80 Mile Plc posted a challenging QQ2 2023 quarter characterized by a material operating loss despite the absence of reported revenue in the period. Reported EBITDA stood at -£649,207 and net income at -£659,135 with diluted earnings per share of -£0.0006, reflecting heavy exploration-related spend and corporate overheads in a capital-intensive phase. The quarterly cash flow profile shows a positive operating cash flow of £882,726 and a positive free cash flow of £792,500, underscored by a significant working capital release of £1,359,603. However, the quarter also features substantial investing activity (net investing cash outflow of -£2,849,435) driven by property, plant and equipment investments, alongside limited financing activity (net £46,223). The company ended the period with a cash balance of £80,964, down from £1,996,957 at the start of the period, highlighting ongoing liquidity needs tied to its exploration program. The group’s portfolio spans ilmenite-focused projects in Greenland (Dundas, DiskoNuussuaq, Kangerluarsuk, Thunderstone) and Finnish ventures (Hammaslahti, Enonkoski, Outokumpu), positioning 80 Mile for potential multi-commodity value realization as drilling and permitting progress materialize. Given the lack of near-term revenue, the investment thesis hinges on asset potential and the ability to secure ongoing funding for exploration. The stock remains a high-risk, high-reward exposure tied to future drill results, partnerships, and capital-raising capability.