Bluejay Mining Share Discussion Threads

[kemismelt] 19/11/2020 13:06

PC@8717:

If the findings of facts are in error, the 1st appeal can be sent back to HMRC for correction before it is studied for legal implications by the Tribunal. LON:JAY in any case will have legal expenses to bear!

[monts12] 19/11/2020 12:52

Rod on Finnish assets...

[mike290] 19/11/2020 12:35

Hi All,

Does anyone know what's happening with Bluejay on the US OTCQB system?


As Glendale Securities is mentioned on Bluejay Mining's page of the OTCQB system with the MPID of GLED, I contacted them about opening a trading account with them in order to buy Bluejay's shares using UD Dollars.

I insisted that an account would only be opened my me if it was certain that Bluejay's shares could be bought or sold via the OTCQB system.

Below is Glendale's response.

"At the moment, there is not a market for the stock, no shares being offered."


Therefore, it seems that no market will exist until someone wants to sell Bluejay shares via the OTCQB system.


I thought Galanopoulos & Co were taking care of this area. I also thought that shares in Bluejay were being gathered from the AIM market to provide the OTCQB system with shares to sell (or similar).

Oh well.

Good Luck, Mike290
ps. I posted a note similar to this on the Michael Walters site earlier today hoping for an answer.

[summerfield1] 19/11/2020 12:28

The 4 week extension of the MOU expires next Tuesday;any thoughts?

[perfect choice] 19/11/2020 12:02

Just like to point out what I posted from Interims is BEFORE today's RNS which is the outcome. So as you say Longrod, JAY have won the case as a matter of fact in law, with appeal if HMRC so chooses to cover future claims. Today's text states "Any such appeal must be based on an error of law. The findings of fact made by the First-Tier Tribunal are final."

[summerfield1] 19/11/2020 11:30

Very thin volume!

[forcemode] 19/11/2020 10:05

Agreed Longrod......it would make very little sense to pay expensive lawyers now to take on this claim if there was any chance of having to simply pay it back later!

[longrod] 19/11/2020 09:57

Kemi.

They won. They get £900 back. Any appeal must be based on points of law but the money comes in, that was what the decision means. Any appeal is about the ability to claim future VAT.

This is probably why those guys never saw you as credible, you let your imagination get the better of you all the time...

Hows that little tin hut of yours going? You seem to be able to still hack the neighbours wifi!

[kemismelt] 19/11/2020 09:45

PC@8708:

LON:JAY, on its own volition, had put on the mantle of 'a holding company', which estranges it from playing any role later as 'any business arm' of any of its subsidiaries. LON:JAY will eventually take a hit of ~a million pound with expenses.

[shavian] 19/11/2020 08:56

Every little helps

[longrod] 19/11/2020 08:21

"allow the appeal" means they won. Its past tense and soaked in legal jargon but it's a win is the way it actually reads.

[lovewinshatelosses] 19/11/2020 07:52

It really is an obscene challenge when you think about it. I would be staggered if the Tribunal rules in HMRCs favour. Assuming it does not, this will be another outstanding waste of taxpayer funds.

[lovewinshatelosses] 19/11/2020 07:46

Thanks PC. I had to revisit that too. Given how snowed under they will be dealing with furlough errors/fraud, I should have thought that they would not prioritise challenging this, but they often prove to be quite hapless, so anything is possible with that mob! I wonder if they will issue bluejay with an apology for their mistake? :)

[perfect choice] 19/11/2020 07:33

If you are wondering what that VAT RNS is about, here is the statement in the last Interim Results, had to go and look it up myself.

8. Other Receivables

The Directors are in the process of appealing an assessment made by HMRC which relates to the Company’s ability to claim input VAT because, in the view of HMRC, the Company does not technically constitute a business for the purposes of VAT and is not eligible to make such claims in connection with services it supplied to the Company’s subsidiaries. The initial assessment raised by HMRC is for an amount of £255,492 and relates to input VAT claimed and repaid by HMRC between 2012-2015. At the point the assessment was raised, HMRC ceased to repay any further claims for input VAT made by the Company. The Company has continued to submit the appropriate returns to HMRC and as a result, the Company has a receivable from HMRC of £659,378 at 30 June 2020 which is included within trade and other receivables. HMRC has made a further protective assessment for this amount, bringing the total amount of the dispute at 30 June 2019 to £914,870.

The Directors strongly refute the view of HMRC that the Company does not constitute a business for VAT purposes. The case is proceeding to Tribunal and resolution is not expected any earlier than Q1 2021. The Company has engaged professional services of legal counsel who will be representing it before the Tribunal. Counsel confirms the Company has a strong case.

Accordingly, the Directors believe that the amount of £914,870 will be recovered in full and therefore have not recognised any impairment to the carrying value of this amount.

[snowyflake] 18/11/2020 12:09

May I ask is chicken charlie code for coke?

[chicken charlie] 18/11/2020 11:39

I think so

[seejayem] 18/11/2020 11:32

Is this about to break out? Seems like some pressure from below, here's hoping.

[perfect choice] 17/11/2020 17:17

Yes if you want gold explorers then AEX is one for you to look at as well (AEXG on AIM). Their licence includes the former Nalunaq gold mine and they believe there is more gold resources to find around the old mine and so to extract. Similar approach to what JAY is doing in Finland and also with Rio in one case.

[washbear] 17/11/2020 16:18

Thanks PC.So gold interests are a resounding yes.I note ref to AEX in the article looks like they need to rework Nanuk mine.(Similar name !)..

[perfect choice] 17/11/2020 12:25

Yes and as Snowyflake has pointed out, JAYs Thunderstone prospect is a gold target for JAY, along with Zinc and Nickel-copper-PGE. The 10th August RNS on Thunderstone is the one to read which Snowyflake has highlighted.

There is a section on gold potential which I've copied below for convenience but read the whole RNS to get a wider background of potential. JAY have recently completed their initial field work on Thunderstone and we expect lab results to be issued near end of this year, see 22nd September RNS on this.

Gold potential within Thunderstone:

South Greenland is a recognised geochemical and metallogenic gold province. Bluejay's re-assaying programme of the GGU stream sediments built upon earlier re-analysis by Platinova Resources in 1987 and Nunaoil A/S in 1989 who analysed for gold and associated pathfinder elements. Based upon gold anomalies identified from the GGU stream sediments, Nunaoil A/S identified 20 sub-areas in South Greenland that were anomalous in gold and in 1990 carried out an extensive regional HMC sampling programme over these areas, consisting of 1800 samples. Two of the sub-areas sampled by Nunaoil A/S, namely Eggers Ø and Tasersuaq, are now located within Bluejay's Thunderstone licences (refer to Figure 2). Tasersuaq returned 12 HMC samples over 100 ppb gold, with a maximum of 967 ppb gold. Significantly these gold concentrations are comparable to those that have led to the discovery of numerous gold deposits to the northwest of the Thunderstone Project. However, despite Nunaoil Page 2 of 4 A/S identifying numerous gold anomalies in HMC at Tasersuaq and elevated gold values at Eggers Ø, no systematic follow up sampling was ever carried out over these areas. This will be a priority for Bluejay during the Field Programme. The highly gold anomalous Tasersuaq area is located only 15-30 km southeast of the former Nalunaq gold mine (>350,000 oz gold produced at an average grade of ca. 15 g/t gold; now held by AEX Gold Inc). Tasersuaq is considered by the Company to be the southern extension of the NE-SW trending Nanortalik Gold Belt that hosts Nalunaq gold mine as well as several other mafic volcanic and granitoid hosted gold prospects. Bluejay's new gold and silver stream sediment data further supports the gold potential at Tasersuaq. Bluejay has applied to the MLSA for an extension of MEL 2020/03 to acquire additional ground surrounding the gold anomalies at Tasersuaq. Bluejay's licence extension application also incorporates an additional cluster of gold anomalies around Tasiussaq (refer to Figure 2), located approximately 15 km east of the town of Nanortalik. Here auriferous quartz veins with alteration halos of ankerite and fuchsite are known to occur close to the contact between metavolcanics and metasediments of the Psammite Zone. Bluejay's stream sediment data for gold and associated pathfinder elements indicate that the gold mineralisation at Tasiussaq may be more extensive than previously recognised.

[snowyflake] 17/11/2020 12:21

washbear - check out the Thunderstone RNSs (last one in August) and perhaps listen to Joshua's interview on the company's website.

[washbear] 17/11/2020 11:59

PC nice further explanations .All makes sense.I am seeing the same scenerio panning out with the explorer's GGP. Their shares surged with their collaboration with Newmount.Joint ventures focus the mind .They provide capital and tell the markets " you see we got something here". By the way is Gold thought or known to be of any concentrations in Greenland ?

[perfect choice] 17/11/2020 10:47

Discovery equals first stage value to the share price yes, operation later grows that further IMHO. In terms of the historical 25p max price, need to appreciate what drove it to that price, that being the indication Dundas was near to licence approval and only Dundas was the focus at the time.

In reality that early optimist view (including company forecasts) badly failed and resulting in delays (or more realistic expectations on items which were always going to be longer or were extended outside of the company control e.g. EIS stage extended by 1 year to 3 years by the authorities), so we are where we are today.

So where I am coming from is that 25p equivalent target today is more aligned to Dundas commencement of operation so I see that figure, based on Dundas value ONLY, as value for late 2021. Some people may take a view that the 25p value will be after exploitation licence, I don't though and it will need the 2nd wave of value delivery (operation) to achieve that.

Now what is also different today is Dundas is significantly derisked from where it was in 2018 and about to achieve 2 key milestones namely exploitation licence and offtake agreement(s) where there is active demand.

Furthermore, historically JAY has been valued on one prospect only namely Dundas, that is about to change and we are seeing the first new prospects and "discovery" value creation with these Finland announcements for example. Disko I also see as a key value enhancement prospect where this prospect is so great, just announcing a major partner will have a positive impact on JAYs value. My personal expectation now is 16-20p by March 2021, but too many variables right now to be confident on a target and anything can happen going forward!

Feel JAY is entering a significant phase of share value growth in 2021. Expect a zig zag pattern of share price in the market as news comes out but that is nothing unusual, but consider this is a great entry point into JAY after the years of delay.