80 Mile plc (LSE:80M) has signed a definitive joint venture agreement with USFM Corporation for the Disko-Nuussuaq nickel-copper-cobalt-PGE project in West Greenland. Under the terms of the deal, USFM will invest US$30 million to earn a 51% interest in the project, while 80 Mile will continue as operator and retain a 49% free-carried stake.
The company has also obtained drilling permits from Greenlandic authorities and approved a US$7.5 million budget for an initial 5,000-metre drilling programme scheduled to begin in July 2026. Key contractors appointed for the campaign include Forage Fusion Drilling, Air Greenland, and SRK Exploration. Management said the Disko project’s potential for Norilsk-style magmatic massive sulphide mineralisation positions it as a key asset within Greenland’s growing critical minerals sector and further strengthens the company’s strategic foothold in the region.
80 Mile’s investment outlook continues to be affected by weak financial performance, including a lack of revenue, widening losses, and ongoing cash outflows, factors that heighten funding and dilution risks despite the company’s relatively low debt position. Technical indicators remain constructive, supported by a strong share price trend and positive momentum, although overbought signals moderate the overall technical picture. Valuation metrics remain difficult to interpret due to negative earnings and the absence of dividend yield data.
More About 80 Mile plc
80 Mile plc is an exploration and development company listed on AIM, the Frankfurt Stock Exchange, and OTC markets. The company holds a portfolio of mineral assets across Greenland, Finland, and Italy, with a primary focus on advancing nickel, copper, cobalt, and platinum group metal projects. Through its exploration activities, 80 Mile aims to establish itself as an early participant in Greenland’s developing critical minerals industry.
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