KoBold Interest in Disko-Nuussuaq Project Reverts to 80 Mile19 May 2025 10:15
80 Mile PLC / Ticker: 80M / Market: AIM / Sector: Mining
KoBold Interest in Disko-Nuussuaq Project Reverts to 80 Mile in Exchange for Royalty &
Sale of Metals One Plc Shareholding
80 Mile PLC ("80 Mile" or the "Company"), the AIM, FSE, and OTC listed exploration and development company, is pleased to advise that it has agreed to the early reversion of KoBold Metals' interest in the Disko-Nuussuaq nickel-copper-cobalt project in Greenland. As part of the arrangement, KoBold's 49% interest in the project has been returned to 80 Mile in exchange for a net smelter return ("NSR") royalty over future production from the project. Therefore 80 Mile's interest in the Disko licences is now 100%.
The original joint venture with KoBold Metals was announced on 18 August 2022 and included staged earn-in milestones linked to a multi-year exploration program. While KoBold conducted approximately US$13.4 million of high-quality exploration activities during the 2022 field season, including advanced geophysical surveys and sampling, the program did not progress to drilling and momentum was not maintained under prior management. The initial drilling commitment was not met, and no further field activity has occurred under the joint venture since that time.
As part of the transaction, in addition to the 49%, 80 Mile will also take ownership of approximately £750,000 of equipment and infrastructure stationed in Greenland purchased by Kobold under the joint venture.
The Company remains confident of the potential of the Disko-Nuussuaq project and in its ability to now attract a partner that will focus on advance the asset to drilling and hope to make further announcement on this in due course. Key licenses covering priority target areas currently enjoy expenditure credits and are in good standing with the Government of Greenland.
The granting of the 2% NSR to KoBold represents a clean exit from the prior joint venture structure while preserving value for 80 Mile shareholders and enabling a reset of strategic partnerships at Disko, a process that is now well underway.
80 Mile Plc is also pleased to advise that now it has sold its initial holding of 6,250,000 ordinary shares in Metals One Plc. It has now received total cash proceeds of £1,970,000 from the Metals One Plc sale.
