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LONDON - 80 Mile PLC, the AIM, FSE, and OTC listed exploration company, reported a loss of £9.6 million for the year ended December 31, 2024, compared to a £1.8 million loss in 2023, according to final results released Monday.
The increased loss was primarily driven by a £4.9 million impairment of intangible assets and a £2.3 million loss on investments, including a £1.4 million valuation loss on the company’s equity stake in Metals One.
During 2024, 80 Mile completed a strategic pivot toward industrial gases and hydrocarbons, expanding beyond its original mineral exploration focus. The company raised £1.2 million in January 2024, followed by £1.75 million in August and £1.5 million in December to support this strategic shift.
Key developments included the acquisition of White Flame Energy and its Jameson Land Basin Project in Greenland, along with securing a strategic stake in Hydrogen Valley Limited in Italy to strengthen biofuels capabilities.
The company also reported significant discoveries of natural hydrogen and helium at its Hammaslahti project and a high-concentration lithium brine at Outokumpu.
Post-period, 80 Mile agreed to sell its Finnish subsidiary FinnAust Mining to Metals One, while retaining industrial gas rights. The company also regained 100% ownership of the Disko project after KoBold Metals returned its 49% interest in exchange for a 2% royalty.
"The Company’s transformation is now complete. 80 Mile is lean, focused, and aligned with long-term growth trends in industrial gases, hydrocarbons, and biofuels," said Michael Hutchinson, Non-Executive Chairman, in a statement based on the press release.
As of December 31, 2024, 80 Mile had cash and cash equivalents of £637,822, compared to £200,700 at the end of 2023.
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