REG - 80 Mile PLC - Settlement Agreement with Metals One

80 MileAnnouncement

Tue 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250708:nRSH0600Qa&default-theme=true

RNS Number : 0600Q  80 Mile PLC  08 July 2025

8 July 2025

Settlement Agreement with Metals One

80 Mile PLC ('80 Mile' or the 'Company'), the AIM, FSE, and OTC listed
exploration and development Company, announces it has agreed terms with Metals
One Plc (AIM:MET1) ('Metals One'), which consists of:

·      Metals One terminating the Share Purchase Agreement with 80 Mile
(announced on 19 March 2025 and 3 April 2025) regarding the sale of FinnAust
Mining Finland Oy, the Company's wholly owned Finnish subsidiary that holds
certain licences comprising the Hammaslahti Copper-Zinc Project and Outokumpu
Copper Project, both in Finland; and

·      The cancellation by 80 Mile of obligation by Metals One to pay
the Company 2,000,000 Deferred Consideration Shares (announced on 31 July
2023) in connection with Metals One's 2023 acquisition of FinnAust Mining
Northern Oy, which holds the Black Schist Project in Finland for £150,000 in
cash (the 'Settlement Agreement')

Prior to the termination of the Share Purchase Agreement for the sale of Finn
Aust Mining Finland Oy ('FinnAust Mining'), 80 Mile received a cash payment of
£230,994 from Metals One related to this agreement. Metals One has informed
80 Mile that it is not continuing with the acquisition of FinnAust Mining so
that it can prioritise exploration expenditure on its US based critical
mineral projects.

Background

In July 2023, Metals One acquired the entire issued share capital of FinnAust
Mining Northern Oy ('FinnAust Northern') from 80 Mile (the '2023 FinnAust
Transaction'). FinnAust Northern holds the Black Schist Project in Finland. As
announced on 31 July 2023, elements of the consideration payable by Metals One
to 80 Mile for the acquisition of FinnAust Northern were deferred and would
have become payable in the future ('FinnAust Deferred Consideration Shares').

In March and April 2025, 80 Mile executed a Share Purchase Agreement with
Metals One for the conditional sale of the entire issued share capital of
FinnAust Mining Finland Mining Oy ('FinnAust Mining') from 80 Mile (the '2025
FinnAust Transaction'). FinnAust Mining holds certain licences comprising the
Hammaslahti Copper-Zinc Project ('Hammaslahti') and Outokumpu Copper Project
in Finland ('Outokumpu').

Pursuant to the Settlement Agreement and the payment to 80 Mile of £150,000
cash and costs incurred in connection with the 2025 FinnAust Transaction, the
parties have agreed to terminate the 2025 FinnAust Transaction and for no
further consideration to be payable to 80 Mile in respect of the 2023 FinnAust
Transaction (including the FinnAust Deferred Consideration Shares).

Accordingly, 80 Mile has been advised that Metals One has decided that it will
not continue with the intended acquisition of the Hammaslahti and Outokumpu
projects due to a focus on US based critical minerals and the ability to
attract government funding for such.

The Company is no longer entitled to appoint a director to the Board of Metals
One and therefore Metals One will not continue with the appointment of Olga
Solovieva as announced on 17 April 2025.

Update Regarding 80 Mile's Interest in Metals One

80 Mile announces an amendment to the notification made on 19 May 2025 in
connection with the sale of the Company's interest in the ordinary shares of
Metals One Plc ('Metals One') together with additional information.

 

The Company disposed of its interest in 6,250,000 ordinary shares of Metals
One in a series of share sales which commenced on 4 April 2025, with the final
sale occurring on 9 May 2025 ('Share Sale'). The total proceeds from the Share
Sale were £1,739,006, not the previously notified figure of £1,970,000.
Separately, the Company received a cash payment of £230,994 from Metals One,
which related to the sale of FinnAust Mining Finland Oy (further details of
which were set out in the announcements made by 80 Mile on 19 March 2025 and 3
April 2025).

 

Market Abuse Regulation (MAR) Disclosure

The information set out above is provided in accordance with the requirements
of Article 19(3) of the Market Abuse Regulations (EU) No. 596/2014 which forms
part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018
('MAR').

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

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

(Nominated Adviser and Broker)
 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.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and
uncertainties. Forward-looking statements are statements that are not
historical facts. Such forward-looking statements, including with respect to
the initial public offering, are subject to risks and uncertainties, which
could cause actual results to differ from the forward-looking statements. No
assurance can be given that the initial public offering will be completed on
the terms described, or at all, or that the net proceeds of the offering will
be used as described in the offering prospectus. The Company expressly
disclaims any obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is based.

 

 

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
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGRFZGGNVNGGKZM