80 Mile PLC, the AIM, FSE, and OTC listed exploration and development company with projects in Greenland, Finland and Italy, is pleased to provide an update on recent developments across the Company's portfolio.
Jameson Land Basin
80 Mile is pleased to advise 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'). The Company is pleased with this outcome. It ensures no competing claims can be made over the Company's existing Jameson Project licence area. 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.
In parallel, as the Company continues towards drilling to delineate the Project's hydrocarbon potential, 80 Mile's Chief Operating Officer, Olga Solovieva, and Greenland Energy's Chief Executive Officer, Robert Price, recently completed planned community meetings in Ittoqqortoormiit as well as other stakeholder events.
The Company continues to maintain guidance for drilling to start during H2 2026, subject to receipt of final approvals.
Our partner Greenland Energy completed its business combination with Pelican Acquisition Corporation and related entities, transitioning to a public trading company in Q1 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 our 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 our drilling and completion activities.
In parallel, as the Company prepares to commence drilling at Jameson at the end of the year, 80 Mile's Chief Operating Officer, Olga Solovieva, and Greenland Energy's Chief Executive Officer, Robert Price, recently completed planned stakeholder and community meetings in Ittoqqortoormiit.
The Company continues to maintain guidance for drilling to start during H2 2026, subject to receipt of final approvals.
Disko-Nuussuaq
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 US$30 million earn-in commitment to the project, including a minimum US$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.
Hydrogen Valley
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 £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.
Olga Solovieva, Chief Operating Officer of 80 Mile, commented:
'The clarification received from the Greenlandic authorities is an important development for the Jameson Project. It not only protects our existing hydrocarbon rights but also confirms that no third party can be granted overlapping mineral rights within our licence area, creating additional opportunities across minerals, industrial gases, helium and hydrogen. This further strengthens the strategic value of Jameson as we continue to advance the project towards drilling.'
'Drilling at the Disko Project is expected to commence shortly and will represent the first systematic drilling programme ever undertaken in the area. Following several years of geological and geophysical work, we look forward to testing several high-priority targets and providing further updates as the campaign progresses.'
'I am currently on the ground in Greenland meeting with local stakeholders and community representatives as we continue to progress the approvals process for Jameson. These engagements have been constructive and form an important part of our commitment to responsible project development.'
'With drilling imminent at Disko and continued progress towards drilling at Jameson, we look forward to updating shareholders as further milestones are achieved. Thank you to our shareholders for their continued support and patience as we work to progress these highly prospective opportunities.'
Source: 80 Mile PLC
