CatalystWireBeta

80 Mile (80M): Jameson Land exploration drilling

This situation live

80M 80 Mile

£56m · 0.9p · +34% since the first step
1.5p 0.5p Now 0.9p · 23 Oct +10% −6% +11% −7% −1% +18% −13% Oct ’25NovDecJan ’26FebMarAprMayJunJulAugSepOct
28 Oct 2025 · MOUs signed; restart planned December 2025 · +10% until the next step Plant restart planned for December 2025 with full production in January 2026
29 Oct 2025 · Independent report published; drilling prep ongoing · −1% until the next step First, free carried, drilling operations expected to commence in H226, fully funded and operated by the world's experts in oil drilling
3 Nov 2025 · Binding heads of terms signed; conditional · −26% until the next step A Long Stop Date of six months from the HOT date (being 1 May 2026) for satisfaction or waiver (where capable of waiver) of conditions, after which the HOT terminates automatically.
17 Nov 2025 · Restart preparation; new local management in place · −5% until the next step His local insight and operational background will be vital to advancing Hydrogen Valley towards production and supporting 80 Mile's clean energy strategy in Europe.
24 Nov 2025 · Definitive JV signed; US$500k received; equipment landed · −6% until the next step Greenland Energy Company will commence trading on NASDAQ in early January 2026
4 Dec 2025 · Restart described as imminent · +89% until the next step With two free carried JVs on our two top tier projects with US partners and the imminent restart of Ferrandina
19 Feb 2026 · SEC approved partner's merger; vote pending · +11% until the next step This approval was the last hurdle prior to a shareholder vote.
27 Feb 2026 · Shareholder vote set for 17 March; listing 18 March · −6% until the next step Greenland Energy (NASDAQ.GLND) Expected to Commence Trading After Pelican (NASDAQ.PELI) Shareholder Approval on 17 March
27 Mar 2026 · GLND listed on NASDAQ; drilling preparations ongoing · −7% until the next step Pelican Acquisition Corporation ("Pelican"), the NASDAQ-listed special purpose acquisition company, has completed its acquisition of Greenland Exploration Limited ("GEL"), a wholly owned subsidiary of
27 Mar 2026 · GLND trading on NASDAQ; valuation corrected to US$148m · −7% until the next step The valuation for 80 Mile's retained 30% interest in Jameson has been corrected to US$148m, as opposed to U$104m.
30 Apr 2026 · GLND funded after US$70m raise; drilling prep ongoing · −1% until the next step GLND intends to use the net proceeds from the offering to fund exploration and appraisal activities in the Jameson Land Basin ("Jameson"), as well as for general corporate purposes.
11 May 2026 · Binding agreement signed; permits granted; conditions pending · −14% until the next step 80 Mile is pleased to advise it has now executed the binding agreement with USFM (the "Agreement").
17 Jun 2026 · Nearing technical completion; restart talks advanced · +18% until the next step the plant is nearing technical completion, and the operations team are in advanced commercial discussions regarding restart
30 Jun 2026 · Restart planned shortly; no date given · −5% until the next step The plant is strategically positioned for revenue generation, with production planned to recommence shortly.
3 Jul 2026 · Funded; permitting still to be completed · −10% until the next step All field activities, Environmental Impact Assessments (EIA), Social Impact Assessments (SIA), and any permit to drill are all subject to approval by the Greenland Government.
8 Sep 2026 · Funded; permitting pending; now subject of bid · −13% until the next step The proposed merger would consolidate 100% ownership of those licences in a single Nasdaq-listed vehicle
16 Sep 2026 · Drilling under way since 1 July 2026 · +30% since Restart and commissioning remain the immediate task.
Project milestones
Jameson Land exploration drilling
Drilling under way since 1 July 2026
Next: Drill assays and Greenland Government approval of USFM share transfer
Every step · 17
  1. 28 Oct 2025 MOUs signed; restart planned December 2025 – Plant restart planned for December 2025 with full production in January 2026 ↗
  2. 29 Oct 2025 Independent report published; drilling prep ongoing – First, free carried, drilling operations expected to commence in H226, fully funded and operated by the world's experts in oil drilling ↗
  3. 3 Nov 2025 Binding heads of terms signed; conditional – A Long Stop Date of six months from the HOT date (being 1 May 2026) for satisfaction or waiver (where capable of waiver) of conditions, after which the HOT... ↗
  4. 17 Nov 2025 Restart preparation; new local management in place – His local insight and operational background will be vital to advancing Hydrogen Valley towards production and supporting 80 Mile's clean energy strategy in Europe. ↗
  5. 24 Nov 2025 Definitive JV signed; US$500k received; equipment landed – Greenland Energy Company will commence trading on NASDAQ in early January 2026 ↗
  6. 4 Dec 2025 Restart described as imminent – With two free carried JVs on our two top tier projects with US partners and the imminent restart of Ferrandina ↗
  7. 19 Feb 2026 SEC approved partner's merger; vote pending – This approval was the last hurdle prior to a shareholder vote. ↗
  8. 27 Feb 2026 Shareholder vote set for 17 March; listing 18 March – Greenland Energy (NASDAQ.GLND) Expected to Commence Trading After Pelican (NASDAQ.PELI) Shareholder Approval on 17 March ↗
  9. 27 Mar 2026 GLND listed on NASDAQ; drilling preparations ongoing – Pelican Acquisition Corporation ("Pelican"), the NASDAQ-listed special purpose acquisition company, has completed its acquisition of Greenland Exploration... ↗
  10. 27 Mar 2026 GLND trading on NASDAQ; valuation corrected to US$148m – The valuation for 80 Mile's retained 30% interest in Jameson has been corrected to US$148m, as opposed to U$104m. ↗
  11. 30 Apr 2026 GLND funded after US$70m raise; drilling prep ongoing – GLND intends to use the net proceeds from the offering to fund exploration and appraisal activities in the Jameson Land Basin ("Jameson"), as well as for... ↗
  12. 11 May 2026 Binding agreement signed; permits granted; conditions pending – 80 Mile is pleased to advise it has now executed the binding agreement with USFM (the "Agreement"). ↗
  13. 17 Jun 2026 Nearing technical completion; restart talks advanced – the plant is nearing technical completion, and the operations team are in advanced commercial discussions regarding restart ↗
  14. 30 Jun 2026 Restart planned shortly; no date given – The plant is strategically positioned for revenue generation, with production planned to recommence shortly. ↗
  15. 3 Jul 2026 Funded; permitting still to be completed – All field activities, Environmental Impact Assessments (EIA), Social Impact Assessments (SIA), and any permit to drill are all subject to approval by the... ↗
  16. 8 Sep 2026 Funded; permitting pending; now subject of bid – The proposed merger would consolidate 100% ownership of those licences in a single Nasdaq-listed vehicle ↗
  17. 16 Sep 2026 Drilling under way since 1 July 2026 – Restart and commissioning remain the immediate task. ↗

What is happening

80 Mile: Jameson Land exploration drilling – Drilling under way since 1 July 2026. ['Drilling under way since 1 July 2026']

In short
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.
Announced
28 Oct 2025 · MOUs signed; restart planned December 2025
Latest
16 Sep 2026 · Accredited in August 2026; restart date not given
Next milestone
Drill assays and interpretations from the 2026 programme
Conditions
Government approval for share transfer outstanding at 30 June 2026
Related party
USFM treated as related party under AIM Rule 13; directors consider terms fair and reasonable
2026 spend
Minimum US$7.5m during the 2026 field season, solely funded by USFM
Programme
Expanded from 5,000m to 9,000m
Management fee
10% on Disko expenditure
Drilling start
1 July 2026, first systematic drilling at Disko
Earn-in
USFM funds US$30m for 51%; 80 Mile 49% free carry

What comes next

Drill assays and Greenland Government approval of USFM share transfer.

Briefing Pro

New to 80 Mile? Get up to speed in 2 minutes.

What it does, how it got here, what management promised and delivered – written from its own announcements.

Get the 80M briefing →
Ask 80M Beta
Ask anything about 80 Mile

Answered from its own announcements and reported figures, every statement linked to its source.

From the company's own announcements. Not investment advice.

Also at 80 Mile 4 open
Takeover targetOffer for the company – offer Dilutive fundraisePlacing and Admission – Placing closed; conditional on Admission Large acquisition / reverse takeoverHydrogen Valley 100% acquisition – Revised terms agreed; deferred payments to 2028 OverhangGreendome share lock-up – New shares locked in 80 Mile – company page →

Share this quote

Quote card
Post on X WhatsApp Download image

The link opens this announcement with the quote highlighted. Quotes are checked against the original text.

Add a note