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

“the odds are far more in favour of the downside.”

That’s an interesting comment and I presume you have based that on some form of assessment/reasoning. So, what do you think are the odds for EACH of these three events happening in 2025?

1. Drill at Disko.

2. Secure a JV partner for Jameson Land.

3. Generate cash flow from production at Greenswitch.

To whom it may concern: Since I have addressed this question to LWHL, please do not jump in until he has replied first. Thank you

Https://www.energy.gov/eere/bioenergy/sustainable-aviation-fuel-grand-challenge

Https://www.rolandberger.com/en/Insights/Publications/SAF-The-time-is-now.html

Naaja Nathanielsen is the Minister of Mineral Resources, Government of Greenland and this is an interesting Q&A with her. She says, among other things:

1. She found the recent U.S Senate hearings offensive (On 15 February, I posted here the video of the senate hearing that Naaja Nathanielsen talks about in the Q&A).

2. She would like to see the relationship with the U.S strengthened in two areas:

a) Increase in security via further military presence.

b) Expansion of mineral exploration.

Please note, Greenland parliamentary elections will take place on 11 March. The current government is a two-party coalition of Inuit Ataqatigiit (IA) and Siumut. IA has said it would not rush an independence vote through after the election, cautioning about possible economic and welfare implications. On the other hand, Siumut, has already announced that it plans to invoke an article in a 2009 law granting Greenland enhanced autonomy, including the right to negotiate full independence.

https://www.keranews.org/2025-02-20/greenlandic-politician-describes-struggle-to-remember-america-has-good-people

Chirpy, You seem to be well up on your research so you may well already know that the U.S.flexed its muscle​s and got its way by ensuring that the Tanbreez asset did not end up with the Chinese​.

Also, according to GreenRoc's CEO, the company applied for an exploitation license to develop its Greenland graphite project and has held funding talks with US officials in the past year.

Surely, U.S. officials must know that Disko and Jameson Land are two of the most potentially valuable natural resources assets in Greenland.

Tanbreez article dated January 2025 - https://www.mining.com/web/us-lobbied-greenland-rare-earths-developer-tanbreez-not-to-sell-to-china/

Chirpy - Regarding your post on 02/02/25, the U.S. Senate confirmed the nomination of Howard Lutnick as Commerce Secretary yesterday. For those who are not aware, Howard Lutnick is currently Chairman and CEO of Cantor Fitzgerald, a company with a stake in Critical Metals Corp. (Nasdaq: CRML). The latter has majority ownership of the Tanbreez project in Greenland. Following the confirmation, he will have to resign from his position with Cantor Fitzgerald.

https://tinyurl.com/5ffev57t

Chirpy, it's worth revisiting the June 2024 interview with Rod McIllree where he explains, among other things, the sub-periods of the licences, the objective of 80M to find a partner to assist with costs in the next three years and also the uniqueness of the licences. Watch the video from ​7:00 to 11:00 mins.

https://youtu.be/PidhWEVzGP0?t=3

Correction: General Meeting on 13/01/25, not 13/04/24 as I had incorrectly stated.

Chirpy - You ask: "Why would you drill either Disko or JL this year?" Let me take each one in turn.

DISKO

In 2022, there was an overspend on fieldwork. However, there was no spending at all in 2023 or 2024. You will be aware that during the licence period, the licensee is obliged to spend a minimum of exploration expenses per calendar year calculated as the sum of an amount per licence per year and an amount per square kilometre per year. In addition, a yearly licence fee is payable from year six of the licence period. All Nikkeli licenses remained in good standing in 2024 without the need for additional expenditure. However, does the same apply to 2025? On 29/04/24, the market was informed and I quote: "Nikkeli anticipates initiating planning for 2025 activities in late 2024 and is committed to advancing the Disko-Nuusuaq project in partnership with KoBold Metals." So there is a market expectation of fieldwork in 2025. I accept that the fieldwork does not necessarily have to be drilling. Instead, it could be other types of work (e.g. EMS). However, at the General Meeting on 13/04/24 (which I attended), Rod McIllree said drilling at Disk would occur in 2025.

JAMESON LAND

Yes, the RNS of 20/06/24 confirmed that the project has no immediate requirement for expenditure. However, the first sub-period for the licences is 3 years and during this period minimum expenditure requirements will have to be met and I think it would be wise to find a partner sooner rather than later. In his video interview in June 2024, Rod McIllree said the objective there is to find a partner to assist with the costs in the next three years. I think it would make good sense to exploit the current heightened publicity about Greenland in the U.S. to find a partner while the iron is hot so to speak. Maybe I will have something to say on this matter later. My final point is I did not say I was expecting Jameson Land to be drilled in 2025. However, I think it would be judicious to find a partner this year to prepare for fieldwork in 2026.

Cheshirebull - I wish you good fortune with your new averaged down share price. I too have done the same and got my average price right down to substantially below 1p. The sub 0.30p share price level has been too tempting to miss the opportunity, so I have been buying and am likely to continue to buy if the price stays low. I don’t have to tell you 80M is a risky stock but it also has huge potential. It's a judgment call.

As for the potential, I have three items on my wish list for 2025. If two of them come good, I am likely to make a decent profit and if all of them come good it would be a jackpot! The items are:

1. Drill at Disko and prove that the early indications of the deposits under the ground are on a scale comparable to the renowned mining operations at Norilsk, Voisey's Bay, or Jinchuan.

2. Secure a JV partner for Jameson Land by bringing in a high-profile oil & gas company or similar.

3. Generate meaningful cash flow from production at Greenswitch.

Talking about oil & gas companies, in April last year, Trump hosted a private dinner at Mar-a-Lago Club for heavyweights from the oil & gas industry. The guests included executives of the oil companies Exxon Mobil, Chevron, ConocoPhillips, and Continental Resources, natural gas producer EQT, gas exporter Cheniere Energy, and the trade association American Petroleum Institute. Some of these oil companies are members of the Alaska Oil & Gas Association (AOGA) and I suppose they know how to operate under Arctic conditions - https://www.aoga.org/companies

We do not know whether 80M is engaged in talks with any of the oil and gas companies I have listed​ above, plus BP which took over ARCO, or others.

On 19.11.24, Eric Sondergaard made this intriguing statement "The Company is also currently evaluating downstream opportunities in the sector and will advise as and if opportunities arise." The statement was rubbished here as nonsense, only to be proved wrong a month later on 19.12.24 when 80M announced the acquisition of the Greenswitch production plant. So let's now take a look at another intriguing statement by ES, this time in the RNS of 12.02.25: "I remain confident of success on MULTIPLE fronts in the next 6 months."

What did ES mean by MULTIPLE fronts? And will any, some, or all of the items on my wish list become a reality in 2025? As always, time will tell!

Chirpy - I shared that information mainly to generate discussion. First, after ARCO left Greenland in 1990 there was new work by USGS/GEUS in 2007. Second, although Jameson Land was not included in USGS/GEUS work, GEUS, however, continued ​with ​a detailed study of the area until 2014​ and White Flame was awarded its licences in 2015. Third, we now have to look to the future as 80M plans to further explore and develop the already identified prospects and historical data to optimise drilling. I look forward to the next update on JL. My final point is that JL will need a partner.

Chirpy - Silly me, I left out the most important piece of information in my note yesterday.

The USGS/GEUS work estimated that the East Greenland Rift Basins Province contains 31,400 MMBOE (million barrels of oil equivalent) of oil, gas, and natural gas liquids. However, the Jameson Land Basin and Jameson Land Basin Subvolcanic Extension were not quantitatively assessed as part of this work. Moreover, the assessment concluded that most of the undiscovered oil, gas, and natural gas liquids are likely in the offshore parts of the Province. More details here:

https://pubs.usgs.gov/fs/2007/3077/pdf/FS07-3077_508.pdf

Chirpy - Well done!

Between 1970 and 1990, the American oil firm US Atlantic Richfield Company (ARCO) invested more than US$100m (1989 US dollars) in detailed exploration and evaluation work at Jameson Land and identified multiple, very large gas and liquid hydrocarbon targets. ARCO calculated that there could be potentially 8.6 - 21.5 billion barrels of hydrocarbons in place at Jameson Land (NB: BP took over ARCO in 1990).

ARCO left Greenland in 1990, and in 2007, the U.S. Geological Survey (USGS) completed an assessment of the potential for undiscovered, technically recoverable oil and gas resources in the East Greenland Rift Basins Province. The USGS, in collaboration with the Geological Survey of Denmark and Greenland (GEUS), subdivided the East Greenland Rift Basins Province into seven geologically distinctive Assessment Units (AU), of which five were quantitatively assessed. Jameson Land Basin and the Jameson Land Basin Subvolcanic Extension were defined as AUs but were NOT quantitatively assessed. However, I will be quite happy with the 8.6 - 21.5 billion barrels of oil identified by ARCO at Jameson Land. What 80M needs a JV partner to pick up from where ARCO left. What's next? What do we know? Sweet Fanny Adams!

On 12 February, U.S. Senator Ted Cruz (R-Texas), Chairman of the Senate Committee on Commerce, Science and Transportation, convened a full committee hearing entitled “Nuuk and Cranny: Looking at the Arctic and Greenland’s Geostrategic Importance to U.S. Interests”. The same committee recently approved Howard Lutnick to become the Secretary of Commerce and the next step is for the Senate to confirm his nomination. Howard Lutnick is currently Chairman and CEO of Cantor Fitzgerald, a company with a stake in Critical Metals Corp. (Nasdaq: CRML). CM has majority ownership of the Tanbreez project in Greenland.

Regardless of whether you are an 80M follower​ or not, the hearing is well worth a watch if you are interested in the issues of Greenland's importance to the U.S. It's a 2-hour long hearing, so if you decide to watch it selectively I would suggest you don't miss the opening statement by Senator Cruz and the witness statements by Alexander Gray (Senior Fellow in National Security Affairs, American Foreign Policy Council) and Anthony Marches (Chairman, Texas Mineral Resources). You can ​also download all of the ​witness written statements. I found the whole hearing highly interesting and informative​ including the Q&A.. During the Q&A session, ​Senator Mrs. Fischer also spoke. She's part of President Trump's inner circle of ​Senators and you will have seen her performing a high-profile role when she opened the presidential inauguration when President-elect Trump was confirmed.

Forward the video embedded in the notice below to 19:50 mins to watch the hearing from the start.

Hearing​ video - https://tinyurl.com/57sv3fdu

​Written Statement by Alexander Gray - https://tinyurl.com/mt9kumpk

Written Statement by Anthony Marches​, a particularly interesting read- https://tinyurl.com/2cz2n3jw

​PS: For anyone new to Greenland, Nuuk is the capital of the country.

Chirpy - We have to wait and see which party or parties form the next government of Greenland after the general election next month. If the incoming government lifts the ban on new licences for hydrocarbons, then other companies can apply for such licences. If, on the other hand, the incoming government maintained the status quo then 80M would be the only holder of such licences. We really don't know what might happen after the election. In any event, 80M's licences will continue to stand in good stead regardless of the outcome of the general election. As things stand, 80M's licences are unique, and whether that will change in the future remains to be seen.

According to this article published a few days ago, it is becoming increasingly clear among party leaders that there is now a significant majority that wants oil drilling and gas extraction in Greenland - https://tinyurl.com/46btx4ah

Prime Minister, Múte Egede has announced Greenland will hold a general election on 11 March 2025. The election campaign is expected to revolve around Greenland’s independence aspirations, the development of the island’s fragile economy and relations with Denmark and the U.S.

The licences are unique on three counts:

1. No other mining company in Greenland holds licences for exploring/extracting hydrocarbons.

2. The Government of Greenland stopped issuing new licences for hydrocarbons in 2021. This means no other mining company will ever be able to obtain such licences in the future.

3. If 80M's licences were allowed to fall by the wayside due to non-compliance with the regulatory requirements, no other company would be able to acquire the licences after they expire due to the reason stated in (2). This is NOT the case with other licences that 80M holds. If, for example, Disko, Kangerluarsuk or Thunderstone licences were allowed to expire, another company could step in and apply for them, and if successful, would become the new owner.

ARCO estimated that the Upper Permian source rocks in the Jameson Land Basin generated over 40 billion barrels of liquid hydrocarbons and the Upper Jurassic source rocks generated a further 46 billion barrels. Assuming a conservative range of 10%-25% for entrapment efficiency, ARCO calculated that there could be potentially 4.0 - 10 billion barrels of liquid hydrocarbons in place within the Permian aged reservoir rocks and 4.6 - 11.5 billion accumulated within the Jurassic along with associated industrial and natural gases." - Source RNS of 20 June 2024

Turning to the question of what’s next for Jameson Land, according to the same RNS, 80M was assessing several opportunities including grants and third-party funding via joint venture or similar structure to pay for project development.

​Will the unique features of the licences I have highlighted plus the huge oil potential identified by ARCO play in favour of finding a JV partner for Jameson Land​? What's next? What do we know? Sweet Fanny Adams!

TA - She might say you're awful but..... - https://youtu.be/wkLRZzukcJc?t=3

Https://www.youtube.com/watch?v=0qvZPQ7Ql5E

Jameson Land is a large hydrocarbon play in Greenland and ARCO (an American oil company) did the majority of the work in the late 1980s and spent over $100m (in 1989 dollars) and concluded that there “could be” 4-10 billion barrels of liquid hydrocarbons in the Permian and 4.6 – 11.5 billion barrels in the Jurassic. This is potentially a very large-scale hydrocarbon play - https://tinyurl.com/ykz8pt7k

Chris Wright, the newly appointed U.S. Secretary for Energy signed his first Secretarial Order a couple of days ago directing the Department of Energy to take immediate action to unleash American Energy in accordance with President Trump’s executive orders and the "Department’s R&D efforts will prioritize affordable, reliable, and secure energy technologies, including FOSSIL FUELS, advanced nuclear, geothermal, and hydropower - https://tinyurl.com/yc57nyy8

80M's JL exploration and exploitation licences are unique because the Greenland government stopped issuing new licences for hydrocarbons in 2021. The JL project will need a partner. Will any American ​oil companies be interested in JL, given its potential for vast quantities of oil and the fact that ARCO was American and Trump is pro-oil and wants to be active in Greenland?