Business
Update re Acquisition of FinnAust Mining Finland
Update re Acquisition of FinnAust Mining Finland.
About this update from 80 Mile Plc
[{"type":"text","content":"\n\n3 April 2025\n \n80 Mile Plc\n(\"80 Mile\" or the \"Company\")\n \nUpdate re Acquisition of FinnAust Mining Finland\n \nExecuted Share Purchase Agreement; retaining rights to industrial gasses\n \nFurther to the announcement of 19 March 2025, 80 Mile Plc (AIM: 80M), which is focused on energy and critical mineral opportunities, is pleased to announce that it has executed a Share Purchase Agreement for the sale of its wholly owned subsidiary, FinnAust Mining Finland Oy (the \"SPV\"), to Metals One Plc (AIM: MET1) (the \"Transaction\"). \n\nThe SPV holds the Hammaslahti Copper-Zinc Project (\"Hammaslahti\") and the Outokumpu Copper Project (\"Outokumpu\") in Finland (together, the \"Licences\"), both of which are associated with historic copper mines. Upon completion of the Transaction, Metals One will acquire 100% of the share capital of the SPV, and thereby the Licences.\n \nImportantly, 80 Mile retains 100% of the rights to any industrial gases (including helium and hydrogen) associated with the projects, which remain excluded from the Transaction. \n\nEric Sondergaard, Managing Director of 80 Mile, commented:\n \n\"This divestment marks a key milestone for 80 Mile as we sharpen our focus on emerging energy commodities, particularly industrial gases. While the copper assets in Finland hold strong potential, our retained rights over industrial gases allow us to continue participating in any upside from future discoveries in this evolving sector.\"\n\nFurther details of the Transaction, including the issue of Consideration Shares to 80 Mile, are available in 80 Mile's announcement dated 19 March 2025. Completion remains subject to certain conditions, including the consent of the Net Smelter Royalty holders and applicable regulatory clearance in Finland (though the latter is not currently expected to be formally required). \n\n \nMarket Abuse Regulation (MAR) Disclosure\nThe information set out above is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulations (EU) No. 596/2014 which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR').\n \nFor further information pleas...