80 Mile Plc (LSE:80M) reported a widened pre-tax loss of £1.46 million for the first half of 2026, alongside a significant reduction in its cash balance, as the company continued developing its energy and resources portfolio in Greenland and Italy.
The AIM-listed group has reorganised its operations around three principal assets: the Jameson Land Basin hydrocarbon project in East Greenland, the Disko-Nuussuaq nickel-copper-cobalt-platinum group elements project in West Greenland, and the Greenswitch Ferrandina biodiesel facility in Italy.
The company said it now holds 100% ownership of key licences and operating entities across these projects. Its remaining assets, including Finnish copper interests and the Dundas mineral sands project, are being retained or marketed for potential partnerships.
At Jameson Land, partner Greenland Energy Company received clearance from the US Securities and Exchange Commission and completed a Nasdaq listing, securing approximately US$70 million for the planned drilling programme.
80 Mile also confirmed exclusive licensing rights over the basin and reported progress on permitting, with drilling currently expected during winter 2027.
The project has a stated resource potential of 13 billion barrels. This represents an exploration estimate rather than established commercial reserves, with drilling and further evaluation required to determine the presence and recoverability of hydrocarbons.
At the Disko-Nuussuaq project, drilling rigs were mobilised in June, followed by the commencement of systematic drilling in July.
The programme is being undertaken in connection with a proposed joint venture with USFM Corporation. Under the pending arrangement, USFM is expected to fund US$30 million of expenditure in exchange for a 51% interest.
80 Mile would retain a 49% interest, with its share of expenditure carried by USFM during the initial phase.
The company expects drilling results and subsequent geological interpretations to provide further information on the project’s nickel, copper, cobalt and platinum group element potential.
In Italy, 80 Mile’s wholly owned Greenswitch Ferrandina biodiesel facility obtained INS and ISCC sustainability accreditations.
According to the company, these certifications provide access to applicable double-counting incentives and Italy’s CIC regime, supporting preparations for a commercial restart.
The group is also pursuing offtake agreements and evaluating potential future opportunities involving sustainable aviation fuel and hydrogen.
During the reporting period, 80 Mile raised £1.9 million to support working capital requirements and transferred its shares to the SETS trading platform.
The company also reported governance changes and its recognition as AIM Company of the Year.
Despite progress across its operating portfolio, the group recorded a higher interim loss and a substantially lower cash balance. Further project development remains dependent on funding, regulatory approvals and operational execution.
Over the coming year, planned activities include the release of assay results from Disko, continued permitting at Jameson Land and preparations for commercial production at Ferrandina.
80 Mile is listed on AIM, the Frankfurt Stock Exchange and OTC markets. Its activities encompass hydrocarbon exploration, battery metals exploration and biofuels production, with additional mineral interests in Greenland and Finland.
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