80 Mile PLC Secures £1.9 Million via Share Placing to Fund Major Greenland Drilling and Expansion Projects

Details of Capital Raise and Share Pricing

80 Mile PLC has announced a placing of 283,581,890 new ordinary shares to raise approximately £1.9 million before expenses. The placing price of 0.67 pence per share represents a 10% discount to the closing price of 0.75 pence on 24 July 2026, the most recent practicable date prior to the announcement. Shares were offered to existing shareholders, international and domestic institutions, and sophisticated investors invited to participate.

These placing shares constitute about 5% of the company’s enlarged share capital following completion. Issued fully paid and ranking pari passu with existing shares, they carry identical rights and entitlements. Upon admission to AIM, the total ordinary shares with voting rights will be 5,588,657,935, with no treasury shares outstanding. This figure enables shareholders to assess their notification obligations under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

Use of Net Proceeds Across Strategic Assets

Proceeds from the placing will be allocated to four primary areas: general and administrative expenses to support operations; restarting the Ferrandina biofuels production facility in Italy; preparing Finnish projects for sale; and funding the sampling programme at the Dundas titanium project in Greenland.

This allocation aligns with 80 Mile’s strategy to advance multiple projects while positioning non-core assets for divestment. The Ferrandina plant underscores the company’s commitment to sustainable energy, Finnish projects are being readied for strategic exit, and the Dundas project, known as the world’s highest-grade ilmenite deposit, continues exploration to support development. Specific amounts allocated to each area were not disclosed.

Jameson Hydrocarbon Project and Upcoming Drilling Campaign

The Jameson Project in East Greenland spans 8,429 square kilometres across three licences and is among the world’s largest untapped gas and liquids-rich basins. A 2025 independent assessment by Sproule ERCE estimates 13.03 billion barrels (P10) of recoverable oil, with 80 Mile’s retained interest at 3.9 billion barrels following its agreement with March GL (soon to be Greenland Energy Company, NASDAQ: GLND). Preparations are underway for a fully funded two-well drilling campaign targeting depths of up to 3,500 metres in the second half of 2026.

Recent regulatory discussions in Nuuk have confirmed positive permitting status and local support. The Stampede Drilling rig has been rebuilt, commissioned, containerised, and is scheduled for shipment to Greenland. Post-drilling, GLND will earn a 70% stake in Jameson, with 80 Mile retaining 30%. This campaign represents a significant milestone testing one of the largest undrilled hydrocarbon basins globally.

Disko-Nuussuaq Nickel-Copper Exploration Progress

The Disko-Nuussuaq Project in West Greenland covers 3,020 square kilometres and is a world-class setting for copper, nickel, cobalt, and platinum group elements (PGEs). Featuring multiple walk-up drill targets and seven high-priority geophysical anomalies, the project aims to replicate the Norilsk nickel-copper deposit analogy.

In late 2025, 80 Mile entered a joint venture with USFM Corporation (US-listed), which will fund US$30 million for drilling and resource definition over three years, including US$10 million allocated for spring and summer 2026. The programme plans to test nine drill holes, with 80 Mile maintaining operational leadership. Recent site inspections reported good progress supported by an exploration camp base.

Dundas Titanium and Ilmenite Development Project

Located on Greenland’s northwest coast, the Dundas Project is independently recognised as the world’s highest-grade ilmenite deposit and the second largest titanium occurrence after Russia. It hosts a JORC-compliant Mineral Resource of 117 million tonnes at 6.1% ilmenite, with a maiden exploration target of up to 540 million tonnes of additional ilmenite-bearing material announced in late 2024.

With a completed bankable feasibility study and all exploitation permits secured, Dundas is positioned as a near-term revenue opportunity. A recent Geological Survey of Denmark and Greenland estimate suggests up to 17 billion tonnes (non-JORC) of pure ilmenite in the broader province. The company is actively seeking development partners, with funds from the placing supporting an upcoming sampling programme to advance project engagement.

Ferrandina Biofuels Facility and Commitment to Sustainable Energy

Through its wholly owned Hydrogen Valley Ltd, 80 Mile is advancing the Greenswitch Ferrandina Plant in Basilicata, Italy. This integrated chemical facility is undergoing final maintenance to restart production of biofuels and Sustainable Aviation Fuel (SAF). Strategically located near the Port of Taranto within a Special Economic Zone, the plant aims to produce up to 50,000 tonnes of biodiesel annually, with future green hydrogen production planned.

The company plans to update shareholders on progress at Ferrandina, highlighting its strategic role in Europe’s energy transition. The biofuels plant restart diversifies 80 Mile’s portfolio beyond hydrocarbons and metals, reflecting market trends toward sustainable fuels. Allocation of placing proceeds to this facility underscores its priority within the company’s asset base.

Portfolio Diversification and US-Listed Joint Venture Partnerships

80 Mile PLC’s portfolio spans multiple commodities and regions, including hydrocarbon exploration at Jameson (East Greenland), nickel-copper and precious metals at Disko-Nuussuaq (West Greenland), titanium-ilmenite development at Dundas (Greenland), Finnish projects under preparation for sale, and biofuels production in Italy. This diversification reduces reliance on any single asset or market.

Strategic partnerships with US-listed entities provide significant financial and operational support. The joint venture with GLND at Jameson focuses on Greenlandic hydrocarbons, while the USFM Corporation partnership at Disko-Nuussuaq funds exploration. The company has US$100 million committed and funded expenditure across its portfolio, enabling advancement of capital-intensive projects while managing financial exposure.

Regulatory Approvals and Operational Readiness for Greenland Drilling

80 Mile has made substantial progress securing regulatory approvals for its major Greenland drilling programmes. Recent high-level meetings in Nuuk confirmed positive permitting status and local support for Jameson. The Stampede Drilling rig has been rebuilt, commissioned, and containerised for shipment to Greenland in the coming months. Drilling is scheduled to start in the second half of 2026, marking a transition from planning to active operations.

Securing regulatory approval and local backing is critical given Greenland’s environmental sensitivities and strategic resource importance. The company’s successful navigation of these processes indicates strong momentum, though final approvals remain subject to ongoing review.

Total Voting Rights and Shareholder Notification Requirements

Following admission of the placing shares expected around 30 July 2026, 80 Mile will have 5,588,657,935 ordinary shares with voting rights and no treasury shares. This disclosure enables shareholders to determine if they must notify changes in their holdings under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

Shareholders crossing notification thresholds (typically 3%, 4%, 5%, etc.) must inform the company accordingly. The new voting rights figure will be effective from admission, and shareholders should use it as the denominator for any threshold calculations post-placing.

Executive Insights on Strategic Progress and Outlook

Roderick McIllree, Executive Director of 80 Mile, commented that the placing "strengthens our financial position as we enter one of the most active periods in the Company's history." He highlighted the fully funded two-well Jameson drilling campaign as "a major milestone testing one of the largest remaining undrilled conventional hydrocarbon basins in the Western world."

McIllree noted the Disko-Nuussuaq drilling campaign is "already underway, with two rigs systematically testing high-priority nickel-copper-PGE targets under the fully funded joint venture." He emphasized the progress at the Ferrandina biofuels plant alongside these drilling programmes, underscoring the momentum generated by US$100 million of committed expenditure and two US-listed joint venture partners.

He concluded that the company is "now in a very strong position," focused on "disciplined execution," and looks forward to updating shareholders as these key initiatives advance, reflecting confidence in delivering on multiple fronts simultaneously.