Member Info for SilverFoxd

Thanks Ashton, I’m happy for you to raise. I will attend AGM if I’m free. I will let you know once we have a date.

There is power in the collective, I was serious about shareholder user group. Asking question of a board and stating you represent x number of shareholders holding n number of shares will be noted if we can show we have significant holdings.

Thanks for response Ashton.

I have been a shareholder since Bluejay days. I never asked for a precise date, I said "You say they have a date, they don't have a date, they have a quarter, and 80M don't have great track record of hitting Half's or Quarters, let alone actual dates". My point wasn't about exact dates, its about 80M providing more regular updates - it doesn't have to be binary, "we have started production" or "we haven't haven't started production" - it could be (for HV), "we have signed this contract, we have received 10m funding, we are completing final plant testing", etc, etc, etc

There are many interim steps that can be communicated to keep shareholder happy and interested - it doesn't help when six-nine months pass before we get any type of update, and sometimes, none at all - I'm asking for better communication, this builds trust with shareholders - I don't believe this is too much to ask.

Hi Ashton

Thanks for presentation, I've read it previously, however, it has two contradictory points, (1) "Strategically positioned for revenue generation - with production slated to restart imminently" on P18, and "Revenue expected H1 2026" on P17. (2) "Q2 20 26 - Restart of the Greenswitch Biodiesel Facility" on P20.

Its difficult to take a company seriously when they can't create a consistent client presentation. You say they have a date, they don't have a date, they have a quarter, and 80M don't have great track record of hitting Half's or Quarters, let alone actual dates. So if RachT attempts to validate that information, then thats a good thing to my mind.

I believe 80M are in a fantastic position, I'm shocked by the share price is so low given we have two drills lined up this year, but I'm just not happy to take your word or Damers word that its will all be fine, nothing personally against either of you but I want actual information, not speculation.

80M needs to be better are keeping the shareholders informed, for HV, its not just about the restart dates, its an update on the funding, the contracts, the future guidance, all the things normal companies like to inform shareholders on, I mean, we are very focused on restart and expected revenue but not one RNS on an actual contract signed - that seems to be highly relevant.

Ashton

This statement is not correct.

" "Undiluted” in this context means measuring the market cap using the total number of shares CURRENTLY in issue, and by completely IGNORING (or EXCLUDING) any ADDITIONAL shares that might be created in the future"

Undiluted means current shares in issue, excluding EXISTING, options, warrants, convertibles in the calculation. If there are currently 5B shares issue, but another 1B in warrants, options, etc - it excludes these - IT DOES NOT EXCLUDE these shares once converted AND DOES NOT EXCLUDE future share issues.

This is also incorrect

"So, 1.88p, 2.35p and 2.82p are the EBT milestone ​share price targets​, regardless of any dilution in the future of the number of shares​ in issue."

There are NO SHAREPRICE targets, there are market cap targets.

Further, yes the conversion price for options is great, but don't forget that the existing options are at 2p,4p,6p and 8p - so appears the is still lots of dilution on the way to those 10p, 12p options for the Directors.

I don't recall that when the last tranche of EBT's were achieved that the market cap was adjusted in light of issues of more shares - can you point me at the RNS that shows this adjustment ?

Hi Mike,

In my original post I said it was undiluted - so we are agreed on this

What undiluted means - I agree with your definition, that the market cap target = number shares in issue multiplied by share price. Importantly it ignores warrants, options, etc

My original post states this “ These targets are undiluted. That means these targets ignore further dilution of options, warrants, new issues etc”

So as far as I can see we are in agreement, however

I think the confusion arises because I haven’t clearly stated my point, let me restate this.

To reach the first target, the market cap must reach £100m. If we use current shares in issue today, let’s use 5B the share price must reach 2p.

Let’s say I, personally, have 1m shares and SP is 1p. The value of my position = £10k

If 80m issue 5B new shares, given 10B shares, the new target for Board is 1p. That will give a market cap of £100m

If 80m manage to hit the £100m target they are rewarded with shares, where as my position hasn’t increased in value (it’s still worth £10k). Therefore, having a market cap target maybe a good thing for Board, but if they continue to dilute the existing shareholders with FUTURE issues or conversions THEN it doesn’t benefit long serving shareholders. So a better target would be to double shareholder value (by multiple of 2).

As it’s Friday lol

MUGS is acronym for 80M User Group Shareholders

I’m curious as to how many shares we collectively hold, if we had a significant number, say 500m I think we should consider assigning a proxy shareholder who can represent us.

A single representative has more clout and has more chance to illicit change - demand for action / updates, representation at shareholder meetings, seek clarification, etc etc

I haven’t been involved in these before but I think it is worth considering- we may not all see eye to eye but we all here for same reason.

Tick up if of interest and maybe we can compile an anonymous shareholder register to see if it is worthwhile pursuing.

As I reported previously, for three weeks now a seller has been drip feeding the market with sales, not enough to move the price downwards significantly but enough to keep price at the support level. If you consider the two excellent news items (funding and disko drill date) I think we all expected the price to move toward 1.3p mark, but every purchase was matched with a sale. That was until yesterday, when the sales went into overdrive and finally pushed price below 0.9p. Coincidence that the RNS was released the next day ?

Contrary to what people think I want 80m to succeed but that doesn’t mean I’m not going to point out problems, we won’t be the first shareholders to see a successful company that over diluted long serving shareholders. Obviously we will never know who that seller was but can’t help but think they were

Privy to this RNS.

Arok, you are correct, this is standard market practice. So if 80m issued a 100% more shares, the market can target would remain £100m but price target would be 1p.

So if 80m issued 100% of new shares my holding would halve. If price went to 1p my holding would be same as now, but board would receive their shares.

As with all dilution, it’s dependent if its keeping the lights on or adding shareholder value.

Note. These targets are undiluted. That means these targets ignore further dilution of options, warrants, new issues etc. that means the target price for £100m will be lower than 2p and should further dilution occur the price will be further diluted.

1. 50 million EBT Shares will be transferred to the beneficiaries when the market capitalisation exceeds £100 million (undiluted)

2. 50 million EBT Shares will be transferred to the beneficiaries when the market capitalisation exceeds £125 million (undiluted)

3. 50 million EBT Shares will be transferred to the beneficiaries when the market capitalisation exceeds £150 million (undiluted)

Good work RachT contacting Italy, however, I see the answer to whether Greenswitch has started production is in the RNS.

“ Greenswitch Ferrandina Plant in Basilicata, Italy. This fully integrated chemical facility is undergoing final maintenance to commence production of biofuels and Sustainable Aviation Fuel (SAF).”

I guess the answer is, they haven’t started and they don’t have a date as to when they will. At least not today.

Results

Revenue exceed

EPS estimates at (0.12) but missed at (0.15)

Guidance for future revenue looks on track.

From results

Financial Results for Fiscal First Quarter 2026

Revenue for the first quarter of 2026 was $7.4 million, exceeding previously announced guidance, compared to $5.3 million in the first quarter of 2025. This year-over-year increase was slightly higher than expected and included the benefit of one of Identiv's customers ordering their full-year 2026 sales volume in Q1.

First quarter 2026 GAAP gross margin was 17.4% and non-GAAP gross margin was 23.8%, compared to first quarter 2025 GAAP gross margin of 2.5% and non-GAAP gross margin of 10.8%. The year-over-year improvement primarily reflects the continued cost savings and efficiencies achieved in Identiv's production processes, improved utilization at the Thailand facility, and the elimination of manufacturing production costs incurred from the Singapore operation in the first quarter of 2025.

hTTps://ir.identiv.com/news-events/press-releases/detail/455/identiv-reports-first-quarter-2026-financial-results-exceeds-q1-guidance

Hi Ashton

I guess, in first instance I would first look to apply my valuation of assets based on similar frontier valuations in PRE DRILL stage.

- Frontier oil basin, funded pre-drill are in range of $200-400m based on historic valuations. So $100m for 30% Jameson

- For Disko, its little clearer as USFM get 51% for $30m spend. If we add in cost to get here, overheads, etc - lets round it up to $70m - so $35m for 80M

- HV, difficult to value because we don't know if it is losing money, breaking even or generating positive cashflow, so for now lets assign $0 until we have an update

- Remaining interests, its not zero, but no one is biting our hand off so lets assign $5m or someone can put forward a stronger case.

So, IMO 80M should currently be valued at $140m (2.9p). Post drill (success) there are industry standard ways of valuing finds, so we can discuss them when we find it.

Obviously, we are attempting to value a company with much potential and little cash, should that change and HV start generating cashflow then that changes a lot (IMO) because a junior with cash is in a much stronger position than one with no cash because they won't be rushed into a deal.

This purely my valuation based on my observations, I do not have expert knowledge of this - I look forward to reading positive HV RNS.

Chipsta, there is a seller offloading significant amount of stock and have been for more than a week now. Until they have finished, stock unlikely to move upwards. It maybe next couple of days or next couple of weeks, who knows, but once it’s gone this stock is going to fly. IMO

As per Chesh post we need to clear out seller who was active all last week and today. Once clear, should easily reach and hold 1.3p as interim level. 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. I’m sure many people will have much higher expectations than this but I guess I’m have more conservative expectations but always happy to be proven wrong.

Thankyou ZagEgypt because there appears to be a belief amongst a group of posters who believe they speak for the whole board. They don’t, many us don’t want live in an echo chamber and would like a two way debate.

Sorry Nathman did I upset you? Was it your informative post “Majors are already sniffing around” followed by the three rockets lol what is it about rampers and rockets. Do you get a rampers manual?

So rocket man, why would a major want to buy a minor share of Jameson and minor share of Disko ? If I was BP I would want to be making decisions, wouldn’t you?

While you at it, maybe you have theory as to why, post brilliant news on funding, some entity has been slowly offloading their position for last three days?

Hi Mattlilly

I agree, not sure anyone would pay £80m for Jameson. Why own 30% of something, it has little value to anyone other than GLND, certainly no interest to major oil company. The £80m valuation is my view on what I believe Jameson is worth based on the valuations of frontier basins pre-drill.

I’m not sure anyone would be keen on paper offer from GLND at 2p, it’s not as if GLND has bundles of cash so they would be left to raise cash and dilute - which gives lots of upside to board and downside to long suffering shareholders.

As for other suitors, it same issue, 30% Jameson, 49% Disko - 80m has lots of potential upside but little in way of ownership so no majors are coming to takeover 80m as it stands.

Which brings us to HV, agree not strategic, more reluctant owner and I agree they will offload once profitable (hopefully RNS will confirm money making capabilities).

I agree there are lots of of reasons why GLND would want to take Disko and Jameson (I’m assuming RP has power to amalgamate USFM and GLND), but not convinced it would be in interest of 80m shareholders.

Hi Damers, I’m not part of Telegram Group.

I will send you pm.

Thanks SF

Hi Damers

Would be great to get RNS on HV - can I ask what your source of information is and can you share with group?

Thanks RachT

My valuation of 30% Jameson is based in value of similar funded pre-drill frontier assets. Ignoring value of GLND a pre-drill valuation of entire asset should be in range of £200-400m, based on that £80-100m seems fair. Whether it gets to that is entirely different question, I had some GlNd pre-listing at $10, I sold at $8 when I had reservations around funding. I would have liked to hold some GLND again but with the warrants and key shares holders potentially selling pre-drill I believe upside is limited, it should get up around $5 but will it pass $5 potential 30% dilution?