Business
New EBT Scheme
80 Mile PLC has established a new employee benefit trust (New EBT) and awarded 237,000,000 new ordinary shares to it, with 150,000,000 conditionally transferred to Rod McIllree, Troy Whittaker, and Olga Solovieva upon meeting market capitalization milestones of £100 million, £125 million, and £150 million over 24 months. Additionally, the company granted 210,000,000 new share options, with 200,000,000 to directors and a PDMR at exercise prices of £0.10 and £0.12. These actions, along with previous awards, represent approximately 19.9% dilution. The new shares are expected to be admitted to trading on AIM on May 27, 2026, bringing the total issued ordinary shares to 5,305,076,045. Disclaimer*
About this update from 80 Mile Plc
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....