80 Mile PLC (LSE:80M) has commenced drilling at its Disko-Nuussuaq project in West Greenland, marking the next stage of exploration at a prospect the company believes has the potential to host a large nickel-copper-cobalt-platinum group metals discovery.
The work forms part of a broader strategy to build a diversified portfolio spanning critical minerals, hydrocarbons and low-carbon energy assets across Greenland and Italy.
Drilling Targets Large Sulphide Deposits
The company confirmed that drilling operations are now underway, with rigs fully commissioned, cementing completed and pressure testing successfully carried out ahead of deeper exploration.
The initial drill holes are expected to reach depths of up to 1,000 metres as 80 Mile tests a series of large magmatic massive sulphide targets across the project.
Previous exploration has produced encouraging results, including the discovery of a 28-tonne massive sulphide boulder and high-grade surface samples, supporting the company’s view that Disko-Nuussuaq could host a Norilsk-style nickel-copper mineral system.
A US$30 million joint venture funding package is expected to finance the current exploration campaign, helping to accelerate drilling, resource definition and project development while strengthening 80 Mile’s exposure to the growing battery metals sector.
Strategic Location Supports Development
Covering more than 3,000 square kilometres, the Disko-Nuussuaq project is located in a geological setting considered comparable to Russia’s Norilsk mining district, one of the world’s largest sources of nickel and copper.
The project also benefits from established infrastructure near Ilulissat, where the company operates a logistics base to support exploration activities.
Management believes the combination of large-scale exploration targets, existing infrastructure and third-party funding provides a strong platform for advancing the project if drilling confirms a significant mineral discovery.
Diversified Portfolio Continues to Expand
Beyond Disko-Nuussuaq, 80 Mile maintains a broad portfolio of energy and mining assets.
The company retains a 30% interest in the Jameson gas and liquids project in East Greenland following a farm-out agreement that provides fully funded deep exploration drilling during 2026.
Its portfolio also includes the Dundas ilmenite project in Greenland, which has a JORC-compliant mineral resource and the necessary development permits, as well as the Greenswitch Ferrandina biofuels and sustainable aviation fuel facility in Italy.
Together, these assets provide exposure to both traditional energy resources and materials supporting the global energy transition.
Financial Position Reflects Development Stage
Like many exploration companies, 80 Mile continues to operate without revenue while investing heavily in advancing its portfolio, resulting in ongoing losses and negative operating and free cash flow.
The company maintains relatively low leverage, while technical indicators have improved in recent months, with the shares trading above key short-term moving averages and broader momentum remaining positive.
However, valuation continues to be constrained by the absence of earnings and dividend payments.
About 80 Mile PLC
80 Mile PLC is an exploration and development company listed on AIM, the Frankfurt Stock Exchange and the U.S. OTC market.
The company is focused on developing critical minerals and hydrocarbon projects in Greenland alongside industrial gas and sustainable fuels assets in Italy.
Its principal assets include the Disko-Nuussuaq nickel-copper-cobalt-platinum group metals project, the Jameson gas and liquids project, the Dundas ilmenite project and the Greenswitch Ferrandina biofuels and sustainable aviation fuel facility.
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