REG - 80 Mile PLC - Court Rules in Favour of Greenswitch in Civil Case

80 MileAnnouncement

06/05/2025 07:00

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RNS Number : 4572H  80 Mile PLC  06 May 2025

6 May 2025

 

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

 

Italian Court Rules in Favour of Greenswitch in Civil Case

 

80 Mile PLC ('80 Mile' or the 'Company'), the AIM (80M.AIM), FSE listed and US
OTC traded (BLLYF.OTC), exploration and development company with mineral and
energy projects in Greenland and a biofuels plant in Italy, is pleased to
provide an update on a civil damages and ownership dispute involving
Greenswitch Srl ('Greenswitch'), a subsidiary of Hydrogen Valley Ltd
('Hydrogen Valley' or 'HV'), and Digitile Com Srls ("Digitle").

 

As first announced on 19 December 2024
(https://www.80mile.com/regulatory-news/75603) , 80 Mile has the option to
acquire up to a 100% interest in Hydrogen Valley. As announced on 16 January
2025 (https://www.80mile.com/regulatory-news/76674) , the Company has moved to
Stage two of the acquisition, resulting in the acquisition of a 24% interest
in Hydrogen Valley. The Company had the resolution of this litigation as a
condition precedent before it would move to a larger percentage ownership as
per its previously announced options in HV. The Company expects to shortly
announce an extension to the options it has in place for HV.

 

The Company is pleased to advise that the Court of Bari, located in southern
Italy's Puglia region, has ruled on and subsequently dismissed claims made by
Digitile against Greenswitch, regarding a private agreement dated 2015. The
Court rejected Digitile's claims for more than €12 million in damages and
ownership of the plant, after finding insufficient evidence to prove the 2015
agreement's authenticity or its formation on the stated date. This closes the
outstanding litigation for Greenswitch and as such the Company now expects to
continue with its staged acquisition.

 

80 Mile looks forward to updating shareholders on developments shortly.

 

Overview

 

The dispute centres on a private agreement dated 20 July 2015, concerning the
transfer of rights and obligations related to the HV facility in Ferrandina.

 

Digitile claimed that Greenswitch failed to fulfil its contractual obligations
under the 2015 agreement, which included implementing an industrial and
research project, granting exclusive commercialisation rights to Digitile, and
reimbursing €78,800. Digitile sought contract resolution, a €10,000,000
penalty, €78,800 reimbursement, and €2,000,000 for lost commercial
opportunities.

 

Greenswitch contested the existence and authenticity of the 2015 agreement,
arguing it was never negotiated or signed on the stated date and was likely
fabricated later by Digitile's representatives, Pepe and Petrone, when Petrone
lacked authority to represent Greenswitch. Greenswitch also alleged the
contract's object was illicit and indeterminate and denied any breach.

 

The Court rejected Digitile's claims, finding insufficient evidence to prove
the 2015 agreement's authenticity or its formation on the stated date. Key
evidence included the absence of the agreement in any financial records,
contradictory statements in from Digitile's in prior legal proceedings, and
witness testimonies denying knowledge of any such agreement.

 

The Court dismissed Digitile's claims, denied Greenswitch's request for
damages due to frivolous litigation (lacking proof of bad faith), and ordered
Digitile to pay Greenswitch's legal costs, amounting to €33,685 plus
additional fees and taxes, as per the applicable legal fee regulations.

 

 

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 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.

80 Mile's recent acquisition of White Flame Energy 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, 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. 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.

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.

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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