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

For those who have not listened to this interview:

https://www.koboldmetals.com/news/why-nickel-and-cobalt-is-being-mined-in-greenland/

Really!

2 May 2024 at 20:10: "I'm looking for some real news and not just the bs they keep serving up - the lucrative sale of an asset or the partnering of a major - THAT'LL BE THE TIME I'D CHOOSE TO BUY. Until then what has Jay to offer? Would you be buying now?"

Chirpy - I like the way you are prepared/able to look at a situation from different angles, especially in the absence of full information.

By the way, in your post on 10 Sep 24 at 17:31, you said: "She won't disclose anything about her holding."

Did you see her post on 21 Nov 2024 at 15:43 where she admitted that she is a shareholder with this statement: "Unlike yourself (Ashton), I don't need the SP to multibag merely to break even."

Why would someone remain as a shareholder and at the same time repeat - not once but eight times - that there would be an equity fundraise at 0.25p (or less) by year-end (2024)? Would it not make sense to sell the shares at the current level of 0.30p and then buy them back at 0.25p or below? Is someone telling porkies that they are a shareholder?

ChirpyCheep (2 Dec 2024 at 17:19 under another thread): "Different ways of skinning a cat".

I don't know what exactly you had in mind, Chirpy, when you used those words but I would - as a general rule - agree that it always pays to think outside the box. Take for example the statement: “The Company is also currently evaluating downstream opportunities in the sector and will advise as and if opportunities arise” (RNS 18 November 2024). The immediate temptation when looking at the words "downstream opportunities in the sector (oil & gas)" would be to think conventionally and technically; that is - https://tinyurl.com/33uzep67

​But would that be the right interpretation? If anyone is interested in the correct interpretation, best ask Eric Sondergaard as they were his words.

Yes, yes, yes. Happy!

Yes, yes, yes, when someone is hellbent on making an issue of anything and everything what do you do? Plough on regardless!

Anyway, what did I mean when I said: “We don't want another drilling debacle like what happened in 2022 by rushing things prematurely”? Clued-up people would have understood exactly what I meant without any problem whatsoever. But not if you’re a clueless person, so here is the explanation.

On 24 March 2022, 80M informed the market that maiden drilling at Disko would be carried out in 2022. Three weeks later on 11 April 2022, the company reversed its decision and informed the market that no drilling would take place in 2022. By any reckoning, this was a debacle in poor decision making and the share price quite rightly got punished for the bungle but the company also suffered reputational damage. 80M should not have rushed to announce such an extremely important event (maiden drilling) without being absolutely sure that it would stand by its commitment. Anyway that’s all water under the bridge now and I am sure the company would not want to repeat any more debacles. It would therefore make good sense for 80M not to rush and inform the market until it is resolutely sure of its decision about the date for the maiden drilling at Disko. And that’s exactly what I meant by my statement “We don't want another drilling debacle like what happened in 2022 by rushing things prematurely.” Get it now!

Now let me address this claim: “So now you (Ashton) claim the poor performance of 2022 was because it was a rush job. That's a lame excuse and one I've not seen used previously - by yourself or anyone else.”

First, I was not making any excuses (lame or otherwise). On the contrary, I was pointing out the company's serious fault in rushing an important decision such as maiden drilling. Second, who says I have not raised this issue before? In fact, I did raise the issue previously on 28 March 2024 at 19:34 (under this same thread) when I said: “I am sure no shareholder wants to see another aborted maiden drilling debacle like what happened in 2022 by rushing things unnecessarily."

Some people can be not only clueless when they open their mouths but can also be hard work (this one is, particularly blo-ody hard work), but at least you get free entertainment in return!

NB: The Disko maiden drilling should have taken place in 2023 but Rob Edwards was in charge of 80M then and he screwed up the relationship with KoBold Metal to the extent that when he left the company KoBold was prepared to make this statement publicly: "We are thrilled to have Eric back at the Bluejay helm; he's a great technical operator, and with his leadership, we look forward to unlocking the full potential of our partnership." - RNS 29 April 2024

Theofficecat (5 Dec 2024 at 08:41 under a different thread); "Disko and update please!!!"

I am also keenly waiting for the update. I suspect the RNS will be released when everything is in place (e.g. detailed program for the field activities has been agreed upon between the parties concerned, estimated costs for the field program have been approved by KoBold, order has been placed for securing the drilling rig and also personnel, etc). We don't want another drilling debacle like what happened in 2022 by rushing things prematurely, do we? All that said, I am confident enough to say Disko WILL be drilled in 2025. In the scheme of things, that's what really matters.

Yes, TonyAngelino, 80M is permitted to go after hydrocarbons at Jameson Land. According to the RNS on 19 November 2024, the next step is to prepare for exploratory drilling and the company would commence essential work programmes in this regard. The objective is to gather data to guide future drilling and exploration in line with Greenlandic regulatory standards.

Rod McIllree has already stated that JL will need a partner to progress the project. In my view, this is an absolute prerequisite for the survival of the project. That is, to find a partner who is prepared to fund the project and in return 80M relinquishes a good proportion of the ownership of the asset.

This statement appears on the Home page of Amaroq Minerals:

"Amaroq Minerals Ltd. (formerly AEX Gold Inc.) is a Greenland-focussed mining company engaged in the identification, ACQUISITION and development of gold properties and other strategic mineral assets in Greenland."

https://www.amaroqminerals.com

"The net proceeds raised in excess of the initially targeted £20 million will be used to accelerate growth opportunities across the Company’s portfolio of assets in Greenland and further bolster the Company’s working capital position." - https://tinyurl.com/yc2a7rsj

80M owns Thunderstone gold and base metals asset, which is for sale. The southern extension to the Nanortalik Gold Belt that hosts the Nalunaq gold mine  - held by Amaroq Minerals - is only 25 km west of the Thunderstone licence. Will Amaroq be interested in buying Thunderstone?

The Anglo American press release I shared earlier was dated 4 November 2024. The company released another press release on 25 November 2024. There is a reference to copper in both press releases.

https://www.angloamerican.com/media/press-releases/2024/25-11-2024

Chirpy - Yes, AA's new strategy ​is to focus on copper, according to the chief executive.

Turning to AA's presence in Greenland, this is a bit of a mystery to me. Let me expand. AA moved into Greenland in 2019 and currently holds a vast swathe of Disko licence area of 7,379km² (compared to 80M's 3,015km²). AA pays quite a lot of money as annual regulatory fees for the licences. AA undertook field activities in 2022, 2023 and even as recently as this summer (2024) but no drilling yet. When are they going to drill? I recently became an AA shareholder and asked them questions about their plans for Greenland. I exchanged emails with them in May 2024 as follows:

Ashton: "Anglo American has Mineral Exploration Licences in Greenland and has been engaged in fieldwork in 2022 and 2023 on the island. Is there any information on Anglo American's work in Greenland that I can look up that is available in the public domain (company reports, publications on the Internet, etc.)? All I have found so far is this information which talks about fieldwork in 2022 but nothing more. Could you help, please? Thank you"

AA: "The position that we have in Greenland is at the exploration stage. As a result, there is no additional information that we are able to share at this stage given the early stage nature. We are also in an offer period under the UK Takeover Code which restricts us from publishing new information to the market. (NB; The offer period refers to BHP's attempt to takeover AA during the early part of this year)

Ashton: "I knew that the project was in the exploration stage but as you will know this can run for many years. As a shareholder, I am interested in how far the exploration stage has progressed. One of the key milestones of the exploration stage is core drilling followed by assay results. I am trying to find out what the project timetable is for core drilling and assay results. I would be grateful if you could find out this information for me or even better provide me with the contact details of the project manager so I can discuss the matter directly with them.

AA: "I’m afraid that these details have not been publicly disclosed and under the UK Takeover Code we are prohibited from providing new public information at this time. My apologies but on this occasion I’m afraid we can’t be of assistance."

As you can see I did not get far with them. Maybe I should attend their AGM!

Jimbolina - Try this link - https://www.angloamerican.com/media/press-releases/2024/04-11-2024

Duncan Wanblad, Chief Executive of Anglo American, said: "We are making excellent progress with our simplification of Anglo American to create an exciting and differentiated investment proposition focused on our world-class copper, premium iron ore and crop nutrients assets - all future-enabling products. This highly cash generative and much higher margin portfolio will offer greater resilience through cycles and the benefit of significant high quality and well sequenced growth options, including a clear path to increase annual copper production to more than one million tonnes by the early 2030's."

TonyAngelino - You say: "EM survey and corresponding model update and subsequent drilling can take place in the same season. Whether the JV elects to do this is another matter."

This was an issue 80M was trying to resolve with KoBold and I think it has been resolved. I am no expert on these matters but common sense tells me that among the 7 priority targets, some must be stronger than the rest. They could go ahead with drilling the stronger targets without the EMS and apply the EMS only to the others and then drill them, all in one season.

All that said, I am expecting drilling to go ahead in 2025, but suggest people do their own research.

ChirpyCheep - Here is my response to your questions:

"There are 7 priority targets but do you have any idea of the minimum drilling that would be required- and possible costs? Could they narrow the targets down further to save costs?"

I understand we will know within the first 5 holes whether we are rich or not. So, I will therefore assume they will drill at least 5 holes but likely they will go for all 7 holes whilst the drilling gear and personnel are there. But will the short weather window permit all 7 holes to be drilled, also what about the electromagnetic survey? I don't know.

Under Stage II of the 2021 JV agreement, KoBold was required to incur US$11.6 million (2021 price) in drilling-related expenditures or complete 15 pre-agreed diamond drills. So, using a crude calculation method, it works out at US$0.8 million per hole. Allowing for an estimated 25% inflation rate since 2021 (mainly due to the Ukraine-Russia conflict), it comes at US$1 million per hole.

"And if a bare minimum campaign could be undertaken what's the chance of 80M going it alone, again after all if Disko has as much potential as you believe ownership becomes less important. "

I don't think 80M will go it alone. I think the chances are there will be a new agreement with KoBold and I am expecting the details of it in the next Disko update. I am also not COMPLETELY ruling out the possibility of Anglo American joining in as a partner, along with KoBold, but this is pure speculation on my part - so you are well-advised not to pay too much attention to this conjecture.

Based on a wealth of historical records, and more recently KoBold’s findings of 7 high-quality priority targets, I strongly believe that the chances of proving Disko's prospectivity are quite high. I am therefore hopeful of excellent assay results from drilling. Through fair weather and foul, in sunshine and in rain I have always believed in, and still believe in Disko. If the assay results were to come out shining, I expect ​it would provide a significant boost to the share price. Additionally, if a partner can be found for the Jameson Land project, this would also uplift the share price. If BOTH of these events were to happen it would be pathbreaking for the share price and transformative for 80M. No one can be sure how these two projects are going to unfold, and therein lies the risk with a stock like 80M. In the meantime, just because I persistently express upbeat comments about the prospects for 80M, it does not mean I am a ramper. Neither am I here to hoodwink anyone. These distasteful attributes I am accused of are alien to my nature and my values.

I know I should not engage with toxic people if I can avoid them​ because they are unpleasant and unacceptable in their behavior. Toxic people thrive on reactions. I can't control how they behave but I can control how I react. Their persistent negativity reflects them. All that said, there is a limit to my tolerance, and enough is enough. I have therefore decided not to engage with toxic people from now on and save my time, effort and energy for better use. My only regret is that I did not decide to put this into practice sooner. Oh well!

https://www.youtube.com/shorts/mtCYtW3mdhY

Any company before deciding to become a partner for Jameson Land will carry out the customary due diligence. I suspect a part of this process would be a cost-benefit analysis to determine the potential commercial viability of the project. So, I am hoping if 80M succeeds in finding a partner that would be confirmation of the potential viability of the project.

As for the sale of assets, I posted this on 8 Nov2024; "I understand from 80M the subjects of asset sales and the dialogue with European groups for funding (please see RNS on 13 August 2024) are "PROGRESSING ALMOST EVERY DAY" but I have no idea when we can expect updates on the two issues."

You have not mentioned Thunderstone (a gold and base metals asset). For some strange reason, it does not now appear as an asset on the 80M website but the Mineral Exploration Licence MEL 2020-03 for the asset is still showing up under the ownership of 80M on the Greenland government portal. The southern extension to the Nanortalik Gold Belt that hosts Nalunaq gold mine (held by Amaroq Minerals LON: AMRQ) is only 25 km west of the Thunderstone licence.

LWHL - The answer to the question lies in the UNIQUENESS of the three licences for Jameson Land. The licences are for exploration/exploitation for extracting, among other things, liquid hydrocarbon (oil). No other miner who wants to operate in Greenland will ever be able to obtain such licences now or in the future because the Greenland Government announced on 24 June 2021 that it would cease issuing hydrocarbon exploration/exploitation licences. 80M is therefore in a UNIQUE position by possessing such UNIQUE licences. That’s the answer to my question. I will now move away from the licences and add this historical information for the benefit of readers unaware of it.

The then US oil giant Atlantic Richfield Company (ARCO) worked on Jameson Land between 1970 and 1990. The company invested more than US$100 million (in 1989 US dollars) in detailed exploration and evaluation activities. ARCO's work identified multiple, very large gas and liquid targets. In 2000, BP Amoco bought ARCO and BP Amoco later became what is now known as BP plc.

ARCO estimated that there could be a total of 86 billion barrels of oil. Using a conservative range of 10%-25% for entrapment efficiency, ARCO calculated that there could be potentially 8.6 - 21.5 billion barrels. The current Brent oil price is circa US$ 70.00 per barrel - so you can work out the monetary figures for yourself.

So why did ARCO relinquish the Jameson Land asset in 1990 after almost 20 years of considerable interest and spending? ARCO withdrew from Greenland not because they regarded Jameson Land as not commercially viable but for other reasons:

❖ The oil price collapse in 1985 and early 1986

❖ ARCO's net income reached a record high in 1989 of $1.95 billion; however, within two years profits were almost one-third that, at $709 million. The primary culprits were lower gas prices and an economic recession. To cut costs, ARCO eliminated 2,100 jobs in 1991.

❖ ARCO revised its strategy to ensure profitability, lessening dependence on oil.

What 80M now needs is a partner for Jameson Land to take the project forward. Who knows whether, and if so when, 80M will secure such a partner. Saying that I noted this lighthearted but judicious comment by the poster TonyAngelino: “Everyone is clairvoyant it would seem. In the grand scheme of things, none of us know sh*t."

Never mind the Malbec, you can't beat a vintage like Rach!

My dear Rach - Why look elsewhere for UNIQUENESS when we have a person like you!