Share Name Share Symbol Market Type Share ISIN Share Description
Bluejay Min LSE:JAY London Ordinary Share GB00BFD3VF20 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.05p +0.22% 22.50p 22.40p 22.60p 23.00p 22.30p 23.00p 1,002,400 16:35:04
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -0.8 -0.1 - 173.59

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Date Time Title Posts
17/1/201820:33BlueJay. Pituffik Superstar2,286

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DateSubject
18/1/2018
08:20
Bluejay Min Daily Update: Bluejay Min is listed in the Mining sector of the London Stock Exchange with ticker JAY. The last closing price for Bluejay Min was 22.45p.
Bluejay Min has a 4 week average price of 21.25p and a 12 week average price of 19p.
The 1 year high share price is 25.75p while the 1 year low share price is currently 7.75p.
There are currently 771,501,361 shares in issue and the average daily traded volume is 960,113 shares. The market capitalisation of Bluejay Min is £173,587,806.23.
23/11/2017
07:34
monts12: With permission from http://michaelwalters.com/stories/news.phtml?num=5303 What's Going On? - (JAY) 11/11/2017 (119264) What’s Going On? Happy days. Shares in Bluejay Mining (JAY) continue to power ahead, ending the week at a new peak of 23.50p in decent volume. The recent surge through 20p was not followed, as it has been in earlier surges, by a spell of profit-taking and consolidation. This time it just went straight on up, taking the market capitalization to a rather serious £173m. We are not dealing with some flakey fringe stock here, but an emerging heavyweight, increasingly backed by well-informed institutions and advisers, people who would not be playing here unless they believed that this was bound for the big time, something to be taken very seriously by the world’s leading resource companies. What distinguishes Bluejay from other early stage resource plays is the undeniable evidence that is has found a world-beating ilmenite deposit out in north-western Greenland, and it is worth a fortune. Remarkably,nobody took it particularly seriously until the current management team, lead by chief executive Rod McIllree, got aboard. Folk knew the black sand beaches meant ilmenite, which ultimately meant the titanium which is used for all sorts of things across the world, but until global warming began to loosen up the permafrost and ease access to them, nobody bothered that much. Proof that ilmenite is there in abundance comes from simply looking at it (see the pictures on the website at www.titanium.gl), from the preliminary drilling by the company, and – most potently – by a survey from the Greenland and Denmark Geological Society, which talks about 17bn tonnes of ilmenite in the area. It is estimated that at least 1bn tonnes of it must be within the Bluejay licence. The team was out there last summer in the four or five month weather window when they have light almost 24 hours a day, drilling, digging, bagging and shipping. That process probably re-starts in June, though they will start building infrastructure early in 2018. That does not mean the pace of news from Bluejay will slow. There are crucial news points in the weeks and months ahead. Go back to the interim statement on August 23, and most of it is foreshadowed there. McIllree talked of defining ‘a maiden JORC resource of 23.6Mt at 8.8% ilmenite (in-situ) at the Pituffik Titanium Project in Greenland - this includes a high-grade zone equal to 7.9Mt at 14.2% ilmenite (in-situ).’ • He went on to say the ‘2017 work programme was well advanced - targeting an upgraded resource, feasibility results and off-take agreements by the year-end.’ At some stage quite soon, then, we are due the formal JORC resource upgrade. Since the original dealt with less than 17% of the area, and there has been a massive increase in the areas of drilling – see the yellow dots on the map on page eight of the October presentation at http://www.titanium.gl/documents/investor-presentation/Bluejay%20TiO2%20World%20Summit%2010.10.17.pdfhttp://www.titanium.gl/documents/investor-presentation/Bluejay%20TiO2%20World%20Summit%2010.10.17.pdf The chances are that the formal resource upgrade, though it will not get to 1bn tonnes, will multiply the previous formal figure perhaps ten-fold. Big investors, though they know about the Gigatonnes, like to see things like the generally accepted JORC, however. McIllree is clear enough. He has said ‘I expect this volume to grow exponentially in the coming months.’ On October 13 we had details of the top-class team of expert companies involved in the feasibility study, and a change of name for the project from Pituffik to Dundas. The final feasibility study report was due for completion during the first quarter of 2018, and will form the final part of the exploitation license application which is expected to be approved during the first half of 2018. When that comes, Bluejay can get digging and selling in bulk. But we might get some news on that earlier, and meanwhile we should have the social impact assessment report and environmental impact assessment report approval. The proof-of-concept bulk sampling programme has exceeded expectations, and there is an agreement with an experienced mineral sands processor to refine the ilmenite into a two high specification products which will sell at a premium price, and can be used to seed the market to assist obtaining off take agreements. There is the prospect of such agreements – and more than one significant major player is interested – before the end of the year. McIllree has been travelling across the world to talk to interested parties, with at least one of them very keen. Amid all of this ilmenite activity, there could be corporate action in the months ahead. While potential customers might be persuaded to help finance part of the development in some way, there might be a need to line up shipping and mining partners in a fashion which allows them greater margins initially in return for bearing their share of costs, and there might also be a need to raise extra funds to construct the relatively simple extraction plant on the shore. As a major shareholder himself, McIllree is always keen to keep any dilution by issuing extra shares at a minimum, but it does appear that there could be powerful institutional support for any share funding. He knows he can raise several millions from selling the group’s interests in Finland. . The board is keen to retain full exposure to the polymetal prospect at Disko in south-western Greenland, and it looks as if this will be hived off in some fashion into a company whose shares could be distributed to existing Bluejay holders. Some believe this could be bigger than the ilmenite project, but is it vastly more speculative, though it could be worth a few pence per share at this stage. Hiving it off would be a means of keeping hold of it should there be a bid for Bluejay based on the Dundas project. There are many ways of potentially valuing this, and some of them are explored in previous reports which can be accessed by putting JAY (or FAM for earlier efforts) into the box at lower left of the front page. While it is possible to arrive in perfectly logical fashion at quite breathtaking figures by simply attaching a modest price per tonne to the ultimate resource, it is best at this stage to be more cautious. This despite evidence that the ilmenite price is going higher, Bluejay has a premium product, and there could be a margin in excess of $100 per tonne. We are talking sales of hundreds of millions of tonnes a year and rising as we look ahead, so the potential values are high. That said, Bluejay has yet to make a profit, and will not be mining major quantities until 2019, all being well. And just as climate change has opened this opportunity, an unexpected reverse could make it less attractive. Given the unique size and especially attractive qualities of Bluejay’s ilmenite resource, the chances are that one of the majors will bid for it in the end. Given the innate caution of big companies, the chances are also that any such bid will not emerge until all of the loose ends are tied up. McIllree has been working his way through that task impressively, and though his good working relationship with the Greenland government, which needs the jobs and revenue, suggest it will come in good time, the Exploitation licence is not likely until the second quarter of 2018. So a bid is less likely before that date. In the meantime, with new and more influential advisers on board, the Bluejay story is getting better known, the rising market capitalisation perversely attracts more interest as it grows, and there are several news events marking progress to production which could help sustain the share price over the next few weeks and the months ahead. We started this journey a little late, introduced to it by an astute friend who told us about it with the price just above 6p, not that long after it had been 2p or lower. Clearly the scope for gains diminishes as the price rises, but Bluejay’s flight is far from over. I have a holding in Bluejay. Ends
09/11/2017
22:35
citytilidie: In days gone by level 2 told you everything. These days with iceberg orders it doesn't mean anything. Generally, if the share price goes up on decent volume then it's a great sign, and down on volume, the opposite. Personally, I think everything is looking superb. The trend is up, the share price is at an all time high, Richie has thankfully stopped posting, and best of all, news is hopefully on its way which will transform this company into an absolute world beater.
16/10/2017
17:07
squiresquire: lasata Thats an interesting question. You see the thing is that JAY has an extraordinary set of leases. We know the Ilmenite is in quite huge quantities, far far bigger than any other known global deposit, and this is by no means factored into the share price. We also know the quality is far far better than any other known deposit, and this is by no means factored into the share price. We know our Ilmenite is suited for an extremely large sector of Industry as the quality and 'qualities' (there being a big difference) allow it to be used for a truly excellent range of applications. Again this is not factored intot he share price. Your question of what the impact will be of a off take agreement will be fueled by the agreement itself. For example the BOD may well be saying that they need to pay a certain amount towards the eventual plant required, or they may be saying they want a three year contract, two one or five depending on how they want the money to come in. My guess is that Rod Mcelwee knows he is sitting on an absolute killer of an opportunity, and others will know it too. This gives him an edge, the worlds largest consumers of Ilmenite will be very interested in his pile in Greenland. Basically if you think of hedging in the petro industry then a large user would love to have a multi year agreement for a knock off price. If this helps the BOD in JAY get their equipment, set up systems, build floating docking facilities etc etc tehn they will go for it. Basically the takeoff agreement could be huge as it could be one part of the 'funding' Rod Mcelwee needs. The share price would react very sharply if this was the case.
15/10/2017
17:19
astralvision: This is not the piece in question, but it does give you some idea of what sort of commentary you get from the MW site re JAY This is now a free article, so there is no problem with me posting it http://www.michaelwalters.com/stories/news.phtml?num=5244 Big Beasts at Bluejay - (JAY) 12/6/2017 (119264) Big Beasts at Bluejay Not a walrus in sight apparently when Bluejay Mining (JAY) completed the survey to make sure it would not inconvenience the wildlife when picking up ilmenite on the beaches of north western Greenland � but big beasts galore as the company completed a bumper share placing and fund-raising last week. The formal notifications should start to appear after Thursday�s settlement, but watch out for top class names as 3% plus shareholders as the institutions who scrambled for the stock go through the process. UK unit trust giant M & G is likely to appear with 10% or so of the company, while US Capital Group (assets under management approaching $1.5trn) will be there, along with Legal & General, Hadron, Man Group and others. Bluejay could have shifted over �50m of shares as long-standing Aussie shareholder Western Areas placed out all 138m of its holding, while Bluejay raised �3.5m gross of new money and people in the company tossed in a further 5m shares � all at 12p. (Note � as ever, chief executive Rod McIllree did not part with a single share.) Make no mistake. There was no lack of demand, and it seems that, looking over a shoulder at a possible major interested player, the company moved smartly to disperse the Western stake among key investors who would take a long-term view. Western had been looking to realise cash for a while, worrying about a loss-making mine in Australia, and will be able to report for the year to June 30 with a decent profit, instead of a large loss, thanks to the money it has made by taking profits on the Bluejay stake. It all works rather well. Bluejay has expanded a quality base of shareholders who understand the business and raised what, by Bluejay standards, is a substantial extra slug of working capital at very modest overall dilution. The new money will speed the pace of exploiting the remarkable, record grade deposit of ilmenite in Greenland, with cash to add personnel and equipment, and negotiate from a position of relative financial strength as Bluejay delivers a bulk sample and ties up deals with potential partners to shift product. While the share price settles after running from around 13p to touch 16.5p as the placing negotiations were finalised, the market should recognise the quality of the new shareholder support. There could be buying from some of the new investors, impressed at what they have seen. The whole Pituffik development process will be moving ahead in the next few months as the weather window opens up and full-time working on site can get under way. The company has a clear path set out, and while the full extent of the potential Pituffik bonanza is not yet fully appreciated in the market, Bluejay will rapidly be adding value. This is not empty dreaming. There appear to be no great environmental barriers, and the Greenland government must be happy to have such a substantial and relatively benign project under way. Remember, this is low tech stuff, no need to build a mine or to use large quantities of unwelcome chemicals � just a plan to drill to establish the depth and location of the resource, and machines to dig it up, filter it, and load it onto ships. While the conventional JORC resource statement covers only a small area of the licence so far, there is clearly a massive resource. That is confirmed beyond question by the recent study undertaken by the Geological Survey of Denmark and Greenland which estimates that 10 billion tonnes of ilmenite (note � actual ilmenite, not material containing ilmenite) exist in the original rock with up to 7bn tonnes of eroded ilmenite in the region. It is estimated that perhaps 1bn tonnes of this ilmenite is within the Bluejay licence. Bluejay is pushing ahead with an eye on initial commercial production in 2018. House broker S P Angel, citing a share price target of 22p a few weeks ago, was talking about the ability to mine 100,000 tonnes of ilmenite in a matter of weeks when it gets going. On a conservative basis, the potential profit margin is maybe $60 a tonne. It could be significantly higher, but even the low figure would mean profits of $6m. It is probable that production could be raised, with the resulting cash flow perhaps spurring a change in financing which could raise margins. There are also signs that the ilmenite price could be rising. The new institutional investors could well have done sums which suggest production of 250,000 tonnes and then 500,000 tonnes two or three years further down the line. Such figures might mean profits of $15m and then $30m a year, with the capacity for yet more expansion over the horizon. These, of course, are highly speculative projections. They assume that the Greenland government and environmentalists will continue to smile on Pituffik, and that the ilmenite price remains at least steady. The chances of one of the majors taking Bluejay out before we get to really big figures are strong. Go back to my report �Jay Talking� of April 14, where chief executive Rod McIllree is speculating that Pituffik has maybe 500,000 to 700,000m tonnes of ilmenite. That, he speculates, could be worth $1 to $3 a tonne in the ground � equivalent then to maybe 55p a share or 75p a share. It is pretty certain that there is 1bn tonnes on the Bluejay licence after the GEUS survey. Maybe the shares will not get that far, though it looks pretty clear that Bluejay could create the capacity to produce, say, 1m tonnes a year almost indefinitely (notional $60m profit). The shares eased to 14.75p as I write, but are up from the 6p to 7p region since first recommended here. At 15p, the market capitalisation would be �115m. If you are ready to gamble on any share, this really is the one. It could still have a long way to go. I have a holding in Bluejay. Ends
06/9/2017
11:30
astralvision: probably been posted before, but not a bad reminder http://www.michaelwalters.com/stories/news.phtml?num=5244 Big Beasts at Bluejay - (JAY) 12/6/2017 (119264) Big Beasts at Bluejay Not a walrus in sight apparently when Bluejay Mining (JAY) completed the survey to make sure it would not inconvenience the wildlife when picking up ilmenite on the beaches of north western Greenland � but big beasts galore as the company completed a bumper share placing and fund-raising last week. The formal notifications should start to appear after Thursday�s settlement, but watch out for top class names as 3% plus shareholders as the institutions who scrambled for the stock go through the process. UK unit trust giant M & G is likely to appear with 10% or so of the company, while US Capital Group (assets under management approaching $1.5trn) will be there, along with Legal & General, Hadron, Man Group and others. Bluejay could have shifted over �50m of shares as long-standing Aussie shareholder Western Areas placed out all 138m of its holding, while Bluejay raised �3.5m gross of new money and people in the company tossed in a further 5m shares � all at 12p. (Note � as ever, chief executive Rod McIllree did not part with a single share.) Make no mistake. There was no lack of demand, and it seems that, looking over a shoulder at a possible major interested player, the company moved smartly to disperse the Western stake among key investors who would take a long-term view. Western had been looking to realise cash for a while, worrying about a loss-making mine in Australia, and will be able to report for the year to June 30 with a decent profit, instead of a large loss, thanks to the money it has made by taking profits on the Bluejay stake. It all works rather well. Bluejay has expanded a quality base of shareholders who understand the business and raised what, by Bluejay standards, is a substantial extra slug of working capital at very modest overall dilution. The new money will speed the pace of exploiting the remarkable, record grade deposit of ilmenite in Greenland, with cash to add personnel and equipment, and negotiate from a position of relative financial strength as Bluejay delivers a bulk sample and ties up deals with potential partners to shift product. While the share price settles after running from around 13p to touch 16.5p as the placing negotiations were finalised, the market should recognise the quality of the new shareholder support. There could be buying from some of the new investors, impressed at what they have seen. The whole Pituffik development process will be moving ahead in the next few months as the weather window opens up and full-time working on site can get under way. The company has a clear path set out, and while the full extent of the potential Pituffik bonanza is not yet fully appreciated in the market, Bluejay will rapidly be adding value. This is not empty dreaming. There appear to be no great environmental barriers, and the Greenland government must be happy to have such a substantial and relatively benign project under way. Remember, this is low tech stuff, no need to build a mine or to use large quantities of unwelcome chemicals � just a plan to drill to establish the depth and location of the resource, and machines to dig it up, filter it, and load it onto ships. While the conventional JORC resource statement covers only a small area of the licence so far, there is clearly a massive resource. That is confirmed beyond question by the recent study undertaken by the Geological Survey of Denmark and Greenland which estimates that 10 billion tonnes of ilmenite (note � actual ilmenite, not material containing ilmenite) exist in the original rock with up to 7bn tonnes of eroded ilmenite in the region. It is estimated that perhaps 1bn tonnes of this ilmenite is within the Bluejay licence. Bluejay is pushing ahead with an eye on initial commercial production in 2018. House broker S P Angel, citing a share price target of 22p a few weeks ago, was talking about the ability to mine 100,000 tonnes of ilmenite in a matter of weeks when it gets going. On a conservative basis, the potential profit margin is maybe $60 a tonne. It could be significantly higher, but even the low figure would mean profits of $6m. It is probable that production could be raised, with the resulting cash flow perhaps spurring a change in financing which could raise margins. There are also signs that the ilmenite price could be rising. The new institutional investors could well have done sums which suggest production of 250,000 tonnes and then 500,000 tonnes two or three years further down the line. Such figures might mean profits of $15m and then $30m a year, with the capacity for yet more expansion over the horizon. These, of course, are highly speculative projections. They assume that the Greenland government and environmentalists will continue to smile on Pituffik, and that the ilmenite price remains at least steady. The chances of one of the majors taking Bluejay out before we get to really big figures are strong. Go back to my report �Jay Talking� of April 14, where chief executive Rod McIllree is speculating that Pituffik has maybe 500,000 to 700,000m tonnes of ilmenite. That, he speculates, could be worth $1 to $3 a tonne in the ground � equivalent then to maybe 55p a share or 75p a share. It is pretty certain that there is 1bn tonnes on the Bluejay licence after the GEUS survey. Maybe the shares will not get that far, though it looks pretty clear that Bluejay could create the capacity to produce, say, 1m tonnes a year almost indefinitely (notional $60m profit). The shares eased to 14.75p as I write, but are up from the 6p to 7p region since first recommended here. At 15p, the market capitalisation would be �115m. If you are ready to gamble on any share, this really is the one. It could still have a long way to go. I have a holding in Bluejay. Ends
05/9/2017
11:18
astralvision: Shares in the mineral sands explorer have been on a strong run since late July. We attribute this success to positive feedback from an analyst site visit to its Pituffik project in Greenland and better than expected drill results. Chief executive Roderick McIllree says the first drill hole immediately east of its current resource area has intersected ‘what appears to be extremely high-grade ilmenite bearing material throughout the entire 5.5m hole depth’. He calls this ‘a remarkable outcome’. A new drill rig has shown minerals sands to a depth in excess of 30m in some areas. Broker share price Angel says this is ‘dramatically’ better than its depth expectations and comments that Pituffik appears to be ‘an exceptional deposit’. ‘It is too early to give an accurate estimate as to the eventual scale of the mineral sands at Pituffik but it is easy to make the assumption that the resource should expand to a significant multiple of the current and relatively conservative SRK estimate of 23.6mt grading 8.8% ilmenite,’ says the broker. BLUEJAY MINING (JAY:AIM) 18.5p Gain to date: 34.5% Original entry point: Buy at 13.75p, 13 April 2017 SHARES SAYS:  We remain positive on the stock and continue to rate it as a ‘buy’, even after the recent share price
13/8/2017
09:34
aravali: great banter boys...keep it up up up, like the JAY share price! thanks minder5...imo its an an important point to note that the management are heavily aligned to its shareholder base with their holdings...Rod and team would not like to be diluted with large capital raisings at low prices - borrowing from the capital markets and agreements with companies involved in the dredging and shipping process will ensure that dilution will be as minimal as possible
21/6/2017
21:34
monts12: Reproduced with attribution to http://michaelwalters.com/stories/news.phtml?num=5244 Big Beasts at Bluejay Not a walrus in sight apparently when Bluejay Mining (JAY) completed the survey to make sure it would not inconvenience the wildlife when picking up ilmenite on the beaches of north western Greenland – but big beasts galore as the company completed a bumper share placing and fund-raising last week. The formal notifications should start to appear after Thursday’s settlement, but watch out for top class names as 3% plus shareholders as the institutions who scrambled for the stock go through the process. UK unit trust giant M & G is likely to appear with 10% or so of the company, while US Capital Group (assets under management approaching $1.5trn) will be there, along with Legal & General, Hadron, Man Group and others. Bluejay could have shifted over £50m of shares as long-standing Aussie shareholder Western Areas placed out all 138m of its holding, while Bluejay raised £3.5m gross of new money and people in the company tossed in a further 5m shares – all at 12p. (Note – as ever, chief executive Rod McIllree did not part with a single share.) Make no mistake. There was no lack of demand, and it seems that, looking over a shoulder at a possible major interested player, the company moved smartly to disperse the Western stake among key investors who would take a long-term view. Western had been looking to realise cash for a while, worrying about a loss-making mine in Australia, and will be able to report for the year to June 30 with a decent profit, instead of a large loss, thanks to the money it has made by taking profits on the Bluejay stake. It all works rather well. Bluejay has expanded a quality base of shareholders who understand the business and raised what, by Bluejay standards, is a substantial extra slug of working capital at very modest overall dilution. The new money will speed the pace of exploiting the remarkable, record grade deposit of ilmenite in Greenland, with cash to add personnel and equipment, and negotiate from a position of relative financial strength as Bluejay delivers a bulk sample and ties up deals with potential partners to shift product. While the share price settles after running from around 13p to touch 16.5p as the placing negotiations were finalised, the market should recognise the quality of the new shareholder support. There could be buying from some of the new investors, impressed at what they have seen. The whole Pituffik development process will be moving ahead in the next few months as the weather window opens up and full-time working on site can get under way. The company has a clear path set out, and while the full extent of the potential Pituffik bonanza is not yet fully appreciated in the market, Bluejay will rapidly be adding value. This is not empty dreaming. There appear to be no great environmental barriers, and the Greenland government must be happy to have such a substantial and relatively benign project under way. Remember, this is low tech stuff, no need to build a mine or to use large quantities of unwelcome chemicals – just a plan to drill to establish the depth and location of the resource, and machines to dig it up, filter it, and load it onto ships. While the conventional JORC resource statement covers only a small area of the licence so far, there is clearly a massive resource. That is confirmed beyond question by the recent study undertaken by the Geological Survey of Denmark and Greenland which estimates that 10 billion tonnes of ilmenite (note – actual ilmenite, not material containing ilmenite) exist in the original rock with up to 7bn tonnes of eroded ilmenite in the region. It is estimated that perhaps 1bn tonnes of this ilmenite is within the Bluejay licence. Bluejay is pushing ahead with an eye on initial commercial production in 2018. House broker S P Angel, citing a share price target of 22p a few weeks ago, was talking about the ability to mine 100,000 tonnes of ilmenite in a matter of weeks when it gets going. On a conservative basis, the potential profit margin is maybe $60 a tonne. It could be significantly higher, but even the low figure would mean profits of $6m. It is probable that production could be raised, with the resulting cash flow perhaps spurring a change in financing which could raise margins. There are also signs that the ilmenite price could be rising. The new institutional investors could well have done sums which suggest production of 250,000 tonnes and then 500,000 tonnes two or three years further down the line. Such figures might mean profits of $15m and then $30m a year, with the capacity for yet more expansion over the horizon. These, of course, are highly speculative projections. They assume that the Greenland government and environmentalists will continue to smile on Pituffik, and that the ilmenite price remains at least steady. The chances of one of the majors taking Bluejay out before we get to really big figures are strong. Go back to my report ‘Jay Talking’ of April 14, where chief executive Rod McIllree is speculating that Pituffik has maybe 500,000 to 700,000m tonnes of ilmenite. That, he speculates, could be worth $1 to $3 a tonne in the ground – equivalent then to maybe 55p a share or 75p a share. It is pretty certain that there is 1bn tonnes on the Bluejay licence after the GEUS survey. Maybe the shares will not get that far, though it looks pretty clear that Bluejay could create the capacity to produce, say, 1m tonnes a year almost indefinitely (notional $60m profit). The shares eased to 14.75p as I write, but are up from the 6p to 7p region since first recommended here. At 15p, the market capitalisation would be £115m. If you are ready to gamble on any share, this really is the one. It could still have a long way to go. I have a holding in Bluejay. Ends
17/6/2017
09:15
jaknife: minder5, Once again, here's the real planned (Government permission needed) drill announcement: "400 drill holes have been planned with drilling to commence in July" see: hTTp://www.investegate.co.uk/bluejay-mining-plc--jay-/rns/exploration-update--greenland/201705100700086633E/ You claim "it's been an area researched for several decades by the danish government." You're right, it's been investigated and ignored as a poor project by hundreds of others. Once again from the annual report: On 8 March 2016, the Group acquired 60.37% of the share capital of Bluejay Mining LImited ("Bluejay") for £905,607 ("Bluejay Acquisition"). Bluejay is registered in the British Virgin Islands and holds a 126km sq. mineral exploration licence in Greenland. As a result of this acquisition the Group is expected to increase its presence in this market and commodity. That tells you how much the project is worth. But the share price has been ramped and mugs have been sucked in to permit major shareholders to dump. JakNife
24/5/2017
10:06
citytilidie: I couln't read the full article before but have just managed to find it now. It doesn't mean much, but when I just saw the headline I didn't know whether it meant them selling down their stake. I think not (at least yet anyway) Western Areas Limited ("Western Areas" or the "Company") (ASX:WSA) announces that a A$13.3m increase in post-tax FY17 earnings is expected as a result of discontinuing to equity account the Company's investment in Bluejay Mining Plc (Bluejay) (formerly FinnAust Mining Plc) during the current half. Western Areas has ceased to equity account its investment in Bluejay with the Company's ownership and voting interest reducing below 20% following finalisation of all merger conditions and accumulated dilution since the merger between FinnAust Mining Plc and Bluejay was announced in 2016. Western Areas now holds 19% of Bluejay. The expected A$13.3m non-cash gain is based on a revaluation of the investment to market value using the quoted trading price of Bluejay shares on the London AIM at the time of ceasing to equity account. It remains subject to finalisation of the independent audit of the Company's full year financial statements. Any future revaluation of the investment to market value for financial reporting purposes will not impact the earnings of Western Areas. Such movements, in accordance with accounting standards, will be recognised on balance sheet through equity reserves and not through the profit and loss of the Company. Western Areas' 19% shareholding in Bluejay is currently valued at £19.4m (A$33.8m) based on Bluejay's closing share price as at 23 May 2017.
Bluejay Min share price data is direct from the London Stock Exchange
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