Announcement • Jun 17
80 Mile plc Provides Update on Jameson Land Basin, Disko-Nuussuaq, and Hydrogen Valley Projects
80 Mile PLC provided an update on recent developments across the Company's portfolio. 80 Mile advised written guidance from the Greenlandic regulator confirming that no third-party licence can be granted over the Company's hydrocarbon concessions covering the Jameson Land Basin, East Greenland (the "Jameson Project"). As the hydrocarbon licensee, only White Flame Energy A/S has the right to apply for all minerals (which includes industrial gases and their derivatives). These additional mineral licences, by law, would only remain valid for so long as they are held by White Flame Energy A/S as the sole licensee. Should such licences be applied for, these mineral rights would confer to White Flame Energy A/S and hence fall under the Company's existing JV agreement with its partner Greenland Energy Company (Nasdaq: GLND) ("Greenland Energy"). 80M and GLND will now assess the opportunity regarding lodging an application for all mineral rights within its 2.1-million-acre license area. The Company continues towards drilling to delineate the Project's hydrocarbon potential. The Company continues to maintain guidance for drilling to start during H2 2026, subject to receipt of final approvals. Greenland Energy completed its business combination with Pelican Acquisition Corporation and related entities, transitioning to a public trading company in First Quarter 2026. Shortly thereafter in April 2026, Greenland Energy closed a public offering that raised approximately $70 million in gross proceeds. These funds are directly supporting the exploration program in Greenland, including procurement of long-lead items and field operations. To facilitate the work in Jamson Land, Greenland Energy secured key contracts with leaders in the oil services industry: A five-year drilling agreement with Stampede Drilling for Rig #12, a rig equipped for Arctic conditions, to support the 2026 campaign. An agreement with Halliburton (NYSE: HAL) for integrated consulting, logistics, and comprehensive well and drilling services. Collaboration with IPT Well Solutions and other service providers to support drilling and completion activities. The Company continues to maintain guidance for drilling to start during H2 2026, subject to receipt of final approvals. At the Disko-Nuussuaq nickel-copper-cobalt-PGE project in West Greenland ("Disko"), drill rigs are now mobilised, with drilling expected to start the first week of July 2026. The drilling programme will initially target high-priority zones at Qullissat, on Disko Island, where large-scale-high-tenor geophysical and coincident geochemical anomalies have been identified, before moving to the mainland later in the season. The planned programme comprises approximately 5,000 metres of drilling across multiple targets on both Disko Island and the Nuussuaq Peninsula. This fully funded programme represents the first drill testing of the Disko model as part of USFM's USD 30 million earn-in commitment to the project, including a minimum USD 7.5 million expenditure during the 2026 field season. USFM is solely funding the 2026 drilling programme, with 80 Mile managing the work and retains a 49% free carried position. The Company, through Hydrogen Valley, continues to make solid progress at the Greenswitch biofuels facility in southern Italy. The plant is designed to produce biofuels as well as secondary products such as esters from renewable, vegetable-origin secondary raw materials. After an investment of approximately GBP 1.6 million over the last 18 months, the plant is nearing technical completion, and the operations team are in advanced commercial discussions regarding restart. Greenswitch is a fully permitted and integrated biorefinery in Ferrandina, Basilicata, Southern Italy. The plant has a permitted capacity of 199kt per annum of biodiesel and is in an industrial area, with rail and motorway connections, and close to several major maritime ports. An experienced management team is in place to capitalise on Italy's domestic biofuel production, which is structurally insufficient to meet national demand. The plant has the potential to produce more than 10% of Italy's import needs in biodiesel. Italy prioritises domestic producers over importers, creating a direct pricing and compliance advantage under EU RED III advanced biofuel mandates. 80 Mile's Jameson Project covers 8,429km 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, 80 Mile entered into a milestone agreement with Greenland Energy Company (NASDAQ: GLND), under which Greenland Energy will fund two 3,500-metre exploration wells planned for H2 2026. Upon completion of these earn-in obligations, Greenland Energy will acquire a 70% interest in the Jameson Project, with 80 Mile retaining 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 USD 30 million in drilling-related expenditure, including USD 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.
