25
October 2024
80 Mile
PLC / Ticker: 80M / Market: AIM / Sector: Mining
Executive
Director Appointment and Issue of Options
80 Mile plc ('80 Mile' or the 'Company'), the AIM, FSE listed and
Pink-Market traded exploration and development company with
projects in Greenland and Finland, would like to announce the
appointment of Mr. Roderick McIllree as Executive Director of the
Company, following the previously announced acquisition of White
Flame Energy.
Mr. McIllree brings extensive
experience in the mining and exploration sectors, particularly in
Arctic environments, making him an ideal addition to the Executive
Team as 80 Mile advances its key projects in Greenland and Finland.
His appointment marks a significant step in the Company's strategy
to accelerate project development and unlock value for
shareholders.
In connection with this appointment,
the Company has issued a total of 64,500,000 options to directors
and employees, each exercisable at 1 pence for a period of 5 years
from the date of issue. These options align the interests of the
Board and management with those of shareholders, ensuring a focus
on long-term growth.
Following this issue, there will be
a total of 175,900,000 options on issue, representing 8.61% of the
Company's current shares in issue, and the new allocation further
strengthens the alignment of the executive team with the Company's
growth strategy.
The options are being allocated as
follows:
|
|
Number of options
granted
|
|
Directors
|
50,000,000
|
|
Employees and
Consultants
|
14,500,000
|
|
Total
|
64,500,000
|
Market Abuse Regulation (MAR) Disclosure
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ('MAR') which has been incorporated into UK law by the
European Union (Withdrawal) Act 2018.
For further information please
visit http://www.80mile.com or
contact:
|
Eric Sondergaard
|
80 Mile plc
|
enquiry@80mile.com
|
|
Ewan Leggat / Adam Cowl
|
SP Angel Corporate Finance LLP
(Nominated Adviser and Broker)
|
+44 (0) 20 3470 0470
|
|
Tim Blythe / Megan Ray / Said
Izagaren
|
BlytheRay
(Media Contact)
|
+44 (0) 20 7138 3205
|
About 80 Mile Plc:
80 Mile Plc, listed on the
London AIM market, Frankfurt Stock Exchange, and
the U.S. Pink Market, is an exploration and development
company focused on high-grade critical metals in Tier 1
jurisdictions. With a diversified portfolio
in Greenland and Finland, 80 Mile's strategy is
centred on advancing key projects while creating value through
partnerships and strategic acquisitions.
The Disko-Nuussuaq
nickel-copper-cobalt-PGE project in Greenland is a
primary focus for 80 Mile, developed in partnership with KoBold
Metals. 80 Mile, through its wholly owned subsidiary Disko
Exploration Ltd., has a definitive Joint Venture Agreement with
KoBold Metals to guide and fund exploration efforts. The JV has
completed intensive analysis and interpretation of the extensive
geochemical, geophysical, and geological data collected during the
previous exploration campaigns. Leveraging KoBold's proprietary
artificial intelligence and machine learning platforms, this
comprehensive analysis has resulted in the identification of seven
initial priority targets within the project area. These seven
priority targets exhibit spatial characteristics indicative of
potential deposits on a scale comparable to renowned mining
operations such as Norilsk, Voisey's Bay, and Jinchuan. The JV is
now planning a focused ground-loop electromagnetic survey to refine
and prioritise each locality appropriately.
In Finland, 80 Mile currently
holds three large scale multi-metal projects through its wholly
owned subsidiary FinnAust Mining Finland Oy. 80
Mile's Finland portfolio includes the Outokumpu project,
where the discovery of industrial gases like helium and hydrogen
adds significant economic potential to the already prospective
copper-nickel-cobalt-zinc-gold-silver targets. 80 Mile is
conducting further exploration to fully assess these
resources.
80 Mile's recent acquisition of
White Flame Energy expands its portfolio into the energy sector,
adding large-scale licenses for industrial gas, natural gas, and
liquid hydrocarbons 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 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.
1.
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name:
|
Eric Sondergaard
|
2.
|
Reason for the notification
|
|
a)
|
Position/status:
|
Chief Executive Officer
|
|
b)
|
Initial
notification/Amendment:
|
Initial notification
|
3.
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name:
|
80 Mile Plc
|
|
b)
|
LEI:
|
213800E9AEFEHFLOVJ19
|
4.
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument:
Identification code:
|
Share options over ordinary shares
of 0.01p each
GB00BFD3VF20
|
|
b)
|
Nature of the
transaction:
|
Grant of options over ordinary
shares
|
|
c)
|
Price(s) and volume(s):
|
|
Price(s)
|
Volume(s)
|
|
1 pence
|
25,000,000
|
|
|
d)
|
Aggregated information:
Aggregated volume:
Price:
|
Single transactions as in 4 c)
above
|
Price(s)
|
Volume(s)
|
|
1 pence
|
25,000,000
|
|
|
e)
|
Date of the transaction:
|
2024-10-25
|
|
f)
|
Place of the transaction:
|
Outside a trading venue
|
1.
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name:
|
Rod McIllree
|
2.
|
Reason for the notification
|
|
a)
|
Position/status:
|
Executive Director
|
|
b)
|
Initial
notification/Amendment:
|
Initial notification
|
3.
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name:
|
80 Mile Plc
|
|
b)
|
LEI:
|
213800E9AEFEHFLOVJ19
|
4.
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument:
Identification code:
|
Share options over ordinary shares
of 0.01p each
GB00BFD3VF20
|
|
b)
|
Nature of the
transaction:
|
Grant of options over ordinary
shares
|
|
c)
|
Price(s) and volume(s):
|
|
Price(s)
|
Volume(s)
|
|
1 pence
|
25,000,000
|
|
|
d)
|
Aggregated information:
Aggregated volume:
Price:
|
Single transactions as in 4 c)
above
|
Price(s)
|
Volume(s)
|
|
1 pence
|
25,000,000
|
|
|
e)
|
Date of the transaction:
|
2024-10-25
|
|
f)
|
Place of the transaction:
|
Outside a trading venue
|