REG - 80 Mile PLC - White Flame Energy Acquisition - Issue of Equity

80 MileAnnouncement

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RNS Number : 7230Z  80 Mile PLC  09 April 2026

 

 AIM: 80M

 FSE: S5A

 

9 April 2026

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

White Flame Energy Acquisition - Issue of Equity

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, further to the announcement dated 11 March 2026 regarding its
proposed acquisition of the remaining 3.36 per cent minority interest of White
Flame Energy Limited ("WFE"), the Company has received acceptances in respect
of 2.18 per cent of the issued share capital of WFE.

Accordingly, the Company will issue 6,513,349 new ordinary shares in the
Company (the "Consideration Shares") to the accepting shareholders pursuant to
the terms of the offer.

Following this transaction, 80 Mile will hold 98.82 per cent of the issued
share capital of WFE.

Admission and Total Voting Rights

Application will be made to the London Stock Exchange for admission of a total
of 6,513,349 Consideration Shares to trading on AIM ("Admission"). It is
expected that Admission will become effective and dealings in the
Consideration Shares will commence on AIM at 8.00 a.m. on or around  14  April
2026.

The Consideration Shares will be issued fully paid and will rank pari passu in
all respects with the Company's existing ordinary shares of 0.01 pence each
("Ordinary Shares").

Following Admission, the total number of Ordinary Shares in the capital of the
Company in issue will be 5,068,076,045 of which 4,864,519,027 have voting
rights. This figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company's share capital
pursuant to the Financial Conduct Authority's Disclosure Guidance 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:

 Investor Relations                        80 Mile plc                      enquiry@80mile.com
 Ewan Leggat / Caroline Rowe/ Devik Mehta  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.

 

 

 

 

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