My take on PELI, PELIR, and 80 Mile (BLLYF). Why I’m splitting the bet.

Disclosure up front: I own PELI, PELIR, and 80 Mile. This is not financial advice. I’m not calling price targets. I’m explaining how I’m thinking about the risk. There’s a lot of noise building around this trade. PELI is a SPAC merging into Greenland Energy (ticker GLND). They’re the ones raising money to drill. PELI does not own the land. The exploration licenses are owned by 80 Mile, a UK listed company. The structure is an earn-in. March GL has to pay for the first two wells to earn up to 70 percent. If they hit, they win. If they miss, they eat the drilling costs. 80 Mile keeps the licenses either way and didn’t pay for the wells. Why I own 80 Mile (BLLYF) I think of 80 Mile as the defensive side of the trade. Buying 80 Mile is buying the landlord, not the tenant. Greenland isn’t going anywhere. Arctic resources will matter for a long time, no matter who is in office or what the headlines say. 80 Mile owns the paper on the ground. If the drilling fails, 80 Mile doesn’t go to zero. They still own the licenses and the nickel project. If drilling works, they get 30 percent of production without paying for the riskiest part. That lets me stay exposed to the region without betting everything on one drilling program. Why I also own PELI and PELIR These are not defensive positions. I own them for leverage, and I size them accordingly. PELI common is the “safer” speculation. Until the vote, there’s a redemption option backed by cash in trust. That limits downside while keeping exposure if the deal closes and sentiment builds. PELIR is the opposite. It’s a straight lottery ticket. If the deal fails, it goes to zero. If the deal closes, the leverage is large relative to the common. Narrative versus reality GLND is a sticky ticker. That matters in modern markets. I’m not investing because of headlines about the US buying Greenland. That stuff comes and goes. What doesn’t change is that the Arctic is strategically valuable and more people will care about it over time. If political rhetoric drives attention, that’s upside. My thesis doesn’t depend on it. The team I watched the investor presentation. The polish wasn’t the point. The resumes were. The operations side isn’t just finance people. There are engineers and logistics folks with real experience, including time at major service companies. That doesn’t guarantee success, but it lowers the risk of basic execution mistakes, which kill a lot of frontier projects. If I’m misunderstanding the license terms or the earn-in economics, I’d rather hear that than talk about price targets. Disclosure again: long PELI, PELIR, and 80 Mile (BLLYF). I will attach some of the references I have found in a comment when I have some time.