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Jimbolina - I am glad you have highlighted by commenting: “ The new report contends the first two wells, if successful, could produce more than 1.2 billion barrels of oil combined, with an upside of as high as a combined 4 billion barrels.”

I wish to add the observation that the oil reserve estimates for the two wells to be drilled have been upgraded. Let me explain.

The original project presentation from March GL stated the estimated oil reserves for OPW1 as 1.9 billion barrels and for OPW2 as 706 million barrels, giving a total of 2.606 billion barrels (Slide​s 15 & 16) - https://marchgl.com/wp-content/uploads/2025/06/2025-06-22-MarchGL.pdf

The latest presentation from Greenland Energy Company has upgraded the estimated oil reserves for OPW1 as 2.9 billion barrels and for OPW2 as 1.1 billion barrels, giving a total of 4 billion barrels (S​lides 10 & 11) -

http://edgar.secdatabase.com/1636/182912625008232/pelicanacq_ex99-1.htm

The upgrade of the oil reserves is a result of the work of Sproule ERCE energy consultants​ mentioned in the article that TonyAngelino has shared with us - https://sproule-erce.com/solution/reserves-resources/

Let’s hope we will have an update on the Jameson Land project soon.

Rach T2: "And where’s the update from 80M confirming the change in timing at JL? We were told the Halliburton crew would be on site today, and that drilling would commence on 11th November ‘25."

When did 80M inform the market that the Halliburton crew would be on site today, and that drilling would commence on 11th November ‘25? Can you produce the RNS?

On 21 October 2025 (today), the share price closed at 0.68p.

RachT2 (21 October 2025): "In my opinion, the current SP is as high as it’s likely to get until drilling progresses."

What a laughable comment, as though she knows the announcements in the pipeline in the coming days, weeks and months. I will be returning to this post in due course.

U.S. Securities and Exchange Commission (SEC) Filing No 001-42666 and Jameson Land Investor Presentation (Date of Filing: 17 October 2025) - http://edgar.secdatabase.com/1636/182912625008232/filing-main.htm

You may find it useful to take special note of the following in the Investor Presentation:

(a) March GL to fund 100% of initial drilling at Jameson Land Basin - $40 million for the first well and $30 million for the second well - Slide 2

(b) Peak daily production could reach in excess of 1.5 - 2.0 + million barrels per day - Slide 2

(c) Modern technology and supergiant scale economics of Jameson Land Basin may achieve competitive breakeven in the $25+ per barrel range - Slide 13

(d) First beach landing on Jameson Land in October 2025 with road and pad building equipment, D9 bulldozer, excavator, backhoe, trucks, crane and housing - Slide 15

(e) Shipping of Stampede drilling rig, equipment and Halliburton services to Jameson Land to take place in summer 2026 - Slide 16

(f) Drilling of the first well to be completed in 2026. Drilling of the second well to start in Q4 2026 and finish in Q1 2027 - Slide 17

The boat is about to arrive at Jameson ​ Land. There should be some commentary about this soon. Additionally, assuming the Investor Presentation has been released with the SEC filing 001-42666, the engineering report will also be released soon.

Exciting times ahead!

ChirpyCheep - You said "CMRL , that is NASDAQ based, and is up ten fold over the last year

A picture is worth a thousand words - https://www.nasdaq.com/market-activity/stocks/crml/advanced-charting

This article is dated October 2025 and is from the independent and reputable The Royal Institute of International Affairs, Chatham House, London.

I found the article ​quite comprehensive as it not only covers the issue of critical minerals from Greenland for long-term supply chain needs, but also the impact of climate change on the island, geopolitics, indigenous people's rights, job creation, skills development and environmental safeguards when mining. Really comprehensive and worth a read - https://www.chathamhouse.org/2025/10/race-greenlands-rare-earth-minerals-heating-uk-should-work-europe-sustainable-strategy

There is a reference to the Tanbreez rare earths project in Greenland, and I quote: "Earlier this year, the concession of the Tanbreez project was sold to New York-based Critical Metals Corp. This came after the US and Denmark reportedly lobbied for it not to be sold to a Chinese company."

PS: Chatham House - https://www.chathamhouse.org/about-us/our-mission-and-values

A few days ago, I raised the speculative question of whether any sovereign wealth funds might participate in the IPO of Greenland Energy Company (GLND) when it listed on NASDAQ.

For a couple of good reasons, I want to now share these two articles about NASDAQ-listed Critical Metals Corp (CRML). Recently, a couple of posters, ChirpyCheep, commented on the market cap, and JK703 commented that she has a small stake. I, too, referred to CRML on 22 April 2025 with this comment: “Howard Lutnick, Commerce Secretary in the current Trump administration, was the Chairman and CEO of Cantor Fitzgerald, a company with a stake in Critical Metals Corp. The latter has majority ownership of the Tanbreez project. Following his appointment as Commerce Secretary, Howard Lutnick resigned from the Board of Cantor Fitzgerald.”

There is speculation now that the Trump administration may take a stake in CRML, according to this article dated 6 October 2025 (1st link below).. The company has neither confirmed nor denied the speculation. I muse aloud whether the Lutnick connection played a part in this matter. I will not rule it out.

Separately, though, on 16 October 2025, CRML confirmed that it had agreed to $50 million of gross proceeds via a private investment in public equity ("PIPE") transaction, and that the company was intending to use the net proceeds from the offering to help fund the development of its 4.7 billion metric ton rare earths Tanbreez project in Greenland (2nd link below). The $50-million investment for the Tanbreez project and up to $70-million investment already announced for the JL project put to bed any claim that Greenland is a harsh and challenging environment for mining, and for this reason, it will not attract substantial investments for projects. In May 2024, Eric Sondergaard aptly put it in his podcast that "Good projects will attract exploration dollars".

I am glad that a Greenland minerals project is getting such publicity in the US. Importantly for us, there is a brief reference to our Jameson Land asset in the same article. The question for us is how many exploration dollars will come in the way of JL via GLND’s IPO, or even post-IPO. I will not be surprised to hear of infrastructure funding support by the Trump administration if all goes well with JL

In my opinion, the three most potentially valuable commodity assets in Greenland are Disko, Jameson Land and Tanbreez (in alphabetical order). Back in June 2024, when 80M presented the proposal to acquire White Flame Energy, did any of us think that we would be in the situation where JL was being presented to potential US investors via an IPO on the Tier 1 index NASDAQ? What's next for Disko, I ask myself?

https://investingnews.com/trump-admin-eyes-greenland-ree/

https://investingnews.com/critical-metals-corp-announces-50-million-pipe-financing/

A statement from the past from Robert Price, CEO of Greenland Energy Company, about his professional relationship and experience of having worked with Halliburton for decades.

“For us, that’s the spirit of collaboration in a competitive landscape. Halliburton wants us to be a success. These partnerships don’t happen overnight or that often. Paul Mendenall and I have worked together for over 25 years, and Halliburton was one of our key partners in the Williston Basin. Ourselves and Halliburton have been very good partners for decades.”

Relationships matter! No wonder March Gl chose Halliburton.

Paul Mendenall, Team Lead, Halliburton (June 1979 - Present, 46 years 5 months)

PS: RP was present at the 80M's General Meeting held on 13 January 2025. I too was there and had a brief chat with him. The GM was to approve the acquisition of Hydrogen Valley. Did I then ever think RP was going to play an important part in the future of Jameson Land as well!

According to March GL's project presentation, unloading at Jameson ​Land, Greenland is expected to be completed by 21 October. See Slide 19 - https://marchgl.com/wp-content/uploads/2025/06/2025-06-22-MarchGL.pdf

Halliburton are responsible for logistics planning and execution. They would have started their planning from April 2025 (RNS was on 28 April 2025). On 10 September 2025, 80M informed the market: "Approval for sealift of support equipment and infrastructure has been granted by the Greenland Government, with current field activity consisting of heavy equipment mobilisation."

IvRoche - I understand your cautious approach, "Trust, but verify." I see nothing wrong with that approach after the Dundas production debacle and Disko drilling debacle.

That said, I would like to share my views on some of the key differences between Disko and Jameson.

DISKO - Project asset ownership of partner (KoBold) before drilling was 51% = Weak incentive for the partner to proceed quickly with drilling since the majority ownership of the asset was already in place.

JAMESON - Project asset ownership of partner (Greenland Energy Company) before drilling is 0% = Strong incentive for the partner to proceed quickly with drilling to acquire 70% ownership of the asset.

DISKO - 80M managed the project = 80M is not a specialist in managing big projects.

JAMESON - Project manager is IPT Well Solutions = A specialist in the field with 30 years of experience in managing hundreds of projects across the U.S. and internationally.

DISKO - Partner (KoBold) was involved in several other projects in multiple jurisdictions = Was therefore unable/unwilling to provide 100% attention to the project.

JAMESON - Partner (Greenland Energy Company) does not have any other projects at the moment and is focused on only one jurisdiction, namely Greenland (as its name implies) = Hence, it can provide 100% attention to the project.

DISKO - Partner (KoBold) was not seeking IPO = Incentive to use progress on the project to present a strong case at the IPO, therefore, did not apply.

JAMESON - Partner (Greenland Energy Company) is seeking IPO = It is, therefore, motivated to use progress on the project to present a strong case at the IPO.

Motivation in life is everything!

PS: In the note I posted on 30 June 2025, I said: "I see the respective roles of MGL and 80M as follows: (a) MGL - Field Operations Manager for Project 1 and, subject to its successful completion, for Project 2, and fully funding all the costs associated with drilling Well 1 and Well 2, including mobilisation/demobilisation costs. (b) 80M - Support on geological aspects, ensuring regulatory requirements are met (liaising with MLSA on fieldwork permits, completion of EIA and SIA, etc) and consultation with local citizens and stakeholders.

A few examples of DFC funding announcements for mining projects in the last couple of months.

Mozambique (August 2025) - https://energycapitalpower.com/u-s-dfc-provides-6-5m-funding-for-mozambique-graphite-project/

Brazil (September 2025) - https://www.mining.com/aclara-secures-5m-us-funding-for-brazilian-rare-earth-project/

Ukraine (September 2025) - https://www.miningweekly.com/article/ukraine-us-launch-fund-for-critical-minerals-projects-with-150m-investment-2025-09-18

Thank you, Jimbolina, for posting that Trump’s executive order on ​the sovereign wealth fund. Trump’s inauguration for his second term was on 20 January 2025, and he issued the executive order on 3 February 2025. It just shows the man’s urgency on the matter, which is really to counter the well-established and growing dominance of China in controlling and supplying the world’s critical minerals.

Currently, DFC (International Development Finance Corp) is America’s development finance institution. It partners with the private sector to mobilise capital for strategic investments around the world. Its projects foster economic development, support US interests, and deliver returns to American taxpayers - https://www.dfc.gov/who-we-are/about-us

Trump, however, was not entirely happy with DFC's performance and sought to make it a more significant part of US foreign and economic policy in his second term, with the White House aiming to double or triple its investment fund. The DFC is in discussions to establish a fund as a joint venture with the New York-based investment firm Orion Resource Partners. In fact, on 16 Sept 2025, the poster JK703 kindly shared an article on this subject under the thread "Think Disko, Think Disko and Nothing But Disko!" ​which highlighted the talks between DFC and Orion for establishing a $5 billion fund for critical mineral deals, Trump has made it a priority to shore up access to critical minerals such as copper, cobalt and rare earths. The logic behind the potential collaboration between DFC and Orion is widespread anxiety about ​the supply of critical minerals.

In repurposing DFC, Trump has picked Ben Black – the son of billionaire Apollo Global Management Inc. co-founder Leon Black – to lead the organisation. Last week, the Senate confirmed Black’s appointment as the new CEO of DFC- https://www.dfc.gov/media/press-releases/statement-acting-ceo-mr-dev-jagadesan-confirmation-dfc-ceo-mr-ben-black

On 25 Feb 2025, the poster Reserved started the thread "US Investment in Greenland?". In my post on 18 Sept 2025 under this thread, I said: "We recently had an email confirmation from 80M management to the poster Jimbolina that the company has held talks with the Trump administration officials about its projects. I would suggest we keep an eye on DFC." I would ​​suggest you study the posts under the thread, and here is the link - https://www.lse.co.uk/ShareChat.html?ShareTicker=80M&share=80-Mile&thread=9EB0CA2A-D94E-402D-A355-47033763D553

I had ​my reason for suggesting we keep an eye on DFC. So, here is a question. Can we rule out the possibility that 80M representatives may have had discussions with DFC as well?

In my opinion, one of the most significant upcoming events is the listing of Greenland Energy Company on NASDAQ (Ticker symbol GLND). But why​ might it be most significant?

For GLND, a successful IPO is a prerequisite for securing funds for the project. No funds, no project. GLND has to present a credible equity story that would stand up to scrutiny by both potential investors and the regulator. Throughout the IPO value journey to become a public company, GLND will have to prepare not only for the defining moment of the IPO ceremony, but also for a whole new phase of corporate life after the IPO takes place. The prospectus and US Securities and Exchange Commission (SEC) filings will play an important part in this regard. GLND will also have to present information on its business model, valuation, and the risks associated with ​the business. Due diligence will need to include technical mining reviews, resources and reserves evaluations, and financial reviews on project funding and working capital requirements, etc.

In addition to the above requirements, we can expect GLND to engage in a wide-ranging publicity campaign. I am expecting this to include media blitz, roadshows and interviews​/podcasts with personnel such as Larry G Swets, Jr., Executive Chairman and Robert Price, Chief Executive Officer of GLND.

What all this would mean to us, shareholders of 80M, is that the GLND IPO will not only going to act as a mega showcase ​for Jameson Land as a ​potentially promising mining asset but ​will also provide comprehensive information about it. All this at no cost to 80M.

A key question that is swirling in my head is whether any sovereign wealth funds will buy shares in the IPO as investors. Should this happen, it would provide a boost for the IPO​ and also act as a vote of confidence in Jameson Land's prospects. We know that 80M representatives have had talks with the Trump administration's officials. Rod McIllree referred to potential sovereign wealth funding for JL in his podcast in May 2025. Although the US does not ​currently have a central sovereign wealth fund (like Norway, Saudi Arabia, or Singapore), the government's money has poured into mining companies recently, both at home in the US as well ​as abroad - https://www.mining.com/web/us-in-talks-to-set-up-5-billion-fund-for-critical-mineral-deals/

I am ​so damn glad I averaged down!

Jimbolina - You ask: "Did you ever find anything that supported what Rod said here?"

I have not asked RM, so the short answer to your question is NO. However, the impending Greenland Energy Company IPO may well provide the answer to the question about the estimated valuation of Jameson Land. Please see my next post.

When I started this thread on 8 October 2025, I said: "Since Rod McIllree will be an executive director of GLND (Greenland Energy Company), I wonder to what extent he will be involved in the IPO. Moreover, I can’t help raising the speculative question of whether he might become a shareholder of GLND.”

​I wish to make a correction. The speculative question I raised above is not a speculative question after all. Let me explain.

The announcement from Pelican Acquisition Corporation on 10 September 2025 said: "Existing March GL shareholders will receive an aggregate of 20,000,000 shares of Greenland Energy Company common stock."

The RNS from 80M on 10 September 2025 said: "Directors of 80 Mile, including Roderick McIllree, Eric Sondergaard and Troy Whittaker, all subscribed for and are shareholders of March GL."

By combining the above two statements, we can safely conclude that when GLND goes public, RM will become a shareholder of GLND (so will ES).

Https://www.bbc.co.uk/news/articles/cy9n790j878o

Thanks

Correction: Q1 2026 - Continue with site preparation and equipment mobilisation. Drill the 1st well.

The March GL project presentation is an excellent document but the date for drilling they have stated is yet to be confirmed by 80M. For good reasons, I had to moderate my own expectations, and I would therefore suggest the likely timescales as:

Q4 2025 - All boats to arrive in Greenland with drilling and other equipment. Site preparation and equipment mobilisation for drilling.

Q1 2025 - Continue with site preparation and equipment mobilisation. Drill the 1st well.

I would drop the idea of drilling in Q4 2025. In fact, I said this in my post on 22 Sep 2025 (under a different thread): "I personally wouldn’t hang my hat on that date for drilling (March GL have stated) until we have confirmation from 80M.

I agree that drilling is best done when the ground is frozen. In fact, Rod McIllree confirmed this in his podcast in May 2025. The ground will still be frozen in Q1 2026, and therefore suitable for drilling.

It's best to wait for the official update from 80M about drilling.

IvRoche - I was intrigued by your comment, “Vessel from Canada or Iceland to Greenland”.

Why Iceland? You must have had a good reason for mentioning Iceland.

On 8 October 2025, in his historic address to the European Parliament, Prime Minister Jens-Frederik Nielsen of Greenland stressed that his country's emerging mineral sector could play a key role in securing the EU's supply of strategic and critical raw materials, as the island holds 24 of the 34 minerals identified by the EU as critical. He further added that mining these resources is 'capital intensive." He also urged the bloc to invest in the untapped hydroelectricity (hydropower) potential provided by the island's rivers and glaciers.

"If there is one message that I hope you take from what I have said today, it is this: Greenland needs the European Union and the European Union needs Greenland," he said

In his comprehensive address, the PM covered several important areas:

1. Mining sector (Note: He pointed out the mining sector cannot rely on the market alone but will also need political support. The word "infrastructure" appeared in the address in a few places.)

2. Renewables (Hydroelectricity/Hydropower)

3. Fisheries sector

4. Education and training for the youth

5. Connectivity

6. Climate change

7. Cooperation between Greenland and the EU

One area that the PM did not cover directly was defence security, although there were a few coded messages! I can understand why he chose to leave this sensitive subject out. Very diplomatic! The 25-minute clip is worth a watch if you have not already seen it.

https://youtu.be/BPVa3nneLkM?t=1

https://www.trtworld.com/article/3123eacc6b4c.

PS: In a recent email reply to a question raised by the poster Jimbolina about whether 80M has had conversations with the US administration, Eric Sondergaard responded, "80M has indeed had proactive conversations regarding our programs with the EU, Denmark and the USA."

I hope these “proactive conversations” will manifest in tangible actions in aiding 80M’s progress.