80 Mile PLC on Monday said it has agreed to the early reversion of KoBold Metals Co’s interest in the Disko-Nuussuaq nickel-copper-cobalt project in Greenland.

The Greenland and Finland-focused company with a portfolio of critical metal and industrial gas projects said KoBold’s 49% interest has been returned to 80 Mile in exchange for a 2% net smelter return royalty over future production from the project.

80 Mile said its interest in the Disko licences is now 100%.

The original joint venture with KoBold Metals was announced in 2022 and included staged earn-in milestones linked to a multi-year exploration programme.

KoBold conducted $13.4 million of exploration during 2022, but the programme did not progress to drilling, 80 Mile noted.

‘The initial drilling commitment was not met, and no further field activity has occurred under the joint venture since that time,’ 80 Mile added.

80 Mile said under the transaction it will also take ownership of around £750,000 of equipment and infrastructure stationed in Greenland that was purchased by KoBold.

The firm said it ‘remains confident’ in the potential of the Disko project and in its ability to attract a partner ‘that will focus on advancing the asset to drilling’.

80 Mile added that licences covering priority target areas at the site have expenditure credits and are ‘in good standing’ with the Greenland government.

80 Mile also confirmed that it has sold its initial holding of shares in Metals One PLC for total cash proceeds of £2.0 million.

Shares in 80 Mile were down 7.5% to 0.29 pence in London on Monday afternoon.

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