80 Mile Receives U$500,000 from JV Partner

80 Mile PLC ('80M' or the 'Company'), the AIM, FSE, and OTC listed exploration and development company, is pleased to announce that the Company has now received the US$500,000 payment from its joint venture ("JV") partner, March GL Company ("March GL"), following the execution of final documentation relating to the JV agreement on the Jameson liquid hydrocarbon project in Greenland ("Jameson").

The Company is also pleased to announce that following the reopening of the US Government, the acquisition of March GL by Pelican Acquisition Corporation (the NASDAQ listed SPAC) ("Pelican") ("Acquisition") is expected to be completed in early January 2026. Following completion of the Acquisition, Pelican will be renamed Greenland Energy Company, and will trade as GNLD on NASDAQ.

Highlights:

• 80 Mile has received US$500,000 payment from March GL regarding the Jameson JV
• Greenland Energy Company will commence trading on NASDAQ in early January 2026
• 80 Mile retains 30% of Jameson
• Heavy equipment now landed east Greenland in preparation for H2 2026 spud (subject to regulatory approval)

Rod McIllree, Executive Director of 80 Mile, commented:

"Receipt of the US$500,000 upon conclusion of the definitive JV agreement with March GL marks the last step prior to the merger between March GL and Pelican. Based on the value placed on March GL by the Acquisition, the implied value of the 30% interest of Jameson retained by 80 Mile will have a notional value of US$92 million. This is an exciting time for 80 Mile and it will be interesting to see what happens upon the re-listing of Pelican. Momentum continues to build in our efforts to drill Jameson, and I am happy to report that our fully funded U.S joint venture, soon to be renamed Greenland Energy Company, should be trading on NASDAQ within the first two weeks of January 2026. Heavy equipment for Jameson has been delivered to East Greenland, with an anticipated spud date during the second half of 2026. The team and I are very excited to get going with drilling operations, and I look forward to updating the market with permitting developments as they arise."

As previously announced, 80 Mile and March GL entered into a binding JV agreement for drilling to commence at Jameson. Under this agreement, March GL will fund 100% of the costs associated with up to two exploration wells (each to a minimum depth of 3,500 metres) designed to delineate the hydrocarbon potential of the Jameson.

In return, March GL will earn up to a 70% working interest, with 80 Mile retaining a 30% interest through its wholly owned subsidiary White Flame Energy A/S, upon completion of the second well. Until that time, 80 Mile retains 100% legal ownership of the licences covering approximately two million acres in Eastern Greenland.

The acquisition of March GL by Pelican valued March GL at approximately US$215 million, not including the expected US$86 million in cash post transaction, resulting in the remaining 30% of the Jameson project that will be retained by 80 Mile being valued at approximately US$92 million. A recent independent assessment and prospective resources report prepared by Sproule ERCE estimated 13.03 billion barrels (P10) of gross un-risked recoverable prospective oil resources across the upper levels of the Jameson Basin, resulting in 80 Mile's attributable share equating to approximately 3.9 billion barrels (P10). 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.