Member Info for IvRoche

This is the slide being referred to:

DÉFIS LIÉS AU PROJET

CHALLENGES RELATED TO THE PROJECT

1. Suspension des opérations minières

Les activités d’exploitation de la carrière sont suspendues depuis le 1er juin 2025, en raison d’une rupture de stock d’explosifs. Cette situation a conduit à la mise en chômage technique de plus de 300 employés relevant des sociétés sous-traitantes opérant sur le site. Nous sollicitons l’appui du Ministère pour trouver une solution.

Suspension of mining operations

Quarry exploitation activities have been suspended since June 1, 2025, due to a shortage of explosives. This situation has led to the technical unemployment of more than 300 employees working for subcontracting companies operating on the site. We are seeking the Ministry’s support to find a solution.

2. Autorisation d’exportation du concentré de spodumène

La société dispose actuellement d’un stock de plus de 42 000 tonnes de concentré de spodumène stockées sur le site, en attente d’une autorisation d’exportation par les autorités compétentes. Une première expédition annuelle de 125 000 tonnes est sollicitée, conformément aux prévisions de l’étude de faisabilité. Cette situation, en raison des difficultés financières, administratives ou autres de l’exportateur, compromettrait le bon déroulement de ses opérations et sa viabilité à moyen terme. Nous sollicitons l’appui du Ministère pour l’octroi de l’autorisation d’exportation.

Authorization for spodumene concentrate export

The company currently holds a stock of over 42,000 tons of spodumene concentrate stored on-site, awaiting export authorization from the competent authorities. An initial annual shipment of 125,000 tons is requested, in line with the feasibility study forecasts. This situation—caused by financial, administrative, or other difficulties of the exporter—could jeopardize the smooth execution of operations and its medium-term viability. We are requesting the Ministry’s support for the granting of the export authorization.

3. Ouverture officielle de la mine

L’ouverture officielle de la mine par Son Excellence le Colonel d’Armée Assimi Goïta pourrait malheureusement coïncider avec l’épuisement total du stock de minerai, rendant notre démonstration de production impossible, sauf si elle était avancée avant le 31 août 2025. À ce rythme, l’unité de traitement sera contrainte à un arrêt technique d’ici le 20 août 2025. Une anticipation permettrait de magnifier la reprise des activités industrielles de la mine (La Mine de Lithium de Bougouni SA).

Official opening of the mine

The official opening of the mine by His Excellency Army Colonel Assimi Goïta could unfortunately coincide with the complete exhaustion of ore stock, making our production demonstration impossible unless it is moved forward before August 31, 2025. At this rate, the processing unit will be forced to shut do

CC, I was surprised by Greenswitch, I was surprised about finding a partner for Jameson Land - if they can pull those two off (chuckle) the Disko should be a slam dunk in terms of finding a partner

Potential Catalysts: IMO

- Individual Drill outcomes from West Dome and Main Dome targets probably start in Q3 this year running into Q1/Q2 2026

- Telfer MRE and Ore estimates expected Q1 and Q2 2026, respectively

- Stock grade performance as mining transitions from inherited ROM to in-situ ore over 2025/26.

- Havieron Feasibility Study progress and any early development signs Q3 with FID in Q4 2025

Adds: what adds to confusion is GGP are already in "2026" as their financial year runs 01 July 2025 to 30 June 2026...

This MOU potentially de-risks GSs Ferrandina plant:

- Secures up to 120,000 tpa of feedstock

- Locks in offtake for the full output

- Supports project bankability and potentially grant release

If converted to a binding agreement, this could be transformational for 80M (us investors), giving 80M exposure to recurring, high-margin industrial cash flows.

For the record, I always had my doubts about this deal but I am happy to eat my words if they pull this off.

@Lav, we can only go by published numbers until we actually get to see production (nameplate) and associated costs... Until then this is the best barometer of NPV we have to go by.

Based on $810 Spod and AISC of $647, the total NPV for phase 1 is now $264m (pre-tax), distribution broken down as follows:

MG: $93m

Hainan: $87m

Kodal: $84m

Would really like that export permit soon.

Not sure the floor price has been agreed yet...

If this continues to build, Hainan may have scored a big own goal by agreeing to spot prices in the short term -> roll on the export license!

Agree Lav, has anyone done a revised NPV based on MG taking their 35% i.e. what price of Spod do we need to maintain the original NPV?

Don't all russians grow turnips?

RachT2 is correct in pointing out the €12m mortgage which were intended to be discharged before Hydrogen Valley officially acquired Greenswitch - but were not discharged due to an administrative error.

RMc and Eric the Viking stated that resolving this mortgage was a condition before taking a material interest in the project - we have just taken a material interest in the project, 1.) so this issue is materially resolved and awaiting paper work 2.) they are taking advantage of HVs distressed situation or 3.) they are massively gambling (for me until an RNS stating that this is resolved it's probably a combo of 2 & 3. We need more of the uncertainty removed before progressing any further.

Re: Revenue the MoU for the 40k tpa is non-binding and therefore has the potential to generate revenue if they can sign a supply contract. Therefore, it is not a revenue generating project at this point and that's a very important point. If it's renewable diesel or biodiesel then then the numbers quoted of c20m is the bottom line profit potential.

Just in from the RachT2 whisperer - this is what he/she meant to say;

While Mr. Price’s strong U.S. track record should theoretically support access to capital, the Hydrogen Valley (HV - Majority Owners) / 80Ms decision to convert a £380k loan into equity may reflect tactical capital structuring rather than his inability to raise funds.

Though HV still owes between €2.5M and €4.1M to the former owners of Greenswitch due to sale price variability and disclosed in 80M filings, payment is due 30 June 2027, and a €12M mortgage on the plant was meant to be resolved prior to acquisition but due to an admin error hasn't been resolved as yet, 80M has not issued an updated statement confirming whether that condition has now been fulfilled - despite now holding a clearly material 49% stake.

Investors may reasonably ask whether 80M’s board plans further renegotiation of the £6.05M Stage 4 acquisition cost, especially given prior concessions - but no such renegotiation has been confirmed at this time.

I can only guess CC but looks like Hydrogen Valley appear to have been financially constrained:

1.) 80 Mile had already lent HV £380k in working capital, which it's now converting into equity - a clear sign HV needed cash urgently.

2.) The plant, although refurbished, has not yet entered full-scale commercial production (as of July 2025), meaning it remains a pre-revenue or early-revenue asset - high potential, but not yet proven cash flow.

This weakens HV’s negotiating position and gives 80 Mile leverage to negotiate a low-cost deal.

£380k converted into 49% of an asset potentially generating $5M–$17M in cash per year is a massive upside play (based on non binding offtake MoU at 40k tpa). But it’s a high-risk, high-reward, pre-cashflow bet

We are effectively backing 80 Mile’s ability to fund, operate, scale, and secure firm offtake deals. Let's hope...

Anyone else think once we become a revenue generating company that it's about the right time for a share consolidation. For every 20 or 50 shares held 1 new share...

For those that can't be bothered reading / interpreting that RNS:

Summary:

Metals One has terminated its Share Purchase Agreement with 80 Mile for the acquisition of FinnAust Mining Finland Oy, (Hammaslahti and Outokumpu). As a result, 80 Mile has now fully exited its equity and transactional ties with Metals One as Metals One will be refocusing on its US-based critical mineral projects.

Money:

- 80M received a total of £1.74M from the MET1 share sale

- £230.9K from the now-cancelled acquisition, and - £150K in cash via a settlement

No further payments are due from either party.

You were literally slagging off the company and spreading FUD for the last go knows how long... Someone has changed their tune.

Maybe it's already been discussed and if I have missed it my bad...

Phase 1 (Stage 1) of the Bougouni - which currently relies solely on the Ngoualana deposit processed through the DMS plant - LOM approx 4 years.

Question: with all the additional drilling (hopefully hitting the 50mt or beyond mark) - am I wrong assuming that the current LOM for the DMS could be significantly extended - which could then provide enough funding for a phase 2?

Great finds Aston.

Interesting development re: Pelican -> although I kinda wish it remained with a private company versus going to Pelican a Nasdaq listed entity (would mean more upside)

Drilling of OPW-1 is up until 14 Jan (with a start this year around Christmas). 21 Sep first big milestone as ship with materials etc inbound - could get interesting.

Yep, but the bid is $6.70 AUD which is £3.35(ish) in new world or ~16.75p old world