Member Info for A-s-h-t-o-n

PRODUCTION CAPACITY OF GREENSWITCH

❖ Biodiesel - 185,000 tonnes/year

❖ FEROIL Esterification - 200,000 tonnes/year

❖ ESBO Epoxidation - 15,000 tonnes/year

OFFTAKE AGREEMENTS SO FAR

❖ Biodiesel - 40,000 tonnes/year (MoU with Tecnoparco Valbasento - RNS 9 July 2025)

❖ Biodiesel - 80,000 tonnes/year (MOU with NACATA - RNS 30 July 2025)

❖ FEROIL Esterification - 40,000 tonnes/year (MOU with NACATA - RNS 30 July 2025)

FURTHER OFFTAKE AGREEMENTS TO COME

❖ Biodiesel - 65,000 tonnes/year

❖ FEROIL Esterification - 160,000 tonnes/year

❖ ESBO Epoxidation - 15,000 tonnes/year

RNS 31 July 2025: "The Company is committed to advancing the Disko-Nuussuaq project, and remains confident of its potential. 80 Mile is currently in discussion with multiple partners in order to advance the project further, and this remains a priority. The Company hopes to make a further announcement on this in due course." - https://www.80mile.com/regulatory-news/83154

RNS 19 May 2025: "The Company remains confident of the potential of the Disko-Nuussuaq project and in its ability to now attract a partner that will focus on advance the asset to drilling and hope to make further announcement on this in due course. Key licenses covering priority target areas currently enjoy expenditure credits and are in good standing with the Government of Greenland." - https://www.80mile.com/regulatory-news/81034

IlDuce15 - You raised this important question for RachT2 yesterday: "With a mkt cap sub £10m do you not think that all ‘red flags’ and ‘past failings’ are reflected in the share price?"

It will be interesting to see what reply you get.

Zinky - We have to agree to disagree. You think shareholder value would be better served by selling Disko to Amaroq Minerals before drilling. I take the opposite view. That is, it's better to sell Disko after drilling and proving its asset value. Furthermore, you say what we need is a blockbuster announcement to quell the dissent among shareholders. I am not sure I would use the term "blockbuster announcement", but I am waiting for news on the following matters:

DISKO

❖ Confirmation of a respected partner and a date for drilling.

GREENSWITCH - Confirmation of:

❖ Additional offtake agreements

❖ Receipt of funding from Italian national and regional government sources - in particular, the National Recovery and Resilience Plan (PNRR) €10 million grant

❖ Receipt of feedstock materials and a re-confirmation of the date for plant restart

JAMESON - Confirmation of:

❖ Fieldwork permit from the MLSA for drilling (as you will know, the ship will be leaving Halifax, Canada for Constable Point, Greenland in September)

❖ An update on the drilling program scheduled for Q4 2025.

Plus any other news I have not listed above, for example, the future of Dundas, and also progress with the Thule copper project.

Zinky - Looks like you have not seen my posts where I have criticised the BoD. I did this even as recently as 1 March 2025, when I said: "However, there is scepticism about 80M's ability to deliver on promises. That is quite understandable given the company's failure to deliver on expectations in the past, in particular, Dundas going into production."

Furthermore, I wrote similar but long notes on 5 August 2024 and 30 October 2024, where I highlighted two main shortcomings of the BoD:

1. Failure to fulfil expectations raised (e.g. Dundas production in 2021 and the reversal of Disko drilling in 2022).

2. Poor communication.

I would politely suggest that you go back and take a look at these posts. I could spend time harping on the past and recent failures, or spend time looking to the future. I prefer to do the latter. Click on this link and take a look at the note I posted on 30 Oct 2024 06:52 under the thread "Think Disko, Think Disko and Nothing But Disko!", and you will see what I mean - https://www.lse.co.uk/profiles/a-s-h-t-o-n/?page=18

Talking about the future, you ask a pertinent question about whether it is time to sell all mineral assets to Amaroq Minerals and just focus on the hydrocarbons. Let's take Disko. I would prefer that 80M find a partner who would fund the drilling and hopefully prove up the asset before thinking about selling it. Disko is an asset with potentially huge value, comparable to the renowned mining operations such as Norilsk, Voisey's Bay, and Jinchuan, according to 80M. So, here is a question for you. What would deliver better shareholder value? a) Sell Disko now before drilling or b) Sell Disko after drilling, provided someone else funds the drilling costs (like March GL for Jameson with a 70%:30% ownership split) and hopefully prove up the asset ​value before the sale.

According to the RNS on 19 May 2025, 80M was confident of the potential of the Disko-Nuussuaq project and in its ability to attract a partner that will focus on advancing the asset to drilling, and that the company would make an announcement on this in due course. I look forward to the next update on Disko.

In a previous post under this thread, I expressed the opinion that if there were to be sovereign financial assistance to March GL on the Jameson project, I did not expect it to come from the Greenland Government or the Danish government, but from the US government, and I shared this link - https://tinyurl.com/5ez36j2z

I also made the point that since March, GL is a Texas-based company; therefore, members of the March GL consortium are likely to have political connections in the U​.S​, ​in particular​ to high-profile politicians such as Senator Ted Cruz (R-Texas), Chairman of the Senate Committee on Commerce, Science and Transportation​.

I would like to now share this excerpt from the written testimony from Anthony Marchese Chairman, Texas Mineral Resources Corporation, to the U.S. Senate Committee on Commerce, Science and Transportation in February 2025.

"Greenland’s mining challenges would likely require the U.S. government to provide significant financial assistance in order to attract private capital, with funding needs required in both upstream and downstream development. Shortsightedly, current U.S. policy provides funding solely for downstream development, which has been a severe impediment to our own domestic production. In conclusion, mining in Greenland can likely attract capital by providing significant financial incentives while simultaneously aligning local politics and environmental regulations in an effort to create a supportive investment climate for private industry."

Note the emphasis that funding needs should be met, not just for downstream development, but for upstream development as well. ​​I will not be surprised if March GL attracts sovereign funding from the U.S. if drilling is successful, in my opinion.

https://www.commerce.senate.gov/services/files/E3668184-540A-47C8-9735-D4DF773274EC

In addition to the article, the embedded video is an interesting watch as well - https://www.one-earth.it/en/the-italian-strategy-to-boost-biofuels-in-europe/

I would also suggest that newcomers to 80M study the information about the company's Greenswitch biofuel plant in Italy. It is quite up-to-date, and includes the information shared to the market on 9 July 2025 that 80M had increased its ownership of the plant to 49%.- https://www.80mile.com/greenswitch

This is a recent example of an American financial solution for a US mining company operating in Greenland (announced last month). But how about this political connection, whether by design or coincidence!

In 2024, Critical Metals Corp (Nasdaq: CRML) signed a binding heads of agreement to acquire a controlling interest in Tanbreez Greenland Rare Earth Mine. 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.

https://tinyurl.com/mrxf28d3

https://www.exim.gov/about

Should there be sovereign financial assistance to March GL for the Jameson project, I don't expect it to come from the Greenland Government or the Danish government, but from the US government. The Greenland Government wants the US and EU to step up investments in its mining sector. So, investment assistance from the US authorities for mining projects would be warmly received by the Greenlandic authorities - https://tinyurl.com/5ez36j2z

March GL is a Texas-based company. I will be surprised if members of the March GL consortium don't have strong political connections in the US. For a start, connections to one of Texas' highly influential Republican Senators, namely Ted Cruz (who is part of Trump's inner circle), cannot be ruled out. He is the Chairman of the Commerce Select Committee, which approved the nomination of Howard Lutnick as Secretary of Commerce. Ted Cruz champions the view that the US should acquire Greenland. That may not happen. Instead, the US administration is likely to be proactive in financially supporting US mining companies operating in Greenland. The kind of support the US might provide for March GL on Jameson could be, for example, meeting the costs of infrastructure for the project once it has successfully completed the exploration phase (i.e, after oil reserves from drilling have been proved), and before moving on to the exploitation (extraction) phase.

All that said, we have some way to go before thinking about infrastructure for Jameson when the boat hasn't even set sail from Halifax​ (Canada) to Constable Point ​(Greenland) with drilling equipment!

Footnotes:

a) The March GL consortium is made up of all oil industry men from Austin and Denver, comprising 10 people at this stage. Some are individuals, and others are family oil dynasties. Basically, they are a collection of wildcatters who have made fortunes in the US over the last 40 years.

b) The US currently does not have a federal Sovereign Wealth Fund, although some States have. On 3 February 2025, Trump issued an Executive Order to establish a federal US Sovereign Wealth Fund. The Order instructed the Secretary of the Treasury and the Secretary of Commerce (Howard Lutnick, whose nomination was approved by the Senate Commerce Select Committee headed by Ted Cruz) to develop a plan for the establishment of a Sovereign Wealth Fund - https://www.whitehouse.gov/presidential-actions/2025/02/a-plan-for-establishing-a-united-states-sovereign-wealth-fund/

c) Here is Ted Cruz chairing the Senate Commerce Select Committee hearing on the Arctic and Greenland's importance to the US - https://youtu.be/1QiP8FHh1Us?t=1

Yes, CC, as you say, it was a change of policy and not in the statute book. However, I doubt they would lift the moratorium by reversing the policy. Equally, I doubt very much they would rescind White Flame's licences as the authorities have only recently extended them. White Flame is fortunate to be the only holder of such licences in Greenland.

Canis - On 24 June 2021, the Greenland Government announced, via a press release, that it would cease issuing further hydrocarbon exploration licences. White Flame Energy A/S (the actual licence holder) was informed at this same time that because its licences were valid and in full effect at the time of this policy change, that this would not affect White Flame, its activities or its licence terms and that White Flame was free to continue to develop the Jameson Land project peninsular as per the conditions in their existing exploration & exploitation licences.

White Flame owns three large-scale exploration and exploitation licences that cover 8,429 km2 of the Jameson Land peninsular, east Greenland. The licences are also exploitation licences, meaning that if certain preconditions are met and a discovery is made, then White Flame has the right to move into production. You can read more details in this RNS - https://www.80mile.com/regulatory-news/63414

Not my words, but those of the author. The article is dated 23 June 2025 - https://www.ainvest.com/news/arctic-gold-rush-pelican-greenland-gamble-pay-big-risks-sky-high-2506/

For those who missed the Pelican Acquisition Corporation (NASDAQ: PELI) agreement with Greenland Exploration Limited announced on 23 June 2025 - https://marchgl.com/news/

Thanks, CC, for that link regarding the fall in the AIM IPOs. Looks like not the right time for listing on the AIM.

As for Greenswitch funding, the RNS on 19.12.2024 said: "The Company's plans for the facilities align with European Union ('EU') and Italian government initiatives, and the Directors expect to position Greenswitch to attract substantial grant funding and energy transition support. Grant applications are underway." The RNS 12 February 2025 said: "In addition to the restart of the plant, Hydrogen Valley has been exploring various grant funding and other financial incentives and in this regard is pleased to advise the appointment of Mendelsohn. Mendelsohn is an Italian firm with extensive experience in regulatory, administrative, and technical aspects associated with applying for and securing grants and other fiscal incentives from various government agencies at both regional and national level in the Italian government."

Let's see what the update on grant funding and energy transition support says.

CC - Agree, share consolidation does not need a high-powered financial expert, but it would be one of his tasks to be achieved (should it come to it), along with others.

Agree, listing Disko would be an expensive affair, but I do not have sufficient knowledge about a lack of traction (as you suggest) to rule it out. Personally speaking, I want to see 80M securing a JV partner who will pay for drilling a few holes for a 70:30 split in ownership (like March GL). As for a new partner, RM confirmed at the recently held AGM that 80M was in talks with Anglo American and a couple of other parties, one of them being a Greenland-based company. Let's see what the next update on Disko says. A JV deal, along the lines I have outlined, would mean a free-carry and no dilution.

I was not a shareholder of Bluejay before 2020, and I don't recollect the company ever having a Director with a strong financial background like Ingo Hofmaier. So, I am puzzled as to why 80M has appointed a person with such a CV. ChirpyCheep asks whether the reason could be to help with acquisitions. I will throw in a few more possibilities:

❖ To strengthen the overall financial management capabilities of the company, including management of the finances of the soon-to-become cash-generating business, Greenswitch.  

❖ Demerger and potential separate stock market listing of Disko - https://www.80mile.com/regulatory-news/63336

❖ Help with asset sales (e.g. Dundas)

❖ Fund-raising

❖ Reverse Stock Split (Share Consolidation)

The reason for the appointment of Ingo Hofmaier could be some of the above, and we can only but speculate at the moment.

JK703 - Yes, you are correct in saying Robert Edwards is on the Board of Lifezone Metals - https://tinyurl.com/3kxu8ftc

Drilling for oil and gas in Greenland can be an expensive business. That's no secret. However, I expect the oilmen from March GL would have done due diligence before embarking on the venture. We don't have the kind of information they have to know why they decided to invest their hard cash in the project. Factors that may have played in favour of March GL's decision to go ahead with the project are:

❖ Modern drilling methods and simplified Well designs ​that can keep costs down (e.g. "Lean" ​in drilling​ and field development - see notes below)

❖ Scale (we are talking many billions of barrels of oil)

❖ Possible assistance from sovereign wealth fund​s once reserves have been proven through drilling

Notes: "Lean" drilling can deliver improved performance. Haliburton (founded in 1919), now involved in the Jameson project, uses the ​method - https://www.halliburton.com/en/well-construction/drilling

AI says: "Lean drilling, in the context of well construction, is the application of lean manufacturing principles to optimize drilling operations, aiming to eliminate waste, improve efficiency, and reduce costs while maintaining or enhancing quality. It involves streamlining processes, minimizing downtime, and optimizing resource utilization to achieve better project economics."

I am somewhat mystified as to why 80M decided to appoint a high-profile finance person, Ingo Hofmaier, at this particular juncture.

https://ir.lifezonemetals.com/governance/management-team/#Ingo--Hofmaier

Before determining the value of Jameson's potential liquid hydrocarbon (oil) resources, one has to make an assumption about what quantity to use. What figure to use in the calculation is up to each individual.

Here are the estimates from different sources:

ARCO: 4.0 - 10 billion barrels within the Permian-aged reservoir rocks and 4.6 - 11.5 billion barrels within the Jurassic area, giving a total of 8.6 - 21.5 billion barrels (RNS 20 June 2024 - https://www.80mile.com/regulatory-news/63414 ).

80M Management: 2.4 - 8.1 billion barrels (RNS 20 June 2024 - https://www.80mile.com/regulatory-news/63414 ).

March GL: Well 1 = 1.9 billion barrels; Well 2 = 706 million barrels, giving a total of 2.6 billion barrels for the first two wells (see slides 15 & 16 in this presentation - https://tinyurl.com/nwymr3pv )

The current crude oil price is $68-$70 per barrel.

I will leave it to you to work out your own resource value. That said, it doesn't matter what figure you come up with, Jameson has the potential to be a huge asset for 80M.

NB: The ship with drilling equipment will leave Montreal, Canada for Jameson in September. March GL will drill the 1st Well in Q4 2025, subject to regulatory approval by the Greenland Government (see slide 19 of the presentation). After drilling the 1st Well, March GL will own 50% of Jameson; after drilling the 2nd Well, the ownership would rise to 70%. It's worth noting that March GL has created a website dedicated to the Jameson Land Basin at their own expense - https://marchgl.com

The video you posted was that of Mark Bilsland doing a presentation at the 121 Oil & Gas Investment conference held in London in October 2017. Here is another clip of him at the same conference - https://youtu.be/fm8vIs3PxlU

Thank you, Jimbolina, for sharing video. The speaker was Mark Bilsland, CEO of Greenland Gas & Oil Limited. I should mention here Rod McIllree was Chairman of the company. Please see slide 17 of this presentation.

https://www.ges-gb.org.uk/wp-content/uploads/2018/03/S5-10.40-Mike-Bilsland-Greenland-Gas-Oli-pdf.pdf