KoBold Interest in Disko Reverts to 80 Mile
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 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 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 |
|
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 |
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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