Member Info for IvRoche

That's not quite true though is it, those mines were previously sold by Endeavour Mining to Lilium Mining for over $300 million. However, due to a legal dispute between Endeavour and Lilium over missed payments and allegations of financial misrepresentation, the Burkinabe government intervened and acquired the mines... But anyway.

Probably worth tempering that valuation a little.

Endeavour mining produces over 1m Oz per year and has an MC of £5bn with only £378m in debt (granted they are Africa focused).

And they will be making a decision on Assafou which will likely kick in another 250k+ Oz per year next year.

Well, that's the question really isn't it... We have Disko, Dundas, Kangerluarsak (that appear on the website) No mention of Thule on the website. Also, looks like Thunderstone is gone completely (the gold would have been nice).

Disko - Never been drilled and is in a little bit of limbo with Kobold

Dundas - equipment is going to Jameson so nothing happening

Kangerluarsak - Never been drilled

Thule - No real fieldwork has taken place

Effective, excl Disko as there may be conversations with Kobold - absolutely nothing is happening with any other projects.

Lot of ifs and maybe's here but I believe 80m strategy is to establish presence of industrial gases and hydrogen at Jameson to complement Greenswitch - thereby making 80 Mile a more cohesive, vertically integrated energy company with both upstream and downstream capabilities in the renewable and transitional fuel space.

Obviously a huge amount of hurdles to jump and obstacles to overcome before we are anywhere near that but atleast it's kinda clear what they are going for... albeit it's a big swing!

I found this useful

Public Companies (e.g., Xinmao): Account for approximately 14.6% of Kodal Minerals’ ownership — closely aligned with Xinmao Investment Co. Limited’s individual holding of 14.51%.

Private Companies (e.g., Suay Chin): Represent around 11.7% — in line with Suay Chin International Pte Ltd’s holding of 10.99%. (Until they tell us different)

Individual Insiders (CEO, Directors): Hold a combined total of approximately 2.85% — matching the reported ownership of the CEO and board members.

Institutional Investors: Make up about 39.4% of the ownership — these include major asset managers such as Hargreaves Lansdown, Aberdeen Group, and HSBC Global Asset Management.

General Public: Holds the remaining 31.4% — representing a broad base of retail investors.

Also, the fact that they are still drilling and finding mineralisation given the amount of time they have been drilling for... Am I wrong to expect that 50m tonnes will be in the rear view mirror when they do announce the update MRE?

That's my read too about a month for export permit and stable state production -> then it's all systems go (post official mine opening by MG)

Without seeing the latest accounts for KMUK and Kodal. Perhaps the loan facility (by a wholly owned Hainan sub) is a roundabout way way to repay some of Hainans initial 7.5m MOU payment through interest (interest comes through P&L - reduces profits distribution to shareholders) but that also assumes continuation of the load beyond 10 months.

Goldman Sachs forecasts spodumene concentrate prices to average $800 per tonne in 2025, rising to $969 in 2026, $1,155 in 2027, and $1,264 by 2028.

Most analysts predict a surplus this year but for 2026 predict a small surplus or small deficit of a couple of thousand tonnes. Let's see.

There you go again with GEUS (when they didn't even publish an estimate) and note: even Whiteflames own estimates were between 2 and 8bn barrels(which were lower than ARCOs). We know this.

I think you get so wrapped up in your own FUD, you get confused between fact and fiction that even the small amounts of fact that you come up with sound unhinged based on your history on this board. For your own mental health perhaps you should invest in something a little confusing for you.

You are a FUD spreader... Irrespective of your protestations otherwise. GEUS Vs USGS big difference there.

Likelihood is you are not a shareholder, just a Fudder with an axe to grind. Irrespective, they are drilling Jameson, is it an ideal finance package with a major nope - it's an in-house left pocket right pocket job. But they are drilling. So let's see.

Ignore, looks like they have.

Ok, sweet deal for them then. Have the paid us the 4.3m?

Really Badomen, that seems really cheap...

Amazing deflection there FUD spreader - pure fertilisation of nonsense. You made a bs claim and have been caught out.

You don't have GEUSs official numbers (because they didn't publish any) so you are just FUDing all over yourself deflecting with USGS, and an article from Science direct that says they may open up O&G at some point if they need revenue.

Notes:

Greenland is 4 times the size of France (@2.1m km2) so yep a lot of things would look small on a map.

Under Mali's 2023 Mining Code, the government is entitled to a free 10% stake in all mining projects - we have ticked that off.

Additionally, the code allows the government to acquire up to an additional 20% stake, and mandates that 5% be sold to private Malian investors, bringing the total potential Malian ownership to 35%.

Question: The financial terms for these additional stakes 20% and 5% - have these been paid to KMUK etc, as my understanding is they are still subject to negotiation and may involve compensation based on project valuations? Or have I missed something?

120,000 tonnes nameplate capacity:

Total revenue: $92.76 million (@spot 773/t)

Total cost: $78 million (650 AISC)

Total annual profit: $14.76 million

Distribution:

Hainan Mining

Ownership: 33.15%

Attributable Profit: $4,893,540

Kodal Minerals

Ownership: 31.85%

Attributable Profit: $4,700,460

Government of Mali & Local Investors

Ownership: 35.00%

Attributable Profit: $5,166,000

And this is why you should be blocked RachT2 you spread complete and utter FUD. It's like comparing apples and oranges in terms of assessment method. So unless you have GEUSs resource estimates or another unique insights, FUD spreader will stick.

Resource Estimates Summary:

ARCO – 1980s

Total Liquids Generated: ~86bn barrels

Total Estimated Recoverable: 8.6–21.5bn barrels (10-25%)

GEUS – Post-1990s

Approach: Scientific and cautious

Quantitative Estimates: None published

Conclusion: Acknowledges the presence of viable petroleum systems but emphasizes the need for further data and exploratory drilling to validate potential.

White Flame Energy / 80 Mile plc – 2017–Present

Total Liquids In-Place Estimate: 2.4–8.1bn barrels

Conclusion: Supports ARCO’s optimistic outlook; preparing to drill in 2025 based on inherited data and own risk assessments.

Assessment:

Quantitative Estimates:

ARCO: Detailed estimates of generated and recoverable liquids.

GEUS: No quantitative estimates; focuses on geological assessments.

White Flame Energy: Provides in-place estimates lower than ARCO's recoverable estimates.

Tone:

ARCO: Optimistic and commercially driven

GEUS: Cautious and academic

White Flame Energy: Optimistic, investor-focused

Data Scope:

ARCO: 1980s exploration data

GEUS: Includes ARCO data plus later research

White Flame Energy: Builds on ARCO data with new modeling

Risk Evaluation:

ARCO: Low emphasis on geological risk

GEUS: Emphasizes uncertainty and exploration risk

White Flame Energy: Market-focused, highlighting opportunity over risk

I am ok with Aston not answering your questions especially given your track record. He really should just filter you.

Seriously Aston, this is a non answer unless the UBOs for MGL are established this a bit smelly..

In addition, any type of challenge or questions you basically bury through pro messaging and regurgitation of RNSs.

Are you really comfortable with this, Greenswitch etc granted, I really have zero time for RachT2 - but there is also a smell off Greenswitch - assume you have done your own research on this?