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

SilverFoxd - Please see my next post.

If anyone is thinking of contacting Greenswitch to check on whether production restart has commenced, you might be wasting your time. Production restart is a price-sensitive information and it can only come from the parent company of Greenswitch, namely 80 Mile. And even then, I presume 80 Mile will not reply to any enquiries on the subject until the company has notified the market via an RNS. According to 80 Mile, an update on Greenswitch is due before the end of next month (June). It should cover: (a) Offtake agreements for production (b) Restart of production and (c) Revenue generation.

I like to think 80 Mile would release the update before the next AGM. The 2025 AGM took place on Thursday, 26 June. Will this year's AGM be on Thursday 25 June, or on another Thursday next month? I intend to attend the AGM.

https://www.greenswitch.bio/home

SilverFoxd (22/05/26): Good work RachT contacting Italy, however, I see the answer to whether Greenswitch has started production is in the RNS. “Greenswitch Ferrandina Plant in Basilicata, Italy. This fully integrated chemical facility is undergoing final maintenance to commence production of biofuels and Sustainable Aviation Fuel (SAF).” I guess the answer is, they haven’t started and they don’t have a date as to when they will. At least not today.

SilverFoxd - 80M has, in fact, given a date for production restart. It is Q2 2026. Please see page 20 of the Investor Presentation released via the RNS on 27/01/26.

https://80mile.com/sites/default/files/2026-03/260327%20-%2080M%20Corporate%20Presentation%20%28post%20GLND%20listing%29%20%281%29.pdf

What can you expect from a pig but a grunt?

GroundshiftInc (20/05/26): "Now that the name has changed, are they finally going to do something with the Dundas titanium project, or is it just going to sit on ice forever while they chase gas and copper?"

You raise an important question: "Are they going to do something with the Dundas titanium project?"

What 80M have said in the Investor Presentation (IP) released via the RNS on 27/01/26 is: "80 Mile is exploring strategic alternatives, including JV’s or asset sales. Aiming to bring the project to production with the right partners". The IP also said: "Regular updates on the Company’s progress on exploring strategic alternatives, including JV’s or asset sales."

Sadly, no updates so far. If we don't get an update before the AGM, I intend to raise the matter at the meeting next month as I don't want to go on living on false hopes about Dundas. By the way, remember this visual - https://www.youtube.com/watch?v=W-W8LH6R1Qw

AROK1975 (22/05/26): "Feels more like someone steadily feeding shares into demand rather than panic selling. Question now is whether that seller is nearly done."

Premier Miton Group held 144,306,881 shares in 80M and was a substantial shareholder. They reduced their holding to under the 3.0% threshold. From then on they were not legally bound to notify the market of future reductions in their holding. I wonder whether it was Miton who has been selling down their remaining holding. If so, let's hope they are done. I must add, I could be wrong here, the seller might be someone else.

SilverFoxd - In your earlier post addressed to Mike, you said: “These targets are undiluted. That means these targets IGNORE further dilution of options, warrants, NEW issues etc”

Now, in your post to me you are saying: "Undiluted means current shares in issue, excluding EXISTING, options, warrants, convertibles in the calculation. If there are currently 5B shares issued, but another 1B in warrants, options, etc - it excludes these - IT DOES NOT EXCLUDE these shares once converted and DOES NOT EXCLUDE FUTURE SHARE ISSUES.”

In your post to Mike you say the targets would IGNORE NEW SHARE ISSUES but in your post to me you say the targets would NOT EXCLUDE FUTURE SHARE ISSUES. I am confused by your apparent contradiction.

Regardless, all what I can say in response to your reply to me is to repeat the clarification I got from 80M, which is, when it comes to calculating the EBT market cap performance targets of £100m, £125m and £150m, the CURRENT number of shares in issue is the one that would be used. That is, 5,305,076,045 shares registered on 27/05/26.

​I am somewhat baffled as to why the word “undiluted” has caused confusion this time but not when the last EBT milestones were announced in the RNS on 26/08/25 which also contained the same word. Never mind. Anyway I have sought and received clarification from 80M which, hopefully, will put to bed any confusion on this matter, and here is the explanation.

“Undiluted” in this context means measuring the market cap using the total number of shares CURRENTLY in issue, and by completely IGNORING (or EXCLUDING) any ADDITIONAL shares that might be created in the future. The number of shares that will be in issue on 27/05/26 is 5,305,076,045.

Excerpts from the RNS 22/05/26:

"Application will be made to the London Stock Exchange for admission of a total of 237,000,000 EBT Shares to trading on AIM ("Admission"), which is expected to take place at 8.00 a.m. on or around 27 May 2026. The EBT Shares will rank pari passu in all respects with the Company's existing Ordinary Shares. Following Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 5,305,076,045, of which 4,878,076,045 have voting rights. Shareholders may use the voting rights figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the issued share capital of the Company."

Based on current share price of 0.82p (the closing price on day of the EBT RNS 22/05/26), and the number of shares in issue of 5,305,076,045, the CURRENT market cap is circa £43.5 million. I have therefore used this as the base figure for calculating the milestone share price targets as follows:.

£100 million market cap (undiluted) = 1.88p [(0.82 ÷43.5) x 100]

£125 million market cap (undiluted) = 2.35p [(0.82 ÷43.5) x 125]

£150 million market cap (undiluted) = 2.82p [(0.82 ÷43.5) x 150]

So, 1.88p, 2.35p and 2.82p are the EBT milestone ​share price targets​, regardless of any dilution in the future of the number of shares​ in issue.​ In a nutshell, the three milestone share price targets are set in stone.

Digressing somewhat for the moment. The RNS had this statement which sets out the share price targets​ for options: "The Company has today granted two tranches of options over a total of 210,000,000 new ordinary shares of the Company, 105,000,000 exercisable at £0.10 per share and 105,000,000 exercisable at £0.12 per share, for a period of four years from the date of vesting to directors, employees and consultants of the Company ("Options")."

£0.10 per share = 10p per share

£0.12 per share = 12p per share

The current share price is 0.82p. So, to achieve the levels of 10p or 12p for the options, the share price has to rise by a multiple of over 10!

Mike12345 (22/05/26): "This is incorrect, read the RNS. It states on an undiluted basis, which means it’s based on the current shares in issue. Happy to be proven wrong."

Mike - You are not wrong. Please see my next post.

This is a LONG article​. If you haven't got the time to read it in one go, peruse it at your own pace!

https://selectionnewyork.blogspot.com/2026/04/glnd.html

Buzz53118 (20/05/26): "Keen to get opinions on this, toying with the idea of purchasing glnd too. Struggling to see any benefits over 80m ? 80m first 2 drills are risk free, if something happened and a raise required for glnd may see dilution with glnd ? Debating going heavier here!"

Mattyboy (20/05/26): "I hold both. GLND does not have Disko :-)"

You both might be interested in my next post about GLND. I hold 80M but not GLND. But my son in New York holds both. So, the family has an interest in both stocks.

Forcemode - Further to my earlier note, just to clarify, the 4-6 weeks timeframe for the Disko results from completing the drilling came from management. It was not my figure. I intend to attend the AGM in June (it was held on Thursday, 26 June last year) and hope to find out, among other things, more details of the Disko drilling campaign at the meeting, unless 80M provides a further update on Disko before then. In the meantime I thought of examining a comparison between KoBold and USFM for the Disko fieldwork:

KoBold (2022)

❖  Stage I expenditure: Geological and geophysical evaluation to refine drill-targets $3.4 million sole-funded (Note: KoBold actually spent more than $3.4 million under Stage I).

❖  Stage II expenditure: $11.6 million in drilling expenditure sole funded or 15 pre-agreed drill holes.

❖  Total planned expenditure = $15 million ($3.4 million + $11.6 million).

❖  Cash payment: None

❖  Planned drilling: 3,000 metres (Note: Drilling campaign aborted).

❖  Management fee payable to 80M: 10% on all expenditure.

USFM (2026)

❖  Stage I expenditure: $7.5 million for drilling and associated expenditure.

❖  Total planned expenditure: $30 million, which includes the $7.5 million for Stage I (Note: No change to the $30 million total expenditure figure stated in the original Agreement announced on 03/11/25. This is an important consideration).

❖  Planned drilling: 5,000 metres (Note: The planned drilling with KoBold was 3,000 metres. That is a significant increase (66%). What is missing is the number of drill-targets).

❖  Cash payment: $500,000

❖  Management fee payable to 80M: 10% on all expenditure (Note: This is a change to the original Agreement. It was 12.5%).

❖  New addition: SRK Exploration Ltd appointed as Geological Manager (Note: No such arrangement was included for KoBold. The question is, who will be paying SRK?).

For the Jameson land project, mobilisation of equipment from loading the ships at Montreal to beach landing at Constable Point, transportation of equipment to the drilling site and the actual operation of drilling will all be visually complemented by the attendance of a cinematographer. I hope it will be the same for Disko since Robert Price likes visuals and he is the main man behind USFM as well. At least, let's hope we get some visuals for Disko as well.

Exciting times ahead!

The conference is taking place as we speak. Larry Swets (Chairman of G​LND) and Robert Price (CEO of GLND) ​are attending the conference that is being held in Nuuk. ​It will be a meeting place for 450 decision-makers from Greenland and abroad – the perfect place for promotion and marketing.

Click on this link and take a look at the ​"Program​" ​and "Participants List" - https://futuregreenland.gl/en/future-greenland/future-greenland-2026/

Continued....

To sum up, Jameson Land is a  “Double/Treble/Triple/Quadruple/Quintuple/Sextuple/Septuple/Octuple/Nonuple/Decuple/etc - or - nothing” play. This is a minefield, not a sure thing until the drill results start to align with the geological findings (13 billion barrels of oil). If you're risk-averse, keep your powder dry until the first well drill results come out (sometime in November 2026). I have placed my bet as an aggressive investor with a large holding at an average price of sub-0.30p after heavily averaging down last year by taking advantage of the weak share price.

Finally, here is the link to the Q&A with Robert Price where he says: "We will start drilling two wells in 2026. If successful, it could be a major influence, not only on the United States’ energy security but also on European energy security. Our peak production can be over 1.5 million to over 2 million barrels of oil per day, which could be exported to the European market"- https://theenergyrepublic.com/greenland-holds-13-billion-barrels-proven-oil-reserves-with-genetic-link-to-north-sea-robert-price-president-march-gl-company/

Good luck!

NOTES:

The Probability of Geological Chances of Success (Pg) is defined as the product of the CoS of four factors: the chance of adequate reservoir development, the chance of adequate seal development, the chance of adequate source rock development, and the chance of adequate trap development. In frontier basins the typical Pg for a target prospect formation is between 5-10%. Both 80M and GCA had access to detailed prospect level information and provided individual prospect level risk analysis. 80M provided it for all fifty-eight prospects while GCA provided it for only the ten largest prospects. Sproule ERCE evaluated both the 80M and GCA Pg estimates for the ten largest prospects and determined that GCA was both more conservative and appeared to be more consistent. Thus, Sproule ERCE adopted the GCA methodology, by formation, for the rest of the un-risked prospects. (Source: Sproule ERCE report registered with the SEC)

Gaffney, Cline & Associates or GCA (referred to as GaffneyCline) is a highly prominent, global energy advisory and subsurface consultancy firm that specialises in auditing oil, gas, and mineral reserves. Like Sproule ERCE, they are an independent third party that companies hire to issue "Competent Person's Reports" (CPRs) or independent audits of underground resource volumes - https://www.bakerhughes.com/gaffneycline-energy-advisory

Jameson Land venture is a risky business. It's an exploration story with unproven reserves, and therefore inherently scary. The gamble could pay off BIG, but the risks are HIGH! That said, Robert Price, CEO of Greenland Energy Company (GLND), made this comment in a recent Q&A article (link in Part II of this note): “We are going to drill in five different formations on just the first well. There is a HIGH probability of success." - Unquote

We may all have our own opinions on the matter, and I have mine. In my view, if (I repeat ‘if’) drilling from the first two exploration wells confirms a potential commercial oil find in terms of both grade and quantity, the reward would be HUGE for shareholders with the share price rising by MANY MULTIPLES of 1p. If there is no commercial find, we are then talking of UNTHINKABLE pain for shareholders. That said, what are the MAIN risks before hitting the jackpot with the first two wells, assuming we do? I see 4 MAIN risks, 3 of them during the pre-drilling phase and 1 from the results of drilling. I have assigned a subjective rating to each of the four risks.

1. FUNDING (Pre-drilling phase - No Risk): GLND has secured the necessary funds for drilling the first two wells. 80 Mile has a free carry for them.

2. REGULATORY APPROVAL (Pre-drilling phase - Low Risk): Greenland government has already given approval for equipment mobilisation. It is therefore unlikely they would refuse approval for drilling.

3. FIELD OPERATIONS (Pre-drilling and actual drilling phases - Medium Risk): This covers all the activities associated with mobilising equipment to the drilling site and then actual drilling. Each of the two wells will take circa 30 days to drill to a depth of circa 3,500 metres in harsh climate and difficult terrain. It will therefore be a complex operation. However, industry veterans with Arctic experience will be conducting the field operations (Halliburton, IPT Solutions and Stampede Drilling). I have therefore taken this to be a positive factor in my assessment. Nevertheless there will be challenges.

4. DISCOVERY (Drill results phase - High Risk): What are the chances of the results of drilling the first two wells confirming the presence of commercial oil? Recent Independent assessment by the US-based oil field specialists, Sproule ERCE has estimated 13.03 billion barrels in Jameson Land. The same report also puts the Chance of Success (CoS) at 20% (1 in 5). See Notes in Part II of this post. I regard the "Drill results phase", confirming the presence of commercial oil, to be the riskiest of all the phases I have identified above.

​Continued....

Https://podcast.miningnewswire.com/e/the-miningnewswire-podcast-featuring-robert-price-ceo-of-greenland-energy-company-nasdaq-glnd/

Forcemode (18/05/26): "...does anyone have any idea on the timeframe involved from drilling (first week of July) to getting lab results?"

The results should come out 4-6 weeks from drilling. This means we will have the Disko results well before the results from Jameson Land as I commented in my note on 29/04/26 before Disko drilling was confirmed because of the fact that Disko is a priority for 80M : “Now that the Jameson Land project has been bulletproofed (for execution after the successful fundraise), it's time for us to turn our attention to Disko. And don't forget, we can expect Disko drill results well before Jameson Land. Let's see what the next update on Disko says.”

If all goes well, we could be in for some exciting times before the year is out, and we may well look back at the current 0.9p share price level flabbergasted.

Thank you TonyAngelino for the updated Investor Presentation (IP). Here is today's press release to complement the IP. Let's hope it won't be long before the market starts to grasp GLND's potentials and it is then reflected in the share price accordingly.

https://www.prnewswire.com/news-releases/greenland-energy-company-announces-availability-of-updated-investor-presentation-302774394.html

Rach T2 - By falsely claiming that 80M had been ENDLESSLY throwing around the “17 billion tonnes” as though that’s the mineable project resource you have opened yourself to potential litigation. It’s so easy to be loose with one’s tongue without realising the consequences.

If I were you I would withdraw your false claim but that’s a decision for you. Unless of course you have irrefutable evidence to back up your claim. It’s no skin off my nose if you don't take my advice.

RachT2 - I did not make any statement myself. I simply copied and posted what 80M had said on its X account. Please go back and read my post. This is what I posted:

80M has posted this on their X account just a few hours ago: "Titanium is a crucial component of electric vehicle batteries due to its heat resistance, durability, and weight reduction. With over 20% of all vehicles sold globally now being electric according to PwC, the titanium market will need to grow to keep pace with demand. Our Dundas Ilmenite project in Greenland is recognised as the highest-grade ilmenite deposit globally, supplying titanium dioxide for critical industries. A recent study undertaken by GEUS estimates that it contains 17bn tonnes of pure ilmenite. This highly prospective resource positions us well to begin contributing to global supply chains, and we have completed extensive work to de-risk development."