Board and Management Update
Summary by AI BETAClose X
17 November 2025
80 Mile PLC / Ticker: 80M / Market: AIM / Sector: Mining
Board and Management Update
80 Mile plc ("80 Mile" or "the Company"), the AIM, FSE, and OTC.BLLYF listed exploration and development company with projects in Greenland, Finland, and Italy, would like to advise of forthcoming changes to its Board and senior management team as the Company transitions into a free carried position across its key projects, and prepares for the restart of the Ferrandina biofuels plant in Italy.
Board Changes
The Company announces that Mr. Eric Sondergaard will step down from his position as Managing Director of the Company. Subject to completion of funding for USFM Corporation ("USFM"), it is expected that Eric will join the board of US-based USFM in due course. Under the recently announced binding heads of terms for an earn-in, USFM has agreed (subject to execution of definitive agreements and other conditions) to invest US$30 million for 51% of the Disko licences via Nikkeli Greenland A/S, a 100% owned subsidiary of 80 Mile.
The Board expresses its appreciation to Mr. Sondergaard for his leadership through the recent complex corporate reorganisation and the strategic realignment of the Company's portfolio. His contribution during this transformative period has been instrumental in positioning 80 Mile for its next stage of growth. The Board also acknowledges his commitment to ensuring a seamless management transition and continued support through the handover period.
Mr. Troy Whittaker, currently a Non-Executive Director, will immediately transition to the role of Executive Director, reflecting his increasing involvement in the Company's projects and operations. With over 20 years of international project development and operation experience, he has been a key contributor to the Company's strategic planning over the past year.
Management Appointments
Ms. Olga Solovieva has been promoted to Chief Operating Officer (non-Board). Olga brings extensive technical and operational expertise from her career in geoscience, project delivery, and strategic execution across international energy ventures. Her leadership will be key as 80 Mile enters an active development phase.
Following the Company's move to full ownership of the Greenswitch Facility in Italy, Mr. Mark Frascogna has joined as Managing Director of Hydrogen Valley (non-board of 80 Mile). Mr. Frascogna brings more than 20 years of experience in industrial operations, energy infrastructure, and business development across the Italian and European energy markets. His local insight and operational background will be vital to advancing Hydrogen Valley towards production and supporting 80 Mile's clean energy strategy in Europe.
Continuing Leadership
During the transition, Executive Directors Mr. Roderick McIllree and Mr. Troy Whittaker will work closely with Olga, Mark, and the broader management team to ensure the safe execution of upcoming drilling programmes at Disko and Jameson and overseeing the restart of the Ferrandina Biofuels Plant on behalf of 80 Mile.
These initiatives remain central to 80 Mile's near-term value creation and overall operational strategy.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
For further information please visit 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 |
|
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 |
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 GL, 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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