REG - 80 Mile PLC - Update Jameson, Disko & Related Party Transactions

80 MileAnnouncement

13/11/2025 10:00

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RNS Number : 4310H  80 Mile PLC  13 November 2025

13 October 2025

Update on Jameson and Disko Transactions and Related Party Transactions

80 Mile PLC ('80M' or '80 Mile' or the 'Company'), the AIM, FSE, and OTC.BLLYF
listed exploration and development company with projects in Greenland, Finland
and Italy, is pleased to provide a further update regarding Hydrogen Valley
Limited ("HV") and earn-in agreements announced on the Disko Magmatic Massive
Sulphide project ("Disko"), West Greenland, with USFM Corporation ("USFM"),
and the Jameson Hydrocarbon basin project ("Jameson"), East Greenland, with
March GL Company ("March").

In total, when concluded, both the USFM and the March transactions potentially
provide up to US$100M of drilling expenditure on both the Disko and Jameson
licenses. These potential inbound investments come at a time of renewed
global interest in the development of Greenland's resources and a push for
sustainability. Disko was one of the assets purchased by 80M for £500,000
(announced on 5 September 2016). The acquisition of Jameson for a total of
£2,750,000 was announced on 19 November 2024, with up to 70% subsequently
joint ventured to March, potentially valuing the 80M residual holding of 30%
at US$92,000,000 (see announcement of 10 September 2025 for further
information).

The Company also recently announced the move to acquire 100% of the Ferrandina
Biofuels Plant through its acquisition of the remainder of Hydrogen Valley
Limited ("HV"). These developments, taken together, represent major milestones
for all stakeholders of the Company.

The Company provides the following updates in relation to the above
transactions.

The completion of the acquisition of March by Pelican Acquisition Corporation
(the NASDAQ listed SPAC) ("Pelican") is delayed due to the US Government
shutdown. Completion is now expected during December 2025 / January 2026
depending on the US Government reopening. This delay affects all prospectuses
being processed by the Securities and Exchange Commission and this delay is
not expected to impact project timelines and drilling dates. Heavy equipment
for Jameson has now been delivered to East Greenland and will be used to
assist with drilling with an anticipated spud date sometime during H2 2026.

The recently announced heads of terms on the Disko project, whereby USFM will
earn 51% for expenditure of US$30 million, is still subject to definitive
agreement and completion of fundraising by USFM. The application for drilling
during the upcoming spring summer 2026 period has been lodged with the
appropriate regulatory bodies and contractor selection will now start in
earnest. 80M will remain 100% owner of both the Jameson and Disko projects
until the agreed expenditures have been met. USFM is a US based Special
Purpose Vehicle ("SPV") incorporated for the purposes of joint venturing
Disko.

With regard to the acquisition of HV (announced on 19 December 2024), the
transaction with March (announced on 25 April 2025) and the transaction with
USFM  (announced on 3 November 2025), the Company would like to confirm that
US-based Mr. Robert Price has been central to the structuring and arrangement
of potential funding for all three transactions. Mr. Price first came to be
known by management during the 2013 international tender process undertaken by
the Greenland Government for the Jameson licenses where 80M's subsidiary,
White Flame Energy Limited, ultimately won the licensing round. Mr. Price is a
well-known and respected US-based oil industry expert.

As announced at the time of the HV transaction, Mr. Price was a shareholder
and director of HV and it was expected that Robert would join the 80M group as
CEO of the newly-formed industrial gas and petrochemical business. That
appointment to the board of the Company did not proceed, due to Robert instead
wishing to progress a transaction with the Jameson project. As announced
subsequently on 28 October 2025, Mr. Mark Frasconga ("Mark") will instead head
up the Italian Biofuels operation that is projected to start in the coming
months. Mark has been responsible for delivery of the recent offtake and
partner agreements for the Ferrandina biofuels plant.

Related Party Transaction

Mr. Price remains a director of HV, having been a director of HV prior to it
being acquired by 80M. Upon the acquisition of a 100% interest in HV, as
announced on 28 October 2025, Mr. Price became a related party of 80 Mile, as
defined by AIM Rules for Companies, USFM is an "associate" of Mr. Price and
therefore USFM also became a related party of 80 Mile on 28 October 2025.

The transaction with USFM announced on 3 November 2025 was a related party
transaction pursuant to the AIM Rules and should have been reported as such at
the time. No AIM Rule 13 consultation took place between the directors of 80
Mile, who were independent of the transaction, and the Company's Nominated
Adviser at the time of the transaction.

On 12 November 2025, the directors of the Company, having consulted with the
Company's nominated adviser, SP Angel Corporate Finance LLP, consider that the
terms of the transaction with USFM were fair and reasonable insofar as
shareholders of the Company are concerned.

The Company confirms that should there be any further transactions with Robert
Price and/or USFM they will be subject to AIM Rule 13 as long as Robert Price
and USFM remain related parties of 80M.

Lastly, the Company also advises that should Pelican, March or USFM in future
raise additional capital, investments by employees, shareholders, consultants,
contractors and directors of 80 Mile may or may not occur should the
opportunity arise.

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 / 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 centered 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, 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 permitted 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.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and
uncertainties. Forward-looking statements are statements that are not
historical facts. Such forward-looking statements, including with respect to
the initial public offering, are subject to risks and uncertainties, which
could cause actual results to differ from the forward-looking statements. No
assurance can be given that the initial public offering will be completed on
the terms described, or at all, or that the net proceeds of the offering will
be used as described in the offering prospectus. The Company expressly
disclaims any obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is based.

 

 

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