REG - 80 Mile PLC - Agreement reached to drill Jameson Basin

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RNS Number : 3274G  80 Mile PLC  28 April 2025

28 April 2025

 

80 Mile PLC / Ticker: 80M / Market: AIM / Sector: Mining

 

Proposed Transaction for Development of Jameson Concession

 

80 Mile PLC ('80 Mile' or the 'Company'), the AIM (80M.AIM), FSE listed and US
OTC traded (BLLYF.OTC) , exploration and development company with mineral and
energy projects in Greenland and a biofuels plant in Italy, is pleased to
announce it has entered into a binding heads of terms agreement ("HOT") with
March GL Company ("MGL"), a private Texas Corporation, whereby MGL will fund
stratigraphic research drilling at the Jameson industrial gas and liquids rich
project in Greenland ("Jameson").

 

Under the terms of the agreement, MGL will fund 100% of the costs associated
with two stratigraphic exploration holes designed to delineate the sedimentary
structure and energy potential of the Jameson Basin. In return, and subject to
regulatory approval, MGL can earn up to a 70% interest in the project through
a two-stage earn-in structure:

 

·    MGL will earn an initial 50% interest upon completion of the first
hole drilled ("Project 1") to define the basins technical specifications.

·    An additional 20% interest upon successful completion of a second
test hole ("Project 2"), at MGL's discretion, within an agreed timeframe.

·   March has contracted Halliburton to support logistics planning and to
secure other necessary services for Jameson;

·    80 Mile is free carried until the end of Project 2 for 30% of
Jameson.

 

MGL will also pay 80 Mile US$500,000 upon execution of final documentation
expected in the coming weeks

 

The initial holes will evaluate:

 

1.  The presence and concentration of naturally occurring gases included
hydrogen, helium, and associated industrial gases;

2.    The structure and thermal characteristics of the basin; and

3.    Occurrences of natural gas and liquid condensate estimated by ARCO
and other independent groups to be multi billion equivalent barrel potential.

 

The Jameson licenses cover 8,429 km(2) of onshore North Atlantic stratigraphy,
situated in a post-rift setting analogous to the western margin of the North
Sea. The area is considered highly prospective for multiple gas types and
liquid hydrocarbon systems. Notably, Canadian-listed Pulsar Helium is also
active in the surrounding regions.

 

Eric Sondergaard, Managing Director of 80 Mile, commented:

 

"Energy is fundamental to economic growth and national development. The
identification of a potential energy resource at Jameson - including
industrial gases, natural gases, and liquid hydrocarbons - could deliver
long-term strategic and economic benefits to Greenland if responsibly
advanced.

 

"As part of a broader Arctic and North Atlantic energy corridor, Jameson has
the potential to attract a broader range of funding sources and long-term
investment into Greenland.

 

"By partnering with experienced technical consultants, globally experienced
drilling contractors, and internationally recognised logistics providers, we
are ensuring a well-executed and environmentally responsible assessment of
Jameson's energy potential.

 

"Jameson is one of the largest undrilled onshore basins of its kind. Its
prospectivity for industrial gases and energy by-products has long been
recognised, and our positioning into the industrial gas sector is now
translating into tangible work on the ground. All activity is being undertaken
under Greenlandic regulatory oversight. Projects like Jameson, when developed
responsibly, can help unlock new domestic revenue streams that contribute to
Greenland's economic self-reliance."

 

 

Transaction Overview

 

·    March GL will fund 100% of all costs and expenses related to the
drilling of the first of two exploration wells at the Jameson Project, with
operations to commence no later than summer 2026.

 

·    March GL will be appointed Field Operations Manager for Project 1
and, subject to its successful completion, for Project 2. In this capacity,
March GL will be responsible for entering into third-party agreements and
covering associated costs, including:

 

o  MGL has contracted Halliburton to support the initial logistics planning
and is working with Halliburton to secure services for the Project;

o  Transport of equipment owned by 80 Mile from the Dundas Ilmenite Project
in Northwest Greenland to the Jameson Concession in Eastern Greenland. MGL is
in current discussions and negotiations with a shipping company;

o  Mobilisation of a drill rig capable of reaching depths of 3,500 metres to
the Jameson Concession. MGL expects to finalise negotiations with a Canadian
drilling company in the coming weeks;

o  MGL has contracted with IPT Well Solutions for Project Management services
for drilling the exploration well for Project 1.

 

·    In consideration, 80 Mile will assign or procure the transfer of a
50% interest in either White Flame A/S or the Jameson Concession to March GL
upon the completion of Project 1.

·    Upon transfer of the 50% interest, 80 Mile and March GL will
negotiate the appointment of March GL as project operator, to be formalised
under a joint operating agreement or equivalent.

·    Following the successful completion of Project 1, 80 Mile will grant
March GL an option to fund 100% of Project 2, exercisable for a period of 14
months.

·    Upon completion of Project 2, 80 Mile will assign or procure the
transfer of an additional 20% interest in either White Flame A/S or the
Jameson Concession to March GL.

·    Upon signing of the definitive agreements, and in consideration of
the mutual undertakings set out in the HOT, March GL will pay 80 Mile a
one-time cash payment of US$500,000.

 

The Proposed Transaction is subject to and conditional upon, the following:

 

·    Receipt of all customary consents, approvals or authorisations from
the Government of Greenland, in respect of the transfer or assignment of the
50% interest (upon completion of Project 1), and if applicable, the additional
20% interest (upon completion of Project 2).

 

INFORMATION ON THE JAMESON LAND BASIN PROJECT AND FUTURE STRATEGY

Overview

White Flame was established more than ten years ago and is the 100% owner of
three large scale exploration and exploitation licences that cover 8,429
square kilometres of the Jameson Peninsular, east Greenland. White Flame won
an international open tender process for two licences and subsequently applied
for and was awarded the third in 2014 and 2018 respectively. Since this time,
it has maintained the licences in good standing. The licence lifespans are
divided into three sub periods (3 years, 3 years & 4 years for a combined
total of 10 years before moving into exploitation). White Flame recently
received notification of a 3-year extension to the first sub period from the
Greenlandic regulators.

The licences are also exploitation licences meaning that if certain
preconditions are met and a discovery is made then White Flame has the right
to move into production. The licences have approximately 10 years until expiry
allowing White Flame to undertake sustained, systematic and detailed work in
the entire area. In total White Flame has spent approximately £4m to date on
technical work and resource estimates. However, over its history the project
area has had investment in excess of US$125 million all the way to full
feasibility studies (in 1989 dollars, meaning far more in today's dollar
terms).

Greenland's position into hydrocarbon exploration and licencing

On 24 June 2021 the Greenland Government announced it would cease issuing
further hydrocarbon exploration licences. White Flame was informed at this
same time that because its licences were valid and in full effect at the time
of this policy change, that this new government position would not affect
White Flame, its activities or its licence terms and that White Flame was free
to continue to develop the Jameson Land Project peninsular as per the
conditions in their existing exploration & exploitation licences.

Introduction

The Jameson Land Basin is one of, if not the last, highly prospective, yet
completely undrilled basins globally, but with a clear genetic link to the
North Sea as well as a scale similar to many of the world's major producing
regions. This claim is not without foundation, 80 Mile will leverage its
acquisition off a comprehensive body of work conducted by US Atlantic
Richfield Company (ARCO) between 1970 and 1990 when around US$125m was
invested (1989 US dollars) in detailed exploration and evaluation activities.
ARCO's work identified multiple, very large gas and liquid hydrocarbon
targets.

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. 80 Miles has
identified over 50 targets.  Similar sized global analogies to the Jameson
gas field are;

1.    Maracaibo Basin (Venezuela)

·    Approximate area: 8,500 square kilometres (for the primary producing
region)

·    One of the world's richest liquids and gas-producing areas.

2.    Prudhoe Bay Oil Field, (North Slope of Alaska),

·    One of the largest liquids and gas fields in North America.

·    Oil field is approximately 860 square kilometres (332 square miles)

3.    Anadarko Basin (Oklahoma, USA)

·    Approximate area: 8,300 square kilometres

·    Produces liquids as well as industrial and natural gas.

4.            Neuquén Basin (Argentina)

·    Approximate area: 8,000 square kilometres (for the core producing
area)

·    Produces liquids and natural gas.

5.      Cooper Basin (Australia)

·    Approximate area: 7,800 square kilometres (for the core producing
area)

·    Known for industrial & natural gas, liquids as well as white
hydrogen occurrences.

6.    Songliao Basin (China)

·    Approximate area: 8,500 square kilometres (for the main producing
region)

·    Produces liquids, natural and industrial gas.

7.    Piceance Basin (Colorado, USA)

·    Approximate area: 7,800 square kilometres

·    Known for natural and industrial gas production.

 

The Licences

White Flame owns 100% of the project via a Greenlandic subsidiary, White Flame
Energy A/S which in turn holds three exploration and exploitation licences
covering 8,429 km² the entire basin on the Jameson Peninsular of East
Greenland. The licences are exploration and production licences, are in good
standing with the Greenland regulators and very recently had notification of
extension of the first sub period for an additional 3 years. After the expiry
of this new 3-year extension the licences will still have an additional 7
years before they automatically become exploitation licences, subject to
completion of an EIA, SIA as well as a discovery being made.

The Company can confirm it is fully permitted, with documented confirmation
that licences are in good standing and that the Company may continue to
develop the large-scale gas and liquid rich projects in accordance with the
terms and conditions as set out in their existing licences.

History

The Jameson Land Basin, encompassing Blocks 2015/13, 2015/14, and 2018/40,
(see figure 1) has a rich history of exploration. ARCO and ENI held licenses
for the area until 1990, conducting comprehensive field mapping, sampling
programs, and acquiring ±1,800 line-km of 2D seismic data. ARCO's fieldwork,
and subsequent studies by the GEUS have continually confirmed the substantial
gas and liquid-rich hydrocarbon potential of the basin.

Jameson Land was subject to more than US$100m worth of detailed exploration
expenditure between the 1970s and 1990's by ARCO and others which included the
construction of what is now the Constable Point Airfield, East Greenland. 80
Mile will leverage off this historical expenditure and infrastructure to fast
track the exploration of these various critical gases, including helium, all
noble gases and white hydrogen, as well as by-products of other hydrocarbon
elements.

ARCO exited all global exploration activities including Greenland as global
commodity prices halved between 1984 and 1986. ARCO laid off over 14,000
employees during the late 1980s recession. This culminated in the
relinquishment of all its exploration assets including Jameson Land. White
Flame did not fully recover from this diminution and was subsequently acquired
by BP in 2000 with the Jameson project being relinquished.

Work programme completed prior to withdrawal

ARCO conducted ±1,800 kilometres of 2D seismic over multiple campaigns in
Jameson Land. In addition, the company invested heavily in infrastructure
including an airport, warehousing and accommodation units. At the time, the
structure of the Jameson Concession licences was ARCO 33%, AGIP 33% with the
balance free carried by both the Danish and Greenlandic governments.

The data set that ARCO generated from its 2D seismic work reverted to GEUS
upon ARCO's withdrawal from Greenland in 1990 and in 2009, White Flame
purchased this data, representing over 30 years of high-quality hydrocarbon
exploration. Recent legislative changes to the Greenland Mineral Resources Act
in September 2014 further facilitated White Flame's 'first mover' opportunity
over Jameson Land.

Helium Prospectivity

Helium is usually found in association with natural gas accumulations. The
Jameson Land Basin's extensive sedimentary layers are thermally mature and
rich in organic material and the presence of ancient volcanic activity
contributing to the potential for helium generation and entrapment this basin
has the potential to be one of the largest producers globally. Although helium
is typically used as a carrier in gas chromatography, anomalous helium results
have been encountered around the basin margin and along sedimentary
boundaries. In addition to this, the known geology and structure of the basin
are conducive to the generation of helium rich gas deposits deeper in the
basin. Compared to other helium, white hydrogen-producing regions, the
potential reserves in the Jameson Land Basin could position Greenland as a
significant player alongside the United States, Qatar, Algeria, and Russia.

The geological characteristics of the basin suggest significant reserves of
gas could occur in large previously identified reservoirs, all of which is
supported by large amounts of historical data as well as geochemical profiles
from previous exploration campaigns.

Several highly anomalous helium results have been collected throughout the
entire area and broader region over the last 50 years, without a systematic
evaluation until now.

The entire area is seen as incredibly prospective for industrial gas
accumulations and the Company is optimistic that a significant discovery can
be made on Jameson. Initially the Company will integrate and re-examine all
historical work for industrial gasses with a site visit set for later Q3 2024
to examine these sampling sites and to take fresh samples.

White Hydrogen Prospectivity

White hydrogen, naturally occurring in certain geological formations, is
highly prized for its minimal environmental impact and cost-effectiveness
compared to green and blue hydrogen. Unlike green hydrogen, which is produced
using renewable energy through water electrolysis and is often
energy-intensive and costly, white hydrogen can be extracted with minimal
environmental disruption and far lower production costs.

In contrast to blue hydrogen, which is derived from natural gas with carbon
capture and storage, white hydrogen has a negligible carbon footprint without
the need for additional carbon management infrastructure. Hydrogen is used
across various sectors, including transportation (fuel cells for vehicles),
industry (refining petroleum and producing ammonia for fertilisers), and
energy storage (balancing intermittent renewable energy sources). This makes
white hydrogen a more economically viable and sustainable option, offering a
cleaner alternative to fossil fuels and industrial hydrogen production methods
while utilizing existing infrastructure and serving as a bridge in the
transition to fully renewable energy sources.

·    Geological Processes: White hydrogen (natural hydrogen) can be
generated through water-rock interactions

·    Faults and Fractures: The extensive network of faults and fractures
within the basin facilitates the migration of hydrogen from the basement to
the sedimentary layers. These pathways are crucial for the accumulation of
hydrogen in traps.

·    Unlike fossil fuels, which take millions of years to form, natural or
'white' hydrogen is continuously replenished.

Results obtained by previous operators identified regional sampling in and
around the basin of 6 shallow samples indicating concentrations of Hydrogen of
between 3-9% and two samples taken from deeper sources of between 3-7%
Hydrogen.

Industrial Gas Potential

The Jameson Land Basin's geological characteristics directly influence its
potential for helium, white hydrogen, noble gases (xenon, argon, krypton), and
hydrocarbons. In the Jameson Land Basin and the Liverpool Land areas of
central East Greenland, helium seeps have been identified and are thought to
be related to exist in large concentrations as a byproduct of the deep-seated
radiogenic decay of granitic basement rocks. The land adjacent to Jameson has
been licensed by Canadian listed Pulsar Helium, who also applied for an
industrial gas license over Jameson Land but were refused due to the
pre-existence of White Flame licenses.

 

SUMMARY FINDINGS:

In its core findings, ARCO ranked various formations within the Jameson Land
Basin as having the highest potential for all gas types as well as liquid-rich
hydrocarbon accumulations in the entire East Greenland and that Jameson
represents approximately 50% part of the highly productive ±50% of the
original area currently known as the Haltenbanken field, North Sea but
expresses as an uplifted and onshore part of the basin. All historical
assessments concluded that the entire area is extremely prospective, with all
the necessary characteristics for the accumulation of gas and liquid
hydrocarbons and that large-scale system present throughout the Jurassic and
Triassic sedimentary pile with excellent source and seal and permeability
characteristics of global scale with walk up drill targets.

Figure 4 Hydrocarbon biomarking demonstrating common ancestry between
geological regions.

 

Following early success of the North Sea, in the 1970's ARCO undertook early
field studies into the western Atlantic margin (east Greenland) and concluded
that the Jameson Land basin was highly prospective and was historically part
of the oil rich North Sea basin. In the early 1980's a group comprising ARCO
and ENI acquired ±1,800km of 2D seismic and conducted several further seasons
of fieldwork, all of which pointed to the strong likelihood of a working gas
and liquid system. Unfortunately for ARCO later that same decade market
conditions forced ARCO to exit frontier exploration, including Jameson and
they never recovered subsequently being taken over by BP in 1990.

The Geological survey of Greenland and Denmark also concluded that Jameson
contains all the essential elements: source, reservoir, seal and trap, for a
successful and potentially commercial reservoir of gases and liquids. In
particular, the work conducted to date would imply that there is major source
rock and reservoir potential within the basin and several drillable targets
within a total stratigraphic thickness of 17,000 metres of the basin.

The basin remains undrilled despite direct field observation of source rocks
and reservoir systems and the presence of multiple hydrocarbon seeps and a
clear genetic linkage to the north sea Haltenbanken oil field. Consequently,
this venture provides a unique and very exciting opportunity to explore and
drill one of the few remaining frontier basins on the Atlantic margin.

GEUS, with the participation of approximately 20 companies in the region
compiled all the pre-existing information into a comprehensive 'Geological
Information System' (GIS) and importantly, collected huge volumes of
additional data through fieldwork and core drilling. Over a prolonged
exploration period, GEUS focused on the whole East Greenland Rift Basin,
including Jameson to the south of the study area.

Greenland and Denmark Geological Survey (GEUS) continued detailed study over
the area until in 2014 White Flame was awarded the licences and in 2015
commissioned the first non-government re-assessment of Jameson since the
1990's incorporating all historical information from ARCO, GEUS and others as
well as the reprocessing of all 2D seismic using the latest technology.
Results confirmed expectations, significant resource potential was identified.

In 2017 White Flame completed an airborne Full Tensor Gravimetric (FTG) and
LiDAR survey over the entire licence area. Subsequent assessment of this data
continued to reinforce the prospectivity of the licence area and resulted in
the company successfully applying for further acreage to the north of the
existing licences (2018/40) and thereby securing the entire onshore part of
the Jameson basin. White Flame completed several years of multidisciplinary
G&G work, integrating all available datasets, and building what became a
comprehensive picture of the structural and sedimentary components of the
Jameson Land Basin. This has been used to identify drillable structures and
assign levels of geological risk.

Figure 5 Examples of reservoirs and geological characteristics of the Jameson
Basin

This work was undertaken to fully reassess the basin and reduce the dependence
on the analogue data from onshore Greenland and Norway as outlined in a
subsequent section of this report and to mitigate the existing limited seismic
data base to an extent. In addition, GEUS wanted to eliminate much of the
geological uncertainty with regards to both liquid and gases in traps, in
particularly potential post-migration loss during the Cenozoic era of uplift.

Consequently, GEUS compiled a substantial Geological Information System (GIS)
including several key elements:

·    Reprocessed existing seismic data

·    Detailed maps and terrain models

·    18,000 data and chemical samples

·    Boreholes, core samples and sedimentological logs

·    Stratigraphic cross sections

·    Photographs

The first highly detailed version of the GIS was compiled in 2009 and updated
in 2011. White Flame purchased this information in 2014 when it won the open
tender round for all three James blocks.

Liquid Hydrocarbon and Natural Gas Prospectivity

·  Source Rocks: The organic-rich shales from the Upper Permian Ravnefjeld
Formation and Lower Jurassic formations are key source rocks. Thermal
maturation of these shales generates hydrocarbons.

·    Reservoir Rocks: The Triassic and Jurassic sandstones provide
excellent reservoir rocks due to their porosity and permeability, allowing
hydrocarbons to accumulate.

·    Seal Rocks: Marine shales and other impermeable layers act as seals,
trapping hydrocarbons in the underlying reservoir rocks.

·   Structural Traps: Anticlines, synclines, and fault traps within the
basin create structural traps where hydrocarbons can accumulate.

 

Figure 6 Comparison between Jameson Basin and Prudhoe Bay Integrated
Geological Features for All Resources

·    Crystalline Basement: Provides a source for helium and noble gases
through radioactive decay. It also plays a role in generating white hydrogen
through geological processes.

·    Sedimentary Sequences: Serve as reservoirs for liquids and traps for
migrating gases like helium and noble gases. The presence of organic-rich
shales and porous sandstones is crucial.

·    Faults and Fractures: Essential for the migration of gases and
hydrocarbons from the basement and within sedimentary layers.

·    Trapping Mechanisms: Structural traps such as anticlines and
synclines, along with impermeable seal rocks, are critical for the
accumulation of all these resources.

In summary, the Jameson Land Basin's complex geological structure, including
its crystalline basement, sedimentary layers, and extensive fault network,
creates highly favorable conditions for the generation, migration, and
trapping of helium, white hydrogen, noble gases, and hydrocarbons.

 

AIM Rule 12 Disclosure

 

The disposal of an interest in in either White Flame A/S or the Jameson
Concession is being treated as a substantial transaction per AIM Rule 12. The
value of White Flame A/S or the Jameson Concession per unaudited management
accounts of the Company as at 31 March 2025 was £2.75 million and there are
no profits or losses associated with the assets.

 

The Company intends to use the one-time cash payment of US$500,000 as general
working capital.

 

 

About IPT Well Solutions:

 

IPT Well Solutions is a premier engineering and consulting firm with over 30
years of experience in drilling engineering, project management, completions,
reservoir engineering, and geology. Each year, IPT evaluates hundreds of well
projects across the U.S. and internationally, delivering deep technical
expertise and a steadfast commitment to environmental compliance. The firm
plays a vital role in advancing sustainable energy development, across oil and
gas, carbon sequestration, solution mining, and geothermal projects, through
rigorous analysis, regulatory guidance, and a strong focus on environmental
stewardship at every stage of well planning and execution.

 

 

Market Abuse Regulation (MAR) Disclosure

The information set out above is provided in accordance with the requirements
of Article 19(3) of the Market Abuse Regulations (EU) No. 596/2014 which forms
part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018
('MAR').

 

For further information please visit http://www.80mile.com
(http://www.80mile.com)  or contact:

 Eric Sondergaard                                  80 Mile plc                          enquiry@80mile.com
 Ewan Leggat / Adam Cowl                           SP Angel Corporate Finance LLP       +44 (0) 20 3470 0470

(Nominated Adviser and Broker)
 Harry Ansell / Katy Mitchell / Andrew de Andrade  Zeus Capital Limited (Joint Broker)  +44 (0) 20 3829 5000
 Megan Ray / Said Izagaren                         BlytheRay                            +44 (0) 20 7138 3204

(Media Contact)

                                                                                        80mile@blytheray.com (mailto:80mile@blytheray.com)

 

About 80 Mile Plc:

80 Mile Plc, listed on the London AIM market, Frankfurt Stock Exchange, and
the U.S. OTC Market under the ticker BLLYF, is an exploration and
development company focused on high-grade critical metals in Tier 1
jurisdictions. With a diversified portfolio in Greenland and Finland, 80
Mile's strategy is centred on advancing key projects while creating value
through partnerships and strategic acquisitions.

80 Mile's recent acquisition of White Flame Energy expands its portfolio into
the energy and gas sector, adding large-scale licenses for industrial gas,
natural gas, and liquids in East Greenland. Approved by shareholders in July
2024, this acquisition diversifies the Company's assets and aligns with its
strategy to contribute to sustainable energy solutions, while also exploring
conventional energy resources.

The Disko-Nuussuaq nickel-copper-cobalt-PGE project in Greenland is a
primary focus for 80 Mile, developed in partnership with KoBold Metals. 80
Mile, through its wholly owned subsidiary Disko Exploration Ltd., has a
definitive Joint Venture Agreement with KoBold Metals to guide and fund
exploration efforts. These seven priority targets exhibit spatial
characteristics indicative of potential deposits on a scale comparable to
renowned mining operations such as Norilsk, Voisey's Bay, and Jinchuan.

In Finland, 80 Mile currently holds rights to industrial gases like helium and
hydrogen at Outokumpu and Hammaslathi, and is conducting further exploration
to fully assess these resources.

The Dundas Ilmenite Project, 80 Mile's most advanced asset in
northwest Greenland, is fully permitted and progressing towards near-term
production. With a JORC-compliant Mineral Resource of 117 Mt at 6.1%
ilmenite and an offshore Exploration Target of up to 530 Mt, Dundas is poised
to become a major supplier of high-quality ilmenite. Recent discoveries of
hard rock titanium mineralization, with bedrock samples showing nearly double
the ilmenite content of previous estimates, further enhance the project's
world-class potential. 80 Mile owns 100% of the Dundas Ilmenite
Project under its subsidiary Dundas Titanium A/S in Greenland.

The Thule Copper Project is a significant component of 80 Mile's portfolio in
northwest Greenland, focused on exploring and developing high-grade copper
deposits within the Thule Basin in northwest Greenland. Leveraging existing
infrastructure and exploration credits, the project is strategically
positioned in an underexplored region with substantial mineral potential. 80
Mile's established basecamp at Moriusaq will support cost-effective
exploration, aligning with the Company's broader strategy to secure
high-quality copper and industrial gas projects.

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