Placing to raise £1.9 million & Company update
Summary by AI BETAClose X
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
27 July 2026
Placing to raise £1.9 million & Company 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, announces a placing (the "Placing") to raise approximately £1.9 million, before expenses, by way of the issue of 283,581,890 new ordinary shares in the capital of the Company (the "Placing Shares") to certain existing shareholders, international and domestic institutions, and sophisticated investors at a price of 0.67 pence per Ordinary Share (the "Placing Price").
The Placing Price represents a 10% per cent. discount to the closing price of 0.75p pence per Ordinary Share on 24 July 2026, being the latest practicable date prior to the publication of this announcement. The Placing Shares are being issued pursuant to the Company's existing share authorities.
Placing Details
· Placing of new 283,581,890 Ordinary Shares to raise approximately £1.9 million (before expenses) at 0.67 pence per new Ordinary Share.
· The Placing Shares are being issued pursuant to the Company's existing shareholder authorities.
· The Placing Shares represent approximately 5% per cent. Company's share capital as enlarged by the Placing.
Use of Proceeds
The net proceeds of the Placing will be used for:
· General and Administrative expenses
· The Ferrandina plant in Italy and activities associated with the restart of the plant
· The Finland projects in preparation for their sale
· The Dundas project and upcoming sampling programme
Admission and Total Voting Rights
Application will be made to the London Stock Exchange for admission of the Placing Shares to trading on AIM. It is expected that Admission will become effective and dealings in the Placing Shares will commence on AIM at 8.00 a.m. on or around 30 July 2026 (the "Admission").
The Placing Shares will be issued fully paid and 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 5,588,657,935 with voting rights and there are no treasury shares in issue. This figure may be used by shareholders 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 Company's share capital pursuant to the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Roderick McIllree, Executive Director of 80 Mile, stated;
"This Placing strengthens our financial position as we enter one of the most active periods in the Company's history. Preparations for the fully funded two-well drilling campaign at Jameson are well advanced. This programme will test one of the largest remaining undrilled conventional hydrocarbon basins in the Western world and represents a major milestone for 80 Mile and our partners.
"At the same time, 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. These two programmes, together with progress at the Ferrandina biofuels plant in Italy, underline the momentum we have built across the portfolio with US$100,000,000 of committed and funded expenditure and two US listed joint venture partners. We are now in a very strong position.
"We remain focused on disciplined execution and look forward to updating shareholders as these key programmes advance."
Company Update
The Company held high-level talks in Nuuk last week with regulatory and oversight bodies and is pleased with the status of permitting and support shown for the Jameson project. The approval process and logistical preparations for the fully funded, two-well, drilling campaign at Jameson continue at a pace, with the Stampede Drilling drill rig recently rebuilt and commissioned prior to being containerised and loaded onto the equipment ship destined for Greenland in several months. The Company and its JV partner Greenland Energy Company ("GLND") are testing one of the world's largest remaining undrilled hydrocarbon basins in H2 2026.
Management also visited the Disko drill site on the same trip and inspected each of the proposed drill locations. Good progress is being made, supported by the exploration camp, which provides an impressive operational base. At Disko-Nuussuaq, the fully funded US$30 million JV programme (including US$10 million allocated for spring/summer 2026) will continue for three years with initial planning to test nine drill holes. Management is highly encouraged by the current state of operations and the progress achieved to date. The programme is targeting a replication of the Norilsk analogy, which is a globally recognised nickel-copper deposit. 80 Mile retains operational leadership of this project.
The Company will update shareholders on progress at the Greenswitch Ferrandina plant in due course.
For further information please visit http://www.80mile.com or contact:
|
|
80 Mile plc |
enquiry@80mile.com |
|
Ewan Leggat / Caroline Rowe / 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 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. 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.
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