Metals One terminates deal to buy FinnAust Finland from 80 Mile

(Sharecast News) - 80 Mile announced on Tuesday that it has reached a settlement agreement with Metals One to terminate the planned sale of its Finnish subsidiary FinnAust Mining Finland, while also cancelling future share-based consideration linked to a previous asset transaction.

Under the terms of the agreement, Metals One would no longer proceed with its acquisition of FinnAust Mining, which holds the Hammaslahti Copper-Zinc and Outokumpu Copper projects.

In exchange, 80 Mile would receive a �0.15m cash payment and waive its entitlement to two million deferred consideration shares previously agreed as part of a 2023 transaction involving the Black Schist Project, held by FinnAust Mining Northern.

Metals One had already paid �230,994 to 80 Mile in connection with the now-terminated acquisition.

The AIM-traded explorer informed 80 Mile that it intended to refocus its resources on US-based critical mineral projects, citing improved prospects for government funding in that jurisdiction.

As a result of the settlement, 80 Mile said it would no longer have the right to appoint a director to the board of Metals One, and the previously-announced appointment of Olga Solovieva would not proceed.

Separately, 80 Mile corrected earlier disclosures regarding the sale of its holding in Metals One.

The company said it sold its 6,250,000 shares in Metals One between 4 April and 9 May, generating total proceeds of �1.74m, down from the �1.97m figure previously reported.

At 1100 BST, shares in 80 Mile were down 2.12% at 0.26p, while those in Metals One were up 6.98% at 23p.

Reporting by Josh White for Sharecast.com.