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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."

Ajgales - I am glad you (along with 14 others) found my post useful.

It’s unfortunate that the note 80M’s posted on its X account did not state the resources for Dundas correctly. The correct position is the “17 billion tonnes”, applies to the whole “province” and NOT to 80M’s licence area.

But I am sure before recommending my post you would have read 80M’s Investor Presentation for which I provided the link in the same post. It was released via the RNS on 27/01/26 and had this statement on the resources for Dundas (see page 14): “Recent study undertaken by the Geological Survey of Denmark and Greenland ('GEUS’) estimates that a combined total of up to 17 billion tonnes (non JORC) of pure ilmenite both in situ and available as naturally liberated primary ilmenite sits within the province.”

The statement makes it quite clear that the “17 billion tonnes” applies to the whole “province” and NOT to 80M’s licence area. It also said that the resource is “non JORC”.

Moreover, 80M has released numerous RNS on Dundas in the past, and it has NEVER - NOT EVEN ONCE - falsely claimed that the “17 billion tonnes” applied to its licence area. So for RachT2 to claim that 80M had been ENDLESSLY throwing around the “17 billion tonnes” claim as though that’s the mineable project resource is not only false but also mischievous.

All that said, it’s important that whatever that 80M disseminates through its communication channels is accurate.

Click on this link and see page 14 - https://80mile.com/sites/default/files/2026-03/260327%20-%2080M%20Corporate%20Presentation%20%28post%20GLND%20listing%29%20%281%29.pdf

Damers (16/05/26): “Just 46 sleeps until the end of Q2. It will feel like Christmas has come early when we receive Greenswitch update.”

80M was late in providing the Disko update but importantly it was positive news that confirmed drilling this year (July). And I was vindicated in my optimism expressed before the announcement. I was also vindicated in my optimism expressed for successful GLND listing and fundraising before the announcements.

Instead of being late, will 80M be early with the stated timeline for the Greenswitch update? More importantly, will it contain positive news? I share in your optimism, and will I be vindicated again? Time will tell.

Https://www.youtube.com/watch?v=vZZGjl0Vz2Q

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."

Please note, slide 15 of the Investor Presentation released on 27/01/26 had this to say on Dundas:

🔹 80 Mile is exploring strategic alternatives, including JV’s or asset sales

🔹 Aiming to bring the project to production with the right partners

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

Registered with the SEC 08/05/26 - Melanie Furlan (Director) - Purchased 48,104 shares@$3.02 - Total holding = 48,104 shares

Registered with the SEC 13/05/26 - Larry Swets (Chairman) - Purchased 25,000 shares@$2.98 - Total holding = 525,000 shares

Cybertron (13/05/26 under a different thread): "Ashton, what's your thoughts on share price come drilling here,....I was hoping for 3-5p."

I expressed my expectation for the share price in 2026 in a note I posted on 14/03/26 under this thread, and I said, "The share price today, 14 March 2026, is 1.30p. Considering the pending newsflow on Disko, Jameson Land and Greenswitch, I would not be surprised if the share price hits a highpoint of AT LEAST 4p in 2026 (I repeat "AT LEAST"). I will be posting a note this coming week on the pending newsflow." - https://www.lse.co.uk/ShareChat.html?ShareTicker=80M&share=80-Mile&thread=05E9ABA0-33C3-40AC-83F4-F5022A23DBF0

The high point for the share price in 2026 so far was 1.41p on 16 March.

Let's see what the Greenswitch update says; the only project with potential to provide near-term revenue.

Continued...

Please note, 80M have given delivery timelines for these events:

a) DISKO: July 2026 - Start date for drilling.

b) JAMESON LAND: Q2/Q3 2026 - Drilling equipment, infrastructure & contractors mobilised to Jameson Land; H2 2026 - Drilling underway.

c) GREENSWITCH PLANT: Q2 2026 - Updates on the procurement offtake agreements for production; Q2 2026 - Production restart of the biofuel plant; H1 2026 - Revenue generated.

I started this thread on 18/11/2025 and listed 11 items on which we were waiting for confirmation of delivery from 80M. This is my 4th update. The list now has 15 items and some of them have already been delivered since I started it. I have NOT concocted the items on the list. They have been drawn from RNS releases. The onus is therefore on 80M to deliver. I have marked those items officially confirmed as delivered with a green tick, and where needed I have provided comments by way of clarification.

Start of the thread 18/11/2025 - 11 News items were pending - Share Price 0.54p

1st update on 26/01/2026 - 1 New item added which brought the total to 12 following 80M's announcement that a new CEO would be appointed - Share Price 1.13p

2nd update on 02/02/2026 - 1 New item added which brought the total to 13 following 80M's announcement that assay results arising from the Thule project fieldwork would be released - Share Price 1.11p

3rd update on 26/03/26 following GLND’s listing on Nasdaq - Share price 1.12p

4th update today 13/05/26 following the Disko update yesterday. I have added two new items to the list: Start of drilling at Disko and Jameson Land, bringing the total to 15 items - Share price yesterday 0.92p

So far, the company has delivered 5 items on the list. I will be returning to the list to tick each of the remaining 10 items off as and when they are delivered.

DISKO

1. Heads of Terms JV Agreement converted to a Definitive Agreement. ✅

2. $30 million secured for fieldwork as part of the JV Definitive Agreement (Note: Yesterday’s RNS reconfirmed that USFM will fund an initial US$30 million to earn up to a 51%, and that US$7.5M has already been approved and funded). ✅

3. £500,000 in cash received as part of the JV Definitive Agreement (Note: 80M will now receive US$500,000 in cash not £500,000 as reported in the RNS on 03/11/25).

4. The Greenland Government approves fieldwork, including drilling in 2026. ✅

5. Drilling company selected. ✅

6. Drilling commences.

JAMESON LAND

7. Greenland Energy Company merger and Nasdaq listing completed (Both items have occurred with NASDAQ listing on 26/03/2026). ✅

8. The Greenland Government approves fieldwork, including drilling in 2026.

9. Drilling rigs arrive at Jameson Land.

10. Drilling commences.

THULE

11. Assay results following fieldwork released.

GREENSWITCH PLANT

12. Applications for grants identified in the RNS 12/02/25 approved (Comment: 80M has secured a grant of €10 million since the last update of this list).

13. The five MOUs identified in the RNS 28/10/25 converted to Definitive Agreements.

14. Production restart has commenced (Comment: The January 2026 timescale for full production stated in the RNS on 28/10/25 has now been revised to Q2 2026).

CORPORATE

15. New CEO appointed.

Plus any other positive item(s) of surprise not listed above.

​Continued....

“I suppose if you keep repeatedly calling imminent production and profitability often enough for long enough, eventually one day you’ll finally get it right — rather like you endlessly calling the bottom of a collapsing share price - only time eventually bails you out.”

I have never ever called the bottom of the share price on this board. That is a fact. Why do you make such false claims and this is not the first time.

Thanks, SilverFoxd, for the detailed reply. I would not have queried your figure of 1.6p the way I did if I had known that you had knowingly assigned zero value to the Greenswitch plant for the reasons you have explained. That said, and if I am not mistaken, 80M management have stated that the build replacement cost for a comparable 140,000 tonnes/year biofuel plant from scratch in Italy would exceed €25 million – €35 million. Moreover, the Investor Presentation released on 27/03/26 gave a figure of €700,000 potential net annual revenue from the plant, and on the X account the same month the company said the plant is currently capable of producing biodiesel, biofuels, and epoxidised soyabean oil, and in the future, it would also produce sustainable aviation fuel and green hydrogen and that several MOUs are in place as 80M works to establish Ferrandina as a key processing hub. What's important now is the next update, and like you, I am also looking forward to reading a positive RNS on the operation of the plant (offtake agreements, production restart and revenue).

SilverFoxd (11/05/26) "I thought this would go 2p pre drill Jameson but with Disko drill happening before this you would have to expect this to hit 1.6p pre-Disko drill.”

Please note we are due for updates on the Greenswitch biofuels plant as follows:

❖ Q2 2026 Procurement offtake agreements for production

❖ Q2 2026 Production restart

❖ H1 2026 Revenue generation

If any of the above updates resulted in significantly positive news and they come out before Disko drilling starts in July 2026, then your forecast of 1.6p for pre-Disko drill would need revising upward.

RachT2 under a different thread (11/05/26): “And as for the GLND board becoming your MAIN target for posts — looks like that assurance didn’t even survive 24 hours. Welcome back. LOL.”

What you had conveniently avoided to mention was of the fact that after your assurance to readers here that one board is more than enough for you, when I moved to the GLND board you followed me there and posted this (10/05/26): “Maybe I've change my mind - that's one of the secrets of successful investing - stay flexible. Happy to help with the balance, as always.”

I decided to come back because it’s better to put up with you on one board rather than two! By the way, if you don’t mind me asking, how old are you? Just wondered whether you’re a misbehaving juvenile who is not yet old enough to be considered an adult. I must say I look on in horror at your odd behaviour!

https://www.lse.co.uk/ShareChat.html?ShareTicker=GLND.US&share=Greenland-Energy-Co&view=message

On 06/05/26, under this thread I said: " In the meantime, here is another outlandish thought. Being a private company (just like what March GL was), is it possible that USFM might also follow the SPAC route and list on Nasdaq? The main advantage of listing would be to raise capital for progressing the Disko project (just like what March GL has done for progressing the Jameson Land project). If this route is under consideration, I am sure Larry Swets would play a key role as a SPAC specialist. The difference here is when March GL listed on Nasdaq (via PELI) it had a 70% claim to the Jameson Land asset. In the case of USFM, it has a 51% claim to the Disko asset.

My speculative idea of the private company USFM converting to a publicly listed company (via a SPAC) need not delay drilling Disko in 2026. I was merely thinking outside the box and it's pure speculation on my part. However, if you think what I have uttered about USFM going public is outlandish, just chuck it in the trash can!"

Here is an excerpt from today's RNS which caught my particular attention: "USFM has been treated as a related party of the Company for the purposes of the Agreement and AIM Rule 13. The Directors of the Company, having consulted with the Company's nominated adviser, SP Angel, consider that the terms of the Agreement are fair and reasonable insofar as shareholders of the Company are concerned. Directors, employees or their related parties as well as consultants, contractors & advisors may or may not invest in USFM or subsequent companies as part of the day-to-day corporate activities towards a LISTING OF USFM ON THE NASDAQ or any other regulated exchange."

On 29/04/26, I said: “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.”

I am so glad 80M has confirmed the DEFINITIVE AGREEMENT and 2026 DRILLING. I am ever so pleased that my CONFIDENCE has been VINDICATED. We can now look forward to Disko drill results WELL BEFORE Jameson Land’s.

I noted with particular interest the RNS says: "80M may appoint two directors to the board of USFM in due course with follow on rights to appoint a similar number of directors subsequent (sic)."

VikR - I posted a note to your attention on the GLNG board - https://www.lse.co.uk/ShareChat.html?ShareTicker=GLND.US&share=Greenland-Energy-Co