80 Mile Increases White Flame Energy Stake to 98.82% Through Share Issue

80 Mile plc (LSE:80M) has expanded its ownership of White Flame Energy Limited to 98.82% after minority shareholders accepted an offer covering 2.18% of the company’s equity. The consideration will be settled through the issuance of 6,513,349 new ordinary shares, which are expected to be admitted to trading on AIM around 14 April 2026.

Following the share issuance, 80 Mile’s total number of ordinary shares will rise to 5,068,076,045, with 4,864,519,027 carrying voting rights. The updated share count will adjust disclosure thresholds for investors under UK transparency regulations. By consolidating near-total control of White Flame Energy, 80 Mile strengthens its exposure to industrial and natural gas opportunities in East Greenland, supporting its strategy to broaden its portfolio beyond mining and into energy assets tied to critical resources.

The company’s outlook remains constrained by weak financial fundamentals, including a lack of revenue, widening losses, and ongoing cash burn, which raise the possibility of additional funding needs and dilution. While the balance sheet carries relatively low debt, financial performance remains a key risk factor. Technical indicators are more supportive, showing a strong price trend and positive momentum, although overbought signals suggest the potential for short-term volatility. Valuation remains difficult to determine due to negative earnings and the absence of dividend yield data.

More about 80 Mile plc

80 Mile plc is an exploration and development company listed on AIM in London and on the Frankfurt Stock Exchange. The group focuses on high-grade critical metals and energy projects in Greenland and Finland. Its portfolio includes the Disko-Nuussuaq nickel-copper-cobalt-PGE project developed with KoBold Metals, several large-scale multi-metal projects in Finland, the fully permitted Dundas Ilmenite Project, the Thule Copper Project, and energy licences in East Greenland held through White Flame Energy. The company aims to advance strategic mining and energy assets in stable jurisdictions while supporting the supply of critical minerals and sustainable energy resources.