Member Info for AROK1975

Quite possibly.

JV, farm-in, partial sale, outright bid... all possibilities if the drilling delivers.

What's interesting is that we're potentially only weeks away from two separate company-making drill programmes running in parallel.

Most explorers would be delighted to have one company-maker. We appear to have entered the buffet and decided to fill two plates.

If both come in, the debate won't be whether 80M was undervalued. It'll be how dramatically it was undervalued.

Agree though - first things first. Let's see what the drill bit has to say.

ATB

80 Mile (then Bluejay - remember those days?) stated that Anglo American secured almost 10,000 km² of surrounding ground, while company reports later described Disko as being "surrounded by Anglo American at the licence boundary."

Anglo American clearly thought the district was prospective enough to lock up a very substantial land package around it.

Either they enjoy collecting Greenland licences as a hobby, or they saw something worth investigating.

Because until the first wells are drilled, the majors don't know any more than anyone else. If drilling works, interest comes later !

Many majors prefer to wait and let someone else absorb the early exploration risk.

This TR-1 is interesting because it shows JTC Employer Solutions Trustee Limited increasing from 190 million shares (3.75%) to 427 million shares (8.05%).

I'd wait for any clarification from the company before treating it as evidence of a new strategic investor accumulating stock.

GlA

Nobody is suggesting Zhejiang can legally prevent a higher bid from emerging. Of course another bidder can appear right up until the offer becomes unconditional.

My point is that momentum matters. The longer a recommended bidder is in the field, the more time they have to build relationships, complete diligence, secure financing and gain shareholder support. Meanwhile, the time available for a rival bidder to do the same is steadily reduced.

So yes, another bidder can still walk through the door tomorrow. The question is whether they can realistically complete everything required and persuade the board and shareholders to change course before the current offer completes.

Perhaps Assore's acceptance of 18.8p is the smartest move of all - keep everyone relaxed, then decide whether to act when the clock is against any competing bidder. Food for thought.

GLA

Perhaps, but sadly the longer a bidder has exclusivity of momentum, the more difficult it becomes for others to complete due diligence, arrange financing and persuade the board to switch recommendations.

Whatever the explanation, it's hard to escape the feeling that shareholders have been short-changed by the way this process has been conducted - very little transparency.

GLA

If management sat in silence, critics would complain about a lack of communication. When they communicate, critics complain about too much communication - lol.

The projects will ultimately decide who's right.

GLA

ALSAG raises some uncomfortable but entirely legitimate questions - thank you.

I'd add another:

What exactly did shareholders gain from the Ricca demerger?

The Ricca demerger was sold as a way to unlock shareholder value.

Years later:

• Ricca faded into obscurity.

• Atlantic shareholders are being asked to accept 18.8p for a strategic lithium asset.

We were promised the sum of the parts would be worth more.

Instead, one part disappeared from the market's attention and the other is being sold on the cheap.

Funny how the only thing that seems to have been unlocked was the exit door.

You may be right that there are bigger strategic forces at play and that a lot is happening behind the scenes that we don't yet know about.

My point regarding contacting the board isn't that retail shareholders will change the outcome tomorrow. It's that if enough shareholders have concerns about valuation, the rationale for the recommendation, or intend to vote against the scheme, the board should be aware of that ahead of the vote.

The November vote is one of the few points in the process where shareholders actually have a say. Communicating those concerns directly to the company at least ensures they are heard.

Whether the deal completes, is improved, attracts a rival bid, or falls away, shareholder sentiment still matters.

Agreed. Whatever happens, the asset is now front and centre. Plenty can still happen before the November vote.

Like with SolGold, I'll be looking closely at the rationale behind the board's change in stance. Many shareholders have invested for years on the basis of the project's long-term potential, so it's reasonable to ask what has changed to justify recommending this offer.

Rather than simply debating it on bulletin boards, perhaps retail shareholders should consider writing directly to the company and asking the question.

Something along the lines of:

"Dear Board,

As a shareholder, I would appreciate a clearer explanation of what has changed to justify recommending the current offer.

While I recognise market conditions and lithium prices have weakened since the sector peak, many shareholders continue to believe the strategic value and long-term potential of the asset exceed the current offer price.

Could the Board please explain the key factors that led it to conclude that this offer represents fair value and is in shareholders' best interests?

Kind regards"

The more shareholders who politely ask the question, the more likely it is to receive a meaningful response.

ATB

Current indicative timetable:

• Scheme booklet: October 2026

• Shareholder vote: November 2026

• Court approval: December 2026

• Completion/payment: December 2026

A few important points worth noting:

• The scheme still requires shareholder approval and court sanction.

• A superior proposal could still emerge before the vote.

• The Independent Expert’s report will be a key input into how the offer is assessed.

Plenty can still change before the November vote imo.

GLA

Just watched the GLND CEO podcast - one of the most competent CEOs I've come across. His message was simple: they can see it and smell it - now they need to prove it.

Now it's over to the drill bit.

Thanks for sharing the podcast.

Come on 80M - years of positioning, now let's see some recognition - sitting in the right postcode at the right time counts for something.

Thanks for the links.

AtB

If this seller clears, 80M should move north pretty quickly - the buying interest underneath already looks there, judging by the trading over the past few days.

Funny thing about overhangs - they eventually run out of shares.

GLA

Fair points, but saying MTL is “unchanged” ignores the fact it’s now debt free and funding La India internally from operations - a huge shift from the survival story of a few years ago.

“No evidence they can build a mine” is a fair concern, but slightly overstated. They’re not starting from scratch in untouched jungle - La India was already significantly advanced by Condor Gold before acquisition.

The real risk is execution and cost control, not whether MTL suddenly has to invent mine engineering.

The market usually waits for proof before rerating companies like this. By then, the easy gains are often gone imo.

ATB

Added another 25,000 shares.

Sometimes the market takes time to catch up with fundamentals - add current geopolitics, gold strength and risk-off sentiment to that...

MTL is now debt free and using cash generated from Runruno to build La India internally - a very different position to where the company was 12-18 months ago.

Happy to keep accumulating while sentiment lags fundamentals.

GLA

Claiming KoBold "doesn’t count" because 80M had talked about finding a partner beforehand is like saying a discovery "doesn’t count" because geologists were looking for one.

Apparently, delivering on a stated strategy now counts as failure. Lol.

GLA

Despite Runruno issues, delivered record cash flow, went debt free, funding La India internally and mine is now approx 50% complete - changes the picture materially, imo. Rerate soon.

Interesting trading in today and past few days.

A lot of buying kept appearing, but every time the price tried to move up, more stock seemed to hit the market and cap it.

Feels more like someone steadily feeding shares into demand rather than panic selling. Question now is whether that seller is nearly done.

GLA

Fair and balanced take tbh, Swest42.

Timing, Ghana delays and changing market conditions clearly mattered. Frontier projects live and die by funding windows and sentiment.

I suppose the lingering question for some shareholders is simply how the valuation narrative shifted so dramatically along the way - especially after years of being told the strategic value was significant.

Still holding that sliver of hope something unexpected emerges. This is the 2nd shocker ref Solgold.

ATB