Bluejay & KoBold ink Joint Venture Pact for Disko Project
Disko Project Editor99

Bluejay & KoBold ink Joint Venture Pact for Disko Project

Bluejay Mining plc has signed a joint venture agreement with KoBold Metals, at the Company's Disko-Nuussuaq nickel, copper, cobalt,

Bluejay Mining plc has signed a joint venture agreement with KoBold Metals, at the Company's Disko-Nuussuaq nickel, copper, cobalt, platinum magmatic massive sulphide project in Central West Greenland. KoBold's purpose is to discover and develop new ethical sources of the critical materials for electric vehicles. KoBold's objective is to make more discoveries of outstanding orebodies by drawing on world-class expertise in exploration geoscience and by developing full-stack exploration technology to use machine learning and other scientific computing techniques to enable highly effective exploration decision-making

KoBold will earn 51% of the Disko-Nuussuaq licence holding through a two stage earn-in commitment

- Stage I: Advanced geological and geophysical evaluation of Disko-Nuussuaq to refine drill-targets using KoBold's proprietary technology, $3.4 million sole-funded by 31 December 2022

- Stage II: Sole funding of either US$11.6 million in drilling expenditure or 15 pre-agreed drill holes within the Disko licence area by 31 December 2024

- Bluejay can maintain its 49% shareholding by funding its pro-rata commitment after Stage II

Principal investors in KoBold include Breakthrough Energy Ventures, a climate & technology fund, overseen by Bill Gates, and whose investors include Michael Bloomberg, Jeff Bezos, and Ray Dalio. Other investors in KoBold include Andreessen Horowitz, the premier Silicon Valley venture capital fund and Equinor, the Norwegian state-owned multinational energy company

Bluejay is a well-recognised and respected partner by communities, stakeholders and regulators in Greenland and will manage field operations until 2024. Should KoBold complete Stage I work but not complete the drilling commitment in Stage II before 31 December 2024, 2.0% of the JV company and thereby control will revert to Bluejay with both parties subject to continuing standard dilution methodology

The Disko Project is hosted within the West Greenland Tertiary Igneous Province where Bluejay holds several licences that make up its holding of 2,897 square kilometres. In recent years, the Company has seen a licence acquisition "race" where Bluejay's first-mover holdings have been surrounded by other licence holders, most notably Anglo American which holds almost 10,000 square kilometers.

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