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 or 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 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.