An interactive breakdown of the investment case, projects, directors, financials, upcoming catalysts and risk factors for retail investors.
The Jameson Land Basin covers more than 8,400 km² in East Greenland. An independent assessment by Sproule ERCE estimates recoverable oil potential of more than 13 billion barrels (P10), with 4.2 billion barrels at P50 and over 1.0 billion barrels at P90. Over US$275m of historical investment by ARCO confirms this is not conceptual; it is a working hydrocarbon system with four identified petroleum systems and multiple proven source rocks.
A binding joint venture has been signed with March GL (to become Greenland Energy on the Nasdaq). Greenland Energy funds 100% of drilling costs for two 3,500m exploration wells planned for H2 2026. 80 Mile retains a 30% interest post-drilling at zero cost. Based on the Pelican/March GL merger valuation, that retained stake implies a notional value of approximately US$92m, already greater than the company's current market capitalisation.
The wholly owned Greenswitch facility in Italy is fully permitted, operational, and located within a Special Economic Zone. It is positioned as a vertically integrated producer of biodiesel, sustainable aviation fuel, and green hydrogen. A €10m grant has been secured for green hydrogen, with a further €30m+ in potential grants under review. Revenue expected from H1 2026.
At a £50m market cap, the Jameson stake alone (implied at US$92m) represents a significant disconnect before assigning any value to Hydrogen Valley's near-term revenue, the Disko nickel-copper project, or the Dundas ilmenite resource. Multiple independently funded catalysts provide clear pathways for re-rating without dilutive equity raises.
Four distinct assets at different stages, providing diversified exposure across hydrocarbons, critical minerals and energy transition.
East Greenland · 8,429 km² · Three exploration and exploitation licences
Over US$275m invested historically by global majors including ARCO between 1970 and 1990. Four petroleum systems identified, with key source rocks in the Upper Jurassic Hareelv and Permian Ravnefjeld formations. Analogous to the prolific Norwegian Haltenbanken and Barents Sea provinces.
Independent assessment by Sproule ERCE (Q4 2025) across 58 identified prospects:
Greenland Energy funds 100% of costs for two 3,500m exploration wells, earning 70% on completion. 80 Mile is fully free-carried, retaining 30%. Heavy equipment is already on site. Halliburton provides project management; IPT Well Solutions provides drilling oversight. Target spud date: H2 2026.
25 years at Metallgesellschaft Ltd, becoming Managing Director in 1985. Director of the London Metals Exchange from 1986 to 2008.
London-based Economic Geologist and Fellow of the Australian Institute of Mining and Metallurgy. Approximately 20 years working in Greenland with extensive contacts across resources and finance.
20+ years spanning international project evaluation, development and multi-billion-dollar asset operations. Former senior roles at Fortescue Metals Group and Anglo-American.
25 years in corporate finance, investment banking and project execution across global mining. Currently CFO of NYSE-listed Lifezone Metals. Previously CEO of Omico Mining and CFO of SolGold.
Geologist with a decade of experience in oil and gas exploration in the Western Canadian Sedimentary Basin and mining exploration across Canada, Greenland and Finland.
Over 20 years spanning industrial operations, energy infrastructure and business development across Italian and European energy markets. Oversees Greenswitch operations.
Six months ended 30 June 2025 (unaudited).
| Item | H1 2025 |
|---|---|
| Revenue | Nil |
| Administration expenses | (£893,751) |
| Other gains (net) | £6,492,066 |
| Operating profit | £5,586,640 |
| Impairment of intangibles | (£1,720,739) |
| Share of associate profit | £390,394 |
| Profit for the period | £4,256,473 |
Headline profit driven by a £4.7m bargain purchase gain on the Nikkeli Greenland acquisition (Disko) and £1.5m realised gain on the sale of Metals One shares. Impairment relates to Hammaslahti licences in Finland.
| Item | 30 Jun 2025 |
|---|---|
| Total assets | £43,972,706 |
| Intangible assets (exploration) | £38,574,822 |
| Cash and equivalents | £1,070,729 |
| Total liabilities | (£1,578,754) |
| Net assets | £42,393,952 |
£1.7m raised from the sale of Metals One shares. £225,000 from the Finnish asset disposal plus a £150,000 settlement. Post-period, the Kangerluarsuk sale to Amaroq Minerals secured US$500,000 in shares on completion with US$1.5m contingent on discovery. The March GL earn-in brings US$500,000 upfront.
The going concern note flags a material uncertainty around the need to raise further funds within 12 months. The directors point to placings of £1.2m (Jan 2024), £1.75m (Aug 2024) and £1.5m (Dec 2024) as evidence of continued market access.
Upcoming milestones tied to clearly defined events, each with the potential to drive a material re-rating.
Key assets remain subject to geological uncertainty until drilling confirms commercial discoveries. The Jameson wells may not encounter commercially viable hydrocarbons despite the scale of the estimated resource.
The interim accounts flag a material uncertainty around the need to raise additional funds within 12 months. The investment case assumes continued access to partners and third-party funding without excessive dilution.
Delays to drilling, permitting or facility restarts could defer anticipated value catalysts. Arctic logistics are inherently complex and weather-dependent.
Free-carried structures at Jameson and Disko depend on partners delivering on commitments. Failure by either partner to fund would leave 80 Mile needing alternatives.
Greenland's increasing strategic importance is broadly supportive, but shifts in government policy or international tensions could affect permitting or operational access.