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LONDON - 80 Mile PLC, an exploration and development company listed on AIM, FSE, and OTC markets, has announced the reacquisition of KoBold Metals’ 49% interest in the Disko-Nuussuaq nickel-copper-cobalt project located in Greenland. The transaction sees 80 Mile’s stake in the project return to 100%, in exchange for a 2% net smelter return (NSR) royalty to KoBold on future production.
The original joint venture, formed on August 18, 2022, aimed to advance the Disko-Nuussuaq project through a multi-year exploration program. Despite KoBold’s $13.4 million investment in high-quality exploration activities, including geophysical surveys and sampling during the 2022 field season, the partnership did not progress to drilling as initially planned. With this reversion, 80 Mile also acquires approximately £750,000 worth of equipment and infrastructure in Greenland, initially purchased by KoBold.
80 Mile remains optimistic about the project’s potential and is actively seeking a new partner to move forward with drilling operations. The company emphasizes that the key licenses for the project’s priority areas are in good standing, with expenditure credits recognized by the Greenland government.
In a separate development, 80 Mile has successfully sold its 6,250,000 ordinary shares in Metals One Plc, resulting in total cash proceeds of £1,970,000. This sale is part of 80 Mile’s ongoing strategy to focus on its core projects and create value through strategic partnerships and acquisitions.
The company’s portfolio includes a variety of critical metal projects in Greenland and a developing industrial gas and biofuels business in Italy. 80 Mile’s strategy is centered on advancing key projects, such as the fully-permitted Dundas Ilmenite Project in northwest Greenland, which is expected to become a significant supplier of high-quality ilmenite.
This announcement is made in accordance with the Market Abuse Regulation (MAR) and is based on a press release statement issued by 80 Mile PLC.
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