REG - 80 Mile PLC - Drilling Approved for Disko Exploration Programme

80 MileAnnouncement

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RNS Number : 6883D  80 Mile PLC  11 May 2026

11 May 2026

 

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION
(EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS
CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

 

80 Mile plc

 

("80 Mile", the "Company" or the "Group")

 

USFM Agreement Executed and Drilling Approved for Disko-Nuussuaq Exploration
Programme

 

Highlights

 

·      Binding Agreement executed with USFM, US$7.5M budget approved and
funded

·      Drilling permit secured from Greenlandic regulator

·      Initial 5,000 metre drilling programme

·      Drilling contractors appointed

·      Exploration experts, SRK Exploration Ltd., appointed Geological
Manager

·      Greenlandic logistical support engaged, including air services
from Air Greenland

·      Drilling to begin 1(st) week of July

 

80 Mile PLC ("80 Mile" or the "Company"), the AIM, FSE, and OTC listed
exploration and development company with projects in Greenland, Finland and
Italy, is pleased to provide an update on its joint venture agreement and
drilling plans for the Disko-Nuussuaq nickel-copper-cobalt-PGE project in West
Greenland ("Disko" or the "Project").

Definitive Agreement Signed

As announced on 3 November 2025
(https://www.londonstockexchange.com/news-article/80M/binding-heads-of-term-with-us-group-to-jv-disko/17306874)
regarding the Binding Heads of Terms with USFM Corporation ("USFM"), 80 Mile
is pleased to advise it has now executed the binding agreement with USFM (the
"Agreement"). Under the Agreement, USFM will fund an initial US$30 million to
earn up to a 51% legal and beneficial interest in Disko.

Drilling Approval Received

80 Mile has received all exploration permits required to undertake the 2026
drilling programme at Disko and Nuussuaq. The grant of the drilling permits
represents a significant milestone for the Project.

 

The Company appreciates the predictable, professional and transparent
relationships it has with the Greenland Government including and specifically
the Minerals Licencing and Safety Authority, which is the top governing body
of the Greenlandic minerals industry, as well as all Greenlandic stakeholders.

 

The Company takes seriously the responsibility it bears in advancing its
portfolio of Greenlandic projects and will continue to ensure that all
activities are undertaken in compliance with both Greenlandic regulatory
requirements and relevant international standards.

 

The Company sees Greenland as the world's premier destination for the
discovery of globally significant occurrences of hydrocarbons and metals.

 

Service Providers Engaged for Drilling to Commence in Q3 2026

80 Mile has engaged Forage Fusion Drilling to provide two diamond drilling
rigs for a targeted 5,000 metre initial campaign, with an expected start date
July 2026. Forage Fusion Drilling is a global diamond drilling operator and
has extensive experience operating in the Arctic.

For transport and logistics support for the upcoming drilling campaign, a
contract has been signed with Air Greenland to provide charter helicopter
services. 80 Mile will also rely heavily on various in-country Greenlandic
support staff and prioritise their appointments wherever possible.

In addition, SRK Exploration Ltd. ("SRK") has been appointed as Geological
Manager. SRK has significant experience in Greenland and is based in the
United Kingdom, minimising mobilisation costs and providing near-location
support.

Jon Russill, Director at SRK Exploration Ltd, said: "We are very pleased to be
working in Greenland with the team at 80 Mile again, especially on such an
ambitious and consequential project. The potential for Ni-Cu-Co-PGE deposits
of global importance in the Disko-Nuussuaq region has been understood for many
years, and its extensive exploration history has left it well positioned for
drilling. It is a privilege to take the good work that has gone before to the
next level and to be involved in a project that could be of real significance
to Greenland's future."

Olga Solovieva, Chief Operating Officer of 80 Mile, commented: "The signing of
this agreement with USFM marks a major step forward in our plans for our
Greenlandic mineral assets. We now have a free carried position for 49% of
Disko after our partners spend $30 million on the first systematic drilling
ever to be undertaken on the Project. With drilling approval received, and
experienced cold climate top-tier contractors with extensive Arctic experience
appointed, we look forward to the July start date.

"80 Mile has a unique in country first mover advantage, that is only now being
recognised, having secured two of the highest potential commodity projects
known. We are well positioned, have significant free carried ownership
exposure post earn in, and are on the cusp of drill testing both Jameson and
Disko. I look forward to updating shareholders in due course."

Approved for release by the Board of directors of 80 Mile Plc

Transaction Overview

•      USFM will fund US$30 million of expenditure on the Disko
licences for a 51 percent legal and beneficial interest in the Disko licences.

•      80 Mile will be operational manager for all activities during
the earn in period or as otherwise agreed.

•      80M will receive US$500,000 cash.

•      80 Mile will receive a 10% management fee on all expenditure
incurred at Disko.

•      The definitive agreements include customary representations and
warranties, including ownership of Nikkeli Greenland A/S and Disko, dilution
clawbacks for non-performance as well as the good standing of the relevant
licences.

•      USFM will bear 100 percent of site restoration and
rehabilitation costs.

•      80M may appoint two directors to the board of USFM in due course
with follow on rights to appoint a similar number of directors subsequent.

 

 

 

The Earn-in Transaction is subject to and conditional upon, inter alia:

 

•      The transaction has been treated as a related party transaction
for the purposes of the AIM rules for Companies.

•      Shareholder and other stock exchange related approvals of 80
Mile and USFM (if required).

•      All necessary consents/authorities/approvals from the Greenland
Government for the transfer/assignment of the 51 percent interest in the
Project.

•      Any further third-party, regulatory or tax consents required for
the Project on terms satisfactory to both parties.

•      No material adverse change in 80 Mile prior to completion of the
earn in period.

•      No termination or assignment to a third party of the Disko
interest prior to completion of the earn in period; and

•      No proposed or enacted legislation/regulation that would
prohibit or materially restrict implementation of the Agreement.

USFM has been treated as a related party of the Company for the purposes of
the Agreement and AIM Rule 13. The Directors of the Company, having consulted
with the Company's nominated adviser, SP Angel, consider that the terms of the
Agreement are fair and reasonable insofar as shareholders of the Company are
concerned. Directors, employees or their related parties as well as
consultants, contractors & advisors may or may not invest in USFM or
subsequent companies as part of the day-to-day corporate activities towards a
listing of USFM on the Nasdaq or any other regulated exchange.

 

About the Disko-Nuussuaq Project

 

Located on the south-west coast of Greenland, Disko has shown its potential to
host mineralisation similar to the nickel/copper sulphide mine
Norilsk-Talnakh located in northern Russia. Seven significant Magmatic
Massive Sulphide ("MMS") targets have been identified to-date at the licence
area, with the largest being confirmed now at 5.9 kilometres ("km") long by
1.1km wide. A 28 tonne ("t") boulder of pure massive sulphides assayed 6.9%
nickel, 3.7% copper, 0.6% cobalt and 2 grammes per tonne platinum group
metals has also been discovered on the licence area. This boulder is on
display at the Danish Geological Museum in Copenhagen. A 28t boulder of metal
rich massive sulphides clearly demonstrates the significant potential of the
project.

A surface sampling programme undertaken by the company confirmed the existence
of a working sulphide system (Photo 1) at Disko, initial results returned
averaged between 4.6%-9.3% nickel & 1.5-2.8% copper. (Photo 2)

Fresh samples taken from outcrops confirmed characteristics indicative of
large-scale Ni-Cu-Co-PGE sulphide segregation and coarse grained inter-locking
crystals of metal sulphides were observed in hand specimens with an average
crystal size of +15cm indicating that the significant accumulation /
precipitation times required for formation of large-scale MMS deposits has
occurred. (Photo 3)

   Photo 1 Impressive hand specimen from Disko showing accumulation /
settling phase of a metal sulphide rich Picritic Magma.

 

       Photo 2 Sample from the Disko boulder that assayed 6.9% Nickel,
3.7% Cu, 0.6% Co, and 2gt PGE

Magmatic massive sulphide deposits are extremely rare and extremely
valuable. Notably, based on combined reserves, resources, and historical
production, it has been estimated by independent parties that the total value
of ores in the Norilsk-Talnakh district surpassed US$1.4 trillion based on
2020 metal prices (Barnes et al., 2020). Disko is estimated to have 28% more
picritic lavas than Norilsk. Picritic lavas are magmas sourced from the
mantle, a metal dense layer inside the earth and a critical prerequisite for
large scale metal accumulations in surficial magmatic massive sulphide
deposits.

 

.

     Photo 3 hand specimen of massive sulphide from Disko, large
interlocking nickel-copper PGE rich crystals.

 

The Disko and Nuussuaq Project comprises six MELs covering a total area of
3,015 square kilometres located on Disko Island and the Nuussuaq Peninsula in
Central West Greenland. The project area is located approximately 120
kilometres northwest of Ilulissat, Greenland's third-largest city, which
serves as the educational, commercial, and administrative hub of Central West
Greenland, with a population of 4,700. Ilulissat is well-equipped with
essential infrastructure including an airport, deep-water port facilities, and
various service providers. Notably, a new international airport is currently
under construction and is anticipated to be operational by the end of 2025.
Since 2016, 80M has maintained a logistical base in Ilulissat, facilities
designed to support its operations at Disko-Nuussuaq projects. Additionally,
the Nikkeli operates a modular exploration camp for up to 40 personnel
situated at the abandoned coal mining town of Qullissat on Disko Island. The
Disko-Nuussuaq Project is hosted within the West Greenland Flood Basalt
Province ('WGFBP'). The WGFBP is associated with the initial phase of
continental breakup and the onset of seafloor spreading of the Labrador Sea
during the early Paleogene. This province serves as a recognized geological
analogue to the Siberian Flood Basalts of the Noril'sk Region of Siberia. This
analogy was first recognised by Cominco (now Teck) and provided the
exploration framework that has guided subsequent exploration efforts.

 

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

 

 Investor Relations                                80 Mile plc                          enquiry@80mile.com
 Ewan Leggat / Caroline Rowe / Devik Mehta         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 under the ticker 80M, 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 multiple projects in Greenland, as well as a
developing industrial gas and biofuels business in Italy, 80 Mile offers both
portfolio and commodity diversification focused on base metals, precious
metals, and industrial gas while expanding into sustainable fuels and clean
energy solutions in Tier 1 jurisdictions. 80 Mile's strategy is centred on
advancing key projects while creating value through partnerships and strategic
acquisitions.

 

80 Mile's acquisition of White Flame Energy and the Jameson licenses in East
Greenland has positioned the Company in one of the world's most compelling
undrilled hydrocarbon basins. Under its agreement with March GL, drilling of
two fully funded wells is set to commence, with Pelican Acquisition
Corporation's merger with Greenland Exploration valuing 80 Mile's retained 30%
interest in Jameson at approximately US$92 million. This acquisition and
partnership significantly expand 80 Mile's exposure to the energy sector while
advancing its strategy of developing both conventional and sustainable energy
opportunities.

 

The Disko-Nuussuaq nickel-copper-cobalt-PGE project in Greenland is a primary
focus for 80 Mile, 100% owned by 80 Mile PLC. Seven priority targets
exhibiting spatial characteristics indicative of potential deposits on a scale
comparable to renowned mining operations such as Norilsk, Voisey's Bay, and
Jinchuan, will be advanced by the Company.

 

The Dundas Ilmenite Project, 80 Mile's most advanced asset in northwest
Greenland, is fully 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 mineralisation, 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.

 

80 Mile PLC has executed an asset purchase agreement with Amaroq Minerals Ltd.
(AIM, TSXV, NASDAQ Iceland: AMRQ) to divest its 100% interest in the
Kangerluarsuk zinc-lead-silver project in Greenland. Under the terms of the
agreement, 80 Mile will receive US$500,000 in Amaroq shares upon completion,
with a further US$1,500,000 payable in cash or shares upon the discovery of an
economic deposit, defined by a JORC or NI 43-101 compliant resource that
supports development.

 

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