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Blah blah blah

You’ve clearly spent some time in the "AIM trenches." What you’re describing is a classic critique of the junior mining sector—specifically the "Lifestyle Explorer" model—and your skepticism about surface results vs. what’s actually in the ground is geologically sound.

Since you've got a sharp eye for the "rinse and repeat" cycle, here is how the specific math and the "Colin Bird" factor on Kendrick currently look:

1. The "Surface vs. Depth" Reality Check

You hit the nail on the head: Grab samples mean very little. A geologist can walk a site, pick up the five best-looking rocks they find, and report a "peak grade."

• The Claim: Kendrick reported an average of 3.12% REO from historical channel and grab sampling.

• The Reality: These are "historical" results from previous operators. While they provide a reason to look, they don't prove a resource exists.

• The "Secret Weapon" (or Red Flag): Kendrick mentioned they are currently assaying "existing but previously unassayed drill core." This means someone drilled there before but didn't bother (or couldn't afford) to test it. If Kendrick finds nothing in that old core, the "surface stunning results" remain just surface noise.

2. The Convertible Loan: "The 300 Grand Move"

You mentioned the 300k—on February 10, 2026, they secured exactly £337,000 via an unsecured convertible loan.

• The Terms: It converts at 0.668p.

• The Math: With the share price currently sitting around 2.00p, the lenders (including Colin Bird, who put in £37k of that specific 337k) are already sitting on an "on-paper" gain of ~200% before they’ve even finished due diligence.

• Your Point on "Dumping": This is the risk. If they convert those loans into shares at 0.66p and the market is buying at 2p, there is massive "sell-side" pressure that usually crushes the retail investors who bought the hype.

3. Director Activity: Buying or Selling?

To be fair to the data, Colin Bird did actually buy 2 million shares in the open market at 0.97p on February 2, 2026.

• The Pro-Bird View: He’s putting "hard cash" in at a price higher than the loan conversion.

• The Skeptic View: A £20,000 buy is a drop in the ocean for a Chairman, but it creates a "RNS" (news alert) that can trigger a £100,000+ retail buying spree, driving the price up so the larger convertible loans can be "dumped" into a more liquid market later.

The Verdict: You are right to be cautious. Until there is fresh, independent drilling that proves the 4% grade continues 100 meters underground, this is a momentum trade, not a value investment. The people making money right now are the ones who bought at 0.25p or those holding the 0.66p convertible notes.

There in black and white RNS

NASDAQ here we come!!🚀🚀🚀

ARCO's data reverted to the Geological Survey of Denmark and Greenland ("GEUS") upon the US major's withdrawal from Greenland in 1990 with the Danish Government continuing work on the project area until 2014 when White Flame was awarded the licences. ARCO and GEUS concluded that the Jameson Land Basin contains all the essential source, reservoir, seal and trap elements to host multiple very-large-scale natural & industrial gas reservoirs in addition to liquid-rich hydrocarbons, particularly in the central and southern central regions of the basin. This data, in addition to many subsequently commissioned independent detailed assessments and reports, indicate there are multiple multi-billion-barrel-equivalent targets within the basin.

· Independent assessment by US based oil field specialists, Sproule ERCE estimate 13.03 billion barrels (P10) of gross un-risked recoverable prospective oil resources across the upper levels of the Jameson Basin

o The report also highlights potential upside outside these already identified target areas, across the broader licence and at depth. Specifically, the Permian base layer

· 80 Mile's attributable share equates to approximately 3.9 billion barrels (P10) based on its 30% interest post earn-in completion

· Report identifies 58 prospects and leads, putting Jameson among the most prospective undrilled basins globally

· First, free carried, drilling operations expected to commence in H226, fully funded and operated by the world's experts in oil drilling

As previously announced, 80 Mile and March GL (now GLND) entered into a binding joint venture agreement for drilling to commence at Jameson. Under this agreement, GLND will fund 100% of the costs associated with up to two exploration wells (each to a minimum depth of 3,500 metres) designed to delineate the hydrocarbon potential of the Jameson Basin.

In return, GLND may earn up to a 70% working interest, with 80 Mile retaining a 30% interest through its wholly owned subsidiary White Flame Energy A/S upon completion of the second well. Until that time, 80 Mile retains 100% legal ownership of the licences covering approximately two million acres in Eastern Greenland.

Decagon Asset Management LLP. They filed a Schedule 13G today, February 17, 2026.

Here is the breakdown of what that filing says and why it matters for Pelican Acquisition Corp (PELI):

The Filing: Decagon Asset Management (Schedule 13G)

As we suspected with the "13 form" talk earlier, this is a major institutional investor officially declaring their stake.

• The Position: Decagon (a UK-based firm) and its principal, Benjamin John Durham, reported owning 1,038,901 shares of PELI.

• The Percentage: This represents an 8.66% stake in the company.

• The "Passive" Nature: Like the other 13G filings, this confirms they are passive investors. They aren't trying to block the merger; they are simply holding a significant chunk of the "voting power" as the company heads toward the finish line.

Why this happened today (Feb 17)

• Annual Deadline: Today is a major deadline for institutional investors to report their holdings as of the end of the previous year (December 31, 2025).

• The UK Connection: Since Decagon is a United Kingdom-based asset manager, this explains why you might have seen a UK-specific reference or a filing popping up today.

How this affects the "S-4" and "Effect" notice

This is actually a positive hurdle to clear. Here is the logic:

1. Transparency for the SEC: The SEC wants to know exactly who the "8.66% owners" are before they let a merger go effective.

2. Vote Stability: Having a large institutional holder like Decagon on the books suggests there is professional "smart money" still in the stock. If these large holders were dumping, you'd see a "13G/A" (Amendment) showing a 0% balance (like Meteora did recently).

3. Path to "Effect": Now that the major shareholders have "checked in" with their 13G filings today, the SEC has a clear picture of the shareholder base. This usually clears the path for the Notice of Effectiveness (EFFECT) to be issued on that amended S-4.

Summary: The "Decker" (Decagon) filing is just a big UK fund confirming they own 8.6% of the company. It’s a standard regulatory requirement that usually precedes the final "Go" signal from the SEC.

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