REG - 80 Mile PLC - Update re Acquisition of FinnAust Mining Finland

80 MileAnnouncement

03/04/2025 07:00

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RNS Number : 5061D  80 Mile PLC  03 April 2025

3 April 2025

 

80 Mile Plc

("80 Mile" or the "Company")

 

Update re Acquisition of FinnAust Mining Finland

 

Executed Share Purchase Agreement; retaining rights to industrial gasses

 

Further to the announcement of 19 March 2025, 80 Mile Plc (AIM: 80M), which is
focused on energy and critical mineral opportunities, is pleased to announce
that it has executed a Share Purchase Agreement for the sale of its wholly
owned subsidiary, FinnAust Mining Finland Oy (the "SPV"), to Metals One Plc
(AIM: MET1) (the "Transaction").

The SPV holds the Hammaslahti Copper-Zinc Project ("Hammaslahti") and the
Outokumpu Copper Project ("Outokumpu") in Finland (together, the "Licences"),
both of which are associated with historic copper mines. Upon completion of
the Transaction, Metals One will acquire 100% of the share capital of the SPV,
and thereby the Licences.

 

Importantly, 80 Mile retains 100% of the rights to any industrial gases
(including helium and hydrogen) associated with the projects, which remain
excluded from the Transaction.

Eric Sondergaard, Managing Director of 80 Mile, commented:

 

"This divestment marks a key milestone for 80 Mile as we sharpen our focus on
emerging energy commodities, particularly industrial gases. While the copper
assets in Finland hold strong potential, our retained rights over industrial
gases allow us to continue participating in any upside from future discoveries
in this evolving sector."

Further details of the Transaction, including the issue of Consideration
Shares to 80 Mile, are available in 80 Mile's announcement dated 19 March
2025. Completion remains subject to certain conditions, including the consent
of the Net Smelter Royalty holders and applicable regulatory clearance in
Finland (though the latter is not currently expected to be formally
required).

 

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 3205

(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. 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 rights to industrial gases like helium
and hydrogen at Outokumpu and Hammaslathi, and 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.

 

 

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