Member Info for RachT2

CC - morning.

Jay shareholders voted to acquire 100% of WF - to be bought in 2 tranches. The second tranche is an option and I quote -

'THE EXCERCISE OF THE OPTION IS SOLELY AT THE COMPANY'S DISCRETION'

There is no requirement to have a shareholder vote or arrange an AGM - oh nothing so formal, RM and his chums will decide on the matter. If Jay's SP takes off do you really imagine for one minute that RM and his buddies won't give themselves a pay day? A pay day at the expense of Jay shareholder value.

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Ashton / CC

Surely the map featured in the article is simple enough to evaluate - Liverpool Land is raised basement, Jameson Land is not. These excerpts from a GUES bulletin -

Basement highs are large structural features, commonly buried in sedimentary basins. They are of interest for natural resources exploration and research because of their ability to inf luence migration and entrapment of petroleum. The Liverpool Land Basement High (LLBH) in Greenland is an uplifted and well-exposed basement high located between two sedimentary basins, and thus provides a valuable analogue for fractured basement-hosted mineral, oil and geo-thermal reservoirs.

Jameson Land by contrast is a basin. Two geologically different areas. Now both may or may not contain the resources of interest but, as I've said, I think people are mistaken to interpret Jameson's proximity to Liverpool as being anything positive.

Now that I've replied to your question would you answer one for me. Your lack of response to my last post is surprising. You have told us that you voted in favour of the resolution to acquire White Flame - can you explain your rational behind voting for such a hugely dilutive acquisition and something that may have the potential to cost Jay vast (uncapped) sums of money if / when it acquires the rest of WF- money (shares) it is now obliged to pay even if WF turns out to be worthless.

Indeed - just to remind folks, the first 51% of WF is being bought by issuing around 448,500,000 new shares at a price of 0.3127 - dilution of around 22%. Strange that, because I'm sure Jay said they weren't going to dilute. But worse still, the remaining 49% of WF will potentially be purchased by issuing yet another c. 421,350,000 shares - so a further dilution of around 21%. Why so many shares and why so much extra dilution I hear you cry - that's because the BoD of Jay and the BoD of WF (oh, they're the same people aren't they?) have decided that the purchase of the remaining 49% will be possible at anytime within the next 3 years but attributing a value to the Jay shares at exact the same low ball figure used for the initial 51% purchase – 0.3127p. So when I commented that those voting in favour of the resolution to purchase WF were acting like turkeys voting for Christmas I hope folks can start to understand the implications. Let's say Jay get some cracking drill results at Disko (if it ever happens) and the sp really flies - RM et al can get Jay to buy the remainder of WF by issuing them with another 421,500,000 shares – irrespective of the prevailing Jay SP because they have written in the value of the shares at 0.3127 for the purpose of the acquisition. That is irrespective of any performance target for WF (which could be near worthless). Stitched up? You have been - well and truly as far as I can see.

So very many giggles today it's hard to pick any winners. The officecat is on form again but I think rnorth must take the accolade today with their criticism of others 'Spouting opinion as fact again.' Unfortunately they misrepresent the quote they have chosen as being fact by omitting one or two crucial words, maybe just an over sight.

Some of rnorth's 'facts' as posted recently

'They’ve really worked to rinse out the stop losses today and build.' - oh dear, SP continued to fall from the 0.545 on that day all the way down to the recent low.

'We’re currently about £30m undervalued,' - say's who? Rnorth that's who :-)

'We have money and we know we can drill cheap.' - I think you'll find you don't have much money and drilling costs for Jay are the same (or more) than anyone else. Why would a drilling co. offer Jay a discount? They can't drill themselves because they recently sacked all of their staff.

'Then there’s the investment from the government as per this plan. Wake up derampers.' - what govt. investment is that then? Do please enlighten us all.

'Didn’t share this earlier but given where it’s going I thought it worthwhile to encourage people to just hold on and not skim their profits.' - great advice, not. Posted at a recent high of 0.71p, glad I didn't take any notice of rnorth's financial advice.

'The drilling will be much cheaper than normal using existing drill sites, they can do this then raise at a much higher price given the size of the opportunity.' - is that right? :-)

'A new level is coming, and more work to do of course…but there’s a rerate coming.' - wow, that's quite some 'fact' you've posted there rnorth, must be so.

'It should jump to £40m quickly enough given the HE1 comparison.......' - well, we're all still waiting.

'Looking good to ten bag from here tbh' - posted at a recent high and prior to a fall of over 50%.

Now I'm sure rnorth meant to mention that NONE of their posts were actually fact and that in reality were actually nothing more than their own over optimistic ramps but let's be generous and excuse them for 'spouting opinion as fact again' and again and again .........

Morning Ashton

RM used the exact same tactic with Dundas, look how that panned out, I'll not bore folks with the facts. He is again using the official GUES report to add Kudos to Jay's efforts – as you are only too aware I maintain that a fund raise is imminent and hence his current promo. Time will tell which of us is correct.

I am well aware that the report posted by KatAmnesia is regarding Petroleum – it was the geological map that I was referring to. That illustrates Jameson Land and Pulsars patch are quite different, Much is made of the fact of Pulsar's proximity to Jameson but surely any success (or failure) Pulsar may have cannot infer Jay will experience outcome the same. Indeed Pulsar may prove to be a dud but Jameson may be a fantastic find – and vice versa.

Great to see the rampers have returned - my, how I did miss the daily chuckle they provided with their ramptastic posts, posts that were almost identical to ones they had posted on other 'hot' stock chat rooms.

I'll post the most amusing ones as before - theofficecat has already had me giggling. Great to know I won't be offending them - they have filtered anyone that utters even the slightest of doubts. That's a smart strategy, not!

'no dilution' - yeah, right. Believe that and you'll believe anything. But of course, Jay has always issued accurate statements and gone on to achieve all of their targets and promises. Oh no, that's right - they haven't. The proposed tests sound like a pretty inexpensive way to further data - but with Jay down to its last couple of £100k even those tests will drain the bank balance.

This has the hall-marks of the start of a ramp to soften up punters for a fund raise., expect some rubbish from SP Angel anytime soon. All IMHO - anyone think otherwise?

Interesting couple of posts – both of which are inferring that Jay is sitting on helium and white hydrogen reserves and will fund a partner to aid in developing this apparent huge asset. But I'd question those assumptions.

RM has a vested interest in bigging up Jay so naturally he repeatedly refers to GEUS, any attempt to give credibility. But the fact remains that the supposition (because that all it is at the moment) that Helium and White Hydrogen are there in quantity (let alone economically viable quantity) is solely down to RM's and the Jay BoD's interpretation of the data. Are they not the first ones to make such a claim despite numerous other independent experts reviewing the exact same data over several years? All of those 18,000 data and chemical samples mentioned have also been reviewed by other parties. I just find it strange how Jay are the first to come to such a conclusion.

Repeating the comment that Jameson Land is adjacent to Pulsars's patch seems to be an attempt to give credibility to WF's / Jay's holding and claims. Is it correct to draw any comparison at all – I don't see it. Does not the map shown in the link kindly posted by KatAmnesia illustrate that geologically they are quite different? Is it's proximity any more relevant than any other spot in Greenland?

Hi Ashton, thanks for reply

Yes of course I saw the RNS of 29/4/24 - that's when I first considered Jay to be 51% holder. If Kobold have gone on record stating that there will be no drilling in 2024 I think it's a matter of semantics to say that Kobold still holds 51% until the end of 2024.

Maybe I didn't make myself clear - I have little to no interest in contacting BoD's in any co. I invest in. You might find that completely unfathomable but I honestly have never found the need or have found anything to be gained by it. Horses for courses. If the co. in question has a long standing history of missed targets etc then I have zero interest in relaying their unofficial musings or paying any attention to them myself. They are, as we know, so very unreliable.

We have completely different memories of the '21 spike - the SP was indicating it was so overbought that was one of the times I sold out and made a nice little profit. I never fell for the Bill Gates, Bezos et al connection - Breakthrough Energy Ventures had / has it's finger in so many pies it's doubtful Bill has ever heard of Kobold!

Indeed, let's hope that Disko assay results are as good as everyone hopes - but that's sometime off yet so the SP can go any which way until then - I've got my expectations but only time will tell.

Good luck with your investment - and good luck to all with Jay whatever way you choose to play it.

Hopefully this will fall a little more this afternoon into the 0.30 range.

That's nearer my target range and what I expect any fund raise to be set at.

Hi Ashton – as ever, thanks for your prompt reply.

I consider my research to be thorough – although I know of no one but yourself that goes into such minutae of a company so I will freely admit to not being as 'thorough' as you may require to define me as being 'thorough'. I have been investing for well over 3 decades and I stick to the rule of never getting too close to ANY company. I think you are too close to Jay but that is just a matter of opinion. Now I say this without wishing to cause offence or be abrasive or to try and score points, it is merely an observation – where has all of your 'thorough' research got you? Your main holding is down some 95% in value; that seems to be a very unproductive use of your time and something I have no wish to repeat.

We'll have to agree to disagree on the 51 – 49% split. On a technicality Kobold may still have 51% but they have to fund and conduct a set number of drills before the year end to retain that 51%, something they have stated that they won't be doing. Now I am may not be as knowledgeable as yourself regarding such matters but I would suggest that as neither the equipment nor the team are on site (or are they?) then it will be impossible for Kobold to now do the required number of drills before the year end. I thought the window for commencement of works was necessary to start in June.

I am somewhat surprised that you recommend ES as an alternative to RM. He seems to be as reliable as RM. You recently posted that ES had assured you that any planned acquisitions relating to Jay would be incoming in nature. However, within 8 weeks (without ANY incoming acquisitions) Jay reported an outgoing acquisition. Jay still have yet to report any incoming acquisitions. I rest my case.

Ashton - I for one haven't contacted Jay. I have followed the company and BB posts for sometime and I've witnessed the utter futility of doing so. RM et al can tell the odd individual PI who does enquire what ever they want to - nothing they say in such conversations / correspondences is official and they cannot be held accountable for inaccuracies. Let's face it, there has been numerous inaccuracies and missed assurances over the years. How many times have you posted something in good faith (presumably because you've corresponded with the Jay BoD) only to be disappointed? The present overdue expected news is a prime example - and that statement assuring news in 4 weeks was issued by RM at an 'official' function. Save your breath and time, await the RNS's - nothing else is of any consequence. Unfortunately even a lot of the official RNS's have been proven to be over optimistic and unachievable (I'll not bore everyone with a list of missed deadlines / targets / projections etc).

'That said, a 2-week delay is neither here nor there.'

Well ordinarily I would have to agree with you but unfortunately we are talking about RM - the largest share holder in the company and the man most people regard as the 'boss'. RM is supposed to be courting partners, buyers, suppliers of finance and investors in general but here we are with yet another missed assurance in the very long list of targets / assurances / 'promises' he has issued. It just doesn't look good. He is only serving to enhance a reputation for unreliability. If he can't 100% meet his own statements why issue them? You'd of thought he might of learnt a lesson by now, surely he's had enough egg on his face in the past.

Far better to understate and over deliver - but unfortunately that appears to be the opposite to RM's mo.

Jeez - have you had one too many Malbecs Ashton? :-)

You firstly state that -

'I could NOT draw any firm inferences from RM’s reply except that JAY would like to exercise majority control (51%) whilst progressing the project. Does this mean a three-way partnership would be acceptable to JAY provided the company exercises majority control (51%)? The only way this can happen is if AA joins as a partner along with JAY and KoBold and the ownership of Disko (strictly speaking Nikkeli Greenland A/S) is reconfigured in such a way that KoBold gives up 2% of Nikkeli to JAY and a proportion of the remaining 49% to AA.'

That clearly states that RM wants 51% and that AA would have to share the remaining 49% with Kobold.

Today you state -

'RM did NOT infer he can successfully negotiate a 51% ownership interest for JAY with AA but that any such negotiations - if concluded - would mean JAY having to forego majority ownership interest of Disko.'

That's clearly 2 different positions - one you state that RM wants to keep 51% then the next minute you state that he doesn't. What are you confused about? It's your posts we are referring to.

Ashton - thanks for clearing that up. But you did rather confuse us all - you stated that the only acceptable deal for RM would be if Jay retained 51% - which of course is cuckoo land

'The only way this can happen is if AA joins as a partner along with JAY and KoBold and the ownership of Disko (strictly speaking Nikkeli Greenland A/S) is reconfigured in such a way that KoBold gives up 2% of Nikkeli to JAY and a proportion of the remaining 49% to AA. This would mean JAY becoming the majority owner (51%) with KoBold and AA as minority partners.'

Now that we've established that RM will accept less than 51% lets think how much Jay is actually likely to retain. In your example do you know if ARCM had previously been in discussion with AA but snubbed them instead for the razzmatazz of Bill Gates et al? I think maybe they did not. From AA's perspective they are only too aware that they were snubbed by Jay and that Jay's resultant deal with Kobold hasn't worked out well. Any deal now is because Jay are getting desperate. In those circumstances AA are unlikely not to insist on a deal even more favourable to themselves than the initial deal - AA is definetely in the driving seat now, more so than previously. AA wants 70% if ARCM meet their obligations of funding - how much funding will Jay have to match with AA to get anywhere near retaining the same 30%? They are going to struggle to raise enough funds to match AA (or any partner) for Disko - let's not lose sight of the fact that they will also need to raise funds for Dundas and now White Flame and and and .........

I think Jay will ultimately end up with less than 10%, quite possibly as little as 5% of Disko.

Bez - you're obviously not reading my previous posts. I have been in and out of Jay several times - I don't state whether I hold or not (you'll have to guess) but I can tell you I've not got any loss in Jay. I don't consider myself as a trader (no level 2 or anything like that) but just try to make a profit here and there whenever / wherever I can. Shares like this are great for that - can be up and down like a yoyo - but needs watching for BOD tricks - never a long term hold in my opinion.

Bez - speaking for myself I am not a hater (as you term us) - I have made money from Jay and will hopefully continue to do so, why would I hate it? I have however built up a considerable knowledge and understanding of the co. and equally (or more) importantly the MO of its BOD - I post that info and my opinion for folks to do with as they please. Some folks obviously know better than me and chose to filter my posts - personally I think blinkering oneself to opposing views is a great marker of ignorance, but we all have a choice. Good luck with your investment.

Indeed - I just hope some folks took notice of the few of us that posted warning / advising about their tactics and BS. But you can bet your bottom dollar that they'll be back with exactly the same BS when ever there's a sniff of news. But best way to play Jay would appear to be short term trades and to never chase the price. And of course totally ignore posts such as this laughable beaut posted recently at a high of 0.675 and when ever charting metric going was pointing to a very over bought price - you got to laugh

'Why would you sell at this point

Plenty of ceiling yet'

What absolute drivel :-)

Thanks Ashton - although I suppose it's a rather moot point as they've already stated they won't spend the money nor drill by the end of 2024.

Ashton - I'm confused. I was of the impression that Kobold had already given up the 2% as they hadn't made good on the terms agreed? They are not drilling within the agreed timescale. Does Jay not already have 51% as Kobold have failed in their side of the bargain?

I just can't see AA (or anyone with big enough pockets and the required skills / experience to develop a producing mine) agreeing to such a minority stake as the one you are suggesting is the only acceptable option to RM. He must be full of himself to think that a minnow like Jay can dictate that it wants to retain >50% when it hasn't got tuppence ha'penny to its name. Big boys, to coin CC's description :-), will just play the long game and wait for Jay to go bust / get the begging bowl out.