Member Info for RachT2

My thanks to IvR for reiterating the unreliability of info that can be issued by the Jay / 80M BoD. There are multiple examples of over optimistic and unreliable info being announced - yet the rampers lap it up. EB asks 'Anyone who has coms with Eric .....' - not that long ago ES claimed that a fund raise would not be required - yet ONLY 9 weeks later a fund raise was announced! How's that for trustworthiness? And yet some people still give credence to their utterings - amazing.

CC – you’re absolutely right to question my judgement. I share my opinions, estimates, and interpretations just like everyone else here – and naturally, a few will miss the mark. I don’t claim to have a crystal ball. At least I’m willing to put my views out there, which is more than most.

If you choose to dismiss my take because one or two guesstimates were off, then by the same logic you’d have to dismiss Ashton’s too – he’s been proven wrong multiple times, including on whether drilling would proceed, when fund raises would (or wouldn’t) happen, and on asset values that ultimately turned out to be less than 1% of his projections.

But I suspect your bias will ensure you keep soaking up the ramping narrative while rejecting any opposing opinion.

Brilliant investment strategy. Good luck with your position.

It’s looking increasingly likely that drilling at Jameson Land will slip to Q1 2026 (or later) — a delayed start from earlier expectations. 80M’s already thin cash reserves are being stretched ever further, and those hoping the next fund raise could be postponed until after drill results may be in for a disappointment. My view remains that another raise will be needed soon / before drilling begins — and as usual, that likely means further dilution and a weaker share price. Could I be about to get a hat trick?

EB - more nonsense to suit your narrow narrative.

You’ve no idea whether I’m long or not. When I don’t post for a while, it’s probably because I’ve got more important, profitable, or rewarding things to focus on — nothing whatsoever to do with my position.

I very much doubt there’s much overlap between our readers. Most who lap up your ramping nonsense probably won’t bother reading my posts — after all, people who only want confirmation bias rarely go looking for red flags or valid counterarguments. But, maybe that’s not the wisest investment strategy? Ignore the warnings, cross your fingers, and believe every word the rampers post… sounds like a foolproof plan for capital preservation and long-term profit! 🤣🤣🤣🤣🤣

EB - ramptastic as ever - a dose of reality though is needed

The 80M BoD — known for their overly optimistic projections — claim their stake is worth 30% of GEC. Let’s be honest: GEC’s “value” right now is purely theoretical, a notional figure conjured up by a few financiers in the US. The market decides value, not an over optimistic BoD or a handful of ramping shareholders. To believe otherwise is pure delusion.

As for Disko — what more needs to be said? The highly regarded and extremely well-funded Kobold gathered more data and then bolted, even leaving around £750k worth of equipment behind in their rush for the exit. Who would you trust — the 80M BoD, or Kobold and it’s backers (Bill Gates, Jeff Bezos, etc.)? Easy choice. 🤔

And then there’s GS. Still no confirmation of production, or even that they’ve secured feedstock, despite earlier promises of revenue by Q1 ’25. And those much-touted grants? Nowhere to be seen. Let’s not forget GS acquired the plant after the previous owners went bankrupt — that says everything. GS themselves couldn’t make it profitable in their first four years of ownership, then shut it down for seven. You don’t mothball a profitable plant. So, what’s changed? From where I’m standing — not a lot.

Zebbo

So nice that you care. You missing me? 🤣

Don't worry though, I'm here and watching proceedings. I'm getting my daily dose of comedy - there's so much ramptastic nonsense on here at the moment. What with clowns comparing old SPs and not factoring in the massive (and ongoing) dilution, predictions of future SP rises when the boat hasn't even docked yet, GS going to be throwing off loads of money (LOL), having some Americans investing will be a panacea (despite record recent withdrawals from S&P tracker) and an overvalued US market….. bla bla bla. Hilarious. Heard it all before.

But, I will admit the recent rise above my recent sell price has been surprisingly quick. Some people who bought in at recent lows have done fantastically well - IF they bank their profits. I'm not so sure about those buying now though. The power of a mob of PIs is always astounding so could yet go higher. Another ramper referenced MET1 - I posted here and said that it would fall back to less than 5p by December - well it got there quicker than that. Some clowns were buying all the way up to 50p. Amazing. Stupidity or gambling? With millions and millions of 2p warrants to be exercised in a short period of time the MET 1 SP was ALWAYS going to crash. Still, like now, they know best 😉

Good luck y’all.

Continued...

9.1.25 As for Disko, my understanding is that management is planning to drill at the back end of the field season this year (2025). Drill rigs are already in place in Greenland and can be deployed at short notice.

14.1.25 RM shared the positive news that Disko would be drilled this year (2025).

15.1.25 …….Rod McIllree said 80M is considering a few interesting options on multiple fronts. He was unwilling to be drawn into the details. We have to be patient for the update but, importantly, he confirmed drilling in 2025.

26.1.25 However, the decision now is to drill Disko this year (2025).

27.1.25 But the words RM used on Disko at the meeting that struck me most were that "several other alternatives" were being considered. RM was quite reticent to discuss further on the matter but at least he was able to confirm drilling at Disko in 2025 which pleased me no end!

27.1.25 Yes, that’s one possibility. But at the General Meeting, Rod McIllree was confident enough to confirm drilling at Disko this year

30.1.25 RM confirmed to the audience (not just to me) that Disko would be drilled in 2025.

4.4.25 At the General Meeting I attended on 13 January 2025, Rod McIllree informed the attendees that Disko would be drilled in 2025.

Ashton – back at it again I see.

You’ve got quite the track record for certainty, haven’t you? Below are your own posts — several of them — where you confidently declared that Disko would be drilled in 2025. You were absolutely sure. No caveats, no “maybe,” just bold claims.

Now suddenly, after months of insistence, you quietly roll out: “As for Disko, it’s now implausible that any drilling would be conducted this year.”

It’s the same routine every time — assert, ramp, rewrite, repeat.

You often present speculation as fact, and when it doesn’t play out, the narrative gets quietly adjusted. Convenient, but as it's so often wrong it's become hardly credible.

And let’s be honest — it’s not as though there’s been “no news.” 80M have released c. 3–4 RNSs a month for half a year or more. It doesn’t take much skill to “predict” activity when the company updates that frequently. “Throw enough mud …….” as they say. And you sure do throw an awful lot of mud. Take today - “I must add here that I am expecting a considerable amount of global media ​​coverage about Jameson Land Basin’s…”. Of course you are, anyone with half a brain cell can come to that conclusion. Did you not tell us yourself that 80M are paying to use PR Newswire’s services? They flood the globe with any “news” the company pays them to distribute. It ain't rocket science that there will be global media coverage. Put your trumpet away. Anyone can guess correctly some of the time.

Whether you’re just a keen PI with a loud keyboard or acting as a helpful relay / proxy for the BoD’s message, the pattern’s the same — confident forecasts, later walked back when the facts catch up.

So, for the record (and everyone’s amusement), here are some of your own quotes claiming Disko would definitely be drilled in 2025. The uppercase are all yours. Enjoy the rewind. (Post continued as there's so many of them, LOL)

8.11.24 PS: As for Disko, it WILL be drilled in 2025.

5.12.24 I am confident enough to say Disko WILL be drilled in 2025.

13.12.24 Disko WILL be drilled in 2025 and I am 100% confident.

15.12.24 As for Disko, the question is not whether it will be drilled in 2025 but how many holes.

18.12.24 I repeat. I am still 100% confident that there will be drilling in 2025!

4.1.25 RM shared the positive news that Disko would be drilled this year (2025).

Continued .......

Zebbo - ramptastic as ever. You have forgotten to mention that (post ARCO) BP actually owned JL for several years. They had access to the exact same information as everyone else (and maybe more) and yet they, just like ARCO, didn't think it worthwhile to drill a SINGLE hole. Looks like I'm not alone in my reservations regarding JL.

Don’t get me wrong – there’ll no doubt be plenty of trading spikes ahead, as the 80M board are seasoned rampers in their own right. I can already picture a future line – “although we didn’t find commercial O&G, but we did encounter traces of hydrogen / helium / unobtainium / insert-new-buzzword-here”. LOL.

Poiu

Thought I'd just check out your charting expertise to see if I should heed your advice.

In May you ramped ZPHR which was 4.35 at the time - “From end of July 24 just look at the chart. A seriously decent RNS and this is on steroids. ” Price has DROPPED steadily since then and is now over 35% lower at 2.80.

Are you sure that the use of charts is appropriate for such volatile stocks - or that you are a competent chartist?

Charting is very subjective - exactly what current chart features make you make the claims you have? I don't see any that make me draw the same conclusion as you, perhaps I'm mistaken. LOL

Averaging down? Ashton’s been at it for years, rolling out the same “unshakeable confidence” line every time he announces another chunky buy. Each time we’re told the share price will rise “many times” from here – the same story he was giving out back when it was 9p+.

The reality? He’s been averaging down from a “large six-figure” stake at 9p, adding “large” sums all the way down. That’s tens of thousands £’s poured in, which I'd guess few here could ever match. For those who followed his “expert” view at far higher levels and couldn’t keep averaging down, the result is simply heavy losses.

Let’s be blunt – the share price would still need to climb over 1500% just to get him back to breakeven on those early buys. That isn’t realistic. Yet I’ve never once seen Ashton hold his hand up or apologise for being so wrong for so long. Just another ramp and a gloat to tell everyone he's in profit.

Shameful stuff.

Zebbo

You say "Seller done" & "Or large background buyer. Either way nice to see blue on the screen". Looks like there's a lot of rollovers today.

Zebbo – I think your post needs a bit more explaining. It comes across as simplistic and, frankly, rather misleading. Not everyone digs into YE accounts, I’m no expert myself – but perhaps you are? If so, it looks more like you’ve intentionally ramped.

Once again the operations themselves showed a loss. When Kobold originally “farmed in” for 51%, it appears that 80M didn't show a reduction / disposal on the balance sheet (pretty normal, as Kobold hadn’t completed the terms). So it looks like no disposal was booked back then. Yet now, as it comes back, we suddenly see a supposed profit / gain.

That “profit” is almost entirely down to 80M getting back the 49% of Disko (plus £750k kit) when Kobold walked away. In reality, they’ve treated the return of their own former 49% as if it were a fresh acquisition – and booked an accounting gain because the “purchase price” was nil. The company even described it as a “Bargain purchase of Nikkeli A/S”. The truth? Kobold just handed it back because they weren’t interested. I think that's a fair assesment, but if anyone knows better......?

And speaking of magic – the HV/GS side raises eyebrows too. The accounts state: “The Company’s share of Hydrogen Valley result for the year was a profit of £390,394 of a total profit of £1,626,643.” Amazing stuff for a plant that’s wasn't operating and hasn’t got feedstocks by 30th June (at least nothing has been RNS’d to shareholders).

On top of that, look at the asset values. Jay/80M have had to repeatedly impair/write down the intangibles (Disko, Kanger, etc):

£3.5m in 2023

£4.9m in 2024

already £1.72m in H1 this year

So more impairments look nailed on.

As for cash, your figure looks high. Having dug deeper I’m leaning towards EB’s estimate of around £1.3m – but that’s before deducting expenses from the subsequent quarter - so probably back down to a figure around my initial guess of £800k.

Bob / EB, fair points but…….the longer they leave it the lower their cash balance will be and the biggest IF of them all - what if both drills are duds? How much lower will the SP / raise be then? When they're running on vapours, have no further carry and are liable for a shed load of ongoing costs, both at JL and elsewhere? I think they'll go for a raise before drill results - it's a big gamble not to, a bird in the hand……..

Quick scan through the interims – worth remembering these figures are already 3 months old. At that point they had £840,207 in cash, so there’s almost certainly not much left now. They won’t wait until the coffers are completely empty before going back to the market. Even the company admits it: “will need to raise further funds within the next 12 months in order to meet its expected liabilities as they fall due…” – too right they will, and my money’s on a raise before year-end.

Also interesting when you look at GS – accounts show the first 24% of HV cost 80M a hefty £2,293,069, but the next 25% was picked up for just £380k via a debt-for-equity swap. That’s an 80% drop in value. To take such a haircut, RP must have been very eager to dump that 25%.

And the USGS reckons the chance of identifying even a single 50mmboe+ accumulation in the entire JL basin (remember, 80M don't hold it all) is only a 1:13 chance (7.2%).

No one seems able to dispute the YE accounts—hard to argue when the figures come straight from the company itself. Posts like Zebbo’s add nothing; as usual, they provide no counterarguments or meaningful insight. It seems some posters might be waking up to the likelihood of another fundraise, and possibly sooner rather than later.

A recurring theme from some rampers has been the notion that Greenswitch (GS) would be the savior—profitable GS operations would cover 80M’s obligations. Long-term readers will know I’ve always been sceptical.

It’s worth noting that GS acquired the plant through the BANKRUPTCY of Mythen S.p.A.—says it all really. GS acquired the plant in 2014, yet it wasn’t “closed for refurbishment” until 2018. That suggests GS struggled to run it profitably in the first four years of ownership. If the plant had been genuinely profitable, why close it entirely and then take seven years to refurbish? It doesn’t add up.

Throughout GS’s ownership, losses clearly accumulated—seven years of expenses with essentially no income. Those losses continued under HV and now the HV/80M combination. So key questions for investors remain:

What level are the ongoing losses currently at?

How much longer will losses accumulate before any revenue—let alone profit—materializes at GS?

How long before GS could realistically generate a profit?

Remember, 80M is now liable for 49% of these losses and costs. And remember, Mythen S.p.A. couldn't make the plant profitable—and it looks like GS might also have failed to in the first four years of ownership. Pinning hopes on grants (that look increasingly likely not to materialise) isn’t a sound business model or investment strategy.

Is a fund raise on the cards? I’m not an accounting expert, but one of the “3 amigos” ramp crew has already admitted they don’t understand company accounts (which says it all), so let’s break it down step by step.

YE accounts ‘24 showed cash at £637,822, but £222,854 of that is Restricted Cash ring-fenced under the MRA, leaving £414,968 free. Since then, they’ve had ~£2.1m in from MET1 and $500k from Amaroq, so let’s call it ~£2.8m available.

Losses for ’24 came in at £10.9m, but note £1.38m of that was FX translation (looks heavy but, whatever) and £4.9m was impairment of intangibles (assets values written down after being over-valued – ring any bells?). Stripping those out leaves around £4.5m of underlying losses (£2.26m admin / £2.26m other), or c.£1.13m per quarter.

If ’25 tracks similar numbers, the current £2.8m only covers roughly the first three quarters – and we’re already through most of that. Despite endless ramping about GS, there’s still no revenue (let alone profit) and no sign of it on the near horizon. On top of that, 80M is now liable for 49% of GS’s ongoing costs / losses.

In short, cash looks tight, and a fund raise seems increasingly likely. Happy to hear genuine counter-arguments if anyone has them, but dismissing this as “FUD” or ‘’boring’’ instead of addressing the numbers just serves to underline the weakness of the rampers’ position. Still, if they're happy getting excited about a ship's planned route and ignoring far more important issues then good luck to them.

Iraq has recently obtained agreement to resume oil exports - and let’s not forget they sit on a huge 145bn boe of PROVEN reserves. The first phase alone will see around 250m boe/day coming back online – and here’s the kicker: their producers are content with just $16 a barrel. Compare that with the projected $60–$100 per barrel cost of producing oil inshore in Greenland, which is among the highest in the world. On that basis, you really have to question whether Greenland oil would ever be economic.

CC

Further to our earlier ‘debate’ on oil & gas demand forecasts: you implied / argued that Greenland’s O&G resources would be needed due to growing global demand and posted a link to a report to support that opinion. My view has always been that existing PROVEN reserves from established producers are more than enough to cover demand – even under the scenarios your article quoted.

The report you referenced previously suggested global demand of ~105m boe/day by 2050 (vs ~100m boe/day in 2024). If the Below 2°C scenario plays out, that figure drops to ~65m.

Today, however, BP released its own long-term outlook with rather different numbers. They see PEAK demand arriving around 2030, then FALLING to ~83m boe/day by 2050. Under a Below 2°C pathway, demand would be closer to ~34m boe/day. Importantly, BP also forecasts electricity demand doubling by 2050 – with most of that increase supplied by renewables, not fossil fuels.

Taken together, this further supports the / my view that expensive, frontier O&G projects in Greenland are highly unlikely to be developed at any appreciable scale, given the demand trajectory and cost dynamics.