Government Approve Sale of Kangerluarsuk to Amaroq

In brief · summary, not quotable

80 Mile PLC has successfully completed the sale of its Kangerluarsuk zinc-lead-silver project to Amaroq Minerals Ltd., receiving government approval for the transaction. As a result, 80 Mile will receive 392,939 Amaroq shares valued at US$500,000, with an additional US$1,500,000 payable in cash or shares upon the discovery of a JORC or NI 43-101 compliant resource. This divestment aligns with 80 Mile's strategy to monetize non-core assets and focus on its priority projects, including the Disko-Nuussuaq nickel-copper-cobalt project, with proceeds to be directed towards advancing these core assets.

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80 Mile PLC ('80 Mile' or the 'Company'), the AIM, FSE, and OTC listed exploration and development Company, is pleased to announce that it has received approval from the Greenland Government for the sale of the Kangerluarsuk zinc-lead-silver project ('Kangerluarsuk') to Amaroq Minerals Ltd. ('Amaroq', AIM, TSXV, NASDAQ Iceland: AMRQ). This follows the announcements of 11 August 2025 and 12 June 2025.

As a result of this approval, the transaction is now complete, and 80 Mile will receive 392,939 Amaroq AIM shares, equating to US$500,000. As previously announced, the Company will also receive US$1,500,000 in cash or shares upon the discovery of a JORC or NI 43-101 compliant resource that supports development.

This transaction reflects 80 Mile's ongoing strategy to monetise non-core assets and focus on its priority projects, particularly the Disko-Nuussuaq nickel-copper-cobalt project, Hydrogen Valley, and the Jameson Land Basin Project. The proceeds will be directed toward advancing these core assets and further strategic initiatives.

Kangerluarsuk is a high-grade carbonate-hosted zinc-lead-silver project located on Greenland's west coast, within the historic Black Angel mining district. 80 Mile identified multiple untested geophysical anomalies on the property that are consistent with the style of mineralisation that supported historical production in the district.

Amaroq Minerals is a well-capitalised and technically proficient Greenland-focused explorer and developer, and 80 Mile is confident that their team is well-placed to unlock the value of the project through systematic exploration. Amaroq have announced this purchase and a proposed fundraising of £30.0 million in the announcement which can be found here.

Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.