Letter to Minority Shareholders of White Flame

80 Mile PLC ("80 Mile" or the "Company"), the AIM, FSE, and OTC listed exploration and development company with projects in Greenland, Finland and Italy, announces an update on its proposed acquisition of the entire issued share capital of White Flame Energy Ltd ("WFE"), initially announced on 17 July 2024.

As announced on 19 November 2024, the Company completed the acquisition of approximately 95 per cent. of WFE. On 11 March 2025, the Company acquired additional shares in WFE, increasing its aggregate shareholding to 96.64 per cent.

The Company is pleased to announce that it has posted a letter to the remaining minority shareholders of WFE, proposing to acquire all of the outstanding ordinary shares of £0.00625 each in WFE, representing the remaining 3.36 per cent. of WFE (the "Offer"). The value of the consideration being offered is the same as that offered to WFE's shareholders under the 2024 offer, with each WFE shareholder being offered 1.61 new ordinary shares in 80 Mile ("Consideration Shares") for every one WFE share held. Should all minority shareholders accept the Offer, this will result in the issue of 10,047,176 Consideration Shares, using the value of the Company's Ordinary Shares calculated on the basis of the volume weighted average price of the Ordinary Shares for a 60 trading day period prior to the date of this announcement, being £0.0091 per Ordinary Share.

The Company notes that the deadline for acceptance of the proposed Offer is 12:00 p.m. GMT on 27 March 2026. A further announcement will be made by 80 Mile in due course.