New EBT Scheme

80 Mile PLC

22 May 2026

 

22 May 2026

New EBT scheme, award of EBT shares and award of new share options

80 Mile PLC ('80 Mile' or the 'Company'), the AIM, FSE, and OTC listed exploration and development Company, is pleased to announce that, following strong growth, the Company has successfully achieved all the milestones under the existing employee benefit trust scheme ("Existing EBT"). As such, the Company has established a new employee benefit trust scheme ("New EBT") and announces updated eligibility, allocation and milestones applicable to the New EBT, which will facilitate the award of shares in the Company, to incentivise long-term commitment from current and future executive directors and employees of 80 Mile.

The Company has today transferred the remaining 13,557,018 ordinary shares of 80 Mile from the Existing EBT. In addition, the Company has today issued a total of 237,000,000 new ordinary shares of 80 Mile ("EBT Shares") to the New EBT, of which 150,000,000 EBT Shares will be conditionally transferred to Rod McIllree, Troy Whittaker and Olga Solovieva upon meeting certain performance conditions, detailed below. The full allocation of the New EBT is as follows:

·      Rod McIllree: 60,000,000 EBT Shares

·      Troy Whittaker: 60,000,000 EBT Shares

·      Olga Solovieva: 30,000,000 EBT shares

·      Future executive director: 60,000,000 EBT shares

·      Employees: 27,000,000 EBT shares

Objectives

The New EBT provides a new incentive scheme for the executive directors and employees of the Company for the future success of 80 Mile which:

·      aligns the interests of executive directors with shareholders;

·      incentivises the continuation of long-term value creation through exploration and development success, which includes the upcoming exploration and drilling programmes at Disko and Jameson during 2026-2027, which also represent a step-up in complexity and execution risk; and

·      facilitates the retention, attraction and motivation of executive directors in a competitive industry.

Participants

Participants in the New EBT scheme are executive directors, potential executive directors and other employees of the Company.

Milestones

The conditional transfer of the EBT Shares to Rod McIllree, Troy Whittaker and Olga Solovieva will be linked to the Company's market capitalisation, as follows:

1.     50 million EBT Shares will be transferred to the beneficiaries when the market capitalisation exceeds £100 million (undiluted)

2.     50 million EBT Shares will be transferred to the beneficiaries when the market capitalisation exceeds £125 million (undiluted)

3.     50 million EBT Shares will be transferred to the beneficiaries when the market capitalisation exceeds £150 million (undiluted)

Performance Measurement and Vesting

The performance period is over the course of 24 months, from May 2026 to April 2028. The vesting conditions are linked to market capitalisation valuations, as outlined above.

Governance and Compliance

The design and implementation of the New EBT will be overseen by the independent Remuneration Committee. Award details and performance outcomes will be disclosed in annual reports, ensuring full transparency.

New Share Options

The Company has today granted two tranches of options over a total of 210,000,000 new ordinary shares of the Company, 105,000,000 exercisable at £0.10 per share and 105,000,000 exercisable at £0.12 per share, for a period of four years from the date of vesting to directors, employees and consultants of the Company ("Options").

The option grant includes 200,000,000 options being granted to Rod McIllree and Troy Whittaker, current directors of 80 Mile and Olga Solovieva, a PDMR of 80 Mile (further details of the awards are set out in the PDMR table below). A further 10,000,000 Options are being granted to employees and consultants of the Company who are not PDMR's. The Options have been issued to further align management interests and objectives with those of all shareholders.

AIM Rule 13

The Company announces that it has today issued 237,000,000 new ordinary shares of £0.0001 each in the capital of the Company ("Ordinary Shares") to the New EBT and it is noted that the Company has previously issued 393,557,018 new Ordinary Shares to the Existing EBT. The total amount of share dilution from the Existing EBT, the New EBT, the existing share options awarded by the Company and the Option awards above represent approximately 19.9% of the Company's issued ordinary share capital, as diluted by the exercise of any share options in issue.

The conditional transfer of EBT Shares and the grant of the Options has been treated as a related party transaction for the purposes of AIM Rule 13. Accordingly, the independent director, being Michael Hutchinson, having consulted with the Company's nominated adviser, SP Angel, considers that the issue of the EBT Shares, the conditional transfer of EBT Shares and the grant of Options are fair and reasonable insofar as shareholders of the Company are concerned.

Admission and Total Voting Rights

Application will be made to the London Stock Exchange for admission of a total of 237,000,000 EBT Shares to trading on AIM ("Admission"), which is expected to take place at 8.00 a.m. on or around 27 May 2026.

The EBT Shares will rank pari passu in all respects with the Company's existing Ordinary Shares.

Following Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 5,305,076,045, of which 4,878,076,045 have voting rights. Shareholders may use the voting rights figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the issued share capital of the Company.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018.

For further information please visit http://www.80mile.com or contact:

	80 Mile plc	[e-mail]
Ewan Leggat / Devik Mehta	SP Angel Corporate Finance LLP (Nominated Adviser and Broker)	[phone]
Harry Ansell / Katy Mitchell / Andrew de Andrade	Zeus Capital Limited (Joint Broker)	[phone]
Megan Ray / Said Izagaren / Matt Bowld	BlytheRay (Media Contact)	[phone] [e-mail]

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. 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.

80 Mile, through 100% ownership of Hydrogen Valley Ltd, is advancing the Greenswitch Ferrandina Plant in Basilicata, Italy. This fully integrated chemical facility is undergoing final maintenance to commence production of biofuels and Sustainable Aviation Fuel (SAF). Strategically located near the Port of Taranto and within a Special Economic Zone (SEZ), the plant is poised to contribute significantly to Europe's energy transition by producing up to 50,000 tonnes of biodiesel annually, with future plans for green hydrogen production. The facility's advanced infrastructure and strategic location underscore 80 Mile's commitment to sustainable energy solutions and regional economic development.

	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Rod McIllree
2.	Reason for the notification
a)	Position/status:	Executive Director
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	80 Mile Plc
b)	LEI:	213800E9AEFEHFLOVJ19
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument: Identification code:	Ordinary Shares of £0.0001 GB00BFD3VF20
b)	Nature of the transaction:	1.     Conditional transfer of EBT Shares 2.     Grant of Options 3.     Grant of Options
c)	Price(s) and volume(s):	Conditional transfer of EBT Shares Price Volume(s) 1 Nil 60,000,000 Grant of Options Price Volume(s) 2 £0.10 40,000,000 3 £0.12 40,000,000
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price Volume(s) 1 Nil 60,000,000 2 £0.10 40,000,000 3 £0.12 40,000,000
e)	Date of the transaction:	22 May 2026
f)	Place of the transaction:	Outside a trading venue

	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Troy Whittaker
2.	Reason for the notification
a)	Position/status:	Executive Director
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	80 Mile Plc
b)	LEI:	213800E9AEFEHFLOVJ19
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument: Identification code:	Ordinary Shares of £0.0001 GB00BFD3VF20
b)	Nature of the transaction:	1.     Conditional transfer of EBT Shares 2.     Grant of Options 3.     Grant of Options
c)	Price(s) and volume(s):	Conditional transfer of EBT Shares Price Volume(s) 1 Nil 60,000,000 Grant of Options Price Volume(s) 2 £0.10 40,000,000 3 £0.12 40,000,000
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price Volume(s) 1 Nil 60,000,000 2 £0.10 40,000,000 3 £0.12 40,000,000
e)	Date of the transaction:	22 May 2026
f)	Place of the transaction:	Outside a trading venue

	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Olga Solovieva
2.	Reason for the notification
a)	Position/status:	Chief Operating Officer (non-Board)
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	80 Mile Plc
b)	LEI:	213800E9AEFEHFLOVJ19
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument: Identification code:	Ordinary Shares of £0.0001 GB00BFD3VF20
b)	Nature of the transaction:	1.     Conditional Transfer of EBT Shares 2.     Grant of Options 3.     Grant of Options
c)	Price(s) and volume(s):	Conditional transfer of EBT Shares Price Volume(s) 1 Nil 30,000,000 Grant of Options Price Volume(s) 2 £0.10 20,000,000 3 £0.12 20,000,000
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price Volume(s) 1 Nil 30,000,000 2 £0.10 20,000,000 3 £0.12 20,000,000
e)	Date of the transaction:	22 May 2026
f)	Place of the transaction:	Outside a trading venue

 

END