REG - 80 Mile PLC - White Flame Energy Acquisition – Issue of Shares

80 MileAnnouncement

11/03/2025 11:00

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RNS Number : 2069A  80 Mile PLC  11 March 2025

 

 AIM: 80M

 FSE: S5WA

 

11 March 2025

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

White Flame Energy Acquisition - Issue of Shares

80 Mile plc ('80 Mile' or the 'Company'), the AIM, FSE listed and Pink-Market
traded exploration and development company with projects in Greenland, Finland
and Italy, is pleased to provide an update on the acquisition of White Flame
Energy Limited ("WFE").

Acquisition of White Flame Energy Limited

Further to the announcement dated 13 January 2025 relating to the acquisition
of WFE, the Company has today issued an additional 11,246,910 new ordinary
shares in the Company (the "Completion Shares") pursuant to the acquisition of
WFE. 80 Mile now holds 96.64% of the issued capital in WFE.

Admission and Total Voting Rights

Application will be made to the London Stock Exchange for admission of a total
of 11,246,910 Completion Shares to trading on AIM ("Admission"). It is
expected that Admission will become effective and dealings in the Completion
Shares will commence on AIM at 8.00 a.m. on or around 17 March 2025
("Admission"). 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 3,935,570,185 with 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:

 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 Joint Broker)
 Harry Ansell / Katy Mitchell / Andrew de Andrade  Zeus Capital Limited (Joint Broker)    +44 (0) 20 3829 5000
 Tim Blythe / Megan Ray / Said Izagaren            BlytheRay                              +44 (0) 20 7138 3204

(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
prioritise 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 the discovery
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 liquid hydrocarbons 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.

In addition to its mining ventures, 80 Mile, through its association with
Hydrogen Valley Ltd, is advancing the Greenswitch Ferrandina Plant in
Basilicata, Italy. This fully integrated chemical facility is undergoing final
maintenance to commence production of biofuels and Sustainable Aviation Fuel
(SAF). Strategically located near the Port of Taranto and within a Special
Economic Zone (SEZ), the plant is poised to contribute significantly to
Europe's energy transition by producing up to 50,000 tonnes of biodiesel
annually, with future plans for green hydrogen production. The facility's
advanced infrastructure and strategic location underscore 80 Mile's commitment
to sustainable energy solutions and regional economic development.

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