RE: Positive step11 May 2026 14:20
USFM Agreement Executed and Drilling Approved for Disko-Nuussuaq Exploration Programme
Highlights
· Binding Agreement executed with USFM, US$7.5M budget approved and funded
· Drilling permit secured from Greenlandic regulator
· Initial 5,000 metre drilling programme
· Drilling contractors appointed
· Exploration experts, SRK Exploration Ltd., appointed Geological Manager
· Greenlandic logistical support engaged, including air services from Air Greenland
· Drilling to begin 1st week of July
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 its joint venture agreement and drilling plans for the Disko-Nuussuaq nickel-copper-cobalt-PGE project in West Greenland ("Disko" or the "Project").
Definitive Agreement Signed
As announced on 3 November 2025 regarding the Binding Heads of Terms with USFM Corporation ("USFM"), 80 Mile is pleased to advise it has now executed the binding agreement with USFM (the "Agreement"). Under the Agreement, USFM will fund an initial US$30 million to earn up to a 51% legal and beneficial interest in Disko.
Drilling Approval Received
80 Mile has received all exploration permits required to undertake the 2026 drilling programme at Disko and Nuussuaq. The grant of the drilling permits represents a significant milestone for the Project.
The Company appreciates the predictable, professional and transparent relationships it has with the Greenland Government including and specifically the Minerals Licencing and Safety Authority, which is the top governing body of the Greenlandic minerals industry, as well as all Greenlandic stakeholders.
The Company takes seriously the responsibility it bears in advancing its portfolio of Greenlandic projects and will continue to ensure that all activities are undertaken in compliance with both Greenlandic regulatory requirements and relevant international standards.
The Company sees Greenland as the world's premier destination for the discovery of globally significant occurrences of hydrocarbons and metals.