80 Mile
80M · AIM · Basic Resources · mcap £56m · 0.9p 5 open situations →
Open · 5
Offer for the company
On 8 Sep 2026 the 80 Mile and Greenland Energy boards agreed indicative all-share terms at about 1.1p per share, valuing 80 Mile at £61.48m. The 16 Sep 2026 interim results confirm the company remains in an offer period and give no new terms. A firm offer needs due diligence and a unanimous independent director recommendation.
- Offer
- 0.01108 new Greenland Energy shares per 80 Mile share; values 80 Mile at £61.48m 16 Sep 2026 ↗
- Premium
- 42.86% to 3 Sep 2026 price; 46.67% to 7 Sep 2026 price; 64.18% to July 2026 placing price 8 Sep 2026 ↗
- Bidder
- Greenland Energy (GLND), Jameson JV partner 16 Sep 2026 ↗
- Board view
- Independent directors Hutchinson and Hofmaier to consider; McIllree is recused as a GLND director and shareholder 8 Sep 2026 ↗
- Conditions
- Confirmatory due diligence, unanimous independent director recommendation, GLND disinterested director approval, no material 80 Mile transactions since 7 Sep 2026 8 Sep 2026 ↗
- Next milestone
- Rule 2.7 announcement by 5.00pm on 6 October 2026, extendable with Panel consent 16 Sep 2026 ↗
- 19 Oct 2026 sale process
- 8 Sep 2026 offer
Jameson Land exploration drilling
USFM signed a binding earn-in on 11 May 2026 to fund US$30m for 51% of Disko, with 80 Mile free carried on 49%. Drilling began on 1 July 2026 at Qullissat on Disko Island, before moving to the mainland. Government approval for the USFM share transfer remains outstanding at the reporting date.
- Next milestone
- Drill assays and interpretations from the 2026 programme 16 Sep 2026 ↗
- Conditions
- Government approval for share transfer outstanding at 30 June 2026 16 Sep 2026 ↗
- Related party
- USFM treated as related party under AIM Rule 13; directors consider terms fair and reasonable 11 May 2026 ↗
- 2026 spend
- Minimum US$7.5m during the 2026 field season, solely funded by USFM 17 Jun 2026 ↗
- Programme
- Expanded from 5,000m to 9,000m 30 Jun 2026 ↗
- Management fee
- 10% on Disko expenditure 30 Jun 2026 ↗
Next: Drill assays and Greenland Government approval of USFM share transfer
- 16 Sep 2026 Accredited in August 2026; restart date not given
- 8 Sep 2026 Funded; permitting pending; now subject of bid
- 3 Jul 2026 Funded; permitting still to be completed
- 30 Jun 2026 Restart planned shortly; no date given
Placing and Admission
- 4 Dec 2025 Placing closed; conditional on Admission
Hydrogen Valley 100% acquisition
Led to Jameson Land exploration drilling – Funded; permitting continues; drilling now winter 2027Led to Greendome share lock-up – New shares locked in
- 28 Oct 2025 Revised terms agreed; deferred payments to 2028
Greendome share lock-up
Follows from Hydrogen Valley 100% acquisition – Revised terms agreed; deferred payments to 2028
Next: lock-up ends June 2026; share-price tripling test by 30 June 2026
- 28 Oct 2025 New shares locked in
Company filings. Not investment advice.