DISKO EXPLORATION LIMITED

## 1. Credit Opinion

CONDITIONAL — effectively decline on a standalone basis.

Disko Exploration Limited is a mineral exploration company with no visible operating revenue, no filed financial figures provided for review, and a balance sheet position that is unknown from the data supplied. The company is active and not in default, but the underlying business is high-risk: pre-production mining, reliance on shareholder funding, and a capital-intensive sector.

Credit can only be supported if the facility is restructured on a group-backed basis. Conditions would need to include:

• A full parent guarantee from 80 Mile Plc (formerly Bluejay Mining Plc) and/or the ultimate parent;
• Subordination of intercompany debt to the bank;
• Review of the latest statutory accounts and group consolidated accounts;
• A debenture or fixed charge over any available assets;
• Evidence of adequate cash runway for at least 12 months;
• Confirmation of the current group ownership structure, as the PSC data is inconsistent.

If parent or group support is not available, the appropriate rating is DECLINE.

2. Financial Strength

The financial statements for the year ended 31 December 2025 are shown as filed under the “Total Exemption Full” category, meaning the company is using small company exemptions and is not required to provide full audit-level disclosure. However, no actual balance sheet figures have been provided in this assessment.

What can be observed:

• Share capital is £1.00, which is nominal and gives no indication of real net worth.
• No turnover, fixed assets, current assets, liabilities, or reserves have been disclosed in the data provided.
• As an exploration company, the balance sheet is likely dominated by capitalised mineral interests or intercompany loans, but this cannot be confirmed.
• The company is a subsidiary of a listed group, which may provide financial support, but support is not the same