REG - 80 Mile PLC - Stage 2 of Hydrogen Valley Acquistion

80 MileAnnouncement

16/01/2025 15:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250116:nRSP6547Ta&default-theme=true

RNS Number : 6547T  80 Mile PLC  16 January 2025

 

 AIM: 80M

 FSE: S5A

 

16 January 2025

80 Mile PLC / Ticker: 80M / Market: AIM / Sector: Mining

Stage 2 of Hydrogen Valley Acquistion

80 Mile plc ('80 Mile' or the 'Company'), the AIM and FSE listed exploration
and development company with projects in Greenland and Finland, is pleased to
announce that following the announcement dated 19 December 2024
(https://www.80mile.com/regulatory-news/75603) regarding the acquisition of up
to a 49% interest in Hydrogen Valley Ltd ('HV '),  it has completed Stage 2,
moving to a 24% interest in HV.

As a result of the passing of all resolutions at the Company's General Meeting
held on 13 January 2025, 80 Mile has now paid HV the cash consideration of
£800,000, and issued 423,957,023 New Ordinary Shares in 80 Mile (equal to
14.5% of the Issued Ordinary Share Capital of the Company), thereby completing
Stage 2.

 

Admission and Total Voting Rights

Application has been made for the Ordinary Shares to be admitted to trading on
AIM ('Admission'). It is expected that Admission of the Ordinary Shares will
become effective and that dealings will commence at 8.00 a.m. on or around 17
January 2025.

Following admission of the Ordinary Shares, the Company's issued share capital
will comprise 3,924,323,275 Ordinary Shares of 0.001p each with voting rights
in the Company. This figure may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change in the interest in, the
share capital of the Company under the FCA's Disclosure and Transparency
Rules.

 

 

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 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)
 Megan Ray / Said Izagaren  BlytheRay                        +44 (0) 20 7138 3205

(Media Contact)

 

About 80 Mile Plc:

80 Mile Plc, listed on the London AIM market, Frankfurt Stock Exchange, and
the U.S. Pink Market, is an exploration and development company focused on
high-grade critical metals in Tier 1 jurisdictions. With a diversified
portfolio in Greenland and Finland, 80 Mile's strategy is centred on
advancing key projects while creating value through partnerships and strategic
acquisitions.

The Disko-Nuussuaq nickel-copper-cobalt-PGE project in Greenland is a
primary focus for 80 Mile, developed in partnership with KoBold Metals. 80
Mile, through its wholly owned subsidiary Disko Exploration Ltd., has a
definitive Joint Venture Agreement with KoBold Metals to guide and fund
exploration efforts. The JV has completed intensive analysis and
interpretation of the extensive geochemical, geophysical, and geological data
collected during the previous exploration campaigns. Leveraging KoBold's
proprietary artificial intelligence and machine learning platforms, this
comprehensive analysis has resulted in the identification of seven initial
priority targets within the project area. These seven priority targets exhibit
spatial characteristics indicative of potential deposits on a scale comparable
to renowned mining operations such as Norilsk, Voisey's Bay, and Jinchuan. The
JV is now planning a focused ground-loop electromagnetic survey to refine and
prioritize each locality appropriately.

In Finland, 80 Mile currently holds three large scale multi-metal projects
through its wholly owned subsidiary FinnAust Mining Finland Oy. 80
Mile's Finland portfolio includes the Outokumpu project, where occurences of
industrial gases like helium and hydrogen adds significant economic potential
to the already prospective copper-nickel-cobalt-zinc-gold-silver targets. 80
Mile is conducting further exploration to fully assess these resources.

80 Mile's recent acquisition of White Flame Energy expands its portfolio into
the energy 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 Dundas Ilmenite Project, 80 Mile's most advanced asset in
northwest Greenland, is fully permitted and progressing towards near-term
production. 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.

 

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  ACQGPUCUGUPAGAQ