REG - 80 Mile PLC - Interim Results
30/09/2025 13:00
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RNS Number : 4533B 80 Mile PLC 30 September 2025
80 Mile Plc / Ticker: 80M / Market: AIM / Sector: Mining
30 September 2025
80 Mile Plc ('80 Mile' or the 'Company')
Interim Results
80 Mile PLC ('80 Mile' or the 'Company'), the AIM, FSE, and OTC listed
exploration and development company, is pleased to announce its Interim
Results for the six months ended 30 June 2025 (the 'Period').
Highlights in H1 2025
Jameson Land (Greenland):
· Entered binding heads of terms with March GL Company for
stratigraphic drilling at Jameson Basin.
· March GL to fund 100% of costs for up to two exploration wells
(3,500m each), earning up to 70% interest.
· March GL contracted Halliburton and IPT Well Solutions for logistics
and project management; committed to US$500,000 upfront payment (April 2025).
Hydrogen Valley acquisition:
· Completed Stage 2 acquisition, increasing ownership to 24%
(January 2025).
· Greenswitch signed exclusive consultancy agreement with Mendelsohn
Development Agency to progress financing applications for Italian and EU
incentives (February 2025).
Greenswitch Ferrandina Plant restart programme:
· Completed £8.5m plant upgrade and refurbishment completed prior
to acquisition.
· Secured all permits and authorisations for staged restart.
· Commenced €1.9m final maintenance and staged commissioning
programme with a 29-person technical team on site (March 2025).
Greenswitch litigation resolved:
· Italian court dismissed €12m damages and ownership claims by
Digitile against Greenswitch.
· Removal of litigation clears path for further staged acquisition
of Hydrogen Valley (May 2025).
White Flame Energy acquisition:
· Issued 838,710,808 new shares to complete the acquisition of 95.36%
of White Flame Energy Limited (January 2025).
· Increased ownership to 96.64% through issuance of a further
11,246,910 shares (March 2025).
Finland assets:
· Agreed binding transaction with Metals One Plc for disposal of
Hammaslahti and Outokumpu copper projects in exchange for cash, shares (up to
10% equity cap), and a free-carried interest in industrial gas rights (March
2025).
Disko-Nuussuaq project (Greenland):
· Early reversion of KoBold's 49% interest, returning 100%
ownership of Disko to 80 Mile in exchange for a 2% NSR royalty (May 2025).
· Acquired ~£750,000 of equipment from KoBold.
Non-core asset monetisation:
· Entered into agreement to sell Kangerluarsuk zinc-lead-silver
project to Amaroq Minerals for up to US$2m (June 2025).
Post Period
Jameson Basin (valuation uplift):
· Pelican Acquisition Corporation (NASDAQ: PELI) announced merger with
March GL's Greenland Exploration subsidiary, valuing March GL at US$215m.
· This implies a valuation of ~US$92m for 80 Mile's retained 30%
interest in Jameson.
· Roderick McIllree to join Pelican's board as executive director
(September 2025).
Board strengthening:
· Appointment of Ingo Hofmaier as Independent Non-Executive Director,
bringing significant mining finance and corporate governance expertise (July
2025).
Hydrogen Valley expansion:
· Increased interest to 49% (July 2025) via renegotiated Stage 3
option terms, avoiding new share issuance and reducing cash consideration from
£1m to £380,000.
· Greenswitch signed MOU with Tecnoparco for supply of up to
40,000tpa biofuel for cogeneration units.
· Greenswitch signed MOU with NACATA Commodities for five-year supply
and offtake covering 120,000tpa feedstock and resulting products (esterified
bioliquid and biodiesel) (July 2025).
Kangerluarsuk divestment:
· Executed final Asset Purchase Agreement with Amaroq Minerals
(August 2025), confirming sale terms of US$500k in Amaroq shares plus US$1.5m
contingent payment on discovery.
Disko-Nuussuaq:
· Greenland Government approved transfer of ownership of Nikkeli
Greenland A/S, confirming 80 Mile's 100% ownership of Disko (July 2025).
Finland divestment restructured:
· Settlement agreement reached with Metals One Plc (July 2025),
terminating the planned sale of Hammaslahti and Outokumpu projects.
· Received £225,000 cash prior to termination; agreed cancellation
of 2m deferred consideration shares in exchange for £150,000 cash.
Chairman's Statement
The first half of 2025 has been a transformational period for 80 Mile PLC,
during which the Company has successfully repositioned itself as a diversified
energy and resources group with core assets in Greenland and Italy. We
completed the acquisition of White Flame Energy and expanded our interest in
Hydrogen Valley, with Hydrogen Valley simultaneously resolving legacy issues
such as the Greenswitch litigation, clearing the path for further staged
acquisition of Hydrogen Valley. Operationally, significant progress has been
made at the Ferrandina Plant, with refurbishment and permitting now complete,
and commissioning well underway. Our Greenland portfolio has also advanced,
with the return of 100% ownership of the Disko-Nuussuaq project and the
establishment of a clear pathway to drilling at Jameson through our
partnership with March GL. At the same time, the Board has taken decisive
steps to monetise non-core assets, including agreements to divest
Kangerluarsuk and advanced discussions to sell the Finnish copper projects
after clawing these projects back from Metals One.
Since the end of the period, we have further strengthened the business. Our
stake in Hydrogen Valley has increased to 49% on favourable terms, while
Greenswitch has signed important supply and offtake MOUs that will underpin
long-term operations. The disposal of Kangerluarsuk has been formalised, and
we have secured government approval confirming our full ownership of Disko.
Importantly, the recent Pelican transaction has crystallised significant value
in our Jameson project, with our retained 30% stake implied at US$92 million.
Finally, we welcomed Ingo Hofmaier to the Board, whose corporate finance and
governance experience will provide valuable oversight as we move forward.
80 Mile is now positioned with a strengthened balance sheet, full ownership of
its flagship Greenland assets, a growing industrial biofuels platform in
Italy, and exposure to one of the most compelling energy exploration
opportunities globally. The Board remains focused on advancing these projects
in a disciplined manner, with the clear objective of delivering long-term
value for shareholders.
Financial
During H1 2025, 80 Mile realised total proceeds of approximately £1.7 million
from the sale of its holding in Metals One Plc, strengthening the Company's
cash position. In addition, the proposed disposal of the Finnish copper assets
provided a £225,000 cash payment prior to termination, with a further
£150,000 cash settlement received under the July 2025 settlement agreement
with Metals One.
Post-period, the Company executed the sale of the Kangerluarsuk
zinc-lead-silver project to Amaroq Minerals, securing US$500,000 in shares on
completion, with a further US$1.5 million in cash or shares contingent on
discovery of an economic deposit. In Greenland, under the binding earn-in
agreement with March GL, 80 Mile will receive US$500,000 in cash in connection
with the Jameson Project.
Together, these inflows provide meaningful liquidity to support the Company's
strategic priorities, while ongoing monetisation of non-core assets continues
to reduce reliance on dilutive equity issuance.
Outlook
For the remainder of 2025, 80 Mile will focus on advancing its core portfolio
of projects in Greenland and Italy while maintaining a disciplined approach to
capital allocation. At Greenswitch's Ferrandina Plant, commissioning and
staged ramp-up are expected to continue through H2 2025, supported by the
recently signed MOUs with Tecnoparco and NACATA, which provide both feedstock
security and product offtake visibility. These agreements, combined with the
plant's completed refurbishment and permitting, create a strong foundation for
the commencement of commercial biofuel production.
In Greenland, the March GL transaction represents a pivotal development for
the Company. The binding earn-in agreement ensures that 100% of the costs of
two stratigraphic exploration wells at Jameson will be fully funded, with
operations expected to commence in 2026. This allows 80 Mile to retain a 30%
interest in one of the most compelling undrilled energy basins globally
without committing capital. The recent Pelican transaction further highlighted
the strategic significance of this agreement, with an implied valuation of
approximately US$92 million for 80 Mile's retained stake. Securing the
US$500,000 upfront payment from March GL provides immediate financial support,
while the long-term carry transforms Jameson into a potentially company-making
asset.
Alongside Jameson, 80 Mile continues to advance its 100% owned Disko-Nuussuaq
nickel-copper-cobalt project, with discussions underway to identify the right
partner to fund drilling. The granting of government approval confirming full
ownership of Disko further strengthens the Company's position.
Looking forward, the Board expects to deliver additional progress across
project development, portfolio optimisation, and financing initiatives. The
combination of cash inflows from the March GL agreement, the consideration
from the Kangerluarsuk sale, and prior Metals One disposals provides a
strengthened financial base to execute the Company's strategy. With a
sharpened focus, improved governance, and an increasingly de-risked asset
base, 80 Mile is well placed to deliver meaningful value for shareholders over
the balance of 2025 and beyond.
Michael Hutchinson
Non-Executive Chairman
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the
European Union (Withdrawal) Act 2018.
For further information please visit 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 Joint Broker)
Harry Ansell / Katy Mitchell / Andrew de Andrade Zeus Capital Limited +44 (0) 20 3829 5000
(Joint Broker)
Megan Ray / Said Izagaren BlytheRay +44 (0) 20 7138 3204
(PR & IR Adviser)
80mile@blytheray.com
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Notes 6 months to 30 June 2025 Unaudited 6 months to 30 June 2024 Unaudited
£ £
Continuing operations
Revenue - -
Cost of sales (228) (15,849)
Gross (loss) (228) (15,849)
Administration expenses (893,751) (942,465)
Other gains/(losses) 12 6,492,066 (1,004,439)
Foreign exchange (11,447) 1,040
Operating profit/(loss) 5,586,640 (1,961,713)
Other income 13 - 75,710
Net finance income/(expense) 178 (1,404)
Decrease in share of net assets on joint venture - (115,657)
Impairment of intangible assets 6 (1,720,739) -
Share of profits from associate 8 390,394 -
Share of losses from joint venture - (9,160)
Profit/(loss) before income tax 4,256,473 (2,012,224)
Income tax expense - -
Profit/(loss) for the period 4,256,473 (2,012,224)
Attributable to:
Owners of the Company 4,257,758 (2,012,224)
Non-controlling interests 11 (1,285) -
Other comprehensive income
Items that may be reclassified to profit or loss
Currency translation differences 1,135,577 (702,740)
Other comprehensive profit/(loss) for the period 5,392,050 (2,714,964)
Total comprehensive profit/(loss) for the period 5,392,050 (2,714,964)
Attributable to:
Owners of the Company 5,393,365 (2,714,964)
Non-controlling interests (1,315) -
Earnings per share from continuing operations attributable to the equity
owners of the parent
Basic (pence per share) 14 0.11p (0.14)p
Diluted (pence per share) 14 0.10p (0.14)p
CONDENSED CONSOLIDATED BALANCE SHEET
Notes 30 June 2025 Unaudited 31 December 2024 Audited 30 June 2024 Unaudited
£ £ £
Non-current assets
Property, plant and equipment 5 989,507 1,051,935 1,237,189
Intangible assets 6 38,574,822 25,587,568 30,996,161
Fair value through profit and loss Equity Investments 7 - 265,625 593,750
Equity Investments 8 - 200,000 -
Loan issuance - 3,180 -
Investment in Associate 8 2,683,463 - -
Investments in Joint Venture 9 - 4,523,897 4,615,888
42,247,792 31,632,205 37,442,988
Current assets
Trade and other receivables 654,185 1,883,923 1,210,656
Cash and cash equivalents 1,070,729 637,822 224,980
1,724,914 2,521,745 1,435,636
Total assets 43,972,706 34,153,950 38,878,624
Non-current liabilities
Deferred tax liabilities 1,356,889 496,045 496,045
1,356,889 496,045 496,045
Current liabilities
Provision - 200,000 -
Trade and other payables 221,865 491,305 431,354
221,865 691,305 431,354
Total liabilities 1,578,754 1,187,350 927,399
Net assets 42,393,952 32,966,600 37,951,225
Capital and reserves attributable to
owners of the Company
Share capital 7,780,627 7,651,735 7,537,676
Share premium 70,854,574 66,986,078 64,082,836
Other reserves (6,988,900) (7,592,921) (7,140,185)
Retained losses (29,164,664) (34,078,292) (26,529,102)
Total equity shareholders' funds 42,481,637 32,966,600 37,951,225
Non-controlling interest 11 (87,685) - -
Total equity 42,393,952 32,966,600 37,951,225
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Share capital Share premium Other reserves Retained losses Equity Attributable to the Owners of the Parent Non-controlling interest Total Equity
£ £ £ £ £ £ £
Balance as at 1 January 2024 7,506,658 62,915,685 (6,528,838) (24,516,878) 39,376,627 - 39,376,627
Loss for the period - - - (2,012,224) (2,012,224) - (2,012,224)
Other comprehensive income for the year
Items that may be subsequently reclassified to profit or loss
Currency translation differences - - (702,740) - (702,740) - (702,740)
Total comprehensive income for the year - - (702,740) (2,012,224) (2,714,964) - (2,714,964)
Proceeds from share issues 30,000 1,096,500 - - 1,126,500 - 1,126,500
Share based payment 1,018 70,651 - - 71,669 - 71,669
Shares to be issued - - 91,393 - 91,393 - 91,393
Total transactions with owners, recognised in equity 31,018 1,167,151 91,393 - 1,289,562 - 1,289,562
Balance as at 30 June 2024 7,537,676 64,082,836 (7,140,185) (26,529,102) 37,951,225 - 37,951,225
Balance as at 1 January 2025 7,651,735 66,986,078 (7,592,921) (34,078,292) 32,966,600 - 32,966,600
Acquisition of subsidiary - - - - - (86,400) (86,400)
Profit/(loss) for the period - - - 4,257,758 4,257,758 (1,285) 4,256,473
Other comprehensive income for the year
Items that may be subsequently reclassified to profit or loss
Currency translation differences - - 1,135,577 - 1,135,577 - 1,135,577
Total comprehensive income for the year - - 1,135,577 4,257,758 5,393,335 (87,685) 5,305,650
Share based payment 1,500 45,000 - - 46,500 - 46,500
Options issued - - 124,314 - 124,314 - 124,314
Options expired - - (655,870) 655,870 - - -
Consideration shares 127,392 3,823,496 - - 3,950,888 - 3,950,888
Total transactions with owners, recognised in equity 128,892 3,868,496 (531,556) 655,870 4,121,702 - 4,121,702
Balance as at 30 June 2025 7,780,627 70,854,574 (6,988,900) (29,164,664) 42,481,637 (87,685) 42,393,952
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
6 months to 30 June 2025 Unaudited 6 months to 30 June 2024 Unaudited
£ £
Cash flows from operating activities
Profit/(loss) before taxation 4,256,473 (2,012,224)
Adjustments for:
Depreciation 143,153 162,586
Share based payments 46,500 71,669
Share options expense 124,314 91,393
Impairment of intangible asset 6 1,720,739 -
Realised gain on fair value through profit and loss Equity Investments 7 (1,476,492) -
Unrealised loss on fair value through profit and loss Equity Investments 7 - 1,062,500
Gain/(loss) on sale of property, plant and equipment 341 (8,551)
Bargain purchase on acquisition of Nikkeli Greenland A/S 9 (4,708,580) -
Share of profits from Associate 8 (390,394) -
Other gains (37,218) -
Share of loss from JV - 9,160
Net finance (costs)/income (178) 1,404
Decrease in share of net asset on joint venture - 115,657
Decrease in provisions (200,000) -
Decrease in trade and other receivables 1,672,726 49,582
Decrease in trade and other payables (310,486) (216,530)
Net cash generated/(used in) from operations 840,898 (673,354)
Cash flows from investing activities
Cash paid for acquisition of Associate 8 (800,000) -
Loans granted to Associate 8 (380,000) -
Cash received upon acquisition of White Flame Energy A/S 10 885 -
Proceeds from sale of Available for Sale Investments 7 1,742,117 -
Proceeds from sale of property, plant and equipment - 8,551
Interest received 3,035 1,002
Purchase of intangible assets 6 (968,686) (435,770)
Net cash (used in) investing activities (402,649) (426,217)
Cash flows from financing activities
Proceeds from share issues - 1,200,000
Cost of share issues - (73,500)
Interest paid (2,865) (2,410)
Net cash used in financing activities (2,865) 1,124,090
Net increase/(decrease) in cash and cash equivalents 435,384 24,519
Cash and cash equivalents at beginning of period 637,822 200,700
Exchange gains on cash and cash equivalents (2,477) (239)
Cash and cash equivalents at end of period 1,070,729 224,980
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General Information
The principal activity of 80 Mile Plc (the 'Company') and its subsidiaries
(together the 'Group') is the exploration and development of precious and base
metals. The Company's shares are listed on the AIM Market of the London Stock
Exchange ('AIM'), the Frankfurt Stock Exchange and the OTC. The Company is
incorporated and domiciled in the UK.
The address of its registered office is 6 Heddon Street, London, W1B 4BT.
2. Basis of Preparation
The condensed consolidated interim financial statements have been prepared in
accordance with the requirements of the AIM Rules for Companies. As permitted,
the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in
preparing this interim financial information. The condensed consolidated
interim financial statements should be read in conjunction with the annual
financial statements for the year ended 31 December 2024. The interim
financial statements have been prepared in accordance with UK adopted
International Accounting Standards.
The interim financial information set out above does not constitute statutory
accounts within the meaning of the Companies Act 2006. It has been prepared on
a going concern basis in accordance with the recognition and measurement
criteria of UK adopted International Accounting Standards.
Statutory financial statements for the year ended 31 December 2024 were
approved by the Board of Directors on 30 June 2025 and delivered to the
Registrar of Companies. The report of the auditors on those financial
statements was unqualified with a material uncertainty related to going
concern.
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 30 June 2025, the Group had unrestricted cash and cash equivalents of
£840,207. The Directors have prepared cash flow forecasts to 30 September
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.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business.
The key risks that could affect the Company's medium term performance and the
factors that mitigate those risks have not substantially changed from those
set out in the Company's 2024 Annual Report and Financial Statements, a copy
of which is available on the Company's website: www.80mile.com
(http://www.80mile.com/) . The key financial risks are liquidity risk, credit
risk, interest rate risk and fair value estimation.
Critical accounting estimates
The preparation of condensed consolidated interim financial statements
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the end of the reporting period.
Significant items subject to such estimates are set out in Note 4 of the
Group's 2024 Annual Report and Financial Statements. The nature and amounts of
such estimates have not changed significantly during the interim period.
3. Accounting Policies
Except as described below, the same accounting policies, presentation and
methods of computation have been followed in these condensed consolidated
interim financial statements as were applied in the preparation of the Group's
annual financial statements for the year ended 31 December 2024.
3.1 Intangible assets
Goodwill arises on the acquisition of subsidiaries and represents the excess
of the consideration transferred, the amount of any non-controlling interests
in the acquiree and the acquisition date fair value of any previous equity
interest in the acquiree over the fair value of the net identifiable assets,
liabilities and contingent liabilities of the acquiree.
Goodwill is not amortised however impairment reviews are undertaken annually,
or more frequently if events or changes in circumstances indicate a potential
impairment. The carrying value of goodwill is compared to the recoverable
amount, which is the higher of value in use, discounted to present value using
a discount rate reflective of the time value of money and risks specific to
the business unit. Any impairment is recognised immediately as an expense and
is not subsequently reversed.
For the purpose of impairment testing, goodwill acquired in a business
combination is allocated to each of the cash-generating units, or groups of
cash-generating units. Each unit or group of units to which the goodwill is
allocated represents the lowest level within the entity at which the goodwill
is monitored for internal management purposes. Goodwill is monitored at the
operating segment level.
3.2 Investments in associates
An associate is an entity over which the Group has significant influence.
Significant influence is the power to participate in the financial and
operating policy decisions of the investee but is not control or joint control
over those policies.
The considerations made in determining significant influence or joint control
are similar to those necessary to determine control over subsidiaries. The
Group's investment in its associate is accounted for using the equity method.
Under the equity method, the investment in an associate is initially
recognised at cost. The carrying amount of the investment is adjusted to
recognise changes in the Group's share of net assets of the associate since
the acquisition date.
The statement of profit or loss reflects the Group's share of the results of
operations of the associate. Any change in OCI of those investees is presented
as part of the Group's OCI. In addition, when there has been a change
recognised directly in the equity of the associate, the Group recognises its
share of any changes, when applicable, in the statement of changes in equity.
Unrealised gains and losses resulting from transactions between the Group and
the associate are eliminated to the extent of the interest in the associate.
The financial statements of the associate 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 its associate.
At each reporting date, the Group determines whether there is objective
evidence that the investment in the associate is impaired. If there is such
evidence, the Group calculates the amount of impairment as the difference
between the recoverable amount of the associate and its' carrying value and
then recognises the profit/loss within 'Share of profit/loss of an associate'
in the statement of profit or loss.
Upon loss of significant influence over the associate or joint control over
the joint venture, the Group measures and recognises any retained investment
at its fair value. Any difference between the carrying amount of the associate
upon loss of significant influence or joint control and the fair value of the
retained investment and proceeds from disposal is recognised in profit or
loss.
3.2 Non-controlling interest
The Group measures non-controlling interests ("NCI") in an acquired entity
either at fair value or at the proportionate share of the acquiree's net
identifiable assets, with the choice determined separately for each
acquisition. For the acquisition of White Flame Energy Ltd and its' 100% owned
subsidiary White Flame Energy A/S (together 'White Flame'), the Group elected
to measure the NCI at its proportionate share of White Flame's net
identifiable assets.
3.3 Changes in accounting policy and disclosures
(a) Accounting developments during 2025
The International Accounting Standards Board (IASB) issued various amendments
and revisions to International Financial Reporting Standards and IFRIC
interpretations. The amendments and revisions were applicable for the period
ended 30 June 2025 but did not result in any material changes to the financial
statements of the Group or Company.
(b) 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
IFRS 9 & 7 Amendments to the Classification and Measurement of Financial Instruments 1 January 2026
IFRS Accounting Standards Annual Improvements to IFRS standards 1 January 2026
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.
4. Dividends
No dividend has been declared or paid by the Company during the six months
ended 30 June 2025 (2024: £nil).
5. Property, plant and equipment
Software Machinery & equipment Office equipment Total
£ £ £ £
Cost
As at 1 January 2024 17,415 3,381,152 49,711 3,448,278
Disposals - (91,277) - (91,277)
Exchange Differences - (66,183) (125) (66,308)
As at 30 June 2024 17,415 3,223,692 49,586 3,290,693
As at 1 July 2024 17,415 3,223,692 49,586 3,290,693
Disposals - (37,691) (244) (37,935)
Exchange Differences - (23,063) (31,858) (54,921)
As at 31 December 2024 17,415 3,162,938 17,484 3,197,837
As at 1 January 2025 17,415 3,162,938 17,484 3,197,837
Acquired through business combinations - 86,094 504 86,598
Disposals - (137,111) (6,110) (143,221)
Exchange Differences - 88,046 30 88,076
As at 30 June 2025 17,415 3,199,967 11,908 3,229,290
Depreciation
As at 1 January 2024 15,434 1,978,234 29,284 2,022,952
Charge for the year 1,849 154,971 4,735 161,555
Disposals - (91,277) - (91,277)
Exchange differences - (39,726) - (39,726)
As at 30 June 2024 17,283 2,002,202 34,019 2,053,504
As at 1 July 2024 17,283 2,002,202 34,019 2,053,504
Charge for the year 132 147,714 3,427 151,273
Disposals - 2,031 (23,222) (21,191)
Exchange differences - (37,684) - (37,684)
As at 31 December 2024 17,415 2,114,263 14,224 2,145,902
As at 1 January 2025 17,415 2,114,263 14,224 2,145,902
Acquired through business combinations - 32,798 504 33,302
Charge for the year - 144,047 881 144,928
Disposals - (137,111) (5,769) (142,880)
Exchange differences - 58,518 13 58,531
As at 30 June 2025 17,415 2,212,515 9,853 2,239,783
Net book value as at 30 June 2024 132 1,221,490 15,567 1,237,189
Net book value as at 31 December 2024 - 1,048,675 3,260 1,051,935
Net book value as at 30 June 2025 - 987,452 2,055 989,507
6. Intangible Assets
Intangible assets comprise capitalised exploration and evaluation costs.
Exploration and evaluation costs comprise acquired and internally generated
assets.
Exploration & evaluation assets Total
Cost and Net Book Value £ £
Balance as at 1 January 2024 31,237,336 31,237,336
Additions 435,770 435,770
Exchange rate movements (676,945) (676,945)
As at 30 June 2024 30,996,161 30,996,161
Balance as at 1 July 2024 30,996,161 30,996,161
Additions 357,182 357,182
Reclassification of restricted cash (222,854) (222,854)
Movement in restricted cash (reclassified) 2,032 2,032
Impairments (4,902,058) (4,902,058)
Exchange rate movements (642,895) (642,895)
As at 31 December 2024 25,587,568 25,587,568
Balance as at 1 January 2025 25,587,568 25,587,568
Acquired through business combinations 12,959,177 12,959,177
Additions 968,686 968,686
Impairments (1,748,843) (1,748,843)
Exchange rate movements 808,234 808,234
As at 30 June 2025 38,574,822 38,574,822
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
Following their assessment, the Directors concluded that an impairment charge
of £1,720,739 was required in relation to the Hammaslahti licences (FinnAust
Mining Finland Oy) in the period ending 30 June 2025 (2024: £nil). The
impairment charge was recognised as the difference between the fair value of
the intangibles and their carrying amounts. There were no impairment
indicators known to the Company in relation to any of the other intangible
assets.
7. Fair Value Through Profit and Loss Equity Investments
During the year ended 31 December 2024, 80 Mile received shares 62,500,000 new
Ordinary Shares in Metals One Plc following its admission to AIM.
£
1 January 2024 1,656,250
Change in fair value recognised in profit and loss (Note 9) - Unrealised (1,062,500)
30 June 2024 593,750
31 July 2024 593,750
Change in fair value recognised in profit and loss (328,125)
31 December 2024 265,625
1 January 2025 265,625
Proceeds from Available for Sale Investments (1,742,117)
Change in fair value recognised in profit and loss (Note 9) - Realised 1,476,492
30 June 2025 -
Fair value through profit and loss equity investments includes the following:
30 June 2025 Unaudited 31 December 2024 Audited 30 June 2024 Unaudited
£ £ £
Quoted:
Equity securities - United Kingdom - 265,625 593,750
- 265,625 593,750
The fair value of quoted securities is based on published market prices of
£0.00425 as at 31 December 2024 (30 June 2024: £0.0095). No shares in Metals
One Plc were held as at 30 June 2025.
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 30 June and 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)
Description
Equity securities:
30 June 2024 593,750 - -
31 December 2024 265,625 - -
30 June 2025 - - -
8. Investment in Associate - Hydrogen Valley Ltd
On 16 January 2025, 80 Mile acquired a 24% equity interest in Hydrogen Valley
Ltd ("Hydrogen Valley") and in accordance with IAS 28, the investment in
Hydrogen Valley met the criteria for classification as an associate. The
total consideration paid for a 24% equity stake in Hydrogen Valley is
£2,293,069.
Under Stage 1 (to acquire the initial 5% ownership), the Company made a cash
payment of £200,000. Subsequently, under Stage 2 (to acquire a further 19%
stake), the Company contributed an additional £800,000 and issued 423,957,023
Ordinary Shares at a nominal price of 0.305 pence per share. This action
concluded the second phase of the acquisition of Hydrogen Valley, resulting in
the Company acquiring a 24% equity stake.
Hydrogen Valley is accounted for as an associate because the Company has
significant influence over it. The carrying value of the investment in the
associate is determined as follows:
30 June 2025
£
Investment in Associate
At the beginning of period -
Reclassification of Equity Investments 200,000
Cash consideration 800,000
Equity consideration 1,293,069
Share of profit in associate 390,394
At end of period 2,683,463
Loans to Associate
At the beginning of period -
Working capital advancements 380,000
At end of period 380,000
Total 3,063,463
The investment and working capital advancements to Hydrogen Valley for a total
value of £3,063,463 have been assessed for recoverability, and thus the
Directors have concluded that the loan is recoverable. The Company's share of
Hydrogen Valley result for the year was a profit of £390,394 of a total
profit of £1,626,643.
The associate had no contingent liabilities or capital commitments as at 30
June 2025.
The following table illustrates the summarised financial information of
Hydrogen Valley Ltd at 30 June 2025:
30 June
2025
£
Current assets 1,738,344
Non-current assets 6,318,453
Current liabilities (3,806,002)
Equity (4,250,795)
30 June 2025
£
Revenue -
Cost of sales -
Other gains 2,454,853
Administrative expenses (828,210)
Loss before tax 1,626,643
9. Business Combinations - Nikkeli Greenland A/S
During the 2021 financial year, Disko Exploration Ltd ("Disko") entered into a
joint venture agreement with Kobold to drill in Greenland for critical
materials used in electric vehicles. On 1 February 2022, the joint venture
company, Nikkeli Project Company and Nikkeli Greenland AS (together
"Nikkelli"), were incorporated and the specific licence's were transferred to
Nikkeli. At the time, Disko owned 49% of Nikkeli Project Company and Nikkeli
Project Company owned 100% of Nikkeli Greenland AS.
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.
There was no consideration payable in respect of the acquisition of Nikkeli
and there were no acquisition related costs incurred in the period.
The following table summarises the consideration paid for Nikkeli and the
values of the assets and equity assumed at the acquisition date.
£
Total consideration -
Fair value of existing interest 4,523,897
Recognised assets and liabilities acquired:
Plant, property and equipment 51,595
Intangible assets 9,211,984
Trade and other payables (31,102)
Total identifiable net assets 9,232,477
Gain on Bargain Purchase (4,708,580)
10. Business Combinations - White Flame Energy Ltd
On 13 January 2025, the Company acquired 96.64% of the issued share capital in
White Flame Energy Ltd and its wholly owned subsidiary White Flame energy A/S
(together "White Flame") by way of a share for share exchange agreement.
The total consideration payable for the acquisition consisted of the issue and
allotment of 849,957,718 Ordinary Shares at £0.003127 per share, for total
proceeds of £2,657,818. Acquisition costs totalled £38,255 but have not been
included within the cost of the investment owing to the nature of certain fees
and the fact that the majority of these fees were incurred and expensed to
profit and loss in the prior financial year. In 2025, these fees totalling
£535 are included within 'administration expenses' within the statement of
comprehensive income.
The following table summarises the consideration paid for White Flame Energy
and the values of the assets and equity assumed at the acquisition date.
£
Proceeds from share issue 2,657,818
Total consideration 2,657,818
Recognised assets and liabilities acquired:
Intangible assets 3,443,375
Cash and cash equivalents 885
Trade and other receivables 31
Trade and other payables (12,029)
Deferred tax liability (860,844)
Total identifiable net assets 2,571,418
Non-controlling interest (on acquisition) (3.36%) (Note 11) 86,400
11. Non-controlling interest
On 13 January 2025, the Company acquired 96.64% of the issued share capital in
White Flame Energy Ltd and its wholly owned subsidiary White Flame energy A/S
(together "White Flame"). The Group elected to measure the 3.36% NCI at its
proportionate share of White Flame's net identifiable assets. At the interim
reporting date, the NCI was £87,685 (2024: £nil).
Non-controlling interest Total
£ £
Balance as at 1 January 2024 - -
Balance as at 30 June 2024 - -
Balance as at 1 January 2025 - -
NCI recognised from business combination - White Flame Energy Ltd (86,400) (86,400)
Loss for the period (1,285) (1,285)
Balance as at 30 June 2025 (87,685) (87,685)
12. Other (gains)/losses
6 months to 30 June 2025 Unaudited 6 months to 30 June 2024 Unaudited
£ £
Loss/(gain) on disposal of property, plant and equipment 341 (8,551)
Valuation (gains)/losses on fair value through profit and loss equity (1,476,564) 1,062,500
investments
(Note 7)
Bargain purchase on acquisition of Nikkeli Greenland A/S (Note 9) (4,708,580) -
Other gains (307,263) (49,510)
(6,492,066) 1,004,439
13. Other income
6 months to 30 June 2025 Unaudited 6 months to 30 June 2024 Unaudited
£ £
Income from related parties - 75,710
- 75,710
14. Earnings per Share
The calculation of basic earnings per share is based on a profit (attributable
to the owners of the Company) of £4,257,758 for the six months ended 30 June
2025 (loss for six months ended 30 June 2024: £2,012,224) and the weighted
average number of shares in issue in the period ended 30 June 2025 of
3,839,548,518 (six months ended 30 June 2024: 1,450,484,674).
The calculation of diluted earnings per share is based on a profit
(attributable to the owners of the Company) of £4,257,758 for the six months
ended 30 June 2025 and the weighted average number of shares in issue
(3,839,548,518) and weighted average number of share options issued
(361,347,095) in the period ended 30 June 2025. No diluted earnings per share
is presented for the six months ended 30 June 2024 as the effect on the
exercise of share options would be anti-dilutive.
15. Events after the Reporting Date
49% acquisition of Hydrogen Valley Ltd
On 9 July 2025, the Group increased its ownership interest in Hydrogen Valley
Ltd ("Hydrogen Valley") from 24% to 49% after renegotiating the terms for the
exercise of the Stage 3 option. The Company and vendors of Hydrogen Valley
agreed that no shares of 80 Mile would be issued for the exercise of the Stage
3 option and the cash consideration reduced from £1 million to £380,000. To
satisfy the consideration due to the vendors of Hydrogen Valley, the £380,000
is to be settled by the novation of a £380,000 working capital loan that has
been provided to Hydrogen Valley.
The £380,000 has been included in the interim accounts within 'Trade and
other receivables' and itemised within Note 8.
Employee Benefit Trust Scheme and Issuance of Shares
On 28 July 2025, the Group announced the establishment an Employee Benefit
Trust ("EBT") scheme for use as an incentive plan for its current and future
directors and employees and subsequently issued 393,557,018 Ordinary Shares of
£0.0001 each in the Company to the EBT.
16. Approval of interim financial statements
The Condensed interim financial statements were approved by the Board of
Directors on 30 September 2025.
** END **
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