they already operate the Red Dog Zinc mine up in Alaska that is coming to end of mine life in 2030 or so and is similar to Greenland in terms of Latitude. All speculation I know but Teck are specialist Zinc-Lead miners plus they have Zinc smelters.
They don't have to drill everywhere... Nor should they if they don't have the supporting exploration work that identifies potentially significant economic targets.
However, when Kurt House, CEO of KoBold Metals, comments: "Our joint exploration campaign on Disko Island this summer was a significant step forward. We've identified many novel targets and significantly updated our exploration hypotheses. We are looking for what we think could be the most significant nickel and cobalt discoveries in 100 years." - it also goes the other way if the don't drill - as in do these guys not know what they are talking about -> credibility and reputational risks! So rock and a hard place (excuse the pun).
Point 3 - is not really my concern, the fact that they have spent 10m plus on Phase 1, conducted huge analysis and identified a significant number of targets . If they cut and run, wouldn't that go the other way and show that their tech isn't all it's cracked up to be if they don't prove what's in the ground... This would have reputational risks for them IMO. They will drill - they will want to prove their tech works.
The obsession with gas pockets is a little overdone at this stage... Polkas own links proved that the exploration conducted in previous drilling didn't utilise proper / suitable drilling equipment and the Greenland Bureau of Land Management revised their requirements accordingly i.e. use suitable equipment that has things like blow out preventors etc. It's like saying that you can't drilling for Oil because you may encounter gas - yes, there are drilling risks but these can and are managed plus the industry has moved on in 20+ years.
As ASTON said, the Peter Lightfoot magmatic systems lead at Kobold was involved in the Falconbridge who did the ill-fated drilling previously. He for sure knows the risks/issues and am sure they will use suitable equipment!