80 Mile (80M) H2 2024 earnings summary

Executive summary

• Completed a strategic transformation, expanding into industrial gases and hydrocarbons, and rebranding to 80 Mile PLC.

• Raised £1.2m and £1.5m through share issuances to fund expansion and acquire a stake in Hydrogen Valley Ltd.

• Acquired White Flame Energy and the Jameson Land Basin Project, and divested Finnish subsidiary FinnAust Mining to Metals One Plc, retaining industrial gas rights.

• Secured 100% ownership of Disko and Nikkeli projects, and advanced biofuels operations in Italy.

Financial highlights

• Net loss for 2024 was £9.56m, compared to a £1.81m loss in 2023.

• Revenue remained negligible at £35,887 (2023: £213,523), reflecting the exploration-stage nature.

• Cash and cash equivalents at year-end were £637,822 (2023: £200,700).

• Raised £4.23m net from share capital issues during the year.

• Impairment charges on intangible assets totaled £4.9m, mainly related to Finnish and Greenlandic licenses.

Outlook and guidance

• Positioned to benefit from rising demand for critical minerals, helium, and industrial gases.

• Operations in stable, resource-rich jurisdictions support future growth.

• Plans to recommence operations at the Italian biofuels plant and expand Hydrogen Valley stake.

• Additional fundraising will be required within 12 months to meet operational objectives.