Disko-Nuussuaq Project Update
Summary by AI BETAClose X
2 November 2026
80 Mile plc
("80 Mile", the "Company" or the "Group")
Disko-Nuussuaq Project Update
80 Mile PLC ("80 Mile" or the "Company"), the AIM, FSE, and OTC listed exploration and development company with projects in Greenland, Finland and Italy, provides an update on the drill programme at the Company’s Disko-Nuussuaq nickel-copper-cobalt-PGE project in West Greenland (“Disko” or the “Project”).
Further to its announcement of 27 July 2026 and the USFM / VEEE business combination announcement announced on 26 October 2026, https://www.sec.gov/Archives/edgar/data/2160682/000110465926118896/tm2627802-1_s4.htm the Company confirms that the 2026 drilling programme concluded with a total of ten diamond holes completed, totalling 3,926 metres. Demobilisation and winterisation activities have been completed, with the two Forage Fusion drill rigs remaining on site.
The drilling programme was undertaken with technical support from SRK Exploration Limited. The 2027 budget remains subject to further technical evaluation and the funding arrangements established under the Disko agreement (“Agreement”) with USFM Corporation (“USFM”) as announced on 11 May 2026.
Completion of the Agreement remains subject to certain conditions precedent, including the receipt of certain governmental approvals in Greenland relating to the proposed transfer of ownership of the licence-holding subsidiary contemplated by the Agreement. 80 Mile and USFM continue to discuss an extension to the long stop date under the Agreement following the expiry of the original long stop date on 8 September 2026.
Core samples collected during the programme are currently in transit to ALS laboratories, with delivery anticipated within approximately two weeks of the filing date. Analytical results are expected within four to six weeks following receipt of the samples of the laboratory.
For further information please visit http://www.80mile.com or contact:
|
Investor Relations |
80 Mile plc |
enquiry@80mile.com |
|
Ewan Leggat / Caroline Rowe/ Devik Mehta |
SP Angel Corporate Finance LLP |
+44 (0) 20 3470 0470 |
|
Megan Ray / Said Izagaren |
BlytheRay |
+44 (0) 20 7138 3204 80mile@blytheray.com |
About 80 Mile Plc:
80 Mile Plc is listed on London's AIM market under the ticker 80M, the Frankfurt Stock Exchange under the symbol S5WA, and traded on the U.S. OTC Market under the ticker BLLYF. 80M is an exploration and development company focused on Hydrocarbons and High-Grade Critical Metal projects in Greenland and an industrial gas and biofuels business in Italy. 80 Mile offers both portfolio and commodity diversification focused on hydrocarbons, base and precious metals, while expanding into sustainable fuels and clean energy solutions in Tier 1 jurisdictions. 80 Mile's strategy is centred on advancing key projects while creating value through partnerships and strategic acquisitions.
80 Mile's Jameson Project covers 8,429km² 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 valued at approximately US$92 million (based on the listing price of GLND). More than US$275 million has been invested historically by major energy companies and government institutions. In 2025, a milestone agreement with March GL (to be renamed Greenland Energy Co, NASDAQ: GLND) enabled plans for two fully funded 3,500-metre drill holes in the second half of 2026, after which GLND will earn a 70% interest in the Jameson Project, leaving 80 Mile with 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 US$30 million in drilling-related expenditure, including US$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. A recent survey by Geological Survey of Denmark and Greenland further impresses on the prospectivity of the area with an estimate of up to 17 billion tonnes (non-JORC) of pure ilmenite within the broader province. With a completed bankable feasibility study and all exploitation permits in place, the project is positioned as a major near-term revenue opportunity for 80 Mile as the company seeks development partners.
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