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

Jimbolina and CC - Regarding the standard text under the heading "About 80 Mile Plc" in RNS releases, let me share this information.

The KoBold RNS on 19 May 2025 had this as the standard text on Dundas: "The Dundas Ilmenite Project, 80 Mile's most advanced asset in northwest Greenland, is fully permitted and PROGRESSING TOWARDS NEAR-TERM PRODUCTION. With a JORC-compliant Mineral Resource of 117 Mt at 6.1% ilmenite and an offshore Exploration Target of up to 530 Mt, Dundas is poised to become a major supplier of high-quality ilmenite. Recent discoveries of hard rock titanium mineralization, with bedrock samples showing nearly double the ilmenite content of previous estimates, further enhance the project's world-class potential. 80 Mile owns 100% of the Dundas Ilmenite Project under its subsidiary Dundas Titanium A/S in Greenland." - https://tinyurl.com/yhwnnm3t

Following the RNS, I contacted Eric Sondergaard and asked him to clarify whether he actually meant to include in the RNS the statement "PROGRESSING TOWARDS NEAR-TERM PRODUCTION."

Since my contact with ES, the reference to "PROGRESSING TOWARDS NEAR-TERM PRODUCTION" was removed ​from the standard text on Dundas in ​the Kangerluarsuk RNS on 12 June 2025. The revised text in the latest RNS reads: "The Dundas Ilmenite Project, 80 Mile's most advanced asset in northwest Greenland, is fully (permitted?) with a JORC-compliant Mineral Resource of 117 Mt at 6.1% ilmenite and an offshore Exploration Target of up to 530 Mt. Dundas is poised to become a major supplier of high-quality ilmenite. Recent discoveries of hard rock titanium mineralization, with bedrock samples showing nearly double the ilmenite content of previous estimates, further enhance the project's world-class potential. 80 Mile owns 100% of the Dundas Ilmenite Project under its subsidiary Dundas Titanium A/S in Greenland." - https://tinyurl.com/4bb9nyuu

​It is evidently clear that one cannot draw a firm conclusion from the revised standard text on Dundas exactly what the end plan is for Dundas going forward. Certainly a question for the AGM (26 June)!

CC - I will try and find out more at the AGM (26 June). But you will have noted this statement in yesterday's RNS on Kangerluarsuk:

"The Thule Copper Project is a significant component of 80 Mile's portfolio in northwest Greenland, focused on exploring and developing high-grade copper deposits within the Thule Basin in northwest Greenland. Leveraging existing infrastructure and exploration credits, the project is strategically positioned in an underexplored region with substantial mineral potential. 80 Mile's established basecamp at Moriusaq will support cost-effective exploration, aligning with the Company's broader strategy to secure high-quality copper and industrial gas projects."

You will also be aware that 80M regards the Thule copper project as a separate entity from the Dundas titanium project. In fact, in his podcast in May 2024, Eric Sondergaard even went as far as to say ​that a major was interested in the Thule copper project. Watch this video from the start - https://youtu.be/5G5jwsxhC8E

​Moreover, the Thule copper project acquisition RNS on 1 May 2024, had this statement: "The Company is planning to conduct a 2024 field program consisting of helicopter-supported geological reconnaissance." As far as I know, the intended geological survey in 2024 never took place.

In my last post, I said I intend​ to raise a question at the AGM (26th June) about the company’s plans for the Thule copper project. Since my post, I have discovered that the Mineral Licence and Safety Authority (MLSA) has approved two fieldwork permits, ​FELT 2025-52 and FELT 2025-53, for the ​mineral exploration licences MEL 2015-08 and MEL 2019-114. ​These two licences are owned by Dundas​Titanium A/S​,​ a 100% subsidiary of 80M. Please note, the licence MEL 2015-08 covers the new Thule copper tenement as per the RNS on 1 May 2025 - See bullet point 1 - https://www.80mile.com/regulatory-news/63412

The ​two permit​s, FELT 2025-52 and FELT 2025-53​, allow 80M to carry out fieldwork this summer season.

​

IvRoche - Interesting figures!

With the recent divestment of assets (Hammaslahti, Outokumpu and now Kangerluarsuk), it is now abundantly clear that 80M is on an overdrive to achieve its strategy to sell off the company's non-core assets and focus on its priority projects, Disko, Greenswitch and Jameson. I therefore expect Dundas to be the next asset in line for a sell-off. I am not sure about the Thule copper project, since the company considers this to be a high-quality copper project. I will definitely be asking questions at the AGM (26 June) about the company's plans for the Dundas and Thule assets, and also for the elusive Thunderstone asset.

You will recall that despite a lot of talk here by posters (like Rach and LWHL), we were the only two people who were brave (or foolish!) enough to stick our necks out and attach an estimated price for each of the assets. After posting my valuations, I did include a caveat that I was not claiming my estimated valuations to be anywhere close to the truth! For the fun of it, I will re-post our respective valuations of the assets. More importantly, the research note dated January 2022 valued Dundas at US$219m. I valued it at US$22m (10% of US$219m); you put a valuation of US$ 7-10m - See page 2, paragraph 2 of the research note - https://tinyurl.com/m7fs39v7

Yes, CC, damned if you do and damned if you don't. Oh well!

Thank you for pointing out my post on 7 April 2025, which I addressed to Jimbolina. This is what I said: "80M has got rid of Hammaslahti and Outokumpu (but has kept the rights to industrial gases). I think the next asset in line for disposal could be Kangerluarsuk. If I were you, I would focus on Disko, Jameson and Greenswitch. I would be badly disappointed if 80M failed to deliver some substantive news before the year is out on at least two of these three projects, possibly all three. I am sure we will talk again on this subject before the end of this year."

1. On 28 April 2025​ (three weeks later), we received confirmation that 80M had secured a partner for Jameson and that it would be drilled next year.

2. On 11 June 2025 (today), we got the news that Kangerluarsuk has been sold to AMRQ (subject to certain conditions).

We now await news on Disko and Greenswitch.

Danish Prime Minister Mette Frederiksen and the French leader said they will meet in the semi-autonomous Danish territory on June 15, hosted by Greenland’s new Prime Minister Jens-Frederik Nielsen. The talks between the leaders will focus on North Atlantic and Arctic security, climate change, energy transition and critical minerals, the French presidency said in a statement on Saturday.

https://www.aljazeera.com/news/2025/6/7/macron-to-visit-greenland-to-boost-european-unity-amid-trump-threats

It's a shame you can't make it, CC, but I'll update you after the meeting.

Glad you can come, CB, and I'll talk to you again nearer the time.

Is anyone planning to attend the AGM? I intend to attend the meeting.

ChirpyCheep and Cheshirebull - Are you planning to be there? It would be nice if we could catch up in person!

Rach (1 June 2025): " Ashton has told us that applications for any exploration work are required to be submitted before the end of May​..."

No, I did NOT say that applications for any exploration work are required to be submitted before the end of May. What I said in my post (26 Apr 2025) was that the deadline for submitting applications for undertaking field activities is NOT by the end of May. The correct deadline is ​the 1st of May. Although the deadline is 1st of May, the Mineral Licence and Safety Authority (MLSA) can extend this timeline if needed, but this is not guaranteed - https://govmin.gl/exploration-prospecting/start-exploring/field-activities/

Please also note this additional factual information. The MLSA has received 62 applications for field activities as of 20 May 2025. At the moment, the MLSA website is showing ​15 applications with an "Application Date" from 2 May to 23 May​ (i.e. applications submitted after 1 May). This confirms that the​ 1 May deadline is not absolute. The same website shows that the MLSA has granted only one field activity approval so far​, which has a start date for the permit of 7 April 2025. (Source: Government of Greenland)

Due to the parliamentary elections held on 11 March 2025, the MLSA was not able to function as usual, and in all probability​, this would have had an impact on processing the applications in a timely manner - https://govmin.gl/2025/02/greenland-parliamentary-election/

​To summarise, although the published deadline is 1 May, the MLSA has the discretion to extend it beyond this date. I have posted this note only to correct the misinformation​ so that readers are aware of the correct position about the deadline for submitting applications for field activities. Also note, I do NOT know whether 80M intends to carry out any fieldwork this summer.

Oh dear, oh dear, Rach, no need to get touchy!

You now say: "Unless you can show the exact locations of those MORE than 20 drill-ready targets, there’s no way to prove the current Jay/Kobold targets are either new or original."

Here is my response. Do you know the exact locations of the seven priority targets identified by KoBold? I bet you don't. So, how can you claim that they are NOT new or original?

I will give you a clue. KoBold did confirm they have identified many new and original drill targets. You need to try harder with your research efforts and spend less time on spreading FUD.

Oh dear, oh dear, Rach, you are hard work. Opinions are one thing, and we can disagree on them, but you must stop playing fast and loose with facts. You are a master of it, but good job that Ashton is here to catch you out when you try to spread FUD through factually false claims. Read on ……

Among those points that you have raised in response to my post, I want to address an issue that’s particularly close to my heart. It's to do with Disko's prospectivity. And this is where you have gone and made a factually false claim.

I said, “KoBold has confirmed the prospectivity of Disko by coming up with seven priority targets …” You responded,  "That statement misleads by omission. Jay ALREADY outlined these targets BEFORE KoBold’s involvement. If they’re different targets, show the evidence. Otherwise, let’s not rewrite history to support a shifting narrative."

You claim, contrary to what 80M/JAY has informed the market, that the company had already identified the seven targets BEFORE the JV with KoBold. Since you make this bold claim, the onus rests with you to back it up with evidence. So, show us your evidence that 80M/JAY had ALREADY identified the seven targets BEFORE the JV. I await your reply. For my part, I have done my homework and can confidently refute your claim by demonstrating, with evidence, that KoBold’s work did produce NEW and ORIGINAL drill targets that were NOT identified BEFORE the JV. Since it's you who has made such a bold claim, you go first and produce the evidence, and I will then share mine. Looking forward to your reply.

No deflection/diversion tactics please, just produce the evidence!

I said: "A few months ago, KoBold's CEO, Josh Goldman, publicly stated that the company plans to go public within three to four years. "

Correction: Josh Goldman is the President of KoBold Metals; the CEO is Kurt House.

Continuation...

As a general rule, major miners don't partner with junior miners unless the latter own 100% of the project. The fact that 80M now owns 100% of Disko may well assist (but does not necessarily guarantee) 80M in finding a major miner as a partner to replace KoBold. That said, I would suggest that the sensible approach under the circumstances is to neither rule-in nor rule-out the chances of 80M finding a new partner for Disko soon. But I am an optimist!

https://tinyurl.com/ed7k5s2r

https://tinyurl.com/mxncuwac

Why did KoBold Metals withdraw from the joint venture with 80M? My short answer to the question is I don't know but I offer this opinion.

KoBold could be under pressure from its high-profile investors to make rapid progress with its Zambian copper project and provide them with an early return on their investment. So far, KoBold has raised US$938 million over four rounds. Can it continue raising further funds? In theory, it can and there are two possible routes: (a) Further equity funding (b) Go public by listing. A few months ago, KoBold's CEO, Josh Goldman, publicly stated that the company plans to go public within three to four years. Should that happen, it could deliver returns to its investors (depending on the IPO price of course) but also raise fresh funds. However, that would be 3 to 4 years away. In the meantime, KoBold has decided to increase its footprint in Africa. On 6 May 2025, KoBold Metals and Australia's AVZ Minerals Limited agreed on a framework for KoBold to buy AVZ’s interests in the Manono lithium deposit in the Democratic Republic of Congo (DRC). The agreement would enable KoBold to rapidly deploy more than US$1 billion to bring the Manono lithium to the Western markets. But where will KoBold find that kind of money?

In the meantime, progressing with Disko would have meant KoBold having to raise more funds for the Greenlandic project, which the company may well have decided against since its strategic priority is Africa. By exiting the Disko JV but having agreed a revised arrangement with 80M for the asset, KoBold still has an interest in Disko but it does not have to spend a single cent and could still potentially benefit from the 2% net smelter return ("NSR") royalty over future production from the project. After all, KoBold has confirmed the prospectivity of Disko by coming up with seven priority targets and knows that the asset has potential as it exhibits spatial characteristics indicative of potential deposits on a scale comparable to renowned mining operations such as Norilsk, Voisey's Bay, or Jinchuan (see RNS 29 April 2024). Should Disko turn out to be as massive as the three mega mines mentioned, KoBold knows it would be laughing all the way to the bank whilst enjoying a free ride, especially given the fact that it had spent only a paltry sum of circa US$13.4 million on the project. What a lucrative deal for KoBold! Have they stitched us up like a kipper (like what Chirpy Cheep has said)? It’s truly a tragedy, but we are where we are, and what’s next?

I prefer to look to the future. So, the all-important question is will 80M succeed in finding a reputable and well-established partner for Disko? I can't even begin to guesstimate what the chances are for achieving such an outcome but I wish to make this important observation.

Continued.......

BenAlder: "And the fantasy, "The negotiating parties may well be reputable and well-established mining companies." - This I seriously doubt. The big guys will only come in after a significant find."

It was certainly not a fantasy; if the negotiations are successful, we will find out who the partnering mining company is and whether it is a reputable and well-established entity. If there is no deal, we will never know (at least not officially). But let's hope we have a deal!

As for your comment about "big boys" (major miners), it is factually incorrect to say major miners would come in only after a significant find. I can cite examples of majors partnering with juniors well before a find, whether significant or not. For example, Anglo American entered into a joint venture with Arc Minerals, where Anglo American has a 70% stake. More relevant to us, Rio Tinto signed a JV with Bluejay Mining on the Enonkoski project for up to a 75% interest.

https://www.arcminerals.com/projects/Zambia/default.aspx

NB: Just for the purpose of clarity, a reputable and well-established mining company need not necessarily have to be a major. It can be a well-respected and well-run mining company who is already in production.

Oh dear, oh dear, Rach, you are an expert at deflection/diversion. I wasn’t trying to score points. I was simply trying to warn readers of your persistent FUD spreading. Go back and read your latest FUD spreading about 80M finding a new partner for Disko to see what I mean.

You now say, “ It’s increasingly possible that you may be right in suggesting an announcement on that front is imminent.”

I did NOT suggest that an announcement is imminent. What I said was 80M may well be in negotiations with reputable and well-established mining companies. I then said in the latest RNS Eric Sondergaard was confident of finding a new partner for Disko who could progress the project to drilling and let’s hope he is right, but only time will tell.

Oh dear, oh dear, Rach - spreading FUD again - this time about whether 80M will find a REPUTABLE replacement partner for Disko.

You are so focused on spreading FUD, you have a habit of dismissing stuff you should not. You remember this exchange between us.

Ashton (15 Dec 2024 at 12:27): "The Company is also currently evaluating downstream opportunities in the sector and will advise as and if opportunities arise."

Rach (15 Dec 2024 13:04): "The Company is also currently evaluating downstream opportunities in the sector and will advise as and if opportunities arise." - its comments such as this and the numerous past failures and over optimistic comments that have taught me to take EVERYTHING the current BoD says with a huge pinch of salt. As I've already said - considering downstream when they haven't got upstream / mid-stream established is ABSOLUTE TOSH."

What I highlighted did NOT turn out to be ABSOLUTE TOSH after all because the Greenswitch downstream production plant RNS came out on 19 December 2024, just four days after my post on 15 December 2024. This is an example of how hopelessly awful you are at reading between the lines.

Let me now highlight this statement in the latest RNS 19 May 2025: "The Company remains CONFIDENT of the potential of the Disko-Nuussuaq project AND ITS ABILITY TO ATTRACT A NEW PARTNER that will focus on advance (sic) the asset to DRILLING and hope to make further announcement on this in due course."

Please (please) don't tell me this statement is also ABSOLUTE TOSH! If so, let me give you some unsolicited friendly advice in advance: Don't do it!

Let me also give you this further unsolicited advice. One should not rule out the possibility that:

1. 80M may have already commenced negotiations with potential partners (please note my use of the plural noun) in anticipation of KoBold withdrawing from the JV.

2. The negotiating parties may well be reputable and well-established mining companies.

In the RNS, Eric Sondergaard was confident of finding a partner who could progress the project to drilling. Let's hope he is right, but only time will tell

Please go easy with your FUD spreading, it's becoming too obvious for all to see.

CC - Under this thread, you asked (26 Apr 2025 20:08) whether 80M has put Disko on the back burner and I replied (27 Apr 2025 09:12) "I don't think 80M will put Disko on the back burner, but progress with the project. The question for me is, will there be a different kind of partnership arrangement for the project? We will know soon, I mean pretty soon."

Today's RNS says, "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."

In 2021, Bluejay Mining shortlisted Anglo American and KoBold Metals for the Disko project but went with the latter. Will AA emerge as the new partner, or someone else?

Jimbolina - I am not qualified to answer your technical questions, but I will have a go at answering these two questions:

1. "Does anyone know what oil in the ground is worth to sell?"

2. "How will 80M pay for their share to keep 30%."

I will answer the first question now and the second question later.

Take a look at this release from WH Ireland dated June 2024: "Over $125m has been spent in the past ($4m by White Flame) with ARCO in the late 1980s spending over $100m alone on the project area. Large gas and hydrocarbon targets have been identified which “could contain” 9 – 22 billion barrels of hydrocarbons in the Permian and Jurassic strata. We stress “could” as no deep drilling has ever been carried out and any hydrocarbons will obviously need to be confirmed by further exploration and targeted drilling." - https://tinyurl.com/ykz8pt7k

RNS 20 June 2024  - "Basin has anomalous helium and white hydrogen occurrences, as well as working liquid-rich hydrocarbon reservoirs with potential resources estimated by management to contain in excess of +2.4 to 8.1 billion barrels of oil equivalent in place (not to a recognised standard)." - https://tinyurl.com/y47dnaf6

Take a look at Slide 13, "Potential Drilling Locations", which quantifies the amounts of oil for each of the four wells (Rod McIllree was Chairman of Greenland Gas and Oil - see Slide 17) - https://tinyurl.com/3thtayts

To add more information, PR Newswire used 25 media outlets for the publication, 2 of which were global (FT and Yahoo); 21 were USA media outlets; 1 was India, and 1 was Germany. I have the full list. As I said, the main target audience was the U.S.

FT - https://tinyurl.com/4yukw3hb

Yahoo - https://tinyurl.com/ydew26pd

Moreover, the law firm Haynes Boone, which advised March GL on the deal, put out this press release soon after the announcement - https://tinyurl.com/bdhau2ct

I expect the newsflow from 80M, as we move towards drilling next year, as well as actual drilling, would provide further publicity and interest - particularly in the U.S., given the focus there on Greenland.