Update on EBT and Director Dealings
Summary by AI BETAClose X
19 February 2026
Update on EBT and Director Dealings
80 Mile PLC ("80 Mile" or the "Company"), the AIM, FSE, and OTC listed exploration and development company, is pleased to announced that the milestones as announced on 26 August 2025, have now been met and as such 380,000,000 ordinary shares of the Company ("Shares") are to be transferred from the Employee Benefit Trust ("EBT") to certain Directors of the Company. This follows announcements made on 28 July 2025, 4 August 2025 and 26 August 2025.
The EBT Performance Hurdles of:
1. Market Cap > £15m,
2. Market Cap > £20m,
3. Market Cap > £25m, and
4. Market Cap > £40m
have all been met, and subsequently the transfer of Shares from the EBT to the Directors of the Company has occurred.
Prior to the above transfers, the EBT had a total of 393,557,018 ordinary shares of the Company held on trust.
Certain of the Directors will receive 190,000,000 Shares immediately and 190,000,000 Shares on 11 September 2026, and 14 January 2027 accordingly, being 12 months and 1 day from the date on which the Performance Hurdles were achieved.
Options
In addition, the Company has granted 4 tranches of 60,000,000 options over new Ordinary Shares of the Company, exercisable at £0.02, £0.04, £0.06 and £0.08 per share for a period of four years from the date of vesting ("Options"). 185,000,000 of the Options have been granted to Directors and 55,000,000 Options have been granted to key personnel of the Company. Thes options have been issued to align management interests and objectives with those of all shareholders. There still remains a signific ant amount of work to be completed prior to drilling and these options ensure that the current management team stays focussed and fully incentivised during this time.
Further details concerning dealings by person discharging managerial responsibilities are set out below.
Total Voting Rights
Following the transfer of 190,000,000 Shares from the EBT, and for the purposes of the Disclosure Guidance and Transparency Rules, the Company will have 5,006,562,696 ordinary shares of 0.01p par value in issue of which 4,803,005,678 have voting rights. Shareholders may use this 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. The remaining 203,557,018 shares have no voting rights and are held in treasury via the Company's Employee Benefit Trust.
For further information please visit http://www.80mile.com or contact:
|
Investor Relations |
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 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.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
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1 |
Details of the person discharging managerial responsibilities/person closely associated |
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a |
Name: |
Roderick McIllree |
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2 |
Reason for the notification |
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a |
Position/status: |
Executive Director |
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b |
Initial notification/Amendment: |
Initial notification |
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3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a |
Name: |
80 Mile Plc |
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b |
LEI: |
213800E9AEFEHFLOVJ19 |
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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 |
||||||||||||||||||||||||||||
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a |
Description of the financial instrument, type of instrument: Identification code: |
Ordinary shares of £0.01 each
GB00BFD3VF20 |
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b |
Nature of the transaction: |
1. Grant of Options 2. Transfer of Shares 3. Conditional Transfer of Shares |
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c |
Price(s) and volume(s): |
1. Grant of Options
2. Transfer of Shares
3. Conditional Transfer of Shares
|
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d |
Aggregated information: Aggregated volume: Price: |
Single transactions as in 4 c) above 1. Grant of Options
2. Transfer of Shares
3. Conditional Transfer of Shares
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e |
Date of the transaction: |
2026-02-02 16:00 hrs UTC |
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f |
Place of the transaction: |
Outside a trading venue |
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1 |
Details of the person discharging managerial responsibilities/person closely associated |
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a |
Name: |
Eric Sondergaard |
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2 |
Reason for the notification |
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a |
Position/status: |
Managing Director |
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b |
Initial notification/Amendment: |
Initial notification |
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3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a |
Name: |
80 Mile Plc |
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b |
LEI: |
213800E9AEFEHFLOVJ19 |
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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 £0.01 each
GB00BFD3VF20 |
||||||||||||
|
b |
Nature of the transaction: |
1. Transfer of Shares 2. Conditional Transfer of Shares |
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c |
Price(s) and volume(s): |
3. Conditional Transfer of Shares
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d |
Aggregated information: Aggregated volume: Price: |
Single transactions as in 4 c) above 1. Transfer of Shares
2. Conditional Transfer of Shares
|
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|
e |
Date of the transaction: |
2026-02-02 16:00 hrs UTC |
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|
f |
Place of the transaction: |
Outside a trading venue |
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|
1 |
Details of the person discharging managerial responsibilities/person closely associated |
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a |
Name: |
Troy Whittaker |
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2 |
Reason for the notification |
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a |
Position/status: |
Executive Director |
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b |
Initial notification/Amendment: |
Initial notification |
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3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a |
Name: |
80 Mile Plc |
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b |
LEI: |
213800E9AEFEHFLOVJ19 |
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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 £0.01 each
GB00BFD3VF20 |
|||||||||||||||||||||||||||
|
b |
Nature of the transaction: |
1. Grant of Options 2. Issue of Shares 3. Conditional Transfer of Shares |
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c |
Price(s) and volume(s): |
1. Grant of Options
2. Transfer of Shares
3. Conditional Transfer of Shares
|
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d |
Aggregated information: Aggregated volume: Price: |
Single transactions as in 4 c) above 1. Grant of Options
2. Transfer of Shares
3. Conditional Transfer of Shares
|
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e |
Date of the transaction: |
2026-02-02 16:00 hrs UTC |
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f |
Place of the transaction: |
Outside a trading venue |
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1 |
Details of the person discharging managerial responsibilities/person closely associated |
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a |
Name: |
Olga Solovieva |
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2 |
Reason for the notification |
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a |
Position/status: |
Chief Operating Officer |
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b |
Initial notification/Amendment: |
Initial notification |
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3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a |
Name: |
80 Mile Plc |
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b |
LEI: |
213800E9AEFEHFLOVJ19 |
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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 £0.01 each
GB00BFD3VF20 |
|||||||||||||||
|
b |
Nature of the transaction: |
1. Grant of Options |
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c |
Price(s) and volume(s): |
1. Grant of Options
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d |
Aggregated information: Aggregated volume: Price: |
Single transactions as in 4 c) above 1. Grant of Options
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e |
Date of the transaction: |
2026-02-02 16:00 hrs UTC |
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f |
Place of the transaction: |
Outside a trading venue |
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