Member Info for polkadotdoor

Thanks Agfo.

As I said, if Kobold don't drill in 2024, they retain 49%.

Morning Hemo, I take it you don't have a background in the mining/exploration space? Projects are cut and dumped all the time. Knowing when to drop them is when separates the majors from the minnows.

Bo Stensgaard, Bluejay CEO, hired in 2018, share price 16p, dumped millions of shareholder dollars into Dundas and it was a dead duck. RE even referenced this in the last video interview?

KoBold isn't contractually obligated to drill unless they want to move from 49% to 51%. No work in 2023, no news, no updates? maybe the writing is on the wall. They appear to hold on to 49% regardless.

Bo and RE have missed every single stated milestone in the past 12+ months. They burn £900k a year and looks like they had £0 in August when they raised £600k. RE's G&A figured would mean they have

Look at the map in the RNS, look at the geometry of the ore body, look at the intercept thickness and grade. Yes, they need 10MT to build a mine; nothing in the RNS suggests they are on that path.

Do the math yourself. If the best intervals are ~2m thick and say 4ton per cubic meter, what X and Y dimensions do they need to get to 10MT?

- 10,000,000MT divided by a density of 4ton per m3 (pick your own density you feel is accurate)

- 2,500,000 m3 of rock divided by 2m ore body thickness

- 1,250,000 m2 of rock. Lets be incredibly generous and say their E -lode is 100m wide (its not, by the looks of it)

- 12,500m length

Show us where a 12.5km long orebody sits in their map? Pick your own numbers for X,Y and see where it fits yourself.

Better yet, they say the E-lode is open at depth, with holes 5,6,7 getting deeper and deeper, and see what the grades are doing (getting worse)?

Better still, ask the company about this (along with the other questions which you have yet to answer).

RE: at 20:20 “We hit mineralization in every hole”, "E-lode story is intact: Back of envelope need 10MT at good grade for a mine. "

HAM 1 = 1.1m @ 1.47% CuEq

HAM 2 = 3.3m @ 0.26% CuEq

HAM 3 = 1.8m @ 0.75% CuEq

HAM 4 = 1.6m @ 0.46% CuEq

HAM 5 = 4.1m @ 2.32% CuEq

HAM 6 = 4.4m @ 1.30% CuEq

HAM 7 = 9.3m @ 0.57% CuEq

HAM 8 = 2.1m @ 6.31% CuEq

HAM 9 = “No mineralization reported”

Can you point out 10MT in those results (length x width x thickness x density)?

Appears investors have read that announcement, and have made up their mind. Share price went down.

Interesting also is that after those results were published, RE no longer committing to a partner (or 2) "sewn up by the end of 2023".

Ashton, kudos to you for identifying that management have no skin in the game. The CEO Bo Stensgaard has a shareholding currently valued at £1500… I’d wager the average punter here owns more stock that he does. Why haven’t Bo and Rob been aggressively buying if the future is so rosy? Don't tell us it's been "closed", no one on here was born yesterday.

Does anyone believe their drilling program at Hammaslati would help attract a funding partner? 9 holes drilled with uneconomic mineralization in 8 of them. RE said all holes had mineralization, what about HAM0009 ?

The rampers won’t answer these points and others that have been raised, and suggest the realists go elsewhere.

This interview was a joke, he's walked back almost everything that was said in the October interview?

- Strategic parter timing has changed ("in the bunker" now)

- Why does he keep saying that they are just at the "beginning" of Disko? The JV continues on a pro-rata basis (51/49) ?

- "Gearing up to drill both projects" - When??

- "North American listing" - They would struggle to meet the listing requirements for TSX V? They also have an OTCQB listing in USA already?

This is tragic. These are the bumbling dummies who walked away from $2M (up to $6M) at a floor price of 2.5p, only to raise less money at massive discounts to this in the following months.

You see what I mean Enuff ?

Easier avoid the sensitive questions and call everyone a down-ramper instead. Great news! Kobold is presenting the Lassonde curve at Mines and Money!! Bluejay = Saved

Happy to be corrected if industry has moved on. Please show us a rig which would be suitable for this type of drilling? Surely there are many which can be purchased/hired off the shelf with a blow-out preventer etc ? Are there other mineral exploration projects globally which have gas issues? How do they drill it? What does it cost? How do they mine it?

Good questions for RE and Bo!

I agree, this board needs some healthy debate. Ashton seems to have blocked me, I think because he doesn’t want to address the “gas”, or drilling logistics issue at disko, and the fact RE seems generally unaware of the history of his own licenses.

Ra11adw2 seems to think that any strategic partner news will propel the share price up to arbitrary levels set by himself. If the strategic partners were a “fact” they would be announced. Until then, they are “hopes and dreams”, not the other way around.

Others seem to think that the summer drilling program is an absolute certainty, and that anything RE says is gospel (what’s he done in the last 12+ months?). How do we know that EU program they last announced wasn’t their version of a strategic partner?

They announced 6m of zinc in a single drill hole like it would turn the company around?

Share price was 16p when Bo was hired as CEO... Show us results, don't tell us they are coming.

"There's no reason that those (Disko) targets wouldn't be drilled, and they should be drilled." - Rob Edwards (28 September 2023).

RE Quote: “When Cairn Energy had Disko, they were drilling for hydrocarbons and they were pulling out sulfides from our Big Valley Targets, but no one ever logged it as such”

What is he talking about?

How do they plan to drill targets that have gas?

What has RE or CEO Bo Stensgaard actually delivered during their tenure? Anything?

Ignoring the problems won't make them go away.. But perhaps it's best not to ask questions you don't want answers to.

RE Quote: “When Cairn Energy had Disko, they were drilling for hydrocarbons and they were pulling out sulfides from our Big Valley Targets, but no one ever logged it as such”

Please explain what is he talking about, this is utterly nonsensical.

As I said before, it's naive not to consider the timelines involved for the drill program you suggest.

How long is the tendering process, and how far along is Bluejay in that discussion? Should be easy/fast for him to clarify what kind of rig they are using, and how they intend to address the gas issues? How do they move it around the licenses? Prior operators had to build a road? Do the targets merit the cost of this kind of drilling?

If they are still deciding where to drill, that is a problem.

BHP? C'mon lads. If KoBold thought there was something there, why not drill it themselves and reap the benefits? Why do zero work last summer??

Morning,

Would suggest asking the company these questions, given Bo Stensgaards non-existent track record of delivering. Rio Tinto just handed back their Finnish project after spending significant $ on the project, this happens frequently in the small cap world.

Especially important when RE is saying stuff like this:

RE Quote: “When Cairn Energy had Disko, they were drilling for hydrocarbons and they were pulling out sulfides from our Big Valley Targets, but no one ever logged it as such”

- Please explain what is he talking about?

- Cairn Energy exclusively explored for offshore oil/gas?

- via Google, Avannaa Resources was a subsidiary of Cairn, but did not do any drilling, as per the GEUS report.

- Avannaa was an exploration company, why did they not log the sulfides?

- If the samples are real, public, and in Copenhagen, as he suggests, then publish the details? Grade? Thickness?

Happy to dig deeper if you want, but naive not to consider the timelines involved for the drill program you suggest.

How long is the tendering process, and how far along is Bluejay in that discussion? Should be easy/fast for him to clarify what kind of rig they are using, and how they intend to address the gas issues? How do they move it around the licenses? Prior operators had to build a road? Do the targets merit the cost of this kind of drilling?

If they are still deciding where to drill, that would be a problem.

RE quote: “Targets no deeper than other nickel sulphide targets around the world, tops of structures being at 300 to 400m, down to 700m”. "No reason those targets wouldn't be drilled". Yes? Correctly quoted?

In Bluejay’s RNS Sept 21, 2023, it states: “Vismand Exploration attempted to drill test the EM and MT targets in the Aaffarsuaq Valley but failed due to geotechnical and gas related issues”

https://www.greenmin.gl/ go to the Greenland Portal, and view “License Reports” zoomed on the Disko/Nuusaq area. These reports have been publicly available for many years by the looks of it.

Vismand, 2007 “Hy-Grade Geoscience”: https://data.geus.dk/gg_detail/?cat=rap&id=92241

- 3 holes drilled on Nusuaq using a rotary core system. Every hole failed to reach bedrock, max depth 150m

- Holes intercepted “overpressure gas cut fluid”

- the rig equipment included “annular diverter for drill hole control as well as gas detection and warning systems"

Avanna 2013 “Avannaa Exploration” https://data.geus.dk/gg_detail/?cat=rap&id=91215

- "Drilling in 1994, 1996 and 2007 encountered unexpected permafrost and natural gas”

- “Greenland Bureaus of Minerals and Petroleum have stipulated a requirement for use of proper well control equipment for drilling and coring operations in the license areas”

- “17 holes drilled, several well control incidents, 10 lost coring assemblies, deepest only reached 537m, severe problems with losses”

- “Recommend the use of oilfield type mud rotary drill, as well as core drill, well control, etc”

Over to you blokes for comment.

Ashton, suggest you do a bit more research on the Disko drilling issue.

Greenland publishes all historical company reports on their website, for all companies operating in the country.

Please report back!

Paraphrasing slightly, but:

Interviewer at ~9:15 says targets are “deep”.

RE @ 10:15: corrects interviewer and says "targets no deeper than other structures at 3-400 m down to 700m. No reason why those targets wouldn’t be drilled”

Unless perhaps, gas? need a gigantic rig (that still didn't work)?

He goes on to talking about Falconbridge drilling a hole which ended in spectacular mineralization. Why wasn’t it drilled out? Gas?

Suggest searching for and reading what’s available publicly yourself, but remember the facts when listening to these guys speak.

Worth revisiting RE’s video interview for October 6th, as you say:

1) RE states the drilling is “easy/simple/not very deep”.

In Bluejay’s 2022 Disko results, they state: Vismand’s drilling failed due to “geotechnical and gas related issues”?

Googling, Vismand was a public company in Canada, so this program would have been announced at some point. Another google result shows this: https://eng.geus.dk/media/13313/go24.pdf Why are they using a massive oil-type rig to drill a simple/easy exploration hole (p12)?

Going deeper with GEUS papers. https://data.geus.dk/pure-pdf/29576_GEUS-R_2013_57_opt.pdf This paper says: "In the 2000's, Vismand Exploration attempted deep drilling, but failed due to overpressure caused by natural gas build-up”. That huge rig was unable to reach depth??

The author is Bluejay’s current (?) CEO, Bo Stensgaard !!!

2) RE: Which source (GEUS, Cairn etc) shows that Cairn drilled Disko/Nussuak, found sulfides, and sold the licenses to Bluejay for a pittance? Cairn only drilled offshore oil wells?? What is he even talking about?

Appreciate most of us have lost our shirts since Bo was hired in 2018 (16p to 0.6p), but exercise extreme caution when believing what these guys say.

If you want an update on what Kobolds priorities are: https://www.mining.com/web/bill-gates-backed-mining-startup-wants-to-expand-into-congo/

They have not committed to spending $12m in 2024, nor would they have to spend that. Suggest a re-read of the JV announcement.

Burning £900k a year on G&A according to RE, tells you exactly how long they have to announce a partner, without doing any exploration.. tick tock..

A lot of credit being given to RE for his arm waving about potential partners.. Did everyone forget that him and Bo Stensgaard announced up to $6M fundraising at 2.5p last February, cancelled it, then decided to raise at 1.75p (June, £1.3M) and 1.00p (August £0.6M) instead?

If its all sunshine and rainbows why aren't the directors/employees buying at these historic lows?

Doubt this gets back to 1p on news of a partner alone. Everything is priced in, barring a major exploration discovery (which cant/wont happen without $).

When Bluejay announced KoBold as a strategic partner, the SP went from 9p to 15p (up 66%). a 66% increase from todays price would put Bluejay back at 1p. When Bluejay announced Rio Tinto as a strategic partner, the share price went from 9p to 11p (up 22%).

6p is a market cap of £71M, vs a market cap of ~£8M today. The only news that could add £63M to the market cap would be a major discovery. From the sounds of Hemo's message, Bluejay is trying to pitch drill targets to Kobold, not the other way around? Can you expand?

“Most of the time our mind gets conditioned so much by the circumstances that we fail to see the obvious.”

Well put.

Kobold didn’t bother allocating money to Greenland in 2023. They have tech to analyze in real-time, don’t buy the “so much data” excuse. They could have just paid Bluejay to do the program if they still liked the project?

Maybe better to ask the company: what does it cost to hold 51% of Disko and 100% of Kangerlussaq in 2024 (and beyond). Easy enough to work out via the government website.

The fact they burn 900k a year on G&A tells you exactly how long the 600k they raise in August will last. RE’s “end of year” comments are not a coincidence.

Also how’s Metals One doing? 3p and zero liquidity. No life raft there.