Final Results

80 Mile PLC ('80 Mile' or the 'Company'), the AIM, FSE, and OTC listed exploration and development Company, is pleased to announce Final Results for the year ended 31 December 2024.

The accounts will be distributed to shareholders today and will be available on the Company's website shortly.

2024 Highlights

• Initiated detailed review of all projects, focusing on uncovering previously undisclosed historical data.
• Corporate Strategy expanded to incorporate Industrial Gases and Hydrocarbon sectors.
• Successful raise of £1.2 million through new Ordinary Share issuance to support strategic expansion.
• Reinstatement of the 2019 Dundas Mineral Resource Estimate for the Dundas Project.
• Identification of naturally occurring helium, hydrogen, and a high-concentration lithium brine at Outokumpu
• Significant source rock discovery at Dundas.
• Successful raise of £1.5 million through placing to acquire a strategic stake in Hydrogen Valley Limited in Italy, strengthening the Company's biofuels and industrial gas capabilities.
• Acquisition of White Flame Energy and and its highly prospective Jameson Land Basin Project, and secured extension of key exploration and production licences in East Greenland.
• Appointed Mr. Roderick McIllree as Executive Director, strengthening leadership for the Company's Greenland, Finland and Italy projects.
• Discovered significant concentrations of natural hydrogen and helium in historical drill holes at Hammaslahti

Post Period Highlights

• Update on Greenswitch Ferrandina Plant following a £8.5 million refurbishment. The Plant has secured all required permits for a staged restart.
• Agreed to sell Finnish subsidiary FinnAust Mining and projects to Metals One Plc, retaining free-carried industrial gas rights and increased Metals One equity.
• Signed heads of terms with March GL for 100% funding of Jameson drilling in Greenland, with MGL able to earn up to 70% interest, subject to approval.
• KoBold Metals returned its 49% interest in Disko to 80 Mile for a 2% NSR royalty, giving 80 Mile 100% ownership of the project and associated assets, enabling a strategic reset to advance drilling.
• Agreed to sell 100% of Kangerluarsuk to Amaroq Minerals Ltd. for up to US$2 million, including US$500,000 in Amaroq shares on completion and up to US$1.5 million contingent on discovery.

Chairman Statement

As we reflect on 2024, I am pleased to report that the restructuring efforts initiated upon the new management team assuming control are now delivering tangible results. Despite a year marked by considerable financial and operational challenges, we emerged with a clear strategic direction, streamlined leadership, and a renewed focus on value creation.

Key achievements during the period included a successful fundraising, a corporate rebrand to 80 Mile Plc, and a sharpened focus on industrial gases and hydrocarbons. These steps have repositioned the Company to capitalise on emerging opportunities in our core sectors.

Throughout 2024, we undertook a comprehensive reassessment of our portfolio and implemented further cost-saving initiatives across the business to make the business more sustainable. This disciplined approach has allowed us to operate more efficiently while navigating the complex landscape that exploration has become.

Our acquisition and divestment strategy continues to mature. The Jameson acquisition, a world-class, hydrocarbon-bearing undrilled basin on Greenland's east coast, is a cornerstone asset. We have since entered a joint venture on Jameson with a consortium of American oil experts as well as realised material returns through the sale of our stake in Metals One Plc and other non-core assets.

At the time of writing, 80 Mile is well-capitalised, is free carried for two 3,500-metre exploration holes at Jameson, has transitioned to 100% ownership of Nikelli and is progressing towards the restart of our biofuels facility in Italy.

Financial Review

Entering 2025, the Comopany is in a strong financial position following the successful monetisation of non-core assets. The sale of our Finnish projects to AIM-listed Metals One Plc returned significant value to shareholders. That transaction included £250,000 in cash and a 10% equity interest post-transaction. 80 Mile's existing position in Metals One Plc was subsequently sold for approximately £2 million. This provides a robust capital base with very limited overheads, enabling a renewed focus on shareholder value, something that was previously hindered by previous management legacy financial issues.

The Company's transformation is now complete. 80 Mile is lean, focused, and aligned with long-term growth trends in industrial gases, hydrocarbons, and biofuels. We continue to exercise prudent cash management and remain ready to act on strategic opportunities.

Outlook

The importance of critical minerals in the global energy transition continues to grow, and 80 Mile is strategically positioned to play a vital role. Our operations are located in politically stable, resource-rich jurisdictions that support commodity development, reinforcing the security of our assets and our confidence in future success.

Partnerships remain central to our strategy. Our joint venture at Jameson, along with close collaboration with Greenlandic and Danish authorities, and new financing relationships, all underpin the value of our project pipeline.

We are also expanding in sustainable energy. As announced in 19 December 2024 and 16 January 2025, 80 Mile acquired a 24% interest in Hydrogen Valley, a biofuels project in Italy, with options to increase to full ownership over the next 12 months. We expect operations at the plant to recommence shortly.

These developments underscore our long-term strategy: delivering value through a diversified portfolio in energy and industrial gas markets. With rising global demand for helium and industrial gases across healthcare, aerospace, and clean energy, 80 Mile is positioned to benefit significantly.

On behalf of the Board, I sincerely thank our shareholders for their trust and support. In a world increasingly shaped by geopolitical volatility and resource nationalism, we remain focused on building long-term value. With a dedicated team and a clear strategy, we look forward to a productive and transformative 2025.

Michael Hutchinson

Non-Executive Chairman

Statement of Financial Position

As at 31 December 2024

The Company has elected to take the exemption under Section 408 of the Companies Act 2006 from presenting the Parent Company Income Statement and Statement of Comprehensive Income. The loss for the Company for the year ended 31 December 2024 was £8,704,742 (loss for year ended 31 December 2023: £1,023,812).

Michael Hutchinson

Non-Executive Chairman

Other Comprehensive Income:

Items that may be subsequently reclassified to profit or loss

Other comprehensive income for the year

Items that may be subsequently reclassified to profit or loss

Other comprehensive income for the year

Items that may be subsequently reclassified to profit or loss

General information

The principal activities of 80 Mile Plc, formerly Bluejay Mining Plc, (the 'Company') and its subsidiaries (together the 'Group') are the exploration and development of precious and base metals, helium, industrial gases, and hydrocarbons. The Company's shares are listed on the AIM market of the London Stock Exchange and are traded on the open market of the Frankfurt Stock Exchange, as well as the OTC PINK in the US. The Company is incorporated and domiciled in England.

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

Summary of significant Accounting Policies

2.1. Basis of preparation of Financial Statements

The Group and Company Financial Statements have been prepared in accordance with UK-adopted International Accounting Standards (UK adopted IAS) in accordance with the requirements of the Companies Act 2006. The Consolidated Financial Statements have also been prepared under the historical cost convention, except as modified for assets and liabilities recognised at fair value on business combination.

The Financial Statements are presented in Pound Sterling rounded to the nearest pound.

The preparation of financial statements in conformity with UK-adopted IAS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Accounting Policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements are disclosed in Note 4.

2.2. New and amended standards

• New and amended standards mandatory for the first time for the financial periods beginning on or after 1 January 2024

The International Accounting Standards Board (IASB) issued various amendments and revisions to International Financial

Reporting Standards and IFRIC interpretations. The amendments and revisions applicable for the period ended 31 December

2024 did not result in any material changes to the financial statements of the Group or Company.

2.3. Basis of Consolidation

The Consolidated Financial Statements comprise the financial statements of the Company and its subsidiaries made up to 31 December 2024. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.

• The contractual arrangement with the other vote holders of the investee;
• Rights arising from other contractual arrangements; and
• The Group's voting rights and potential voting rights
• Subsidiaries

Subsidiaries are entities over which the Group has control. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the period are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.

Joint Venture

A joint venture (JV) is a joint arrangement in which the parties that share joint control have rights to the net assets of the arrangement. Joint arrangements are accounted for using the equity method of accounting and are initially recognised at cost. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. The aggregate of the Group's share of profit or loss of the JV is shown on the face of the statement of profit or loss and other comprehensive income as part of operating profit and represents profit or loss after tax. 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.

After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in the JV. At each reporting date, the Group determines whether there is objective evidence that the investment in the JV is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the JV and it's carrying value, then recognises the loss as 'Share of profit of a joint venture' in the statement of profit or loss and other comprehensive income.

• Reimbursement of the costs of the operator of the joint arrangement

When the Group, acting as lead operator or manager of a joint arrangement, receives reimbursement of direct costs recharged to the joint arrangement, such recharges represent reimbursements of costs that the operator incurred as an agent for the joint arrangement and therefore have no effect on profit or loss. When the Group charges a management fee (based on a fixed percentage of total costs incurred for the year) to cover other general costs incurred in carrying out the activities on behalf of the joint arrangement, it is not acting as an agent. Therefore, the general overhead expenses and the management fees are recognised in the statement of profit or loss and other comprehensive income as an expense and income respectively. The amount of income does not represent revenue from contracts with customers. Instead, it represents income

from collaborative partners and hence is outside the scope of IFRS 15.

2.4. Going concern

As at 31 December 2024, the Group had unrestricted cash and cash equivalents of £414,968. The Directors have prepared cash flow forecasts to 30 June 2026 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 several placings in 2024 including in a £1.2 million capital raise in January 2024, £1.75 million in August 2024 and a further £1.5 million in December 2024, with the latter associated with the acquisition of a strategic interest in Hydrogen Valley Ltd and its subsidiary, Greenswitch Srl.

2.5. Segment reporting

2.6. Foreign currencies

Functional and presentation currency

Items included in the Financial Statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the 'functional currency'). The functional currency of the UK parent entity and UK subsidiary is Pound Sterling, the functional currency of the Finnish subsidiary is Euros and the functional currency of the Greenlandic subsidiary is Danish Krone. The Financial Statements are presented in Pounds Sterling which is the Company's functional and Group's presentation currency.

• Transactions and balances
• Group companies
• all resulting exchange differences are recognised in other comprehensive income.

2.7. Intangible assets

Exploration and evaluation assets

Exploration and evaluation assets are recorded and held at cost

Exploration and evaluation assets are not subject to amortisation, as such at the year-end all intangibles held have an indefinite life but are assessed annually for impairment. The assessment is carried out by allocating exploration and evaluation assets to cash generating units ('CGU's'), which are based on specific projects or geographical areas. The CGU's are then assessed for impairment using a variety of methods including those specified in IFRS 6.

Under IFRS 6, there are four indicators of impairment:

• The period for which the Company has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed;
• Substantive expenditures on further exploration for and evaluation of mineral resources in the specific area is neither budgeted or planned;
• Exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the Company has decided to discontinue such activities in the specific area; and

Whenever the exploration for and evaluation of mineral resources in cash generating units does not fulfil the requirements of IFRS 6 or lead to the discovery of commercially viable quantities of mineral resources and the Group has decided to discontinue such activities of that unit, the associated expenditures are written off to the Income Statement.

Exploration and evaluation assets recorded at fair-value on business combination

Exploration assets which are acquired as part of a business combination are recognised at fair value in accordance with IFRS 3. When a business combination results in the acquisition of an entity whose only significant assets are its exploration asset and/or rights to explore, the Directors consider that the fair value of the exploration assets is equal to the consideration. Any excess of the consideration over the capitalised exploration asset is attributed to the fair value of the exploration asset.

2.8. Investments in subsidiaries and joint venture

Additional contributions by the Joint Venture Partner which increase the net assets in the joint venture, are recognised as 'increase in share of net assets on joint venture' in the statement of profit or loss and other comprehensive income. This is a non-cash adjustment and is to retain the Group's ownership in the Joint Venture at 49%.

2.9. Property, plant and equipment

Office Equipment - 4 years

Machinery and Equipment - 5 to 15 years

Software - 2 years

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised within 'Other (losses)/gains' in the statement of profit or loss.

2.10. Impairment of non-financial assets

2.11. Financial assets

Classification

The Group classifies its financial assets at amortised cost and at fair value through the profit or loss or other comprehensive income (OCI). The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.

Recognition and measurement

Amortised cost

Fair value through the profit or loss

Financial assets that do not meet the criteria for being measured at amortised cost or 'fair value through other comprehensive income' (FVTOCI), are measured at 'fair value through profit or loss' (FVTPL).

• Level 1: Quoted prices in active markets for identical items (unadjusted)
• Level 2: Observable direct or indirect inputs other than Level 1 inputs
• Level 3: Unobservable inputs (i.e. not derived from market data).
• Impairment of financial assets
• Derecognition

On derecognition of a financial asset measured at amortised cost, the difference between the asset's carrying amount and the sum of the consideration received and receivable is recognised in profit or loss. This is the same treatment for a financial asset measured at fair value through profit or loss (FVTPL).

2.12. Financial liabilities

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at fair value through profit or loss

Trade and other payables

Derecognition

2.13. Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

2.14. Equity

Equity comprises the following:

• "Share capital" represents the nominal value of the Ordinary shares;
• "Other reserves" represents the merger reserve, foreign currency translation reserve, redemption reserve and share option reserve where;

o "Reverse acquisition reserve" represents a non-distributable reserve arising on the acquisition of Finland Investments Limited;

o "Capital redemption reserve" represents a non-distributable reserve made up of share capital;

o "Share option reserve" represents share options awarded by the group;

• "Retained earnings" represents retained losses.

2.15. Share capital, share premium and deferred shares

Deferred shares are classified as equity. Deferred shares have no rights to receive dividends, or to attend or vote at general meetings of the Company and are only entitled to a return of capital after payment to holders of new ordinary shares of £100,000 per each share held.

2.16. Share based payments

The Group operates a number of equity-settled, share-based schemes, under which the Group receives services from employees or third party suppliers as consideration for equity instruments (options and warrants) of the Group. The fair value of the third party suppliers' services received in exchange for the grant of the options is recognised as an expense in the Income Statement or charged to equity depending on the nature of the service provided. The value of the employee services received is expensed in the Income Statement and its value is determined by reference to the fair value of the options granted:

• including any market performance conditions;
• including the impact of any non-vesting conditions.

2.17. Taxation

No current tax is yet payable in view of the losses to date. During the year ended 31 December 2024, the Company received £nil (2023: £61,343) in Research and Development ("R&D") tax credits.

Deferred tax is recognised using the liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.

Deferred tax assets and liabilities are not discounted.

Financial risk management

3.1. Financial risk factors

Risk management is carried out by the London based management team under policies approved by the Board of Directors.

Market risk

Foreign currency risk

The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the Euro, Danish Krone and the British Pound. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations.

The Group negotiates all material contracts for activities in relation to its subsidiaries in either British Pounds, Euros, United States Dollar or Danish Krone. The Group does not hedge against the risks of fluctuations in exchange rates. The volume of transactions is not deemed sufficient to enter into forward contracts as most of the foreign exchange movements result from the retranslation of intercompany loans. The Group has sensitised the figures for fluctuations in foreign exchange rates, as the Directors acknowledge that, at the present time, the foreign exchange retranslations have resulted in rather higher than normal fluctuations which are separately disclosed and is predominantly due to the exceptional nature of the Euro exchange rate in the last two years in the current economic climate. Further detail is in note 3.3.

Price risk

The Group is not exposed to commodity price risk as a result of its operations, which are still in the exploration phase. The Directors will revisit the appropriateness of this policy should the Group's operations change in size or nature.

The Group has exposure to equity securities price risk, as it holds listed equity investments.

Credit risk

Credit risk arises from cash and cash equivalents as well as outstanding receivables. Management does not expect any losses from non-performance of these receivables. The amount of exposure to any individual counter party is subject to a limit, which is assessed by the Board.

Liquidity risk

In keeping with similar sized mineral exploration groups, the Group's continued future operations depend on the ability to raise sufficient working capital through the issue of equity share capital or debt. The Directors are reasonably confident that adequate funding will be forthcoming with which to finance operations. Controls over expenditure are carefully managed.

With exception to deferred taxation, financial liabilities are all due within one year.

3.2. Capital risk management

At 31 December 2024 the Group had borrowings of £nil (31 December 2023: £nil) and defines capital based on the total equity of the Company. The Group monitors its level of cash resources available against future planned exploration and evaluation activities and may issue new shares in order to raise further funds from time to time.

Given the Group's level of debt versus its cash at bank and cash equivalents, the gearing ratio is immaterial.

3.3. Sensitivity analysis

On the assumption that all other variables were held constant, and in respect of the Group and the Company's expenses the potential impact of a 10% increase/decrease in the UK Sterling:Euro and UK Sterling:DKK Foreign exchange rates on the Group's loss for the period and on equity is as follows:

Critical accounting estimates and judgements

The preparation of the Financial Statements in conformity with UK adopted IAS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of expenses during the period. Actual results may vary from the estimates used to produce these Financial Statements.

Impairment of intangible assets - exploration and evaluation costs

Exploration and evaluation costs have a carrying value at 31 December 2024 of £25,587,568 (2023: £31,237,336). Such assets have an indefinite useful life as the Group has a right to renew exploration licences and the asset is only amortised once extraction of the resource commences. Management tests for impairment annually whether exploration projects have future economic value in accordance with the accounting policy stated in note 2.7. Each exploration project is subject to an annual review by either a consultant or senior company geologist to determine if the exploration results returned during the period warrant further exploration expenditure and have the potential to result in an economic discovery. This review takes into consideration long term metal prices, anticipated resource volumes and supply and demand outlook. In the event that a project does not represent an economic exploration target, results indicate there is no additional upside a decision will be made to discontinue exploration or impairment indicators under IFRS 6 are identified, an impairment charge will then be recognised in the Income Statement.

Useful economic lives of property, plant and equipment

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets, taking into account that the assets are not used throughout the whole year due to the seasonality of the licence locations. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation and the physical condition of the assets. See note 6 for the carrying amount of the property plant and equipment and note 2.9 for the useful economic lives for each class of assets.

Share based payment transactions

The Group has made awards of options and warrants over its unissued share capital to certain Directors, employees and consultants as part of their remuneration package. Certain warrants have also been issued to shareholders as part of their subscription for shares and suppliers for various services received. In the year ended 31 December 2024, 211,500,000 share options and warrants were issued to Directors, employees and consultants (2023: £nil).

Segment information

Management has determined the operating segments based on reports reviewed by the Board of Directors that are used to make strategic decisions. During the period the Group had interests in three geographical segments: the United Kingdom, Greenland and Finland. Activities in the UK are mainly administrative in nature whilst the activities in Greenland and Finland relate to exploration and evaluation work.

The Group had no turnover during the period.

Depreciation expense of £312,828 (31 December 2023: £346,260) for the Group has been charged in administration expenses.

Company

Depreciation expense of £10,189 (31 December 2023: £15,401) for the Company has been charged in administration expenses.

Intangible assets

Intangible assets comprise exploration and evaluation costs. Exploration and evaluation assets are measured at cost. Once the pre-production phase has been entered into, the exploration and evaluation assets will cease to be capitalised and commence amortisation.

Group

During the year ended 31 December 2018, the Directors concluded that an impairment charge of £2,877,609 was prudent in relation to the FinnAust Mining Northern Oy exploration assets. The impairment charge was recognised as being the difference between the fair value of the intangibles and the carrying amount. On 31 July 2023, the Company sold the entirety of its shareholding in FinnAust Mining Northern Oy to Metals One Plc and following the disposal, the impairment charge was eliminated.

The Dundas project in Greenland has a current JORC compliant mineral resource of 29.7 million tonnes at 1.99% ilmenite (in-situ). Exploration projects in Finland and the Disko project in Greenland are at an early stage of development and there are no JORC (Joint Ore Reserves Committee) or non-JORC compliant resource estimates available to enable value in use calculations to be prepared. The Directors therefore undertook an assessment of the following areas and circumstances that could indicate the existence of impairment:

• No further exploration or evaluation is planned or budgeted for;

Further, following an in-depth assessment of deficiencies in the 2022 work programs at Dundas, alongside consultations with various independent consultants, the Company determined that sufficient evidence existed to warrant the reinstatement of the 2019 Mineral Resource Estimate (MRE) at the Dundas Ilmenite Project. The Company is now evaluating a number of strategic alternatives for the project, including expanding the license package to cover historical copper showings in the area.

2023

Following their assessment, the Directors concluded that an impairment charge of £3,535,254 was prudent in relation to the Disko exploration assets, Thunderstone and Kangerluarsuk, for the year ended 31 December 2023. The impairment charge was recognised as being the difference between the fair value of the intangibles and their carrying amounts. Disko continued to focus on the joint venture with Kobold Metals. Following their assessment, the Directors concluded that no further impairment charge was required as at 31 December 2023.

2024

Following their assessment, the Directors concluded that an impairment charge of £328,957 relating to additions occurred during 2024 was prudent in relation to the Disko exploration assets, Thunderstone and Kangerluarsuk. Additionally, following the relinquishment of the Enonkoski licence (FinnAust Mining Finland Oy) during the year, the Directors determined that an impairment charge of £442,957 was necessary for the year ended 31 December 2024. Furthermore, the Directors determined that an impairment charge of £4,130,144 was required in relation to the Hammaslahti and Outokumpu licences (FinnAust Mining Finland Oy) to represent the impairment necessary to bring the carrying value down to the net recoverable amount (Note 31). These impairment charges totalling £4,902,058 were recognised as the difference between the fair value of the intangibles and their carrying amounts.

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 £0.00425 as at 31 December 2024 (31 December 2023: £0.02650).

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 31 December:

All subsidiary undertakings, except FinnAust Mining Finland Oy (1), are included in the consolidation.

(1) Subsequent to year end, the Company entered into a Share Purchase Agreement with Metals One PLC ("Metals One") to sell the entirety of its shareholding in FinnAust Mining Finland Oy. The consideration for this transaction is £250,000 in cash, less any working capital adjustment, and the issuance of such a number of ordinary shares in the capital of Metals One ("Consideration Shares") that equalled ten percent of the issued share capital, augmented by the issue of new ordinary shares pursuant to the exercise of all warrants, the conversion of all convertible loan notes, and the issuance of new shares to Metals One investors pursuant to a retail offer.

The proportion of the voting rights in the subsidiary undertakings held directly by the parent company do not differ from the proportion of ordinary shares held.

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 ("Nikkeli"), was incorporated and the specific licence's were transferred to Nikkeli.

Proportion of ownership interest held

The financial statements of the JV are prepared for the same reporting period as the Company. When necessary, adjustments are made to bring the accounting policies in line with those of the Company (refer to note 2.3.b).

(Decrease)/increase in share of net assets is a non-cash adjustment to increase the Company's ownership in the Joint Venture to 49% from additional contributions by the JV Partner (refer to note 2.8).

Nikkeli Greenland A/S had no contingent liabilities or commitments as at 31 December 2024 (2023: £nil).

Subsequent to the reporting date, on 1 January 2025, the Group's ownership interest in the joint venture increased to 100%, as disclosed in Note 31.

Trade and other receivables

'Other receivables' in both the Group and Company includes £135,000 (2023: £1,100,000) of consideration payable by Metals One Plc following the disposal, by the Company, of FinnAust Mining Northern Oy during the year ended 31 December 2023. An impairment of £915,000 was recognised during the year ended 31 December 2024 (2023: £Nil), due to a decrease in the Metal One's share price, which affected the value of the deferred consideration.

The fair value of all receivables is the same as their carrying values stated above.

At 31 December 2024 all trade and other receivables were fully performing. No ageing analysis is considered necessary as the Group has no significant trade receivable receivables which would require such an analysis to be disclosed under the requirements of IFRS 7. None of the amounts above are overdue or impaired.

All the UK entities cash at bank is held with institutions with an AA- credit rating. The Finland and Greenland entities cash at bank is held with institutions whose credit rating is unknown.

Included within the cash balance is £222,854 of restricted cash that has been deposited as security for the Company's remediation obligations under the Mineral Resources Act. This classification was not made in the prior year. In 2023, the restricted cash was presented within Intangible Assets (Note 7); however, it has been reclassified to Cash and Cash Equivalents in 2024 to more accurately reflect its nature.

Deferred tax

An analysis of deferred tax liabilities is set out below.

During the year ended 30 June 2016, a deferred tax liability of £373,343 arose as a result of a fair value adjustment on the assets acquired and liabilities assumed upon the acquisition of 60.37% of the share capital of 80 Mile Limited on 8 March 2016.

During the year ended 31 December 2017, a deferred tax liability of £122,702 arose as a result of a fair value adjustment on the assets acquired and liabilities assumed upon the acquisition of Disko Exploration Limited.

The Group has additional capital losses of approximately £8,451,606 (2023: £8,550,740) and other losses of approximately £8,106,839 (2023: £7,425,016) available to carry forward against future taxable profits. No deferred tax asset has been recognised in respect of these tax losses because of uncertainty over the timing of future taxable profits against which the losses may be offset.

Provision

As at 31 December 2024, the Directors recognised a provision of £200,000 in respect of an obligation to settle a dispute with Capricorn Oil Limited, regarding a consideration guarantee, from a Share Purchase Agreement entered into in September 2016. The settlement amount has been agreed upon with the counterparty and the outflow of economic resources occurred in full during the first quarter of 2025.

Trade and other payables

Trade payables include amounts due of £16,614 (31 December 2023: £90,048) in relation to exploration and evaluation activities.

2023

On 20 February 2023, the Company issued and allotted 5,800,000 new Ordinary Shares at nominal value and 3,798,911 new Ordinary Shares at a price of 5 pence per share.

On 3 July 2023, the Company issued and allotted 74,285,707 new Ordinary Shares at a price of 1.75 pence per share and 571,429 new Ordinary Shares at a price of 1.75 pence per share in lieu of fees.

On 4 August 2023, the Company issued and allotted 1,714,285 new Ordinary Shares at a price of 1.75 pence per share.

On 1 September 2023, the Company issued and allotted 60,000,000 new Ordinary Shares at a price of 1 pence per share.

2024

On 30 January 2024, the Company issued 150,145,715 Ordinary Shares at a price of 0.4 pence per share.

On 6 February 2024, the Company issued 149,854,285 Ordinary Shares at a price of 0.4 pence per share and 10,178,810 Ordinary Shares at a price of 0.71 pence per share in lieu of Directors Settlement fees.

On 22 August 2024, the Company issued 583,333,327 Ordinary Shares at a price of 0.3 pence per share.

On 31 December 2024, the Company issued 557,258,228 Ordinary Shares at a price of 0.27 pence per share.

Share based payments

The Company has established a share option scheme for Directors, employees and consultants to the Group. Share options and warrants outstanding and exercisable at the end of the period have the following expiry dates and exercise prices:

Options & Warrants

• Granted on 7 January 2025 but related to events during the year ended 31 December 2024.

• Granted on 7 January 2025 but related to events during the year ended 31 December 2024.

The expected volatility of the options is based on historical volatility for the six months prior to the date of granting.

A reconciliation of options and warrants granted over the year to 31 December 2024 is shown below:

During the period there was a charge of £311,772 (2023: credit £119,428) in respect of share options.

Expenses by nature

Group

The average monthly number of employees for the Group during the year was 7 (year ended 31 December 2023: 14) and the average monthly number of employees for the Company was 4 (year ended 31 December 2023: 7).

Of the above Group staff costs, £22,305 (year ended 31 December 2023: £252,313) has been capitalised in accordance with IFRS 6 as exploratory related costs and are shown as an intangible addition in the year.

Directors' remuneration

Year ended 31 December 2024

For the year ending 31 December 2024, a further £23,188 was paid to Harry Ansell during his non-directorship employment in the year.

• Transitioned from a Non-Executive Director to Executive Director on 1 October 2024.
• Resigned on 12 July 2024

Year ended 31 December 2023

For the year ending 31 December 2023, a further £2,118 was paid to Bo Stensgaard during his non-directorship employment in the year.

• Resigned on 19 December 2023
• Appointed on 19 December 2023

Of the above Group directors' remuneration, £117,601 (31 December 2023: £129,567) has been capitalised in accordance with IFRS 6 as exploratory related costs and are shown as an intangible addition in the year. The above figures do not include employer portion of NIC. Directors NIC for the year ending 31 December 2024 was £17,193 (31 December 2023: £9,292). These have been included in Note 21.

Details of fees paid to Companies and Partnerships of which the Directors detailed above are Directors and Partners have been disclosed in Note 29.

Other (losses) / gains

Group

1 An impairment of £915,000 was recognised during the year ended 31 December 2024 (2023: £Nil) in relation to the deferred consideration receivable following the sale of FinnAust Mining Finland Oy in 2023. The impairment arose due to a decrease in Metals One Plc's share price, which affected the value of the deferred consideration.

Finance expense / (income)

Group

Nikkeli Greenland A/S, joint venture company, was invoiced £69,513 during the year ended 31 December 2024 (31 December 2023: £224,141) for management services provided

Income tax expense

No charge to taxation arises due to the losses incurred.

Group

The R&D tax credit is based on specific projects undertaken and claims submitted to HMRC. The reclaim for 2022, totalling of £61,343, was recognised and paid during the year ended 31 December 2023. Research and development tax credits are recognised upon receipt of payment from HMRC.

The weighted average applicable tax rate of 22.59% (2023: 25.08%) used is a combination of the 25% standard rate of corporation tax in the UK, 20% Finnish corporation tax and 25% Greenlandic corporation tax.

The Group has a potential deferred income tax asset of approximately £3,218,891 (2023: £1,231,872) due to tax losses available to carry forward against future taxable profits. The Company has tax losses of approximately £8,106,839 (2023: £7,425,016) available to carry forward against future taxable profits. No deferred tax asset has been recognised on accumulated tax losses because of uncertainty over the timing of future taxable profits against which the losses may be offset.

On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15%. The legislation implements a domestic top-up tax and a multinational top-up tax, effective for accounting periods starting on or after 31 December 2023. However, this legislation does not apply to the Group in the financial year beginning 1 January 2024 as its consolidated revenue does not meet the legislation requirements of being greater than €750m in two of the four preceding years, the group will continue to monitor the legislation in future years.

Earnings per share

Group

The calculation of the total basic earnings per share of (0.57) pence (31 December 2023: (0.16) pence) is based on the loss attributable to equity holders of the parent company of £9,561,414 (31 December 2023: loss £1,809,374) and on the weighted average number of ordinary shares of 1,664,901,545 (31 December 2023: 1,117,083,397) in issue during the year.

In accordance with IAS 33, basic and diluted earnings per share are identical for the Group as the effect of the exercise of share options would be to decrease the earnings per share. Details of share options that could potentially dilute earnings per share in future periods are set out in Note 19.

Commitments

License commitments

As at 31 December 2024, 80 Mile owned one mineral exploitation licence (MIN 2021/08) and two mineral exploration licenses, 2015/08, 2020/114, which form the Dundas project. 80 Mile also owns 2011/31, 2020/03, 2020/06, which are held by Disko. Further, on 1 January 2025, the Group increased its ownership interest in Nikkeli from 49% to 100%, acquiring 100% ownership of Nikkeli's six licences: MEL 2024-30, MEL 2019-116, MEL 2017-01, MEL 2020-10, MEL 2018-16 and MEL 2012-29. These licences include commitments to pay annual licence fees and minimum spend requirements.

As at 31 December 2024 these are as follows:

Group

Related party transactions

Loans to/(from) Group undertakings

Amounts receivable as a result of loans granted to/(from) subsidiary undertakings are as follows:

Company

Loans granted to subsidiaries have increased during the year due to additional loans being granted to the subsidiaries, and foreign exchange gain of £1,719,898 (31 December 2023: £941,103 loss), given that no loans were repaid during the year. These amounts are unsecured and repayable in Euros and Danish Krone on demand from the Company.

All intra Group transactions are eliminated on consolidation.

1 The loan granted to FinnAust Mining Finland Oy increased by £468,712 during the year and subsequently impaired by £3,688,223.

An additional loan of £3,180 was granted to White Flame Energy Ltd, a company which was acquired post year end. Refer to Note 31.

Other transactions

PMW Consultancy Services, operated by Peter Waugh as a sole trader, was paid a fee of £nil for the year ended 31 December 2024 (31 December 2023: £8,000) for consulting services to the Company. Peter Waugh resigned from the Company on 19 December 2023. There was a balance of £nil owing as at 31 December 2023 and 2024.

Nikkeli Greenland A/S, joint venture company, was invoiced £69,513 during the year ended 31 December 2024 (31 December 2023: £224,141) for management services provided. There was a balance of £25,743 receivable at year end (31 December 2023: £ nil). Nikkeli Greenland A/S show this balance as part of their contributed capital.

Ultimate controlling party

The Directors believe there is no ultimate controlling party.

Events after the reporting date

Acquisition of White Flame Energy Ltd

On 13 January 2025, 80 Mile completed the acquisition of White Flame Energy Ltd ("White Flame") following the satisfaction of all condition's precedent, including regulatory approval. The key details of the acquisition are as follows:

Transaction Overview:

80 Mile acquired a controlling interest in White Flame Energy through the transfer of 179,314,780 shares, representing 96.64% of White Flame's issued capital. The consideration was satisfied through two allotments of new Ordinary Shares in 80 Mile:

• On 13 January 2025, the Company issued 838,710,808 Ordinary Shares at a price of 0.3127 pence per share to acquire 95.36% of White Flame's share capital;
• On 11 March 2025 the Company issued 11,246,910 Ordinary Shares for 0.3127 pence per share to increase its holding to 96.64%.

The acquisition was approved by 80 Mile shareholders at a General Meeting held on 10 July 2024.

Consideration and Control:

The acquisition agreement was structured in two tranches: Tranche 1 related to the acquisition of up to 51% of White Flame's issued share capital, while Tranche 2 provided 80 Mile with a three-year option to acquire up to the remaining 49%. On 13 January 2025, 80 Mile elected to exercise this option early and proceeded with the acquisition of 95.36% of White Flame's share capital, with an additional 1.28% acquired on 11 March 2025. Control of White Flame was deemed to have transferred on 13 January 2025, when all conditions were met and the share issuance was completed.

Related Party Disclosures:

Roderick McIllree and Michael Hutchinson serve as board members of White Flame. Eric Sondergaard, Managing Director of 80 Mile also holds a shareholding interest in White Flame. Accordingly, the acquisition of White Flame constitutes a related party transaction.

Acquisition of Hydrogen Valley Ltd Joint Venture

On 16 January 2025, 80 Mile acquired 24% equity interest in Hydrogen Valley Ltd ("Hydrogen Valley"). The key details of the acquisition are as follows:

Transaction Overview:

The Acquisition compromises of four stages:

• Stage 1: The Company has subscribed for and converted £200,000 of convertible loan notes constituted by Hydrogen Valley. Following conversion of the £200,000 loan notes, the Company now holds a 5% interest in Hydrogen Valley;
• Stage 2: subject to the Resolutions being passed at the General Meeting, the Company will pay £800,000 in cash and as deferred consideration allot and issue 423,957,023 new ordinary shares of 80 Mile (equal to 14.5% of the Issued Ordinary Share Capital of the Company) for a further 19% interest in Hydrogen Valley;
• Stage 3: shareholders of Hydrogen Valley have granted to the Company an option to acquire a further 25% interest in Hydrogen Valley for £1 million in cash and the issue of an additional 423,957,023 new ordinary shares of 80 Mile equal to 14.5% of the Issued Ordinary Share Capital of 80 Mile;
• Stage 4: shareholders of Hydrogen Valley have granted the Company an option to acquire the remaining 51% interest in Hydrogen Valley through the payment (in either cash and/or ordinary shares of the Company) of £6.05 million.

The acquisition (other than Stage 1) is conditional, inter alia, on 80 Mile conducting and being satisfied with the results of, legal, financial, tax and commercial due diligence on the Hydrogen Valley group and its business, assets and liabilities and the Placing having completed and Admission having occurred.

Key Dates:

The acquisition was approved by 80 Mile shareholders at a General Meeting held on 13 January 2025.

Consideration and Ownership:

On 16 January 2025, the Company issued 423,957,023 Ordinary Shares at a price of 0.305 pence per share, completing Stage 2 of the acquisition of Hydrogen Valley; moving to a 24% equity interest.

Related Party Disclosures:

There were no related parties involved in the acquisition of Hydrogen Valley.

Further share issuances

On 13 January 2025, the Company issued 15,000,000 Ordinary Shares at a price of 0.31 pence per share in lieu of services.

Joint Venture Ownership

On 1 January 2025, the Group increased its ownership interest in the Nikkeli joint venture from 49% to 100%. Under the original agreement, the Group's interest in Nikkeli was expected to revert to 51%, with Kobold retaining 49%. However, following negotiations with Kobold, the Group reacquired full ownership of Nikkeli. As a result, the Group now holds 100% of the entity, with the change effective from 1 January 2025.

Disposal of FinnAust Mining Finland

Transaction Overview:

On 19 March 2025, the Company announced the execution of a Share Purchase Agreement for the sale of its wholly owned subsidiary, FinnAust Mining Finland Oy ("FinnAust"), to Metals One Plc ("Metals One"). The key details of the disposal are as follows:

The consideration payable by Metals One to the Company for the entire issued share capital of FinnAust is £250,000 in cash, less any working capital adjustment, and the allotment and issue of such number of ordinary shares in the capital of Metals One (the "Consideration Shares") that equals ten per cent. of the issued share capital as enlarged by the issue of new ordinary shares to be conducted by Metals One. The Consideration Shares will be allotted and issued approximately 6 months after completion of the proposed transaction.

Related Party Disclosures:

There were no related parties involved in the disposal of FinnAust to Metals One.