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REG - 80 Mile PLC - Final Results for the year ended 31 December 2024

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RNS Number : 0425P  80 Mile PLC  30 June 2025

 

 

 

 

 

 

30 June 2025

 

Final Results for the year ended 31 December 2024

80 Mile PLC ('80 Mile' or the 'Company'), the AIM, FSE, and OTC listed
exploration and development Company, is pleased to announce Final Results for
the year ended 31 December 2024.

The accounts will be distributed to shareholders today and will be available
on the Company's website shortly.

2024 Highlights

·      Initiated detailed review of all projects, focusing on uncovering
previously undisclosed historical data.

·      Corporate Strategy expanded to incorporate Industrial Gases and
Hydrocarbon sectors.

·      Successful raise of £1.2 million through new Ordinary Share
issuance to support strategic expansion.

·      Reinstatement of the 2019 Dundas Mineral Resource Estimate for
the Dundas Project.

·      Identification of naturally occurring helium, hydrogen, and a
high-concentration lithium brine at Outokumpu

·      Significant source rock discovery at Dundas.

·      Successful raise of £1.5 million through placing to acquire a
strategic stake in Hydrogen Valley Limited in Italy, strengthening the
Company's biofuels and industrial gas capabilities.

·      Acquisition of White Flame Energy and and its highly prospective
Jameson Land Basin Project, and secured extension of key exploration and
production licences in East Greenland.

·      Appointed Mr. Roderick McIllree as Executive Director,
strengthening leadership for the Company's Greenland, Finland and Italy
projects.

·      Discovered significant concentrations of natural hydrogen and
helium in historical drill holes at Hammaslahti

 

Post Period Highlights

 

·      Update on Greenswitch Ferrandina Plant following a £8.5 million
refurbishment. The Plant has secured all required permits for a staged
restart.

·      Agreed to sell Finnish subsidiary FinnAust Mining and projects to
Metals One Plc, retaining free-carried industrial gas rights and increased
Metals One equity.

·      Signed heads of terms with March GL for 100% funding of Jameson
drilling in Greenland, with MGL able to earn up to 70% interest, subject to
approval.

·      KoBold Metals returned its 49% interest in Disko to 80 Mile for a
2% NSR royalty, giving 80 Mile 100% ownership of the project and associated
assets, enabling a strategic reset to advance drilling.

·      Agreed to sell 100% of Kangerluarsuk to Amaroq Minerals Ltd. for
up to US$2 million, including US$500,000 in Amaroq shares on completion and up
to US$1.5 million contingent on discovery.

Chairman Statement

As we reflect on 2024, I am pleased to report that the restructuring efforts
initiated upon the new management team assuming control are now delivering
tangible results. Despite a year marked by considerable financial and
operational challenges, we emerged with a clear strategic direction,
streamlined leadership, and a renewed focus on value creation.

 

Key achievements during the period included a successful fundraising, a
corporate rebrand to 80 Mile Plc, and a sharpened focus on industrial gases
and hydrocarbons. These steps have repositioned the Company to capitalise on
emerging opportunities in our core sectors.

 

Throughout 2024, we undertook a comprehensive reassessment of our portfolio
and implemented further cost-saving initiatives across the business to make
the business more sustainable. This disciplined approach has allowed us to
operate more efficiently while navigating the complex landscape that
exploration has become.

 

Our acquisition and divestment strategy continues to mature. The Jameson
acquisition, a world-class, hydrocarbon-bearing undrilled basin on Greenland's
east coast, is a cornerstone asset. We have since entered a joint venture on
Jameson with a consortium of American oil experts as well as realised material
returns through the sale of our stake in Metals One Plc and other non-core
assets.

 

At the time of writing, 80 Mile is well-capitalised, is free carried for two
3,500-metre exploration holes at Jameson, has transitioned to 100% ownership
of Nikelli and is progressing towards the restart of our biofuels facility in
Italy.

 

Financial Review

 

Entering 2025, the Comopany is in a strong financial position following the
successful monetisation of non-core assets. The sale of our Finnish projects
to AIM-listed Metals One Plc returned significant value to shareholders. That
transaction included £250,000 in cash and a 10% equity interest
post-transaction. 80 Mile's existing position in Metals One Plc was
subsequently sold for approximately £2 million. This provides a robust
capital base with very limited overheads, enabling a renewed focus on
shareholder value, something that was previously hindered by previous
management legacy financial issues.

 

The Company's transformation is now complete. 80 Mile is lean, focused, and
aligned with long-term growth trends in industrial gases, hydrocarbons, and
biofuels. We continue to exercise prudent cash management and remain ready to
act on strategic opportunities.

 

Outlook

 

The importance of critical minerals in the global energy transition continues
to grow, and 80 Mile is strategically positioned to play a vital role. Our
operations are located in politically stable, resource-rich jurisdictions that
support commodity development, reinforcing the security of our assets and our
confidence in future success.

 

Partnerships remain central to our strategy. Our joint venture at Jameson,
along with close collaboration with Greenlandic and Danish authorities, and
new financing relationships, all underpin the value of our project pipeline.

 

We are also expanding in sustainable energy. As announced in 19 December 2024
and 16 January 2025, 80 Mile acquired a 24% interest in Hydrogen Valley, a
biofuels project in Italy, with options to increase to full ownership over the
next 12 months. We expect operations at the plant to recommence shortly.

 

These developments underscore our long-term strategy: delivering value through
a diversified portfolio in energy and industrial gas markets. With rising
global demand for helium and industrial gases across healthcare, aerospace,
and clean energy, 80 Mile is positioned to benefit significantly.

 

On behalf of the Board, I sincerely thank our shareholders for their trust and
support. In a world increasingly shaped by geopolitical volatility and
resource nationalism, we remain focused on building long-term value. With a
dedicated team and a clear strategy, we look forward to a productive and
transformative 2025.

 

Michael Hutchinson

Non-Executive Chairman

30 June 2025

 

 

 

 

 

 

 

 

 

 

 

Statement of Financial Position

As at 31 December 2024

 

 

                                                              Group                                   Company
                                                        Note  31 December 2024  31 December 2023      31 December 2024  31 December 2023

                                                              £                 £                     £                 £
 Non-Current Assets
 Property, plant and equipment                          6     1,051,935         1,425,326             3,151             22,101
 Intangible assets                                      7     25,587,568        31,237,336            -                 -
 Fair value through profit and loss Equity Investments  8     265,625           1,656,250             265,625           1,656,250
 Investment in subsidiaries                             9     -                 -                     38,984,436        42,558,878
 Equity Investments                                     31    200,000           -                     200,000           -
 Investment in Joint Venture                            10    4,523,897         4,740,705             -                 -
 Loan issuance                                          29    3,180             -                     3,180             -
                                                              31,632,205        39,059,617            39,456,392        44,237,229
 Current Assets
 Trade and other receivables                            11    1,883,923         1,260,237             1,877,786         1,532,369
 Cash and cash equivalents                              12    637,822           200,700               392,147           17,550
                                                              2,521,745         1,460,937             2,269,933         1,549,919
 Total Assets                                                 34,153,950        40,520,554            41,726,325        45,787,148
 Non-Current Liabilities
 Deferred tax liabilities                               13    496,045           496,045               -                 -
                                                              496,045           496,045               -                 -
 Current Liabilities
 Provision                                              14    200,000           -                     200,000           -
 Trade and other payables                               15    491,305           647,882               437,962           521,285
                                                              691,305           647,882               637,962           521,285
 Total Liabilities                                            1,187,350         1,143,927             637,962           521,285

 Net Assets                                                   32,966,600        39,376,627            41,088,363        45,265,863
 Equity attributable to owners of the Parent
 Share capital                                          16    7,651,735         7,506,658             7,651,735         7,506,658
 Share premium                                          16    66,986,078        62,915,685            66,986,078        62,915,685
 Other reserves                                         17    (7,592,921)       (6,528,838)           1,527,291         1,215,519
 Retained losses                                              (34,078,292)      (24,516,878)          (35,076,741)      (26,371,999)
 Total Equity                                                 32,966,600        39,376,627            41,088,363        45,265,863

 

The Company has elected to take the exemption under Section 408 of the
Companies Act 2006 from presenting the Parent Company Income Statement and
Statement of Comprehensive Income. The loss for the Company for the year ended
31 December 2024 was £8,704,742 (loss for year ended 31 December 2023:
£1,023,812).

 

The Financial Statements were approved and authorised for issue by the Board
of Directors on 30 June 2025 and were signed on its behalf by:

 

 

 

Michael Hutchinson

Non-Executive Chairman

 

 

 

 Continued operations                                                       Note  Year ended 31 December  Year ended 31 December

                                                                                  2024                    2023

                                                                                  £                       £
 Revenue                                                                          -                       -
 Cost of sales                                                              20    (35,887)                (213,523)
 Gross profit                                                                     (35,887)                (213,523)
 Administrative expenses                                                    20    (2,262,385)             (1,629,273)
 Impairment of intangible assets                                            7     (4,902,058)             (3,535,254)
 Share of losses from joint venture                                         10    (18,114)                (13,779)
 (Decrease) / Increase in share of net assets on joint venture              10    (198,694)               283,697
 Other (losses) / gains                                                     23    (2,259,088)             2,962,769
 Foreign exchange loss                                                            (369)                   (53,318)
 Operating loss                                                                   (9,676,595)             (2,198,681)
 Finance (expense) / income                                                 24    (1,663)                 7,039
 Other income                                                               25    116,844                 320,925
 Loss before income tax                                                           (9,561,414)             (1,870,717)
 Tax credit                                                                 26    -                       61,343
 Loss for the year attributable to owners of the Parent                           (9,561,414)             (1,809,374)
 Basic and Diluted Earnings Per Share attributable to owners of the Parent  27    (0.57)p                 (0.16)p
 during the period (expressed in pence per share)

 

 

 

 

                                                                               Year ended 31 December 2024  Year ended 31 December 2023

                                                                               £                            £
 Loss for the year                                                             (9,561,414)                  (1,809,374)
 Other Comprehensive Income:
 Items that may be subsequently reclassified to profit or loss
 Currency translation differences                                              (1,375,855)                  (731,885)
 Other comprehensive (losses)/income for the year, net of tax                  (10,937,269)                 (2,541,259)
 Total comprehensive (losses)/income attributable to owners of the Parent      (10,937,269)                 (2,541,259)

 

 

 

 

 

 

                                                                Note  Share capital  Share premium  Other reserves  Retained losses  Total

                                                                      £              £              £               £                £
 Balance as at 1 January 2023                                         7,492,041      60,903,995     (5,635,169)     (22,749,860)     40,011,007
 Loss for the year                                                    -              -              -                (1,809,374)      (1,809,374)
 Other comprehensive income for the year
 Items that may be subsequently reclassified to profit or loss
 Currency translation differences                                     -              -              (731,885)       -                (731,885)
 Total comprehensive income for the year                              -              -              (731,885)       (1,809,374)      (2,541,259)
 Issue of share capital                                         16    14,180         1,822,127      -               -                1,836,307
 Share based payments                                           16    437            189,563        -               -                190,000
 Expired options                                                19    -              -              (161,784)       42,356           (119,428)
 Total transactions with owners, recognised directly in equity        14,617         2,011,690      (161,784)       42,356           1,906,879
 Balance as at 31 December 2023                                       7,506,658      62,915,685     (6,528,838)     (24,516,878)     39,376,627

 Balance as at 1 January 2024                                         7,506,658      62,915,685     (6,528,838)     (24,516,878)     39,376,627
 Loss for the year                                                    -              -              -               (9,561,414)      (9,561,414)
 Other comprehensive income for the year
 Items that may be subsequently reclassified to profit or loss
 Currency translation differences                                     -              -              (1,375,855)     -                (1,375,855)
 Total comprehensive income for the year                              -              -              (1,375,855)     (9,561,414)      (10,937,269)
 Issue of share capital                                         16    144,059        3,999,742      -               -                4,143,801
 Share based payments                                           16    1,018          70,651         -               -                71,669
 Options issued                                                 19    -              -              311,772         -                311,772
 Total transactions with owners, recognised directly in equity        145,077        4,070,393      311,772         -                4,527,242
 Balance as at 31 December 2024                                       7,651,735      66,986,078     (7,592,921)     (34,078,292)     32,966,600

 

                                                                Note  Share capital  Share premium  Other reserves  Retained losses  Total equity

                                                                      £              £              £               £                £
 Balance as at 1 January 2023                                         7,492,041      60,903,995     1,377,303       (25,390,543)     44,382,796
 Loss for the year                                                    -              -              -               (1,023,812)      (1,023,812)
 Total comprehensive income for the year                              -              -              -               (1,023,812)      (1,023,812)
 Issue of share capital                                         16    14,180         1,822,127      -               -                1,836,307
 Share based payments                                           19    437            189,563        -               -                190,000
 Expired options                                                19    -              -              (161,784)       42,356           (119,428)
 Total transactions with owners, recognised directly in equity        14,617         2,011,690      (161,784)       42,356           1,906,879
 Balance as at 31 December 2023                                       7,506,658      62,915,685     1,215,519       (26,371,999)     45,265,863

 Balance as at 1 January 2024                                         7,506,658      62,915,685     1,215,519       (26,371,999)     45,265,863
 Loss for the year                                                    -              -              -               (8,704,742)      (8,704,742)
 Total comprehensive income for the year                              -              -              -               (8,704,742)      (8,704,742)
 Issue of share capital                                         16    144,059        3,999,742      -               -                4,143,801
 Share based payments                                           19    1,018          70,651         -               -                71,669
 Options granted                                                19    -              -              311,772         -                311,772
 Total transactions with owners, recognised directly in equity        145,077        4,070,393      311,772         -                4,527,242
 Balance as at 31 December 2024                                       7,651,735      66,986,078     1,527,291       (35,076,741)     41,088,363

 

 

                                                                      Group                                     Company
                                                                Note  Year ended         Year ended             Year ended 31 December 2024  Year ended 31 December 2023

                                                                      31 December 2024   31 December 2023       £                            £

                                                                      £                  £
 Cash flows from operating activities
 Loss after income tax                                                (9,561,414)        (1,809,374)            (8,704,742)                  (1,023,812)
 Adjustments for:
 Depreciation                                                         317,536            349,792                10,189                       15,401
 (Gain)/Loss on sale of property plant and equipment                  (5,966)            (20,291)               2,503                        2,153
 Gain on sale of investment                                           -                  (4,298,312)            -                            -
 Impairment of deferred consideration                           11    915,000            -                      915,000                      -
 Impairment of intercompany loan                                      -                  -                      5,278,656                    -
 Impairment of Asset                                            7     4,902,058          3,535,254              -                            -
 Share options expense                                          19    311,772            -                      311,772                      -
 Share options forfeited                                        19    -                  (119,428)              -                            (119,428)
 Share based payments                                           16    71,669             190,000                71,669                       190,000
 Intercompany management fees                                         -                  -                      (217,552)                    (504,353)
 Share of losses from joint venture                             10    18,114             13,779                 -                            -
 (Decrease) / Increase in share of net asset of joint venture   10    198,694            (283,697)              -                            -
 Net finance expense / (income)                                 24    1,663              (7,039)                (2,230,349)                  (2,207,337)
 Foreign exchange (gain) / loss                                       -                  (40,642)               1,719,896                    900,461
 Gain on fair value through profit and loss Equity Investments  8     1,390,625          1,468,750              1,390,625                    1,468,750
 R&D provision for prior year                                   26    -                  (61,343)               -                            (61,343)
 Proceeds from R&D tax credits                                  26    -                  61,343                 -                            61,343
 Changes in working capital:
 Increase in provisions                                               200,000            -                      200,000                      -
 (Increase) / Decrease in trade and other receivables                 (1,544,496)        829,891                (980,708)                    311,345
 (Decrease) / Increase in trade and other payables                    (247,817)          123,606                (230,905)                    250,395
 Net cash used in operating activities                                (3,032,562)        (67,711)               (2,463,946)                  (716,425)
 Cash flows from investing activities
 Cash paid for acquisitions                                           (200,000)          -                      (200,000)                    -
 Purchase of property plant and equipment                             -                  (101,240)              -                            (13,425)
 Sale of investment                                                   -                  50,000                 -                            -
 Reclassification of restricted cash                            12    220,822            -                      -                            -
 Sale of property, plant and equipment                                14,727             30,808                 6,258                        -
 Cash disposed of in sale of subsidiary                               -                  (7,095)                -                            -
 Purchase of intangible assets                                  7     (792,952)          (3,582,956)            -                            -
 Interest received                                                    5,619              9,367                  4,655                        5,877
 Net loans granted to subsidiary undertakings                         -                  -                      (1,201,467)                  (2,500,851)
 Net loans granted to non-group undertakings                          (3,180)            -                      (3,180)                      -
 Net cash used in investing activities                                (754,964)          (3,601,116)            (1,393,734)                  (2,508,399)
 Cash flows from financing activities
 Net proceeds from issue of share capital                             4,292,097          1,836,308              4,292,097                    1,836,308
 Transaction costs of share issue                                     (57,060)           -                      (57,060)                     -
 Proceeds from convertible loan notes                                 -                  1,641,836              -                            1,641,836
 Repayment of convertible loan notes                                  -                  (1,601,973)            -                            (1,601,973)
 Interest paid                                                        (7,207)            (450)                  (2,760)                      (366)
 Net cash generated from financing activities                         4,227,830          1,875,721              4,232,277                    1,875,805
 Net increase / (decrease) in cash and cash equivalents               440,304            (1,793,106)            374,597                      (1,349,019)
 Cash and cash equivalents at beginning of year                       200,700            1,996,957              17,550                       1,366,569
 Exchange gain on cash and cash equivalents                           (3,182)            (3,151)                -                            -
 Cash and cash equivalents at end of year                             637,822            200,700                392,147                      17,550

 

1.   General information

The principal activities of 80 Mile Plc, formerly Bluejay Mining Plc, (the
'Company') and its subsidiaries (together the 'Group') are the exploration and
development of precious and base metals, helium, industrial gases, and
hydrocarbons. The Company's shares are listed on the AIM market of the London
Stock Exchange and are traded on the open market of the Frankfurt Stock
Exchange, as well as the OTC PINK in the US. The Company is incorporated and
domiciled in England.

 

The registered office address is 6 Heddon Street, London W1B 4BT.

 

2.   Summary of significant Accounting Policies

The principal Accounting Policies applied in the preparation of these
Consolidated Financial Statements are set out below. These Policies have been
consistently applied to all the periods presented, unless otherwise stated.

 

2.1. Basis of preparation of Financial Statements

The Group and Company Financial Statements have been prepared in accordance
with UK-adopted International Accounting Standards (UK adopted IAS) in
accordance with the requirements of the Companies Act 2006. The Consolidated
Financial Statements have also been prepared under the historical cost
convention, except as modified for assets and liabilities recognised at fair
value on business combination.

 

The Financial Statements are presented in Pound Sterling rounded to the
nearest pound.

 

The preparation of financial statements in conformity with UK-adopted IAS
requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Accounting
Policies. The areas involving a higher degree of judgement or complexity, or
areas where assumptions and estimates are significant to the Consolidated
Financial Statements are disclosed in Note 4.

 

2.2. New and amended standards

 

i) New and amended standards mandatory for the first time for the financial
periods beginning on or after 1 January 2024

 

The International Accounting Standards Board (IASB) issued various amendments
and revisions to International Financial

Reporting Standards and IFRIC interpretations. The amendments and revisions
applicable for the period ended 31 December

2024 did not result in any material changes to the financial statements of the
Group or Company.

 

ii) New standards, amendments and interpretations in issue but not yet
effective or not yet endorsed and not early adopted

 

Standards, amendments and interpretations that are not yet effective and have
not been early adopted are as follows:

 

 Standard             Impact on initial application                                              Effective date
 IAS 21 (Amendments)  Lack of Exchangeability: The effects of changes in foreign exchange rates  1 January 2025

 

The Group is evaluating the impact of the new and amended standards above
which are not expected to have a material impact on the Group's results or
shareholders' funds

 

2.3. Basis of Consolidation

 

The Consolidated Financial Statements comprise the financial statements of the
Company and its subsidiaries made up to 31 December 2024. Control is achieved
when the Group is exposed, or has rights, to variable returns from its
involvement with the investee and has the ability to affect those returns
through its power over the investee.

 

Generally, there is a presumption that a majority of voting rights result in
control. To support this presumption and when the Group has less than a
majority of the voting or similar rights of an investee, the Group considers
all relevant facts and circumstances in assessing whether it has power over an
investee, including:

 

·      The contractual arrangement with the other vote holders of the
investee;

·      Rights arising from other contractual arrangements; and

·      The Group's voting rights and potential voting rights

 

The Group re-assesses whether or not it controls an investee if facts and
circumstances indicate that there are changes to one or more of the three
elements of control.

a)    Subsidiaries

 

Subsidiaries are entities over which the Group has control. Subsidiaries are
fully consolidated from the date on which control is transferred to the Group.
They are deconsolidated from the date that control ceases. Assets,
liabilities, income and expenses of a subsidiary acquired or disposed of
during the period are included in the consolidated financial statements from
the date the Group gains control until the date the Group ceases to control
the subsidiary.

 

Investments in subsidiaries are accounted for at cost less impairment within
the parent company financial statements. Where necessary, adjustments are made
to the financial statements of subsidiaries to bring the accounting policies
used in line with those used by other members of the Group. All significant
intercompany transactions and balances between Group enterprises are
eliminated on consolidation.

 

b)    Joint Venture

 

A joint venture (JV) is a joint arrangement in which the parties that share
joint control have rights to the net assets of the arrangement. Joint
arrangements are accounted for using the equity method of accounting and are
initially recognised at cost. The considerations made in determining
significant influence or joint control are similar to those necessary to
determine control over subsidiaries. The aggregate of the Group's share of
profit or loss of the JV is shown on the face of the statement of profit or
loss and other comprehensive income as part of operating profit and represents
profit or loss after tax. The financial statements of the JV are prepared for
the same reporting period as the Group. When necessary, adjustments are made
to bring the accounting policies in line with those of the Group.

 

After application of the equity method, the Group determines whether it is
necessary to recognise an impairment loss on its investment in the JV. At each
reporting date, the Group determines whether there is objective evidence that
the investment in the JV is impaired. If there is such evidence, the Group
calculates the amount of impairment as the difference between the recoverable
amount of the JV and it's carrying value, then recognises the loss as 'Share
of profit of a joint venture' in the statement of profit or loss and other
comprehensive income.

 

c)    Reimbursement of the costs of the operator of the joint arrangement

 

When the Group, acting as lead operator or manager of a joint arrangement,
receives reimbursement of direct costs recharged to the joint arrangement,
such recharges represent reimbursements of costs that the operator incurred as
an agent for the joint arrangement and therefore have no effect on profit or
loss. When the Group charges a management fee (based on a fixed percentage of
total costs incurred for the year) to cover other general costs incurred in
carrying out the activities on behalf of the joint arrangement, it is not
acting as an agent. Therefore, the general overhead expenses and the
management fees are recognised in the statement of profit or loss and other
comprehensive income as an expense and income respectively. The amount of
income does not represent revenue from contracts with customers. Instead, it
represents income

from collaborative partners and hence is outside the scope of IFRS 15.

 

2.4. Going concern

The Consolidated Financial Statements have been prepared on a going concern
basis. The Group's business activities, together with the factors likely to
affect its future development, performance and position are set out in the
Chairman's Statement and the Strategic Report.

 

As at 31 December 2024, the Group had unrestricted cash and cash equivalents
of £414,968. The Directors have prepared cash flow forecasts to 30 June 2026
which take account of the cost and operational structure of the Group and
Parent Company, planned exploration and evaluation expenditure, licence
commitments and working capital requirements. These forecasts indicate that
the Group and Parent Company's cash resources are not sufficient to cover the
projected expenditure for the period for a period of 12 months from the date
of approval of these financial statements.  These forecasts indicate that the
Group and Parent Company, in order to meet their operational objectives, and
meets their expected liabilities as they fall due, will be required to raise
additional funds within the next 12 months.

 

In common with many exploration and evaluation entities, the Company will need
to raise further funds within the next 12 months in order to meet its expected
liabilities as they fall due, and progress the Group into definitive
feasibility and then into construction and eventual production of revenues.
The Directors are confident in the Company's ability to raise additional funds
as required, from existing and/or new investors, within the next 12 months.
The Company has demonstrated its access to financial resources, as evidenced
by the successful completion of several placings in 2024 including in a £1.2
million capital raise in January 2024, £1.75 million in August 2024 and a
further £1.5 million in December 2024, with the latter associated with the
acquisition of a strategic interest in Hydrogen Valley Ltd and its subsidiary,
Greenswitch Srl.

 

Given the Group and Parent Company's current cash position and its
demonstrated ability to raise capital, the Directors have a reasonable
expectation that the Group and Parent Company has adequate resources to
continue in operational existence for the foreseeable future.

Notwithstanding the above, these circumstances indicate that a material
uncertainty exists that may cast significant doubt on the Group and Parent
Company's ability to continue as a going concern and, therefore, that the
Group and Parent Company may be unable to realise their assets or settle their
liabilities in the ordinary course of business. As a result of their review,
and despite the aforementioned material uncertainty, the Directors have
confidence in the Group and Parent Company's forecasts and have a reasonable
expectation that the Group and Parent Company will continue in operational
existence for the going concern assessment period and have therefore used the
going concern basis in preparing these consolidated and Parent Company
financial statements.

 

2.5. Segment reporting

Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-maker (CODM). The CODM, who
is responsible for allocating resources and assessing performance of the
operating segments, has been identified as the Board of Directors that makes
strategic decisions.

 

Segment results include items directly attributable to a segment as well as
those that can be allocated on a reasonable basis.

 

2.6. Foreign currencies

(a) Functional and presentation currency

Items included in the Financial Statements of each of the Group's entities are
measured using the currency of the primary economic environment in which the
entity operates (the 'functional currency'). The functional currency of the UK
parent entity and UK subsidiary is Pound Sterling, the functional currency of
the Finnish subsidiary is Euros and the functional currency of the Greenlandic
subsidiary is Danish Krone. The Financial Statements are presented in Pounds
Sterling which is the Company's functional and Group's presentation currency.

 

(b) Transactions and balances

Foreign currency transactions are translated into the functional currency
using the exchange rates prevailing at the dates of the transactions or
valuation where such items are re-measured. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation at
period-end exchange rates of monetary assets and liabilities denominated in
foreign currencies are recognised in the income statement.

 

(c)  Group companies

The results and financial position of all the Group entities (none of which
has the currency of a hyperinflationary economy) that have a functional
currency different from the presentation currency are translated into the
presentation currency as follows:

·    assets and liabilities for each period end date presented are
translated at the period-end closing rate;

·    income and expenses for each Income Statement are translated at
average exchange rates (unless this average is not a reasonable approximation
of the cumulative effect of the rates prevailing on the transaction dates, in
which case income and expenses are translated at the dates of the
transactions); and

·    all resulting exchange differences are recognised in other
comprehensive income.

 

On consolidation, exchange differences arising from the translation of the net
investment in foreign entities, and of monetary items receivable from foreign
subsidiaries for which settlement is neither planned nor likely to occur in
the foreseeable future, are taken to other comprehensive income. When a
foreign operation is sold, such exchange differences are recognised in the
Income Statement as part of the gain or loss on sale.

 

2.7. Intangible assets

Exploration and evaluation assets

The Group recognises expenditure as exploration and evaluation assets when it
determines that those assets will be successful in finding specific mineral
resources. Expenditure included in the initial measurement of exploration and
evaluation assets and which are classified as intangible assets relate to the
acquisition of rights to explore, topographical, geological, geochemical and
geophysical studies, exploratory drilling, trenching, sampling and activities
to evaluate the technical feasibility and commercial viability of extracting a
mineral resource. Capitalisation of pre-production expenditure ceases when the
mining property is capable of commercial production.

 

Exploration and evaluation assets are recorded and held at cost

 

Exploration and evaluation assets are not subject to amortisation, as such at
the year-end all intangibles held have an indefinite life but are assessed
annually for impairment. The assessment is carried out by allocating
exploration and evaluation assets to cash generating units ('CGU's'), which
are based on specific projects or geographical areas. The CGU's are then
assessed for impairment using a variety of methods including those specified
in IFRS 6.

Under IFRS 6, there are four indicators of impairment:

·    The period for which the Company has the right to explore in the
specific area has expired during the period or will expire in the near future,
and is not expected to be renewed;

·    Substantive expenditures on further exploration for and evaluation of
mineral resources in the specific area is neither budgeted or planned;

·    Exploration for and evaluation of mineral resources in the specific
area have not led to the discovery of commercially viable quantities of
mineral resources and the Company has decided to discontinue such activities
in the specific area; and

·    Sufficient data exists to indicate, that although a development in
the specific area is likely to proceed, the carrying amount of the exploration
and evaluation asset is unlikely to be recovered in full from successful
development or by sale.

 

Whenever the exploration for and evaluation of mineral resources in cash
generating units does not fulfil the requirements of IFRS 6 or lead to the
discovery of commercially viable quantities of mineral resources and the Group
has decided to discontinue such activities of that unit, the associated
expenditures are written off to the Income Statement.

 

Exploration and evaluation assets recorded at fair-value on business
combination

 

Exploration assets which are acquired as part of a business combination are
recognised at fair value in accordance with IFRS 3. When a business
combination results in the acquisition of an entity whose only significant
assets are its exploration asset and/or rights to explore, the Directors
consider that the fair value of the exploration assets is equal to the
consideration. Any excess of the consideration over the capitalised
exploration asset is attributed to the fair value of the exploration asset.

 

2.8. Investments in subsidiaries and joint venture

Investments in Group undertakings are stated at cost, which is the fair value
of the consideration paid, less any impairment provision.

 

Additional contributions by the Joint Venture Partner which increase the net
assets in the joint venture, are recognised as 'increase in share of net
assets on joint venture' in the statement of profit or loss and other
comprehensive income. This is a non-cash adjustment and is to retain the
Group's ownership in the Joint Venture at 49%.

 

2.9. Property, plant and equipment

Property, Plant and equipment is stated at cost less accumulated depreciation
and any accumulated impairment losses. Depreciation is provided on all
property, plant and equipment to write off the cost less estimated residual
value of each asset over its expected useful economic life on a straight-line
basis at the following annual rates:

 

Office Equipment - 4 years

Machinery and Equipment - 5 to 15 years

Software - 2 years

 

Subsequent costs are included in the asset's carrying amount or recognised as
a separate asset, as appropriate, only when it is probable that future
economic benefits associated with the item will flow to the Group and the cost
of the item can be measured reliably. The carrying amount of the replaced part
is derecognised. All other repairs and maintenance are charged to the income
statement during the financial period in which they are incurred.

 

The assets' residual values and useful lives are reviewed, and adjusted if
appropriate, at the end of each reporting period.

 

An asset's carrying amount is written down immediately to its recoverable
amount if the asset's carrying amount is greater than its estimated
recoverable amount. If an impairment review is conducted following an
indicator of impairment, assets which are not able to be assessed for
impairment individually are assessed in combination with other assets within a
cash generating unit.

 

Gains and losses on disposal are determined by comparing the proceeds with the
carrying amount and are recognised within 'Other (losses)/gains' in the
statement of profit or loss.

 

2.10.       Impairment of non-financial assets

Assets that have an indefinite useful life, for example, intangible assets not
ready to use, and goodwill, are not subject to amortisation and are tested
annually for impairment. Property, plant and equipment is reviewed for
impairment whenever events or changes in circumstances indicate that the
carrying amount may not be recoverable. An impairment loss is recognised for
the amount by which the asset's carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of an asset's fair value less
costs to sell and value in use. For the purposes of assessing impairment,
assets are grouped at the lowest levels for which there are separately
identifiable cash flows (cash generating units). Non-financial assets that
suffered impairment are reviewed for possible reversal of the impairment at
each reporting date.

 

2.11.       Financial assets

(a)   Classification

The Group classifies its financial assets at amortised cost and at fair value
through the profit or loss or other comprehensive income (OCI). The
classification depends on the purpose for which the financial assets were
acquired. Management determines the classification of its financial assets at
initial recognition.

 

(b)   Recognition and measurement

Amortised cost

Regular purchases and sales of financial assets are recognised on the trade
date at cost - the date on which the Group commits to purchasing or selling
the asset. Financial assets are derecognized when the rights to receive cash
flows from the assets have expired or have been transferred, and the Group has
transferred substantially all of the risks and rewards of ownership.

 

Fair value through the profit or loss

Financial assets that do not meet the criteria for being measured at amortised
cost or 'fair value through other comprehensive income' (FVTOCI), are measured
at 'fair value through profit or loss' (FVTPL).

 

Financial assets at FTVPL, are measured at fair value at the end of each
reporting period, with any fair value gains or losses recognised in profit or
loss. Fair value is determined by using market observable inputs and data as
far as possible. Inputs used in determining fair value measurements are
categorised into different levels based on how observable the inputs used in
the valuation technique utilised are (the 'fair value hierarchy'):

 

- Level 1: Quoted prices in active markets for identical items (unadjusted)

- Level 2: Observable direct or indirect inputs other than Level 1 inputs

- Level 3: Unobservable inputs (i.e. not derived from market data).

 

The classification of an item into the above levels is based on the lowest
level of the inputs used that has a significant effect on the fair value
measurement of the item. Transfers of items between levels are recognised in
the period they occur.

 

(c)   Impairment of financial assets

The Group recognises an allowance for expected credit losses (ECLs) for all
debt instruments not held at fair value through profit or loss. ECLs are based
on the difference between the contractual cash flows due in accordance with
the contract and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective interest rate (EIR).
The expected cash flows will include cash flows from the sale of collateral
held or other credit enhancements that are integral to the contractual terms.

 

ECLs are recognised in two stages. For credit exposures for which there has
not been a significant increase in credit risk since initial recognition, ECLs
are provided for credit losses that result from default events that are
possible within the next 12-months (a 12-month ECL). For those credit
exposures for which there has been a significant increase in credit risk since
initial recognition, a loss allowance is required for credit losses expected
over the remaining life of the exposure, irrespective of the timing of the
default (a lifetime ECL).

 

For trade receivables (not subject to provisional pricing) and other
receivables due in less than 12 months, the Group applies the simplified
approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Group
does not track changes in credit risk, but instead, recognises a loss
allowance based on the financial asset's lifetime ECL at each reporting date.

 

The Group considers a financial asset in default when contractual payments are
90 days past due. However, in certain cases, the Group may also consider a
financial asset to be in default when internal or external information
indicates that the Group is unlikely to receive the outstanding contractual
amounts in full before taking into account any credit enhancements held by the
Group. A financial asset is written off when there is no reasonable
expectation of recovering the contractual cash flows and usually occurs when
past due for more than one year and not subject to enforcement activity.

 

At each reporting date, the Group assesses whether financial assets carried at
amortised cost are credit impaired. A financial asset is credit-impaired when
one or more events that have a detrimental impact on the estimated future cash
flows of the financial asset have occurred.

 

(d) Derecognition

The Group derecognises a financial asset only when the contractual rights to
the cash flows from the asset expire, or when it transfers the financial asset
and substantially all the risks and rewards of ownership of the asset to
another entity.

 

On derecognition of a financial asset measured at amortised cost, the
difference between the asset's carrying amount and the sum of the
consideration received and receivable is recognised in profit or loss. This is
the same treatment for a financial asset measured at fair value through profit
or loss (FVTPL).

2.12.       Financial liabilities

Financial liabilities are classified, at initial recognition, as financial
liabilities at fair value through profit or loss, loans and borrowings,
payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate. All financial liabilities are recognised initially at
fair value and, in the case of loans and borrowings and payables, net of
directly attributable transaction costs. The Group's financial liabilities
include trade and other payables and loans.

 

Subsequent measurement

 

The measurement of financial liabilities depends on their classification, as
described below:

 

Financial liabilities at fair value through profit or loss

 

Financial liabilities at fair value through profit or loss include financial
liabilities held for trading and financial liabilities designated upon initial
recognition as at fair value through profit or loss. Financial liabilities are
classified as held for trading if they are incurred for the purpose of
repurchasing in the near term. This category also includes derivative
financial instruments entered into by the Group that are not designated as
hedging instruments in hedge relationships as defined by IFRS 9. Separated
embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments. Gains or losses on liabilities
held for trading are recognised in the statement of profit or loss and other
comprehensive income.

 

Trade and other payables

 

After initial recognition, trade and other payables are subsequently measured
at amortised cost using the EIR method. Gains and losses are recognised in the
statement of profit or loss and other comprehensive income when the
liabilities are derecognised, as well as through the EIR amortisation process.

 

Amortised cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR
amortisation is included as finance costs in the statement of profit or loss
and other comprehensive income.

 

Derecognition

 

A financial liability is derecognised when the associated obligation is
discharged or cancelled or expires.

 

When an existing financial liability is replaced by another from the same
lender on substantially different terms, or the terms of an existing liability
are substantially modified, such an exchange or modification is treated as the
derecognition of the original liability and the recognition of a new
liability. The difference in the respective carrying amounts is recognised in
profit or loss and other comprehensive income.

 

A financial liability is derecognised when the obligation under the liability
is discharged or cancelled or expires.

 

Financial liabilities included in trade and other payables are recognised
initially at fair value and subsequently at amortised cost.

 

2.13.       Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

 

2.14.       Equity

Equity comprises the following:

·      "Share capital" represents the nominal value of the Ordinary
shares;

·      "Share Premium" represents consideration less nominal value of
issued shares and costs directly attributable to the issue of new shares;

·      "Other reserves" represents the merger reserve, foreign currency
translation reserve, redemption reserve and share option reserve where;

o  "Merger reserve" represents the difference between the fair value of an
acquisition and the nominal value of the shares allotted in a share exchange;

o  "Foreign currency translation reserve" represents the translation
differences arising from translating the financial statement items from
functional currency to presentational currency;

o  "Reverse acquisition reserve" represents a non-distributable reserve
arising on the acquisition of Finland Investments Limited;

o  "Capital redemption reserve" represents a non-distributable reserve made
up of share capital;

o  "Share option reserve" represents share options awarded by the group;

·      "Retained earnings" represents retained losses.

 

2.15.       Share capital, share premium and deferred shares

Ordinary shares are classified as equity. Incremental costs directly
attributable to the issue of new shares or options are shown in equity, as a
deduction, net of tax, from the proceeds provided there is sufficient premium
available. Should sufficient premium not be available placing costs are
recognised in the Income Statement.

 

Deferred shares are classified as equity. Deferred shares have no rights to
receive dividends, or to attend or vote at general meetings of the Company and
are only entitled to a return of capital after payment to holders of new
ordinary shares of £100,000 per each share held.

 

2.16.       Share based payments

The Group operates a number of equity-settled, share-based schemes, under
which the Group receives services from employees or third party suppliers as
consideration for equity instruments (options and warrants) of the Group. The
fair value of the third party suppliers' services received in exchange for the
grant of the options is recognised as an expense in the Income Statement or
charged to equity depending on the nature of the service provided. The value
of the employee services received is expensed in the Income Statement and its
value is determined by reference to the fair value of the options granted:

 

·      including any market performance conditions;

·      excluding the impact of any service and non-market performance
vesting conditions (for example, profitability or sales growth targets, or
remaining an employee of the entity over a specified time period); and

·      including the impact of any non-vesting conditions.

 

The fair value of the share options and warrants are determined using the
Black Scholes valuation model.

 

Non-market vesting conditions are included in assumptions about the number of
options that are expected to vest. The total expense or charge is recognised
over the vesting period, which is the period over which all of the specified
vesting conditions are to be satisfied. At the end of each reporting period,
the entity revises its estimates of the number of options that are expected to
vest based on the non-market vesting conditions. It recognises the impact of
the revision to original estimates, if any, in the Income Statement or equity
as appropriate, with a corresponding adjustment to a separate reserve in
equity.

 

When the options are exercised, the Group issues new shares. The proceeds
received, net of any directly attributable transaction costs, are credited to
share capital (nominal value) and share premium when the options are
exercised.

 

2.17.       Taxation

No current tax is yet payable in view of the losses to date. During the year
ended 31 December 2024, the Company received £nil (2023: £61,343) in
Research and Development ("R&D") tax credits.

 

Deferred tax is recognised using the liability method in respect of temporary
differences arising from differences between the carrying amount of assets and
liabilities in the consolidated financial statements and the corresponding tax
bases used in the computation of taxable profit. However, deferred tax
liabilities are not recognised if they arise from the initial recognition of
goodwill; deferred tax is not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a business
combination that at the time of the transaction affects neither accounting nor
taxable profit or loss.

 

In principle, deferred tax liabilities are recognised for all taxable
temporary differences and deferred tax assets (including those arising from
investments in subsidiaries), are recognised to the extent that it is probable
that taxable profits will be available against which deductible temporary
differences can be utilised.

 

Deferred income tax assets are recognised on deductible temporary differences
arising from investments in subsidiaries only to the extent that it is
probable the temporary difference will reverse in the future and there is
sufficient taxable profit available against which the temporary difference can
be used.

 

Deferred tax assets and liabilities are offset when there is a legally
enforceable right to offset current tax assets against current tax liabilities
and when the deferred tax assets and liabilities relate to income taxes levied
by the same taxation authority on either the same taxable entity or different
taxable entities where there is an intention to settle the balances on a net
basis.

 

Deferred tax is calculated at the tax rates (and laws) that have been enacted
or substantively enacted by the statement of financial position date and are
expected to apply to the period when the deferred tax asset is realised or the
deferred tax liability is settled.

 

Deferred tax assets and liabilities are not discounted.

 

3.   Financial risk management

3.1. Financial risk factors

The Group's activities expose it to a variety of financial risks: market risk
(foreign currency risk, price risk and interest rate risk), credit risk and
liquidity risk. The Group's overall risk management programme focuses on the
unpredictability of financial markets and seeks to minimise potential adverse
effects on the Group's financial performance. None of these risks are hedged.

 

Risk management is carried out by the London based management team under
policies approved by the Board of Directors.

 

Market risk

(a) Foreign currency risk

The Group operates internationally and is exposed to foreign exchange risk
arising from various currency exposures, primarily with respect to the Euro,
Danish Krone and the British Pound. Foreign exchange risk arises from future
commercial transactions, recognised assets and liabilities and net investments
in foreign operations.

 

The Group negotiates all material contracts for activities in relation to its
subsidiaries in either British Pounds, Euros, United States Dollar or Danish
Krone. The Group does not hedge against the risks of fluctuations in exchange
rates. The volume of transactions is not deemed sufficient to enter into
forward contracts as most of the foreign exchange movements result from the
retranslation of intercompany loans. The Group has sensitised the figures for
fluctuations in foreign exchange rates, as the Directors acknowledge that, at
the present time, the foreign exchange retranslations have resulted in rather
higher than normal fluctuations which are separately disclosed and is
predominantly due to the exceptional nature of the Euro exchange rate in the
last two years in the current economic climate. Further detail is in note 3.3.

 

(b) Price risk

The Group is not exposed to commodity price risk as a result of its
operations, which are still in the exploration phase. The Directors will
revisit the appropriateness of this policy should the Group's operations
change in size or nature.

 

The Group has exposure to equity securities price risk, as it holds listed
equity investments.

 

Credit risk

Credit risk arises from cash and cash equivalents as well as outstanding
receivables. Management does not expect any losses from non-performance of
these receivables. The amount of exposure to any individual counter party is
subject to a limit, which is assessed by the Board.

 

The Group considers the credit ratings of banks in which it holds funds in
order to reduce exposure to credit risk.

 

Liquidity risk

In keeping with similar sized mineral exploration groups, the Group's
continued future operations depend on the ability to raise sufficient working
capital through the issue of equity share capital or debt. The Directors are
reasonably confident that adequate funding will be forthcoming with which to
finance operations. Controls over expenditure are carefully managed.

 

With exception to deferred taxation, financial liabilities are all due within
one year.

 

3.2. Capital risk management

The Group's objectives when managing capital are to safeguard the Group's
ability to continue as a going concern, to enable the Group to continue its
exploration and evaluation activities, and to maintain an optimal capital
structure to reduce the cost of capital. In order to maintain or adjust the
capital structure, the Group may adjust the issue of shares or sell assets to
reduce debts.

 

At 31 December 2024 the Group had borrowings of £nil (31 December 2023:
£nil) and defines capital based on the total equity of the Company. The Group
monitors its level of cash resources available against future planned
exploration and evaluation activities and may issue new shares in order to
raise further funds from time to time.

 

Given the Group's level of debt versus its cash at bank and cash equivalents,
the gearing ratio is immaterial.

 

3.3. Sensitivity analysis

On the assumption that all other variables were held constant, and in respect
of the Group and the Company's expenses the potential impact of a 10%
increase/decrease in the UK Sterling:Euro and UK Sterling:DKK Foreign exchange
rates on the Group's loss for the period and on equity is as follows:

 

 Potential impact on Euro expenses: 2024       (Loss)/profit before tax for the year ended     Equity before tax for the year ended

                                               31 December 2024                                31 December 2024
                                               Group                   Company                 Group                Company
 Increase/(decrease) in foreign exchange rate  £                       £                       £                    £
 10%                                           (10,021,516)            (8,704,742)             33,226,548           41,088,363
 -10%                                          (9,101,312)             (8,704,742)             32,706,652           41,088,363

 Potential impact on DKK expenses: 2024        Loss before tax for the year ended              Equity before tax for the year ended

                                               31 December 2024                                31 December 2024
                                               Group                   Company                 Group                Company
 Increase/(decrease) in foreign exchange rate  £                       £                       £                    £
 10%                                           (9,599,201)             (8,704,742)             33,849,005           41,088,363
 -10%                                          (9,523,627)             (8,704,742)             32,084,195           41,088,363

 

4.   Critical accounting estimates and judgements

The preparation of the Financial Statements in conformity with UK adopted IAS
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amount of
expenses during the period. Actual results may vary from the estimates used to
produce these Financial Statements.

 

Estimates and judgements are regularly evaluated and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.

 

Items subject to such estimates and assumptions, that have a significant risk
of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial years, include but are not limited to:

 

Impairment of intangible assets - exploration and evaluation costs

Exploration and evaluation costs have a carrying value at 31 December 2024 of
£25,587,568 (2023: £31,237,336). Such assets have an indefinite useful life
as the Group has a right to renew exploration licences and the asset is only
amortised once extraction of the resource commences. Management tests for
impairment annually whether exploration projects have future economic value in
accordance with the accounting policy stated in note 2.7. Each exploration
project is subject to an annual review by either a consultant or senior
company geologist to determine if the exploration results returned during the
period warrant further exploration expenditure and have the potential to
result in an economic discovery. This review takes into consideration long
term metal prices, anticipated resource volumes and supply and demand outlook.
In the event that a project does not represent an economic exploration target,
results indicate there is no additional upside a decision will be made to
discontinue exploration or impairment indicators under IFRS 6 are identified,
an impairment charge will then be recognised in the Income Statement.

 

Useful economic lives of property, plant and equipment

The annual depreciation charge for property, plant and equipment is sensitive
to changes in the estimated useful economic lives and residual values of the
assets, taking into account that the assets are not used throughout the whole
year due to the seasonality of the licence locations. The useful economic
lives and residual values are re-assessed annually. They are amended when
necessary to reflect current estimates, based on economic utilisation and the
physical condition of the assets. See note 6 for the carrying amount of the
property plant and equipment and note 2.9 for the useful economic lives for
each class of assets.

 

Share based payment transactions

The Group has made awards of options and warrants over its unissued share
capital to certain Directors, employees and consultants as part of their
remuneration package. Certain warrants have also been issued to shareholders
as part of their subscription for shares and suppliers for various services
received. In the year ended 31 December 2024, 211,500,000 share options and
warrants were issued to Directors, employees and consultants (2023: £nil).

 

The valuation of these options and warrants involves making a number of
critical estimates relating to price volatility, future dividend yields,
expected life of the options and forfeiture rates. These assumptions have been
described in more detail in Note 19.

 

5.   Segment information

Management has determined the operating segments based on reports reviewed by
the Board of Directors that are used to make strategic decisions. During the
period the Group had interests in three geographical segments: the United
Kingdom, Greenland and Finland. Activities in the UK are mainly administrative
in nature whilst the activities in Greenland and Finland relate to exploration
and evaluation work.

 

The Group had no turnover during the period.

 

 2024                                                                           Greenland     Finland        UK             Total

                                                                                £             £              £              £
 Revenue                                                                        -             -              -              -
 Cost of sales                                                                  (35,887)      -              -              (35,887)
 Administrative expenses                                                         (500,389)     (73,258)       (1,688,738)    (2,262,385)
 Impairment                                                                     -              (4,573,111)    (328,947)      (4,902,058)
 Share of earnings from joint venture                                           (18,114)      -              -              (18,114)
 Decrease in share of net asset                                                 (198,694)     -              -              (198,694)
 Valuation losses on fair value through profit and loss equity investments      -             -              (1,390,625)    (1,390,625)
 Other net gains/(losses)                                                        624           8,469         (877,556)      (868,463)
 Foreign exchange                                                                -             -              (369)          (369)
 Finance expense                                                                 985           (4,543)        1,895          (1,663)
 Other income                                                                    75,424        41,420         -              116,844
 Loss before tax per reportable segment                                         (676,051)      (4,601,023)    (4,284,340)   (9,561,414)
 Additions to intangible asset                                                  492,558        300,394        -             792,952
 Reportable segment assets                                                       29,816,111   1,690,225        2,647,614    34,153,950

 

 

 2023                                                                           Greenland     Finland        UK           Total

                                                                                £             £              £            £
 Revenue                                                                         -             -              -            -
 Cost of sales                                                                   213,523       -              -            213,523
 Administrative expenses                                                         548,395       131,464       949,414      1,629,273
 Impairment                                                                     -             -               3,535,254    3,535,254
 Share of earnings from joint venture                                            13,779        -              -            13,779
 Increase in share of net asset                                                  (283,697)     -              -           (283,697)
 Valuation losses on fair value through profit and loss equity investments      -             -               1,468,750    1,468,750
 Other net gains/(losses)                                                        (20,719)     (4,365,970)    (44,830)      (4,431,519)
 Foreign exchange                                                                -             -              53,318       53,318
 Finance expense                                                                 (3,503)       1,975          (5,511)      (7,039)
 Other income                                                                    (219,825)     (101,100)      -            (320,925)
 (Profit)/loss before tax per reportable segment                                 247,953       (4,333,631)   5,956,395    1,870,717
 Additions to PP&E                                                               87,815        -              13,425       101,240
 Additions to intangible asset                                                   2,875,772     707,184        -            3,582,956
 Reportable segment assets                                                       31,450,603    6,210,310      2,859,641    40,520,554

 

 

6.   Property, plant and equipment

 Group
                                        Software    Machinery & equipment      Office equipment  Total

                                        £           £                          £                 £
 Cost
 As at 1 January 2023                   61,234      3,472,020                  84,491            3,617,745
 Exchange Differences                   -           (73,952)                   (2,666)           (76,618)
 Additions                              -           87,815                     13,425            101,240
 Disposals                              (43,819)    (104,731)                  (45,539)          (194,089)
 As at 31 December 2023                 17,415      3,381,152                  49,711            3,448,278
 As at 1 January 2024                   17,415      3,381,152                  49,711            3,448,278
 Exchange Differences                   -           (128,968)                  (244)             (129,212)
 Disposals                              -           (89,246)                   (31,983)          (121,229)
 As at 31 December 2024                 17,415      3,162,938                  17,484            3,197,837

 Depreciation
 As at 1 January 2023                   53,816      1,780,426                  65,166            1,899,408
 Charge for the year                     5,437       333,319                    7,504             346,260
 Disposals                               (43,819)    (96,367)                   (43,386)          (183,572)
 Exchange differences                   -           (39,144)                   -                 (39,144)
 As at 31 December 2023                  15,434      1,978,234                  29,284           2,022,952
 As at 1 January 2024                    15,434      1,978,234                  29,284           2,022,952
 Charge for the year                    1,981       302,685                    8,162              312,828
 Disposals                               -          (89,246)                    (23,222)          (112,468)
 Exchange differences                    -           (77,410)                  -                 (77,410)
 As at 31 December 2024                  17,415      2,114,263                  14,224            2,145,902
 Net book value as at 31 December 2023   1,981       1,402,918                  20,427           1,425,326
 Net book value as at 31 December 2024  -           1,048,675                  3,260             1,051,935

 

Depreciation expense of £312,828 (31 December 2023: £346,260) for the Group
has been charged in administration expenses.

 Company
                                        Software      Office equipment  Total

                                        £             £                 £
 Cost
 As at 1 January 2023                   61,234        76,346            137,580
 Additions                              -              13,425           13,425
 Disposals                              (43,819)       (45,539)         (89,358)
 As at 31 December 2023                 17,415        44,232            61,647
 As at 1 January 2024                   17,415        44,232            61,647
 Disposals                              -             (27,305)          (27,305)
 As at 31 December 2024                 17,415        16,927            34,342

 Depreciation
 As at 1 January 2023                   53,816        57,534            111,350
 Charge for the year                    5,437         9,964             15,401
 Disposals                              (43,819)      (43,386)          (87,205)
 As at 31 December 2023                 15,434        24,112            39,546
 As at 1 January 2024                   15,434        24,112            39,546
 Charge for the year                    1,981         8,208             10,189
 Disposals                              -             (18,544)          (18,544)
 As at 31 December 2024                 17,415        13,776            31,191
 Net book value as at 31 December 2023  1,981         20,120            22,101
 Net book value as at 31 December 2024  -             3,151             3,151

 

Depreciation expense of £10,189 (31 December 2023: £15,401) for the Company
has been charged in administration expenses.

 

7.   Intangible assets

Intangible assets comprise exploration and evaluation costs. Exploration and
evaluation assets are measured at cost. Once the pre-production phase has been
entered into, the exploration and evaluation assets will cease to be
capitalised and commence amortisation.

                                                                Group
 Exploration & Evaluation Assets - Cost and Net Book Value      31 December  31 December

                                                                2024         2023

                                                                £            £
 Cost
 As at 1 January                                                40,768,566   40,723,713
 Additions                                                      792,952      3,582,956
 Disposal of FinnAust Mining Northern Oy                        -            (2,877,609)
 Reclassification of restricted cash (Note 12)                  (222,854)    -
 Movement in restricted cash (reclassified) (Note 12)           2,032        -
 Exchange differences                                           (1,319,840)  (660,494)
 As at year end                                                 40,020,856   40,768,566
 Provision for impairment
 As at 1 January                                                9,531,230    8,873,585
 Disposal of FinnAust Mining Northern Oy                        -            (2,877,609)
 Impairments                                                    4,902,058    3,535,254
 As at year end                                                 14,433,288   9,531,230
 Net book value                                                 25,587,568   31,237,336

 

During the year ended 31 December 2018, the Directors concluded that an
impairment charge of £2,877,609 was prudent in relation to the FinnAust
Mining Northern Oy exploration assets. The impairment charge was recognised as
being the difference between the fair value of the intangibles and the
carrying amount. On 31 July 2023, the Company sold the entirety of its
shareholding in FinnAust Mining Northern Oy to Metals One Plc and following
the disposal, the impairment charge was eliminated.

 

The Dundas project in Greenland has a current JORC compliant mineral resource
of 29.7 million tonnes at 1.99% ilmenite (in-situ). Exploration projects in
Finland and the Disko project in Greenland are at an early stage of
development and there are no JORC (Joint Ore Reserves Committee) or non-JORC
compliant resource estimates available to enable value in use calculations to
be prepared. The Directors therefore undertook an assessment of the following
areas and circumstances that could indicate the existence of impairment:

 

·      The Group's right to explore in an area has expired, or will
expire in the near future without renewal;

·      No further exploration or evaluation is planned or budgeted for;

·      A decision has been taken by the Board to discontinue exploration
and evaluation in an area due to the absence of a commercial level of
reserves; or

·      Sufficient data exists to indicate that the book value will not
be fully recovered from future development and production.

 

Further, following an in-depth assessment of deficiencies in the 2022 work
programs at Dundas, alongside consultations with various independent
consultants, the Company determined that sufficient evidence existed to
warrant the reinstatement of the 2019 Mineral Resource Estimate (MRE) at the
Dundas Ilmenite Project. The Company is now evaluating a number of strategic
alternatives for the project, including expanding the license package to cover
historical copper showings in the area.

 

2023

Following their assessment, the Directors concluded that an impairment charge
of £3,535,254 was prudent in relation to the Disko exploration assets,
Thunderstone and Kangerluarsuk, for the year ended 31 December 2023. The
impairment charge was recognised as being the difference between the fair
value of the intangibles and their carrying amounts. Disko continued to focus
on the joint venture with Kobold Metals. Following their assessment, the
Directors concluded that no further impairment charge was required as at 31
December 2023.

 

2024

Following their assessment, the Directors concluded that an impairment charge
of £328,957 relating to additions occurred during 2024 was prudent in
relation to the Disko exploration assets, Thunderstone and Kangerluarsuk.
Additionally, following the relinquishment of the Enonkoski licence (FinnAust
Mining Finland Oy) during the year, the Directors determined that an
impairment charge of £442,957 was necessary for the year ended 31 December
2024. Furthermore, the Directors determined that an impairment charge of
£4,130,144 was required in relation to the Hammaslahti and Outokumpu licences
(FinnAust Mining Finland Oy) to represent the impairment necessary to bring
the carrying value down to the net recoverable amount (Note 31). These
impairment charges totalling £4,902,058 were recognised as the difference
between the fair value of the intangibles and their carrying amounts.

 

8.   Fair Value Through Profit And Loss Equity Investments

During the year ended 31 December 2023, 80 Mile received shares 62,500,000 new
Ordinary Shares in Metals One Plc following its admission to AIM.

                                                     £
 1 January 2023                                      -
 Additions at cost                                   3,125,000
 Change in fair value recognised in profit and loss  (1,468,750)
 31 December 2023                                    1,656,250
 1 January 2024                                      1,656,250
 Additions at cost                                   -
 Change in fair value recognised in profit and loss  (1,390,625)
 31 December 2024                                    265,625

 

Fair value through profit and loss equity investments include the following:

                                             31 December 2024  31 December 2023

                                             £                 £
 Quoted: Equity securities - United Kingdom  265,625           1,656,250

The fair value of quoted securities is based on published market prices of
£0.00425 as at 31 December 2024 (31 December 2023: £0.02650).

 

All assets and liabilities for which fair value is measured are categorised
within the fair value hierarchy. The fair value hierarchy prioritises the
inputs to valuation techniques used to measure fair value. The Group uses the
following hierarchy for determining and disclosing the fair value of financial
instruments and other assets and liabilities for which the fair value was
used:

·      level 1: quoted prices in active markets for identical assets or
liabilities;

·      level 2: inputs other than quoted prices included in level 1 that
are observable for the asset or liability, either directly (as prices) or
indirectly (derived from prices); and

·      level 3: inputs for the asset or liability that are not based on
observable market data (unobservable inputs).

 

The following tables set forth, by level, equity investments measured at fair
value on a recurring basis as 31 December:

 

                     Quoted Prices in Active Markets for Identical Assets and Liabilities  Significant Other Observable Inputs  Significant Unobservable Inputs

                     (Level 1)                                                             (Level 2)                            (Level 3)

                     £                                                                     £                                    £
 Equity securities:
 31 December 2023    1,656,250                                                             -                                    -
 31 December 2024    265,625                                                               -                                    -

 

9.   Investments in subsidiary undertakings

                                        Company
                                        31 December  31 December

                                        2024         2023

                                        £            £
 Shares in Group Undertakings
 At beginning of period                 558,342      558,342
 At end of period                       558,342      558,342
 Loans to Group undertakings (Note 29)  38,426,094   42,000,536
 Total                                  38,984,436   42,558,878

 

Investments in Group undertakings are stated at cost, which is the fair value
of the consideration paid, less any impairment provision.

 

Subsidiaries

 Name of subsidiary                Registered office address                                                    Country of incorporation and place of business  Proportion of ordinary shares held by parent (%)  Proportion of ordinary shares held by the Group (%)  Nature of business
 Centurion Mining Limited          6 Heddon Street, London, W1B 4BT                                             United Kingdom                                  100%                                              100%                                                 Dormant
 Centurion Universal Limited       6 Heddon Street, London, W1B 4BT                                             United Kingdom                                  100%                                              100%                                                 Holding
 Finland Investments Limited       6 Heddon Street, London, W1B 4BT                                             United Kingdom                                  100%                                              100%                                                 Holding
 FinnAust Mining Finland Oy ((1))  Kummunkatu 23,                                                               Finland                                         Nil                                               100%                                                 Exploration

FI-83500 Outokumpu, Finland
 Disko Exploration Limited         6 Heddon Street, London, W1B 4BT                                             United Kingdom                                  100%                                              100%                                                 Exploration
 Dundas Titanium A/S               c/o Nuna Advokater ApS, Qullilerfik 2, 6, Postboks 59, Nuuk 3900, Greenland  Greenland                                       Nil                                               100%                                                 Exploration

 

All subsidiary undertakings, except FinnAust Mining Finland Oy ((1)), are
included in the consolidation.

 

(1)  Subsequent to year end,( ) the Company entered into a Share Purchase
Agreement with Metals One PLC ("Metals One") to sell the entirety of its
shareholding in FinnAust Mining Finland Oy. The consideration for this
transaction is £250,000 in cash, less any working capital adjustment, and the
issuance of such a number of ordinary shares in the capital of Metals One
("Consideration Shares") that equalled ten percent of the issued share
capital, augmented by the issue of new ordinary shares pursuant to the
exercise of all warrants, the conversion of all convertible loan notes, and
the issuance of new shares to Metals One investors pursuant to a retail offer.

The proportion of the voting rights in the subsidiary undertakings held
directly by the parent company do not differ from the proportion of ordinary
shares held.

 

10. Investments in Joint Venture

During the 2021 financial year, Disko Exploration Ltd entered into a joint
venture agreement with Kobold Metals to drill in Greenland for critical
materials used in electric vehicles. On 1 February 2022, the joint venture
company, Nikkeli Greenland AS ("Nikkeli"), was incorporated and the specific
licence's were transferred to Nikkeli.

                                                                                                                                                         Proportion of ownership interest held

 Name                     Registered office address                                                    Country of incorporation and place of business    31 December 2024      31 December 2023
 Nikkeli Greenland A/S    c/o Nuna Advokater ApS, Qullilerfik 2, 6, Postboks 59, Nuuk 3900, Greenland  Greenland                                         49%                   49%

 

                                            2024       2023

                                            £          £
 At 1 January                               4,740,705  4,470,787
 Interest in joint venture                  -          -
 Share of loss in joint venture             (18,114)   (13,779)
 (Decrease)/increase in share of net asset  (198,694)  283,697
 As at 31 December                          4,523,897  4,740,705

Summarised financial information

                                             2024       2023

                                             £          £
 Opening net assets                          9,674,909  9,124,054
 Additions in property, plant and equipment  7,846      552,991
 Loss for the period                         (18,114)   (13,779)
 Other comprehensive income                  -          -
 Foreign exchange differences                (432,199)  11,643
 Closing net assets                          9,232,442  9,674,909
 Interest in joint venture at 49%            4,523,897  4,740,705
 Carrying value                              4,523,897  4,740,705

                                             2024       2023

                                             £          £
 Revenues                                    -          -
 Loss after tax from continuing operations   (36,968)   (28,121)
                                             (36,968)   (28,121)

                                             2024       2023

                                             £          £
 Current assets                              -          76,516
 Non-current assets                          9,263,546  9,598,393
 Current liabilities                         (31,104)   -
                                             9,232,442  9,674,909

The financial statements of the JV are prepared for the same reporting period
as the Company. When necessary, adjustments are made to bring the accounting
policies in line with those of the Company (refer to note 2.3.b).

 

(Decrease)/increase in share of net assets is a non-cash adjustment to
increase the Company's ownership in the Joint Venture to 49% from additional
contributions by the JV Partner (refer to note 2.8).

 

Nikkeli Greenland A/S had no contingent liabilities or commitments as at 31
December 2024 (2023: £nil).

 

Subsequent to the reporting date, on 1 January 2025, the Group's ownership
interest in the joint venture increased to 100%, as disclosed in Note 31.

 

11. Trade and other receivables

                                     Group                         Company
 Current                             31 December  31 December      31 December  31 December

                                     2024         2023             2024         2023

                                     £            £                £            £
 Receivable from related party       25,743       39,107           -            -
 Amounts owed by Group undertakings  -            -                94,268       373,847
 Prepayments                         96,202       65,761           87,575       58,522
 VAT receivable                      73,813       19,281           56,345       -
 Other receivables                   1,688,165    1,136,088        1,639,598    1,100,000
 Total                               1,883,923    1,260,237        1,877,786    1,532,369

 

'Other receivables' in both the Group and Company includes £135,000 (2023:
£1,100,000) of consideration payable by Metals One Plc following the
disposal, by the Company, of FinnAust Mining Northern Oy during the year ended
31 December 2023. An impairment of £915,000 was recognised during the year
ended 31 December 2024 (2023: £Nil), due to a decrease in the Metal One's
share price, which affected the value of the deferred consideration.

 

The fair value of all receivables is the same as their carrying values stated
above.

 

At 31 December 2024 all trade and other receivables were fully performing. No
ageing analysis is considered necessary as the Group has no significant trade
receivable receivables which would require such an analysis to be disclosed
under the requirements of IFRS 7. None of the amounts above are overdue or
impaired.

 

The carrying amounts of the Group and Company's trade and other receivables
are denominated in the following currencies:

 

               Group                         Company
               31 December  31 December      31 December  31 December

               2024         2023             2024         2023

               £            £                £            £
 UK Pounds     1,823,687     1,182,628       1,877,786    1,532,369
 Euros         40,294        56,100          -            -
 Danish Krone  19,942        21,509          -            -
               1,883,923     1,260,237       1,877,786    1,532,369

The maximum exposure to credit risk at the reporting date is the carrying
value of each class of receivable mentioned above. The Group does not hold any
collateral as security.

 

12. Cash and cash equivalents

                           Group                         Company
                           31 December  31 December      31 December  31 December

                           2024         2023             2024         2023

                           £            £                £            £
 Cash at bank and in hand  414,968      200,700          392,147      17,550
 Restricted cash           222,854      -                -            -
                           637,822      200,700          392,147      17,550

 

All the UK entities cash at bank is held with institutions with an AA- credit
rating. The Finland and Greenland entities cash at bank is held with
institutions whose credit rating is unknown.

 

Included within the cash balance is £222,854 of restricted cash that has been
deposited as security for the Company's remediation obligations under the
Mineral Resources Act. This classification was not made in the prior year. In
2023, the restricted cash was presented within Intangible Assets (Note 7);
however, it has been reclassified to Cash and Cash Equivalents in 2024 to more
accurately reflect its nature.

 

The carrying amounts of the Group and Company's cash and cash equivalents are
denominated in the following currencies:

 

               Group                         Company
               31 December  31 December      31 December  31 December

               2024         2023             2024         2023

               £            £                £            £
 UK Pounds      404,952      92,906          392,147      17,550
 Euros          9,910        53,304          -            -
 Danish Krone   222,960      36,625          -            -
 US Dollar     -             17,865          -            -
               637,822      200,700          392,147      17,550

 

13. Deferred tax

An analysis of deferred tax liabilities is set out below.

                                                     Group                   Company
                                                     2024     2023           2024  2023

                                                     £        £              £     £
 Deferred tax liabilities
 - Deferred tax liability after more than 12 months  496,045   496,045       -     -
 Deferred tax liabilities                            496,045   496,045       -     -

 

During the year ended 30 June 2016, a deferred tax liability of £373,343
arose as a result of a fair value adjustment on the assets acquired and
liabilities assumed upon the acquisition of 60.37% of the share capital of 80
Mile Limited on 8 March 2016.

 

During the year ended 31 December 2017, a deferred tax liability of £122,702
arose as a result of a fair value adjustment on the assets acquired and
liabilities assumed upon the acquisition of Disko Exploration Limited.

 

The Group has additional capital losses of approximately £8,451,606 (2023:
£8,550,740) and other losses of approximately £8,106,839 (2023: £7,425,016)
available to carry forward against future taxable profits. No deferred tax
asset has been recognised in respect of these tax losses because of
uncertainty over the timing of future taxable profits against which the losses
may be offset.

 

14. Provision

As at 31 December 2024, the Directors recognised a provision of £200,000 in
respect of an obligation to settle a dispute with Capricorn Oil Limited,
regarding a consideration guarantee, from a Share Purchase Agreement entered
into in September 2016. The settlement amount has been agreed upon with the
counterparty and the outflow of economic resources occurred in full during the
first quarter of 2025.

 

15. Trade and other payables

                   Group                         Company
                   31 December  31 December      31 December  31 December

                   2024         2023             2024         2023

                   £            £                £            £
 Trade payables    240,736      250,040          226,410      344,120
 Accrued expenses  230,609      268,050          199,449      164,092
 Other creditors   19,960       129,792          12,103       13,073
                   491,305      647,882          437,962      521,285

 

Trade payables include amounts due of £16,614 (31 December 2023: £90,048) in
relation to exploration and evaluation activities.

 

The carrying amounts of the Group and Company's trade and other payables are
denominated in the following currencies:

               Group                         Company
               31 December  31 December      31 December  31 December

               2024         2023             2024         2023

               £            £                £            £
 UK Pounds      426,031      338,529          418,549      363,765
 Euros          22,257       123,161          8,904        3,082
 Danish Krone  43,017       186,192           10,509       154,438
               491,305      647,882          437,962       521,285

 

16. Share capital and premium

 Group and Company   Number of shares                    Share capital
                     31 December 2024  31 December 2023  31 December 2024  31 December 2023
 Ordinary shares     2,646,655,444     1,195,885,079     264,665           119,588
 Deferred shares     558,104,193       558,104,193       558,104           558,104
 Deferred A shares   68,289,656,190    68,289,656,190    6,828,966         6,828,966
 Total               71,494,415,827    70,043,645,462    7,651,735         7,506,658

 

                                               Number of Ordinary shares             Share capital  Share premium  Total

 Issued at 0.01 pence per share                                                      £              £              £
 As at 1 January 2023                          1,049,714,747                         104,971        60,903,995     61,008,966
 Issue of new shares - 20 February 2023                    5,800,000                  580           -               580
 Issue of new shares - 20 February 2023                    3,798,911                  380           179,620         180,000
 Issue of new shares - 3 July 2023 ((1))                 74,285,707                   7,429         1,234,298       1,241,727
 Issue of new shares - 3 July 2023                            571,429                 57            9,943           10,000
 Issue of new shares - 4 August 2023                       1,714,285                  171           29,829          30,000
 Issue of new shares - 1 September 2023 ((2))            60,000,000                   6,000         558,000         564,000
 As at 31 December 2023                        1,195,885,079                         119,588        62,915,685     63,035,273
 As at 1 January 2024                          1,195,885,079                         119,588        62,915,685     63,035,273
 Issue of new shares - 30 January 2024 ((3))   150,145,715                           15,015         537,539        552,554
 Issue of new shares - 06 February 2024 ((4))  149,854,285                           14,985         558,960        573,945
 Issue of new shares - 06 February 2024        10,178,810                            1,018          70,651         71,669
 Issue of new shares - 22 August 2024 ((5))    583,333,327                           58,333         1,566,667      1,625,000
 Issue of new shares - 31 December 2024 ((6))  557,258,228                           55,726         1,336,576      1,392,302
 As at 31 December 2024                        2,646,655,444                         264,665        66,986,078     67,250,743

 

 (1)   Includes issue costs of £58,272      (4)   Includes issue costs of £25,471

 (2)   Includes issue costs of £36,000      (5)   Includes issue costs of £125,000

 (3)   Includes issue costs of £48,029      (6)   Includes issue costs of £112,296

2023

On 20 February 2023, the Company issued and allotted 5,800,000 new Ordinary
Shares at nominal value and 3,798,911 new Ordinary Shares at a price of 5
pence per share.

 

On 3 July 2023, the Company issued and allotted 74,285,707 new Ordinary Shares
at a price of 1.75 pence per share and 571,429 new Ordinary Shares at a price
of 1.75 pence per share in lieu of fees.

 

On 4 August 2023, the Company issued and allotted 1,714,285 new Ordinary
Shares at a price of 1.75 pence per share.

 

On 1 September 2023, the Company issued and allotted 60,000,000 new Ordinary
Shares at a price of 1 pence per share.

 

2024

On 30 January 2024, the Company issued 150,145,715 Ordinary Shares at a price
of 0.4 pence per share.

 

On 6 February 2024, the Company issued 149,854,285 Ordinary Shares at a price
of 0.4 pence per share and 10,178,810 Ordinary Shares at a price of 0.71 pence
per share in lieu of Directors Settlement fees.

 

On 22 August 2024, the Company issued 583,333,327 Ordinary Shares at a price
of 0.3 pence per share.

 

On 31 December 2024, the Company issued 557,258,228 Ordinary Shares at a price
of 0.27 pence per share.

 

 Deferred Shares (nominal value of 0.1 pence per share)  Number of Deferred shares  Share capital

                                                                                    £
 As at 1 January 2023                                    558,104,193                558,104
 As at 31 December 2023                                  558,104,193                558,104
 As at 1 January 2024                                    558,104,193                558,104
 As at 31 December 2024                                  558,104,193                558,104

 

                                                            Number of Deferred A shares  Share capital

 Deferred A Shares (nominal value of 0.1 pence per share)                                £
 As at 1 January 2023                                       68,289,656,190               6,828,966
 As at 31 December 2023                                     68,289,656,190               6,828,966
 As at 1 January 2024                                       68,289,656,190               6,828,966
 As at 31 December 2024                                     68,289,656,190               6,828,966

 

17. Other reserves

                                                                        Group
                                   Merger reserve  Foreign currency translation reserve      Reverse acquisition reserve  Redemption reserve  Share option reserve  Total

                                   £               £                                         £                            £                   £                     £
 At 1 January 2023                 166,000         1,058,529                                 (8,071,001)                  364,630             846,673               (5,635,169)
 Currency translation differences  -               (731,885)                                 -                            -                   -                     (731,885)
 Forfeited Options                 -               -                                         -                            -                   (119,428)             (119,428)
 Expired Options                   -               -                                         -                            -                   (42,356)              (42,356)
 At 31 December 2023               166,000         326,644                                   (8,071,001)                  364,630             684,889               (6,528,838)
 At 1 January 2024                 166,000         326,644                                   (8,071,001)                  364,630             684,889               (6,528,838)
 Currency translation differences  -               (1,375,855)                               -                            -                   -                     (1,375,855)
 Issued Options                    -               -                                         -                            -                   311,772               311,772
 Expired Options                   -               -                                         -                            -                   -                     -
 At 31 December 2024               166,000         (1,049,211)                               (8,071,001)                  364,630             996,661               (7,592,921)

 

18.  Financial Instruments by Category

 Group                                                31 December 2024                     31 December 2023
                                                      Amortised cost  FVTP    Total        Amortised cost  FVTP           Total
 Assets per Statement of Financial Performance        £               £       £            £               £              £
 Trade and other receivables (excluding prepayments)  1,702,721       85,000  1,787,721     194,476        1,000,000      1,194,476
 Cash and cash equivalents                            637,822         -        637,822     200,700          -             200,700
                                                      2,340,543       85,000  2,425,543    395,176         1,000,000      1,395,176

 

 Group                                                           31 December 2024           31 December 2023
                                                                 Amortised cost  Total      Amortised cost  Total
 Liabilities per Statement of Financial Performance              £               £          £               £
 Trade and other payables (excluding non-financial liabilities)  491,305         491,305    647,882         647,882
                                                                 491,305         491,305    647,882         647,882

 

 Company                                              31 December 2024                   31 December 2023
                                                      Amortised cost  FVTP    Total      Amortised cost  FVTP           Total
 Assets per Statement of Financial Performance        £               £       £          £               £              £
 Trade and other receivables (excluding prepayments)  1,705,211       85,000  1,790,211   473,847        1,000,000      1,473,847
 Cash and cash equivalents                            392,147          -      392,147     17,550          -             17,550
                                                      2,097,358       85,000  2,182,358  491,397         1,000,000      1,491,397

 

 Company                                                         31 December 2024           31 December 2023
                                                                 Amortised cost  Total      Amortised cost  Total
 Liabilities per Statement of Financial Performance              £               £          £               £
 Trade and other payables (excluding non-financial liabilities)  437,962         437,962    521,285         521,285
                                                                 437,962         437,962    521,285         521,285

 

 

19. Share based payments

The Company has established a share option scheme for Directors, employees and
consultants to the Group. Share options and warrants outstanding and
exercisable at the end of the period have the following expiry dates and
exercise prices:

                                                                              Options & Warrants
 Grant Date            Expiry Date        Exercise price in £ per share       31 December 2024  31 December 2023
 10 July 2020          30 July 2025       0.10                                4,400,000         4,400,000
 10 July 2020          30 July 2025       0.15                                1,100,000         1,100,000
 15 February 2021      15 February 2025   0.15                                11,000,000        11,000,000
 15 February 2021      15 February 2025   0.20                                11,000,000        11,000,000
 15 February 2021      15 February 2025   0.25                                11,000,000        11,000,000
 04 April 2024         04 April 2029       0.01                               41,000,000        -
 04 April 2024         04 April 2029       0.02                               41,000,000        -
 04 April 2024         04 April 2029       0.04                               41,000,000        -
 06 September 2024     06 September 2027  0.035                               24,000,000        -
 24 October 2024       24 October 2029    0.01                                64,500,000        -
 7 January 2025 ((1))  7 January 2028     0.0027                              33,435,493        -
                                                                              283,435,493       38,500,000

 

((1)       ) Granted on 7 January 2025 but related to events during the
year ended 31 December 2024.

 

The Company and Group have no legal or constructive obligation to settle or
repurchase the options or warrants in cash.

 

The fair value of the share options and warrants was determined using the
Black Scholes valuation model. The parameters used are detailed
below:

                                2020 Options  2020 Options  2021 Options  2021 Options
 Granted on:                    10/7/2020     10/7/2020     15/2/2021     15/2/2021
 Life (years)                   5 years       5 years       4 years       4 years
 Share price (pence per share)  6.16p         6.16p         9.20p         9.20p
 Risk free rate                 0.5%          0.5%          0.5%          0.5%
 Expected volatility            30.24%        30.24%        61.47%        30.24%
 Expected dividend yield        -             -             -             -
 Marketability discount         20%           20%           20%           20%
 Total fair value (£000)        2.5           26.5          270           173

 

                                2021 Options  2024 Options  2024 Options  2024 Options
 Granted on:                    15/2/2021     4/4/24        4/4/24        4/4/24
 Life (years)                   4 years       5 years       5 years       5 years
 Share price (pence per share)  9.20p         3.10p         3.10p         3.10p
 Risk free rate                 0.5%          4.05%         4.05%         4.05%
 Expected volatility            61.47%        78.04%        78.04%        78.04%
 Expected dividend yield        -             -             -             -
 Marketability discount         20%           20%           20%           20%
 Total fair value (£000)        213           43            29.5          18.5

 

                                2024 Warrants  2024 Options  2024 Warrants
 Granted on:                    6/9/24         24/10/24      7/1/25 ((1))
 Life (years)                   3 years        5 years       3 years
 Share price (pence per share)  3.33p          2.70p         2.70p
 Risk free rate                 4.28%          4.14%         4.30%
 Expected volatility            181.24%        180.12%       69.32%
 Expected dividend yield        -              -             -
 Marketability discount         20%            20%           20%
 Total fair value (£000)        56             129           35

 

((2)       ) Granted on 7 January 2025 but related to events during the
year ended 31 December 2024.

 

The expected volatility of the options is based on historical volatility for
the six months prior to the date of granting.

 

The risk-free rate of return is based on zero yield government bonds for a
term consistent with the option life.

 A reconciliation of options and warrants granted over the year to 31
December 2024 is shown below:

                                     2024                                                   2023
                                     Number       Weighted average exercise price (£)       Number          Weighted average exercise price (£)
 Outstanding at beginning of period  38,500,000   0.1969                                    71,500,000      0.1888
 Expired                             -            -                                          (17,500,000)   0.1469
 Forfeited                           -            -                                          (15,500,000)   0.2161
 Granted                             244,935,493  0.0151                                    -               -
 Outstanding as at period end        283,435,493  0.0371                                    38,500,000      0.1969
 Exercisable at period end           250,000,000  0.0371                                    38,500,000      0.1969

 

                  2024                                                                                                                                                                           2023
 Range of exercise prices (£)      Weighted average exercise price (£)   Number of shares  Weighted average remaining life expected (years)  Weighted average remaining life contracted (years)  Weighted average exercise price (£)   Number of shares  Weighted average remaining life expected (years)  Weighted average remaining life contracted (years)
 0.00 - 0.05                       0.0200                                244,935,493       0.0200                                            4.0834                                              -                                     -                 -                                                 -
 0.05 - 2.00                       0.1969                                38,500,000        0.1969                                            3.5551                                              0.1969                                38,500,000        1.1943                                            1.1943

During the period there was a charge of £311,772 (2023: credit  £119,428)
in respect of share options.

20. Expenses by nature

                                      Group
                                      Year ended    Year ended

                                      31 December   31 December

                                      2024          2023

                                      £             £
 Cost of Sales
 Exploitation licence fees            3,900         161,642
 Other                                31,987        51,881
 Total cost of sales                  35,887        213,523
 Administrative expenses
 Employee expenses                    375,819       421,869
 Establishment expenses               49,308        39,625
 Travel & subsistence                 35,180        21,756
 Professional & consultancy fees      845,601       765,716
 IT & Software                        19,497        24,644
 Insurance                            64,480        74,962
 Depreciation                         317,536       349,792
 Share option expense                 311,772       -
 Share option credit                  -             (119,428)
 Provision expense                    200,000       -
 Other expenses                       43,192        50,337
 Total administrative expenses        2,262,385     1,629,273

 

Services provided by the Company's auditor and its associates

During the year, the Group (including overseas subsidiaries) obtained the
following services from the Company's auditors and its associates:

                                                                                Group
                                                                                Year ended    Year ended

                                                                                31 December   31 December

                                                                                2024          2023

                                                                                £             £
 Fees payable to the Company's auditor and its associates for the audit of the  71,091        69,500
 Parent Company and Consolidated Financial Statements
 Fees payable to the Company's auditor and its associates for the review of     3,000         3,000
 Interim Financial Statements
 Fees payable to the Company's auditor for other services                       700           670

21. Employee benefit expense

                                    Group                           Company
 Staff costs (excluding Directors)  Year ended    Year ended        Year ended    Year ended

                                    31 December   31 December       31 December   31 December

                                    2024          2023              2024          2023

                                    £             £                 £             £
 Salaries and wages                 145,269       210,446           65,539         297,520
 Social security costs              24,094         40,447           23,757         38,905
 Retirement benefit costs           2,976          3,640            2,976          3,640
 Other employment costs             4,130         16,220            -             468
                                    176,469       270,753           92,272        340,533

 

The average monthly number of employees for the Group during the year was 7
(year ended 31 December 2023: 14) and the average monthly number of employees
for the Company was 4 (year ended 31 December 2023: 7).

 

Of the above Group staff costs, £22,305 (year ended 31 December 2023:
£252,313) has been capitalised in accordance with IFRS 6 as exploratory
related costs and are shown as an intangible addition in the year.

 

22. Directors' remuneration

                             Year ended 31 December 2024
                             Short-term benefits             Post-employment benefits  Share based payments  Total

                                                  Accruals
                             £                    £          £                         £                     £
 Executive Directors
 Roderick McIllree (1)       26,250               -          -                         49,988                76,238
 Eric Sondergaard            108,858              -          -                         76,738                185,596
 ( )
 Non-executive Directors
 Michael Hutchinson          75,000               -          -                         6,687                 81,687
 Roderick McIllree (1)       32,500               -          -                         18,947                51,447
 Harry Ansell (2)            26,812               -          -                         -                     26,812
 Troy Whittaker              42,083               5,417      -                         12,260                59,760
                             311,503              5,417      -                         164,620               481,540

 

For the year ending 31 December 2024, a further £23,188 was paid to Harry
Ansell during his non-directorship employment in the year.

 

(1)   Transitioned from a Non-Executive Director to Executive Director on 1
October 2024.

(2)   Resigned on 12 July 2024

                                                            Year ended 31 December 2023
                                    Short-term benefits                Post-employment benefits  Share based payments  Total

                                                            Accruals
                                    £                       £          £                         £                     £
 Executive Directors
 Robert Edwards (1)  60,185                                 57,669     2,658                     -                     120,512
 Bo Møller Stensgaard (1)           122,733                 -          -                         -                     122,733
 Eric Sondergaard (2)               -                       1,107      -                         -                     1,107

 Non-executive Directors
 Peter Waugh (1)                    10,000                  14,000     222                       -                     24,222
 Michael Hutchinson                 12,500                  -          -                         -                     12,500
 Roderick McIllree (2)              -                       553        -                         -                     553
 Harry Ansell (2)                   -                       1,383      -                         -                     1,383
 Troy Whittaker (2)                                         553                                                        553
                                    205,418                 75,265     2,880                     -                     283,563

 

For the year ending 31 December 2023, a further £2,118 was paid to Bo
Stensgaard during his non-directorship employment in the year.

 

(1)   Resigned on 19 December 2023

(2)   Appointed on 19 December 2023

 

Of the above Group directors' remuneration, £117,601 (31 December 2023:
£129,567) has been capitalised in accordance with IFRS 6 as exploratory
related costs and are shown as an intangible addition in the year. The above
figures do not include employer portion of NIC. Directors NIC for the year
ending 31 December 2024 was £17,193 (31 December 2023: £9,292). These have
been included in Note 21.

 

Details of fees paid to Companies and Partnerships of which the Directors
detailed above are Directors and Partners have been disclosed in Note 29.

 

The remuneration of Directors and key executives is determined by the
remuneration committee having regard to the performance of individuals and
market trends.

 

23. Other (losses) / gains

                                                                            Group
                                                                            Year ended                              Year ended

                                                                            31 December                             31 December

                                                                            2024                                    2023

                                                                            £                                       £
 Gain on disposal of property, plant and equipment                          5,966                                   20,291
 Gain on disposal of FinnAust Mining Northern Oy                                             -                      4,296,421
 Valuation losses on fair value through profit and loss equity investments  (1,390,625)                             (1,468,750)
 (Note 8)
 Valuation losses on deferred consideration (1)                             (915,000)                               -
 Other gains                                                                40,571                                  114,807
 Other (losses) / gains                                                     (2,259,088)                             2,962,769

 (1) An impairment of £915,000 was recognised during the year ended 31
 December 2024 (2023: £Nil) in relation to the deferred consideration
 receivable following the sale of FinnAust Mining Finland Oy in 2023. The
 impairment arose due to a decrease in Metals One Plc's share price, which
 affected the value of the deferred consideration.

24. Finance expense / (income)

                                                             Group
                                                             Year ended    Year ended

                                                             31 December   31 December

                                                             2024          2023

                                                             £             £
 Interest (expense) / income from cash and cash equivalents  (1,663)       7,039
 Finance (expense) / Income                                  (1,663)       7,039

 

25. Other Income

                              Group
                              Year ended    Year ended

                              31 December   31 December

                              2024          2023

                              £             £
 Income from related parties  80,165        281,247
 Other income                 36,679        39,678
 Other Income                 116,844       320,925

Nikkeli Greenland A/S, joint venture company, was invoiced £69,513 during the
year ended 31 December 2024 (31 December 2023: £224,141) for management
services provided

 

26. Income tax expense

No charge to taxation arises due to the losses incurred.

 

The tax on the Group's loss before tax differs from the theoretical amount
that would arise using the weighted average tax rate applicable to the losses
of the consolidated entities as follows:

                                                           Group
                                                           Year ended         Year ended

                                                           31 December 2024   31 December 2023

                                                           £                  £
 Loss before tax                                           (9,561,414)        (1,870,717)
 Tax at the applicable rate of 22.59% (2023: 25.08%)       (2,160,302)        (469,251)
 Effects of:
 Expenditure not deductible for tax purposes               74,149             88,198
 Depreciation in excess of/(less than) capital allowances  99,134             111,032
 Net tax effect of losses carried forward                  1,987,019          331,364
 Tax refund                                                -                  61,343

 

The R&D tax credit is based on specific projects undertaken and claims
submitted to HMRC. The reclaim for 2022, totalling of £61,343, was recognised
and paid during the year ended 31 December 2023. Research and development tax
credits are recognised upon receipt of payment from HMRC.

 

The weighted average applicable tax rate of 22.59% (2023: 25.08%) used is a
combination of the 25% standard rate of corporation tax in the UK, 20% Finnish
corporation tax and 25% Greenlandic corporation tax.

 

The Group has a potential deferred income tax asset of approximately
£3,218,891 (2023: £1,231,872) due to tax losses available to carry forward
against future taxable profits. The Company has tax losses of approximately
£8,106,839 (2023: £7,425,016) available to carry forward against future
taxable profits. No deferred tax asset has been recognised on accumulated tax
losses because of uncertainty over the timing of future taxable profits
against which the losses may be offset.

On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the
UK, introducing a global minimum effective tax rate of 15%. The legislation
implements a domestic top-up tax and a multinational top-up tax, effective
for accounting periods starting on or after 31 December 2023. However, this
legislation does not apply to the Group in the financial year beginning 1
January 2024 as its consolidated revenue does not meet the legislation
requirements of being greater than €750m in two of the four
preceding years, the group will continue to monitor the legislation in future
years.

 

27. Earnings per share

Group

The calculation of the total basic earnings per share of (0.57) pence (31
December 2023: (0.16) pence) is based on the loss attributable to equity
holders of the parent company of £9,561,414 (31 December 2023: loss
£1,809,374) and on the weighted average number of ordinary shares of
1,664,901,545 (31 December 2023: 1,117,083,397) in issue during the year.

 

In accordance with IAS 33, basic and diluted earnings per share are identical
for the Group as the effect of the exercise of share options would be to
decrease the earnings per share. Details of share options that could
potentially dilute earnings per share in future periods are set out in Note
19.

 

28. Commitments

License commitments

As at 31 December 2024, 80 Mile owned one mineral exploitation licence (MIN
2021/08) and two mineral exploration licenses, 2015/08, 2020/114, which form
the Dundas project. 80 Mile also owns 2011/31, 2020/03, 2020/06, which are
held by Disko. Further, on 1 January 2025, the Group increased its ownership
interest in Nikkeli from 49% to 100%, acquiring 100% ownership of Nikkeli's
six licences: MEL 2024-30, MEL 2019-116, MEL 2017-01, MEL 2020-10, MEL 2018-16
and MEL 2012-29. These licences include commitments to pay annual licence fees
and minimum spend requirements.

 

As at 31 December 2024 these are as follows:

                                                   Group
 Group                                             License fees  Minimum spend requirement  Total

                                                   £             £                          £
 Not later than one year                            30,892        7,911,195                  7,942,087
 Later than one year and no later than five years   191,717       45,821,453                 46,013,170
 Total                                              222,609       53,732,648                 53,995,257

 

29. Related party transactions

Loans to/(from) Group undertakings

Amounts receivable as a result of loans granted to/(from) subsidiary
undertakings are as follows:

 

                                 Company
                                 31 December  31 December

                                 2024         2023

                                 £            £

 Finland Investments Ltd         (4,424,463)  (4,390,218)
 FinnAust Mining Finland Oy (1)  6,060,038    9,279,549
 Centurion Mining Limited        345          345
 Dundas Titanium A/S             32,766,276   32,139,516
 Disko Exploration Limited       4,023,898    4,971,344
 At 31 December (Note 9)         38,426,094   42,000,536

 

Loans granted to subsidiaries have increased during the year due to additional
loans being granted to the subsidiaries, and foreign exchange gain of
£1,719,898 (31 December 2023: £941,103 loss), given that no loans were
repaid during the year. These amounts are unsecured and repayable in Euros and
Danish Krone on demand from the Company.

 

All intra Group transactions are eliminated on consolidation.

 

(1) The loan granted to FinnAust Mining Finland Oy increased by £468,712
during the year and subsequently impaired by £3,688,223.

 

An additional loan of £3,180 was granted to White Flame Energy Ltd, a company
which was acquired post year end. Refer to Note 31.

 

Other transactions

The Group defines its key management personnel as the Directors of the Company
as disclosed in the Directors' Report.

 

PMW Consultancy Services, operated by Peter Waugh as a sole trader, was paid a
fee of £nil for the year ended 31 December 2024 (31 December 2023: £8,000)
for consulting services to the Company. Peter Waugh resigned from the Company
on 19 December 2023. There was a balance of £nil owing as at 31 December 2023
and 2024.

 

Nikkeli Greenland A/S, joint venture company, was invoiced £69,513 during the
year ended 31 December 2024 (31 December 2023: £224,141) for management
services provided. There was a balance of £25,743 receivable at year end (31
December 2023: £ nil). Nikkeli Greenland A/S show this balance as part of
their contributed capital.

 

30. Ultimate controlling party

The Directors believe there is no ultimate controlling party.

 

31. Events after the reporting date

Acquisition of White Flame Energy Ltd

On 13 January 2025, 80 Mile completed the acquisition of White Flame Energy
Ltd ("White Flame") following the satisfaction of all condition's precedent,
including regulatory approval. The key details of the acquisition are as
follows:

 

Transaction Overview:

80 Mile acquired a controlling interest in White Flame Energy through the
transfer of 179,314,780 shares, representing 96.64% of White Flame's issued
capital. The consideration was satisfied through two allotments of new
Ordinary Shares in 80 Mile:

-       On 13 January 2025, the Company issued 838,710,808 Ordinary
Shares at a price of 0.3127 pence per share to acquire 95.36% of White Flame's
share capital;

-       On 11 March 2025 the Company issued 11,246,910 Ordinary Shares
for 0.3127 pence per share to increase its holding to 96.64%.

 

The acquisition was approved by 80 Mile shareholders at a General Meeting held
on 10 July 2024.

 

Consideration and Control:

The acquisition agreement was structured in two tranches: Tranche 1 related to
the acquisition of up to 51% of White Flame's issued share capital, while
Tranche 2 provided 80 Mile with a three-year option to acquire up to the
remaining 49%. On 13 January 2025, 80 Mile elected to exercise this option
early and proceeded with the acquisition of 95.36% of White Flame's share
capital, with an additional 1.28% acquired on 11 March 2025. Control of White
Flame was deemed to have transferred on 13 January 2025, when all conditions
were met and the share issuance was completed.

 

Related Party Disclosures:

Roderick McIllree and Michael Hutchinson serve as board members of White
Flame. Eric Sondergaard, Managing Director of 80 Mile also holds a
shareholding interest in White Flame. Accordingly, the acquisition of White
Flame constitutes a related party transaction.

 

Acquisition of Hydrogen Valley Ltd Joint Venture

On 16 January 2025, 80 Mile acquired 24% equity interest in Hydrogen Valley
Ltd ("Hydrogen Valley"). The key details of the acquisition are as follows:

 

Transaction Overview:

The Acquisition compromises of four stages:

-       Stage 1: The Company has subscribed for and converted £200,000
of convertible loan notes constituted by Hydrogen Valley. Following conversion
of the £200,000 loan notes, the Company now holds a 5% interest in Hydrogen
Valley;

-       Stage 2: subject to the Resolutions being passed at the General
Meeting, the Company will pay £800,000 in cash and as deferred consideration
allot and issue 423,957,023 new ordinary shares of 80 Mile (equal to 14.5% of
the Issued Ordinary Share Capital of the Company) for a further 19% interest
in Hydrogen Valley;

-       Stage 3: shareholders of Hydrogen Valley have granted to the
Company an option to acquire a further 25% interest in Hydrogen Valley for £1
million in cash and the issue of an additional 423,957,023 new ordinary shares
of 80 Mile equal to 14.5% of the Issued Ordinary Share Capital of 80 Mile;

-       Stage 4: shareholders of Hydrogen Valley have granted the
Company an option to acquire the remaining 51% interest in Hydrogen Valley
through the payment (in either cash and/or ordinary shares of the Company) of
£6.05 million.

The acquisition (other than Stage 1) is conditional, inter alia, on 80 Mile
conducting and being satisfied with the results of, legal, financial, tax and
commercial due diligence on the Hydrogen Valley group and its business, assets
and liabilities and the Placing having completed and Admission having
occurred.

 

Key Dates:

The acquisition was approved by 80 Mile shareholders at a General Meeting held
on 13 January 2025.

 

Consideration and Ownership:

On 16 January 2025, the Company issued 423,957,023 Ordinary Shares at a price
of 0.305 pence per share, completing Stage 2 of the acquisition of Hydrogen
Valley; moving to a 24% equity interest.

 

Related Party Disclosures:

There were no related parties involved in the acquisition of Hydrogen Valley.

 

Further share issuances

On 13 January 2025, the Company issued 15,000,000 Ordinary Shares at a price
of 0.31 pence per share in lieu of services.

 

Joint Venture Ownership

On 1 January 2025, the Group increased its ownership interest in the Nikkeli
joint venture from 49% to 100%. Under the original agreement, the Group's
interest in Nikkeli was expected to revert to 51%, with Kobold retaining 49%.
However, following negotiations with Kobold, the Group reacquired full
ownership of Nikkeli. As a result, the Group now holds 100% of the entity,
with the change effective from 1 January 2025.

 

Disposal of FinnAust Mining Finland

 

Transaction Overview:

On 19 March 2025, the Company announced the execution of a Share Purchase
Agreement for the sale of its wholly owned subsidiary, FinnAust Mining Finland
Oy ("FinnAust"), to Metals One Plc ("Metals One"). The key details of the
disposal are as follows:

 

The consideration payable by Metals One to the Company for the entire issued
share capital of FinnAust is £250,000 in cash, less any working capital
adjustment, and the allotment and issue of such number of ordinary shares in
the capital of Metals One (the "Consideration Shares") that equals ten per
cent. of the issued share capital as enlarged by the issue of new ordinary
shares to be conducted by Metals One. The Consideration Shares will be
allotted and issued approximately 6 months after completion of the proposed
transaction.

 

Related Party Disclosures:

There were no related parties involved in the disposal of FinnAust to Metals
One.

 

 

 

 

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

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

(Nominated Adviser and Broker)
 Harry Ansell / Katy Mitchell / Andrew de Andrade  Zeus Capital Limited (Joint Broker)  +44 (0) 20 3829 5000
 Megan Ray / Said Izagaren                         BlytheRay                            +44 (0) 20 7138 3204

(Media Contact)

                                                                                        80mile@blytheray.com

 

About 80 Mile Plc:

80 Mile Plc, listed on the London AIM market, Frankfurt Stock Exchange, and
the U.S. OTC Market under the ticker BLLYF, is an exploration and development
company focused on high-grade critical metals in Tier 1 jurisdictions. With
multiple projects in Greenland, as well as a developing industrial gas and
biofuels business in Italy, 80 Mile offers both portfolio and commodity
diversification focused on base metals, precious metals, and industrial gas
while expanding into sustainable fuels and clean energy solutions in Tier 1
jurisdictions. 80 Mile's strategy is centred on advancing key projects while
creating value through partnerships and strategic acquisitions.

 

80 Mile's recent acquisition of White Flame Energy expands its portfolio into
the energy and gas sector, adding large-scale licenses for industrial gas,
natural gas, and liquids 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 Disko-Nuussuaq nickel-copper-cobalt-PGE project in Greenland is a primary
focus for 80 Mile, 100% owned by 80 Mile PLC. Seven priority targets
exhibiting spatial characteristics indicative of potential deposits on a scale
comparable to renowned mining operations such as Norilsk, Voisey's Bay, and
Jinchuan, will be advanced by the Company.

 

The Dundas Ilmenite Project, 80 Mile's most advanced asset in northwest
Greenland, is fully 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.

 

In March 2025, 80 Mile divested its Finnish portfolio, selling its subsidiary,
FinnAust Mining Finland Oy, to Metals One. The portfolio consisted of licenses
comprising the Hammaslahti Copper-Zinc Project and Outokumpu Copper Project.
80 Mile retains 100% of the rights to any industrial gases (including helium
and hydrogen) associated with the projects.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
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