REG - 80 Mile PLC - New EBT Scheme
22/05/2026 07:00
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RNS Number : 4351F 80 Mile PLC 22 May 2026
22 May 2026
New EBT scheme, award of EBT shares and award of new share options
80 Mile PLC ('80 Mile' or the 'Company'), the AIM, FSE, and OTC listed
exploration and development Company, is pleased to announce that, following
strong growth, the Company has successfully achieved all the milestones under
the existing employee benefit trust scheme ("Existing EBT"). As such, the
Company has established a new employee benefit trust scheme ("New EBT") and
announces updated eligibility, allocation and milestones applicable to the New
EBT, which will facilitate the award of shares in the Company, to incentivise
long-term commitment from current and future executive directors and employees
of 80 Mile.
The Company has today transferred the remaining 13,557,018 ordinary shares of
80 Mile from the Existing EBT. In addition, the Company has today issued a
total of 237,000,000 new ordinary shares of 80 Mile ("EBT Shares") to the New
EBT, of which 150,000,000 EBT Shares will be conditionally transferred to Rod
McIllree, Troy Whittaker and Olga Solovieva upon meeting certain performance
conditions, detailed below. The full allocation of the New EBT is as follows:
· Rod McIllree: 60,000,000 EBT Shares
· Troy Whittaker: 60,000,000 EBT Shares
· Olga Solovieva: 30,000,000 EBT shares
· Future executive director: 60,000,000 EBT shares
· Employees: 27,000,000 EBT shares
Objectives
The New EBT provides a new incentive scheme for the executive directors and
employees of the Company for the future success of 80 Mile which:
· aligns the interests of executive directors with shareholders;
· incentivises the continuation of long-term value creation through
exploration and development success, which includes the upcoming exploration
and drilling programmes at Disko and Jameson during 2026-2027, which also
represent a step-up in complexity and execution risk; and
· facilitates the retention, attraction and motivation of executive
directors in a competitive industry.
Participants
Participants in the New EBT scheme are executive directors, potential
executive directors and other employees of the Company.
Milestones
The conditional transfer of the EBT Shares to Rod McIllree, Troy Whittaker and
Olga Solovieva will be linked to the Company's market capitalisation, as
follows:
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)
Performance Measurement and Vesting
The performance period is over the course of 24 months, from May 2026 to April
2028. The vesting conditions are linked to market capitalisation valuations,
as outlined above.
Governance and Compliance
The design and implementation of the New EBT will be overseen by the
independent Remuneration Committee. Award details and performance outcomes
will be disclosed in annual reports, ensuring full transparency.
New Share Options
The Company has today granted two tranches of options over a total of
210,000,000 new ordinary shares of the Company, 105,000,000 exercisable at
£0.10 per share and 105,000,000 exercisable at £0.12 per share, for a period
of four years from the date of vesting to directors, employees and consultants
of the Company ("Options").
The option grant includes 200,000,000 options being granted to Rod McIllree
and Troy Whittaker, current directors of 80 Mile and Olga Solovieva, a PDMR of
80 Mile (further details of the awards are set out in the PDMR table below). A
further 10,000,000 Options are being granted to employees and consultants of
the Company who are not PDMR's. The Options have been issued to further align
management interests and objectives with those of all shareholders.
AIM Rule 13
The Company announces that it has today issued 237,000,000 new ordinary shares
of £0.0001 each in the capital of the Company ("Ordinary Shares") to the New
EBT and it is noted that the Company has previously issued 393,557,018 new
Ordinary Shares to the Existing EBT. The total amount of share dilution from
the Existing EBT, the New EBT, the existing share options awarded by the
Company and the Option awards above represent approximately 19.9% of the
Company's issued ordinary share capital, as diluted by the exercise of any
share options in issue.
The conditional transfer of EBT Shares and the grant of the Options has been
treated as a related party transaction for the purposes of AIM Rule 13.
Accordingly, the independent director, being Michael Hutchinson, having
consulted with the Company's nominated adviser, SP Angel, considers that the
issue of the EBT Shares, the conditional transfer of EBT Shares and the grant
of Options are fair and reasonable insofar as shareholders of the Company are
concerned.
Admission and Total Voting Rights
Application will be made to the London Stock Exchange for admission of a total
of 237,000,000 EBT Shares to trading on AIM ("Admission"), which is
expected to take place at 8.00 a.m. on or around 27 May 2026.
The EBT Shares will rank pari passu in all respects with the Company's
existing Ordinary Shares.
Following Admission, the total number of Ordinary Shares in the capital of the
Company in issue will be 5,305,076,045, of which 4,878,076,045 have voting
rights. Shareholders may use the voting rights figure as the denominator for
the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, the issued share capital
of the Company.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the
European Union (Withdrawal) Act 2018.
For further information please visit http://www.80mile.com
(http://www.80mile.com/) or contact:
80 Mile plc enquiry@80mile.com
Ewan Leggat / 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 / Matt Bowld BlytheRay +44 (0) 20 7138 3204
(Media Contact)
80mile@blytheray.com (mailto:80mile@blytheray.com)
About 80 Mile Plc:
80 Mile Plc is listed on London's AIM market under the ticker 80M, the
Frankfurt Stock Exchange under the symbol S5WA, and traded on the U.S. OTC
Market under the ticker BLLYF. 80M is an exploration and development company
focused on Hydrocarbons and High-Grade Critical Metal projects in Greenland
and an industrial gas and biofuels business in Italy. 80 Mile offers both
portfolio and commodity diversification focused on hydrocarbons, base and
precious metals, 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 Jameson Project covers 8,429km² across three licences in East
Greenland and represents one of the world's largest remaining untapped gas and
liquids-rich basins. An independent 2025 assessment by Sproule ERCE estimated
the basin contains 13.03 billion barrels (P10) of recoverable oil, with 80
Mile's retained interest equating to 3.9 billion barrels. In 2025, a milestone
agreement with March GL (to be renamed Greenland Energy Co, NASDAQ: GLND)
enabled plans for two fully funded 3,500-metre drill holes in the second half
of 2026, after which GLND will earn a 70% interest in the Jameson Project,
leaving 80 Mile with 30%.
The Disko-Nuussuaq Project, located in West Greenland, covering a
district-scale 3,020km² area. Disko is recognised as a world-class geological
setting for copper, nickel, cobalt and PGEs, with potential for a Tier-1
nickel-copper discovery analogous to Siberia's Norilsk Nickel District. The
project features multiple walk-up drill targets and which includes seven
large, high-priority geophysical anomalies. In late 2025, the company entered
into a JV agreement with USFM Corporation under which USFM will fund US$30
million in drilling-related expenditure, including US$10 million in
spring/summer 2026, to accelerate drilling and resource definition at Disko.
The funding structure will allow 80 Mile to retain operational leadership
during the project's critical early stages.
The Dundas Project, located on Greenland's northwest coast, is recognised by
independent bodies as the world's highest-grade ilmenite project and the
second-largest titanium occurrence globally after Russia. The area hosts
high-purity ilmenite, the primary mineral for titanium. Dundas has a
JORC-compliant Mineral Resource of 117 million tonnes at 6.1% ilmenite, with
further upside highlighted by a late-2024 maiden exploration target of up to
540 million tonnes of additional ilmenite-bearing material. A recent survey by
Geological Survey of Denmark and Greenland further impresses on the
prospectivity of the area with an estimate of up to 17 billion tonnes
(non-JORC) of pure ilmenite within the broader province. With a completed
bankable feasibility study and all exploitation permits in place, the project
is positioned as a major near-term revenue opportunity for 80 Mile as the
company seeks development partners.
80 Mile, through 100% ownership of Hydrogen Valley Ltd, is advancing the
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). Strategically located near the
Port of Taranto and within a Special Economic Zone (SEZ), the plant is poised
to contribute significantly to Europe's energy transition by producing up to
50,000 tonnes of biodiesel annually, with future plans for green hydrogen
production. The facility's advanced infrastructure and strategic location
underscore 80 Mile's commitment to sustainable energy solutions and regional
economic development.
Details of the person discharging managerial responsibilities/person closely
associated
a) Name: Rod McIllree
2. Reason for the notification
a) Position/status: Executive Director
b) Initial notification/Amendment: Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: 80 Mile Plc
b) LEI: 213800E9AEFEHFLOVJ19
4. Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument:
Identification code: Ordinary Shares of £0.0001
GB00BFD3VF20
b) Nature of the transaction: 1. Conditional transfer of EBT Shares
2. Grant of Options
3. Grant of Options
c) Price(s) and volume(s): Conditional transfer of EBT Shares
Price Volume(s)
1 Nil 60,000,000
Grant of Options
Price Volume(s)
2 £0.10 40,000,000
3 £0.12 40,000,000
d) Aggregated information: Single transaction as in 4 c) above
Price Volume(s)
Aggregated volume: 1 Nil 60,000,000
2 £0.10 40,000,000
Price: 3 £0.12 40,000,000
e) Date of the transaction: 22 May 2026
f) Place of the transaction: Outside a trading venue
Grant of Options
Price Volume(s)
2 £0.10 40,000,000
3 £0.12 40,000,000
d)
Aggregated information:
Aggregated volume:
Price:
Single transaction as in 4 c) above
Price Volume(s)
1 Nil 60,000,000
2 £0.10 40,000,000
3 £0.12 40,000,000
e)
Date of the transaction:
22 May 2026
f)
Place of the transaction:
Outside a trading venue
Details of the person discharging managerial responsibilities/person closely
associated
a) Name: Troy Whittaker
2. Reason for the notification
a) Position/status: Executive Director
b) Initial notification/Amendment: Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: 80 Mile Plc
b) LEI: 213800E9AEFEHFLOVJ19
4. Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument:
Identification code: Ordinary Shares of £0.0001
GB00BFD3VF20
b) Nature of the transaction: 1. Conditional transfer of EBT Shares
2. Grant of Options
3. Grant of Options
c) Price(s) and volume(s): Conditional transfer of EBT Shares
Price Volume(s)
1 Nil 60,000,000
Grant of Options
Price Volume(s)
2 £0.10 40,000,000
3 £0.12 40,000,000
d) Aggregated information: Single transaction as in 4 c) above
Price Volume(s)
Aggregated volume: 1 Nil 60,000,000
2 £0.10 40,000,000
Price: 3 £0.12 40,000,000
e) Date of the transaction: 22 May 2026
f) Place of the transaction: Outside a trading venue
Grant of Options
Price Volume(s)
2 £0.10 40,000,000
3 £0.12 40,000,000
d)
Aggregated information:
Aggregated volume:
Price:
Single transaction as in 4 c) above
Price Volume(s)
1 Nil 60,000,000
2 £0.10 40,000,000
3 £0.12 40,000,000
e)
Date of the transaction:
22 May 2026
f)
Place of the transaction:
Outside a trading venue
Details of the person discharging managerial responsibilities/person closely
associated
a) Name: Olga Solovieva
2. Reason for the notification
a) Position/status: Chief Operating Officer (non-Board)
b) Initial notification/Amendment: Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: 80 Mile Plc
b) LEI: 213800E9AEFEHFLOVJ19
4. Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument:
Identification code: Ordinary Shares of £0.0001
GB00BFD3VF20
b) Nature of the transaction:
1. Conditional Transfer of EBT Shares
2. Grant of Options
3. Grant of Options
c) Price(s) and volume(s): Conditional transfer of EBT Shares
Price Volume(s)
1 Nil 30,000,000
Grant of Options
Price Volume(s)
2 £0.10 20,000,000
3 £0.12 20,000,000
d) Aggregated information: Single transaction as in 4 c) above
Price Volume(s)
Aggregated volume: 1 Nil 30,000,000
2 £0.10 20,000,000
Price: 3 £0.12 20,000,000
e) Date of the transaction: 22 May 2026
f) Place of the transaction: Outside a trading venue
Grant of Options
Price Volume(s)
2 £0.10 20,000,000
3 £0.12 20,000,000
d)
Aggregated information:
Aggregated volume:
Price:
Single transaction as in 4 c) above
Price Volume(s)
1 Nil 30,000,000
2 £0.10 20,000,000
3 £0.12 20,000,000
e)
Date of the transaction:
22 May 2026
f)
Place of the transaction:
Outside a trading venue
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