80 Mile PLC Signs Heads of Terms Agreement with USFM to Fund Disko Project in Greenland

80 Mile PLC, a company listed on the AIM, FSE, and OTC exchanges, has announced the signing of a Heads of Terms (HoT) agreement with USFM Corporation, a US-based partner, regarding the Disko-Nuussuaq project in Greenland. The agreement outlines that USFM will invest $30 million over three years to acquire 51% of the project. In return, 80 Mile will retain a 49% interest, fully funded until the completion of the earn-in period. The company will act as the project operator and will receive a management fee equal to 12.5% of the total expenditure, as well as a £500,000 cash payment upon signing the definitive agreements.