Bluejay Mining Share Discussion Threads

[shavian] 05/10/2018 07:28

Potential game changer:



Guess what it is, this wonder material: TiO2 - that’s what.

So glad my top 2 holdings are VRS and JAY. Continuing to add to JAY. Those directors dealing yesterday certainly know what they are doing. Eat your heart out Richie.

[thebigchap] 05/10/2018 07:26

have another read davemac...not the clearest way of listing but makes sense on the second read.

[davemac3] 05/10/2018 07:06

Those director buys don't add up, literally!

[thebigchap] 05/10/2018 07:05

directors buying more skin....would have liked to have seen a much bigger comitment at these levels! more of a token gesture than anything else

[control1] 04/10/2018 23:12

It's pretty obvious what is happening here, people just don't invest in anything anymore cos they can't sit still for more than 5 seconds flitting here and there looking for the next instant profit...

Trouble is, it is mostly the stuff of fantasy. I use IG and the statement on their website openly states that 79% of people who use CFD's lose money. Sure there are big winners every now and again but it is mostly losses of some kind and mostly it is the brokerage that makes money.

Anyway, the point is that everyone was expecting a lot of the o/s things to be wrapped up also with an offtake deal done and dusted by the end of the year and it is becoming evident that this is not going to happen (just like things got "pushed" last year) so the scatty little butterflies are flitting off elsewhere in search of the next golden ticket...

Annoying for those of us who bought in at higher levels but will buy some more and still going to make a tidy profit, in time...

[will02p] 04/10/2018 16:21

A lot of dumpers going to be mighty sorry shortly..imho

[will02p] 04/10/2018 16:00

3dwd

I that your 1 share @ 15.57.39 ?

[3dwd] 04/10/2018 15:56

Bought a small position at this level.. Hope its seen the worst..!

[xclusive2] 04/10/2018 12:31

Good volume day today and could be capitulation day. Could see some short clising into the close and more of the same tomorrow.

[xclusive2] 04/10/2018 12:28

PC,34m raised in 2 Placings, June 17, Feb 18. Current cash, 11m therefore 23m spent, more as they had cash in June 17, how much. Cash burn 23m+ in 15 months. As i stated, i need to understand the spend.

[monts12] 04/10/2018 12:12

'The company is well funded and expects to go into the new year with >£10m in the bank a completed pre-feasibility study, completed EIA SIA and an exploitation application lodged in the system. This cash would be sufficient for several years of further evaluation if need be."

[perfect choice] 04/10/2018 12:11

I'm being lazy now, where do you get a £23M from, as cannot find and 27 Sept 18 interims RNS under consolidated cash flow statement (Jan-June spend) is fairly clear. Rod was clear on £10M left by end Q1 2019 in the interview yesterday so next 6 months position.

[xclusive2] 04/10/2018 11:48

PC,

I'm being lazy and haven't checked back to see cash position in June 2017 pre Placing. You say that JAY are entering Winter season but they were doing that in Q4 2017 yet they've burned £23m in cash, more as they're cash position wouldn't have been zero. I need to do some more research over the weekend to understand the CAPEX/OPEX over last 18 months as saying that they'll have £10m in Q1 makes no sense.

[perfect choice] 04/10/2018 11:37

Its visibility of timescales plus indication of more work to do, not finances that are the issue. JAY are now entering the winter season and so no capex plus contractors not required. Having £10M by end Q1 makes sense if you strip out of the interims cash flow statement one time capex costs and an element of opex cost for no direct activity over the winter season.

This assumes the new facility now being planned in Quebec (see interview yesterday) is funded through offtake agreement which again makes sense.

Some may say the extended timescales and continuing uncertainty of those timescales is feeding concern on longer term cash position especially without any off take announced so far. There is logic in that for H1 2019 if that is really the case but expect licensing and agreements to be in place way before then so a concern not an expectation in my books.

[midasstingray] 04/10/2018 11:37

Thanks @monts12

[xclusive2] 04/10/2018 11:28

Rampair,

I sincerely hope i'm miles off base with a fundraiser but something smelly here. £17m seems to be their favourite number and 152m shares @ c 11p would take them to the magic number and 1bn shares in issue. If i was on the money on thism it wouldn't be a disaster as it would mean that they had raised 51m at an average price of 13.9p and would be funded through 2019 and beyond. The only reason they would do this would be if off take deals were not imminent and no short term revenue opportunity, i believe this to be the case.

I would also add that RM has misled the investor base re deal and project timelines but unfortunately things change.

All speculation and no substance at this point but something definitely not right !!!

[rampair] 04/10/2018 10:56

Shorts closing for now. In my opinion!

[xclusive2] 04/10/2018 10:46

Somebody has had some inside info to see this slide so rapidly, especially after the 2 Placings @ 12p and 22p to raise £34m. They raised £17m in June 2017 (138m) and £17m in Feb 2018 (77m) and their current cash position £11m as per interims. I'm not sure what the cash position was pre the 12p Placing so hopefully somebody can enlighten me. If i took it at zero, then they've burnt £23m in 15 months, £1.5m pm, probably more as cash position was not zero. I appreciate that the cash burn will be less until Q1 but they will need to raise cash at some juncture and i'm hoping that the 'Bear' community did not get wind of that desire to raise cash when share price was in the 20's.

There's never smoke without fire and regardless of what RM says, fundraisers need to be kept quiet but impossible when they go to market to key stakeholders to build the book. I hope i'm wrong but it's happened, over and over again and they may have made the decision to top up the coffers at the higher share price and no takers because of the timeline delays. The larger players could have been selling at the top and will benefit from Placing stock at a 60% discounted price.

Much that this stock got ahead of itself, insti's took part in Placings at 12p and 22p, a great coup by JAY but not a good result for the more 'sophisticated investor' !!!. They have all taken a bath and may be this is why we've had this short attack. If it is a Placing, then it's a shocking result for PI's.

I'm not here to knock JAY, i'm trying to understand the reason for the dramatic drop. Much that i say it's down to delays, that can't be the only reason ? I have bought stock at higher levels but i've added again today.

Something doesn't smell right and we'll find out soon enough.

[monts12] 04/10/2018 10:43

Bluejay Mining* (JAY LN) 10.4p, Mkt Cap £88m – Bluejay find new value in two stage processing of titanium mineral sands

STRONG BUY - included in MSCI index

Target Price 45p

Rod McIllree, ceo at Bluejay Mining recorded an interview yesterday immediately upon his return from what appears to be a successful trip to Greenland.
McIllree, who appeared a tad exhausted from working in Greenland answered some complex questions giving away a bit more than he had intended.
He described progress made in terms of the instillation of buildings and infrastructure to support the small scale mining fleet and in preparation for future mining at the Dundas site.
The team have expanded the civil and site works and have mined a further 10,000t of high-grade sorted ilmenite sand for further testing by potential future offtake partners.
McIllree explained how the ilmenite crystals are unusually uniform along the whole known Dundas resource and is particularly low in deleterious impurities which should make it a popular source for ilmenite processors to turn into titanium pigments or titanium sponge for metal production.
One proposal from the Feasibility study work is to process the ilmenite in a first phase to 88% ilmenite concentrate in Greenland at site and to further process the ilmenite to >90% in Quebec in Canada.
Rio Tinto have a substantial ilmenite processing operation in Quebec called QIT which may prove to be a customer for Bluejay in future years.
A number of potential offtakers have trialled the Dundas product giving Bluejay options in terms of sales tonnages and risk control.
Much work has also been done from an environmental perspective on migratory mammals with the EIA now very close to completion.
Management are also training local people and future staff so that local communities do not suffer from a depletion of skilled people when the project begins
The company is well funded and expects to go into the new year with >£10m in the bank a completed pre-feasibility study, completed EIA SIA and an exploitation application lodged in the system. This cash would be sufficient for several years of further evaluation if need be.
We include a link for the interview:
Conclusion: Bluejay appear to be significantly improving the economics of the of the Dundas project through some innovative and smart reorganisation of the production process which should reduce capital and operating costs for the business.

*The share price Angel mining analyst has visited the Dundas, Itelak ilmenite sands project in Greenland. *SP Angel act as nomad and broker to BlueJay Mining.

[minder5] 04/10/2018 10:26

Hardly surprising that talks are protracted. I can’t see any agreements being inked until the exploitation licence is secured. Due process.

[adamstip] 04/10/2018 10:07

I'm long on Jay but Ayesha if you heard RM yesterday he is saying he has widened the search for off takers and talks are protracted so I'm not expecting any news on that side soon. However do expect little bits of news on how plans are going for the mine plans

[bellbottom] 04/10/2018 10:05

How important is the fact of not having an Environmental Impact Assessment (EIA) yet approved by the Greenland authorities? I thought these could take a few years and not months and not clear where we are in the process. Obviously this is crucial as without it you can't mine the material.

Also, has anyone truthfully and openly explained the comparisons with Alba and Jay?
Why such a variable in valuations?

I know that Greenland is not the easiest place to get a mine up and running - social, environmental, lot's of hoops to jump through. Likelihood is of many more delays and funding.

I do hold a quantity of these shares for long term punt but these obviously been much overvalued in the past and now hitting their obvious true current value - or maybe further drops to follow?

In summary, for me it isn't clear what's going on - too much smoke and mirrors and obvious insider knowledge. Typical market behaviour - you get a big rise or drop on little volume, no news and then news comes out after the event. Seen it happen so many times.

Would love to see this at 45p but......

B

[monts12] 04/10/2018 10:04

I don’t think there’ll be a placing anytime soon, why would there be, there is no immediate need for cash with over £10m in the bank?
I think the reason for the continued fall was Rod’s interview yesterday which just seemed like a re hash of the last RNS and going over the missed timelines again.
Oversold imo patience required

[gersemi] 04/10/2018 09:52

Now I know why I didn't subscribe to MW's website. What a calamity. He's one tipster to stay clear of from now on. Pathetic

I took a loss here cos this fall ain't normal. A placing's coming and it'll be heavily diluted

I feel for those sat on large losses.

Ignore those terrible tipsters..