Half-year Results

80 Mile Plc, the AIM, FSE listed, and Pink-market traded, exploration company with projects in Greenland and Finland, is pleased to announce its Interim Results for the six months ended 30 June 2024 (the 'Period').

Highlights in H1 2024

• New board installed in late 2023 following the resignation of Robert Edwards (Chairman), Bo Moller Stensgaard (Executive Director) & Peter Waugh (Non-executive).
• Appointment of experienced and well regarded executives Eric Sondergaard, Troy Whittaker and Roderick McIllree with a mandate to revitalise the Company's strategy.
• Company-wide review and restructure, resulting in a decrease in full time employees from 14 to 3.
• Expansion of Corporate Strategy to include Industrial Gases and Hydrocarbon.
• Raising of £1.2m through the issuance of new Ordinary Shares to new and existing shareholders to support an expanded Corporate Strategy.
• 2019 Dundas Mineral Resource Estimate reinstated as the control MRE for the Project.
• Acquisition of Thule Copper, a historic sedimentary hosted copper project via an approved application to expand the Dundas licence area.
• Disko ownership scheduled to increase to 51%, with both JV parties re-iterating ongoing support for the project under the new leadership.
• Initiated companywide review of projects with a focus on previously unreleased and/or undiscovered historical information.
• Proposed acquisition of White Flame Energy Ltd and the highly prospective Jameson Land Basin Project, which was subsequently approved by shareholders post-period end.

Post Period

• Indications of naturally occurring helium and hydrogen and a high concentrate Lithium brine at Outokumpu, Finland.
• Name change to 80 Mile Plc approved by shareholders.
• Significant source rock discovery at Dundas Ilmenite Project.
• Expanded engagement on Company projects with interested parties.
• Raising gross proceeds of £1.75m through the issuance of Ordinary Shares to new and existing shareholders.

Chairman's Statement

The first half of the year marked a significant turning point for the Company as it emerged from a challenging period of extended eroded shareholder value. Significant exploration activities had largely halted, and the Company faced considerable financial difficulties. Excessive general and administrative costs had been maintained despite a near total absence of meaningful fieldwork. The appointment of the new board in December 2023 has injected fresh energy into the organisation, refocusing efforts on revitalising the Company's high-quality mineral assets. Notably the Outokumpu project was identified as having significant naturally occurring industrial gas potential (helium, hydrogen and argon), with work continuing throughout the period.

A considerable amount of effort has been placed on rebuilding and strengthening existing relationships with our exploration and funding partners, and I am confident that we are now well-positioned to leverage positive changes deployed by the new management team.

After an in-depth assessment of the 2022 work programmes undertaken at Dundas, and consultations with independent consultants, the Company announced the reinstatement of the 2019 Mineral Resource Estimate at the Dundas Ilmenite Project. The reinstatement was provided after serious issues regarding the 2022 drill programme were uncovered in an overall review of the project, which were not distributed to the board at the time.

The Company announced an expansion of its Corporate Strategy to include the exploration and development of helium, hydrogen, industrial gases and hydrocarbons, reflecting a commitment to innovation and growth in the natural resources sector, while maximising shareholder value. This shift also acknowledges the rising global demand for helium and industrial gases in crucial industries such as healthcare, aerospace, and energy.

80 Mile Plc announced an update on the Disko-Nuussuaq Ni-Cu-Co-PGE project in West Greenland, which re-affirmed the results of the 2022 work programme, and the appropriate path forward for the project. This update was supported by the Company's joint venture partner KoBold Metals, who also endorsed the change of management to unlock the potential of the partnership.

The Company announced the acquisition, via expansion of an existing licence, of the Thule Copper Project. The licence expansion comes at no cost, leveraging existing exploration credits for Dundas and is a result of an extensive data review and analysis beginning in 2019. The expansion covers historic and newly discovered copper showings, including the Cominco Gossan which returned 1% Copper over 34m from outcropping rock chip samples.

Post-period, the desktop studies on Outokumpu concluded, and a market update was made having identified what appear to be significant occurrences of industrial gas within the license areas. The Company intends to deepen its understanding of this potential in the coming months, with field activities planned for imminent commencement. We have also received considerable interest from peers, and discussions are ongoing to explore potential value-creating opportunities, although no definitive agreements have been reached at this stage.

In the post-period, the conditional acquisition of White Flame Energy has further solidified the Company's strategic shift towards industrial gases and liquid hydrocarbons, with optimism about the potential value this acquisition should unlock for shareholders.

Post-period, 80 Mile Plc made a significant discovery of hard rock titanium mineralisation at the Dundas Ilmenite Project. This represents the first systematic assessment of the rock potential within the project's license area and further underscores Dundas' potential as a world-class source of high-grade titanium dioxide feedstock. Notably, 74 bedrock samples returned an average of 11.12% ilmenite (5.2% TiO2), with values consistently almost double those of the existing JORC-compliant resource.

Looking ahead into the remainder of 2024, 80 Mile will continue to execute its new strategy, focussing on the exploration and development of its projects, with the goal of enhancing their value and, in turn, maximising returns for our shareholders.

Financial

In January, we successfully raised £1.2 million in new equity, primarily from existing shareholders, to support our ongoing restructuring efforts. This funding has been critical in enabling us to streamline operations, including the necessary redundancies of non-essential staff accumulated over the past two years. The raised capital was swiftly allocated to securing the Company's asset register, reinstating the Mineral Resource Estimate (MRE) for Dundas, and revitalising our existing joint venture at Disko with KoBold Metals. Work on these initiatives is progressing rapidly, and we anticipate providing shareholders with updates in due course.

Currently, the Company is developing a global exploration target for the Dundas area, which the current management continues to view as a highly mineralised region with significant potential for both copper and titanium.

Regarding the previous management and board's decision to curtail activities at Dundas, we are actively exploring legal avenues to address the decisions made, particularly concerning the significant write-off of Dundas. Additionally, we identified potential improprieties involving a former senior exploration employee regarding Company assets during the period, which we immediately took steps to remediate and removed that employee from the Company.

Outlook

As we progress through 2024, 80 Mile Plc is poised for a period of significant growth and strategic development. Our immediate focus will be on advancing the Outokumpu project in Finland, where we see substantial potential in industrial gases, including helium, and naturally occurring hydrogen. The recent conditional acquisition of White Flame Energy further solidifies our commitment to this sector, and we are optimistic about the value this will bring to our shareholders.

In parallel, we will continue to make progress at our Disko joint venture, where revitalisation efforts are already yielding positive results. The Disko project remains a cornerstone of our portfolio, and we anticipate further advancements that will enhance its value proposition.

The Dundas Ilmenite Project in Greenland remains an important asset and works at Dundas will continue with a measured focus as we prioritise the significant opportunities at Outokumpu, Disko, and Jameson Land

The successful restructuring efforts and recent equity raise have provided the financial stability needed to pursue these priorities. Our broadened corporate strategy, now encompassing helium, industrial gases, and hydrocarbons, aligns with our vision to diversify and strengthen our portfolio, positioning us to meet the growing global demand in these critical sectors.

We are confident that the steps we are taking will lead to meaningful progress across our projects, and we look forward to delivering value to our shareholders throughout 2024 and beyond.

Michael Hutchinson

Non-Executive Chairman

The principal activity of 80 Mile Plc (the 'Company') and its subsidiaries (together the 'Group') is the exploration and development of precious and base metals. The Company's shares are listed on the AIM Market of the London Stock Exchange ('AIM'), the Frankfurt Stock Exchange and the Pink-Market exchange. The Company is incorporated and domiciled in the UK.

The address of its registered office is 6 Heddon Street, London, W1B 4BT.

Basis of Preparation

The condensed consolidated interim financial statements have been prepared in accordance with the requirements of the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2023. The interim financial statements have been prepared in accordance with UK adopted International Accounting Standards.

Statutory financial statements for the year ended 31 December 2023 were approved by the Board of Directors on 28 June 2024 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified with a material uncertainty related to going concern.

Going concern

As at 30 June 2024, the Group had cash and cash equivalents of £224,980, which did not include the £1.75 million (gross) from the placing announced on 23 August 2024 and received post-period end. The Directors have prepared cash flow forecasts to 30 September 2025, which take account of the cost and operational structure of the Group and parent company, planned exploration and evaluation expenditure, licence commitments and working capital requirements. These forecasts indicate that the Group and parent company's cash resources are not sufficient to cover the projected expenditure for the period for a period of 12 months from the date of approval of these financial statements. These forecasts indicate that the Group and parent company, in order to meet their operational objectives, and meets their expected liabilities as they fall due, will be required to raise additional funds within the next 12 months.

In common with many exploration and evaluation entities, the Company will need to raise further funds within the next 12 months in order to meet its expected liabilities as they fall due and progress the Group into definitive feasibility and then into construction and eventual production of revenues. The Directors are confident in the Company's ability to raise additional funds as required, from existing and/or new investors, within the next 12 months. The Company has demonstrated its access to financial resources, as evidenced by the successful completion of a Placing in January 2024 and August 2024 raising gross proceeds of £1.2 million and £1.75 million, respectively.

Risks and uncertainties

The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company's medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2023 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.80mile.com. The key financial risks are liquidity risk, credit risk, interest rate risk and fair value estimation.

Critical accounting estimates

The preparation of condensed consolidated interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in Note 4 of the Group's 2023 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period.

Accounting Policies

3.1 Changes in accounting policy and disclosures

Accounting developments during 2024

Intangible Assets

Intangible assets comprise exploration and evaluation costs and goodwill. Exploration and evaluation costs comprise acquired and internally generated assets.

Fair Value Through Profit And Loss Equity Investments

During the year ended 31 December 2023, 80 Mile received shares 62,500,000 new Ordinary Shares in Metals One Plc following its admission to AIM.

£

Fair value through profit and loss equity investments include the following:

The fair value of quoted securities is based on published market prices of £0.0095 as at 30 June 2024 (31 December 2023: £0.0265)

All assets and liabilities for which fair value is measured are categorised within the fair value hierarchy. The fair value hierarchy prioritises the inputs to valuation techniques used to measure fair value. The Group uses the

following hierarchy for determining and disclosing the fair value of financial instruments and other assets and liabilities for which the fair value was used:

• level 1: quoted prices in active markets for identical assets or liabilities;

The following tables set forth, by level, equity investments measured at fair value on a recurring basis as 30 June and 31 December:

Investments in Joint Venture

During the 2021 financial year, Disko Exploration Ltd entered into a joint venture agreement with Kobold Metals to drill in Greenland for critical materials used in electric vehicles. On 1 February 2022, the joint venture company, Nikkeli Greenland AS ("Nikelli"), was incorporated and the specific licences were transferred to Nikkeli.

Proportion of ownership interest held

The financial statements of the JV are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. This adjustment is retrospective and therefore an amendment was made to the prior year interim figures to bring them in line with the equity method accounting policy adopted in the Financial Statements for the year end 31 December 2022.

Increase in share of net assets is a non-cash adjustment to increase/(decrease) the Group's ownership in the Joint Venture to 49% from additional contributions by the JV Partner.

Nikkeli Greenland A/S had no contingent liabilities or commitments as at 30 June 2024 (30 June 2023: £nil).

Other (gains)/losses

Earnings per Share

The calculation of earnings per share is based on a loss of £2,012,224 for the six months ended 30 June 2024 (loss for six months ended 30 June 2023: £659,135) and the weighted average number of shares in issue in the period ended 30 June 2024 of 1,450,484,674 (six months ended 30 June 2023: 1,058,677,266).

No diluted earnings per share is presented for the six months ended 30 June 2024 or 30 June 2023 as the effect on the exercise of share options would be anti-dilutive.

Borrowings

On 14 February 2023, the Company received funding for US$2,000,000 as a convertible loan note. On the same date, the Company issued 5,800,000 Initial Placement shares at nominal value and 3,798,911 Commencement shares issued a price of £0.047382 per share to the convertible loan note holder.

On 25 April 2023, the Company mutually agreed to repay the US$2,000,000 amount received for the convertible loan note.

Events after the Reporting Date

On 6 September 2024, the Company issued 583,333,327 Ordinary Shares at a price of 0.3 pence per share, raising gross proceeds of £1.75 million.

Approval of interim financial statements

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