Bluejay Mining has signed a joint venture (JV) agreement with mineral exploration firm KoBold Metals for the Disko-Nuussuaq project in Greenland.

The agreement will allow KoBold, which is backed by billionaires Bill Gates and Jeff Bezos, to earn a 51% stake in the Disko-Nuussuaq nickel, copper, cobalt, platinum magmatic large-scale sulphide project through a two-stage earn-in.

Under stage one, KoBold will utilise its technology for the advanced geological and geophysical evaluation of Disko-Nuussuaq for refining drill targets.

By the end of next year, the company will solely fund $3.4m for the implementation of stage one.

The second stage involves KoBold either solely funding $11.6m in drilling expenditure or 15 pre-agreed holes within the licence area by the end of 2024.

KoBold CEO Kurt House said: “The Disko region has seen the rare convergence of events in Earth’s history that could have resulted in forming a world-class battery metal deposit.

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“KoBold’s technology is perfectly suited to discovering new resources at Disko. Our proprietary library of analytical tools, Machine Prospector, will enable effective deployment of exploration capital and maximise our chances of discovery at Disko-Nuussuaq.”

Bluejay would maintain a 49% stake in the project by funding its pro-rata commitment after the completion of stage two.

Bluejay CEO Bo Stensgaard said: “Disko is a project with great potential for the discovery of globally significant deposits of battery metals. It is, however, this scale that necessitated a financially and technically strong partner to develop Disko.”

Hosted within the West Greenland Tertiary Igneous Province, the Disko Project holds several licences with a total area of 2,897km².

KoBold is engaged in discovering and developing new ethical sources of the critical materials needed for electric vehicles.

The firm’s other investors include Silicon Valley venture capital firm Andreessen Horowitz, and Norwegian energy firm Equinor.