REG - 80 Mile PLC - Sale of Kangerluarsuk Project for up to US$2m

80 MileAnnouncement

12/06/2025 07:00

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RNS Number : 4870M  80 Mile PLC  12 June 2025

12 June 2025

 

Sale of Kangerluarsuk Project for up to US$2 million

80 Mile PLC ("80 Mile" or the "Company"), the AIM, FSE, and OTC listed
exploration and development Company, is pleased to announce it has entered
into a definitive agreement to divest its 100% interest in the Kangerluarsuk
zinc-lead-silver project in Greenland to Amaroq Minerals Ltd. ("Amaroq", AIM,
TSXV, NASDAQ Iceland: AMRQ), a leading Greenland-focused mining company
("Transaction")

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.

The total consideration represents up to US$2 million of potential value to 80
Mile shareholders.

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 at this link:
https://www.londonstockexchange.com/news-article/AMRQ/proposed-equity-fundraising-and-acquisition-of-additional-licences-to-create-a-new-west-greenland-hub/17081753
(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.

AIM Rule 12

The Transaction is a substantial transaction for the purposes of AIM Rule 12
and the following Schedule Four disclosures are made: the book value of
Kangerluarsuk was £98,195 in the unaudited results for the six months ended
30 June 2024 and the losses attributable to Kangerlursak as per the Company's
audited accounts for the year ended 31 December 2023 were £2,485,947.

The Company intends to retain the shares in Amaroq for the foreseeable future
and, in the event of a sale, the proceeds will be used for working capital
purposes.

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.

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