80 Mile has agreed preliminary terms to transfer its Hammaslahti and Outokumpu copper projects in Finland to Canadian-listed Badlands Resources, potentially shifting responsibility for their development while allowing 80 Mile to focus on assets in Greenland and Italy.
The proposed transaction includes approximately €632,000 in cash, a 19.99% shareholding in Badlands Resources and contingent payments of up to approximately €2.53 million, subject to agreed resource and feasibility milestones.
The deal remains non-binding with respect to completion and requires definitive agreements, due diligence and regulatory approvals. The proposed cash payment and equity consideration cannot yet be treated as completed proceeds.
Historical Finnish copper districts
Hammaslahti, a former copper-zinc mine, produced more than seven million tonnes of ore between 1973 and 1986. The project benefits from historical mining infrastructure and extensive geological information, while exploration has identified additional opportunities around the former workings.
Outokumpu lies within one of Finland’s established mining districts and contains several exploration targets associated with the geological system that supported historic copper production in the region.
Finland is an important jurisdiction for copper, nickel, cobalt, battery minerals and downstream processing. Existing mining infrastructure, established regulation and access to Nordic electricity and transport networks can support the development of brownfield mineral assets.
Badlands funding and project development
Badlands recently completed a private placement of approximately €2.04 million, strengthening its corporate funding position. This capital has not been identified as committed construction financing for either Finnish project.
Both Hammaslahti and Outokumpu remain at the exploration and development stage. No final investment decision, mine-construction budget or new industrial offtake agreement has been announced.
For 80 Mile, the proposed sale would reduce its direct capital requirements in Finland while preserving potential upside through the Badlands shareholding and milestone-based payments. Badlands would gain access to established European copper districts amid demand supported by grid expansion, renewable-energy investment and industrial electrification. The next steps include finalising transaction documents, obtaining regulatory approvals and securing exploration funding to advance resource-definition work and assess the development potential of the two projects.
