Business
Company Update
Company Update.
About this update from 80 Mile Plc
17 June 2026 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, is pleased to provide an update on recent developments across the Company's portfolio. Jameson Land Basin 80 Mile is pleased to advise written guidance from the Greenlandic regulator confirming that no third-party licence can be granted over the Company's hydrocarbon concessions covering the Jameson Land Basin, East Greenland (the "Jameson Project"). The Company is pleased with this outcome. It ensures no competing claims can be made over the Company's existing Jameson Project licence area. As the hydrocarbon licensee, only White Flame Energy A/S has the right to apply for all minerals (which includes industrial gases and their derivatives). These additional mineral licences, by law, would only remain valid for so long as they are held by White Flame Energy A/S as the sole licensee. Should such licences be applied for, these mineral rights would confer to White Flame Energy A/S and hence fall under the Company's existing JV agreement with its partner Greenland Energy Company (Nasdaq: GLND) ("Greenland Energy"), 80M and GLND will now assess the opportunity regarding lodging an application for all mineral rights within its 2.1-million-acre license area. In parallel, as the Company continues towards drilling to delineate the Project's hydrocarbon potential, 80 Mile's Chief Operating Officer, Olga Solovieva, and Greenland Energy's Chief Executive Officer, Robert Price, recently completed planned community meetings in Ittoqqortoormiit as well as other stakeholder events. The Company continues to maintain guidance for drilling to start during H2 2026, subject to receipt of final approvals. Our partner Greenland Energy completed its business combination with Pelican Acquisition Corporation and related entities, transitioning to a public trading company in Q1 2026. Shortly thereafter in April 2026, Greenland Energy closed a public offering that raised approximately $70 million in gross proceeds. These funds are directly supporting the exploration program in Greenland, including procurement of long-lead items and field operations. To facilitate the work in Jamson Land, Greenland Energy secured key contracts with leaders in the oil services industry: · A five-ye...