Bluejay Mining Share Discussion Threads

[bigboyblue] 14/4/2020 08:05

Snowy: i just feel it's a bit premature to say 'no testing until 2021' at this stage. You may be right, but on the other hand some sort of resumption might have been possible this year.

I feel the same about drilling in Kangerluarsuk. JAY seem to have acknowledged that is still a possibility, if restrictions are lifted in time.

[bigboyblue] 14/4/2020 08:00

Regarding the samples that the multinational company is going to have, the way I read this is that they will be samples of mineral sands from Dundas not samples of concentrate from the pilot plant. If that's the case I think we have been here before (2017/2018/2019).
At least the negotiations with the Greenland Govt seem to have been productive. We should hear later this week what they have decided about costs of the exploitation licence application; they said they would decide by 19th April. I guess that if they agree a way of proceeding with the consultation then we carry on, but if not they will waive these costs as they have with the exploration commitments.

[snowyflake] 14/4/2020 07:59

BBB - I do not agree with you ref Rio - I cannot see what else they could have done in the circumstances.

[bigboyblue] 14/4/2020 07:33

My reading of it is that RIO have gone a bit luke warm and the MoU with a major trading company is intended as plan B.

At least it's good to have some sort of update.

[mirabeau] 14/4/2020 07:03

JAY's landed RIO and with project finance!

JAY's journey begins today

[seejayem] 07/4/2020 23:19

Quest channel at the moment 'how do they do that' very interesting, making titanium for the SR71 Blackbird, must be available on catchup or YouTube or whatever.

[snowyflake] 04/4/2020 22:25

Uggy100 - I agree with your frustration about lack of news concerning the sample.

However bear in mind Rampair's assessment that our projects are still excellent. We do not know what may be going on behind the scenes which may have been stalled by the current worldwide Covid crisis.

Yet you make an interesting comment when you refer to McIllree as "our glorious leader" for it may be that is the way he sees himself - i.e. his ego exceeds his management ability.

I believe that he is proud of the fact that he holds 94 million shares in the company; a big stake. However it is worth researching the cost of those - see notes 24 and 25 of the final 2016 results of FinnAust published 19 September 2017 for an insight. FinnAust changed its name to Bluejay the next year.

In other words other shareholders, both institutional and retail, have lost considerably more than he has!! Part of that loss may be down to covid - a larger part is imo down to mismanagement.

There is still value in the company's assets. That is not the problem.

[uggy100] 04/4/2020 10:46

FWIW I think RM has been overpaid for quite some time now. Dundas is so far behind where it was supposed to be. He has proved completely unable to meetany timeframe over the years. Disgracefil really.

[rampair] 03/4/2020 12:11

Morning, not posted much - but still holding shares despite the appalling fall in the currently traded price. Obviously most explorers Worldwide are unloved.Excellent posts recently -thanks to you.

Clearly, we have had the added problems of the much awaited off take and the speed at which things progress. The C19 virus will, no doubt be affecting us. Yet another slowdown.

Speaking of money, I must second Snowyflakes post7512 (and LWHL’s too !)
it is time that we heard that
the senior management looked at their rewards from this company, a full salary and consulting fees will not go down well when we have put up with missed deadlines - I would love to know the reason why we have not processed our ilmenite in Canada, as it looks to be very slow work.

Still though we remain in an enviable position when it comes to more normal
Times, our projects are still excellent.

Stay healthy,
R.

[lovewinshatelosses] 03/4/2020 08:16

Well, Snowy and others, if RM and the rest are going to make satisfactory (sizeable) reductions to their own packages, I suspect it will only happen if a lot of pressure is brought to bear by the key shareholders. I am not hopeful, as I think specifics on this front would have already been forthcoming, but maybe it will be worth the wait :) FWIW, I am anticipating a derisory cut being made, in a fluff-filled RNS, at one point or another. As always, would love to be proved wrong but we shall see.

[bigboyblue] 03/4/2020 07:53

Indeed Snowy, I expected an RNS this morning.....

Two further points worth noting:
In the unlikely event that we are able to do any exploration work later this year, the costs we incur will count toward our obligations for next year (or for 2019 if we didn't spend enough then).

Secondly, if the Government confirm the other issues under consideration:
There are presumably administrative costs that we have already incurred this year in respect of the exploitation application and there may be further such costs later in the year. We shall no longer be liable to pay these.

[snowyflake] 03/4/2020 07:43

Thank you BBB for that information.

You have done what should have been the job of the board in making that disclosure; for the recent RNS disclosed that matters were under consideration.

It is now a matter for management, and especially the ceo, to make sacrifices.

The best interests of the company and its overall stakeholders are fundamental.

[bigboyblue] 02/4/2020 23:08

At least this is good news:
This seems to be implicit recognition that exploration is unlikely to be possible this year, but at least we get to keep the money we would have spent. As PC and Snowy have said, let's hope the Board don't decide that means they can afford to pay themselves megabucks.

[snowyflake] 02/4/2020 18:53

Perfect Choice - I refer to your post 7507 and in particular management costs.

The management of various companies, both listed and private, have made it known that in order to preserve their business and to care for their workforce, they have or will cut their wages.

That aspect was strikingly absent from the contents of the recent RNS. Those who are invested or have been invested are very aware of a history since 2017 of over promise and under delivery on the part of Rod McIllree. I need not particularise various examples. They are well known to those who follow Bluejay.

With that backdrop in mind there is no justification for the salaries and consultancy fees of management, last reported in the 2018 accounts and I estimate were repeated in the 2019 half way report when administration costs if anything exceeded those in the 2018 full year's accounts on a year to year basis.

It would be very wrong if reductions are not made in the best interests of the company and its stakeholders.

[lovewinshatelosses] 31/3/2020 08:29

Agree - perfectly put PC. Crucial how they manage, and are seen to manage, costs until we can get the show back on the road. What crazy times these are! GLA.

[dhb368] 30/3/2020 21:41

Nice summary PC. Not sure who downvoted it!

[perfect choice] 30/3/2020 21:11

Fact is with the lockdown due to the coronavirus pandemic, JAY has very little room to progress anything. It is not at all surprising there are no declared timescales now and a full financial and strategic review is now required, as basically they will have a year lost now with little or no activity. The situation is too uncertain right now to say anything of significance.

On Dundas, as I read it even if the public 8 week public consultantation is started, doesn't that require public F2F meetings so they are not going to happen until the "restrictions on public gatherings" are removed to quote the last RNS. So effectively Dundas is stopped until public gatherings are permitted again. At best that means that could happen later this year with exploitation licence by end of this year as a reasonable guess, but real construction work could not be until spring 2021 now.

On Disko and Kangerluarsuk, they were about to sign up a contractor for the summer drilling programme of both targets to prove the attractiveness of both prospects to bring in a partner for further drilling and development. Well no chance at all now for any drilling to commence, unless some small chance of relaxation of movements to allow some initial drilling of some targets in the summer but personally I really doubt it and the 2020 drilling programme will now be in 2021.

Likewise with the pilot plant for Dundas, whatever stage that reached, it's stopped dead now and no progress for the near term for sure. If you look at slide 19 of the Q1 2020 presentation from JAYs web site, you will see there is a 'tick" at "Product at Bluejay Pilot Processing Plant – awaiting separation of heavy mineral concentrate" but not at the next stage of "5000t of heavy mineral concentrate delivered to Rio Tinto Iron & Titanium". So it looks like as of the start of March, delivery had not yet been made to RTIT, probably due to JAY waiting for RTIT to say when they wanted it for their test smelter, be it all that stopped now.

So that brings me onto cost management. Now this is where I do expect RM to be diligent as he has always been on the cautious side which is especially the requirement now. So expecting a full care and maintenance cost lock down and Director remuneration cut back, be it nowhere near as high as other AIM stock Director packages. 2018 full year accounts state £278K for total Director remuneration, plus £900K other staff and total expenses of £1.8M (see notes 18,19,24 of annual report). Now that was back in 2018 but I would guess they will run JAY at £1.5Mpa max and maybe even less for now to get things back on track in 2021, hopefully by then with the Dundas exploitation licence in place.

So that is my take of the current situation and the strategic/financial review will clearly conform their intentions. Its lock down for now until 2021, a lost year with just maybe the exploitation licence finally gained if they can arrange public meetings again.

Also I note the latest presentation had barely any indication for forecasts so the history of putting out forecasts, which in reality they didn't actually control and were over ambitious anyway, has been replaced by no forecast at all and just progress to date statements now. So you could say RM has learned his lesson on that! Bit of a shame really since across 2019 with the work done on Dundas they were actually more consistent on timescales, no doubt in my view because they could control that!

So onto 2021, at a price near 4p JAY almost seems one of those great exploration punts now with some great "potential" finds pending drilling results. Only difference though is Dundas and if they did get the exploitation licence that would look very different to the typical explorer prospect. Here's hoping for 2021 then!