Update Jameson, Disko & Related Party Transactions
Summary by AI BETAClose X
13 October 2025
Update on Jameson and Disko Transactions and Related Party Transactions
80 Mile PLC ('80M' or '80 Mile' or the 'Company'), the AIM, FSE, and OTC.BLLYF listed exploration and development company with projects in Greenland, Finland and Italy, is pleased to provide a further update regarding Hydrogen Valley Limited ("HV") and earn-in agreements announced on the Disko Magmatic Massive Sulphide project ("Disko"), West Greenland, with USFM Corporation ("USFM"), and the Jameson Hydrocarbon basin project ("Jameson"), East Greenland, with March GL Company ("March").
In total, when concluded, both the USFM and the March transactions potentially provide up to US$100M of drilling expenditure on both the Disko and Jameson licenses. These potential inbound investments come at a time of renewed global interest in the development of Greenland's resources and a push for sustainability. Disko was one of the assets purchased by 80M for £500,000 (announced on 5 September 2016). The acquisition of Jameson for a total of £2,750,000 was announced on 19 November 2024, with up to 70% subsequently joint ventured to March, potentially valuing the 80M residual holding of 30% at US$92,000,000 (see announcement of 10 September 2025 for further information).
The Company also recently announced the move to acquire 100% of the Ferrandina Biofuels Plant through its acquisition of the remainder of Hydrogen Valley Limited ("HV"). These developments, taken together, represent major milestones for all stakeholders of the Company.
The Company provides the following updates in relation to the above transactions.
The completion of the acquisition of March by Pelican Acquisition Corporation (the NASDAQ listed SPAC) ("Pelican") is delayed due to the US Government shutdown. Completion is now expected during December 2025 / January 2026 depending on the US Government reopening. This delay affects all prospectuses being processed by the Securities and Exchange Commission and this delay is not expected to impact project timelines and drilling dates. Heavy equipment for Jameson has now been delivered to East Greenland and will be used to assist with drilling with an anticipated spud date sometime during H2 2026.
The recently announced heads of terms on the Disko project, whereby USFM will earn 51% for expenditure of US$30 million, is still subject to definitive agreement and completion of fundraising by USFM. The application for drilling during the upcoming spring summer 2026 period has been lodged with the appropriate regulatory bodies and contractor selection will now start in earnest. 80M will remain 100% owner of both the Jameson and Disko projects until the agreed expenditures have been met. USFM is a US based Special Purpose Vehicle ("SPV") incorporated for the purposes of joint venturing Disko.
With regard to the acquisition of HV (announced on 19 December 2024), the transaction with March (announced on 25 April 2025) and the transaction with USFM (announced on 3 November 2025), the Company would like to confirm that US-based Mr. Robert Price has been central to the structuring and arrangement of potential funding for all three transactions. Mr. Price first came to be known by management during the 2013 international tender process undertaken by the Greenland Government for the Jameson licenses where 80M's subsidiary, White Flame Energy Limited, ultimately won the licensing round. Mr. Price is a well-known and respected US-based oil industry expert.
As announced at the time of the HV transaction, Mr. Price was a shareholder and director of HV and it was expected that Robert would join the 80M group as CEO of the newly-formed industrial gas and petrochemical business. That appointment to the board of the Company did not proceed, due to Robert instead wishing to progress a transaction with the Jameson project. As announced subsequently on 28 October 2025, Mr. Mark Frasconga ("Mark") will instead head up the Italian Biofuels operation that is projected to start in the coming months. Mark has been responsible for delivery of the recent offtake and partner agreements for the Ferrandina biofuels plant.
Related Party Transaction
Mr. Price remains a director of HV, having been a director of HV prior to it being acquired by 80M. Upon the acquisition of a 100% interest in HV, as announced on 28 October 2025, Mr. Price became a related party of 80 Mile, as defined by AIM Rules for Companies, USFM is an "associate" of Mr. Price and therefore USFM also became a related party of 80 Mile on 28 October 2025.
The transaction with USFM announced on 3 November 2025 was a related party transaction pursuant to the AIM Rules and should have been reported as such at the time. No AIM Rule 13 consultation took place between the directors of 80 Mile, who were independent of the transaction, and the Company's Nominated Adviser at the time of the transaction.
On 12 November 2025, the directors of the Company, having consulted with the Company's nominated adviser, SP Angel Corporate Finance LLP, consider that the terms of the transaction with USFM were fair and reasonable insofar as shareholders of the Company are concerned.
The Company confirms that should there be any further transactions with Robert Price and/or USFM they will be subject to AIM Rule 13 as long as Robert Price and USFM remain related parties of 80M.
Lastly, the Company also advises that should Pelican, March or USFM in future raise additional capital, investments by employees, shareholders, consultants, contractors and directors of 80 Mile may or may not occur should the opportunity arise.
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, 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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 7 hours ago ASOS
- 7 hours ago MJ Gleeson
- 7 hours ago Rolls-Royce Holdings
- 8 hours ago Crest Nicholson Holdings
- 8 hours ago Naked Wines