80 Mile (80M) H2 2023 earnings summary

Executive summary

• Undertook a transformative board and management overhaul in December 2023, appointing new leadership and refocusing on core mineral assets.

• Strategic focus sharpened on the Disko-Nikkeli project in Greenland, advancing through a joint venture with KoBold Metals.

• Completed a major cost-reduction initiative, reducing workforce from twelve to three core members while maintaining operational efficiency.

• Divested non-core assets, including the sale of Finnaust Mining Northern Oy, and participated in the €5.6M AIMEX project in Finland.

• Post-year-end, raised £1.2M through a placing and announced acquisitions to expand into helium, industrial gases, and hydrocarbons.

Financial highlights

• Reported a net loss of £1.81M for 2023, compared to a profit of £1.66M in 2022.

• Revenue remained negligible; administrative expenses totaled £1.63M, and impairment charges reached £3.54M.

• Cash and cash equivalents at year-end were £200,700, down from £1.99M in 2022.

• Raised £1.2M in January 2024 to strengthen the balance sheet.

• Total equity at year-end was £39.38M, down from £40.01M in 2022.

Outlook and guidance

• Preparing 2024 and 2025 work programmes for the Dundas Ilmenite Project, including metallurgical work and government engagement.

• Strategic expansion into helium and industrial gases through the proposed acquisition of White Flame Energy.

• Focused on maintaining a robust cash position and evaluating further acquisitions aligned with scientific and commercial criteria.

• Positioned to benefit from the global energy transition and critical minerals demand.