LONDON, July 9, 2025 /PRNewswire/ -- 80 Mile PLC ("80 Mile" or the "Company"), the AIM, FSE listed and OTC traded exploration and development Company, is pleased to provide an update on Greenswitch Srl ('Greenswitch'), a subsidiary of Hydrogen Valley Ltd ('Hydrogen Valley' or 'HV') in which 80 Mile has an interest. The Company also announces its increased interest in Hydrogen Valley to 49%.
Greenswitch Memorandum of Understanding with Tecnoparco
Greenswitch has signed a Memorandum of Understanding ('MOU') with Tecnoparco Valbasento ('Tecnoparco') for the procurement of up to 40,000 tonnes per year ('tpa') of biofuel from Greenswitch, for use in its cogeneration units. At present, Tecnoparco imports palm oil from outside of Italy, so this agreement would not only shorten the supply chain and reduce Tecnoparco's shipping costs, but also help to increase its sustainability credentials by moving away from palm oil. The MOU is in respect of an initial 40,000 tpa of biofuel, but this number could increase if Tecnoparco decides to include its affiliate industrial operators.
Tecnoparco is a multi-utility focused on providing services and utilities to its industrial customers based in the Region of Basilicata. Services include water treatment, and the supply of natural gas, electricity, steam, and other products. Tecnoparco was formed in 1990 as a public-private endeavour to help promote the development of industry in the Valbasento area of Basilicata. The company is located in the town of Pisticci, only a few kilometres from Greenswitch's biofuel plant.
Greenswitch believes this could be the first MOU of several to be signed in the coming months, as there are a growing number of refineries in Italy that are planning to introduce a percentage requirement of biofuel for mixing purposes with crude oil for the production of various products.
80 Mile Increases Interest in Hydrogen Valley to 49%
80 Mile announced on 19 December 2024 that it has the option to acquire up to a 100% interest in Hydrogen Valley, and moved to a 24% interest, as announced on 16 January 2025. Further to this, the Company is pleased to announce that it has now moved to a 49% interest in Hydrogen Valley after renegotiating the terms for the exercise of the Stage 3 option. The Company and the vendors of HV have agreed that no shares of 80 Mile would be issued for the exercise of the Stage 3 option and the cash consideration reduced from £1 million to £380,000, which will be settled by the novation of a £380,000 working capital loan, that has been provided to HV, to satisfy the consideration due to the vendors of HV. The Company has saved significant funds and minimised shareholder dilution by renegotiating the terms of Stage 3. The Stage 4 option remains unchanged at this time. Further short term financing of Hydrogen Valley will be subject to 15% interest.
Eric Sondergaard, Managing Director of 80 Mile, commented:
"We are pleased to see this development by Greenswitch to sign an MOU for the sale of up to 40,000 tpa of biofuel to Tecnoparco. This agreement is expected to be a win-win for both Greenswitch and Tecnoparco, as it will lead to the sale of some of Greenswitch's biofuel to a local company, and for Tecnoparco, it will help to address the need for a cleaner alternative to the palm oil that it currently imports, from a supplier that is located only a few kilometres away. It is exciting to hear of the potential opportunities for similar agreements to arise in the coming months, and we look forward to keeping shareholders up to date with any news.
"I am also delighted to announce that 80 Mile has now moved to a 49% interest in Hydrogen Valley, as we continue to expand in the sustainable and renewable energy markets through the integration of Greenswitch into our portfolio. We now have the option to increase to 100% between the period from 20 December 2025 up until 20 December 2026, and we will provide any updates accordingly."
For further information, please visit http://www.80mile.com
About 80 Mile Plc:
80 Mile Plc, listed on the London AIM market, Frankfurt Stock Exchange, and the U.S. OTC Market under the ticker BLLYF, is an exploration and development company focused on high-grade critical metals in Tier 1 jurisdictions. With multiple projects in Greenland, as well as a developing industrial gas and biofuels business in Italy, 80 Mile offers both portfolio and commodity diversification focused on base metals, precious metals, and industrial gas while expanding into sustainable fuels and clean energy solutions in Tier 1 jurisdictions. 80 Mile's strategy is centred on advancing key projects while creating value through partnerships and strategic acquisitions.
80 Mile's recent acquisition of White Flame Energy and the Jameson licenses expands its portfolio into the energy and gas sector, adding large-scale licenses for industrial gas, natural gas, and liquids in East Greenland. Approved by shareholders in July 2024, this acquisition diversifies the Company's assets and aligns with its strategy to contribute to sustainable energy solutions, while also exploring conventional energy resources.
The Disko-Nuussuaq nickel-copper-cobalt-PGE project in Greenland is a primary focus for 80 Mile, 100% owned by 80 Mile PLC. Seven priority targets exhibiting spatial characteristics indicative of potential deposits on a scale comparable to renowned mining operations such as Norilsk, Voisey's Bay, and Jinchuan, will be advanced by the Company.
The Dundas Ilmenite Project, 80 Mile's most advanced asset in northwest Greenland, is fully with a JORC-compliant Mineral Resource of 117 Mt at 6.1% ilmenite and an offshore Exploration Target of up to 530 Mt. Dundas is poised to become a major supplier of high-quality ilmenite. Recent discoveries of hard rock titanium mineralization, with bedrock samples showing nearly double the ilmenite content of previous estimates, further enhance the project's world-class potential. 80 Mile owns 100% of the Dundas Ilmenite Project under its subsidiary Dundas Titanium A/S in Greenland.
In March 2025, 80 Mile divested its Finnish portfolio, selling its subsidiary, FinnAust Mining Finland Oy, to Metals One. The portfolio consisted of licenses comprising the Hammaslahti Copper-Zinc Project and Outokumpu Copper Project. 80 Mile retains 100% of the rights to any industrial gases (including helium and hydrogen) associated with the projects.
In June 2025, 80 Mile entered into a definitive agreement to divest its 100% interest in the Kangerluarsuk zinc-lead-silver project in Greenland to Amaroq Minerals Ltd. Under the terms of the agreement, 80 Mile will receive US$500,000 in Amaroq Minerals shares upon completion, and US$1,500,000 in cash or shares upon the discovery of an economic deposit, as defined by a JORC or NI 43-101 compliant resource that supports development.
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