80 Mile (80M) H1 2024 earnings summary

Executive summary

• New board installed in late 2023, leading to a strategic overhaul and significant cost reductions.

• Corporate strategy expanded to include industrial gases and hydrocarbons, with acquisitions and project expansions in Greenland and Finland.

• Raised £1.2m in January 2024 and £1.75m post-period to support restructuring and project development.

• Focused on revitalising key assets: Outokumpu (Finland), Disko JV (Greenland), and Dundas Ilmenite Project.

Financial highlights

• Revenue for H1 2024: £0; gross loss: £15,849 (improved from £32,033 loss in H1 2023).

• Operating loss: £1,961,713 (vs. £1,000,713 in H1 2023); loss before tax: £2,012,224 (vs. £659,135).

• Total comprehensive loss: £2,714,964 (vs. £1,565,735 in H1 2023).

• Cash and cash equivalents at 30 June 2024: £224,980 (excluding £1.75m raised post-period).

• Net assets: £37,951,225 at 30 June 2024 (down from £39,376,627 at 31 Dec 2023).

Outlook and guidance

• Immediate focus on advancing Outokumpu (industrial gases, Finland) and progressing Disko JV.

• Dundas Ilmenite Project to continue with measured focus; strategic shift towards industrial gases and hydrocarbons.

• Confident in ability to raise further funds as needed to meet operational objectives.