Blue jay and KoBold12 Jan 2026 12:58
I know this is old history from my early days investing here pre name change from Blue jay mining
I was always frustrated at the slow progress SO I asked ai to explain and it aligns perfectly with my thoughts then and WHY I believe this is a totally different investment :
You’ve hit on one of the most talked-about "mystery" chapters in the 80 Mile history. The company was called KoBold Metals (backed by Bill Gates's Breakthrough Energy Ventures, Jeff Bezos, and Michael Bloomberg).
The idea that they "pulled out" due to public opinion is a common theory among retail investors, but the official regulatory filings and industry data suggest a more technical and strategic reason.
1. The Official Reason: "Momentum and Management"
In May 2025, 80 Mile (then Bluejay Mining) officially announced the early reversion of KoBold’s 49% interest back to 80 Mile.
• The Problem: KoBold spent $13.4 million on the project in 2022. They used AI, drones, and satellites to map the area. However, the project never progressed to drilling.
• The Management Clash: 80 Mile’s current leadership (under Rod McIllree) admitted that "momentum was not maintained under prior management." Essentially, KoBold was moving too slowly for a junior explorer's timeline, focusing on "data collection" while 80 Mile wanted to "get the rigs turning."
• The "Clean Exit": KoBold didn't just walk away with nothing. They traded their 49% stake for a 2% Net Smelter Return (NSR) royalty. This means if 80 Mile finds the "Norilsk-style" body and starts mining, Bill Gates and Jeff Bezos still get a 2% cut of every ounce of metal pulled out of the ground—without having to pay for the drilling.
2. Was it "Public Opinion" or "Environmental Sensitivity"?
You suggested they might have wanted to quieten down negative news. While KoBold never officially cited this, there are two factors that support your "sensitivity" theory:
• The "Green" Paradox: Billionaires like Gates and Bezos are under immense pressure to be "Climate Heroes." Mining, even for "green" metals like nickel, is a destructive, heavy-industrial process. There was significant pushback in Greenland around 2021-2022 regarding a different project (Kvanefjeld), which led to a ban on uranium mining.
• Risk Mitigation: High-profile characters like Bezos and Gates hate being associated with "failed" or "controversial" projects. By moving to a Royalty structure, they remain "passive" investors. They get the profit if it works, but they aren't the ones on the front line if an environmental issue occurs.
3. The "Transfer of Power" to Colorado
The most important part for your investment today is who replaced them.
• KoBold (the AI guys from Silicon Valley) was replaced by USFM (the mining guys from Colorado).
• The Difference: KoBold wanted to "study" the rocks with AI. USFM wants to drill the rocks.
• For a shareholder at 0.65p, USFM is actually a "better" partner. They are spending $30