80 Mile Plc (80M.L) Q2 2024 Earnings Report

80 Mile Plc delivered QQ2 2024 results that underscore the company’s transition into an exploration-stage, asset-heavy business. Revenue was modest at £178,435, while cost of revenue matched revenue at £178,435, resulting in a gross loss of £178,435. With operating expenses of £779,879, the company reported an operating loss of £958,314 and a EBITDA of £-1,723,418. The bottom line was a net loss of £2,012,223, translating to an EPS of £-0.0014. Cash burn from operations amounted to £674,762, with negligible capital expenditure (£2k) and free cash flow of £-674,760. The balance sheet shows £224,980 in cash and cash equivalents and no long-term debt, yielding a net cash position of £224,980. Total assets stand at £38.88m against liabilities of £0.93m and equity of £37.95m. The non-current asset base is substantial (long-term investments £5.21m and other non-current assets £30.996m), suggesting significant exploration and capital deployment tied to Greenland and Finland projects. The company is in the post-rebrand phase (Bluejay Mining plc renamed to 80 Mile Plc in August 2024) and remains highly exposed to exploration outcomes, market prices for base and precious metals, and the ability to marshal additional capital if needed. Investors should weigh the potential upside from resource discoveries and strategic partnerships against persistent near-term losses and the ongoing need for funding to advance exploration programs.