REG - 80 Mile PLC - KoBold Interest in Disko Reverts to 80 Mile

80 MileAnnouncement

Mon 10:15

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RNS Number : 2121J  80 Mile PLC  19 May 2025

19 May 2025

 

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

 

KoBold Interest in Disko-Nuussuaq Project Reverts to 80 Mile in Exchange for
Royalty &

Sale of Metals One Plc Shareholding

 

 

80 Mile PLC ("80 Mile" or the "Company"), the AIM, FSE, and OTC listed
exploration and development company, is pleased to advise that it has agreed
to the early reversion of KoBold Metals' interest in the Disko-Nuussuaq
nickel-copper-cobalt project in Greenland. As part of the arrangement,
KoBold's 49% interest in the project has been returned to 80 Mile in exchange
for a net smelter return ("NSR") royalty over future production from the
project. Therefore 80 Mile's interest in the Disko licences is now 100%.

 

The original joint venture with KoBold Metals was announced on 18 August 2022
(https://80mile.com/regulatory-news/63302) and included staged earn-in
milestones linked to a multi-year exploration program. While KoBold conducted
approximately US$13.4 million of high-quality exploration activities during
the 2022 field season, including advanced geophysical surveys and sampling,
the program did not progress to drilling and momentum was not maintained under
prior management. The initial drilling commitment was not met, and no further
field activity has occurred under the joint venture since that time.

 

As part of the transaction, in addition to the 49%, 80 Mile will also take
ownership of approximately £750,000 of equipment and infrastructure stationed
in Greenland purchased by Kobold under the joint venture.

 

The Company remains confident of the potential of the Disko-Nuussuaq project
and in its ability to now attract a partner that will focus on advance the
asset to drilling and hope to make further announcement on this in due course.
Key licenses covering priority target areas currently enjoy expenditure
credits and are in good standing with the Government of Greenland.

 

The granting of the 2% NSR to KoBold represents a clean exit from the prior
joint venture structure while preserving value for 80 Mile shareholders and
enabling a reset of strategic partnerships at Disko, a process that is now
well underway.

 

80 Mile Plc is also pleased to advise that now it has sold its initial holding
of 6,250,000 ordinary shares in Metals One Plc. It has now received total cash
proceeds of £1,970,000 from the Metals One Plc sale.

 

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:

 Board of Directors                                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 multiple projects in Greenland, as well as a developing
industrial gas and biofuels business in Italy, 80 Mile offers both portfolio
and commodity diversification focused on base metals, precious metals, and
industrial gas while expanding into sustainable fuels and clean energy
solutions in Tier 1 jurisdictions. 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, 100% owned by 80 Mile PLC. Seven priority targets
exhibiting spatial characteristics indicative of potential deposits on a scale
comparable to renowned mining operations such as Norilsk, Voisey's Bay, and
Jinchuan, will be advanced by the Company.

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.

In March 2025, 80 Mile divested its Finnish portfolio, selling its subsidiary,
FinnAust Mining Finland Oy, to Metals One. The portfolio consisted of licenses
comprising the Hammaslahti Copper-Zinc Project and Outokumpu Copper Project.
80 Mile retains 100% of the rights to any industrial gases (including helium
and hydrogen) associated with the projects.

 

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