REG - 80 Mile PLC - Kangerluarsuk Asset Purchase Agreement Executed

80 MileAnnouncement

11/08/2025 07:00

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RNS Number : 6817U  80 Mile PLC  11 August 2025

11 August 2025

Kangerluarsuk Asset Purchase Agreement Executed

80 Mile PLC ('80 Mile' or the 'Company'), the AIM, FSE, and OTC listed
exploration and development company, announces that the Company has executed
an asset purchase agreement with Amaroq Minerals Ltd. ('Amaroq', AIM, TSXV,
NASDAQ Iceland: AMRQ), for the sale of the Kangerluarsuk zinc-lead-silver
project ('Kangerluarsuk') in Greenland. This follows the announcement on 12
June 2025 (https://www.80mile.com/regulatory-news/81234) regarding the
definitive agreement with Amaroq (the 'Agreement').

Under the terms of the Agreement, following completion, 80 Mile [will receive]
US$500,000 in Amaroq shares. Additionally, upon discovery of an economic
deposit, as defined by a JORC or NI 43-101 compliant resource that supports
development, the Company will receive US$1,500,000 in cash or shares.

Kangerluarsuk is a high-grade carbonate-hosted zinc-lead-silver project
located on Greenland's west coast, within the historic Black Angel mining
district. 80 Mile identified multiple untested geophysical anomalies on the
property that are consistent with the style of mineralisation that supported
historical production in the district.

Amaroq Minerals is a well-capitalised and technically proficient
Greenland-focused explorer and developer, and 80 Mile is confident that their
team is well-placed to unlock the value of the project through systematic
exploration. Amaroq have announced this purchase and a proposed fundraising of
£30.0 million in the announcement which can be found here
(https://www.londonstockexchange.com/news-article/AMRQ/proposed-equity-fundraising-and-acquisition-of-additional-licences-to-create-a-new-west-greenland-hub/17081753)
.

This transaction reflects 80 Mile's ongoing strategy to monetise non-core
assets and focus on its priority projects, particularly the Disko-Nuussuaq
nickel-copper-cobalt project, Hydrogen Valley, and the Jameson Land Basin
Project. The proceeds will be directed toward advancing these core assets and
further strategic initiatives.

 

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

 Eric Sondergaard                                  80 Mile plc                          enquiry@80mile.com
 Ewan Leggat / 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 (mailto: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 and the Jameson licenses
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.

In June 2025, 80 Mile entered into a definitive agreement to divest its 100%
interest in the Kangerluarsuk zinc-lead-silver project in Greenland to Amaroq
Minerals Ltd. Under the terms of the agreement, 80 Mile will receive
US$500,000 in Amaroq Minerals shares upon completion, and US$1,500,000 in cash
or shares upon the discovery of an economic deposit, as defined by a JORC or
NI 43-101 compliant resource that supports development.

 

 

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