REG - 80 Mile PLC - Executive Director Appointment and Options Issue

80 MileAnnouncement

25/10/2024 07:00

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RNS Number : 5528J  80 Mile PLC  25 October 2024

 

 AIM: 80M

 FSE: S5WA

 

 25 October 2024

80 Mile PLC / Ticker: 80M / Market: AIM / Sector: Mining

Executive Director Appointment and Issue of Options

80 Mile plc ('80 Mile' or the 'Company'), the AIM, FSE listed and Pink-Market
traded exploration and development company with projects in Greenland and
Finland, would like to announce the appointment of Mr. Roderick McIllree as
Executive Director of the Company, following the previously announced
acquisition of White Flame Energy.

Mr. McIllree brings extensive experience in the mining and exploration
sectors, particularly in Arctic environments, making him an ideal addition to
the Executive Team as 80 Mile advances its key projects in Greenland and
Finland. His appointment marks a significant step in the Company's strategy to
accelerate project development and unlock value for shareholders.

In connection with this appointment, the Company has issued a total of
64,500,000 options to directors and employees, each exercisable at 1 pence for
a period of 5 years from the date of issue. These options align the interests
of the Board and management with those of shareholders, ensuring a focus on
long-term growth.

Following this issue, there will be a total of 175,900,000 options on issue,
representing 8.61% of the Company's current shares in issue, and the new
allocation further strengthens the alignment of the executive team with the
Company's growth strategy.

The options are being allocated as follows:

                            Number of options granted
 Directors                  50,000,000
 Employees and Consultants  14,500,000
 Total                      64,500,000

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the
European Union (Withdrawal) Act 2018.

For further information please visit http://www.80mile.com
(http://www.80mile.com)  or contact:

 Eric Sondergaard                        80 Mile plc                      enquiry@80mile.com
 Ewan Leggat / Adam Cowl                 SP Angel Corporate Finance LLP   +44 (0) 20 3470 0470

(Nominated Adviser and Broker)
 Tim Blythe / Megan Ray / Said Izagaren  BlytheRay                        +44 (0) 20 7138 3205

(Media Contact)

 

 

About 80 Mile Plc:

80 Mile Plc, listed on the London AIM market, Frankfurt Stock Exchange, and
the U.S. Pink Market, is an exploration and development company focused on
high-grade critical metals in Tier 1 jurisdictions. With a diversified
portfolio in Greenland and Finland, 80 Mile's strategy is centred on
advancing key projects while creating value through partnerships and strategic
acquisitions.

The Disko-Nuussuaq nickel-copper-cobalt-PGE project in Greenland is a
primary focus for 80 Mile, developed in partnership with KoBold Metals. 80
Mile, through its wholly owned subsidiary Disko Exploration Ltd., has a
definitive Joint Venture Agreement with KoBold Metals to guide and fund
exploration efforts. The JV has completed intensive analysis and
interpretation of the extensive geochemical, geophysical, and geological data
collected during the previous exploration campaigns. Leveraging KoBold's
proprietary artificial intelligence and machine learning platforms, this
comprehensive analysis has resulted in the identification of seven initial
priority targets within the project area. These seven priority targets exhibit
spatial characteristics indicative of potential deposits on a scale comparable
to renowned mining operations such as Norilsk, Voisey's Bay, and Jinchuan. The
JV is now planning a focused ground-loop electromagnetic survey to refine and
prioritise each locality appropriately.

In Finland, 80 Mile currently holds three large scale multi-metal projects
through its wholly owned subsidiary FinnAust Mining Finland Oy. 80
Mile's Finland portfolio includes the Outokumpu project, where the discovery
of industrial gases like helium and hydrogen adds significant economic
potential to the already prospective copper-nickel-cobalt-zinc-gold-silver
targets. 80 Mile is conducting further exploration to fully assess these
resources.

80 Mile's recent acquisition of White Flame Energy expands its portfolio into
the energy sector, adding large-scale licenses for industrial gas, natural
gas, and liquid hydrocarbons in East Greenland. Approved by shareholders
in July 2024, this acquisition diversifies the Company's assets and aligns
with its strategy to contribute to sustainable energy solutions, while also
exploring conventional energy resources.

The Dundas Ilmenite Project, 80 Mile's most advanced asset in
northwest Greenland, is fully permitted and progressing towards near-term
production. With a JORC-compliant Mineral Resource of 117 Mt at 6.1%
ilmenite and an offshore Exploration Target of up to 530 Mt, Dundas is poised
to become a major supplier of high-quality ilmenite. Recent discoveries of
hard rock titanium mineralization, with bedrock samples showing nearly double
the ilmenite content of previous estimates, further enhance the project's
world-class potential. 80 Mile owns 100% of the Dundas Ilmenite
Project under its subsidiary Dundas Titanium A/S in Greenland.

The Thule Copper Project is a significant component of 80 Mile's portfolio in
northwest Greenland, focused on exploring and developing high-grade copper
deposits within the Thule Basin in northwest Greenland. Leveraging existing
infrastructure and exploration credits, the project is strategically
positioned in an underexplored region with substantial mineral potential. 80
Mile's established basecamp at Moriusaq will support cost-effective
exploration, aligning with the Company's broader strategy to secure
high-quality copper and industrial gas projects.

 

 1.            Details of the person discharging managerial responsibilities/person closely
               associated
 a)            Name:                                                         Eric Sondergaard
 2.            Reason for the notification
 a)            Position/status:                                              Chief Executive Officer
 b)            Initial notification/Amendment:                               Initial notification
 3.            Details of the issuer, emission allowance market participant, auction
               platform, auctioneer or auction monitor
 a)            Name:                                                         80 Mile Plc
 b)            LEI:                                                          213800E9AEFEHFLOVJ19
 4.            Details of the transaction(s): section to be repeated for (i) each type of
               instrument; (ii) each type of transaction; (iii) each date; and (iv) each
               place where transactions have been conducted
 a)            Description of the financial instrument, type of instrument:  Share options over ordinary shares of 0.01p each

               Identification code:                                          GB00BFD3VF20
 b)            Nature of the transaction:                                    Grant of options over ordinary shares
 c)            Price(s) and volume(s):

Price(s)  Volume(s)
                                                                             1pence   25,000,000

 
 d)            Aggregated information:                                       Single transactions as in 4 c) above

Price(s)  Volume(s)
               Aggregated volume:                                            1pence   25,000,000

               Price:

 e)            Date of the transaction:                                      2024-10-25

 f)            Place of the transaction:                                     Outside a trading venue
 1.            Details of the person discharging managerial responsibilities/person closely
               associated
 a)            Name:                                                         Rod McIllree
 2.            Reason for the notification
 a)            Position/status:                                              Executive Director
 b)            Initial notification/Amendment:                               Initial notification
 3.            Details of the issuer, emission allowance market participant, auction
               platform, auctioneer or auction monitor
 a)            Name:                                                         80 Mile Plc
 b)            LEI:                                                          213800E9AEFEHFLOVJ19
 4.            Details of the transaction(s): section to be repeated for (i) each type of
               instrument; (ii) each type of transaction; (iii) each date; and (iv) each
               place where transactions have been conducted
 a)            Description of the financial instrument, type of instrument:  Share options over ordinary shares of 0.01p each

               Identification code:                                          GB00BFD3VF20
 b)            Nature of the transaction:                                    Grant of options over ordinary shares
 c)            Price(s) and volume(s):

Price(s)  Volume(s)
                                                                             1pence   25,000,000

 
 d)            Aggregated information:                                       Single transactions as in 4 c) above

Price(s)  Volume(s)
               Aggregated volume:                                            1pence   25,000,000

               Price:
 

 e)            Date of the transaction:                                      2024-10-25
 f)            Place of the transaction:                                     Outside a trading venue

 

d)

Aggregated information:

Aggregated volume:

Price:

 

Single transactions as in 4 c) above

 Price(s)  Volume(s)
 1 pence   25,000,000

e)

Date of the transaction:

2024-10-25

 

f)

Place of the transaction:

Outside a trading venue

1.

Details of the person discharging managerial responsibilities/person closely
associated

a)

Name:

Rod McIllree

2.

Reason for the notification

a)

Position/status:

Executive Director

b)

Initial notification/Amendment:

Initial notification

3.

Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor

a)

Name:

80 Mile Plc

b)

LEI:

213800E9AEFEHFLOVJ19

4.

Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted

a)

Description of the financial instrument, type of instrument:

Identification code:

Share options over ordinary shares of 0.01p each

GB00BFD3VF20

b)

Nature of the transaction:

Grant of options over ordinary shares

c)

Price(s) and volume(s):

 

 Price(s)  Volume(s)
 1 pence   25,000,000

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transactions as in 4 c) above

 Price(s)  Volume(s)
 1 pence   25,000,000

 

 

e)

Date of the transaction:

2024-10-25

f)

Place of the transaction:

Outside a trading venue

 

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