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#AYM Anglesey Mining PLC – Half yearly report for the six months to 30 September 2025
Chairman’s Statement and Management Report
During the half year period, we were pleased to publish a conceptual study of a high-density fluid hydro-power energy storage project at the mine.
The findings of the conceptual study led to the commencement of a pre-feasibility study (PFS) in the energy storage scheme and we have published the proposed operational methodology and revenue streams associated with the project in terms of both Long Duration Energy Storge (LDES) and how that might be the catalyst for the commencement of mining of the Parys Mountain VMS mineral deposits.
Our investigations show there is a positive business case for the energy project on a standalone basis, that the risks identified thus far can be reasonably overcome or mitigated. Elements of the energy storage project scope, for example: the de-watering and refitting of the Morris shaft for material and personnel hoisting, the dewatering of the workings emanating from the Morris shaft 280m below the surface, the upgrading of the power-line to site, the on-going environmental and social studies and the deployment of impact avoidance, mitigation and compensation strategies, are each synergistic with the first steps of establishing a modern underground mine on Parys Mountain.
It is an essential and clear intent of the energy project that Anglesey Mining retains all the optionality that it currently has for the construction and commissioning of an underground mine, and that the hydro energy pumped storage project should not detract from those options over the medium and long term.
In the period to the 30th September 2025, we unfortunately had to announce the termination of our management rights and obligations over Grangesberg Iron AB (GIAB). Under a shareholders’ agreement our 100% owned subsidiary, Angmag AB, and therefore Anglesey Mining, had management rights with the ability to appoint the majority of the Board of GIAB. The Agreement had an initial term of 10 years from 28 May 2014, extendable on a year-to-year basis, unless terminated on one year’s notice. On 28 May 2024, Eurmag AB, which holds the remaining 50.2% of GIAB, gave notice of termination of the Agreement.
As at 31 December 2024, GIAB had loans outstanding to its senior debt holder of approximately US$9.0 million. Despite the best efforts of the Company, revised terms and conditions for the senior debt could not be arrived at such that the Board of Anglesey Mining could then explore the raising of funds to facilitate a settlement of this debt and therefore management of GIAB reverted to Eurmag AB, GIAB’s 50.2% shareholder, with Anglesey retaining its 49.8% ownership interest.
Post the end of the half year period, on 5 December 2025 the Company announced that it had entered into a binding letter of intent with its largest shareholder and largest creditor Energold Minerals Inc. whereby Anglesey will eliminate approximately £4 million of debt in exchange for its interest in GIAB and holding of Labrador Iron Mines Holdings Limited, reducing total outstanding debt to approximately £100,000.
Energold has also provided immediate funding to Anglesey of £350,000 through the purchase of non-voting exchangeable warrants.
The Board believes that the restructuring of the Company’s balance sheet, in addition to the investment of fresh funds by Energold, will place the Company in a materially stronger position from which to pursue its primary objective of advancing Parys Mountain.
Finally, at the beginning of December 2025, we were delighted to welcome Brendan Cahill and Jim Williams to Anglesey’s board.
Financial
The group had no revenue for the period. The loss for the six months to 30 September 2025 was £334,699 (2024 comparative period £311,052) and expenditure on the mineral properties in the period was £50,955 compared to £125,479 in the same period in 2024.
Net current liabilities as at 30 September 2025 were £370,085 compared to net current liabilities of £182,582 at 31 March 2025.
Andrew King
Chairman
19 December 2025
Unaudited condensed consolidated income statement
| Notes | Unaudited six months ended 30 September 2025 | Unaudited six months ended 30 September 2024 | ||
| All operations are continuing | £ | £ | ||
| Revenue | – | – | ||
| Expenses | (236,591) | (213,575) | ||
| Equity-settled employee benefits | – | (4,230) | ||
| Investment income | 883 | 2,169 | ||
| Finance costs | (98,957) | (95,384) | ||
| Foreign exchange movement | (34) | (32) | ||
| Loss before tax | (334,699) | (311,052) | ||
| Taxation | 8 | – | – | |
| Loss for the period | 7 | (334,699) | (311,052) | |
| Loss per share | ||||
| Basic – pence per share | (0.1)p | (0.1)p | ||
| Diluted – pence per share | (0.1)p | (0.1)p | ||
Unaudited condensed consolidated statement of comprehensive income
| Loss for the period | (334,699) | (311,052) | ||
| Other comprehensive income | ||||
| Items that may subsequently be reclassified to profit or loss: | ||||
| Change in fair value of investment | 14 | (449,562) | 388,683 | |
| Foreign currency translation reserve | 13,912 | 17,654 | ||
| Total comprehensive (loss) for the period | (770,349) | 95,285 | ||
All attributable to equity holders of the company
Unaudited condensed consolidated statement of financial position
| Notes | Unaudited 30 September 2025 | 31 March 2025 | ||
| £ | £ | |||
| Assets | ||||
| Non-current assets | ||||
| Mineral property exploration and evaluation | 9 | 17,043,457 | 16,992,502 | |
| Property, plant and equipment | 204,687 | 204,687 | ||
| Investments | 10 | 777,119 | 1,226,681 | |
| Deposit | 129,727 | 128,857 | ||
| 18,154,990 | 18,552,727 | |||
| Current assets | ||||
| Other receivables | 35,358 | 36,988 | ||
| Cash and cash equivalents | 43,791 | 44,264 | ||
| 79,149 | 81,252 | |||
| Total assets | 18,234,139 | 18,633,979 | ||
| Liabilities | ||||
| Current liabilities | ||||
| Trade and other payables | (449,234) | (263,834) | ||
| (449,234) | (263,834) | |||
| Net current liabilities | (370,085) | (182,582) | ||
| Non-current liabilities | ||||
| Loans | (4,231,211) | (4,046,102) | ||
| Long term provision | (50,000) | (50,000) | ||
| (4,281,211) | (4,096,102) | |||
| Total liabilities | (4,730,445) | (4,359,936) | ||
| Net assets | 13,503,694 | 14,274,043 | ||
| Equity | ||||
| Share capital | 11 | 10,359,056 | 10,359,056 | |
| Share premium | 12,910,853 | 12,910,853 | ||
| Currency translation reserve | (68,797) | (82,709) | ||
| Retained losses | (9,697,418) | (8,913,157) | ||
| Total shareholders’ funds | 13,503,694 | 14,274,043 | ||
All attributable to equity holders of the company
Unaudited condensed consolidated statement of cash flows
| Notes | Unaudited six months ended 30 September 2025 | Unaudited six months ended 30 September 2024 | ||
| £ | £ | |||
| Operating activities | ||||
| Loss for the period | (334,699) | (311,052) | ||
| Adjustments for: | ||||
| Investment income | (883) | (2,169) | ||
| Finance costs | 98,957 | 95,384 | ||
| Share based payments charge | – | 4,230 | ||
| Foreign exchange movement | 34 | 32 | ||
| (236,591) | (213,575) | |||
| Movements in working capital | ||||
| Decrease/(increase) in receivables | 1,630 | 9,385 | ||
| Increase in payables | 182,627 | 4,041 | ||
| Net cash used in operating activities | (52,334) | (200,149) | ||
| Investing activities | ||||
| Investment income | 13 | 3 | ||
| Mineral property exploration and evaluation | (48,118) | (274,755) | ||
| Net cash used in investing activities | (48,105) | (274,752) | ||
| Financing activities | ||||
| Issue of share capital | – | 567,750 | ||
| Movements on loans | 100,000 | (29,207) | ||
| Net cash generated from financing activities | 100,000 | 538,543 | ||
| Net increase in cash and cash equivalents | (439) | 63,642 | ||
| Cash and cash equivalents at start of period | 44,264 | 219,685 | ||
| Foreign exchange movement | (34) | (32) | ||
| Cash and cash equivalents at end of period | 43,791 | 283,295 | ||
All attributable to equity holders of the company
Unaudited condensed consolidated statement of changes in group equity
| Share capital £ |
Share premium £ |
Currency translation reserve £ |
Retained losses £ |
Total £ |
|
| Equity at 1 April 2025 – audited | 10,359,056 | 12,910,853 | (82,709) | (8,913,157) | 14,274,043 |
| Total comprehensive loss for the period: |
|||||
| Loss for the period | – | – | – | (334,699) | (334,699) |
| Change in fair value of investment | – | – | – | (449,562) | (449,562) |
| Exchange difference on translation of foreign holding |
– | – | 13,912 | – | 13,912 |
| Total comprehensive loss for the period |
– | – | 13,912 | (784,261) | (770,349) |
| Shares issued | – | – | – | – | – |
| Share issue expenses | – | – | – | – | – |
| Equity-settled employee benefits | – | – | – | – | – |
| Equity at 30 September 2025 – unaudited |
10,359,056 | 12,910,853 | (68,797) | (9,697,418) | 13,503,694 |
| Comparative period | |||||
| Equity at 1 April 2024 – audited | 9,711,764 | 12,963,103 | (89,589) | (8,097,527) | 14,487,751 |
| Total comprehensive loss for the period: |
|||||
| Loss for the period | – | – | – | (311,052) | (311,052) |
| Change in fair value of investment | – | – | – | 388,683 | 388,683 |
| Exchange difference on translation of foreign holding |
– | – | 17,654 | – | 17,654 |
| Total comprehensive loss for the period |
– | – | 17,654 | 77,631 | 95,285 |
| Shares issued | 635,000 | – | – | – | 635,000 |
| Share issue expenses | – | (67,250) | – | – | (67,250) |
| Share issue expenses | – | – | – | 4,230 | 4,230 |
| Equity at 30 September 2024 – unaudited |
10,346,764 | 12,895,853 | (71,935) | (8,015,666) | 15,155,016 |
All attributable to equity holders of the company
Notes to the accounts
1. Basis of preparation
This half-yearly financial report comprises the unaudited condensed consolidated financial statements of the group for the six months ended 30 September 2025. It has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority, the requirements of IAS 34 – Interim financial reporting (as adopted by the UK) and using the going concern basis. The directors are not aware of any events or circumstances which would make this inappropriate. It does not constitute financial statements within the meaning of section 434 of the Companies Act 2006 and does not include all of the information and disclosures required for annual financial statements. It should be read in conjunction with the annual report and financial statements for the year ended 31 March 2025 which is available on request from the company or may be viewed at www.angleseymining.co.uk/accounts.
The financial information contained in this report in respect of the year ended 31 March 2025 has been extracted from the report and financial statements for that year which have been filed with the Registrar of Companies. The report of the auditors on those accounts did not contain a statement under section 498(2) or (3) of the Companies Act 2006 and was not qualified. The half-yearly results for the current and comparative periods have not been audited or reviewed by the company’s auditor.
2. Significant accounting policies
The accounting policies applied in these unaudited condensed consolidated financial statements are consistent with those set out in the annual report and financial statements for the year ended 31 March 2025. There are no new standards, amendments to standards or interpretations that are expected to have a material impact on the group’s results.
The group has not applied certain new standards, amendments and interpretations to existing standards that have been issued but are not yet effective. They are either not expected to have a material effect on the consolidated financial statements or they are not currently relevant for the group.
3. Risks and uncertainties
The principal risks and uncertainties set out in the group’s annual report and financial statements for the year ended 31 March 2025 remain the same for this half-yearly period. They can be summarised as: development risks in respect of mineral properties, especially in respect of permitting and metal prices; liquidity risks during development; and foreign exchange risks. More information is to be found in the 2025 annual report – see note 1 above.
4. Statement of directors’ responsibilities
The directors confirm to the best of their knowledge that:
(a) the unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of IAS 34 Interim financial reporting (as adopted by the UK); and
(b) the interim management report includes a fair review of the information required by the FCA’s Disclosure and Transparency Rules (4.2.7 R and 4.2.8 R).
This report and financial statements were approved by the board on 19 December 2025 and authorised for issue on behalf of the board by Andrew King, interim chairman and Rob Marsden, chief executive officer.
5. Activities
The group is engaged in mineral property development and currently has no turnover. There are no minority interests or exceptional items.
6. Earnings per share
The loss per share is computed by dividing the loss attributable to ordinary shareholders of £0.3 million by 484 million – the weighted average number of ordinary shares in issue during the period. The comparative figures were a loss to 30 September 2024 of £0.3m divided by 442 million shares. However where there are losses the effect of outstanding share options is not dilutive.
7. Business and geographical segments
There are no trading revenues. The cost of all activities charged in the income statement relates to exploration and evaluation of mining properties. The group’s income statement and assets and liabilities are analysed as follows by geographical segments, which is the basis on which information is reported to the board.
Income statement analysis
| Unaudited six months ended 30 September 2025 | |||||
| UK | Sweden – investment | Canada – investment | Total | ||
| £ | £ | £ | £ | ||
| Expenses | (242,701) | 6,110 | – | (236,591) | |
| Investment income | 883 | – | – | 883 | |
| Finance costs | (92,235) | (6,722) | – | (98,957) | |
| Exchange rate movements | – | (34) | – | (34) | |
| Loss for the period | (334,053) | (646) | – | (334,699) | |
| Unaudited six months ended 30 September 2024 | ||||
| UK | Sweden – investment | Canada – investment | Total | |
| £ | £ | £ | £ | |
| Expenses | (187,450) | (26,125) | – | (213,575) |
| Equity settled employee benefits | (4,230) | – | – | (4,230) |
| Investment income | 2,169 | – | – | 2,169 |
| Finance costs | (88,642) | (6,742) | – | (95,384) |
| Exchange rate movements | – | (32) | – | (32) |
| Loss for the period | (278,153) | (32,899) | – | (311,052) |
Assets and liabilities
| ` | Unaudited 30 September 2025 | |||
| UK | Sweden investment | Canada investment | Total | |
| £ | £ | £ | £ | |
| Non current assets | 17,377,871 | 633,170 | 143,949 | 18,154,990 |
| Current assets | 77,977 | 1,172 | – | 79,149 |
| Liabilities | (4,370,796) | (359,649) | – | (4,730,445) |
| Net assets | 13,085,052 | 274,693 | 143,949 | 13,503,694 |
| Audited 31 March 2025 | ||||
| UK | Sweden investment | Canada investment | Total | |
| £ | £ | £ | £ | |
| Non current assets | 17,326,046 | 633,170 | 593,511 | 18,552,727 |
| Current assets | 80,083 | 1,169 | – | 81,252 |
| Liabilities | (3,993,161) | (366,775) | – | (4,359,936) |
| Net assets | 13,412,968 | 267,564 | 593,511 | 14,274,043 |
8. Deferred tax
There is an unrecognised deferred tax asset of £1.6 million (31 March 2025 – £1.6m) which, in view of the group’s results, is not considered to be recoverable in the short term. There are also capital allowances, including mineral extraction allowances, of £14.5 million (unchanged from 31 March 2025) unclaimed and available. No deferred tax asset is recognised in the condensed financial statements.
9. Mineral property exploration and evaluation costs
Mineral property exploration and evaluation costs incurred by the group are carried in the unaudited condensed consolidated financial statements at cost, less an impairment provision if appropriate. The recovery of these costs is dependent upon the successful development and operation of the Parys Mountain project which is itself conditional on financing being available to fund such development. During the period activities were limited and no drilling took place.
10. Investments
| Labrador | Grangesberg | Total | |
| £ | £ | £ | |
| At 1 April 2024 | 771,564 | 633,170 | 1,404,734 |
| Net change during the period | (178,053) | – | (178,053) |
| At 31 March 2025 | 593,511 | 633,170 | 1,226,681 |
| Net change during the period | (449,562) | – | (449,562) |
| At Unaudited 30 September 2025 | 143,949 | 633,170 | 777,119 |
Labrador – Canada
The group has an investment in Labrador Iron Mines Holdings Limited, (LIM) a Canadian company which is carried at fair value through other comprehensive income. The group’s holding of 19,289,100 shares in LIM (12% of LIM’s total issued shares) is valued at the closing price traded on the OTC Markets in the United States. In the directors’ assessment this market is sufficiently active to give the best measure of fair value, which on 30 September 2025 was 1 US cent per share (2024 – 8 US cents). As at 19 December 2025 the share price was 2 US cents per share.
Grängesberg – Sweden
The group has, through its Swedish subsidiary Angmag AB, a 49.8% ownership interest in Grängesberg Iron AB an unquoted Swedish company (GIAB) which holds rights over the Grängesberg iron ore deposits.
The directors assessed the fair value of the investment in Grängesberg under IFRS 9 and consider the investment’s value at 30 September 2025 to be £633,170.
11. Share capital
| Ordinary shares of 1p | Deferred shares of 4p | Total | ||||
| Issued and fully paid |
Nominal value £ |
Number | Nominal value £ |
Number | Nominal value £ |
|
| At 31 March 2024 | 4,200,931 | 420,093,017 | 5,510,833 | 137,770,835 | 9,711,764 | |
| Issued in the period | 647,292 | 64,729,238 | – | – | 647,292 | |
| At 31 March 2025 | 4,848,223 | 484,822,255 | 5,510,833 | 137,770,835 | 10,359,056 | |
| Issued in the period | – | – | – | – | – | |
| At Unaudited 30 September 2025 | 4,848,223 | 484,822,255 | 5,510,833 | 137,770,835 | 10,359,056 | |
The deferred shares are non-voting, have no entitlement to dividends and have negligible rights to return of capital on a winding up.
12. Financial instruments
| Group | Financial assets classified at fair value through other comprehensive income | Financial assets measured at amortised cost | ||
| Unaudited 30 September 2025 | 31 March 2025 | Unaudited 30 September 2025 | 31 March 2025 | |
| £ | £ | £ | £ | |
| Financial assets | ||||
| Investments | 777,119 | 1,048,628 | – | – |
| Deposit | – | – | 129,727 | 128,857 |
| Other receivables | – | – | 35,358 | 36,988 |
| Cash and cash equivalents | – | – | 43,791 | 44,264 |
| 777,119 | 1,048,628 | 208,876 | 210,109 | |
| Financial liabilities measured at amortised cost | ||||
| Unaudited 30 September 2025 | 31 March 2025 | |||
| £ | £ | |||
| Trade payables | (179,123) | (107,559) | ||
| Other payables | (270,111) | (156,275) | ||
| Loans | (4,231,211) | (4,046,102) | ||
| (4,680,445) | (4,309,936) | |||
Anglesey Mining plc
Directors
Andrew King Chairman
Rob Marsden Chief executive
Douglas Hall Non executive
Brendan Cahill Non executive
Jim Williams Non executive
Registered office address – Parys Mountain, Amlwch, Anglesey, LL68 9RE
Phone 01407 831275 Email mail@angleseymining.co.uk
Registrars MUFG Corporate Markets, 29 Wellington Street, Leeds, LS1 4DL
Share dealing phone 0371 664 0445 Helpline phone 0371 664 0300
Company registered number 01849957
Web site www.angleseymining.co.uk
Shares listed AIM – AYM
Ultimate Breakout – Alan Green talks #POLB, #AJAX and #AYM with Justin at Breakout Capital Ventures
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- Anglesey Mining #AYM
with Justin at Breakout Capital Ventures
#AYM Anglesey Mining – COMPLETION OF WARRANT OFFERING
Further to the announcement released by the Company on 5 December 2025 (the “Initial Announcement”), the Board of Anglesey is pleased to announce that the investment of £350,000 in Anglesey by Energold Minerals Inc (“Energold”), through the purchase of non-voting exchangeable warrants (the “Warrants” and the “Warrant Offering”), has completed.
Pursuant to the binding letter of intent (“LOI”) entered into between the parties, Energold agreed to invest £350,000 in Anglesey through the Warrant Offering. The price per Warrant was based on the 5-day volume weighted average price (“VWAP”) of ordinary shares of Anglesey (“Ordinary Shares”), for the period up to the close of business on 8 December 2025 (the “Pricing Date”). Accordingly, based on the VWAP for that period of 0.7597 pence per share (representing a premium of approximately 153% to the closing price of 0.30 pence per Ordinary Share on 4 December 2025, being the last trading day prior to the Initial Announcement), a total of 46,070,817 Warrants have been issued to Energold, and Anglesey has received the cash consideration for the Warrants of £350,000 from Energold. The Warrants will be exchangeable for new Ordinary Shares for no additional consideration and on a one-for-one basis.
The proceeds from the Warrant Offering will be used to support the Company’s current financial position and allow for the settlement of certain payments due by the Company.
In support of the Warrant Offering, Anglesey has agreed to convene an extraordinary general meeting (“EGM”) for a date prior to 31 March 2026 in order to approve a consolidation of the Ordinary Shares at an appropriate ratio to support the issuance of new Ordinary Shares pursuant to the Warrants and/or otherwise (the “Consolidation”). Anglesey intends to issue a notice convening the EGM in due course.
Additions to Board
Anglesey also confirms that, further to the closing of the Warrant Offering, Brendan Cahill and Jim Williams have been appointed to the Board of Anglesey as non-executive directors with immediate effect.
Brendan and Jim will join the existing Board of Anglesey, comprising Andrew King (Chairman), Rob Marsden (CEO), and Doug Hall (Independent Non-Executive Director). As a representative of Energold, Brendan Cahill is considered upon appointment to be a non-independent Director for QCA Code purposes. Jim Williams is considered upon appointment to be an independent Director for QCA Code purposes.
Next Steps
The Debt Settlement Agreement including, inter alia, the transfer by Anglesey to Energold of its shareholding in Angmag and its shareholding in LIMH is expected to take effect shortly following the receipt of necessary Swedish approvals.
Further announcements in relation to the above steps will be made as and when appropriate.
Capitalised terms used, but not otherwise defined, in this announcement have the meanings given to them in the Initial Announcement.
For further information, please contact:
Anglesey Mining plc
Rob Marsden, Chief Executive Officer – Tel: +44 (0)7531 475111
Andrew King, Chairman – Tel: +44 (0)7825 963700
Davy
Nominated Adviser & Joint Corporate Broker
Brian Garrahy / Daragh O’Reilly – Tel: +353 1 679 6363
Zeus Capital Limited
Joint Corporate Broker
Katy Mitchell / Harry Ansell – Tel: +44 (0)161 831 1512
LEI: 213800X8BO8EK2B4HQ71
Stockbox podcast with Alan Green, Mark Fairbairn and Dan Flynn covering Resourcing Tomorrow, Swiss Mining Institute, #DGQ #WINS & #AYM
Stockbox podcast with Alan Green, Mark Fairbairn and Dan Flynn where we discuss the Swiss Mining Institute show, Resourcing Tomorrow and others. Companies covered include:
- Anglesey Mining #AYM
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#AYM Anglesey Mining PLC – Debt Settlement and Disposals; Investment by Energold Minerals; Additions to Board
Anglesey Mining plc (AIM:AYM), the UK minerals development company, is pleased to announce a number of updates in relation to its corporate and financial position as well as additions to its Board of Directors (the “Board”).
On 4 December 2025, the Company entered into a binding letter of intent (the “LOI”) with its largest shareholder and largest creditor Energold Minerals Inc. (“Energold”), pursuant to which both parties have agreed to enter into certain independent transactions which, in aggregate, the Board believes will allow for a comprehensive restructuring and improvement of the balance sheet of Anglesey through the elimination of its largest debts.
Energold has also agreed to invest £350,000 in Anglesey through the purchase of non-voting exchangeable warrants (the “Warrants” and the “Warrant Offering”), details of which are outlined in this announcement.
The Board believes that the restructuring of the Company’s balance sheet, in addition to the investment of fresh funds by Energold, will place the Company in a materially stronger position from which to pursue its primary objective of advancing its 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au VMS deposit in Anglesey, North Wales (“Parys Mountain”).
Highlights
- Anglesey to eliminate approximately £4 million of debt in exchange for its interest in Grängesberg Iron AB (“GIAB”) and holding of Labrador Iron Mines Holdings Limited (“LIMH”), reducing total outstanding debt to approximately £100,000
- Energold to provide immediate funding to Anglesey of £350,000 through Warrant Offering
- Veteran mining executives, Brendan Cahill and Jim Williams, to join Anglesey’s board
- Anglesey to focus wholly on advancing Parys Mountain going forward
Andrew King, Chairman of Anglesey, commented: “We are pleased to announce this series of measures today that we believe place Anglesey on a much firmer financial footing from which to progress our 100% owned Parys Mountain and deliver long term value for our shareholders. Our confidence in the future of Anglesey is shared by our largest shareholder, Energold, and we appreciate the support they have provided to the Company as a strategic investor and now through this Debt Settlement Agreement and their new investment through the Warrant Offering.
On behalf of the Board, I also welcome Brendan Cahill and Jim Williams as directors of the Company. We look forward to working with them and leveraging their extensive experience and knowledge of the mining sector.”
Background
On 15 August 2025, the Company provided an update on recent corporate activities undertaken by the Board. This included, inter alia, updates in respect of the Grängesberg Iron Ore Project and the reversion of management control of GIAB, the Swedish company which holds rights over the Grängesberg iron ore deposits, to the majority owner of GIAB, as well as Anglesey’s decision to actively seek to dispose of its 11.9% holding in LIMH and realise that investment. These actions were undertaken to support the Board’s current objective of focusing efforts on the Parys Mountain project and to address the Company’s current financial position.
The Board has since engaged in negotiations with Energold and is today pleased to announce a series of actions which the Board believes will materially strengthen the financial position of Anglesey and allow it to pursue its core strategic objective of seeking to advance the further exploration and development of the Parys Mountain mining project.
Debt Settlement Agreement and Disposals of Interests in GIAB and LIMH
As per the latest audited financial statements for the year ended 31 March 2025, the Company had aggregate outstanding debt of approximately £4.05 million. The largest component of this is an unsecured loan, originally extended by Juno Limited, with a carrying value as at 31 March 2025 of approximately £3.68 million (the “Juno Loan”). During the course of 2025, Energold acquired the beneficial interest in the Juno Loan. The balance of the Company’s outstanding debt relates to an unsecured loan due to Eurang Limited (carrying value of approximately US$0.50 million, or £0.37 million at 31 March 2025) which originally arose in connection with the Company’s investment in Grängesberg (together with the Juno Loan, the “Outstanding Debt”).
Following the aforementioned negotiations between Energold and Anglesey, the parties have agreed to enter into a settlement agreement (the “Debt Settlement Agreement”) pursuant to which Anglesey has agreed to transfer to Energold (i) its shareholding in Angmag AB (the subsidiary through which Anglesey holds its investment in GIAB), and (ii) its shareholding in LIMH, as full and final settlement of the Outstanding Debt. Under the Debt Settlement Agreement, Anglesey has also agreed to cancel all amounts owed to it by GIAB, totalling approximately US$0.50 million.
As at the latest audited financial statements for the year ended 31 March 2025, the carrying value of the Company’s investments in GIAB and LIMH were valued at £0.63 million and £0.59 million, respectively, or approximately £1.23 million in aggregate, and the aggregate Outstanding Debt was approximately £4.05 million.
The transfer of Angmag to Energold is subject to approval by the Swedish authorities, which is expected to be received in due course. Following such approval and the completion of the transfer of Angmag to Energold, Energold has also agreed to terminate the Juno Investment Agreement dated 16 May 2022. In the interim period, Energold has agreed to waive Anglesey’s payment obligations to Energold under the Juno Investment Agreement.
Following completion of the above steps, Anglesey will no longer have any material outstanding debt (remaining debt of approximately £0.1 million is related to a property at Parys Mountain). As well as materially improving the Company’s financial position, the Board also considers the Debt Settlement Agreement, and disposal of the Company’s interests in GIAB and LIMH, to be consistent with the Company’s stated objective of focusing management efforts and financial resources on the primary long-term goal of the development of the Parys Mountain project in Anglesey.
Investment by Energold
Pursuant to the LOI, Energold has agreed to invest £350,000 in Anglesey through the Warrant Offering. The price per Warrant will be based on the 5-day volume weighted average price (“VWAP”) of ordinary shares of Anglesey (“Ordinary Shares”), for the period up to the close of business on the second full day of trading post this announcement (i.e. up to close on 8 December 2025, the “Pricing Date”). The Warrants will be exchangeable for new Ordinary Shares for no additional consideration and on a one-for-one basis.
In support of the Warrant Offering, Anglesey has agreed to convene an extraordinary general meeting (“EGM”) for a date prior to 31 March 2026 in order to approve a consolidation of the Ordinary Shares at an appropriate ratio to support the issuance of new Ordinary Shares pursuant to the Warrants and/or otherwise (the “Consolidation”). Anglesey intends to issue a notice convening the EGM in due course.
The Warrants will be exchangeable for Ordinary Shares to the extent that the allotment and issue of such Ordinary Shares shall not result in (i) Energold, or any persons acting in concert with Energold, being required to make a mandatory offer for Anglesey in accordance with Rule 9 of The City Code on Takeovers and Mergers (“Mandatory Offer”); and/or (ii) any person being in breach of or requiring to make a notification under the UK’s National Security and Investment Act 2021 (“NSIA”) unless and to the extent that notification is made and any approval is received as a condition to the issue of Ordinary shares upon the relevant exercise of the Warrants.
If the issue of Ordinary Shares to Energold pursuant to the exchange of the Warrants would result in (i) Energold, or any persons acting in concert with Energold, being required to make a Mandatory Offer and/or (ii) any person being in breach of or requiring to make a notification under NSIA, Energold will direct Anglesey to register Energold as holder of such maximum number of Ordinary Shares as would not result in Energold, or any persons acting in concert with Energold, being required to make a Mandatory Offer and/or any breach of NSIA. The remainder of the Warrants will remain outstanding until such time as Energold can exchange such Warrants for Ordinary Shares without being required to make a Mandatory Offer and/or causing any breach of NSIA.
The proceeds from the Warrant Offering will be used to support the Company’s current financial position and allow for the settlement of certain payments due by the Company. While the Debt Settlement Agreement and Warrant Offering are expected to materially improve the Company’s financial position, the Board notes that the continued progress of the Company’s activities, namely its objective of developing the Parys Mountain project, will remain largely contingent on its ability to raise further funds and the Board will continue to explore options in this regard.
Related Party Transactions
Each of (i) the Debt Settlement Agreement, and (ii) the Warrant Offering, being entered into by a company controlled by a substantial shareholder of Anglesey, represents a related party transaction in accordance with the AIM Rules for Companies.
Energold is a company wholly-owned by Mr. John Kearney. Energold is currently interested in approx. 19.0% of the issued share capital of Anglesey and Mr. Kearney has an additional beneficial interest in approx. 0.6% of the issued share capital of Anglesey.
The Company’s Directors, having consulted with the Company’s nominated adviser, Davy, consider that that the Debt Settlement Agreement and Warrant Offering are each fair and reasonable insofar as Shareholders are concerned.
Additions to Board
Upon the closing of the Warrant Offering, Brendan Cahill and Jim Williams will be appointed to the Board of Anglesey as non-executive directors.
Brendan Cahill is the President of Energold and an experienced executive in the mining sector. He is a board member of Excellon Resources Inc., a precious metal exploration and mining company in North America and Europe, and was President and Chief Executive Officer from 2012 to July 2022. He is also a board member of Group Eleven Resources Ltd., a zinc explorer in Ireland, and First Nordic Metals Corp., a gold developer in Sweden. Previously, he was Vice President Corporate Development and Corporate Secretary with the Pelangio group of companies. He began his career as an associate lawyer at Davies Ward Phillips & Vineberg LLP and is a member of the Law Society of Upper Canada.
Jim Williams is a professional geologist, company director and CEO, with extensive exploration and mining experience across multiple jurisdictions. Jim was the co-founder of AIM and TSXV-listed Arian Silver Corp (silver exploration, development and mining in Mexico), (founded in 2005) where he served as the Chief Executive Officer & Director from 2005 to 2018. More recently, he served as Executive Chairman at VVV Resources Ltd. between 2022 and 2025. Prior directorships include serving as an Independent Non-Executive Director of various TSX/V-listed companies (Kilo Goldmines; Grand Partage Resources) and prior to this as a director of US-listed Sterling Mining Company and Kimberly Gold Mines, both operational in Idaho. Jim has also served as an expert witness for one of London’s leading law firms, Mischon de Reya, and their client, Oryx Natural Resources, with their successful litigation against the British Broadcasting Corporation (“BBC”). Publications include co-authoring, on behalf of the British government’s `Department for International Development (“DFID”), a “Diamond Policy Study in Sierra Leone”. Jim has academic qualifications from The Royal School of Mines, Imperial College, London. In addition, Jim holds various professional affiliations including, Fellow of the Institute Of Mining, Metallurgy & Materials (“FIMMM”); Chartered Engineer (“CEng”); Chartered Geologist (“CGeol”), and a European-designate Engineer (“Eur. Ing”) and is a “Competent Person” under the rules of the London Stock Exchange and a “Qualified Person” under the rules of the Toronto Stock Exchange.
Brendan Cahill and Jim Williams will join the existing Board of Anglesey, comprising Andrew King (Chairman), Rob Marsden (CEO), and Doug Hall (Independent Non-Executive Director).
Next Steps
Energold and Anglesey expect the Warrant Offering to close, and for payment of £350,000 by Energold to Anglesey for the Warrants, to be made within two business days of the Pricing Date. The appointment of Brendan Cahill and Jim Williams to the Board of Anglesey will also become effective concurrently.
The Debt Settlement Agreement including, inter alia, the transfer by Anglesey to Energold of its shareholding in Angmag and its shareholding in LIMH is then expected to take effect shortly following the receipt of necessary Swedish approvals.
Further announcements in relation to the above steps will be made as and when appropriate.
Additional Information:
The following information in respect of James (Jim) Thomas Williams (age: 65) is disclosed pursuant to Rule 17 of the AIM Rules for Companies:
| Current Directorships | Past Directorships (in last five years): |
| – | VVV Resources Limited |
Mr Williams does not hold any ordinary shares or related securities in the Company.
The following information in respect of Brendan Thomas Cahill (age: 47) is disclosed pursuant to Rule 17 of the AIM Rules for Companies:
| Current Directorships | Past Directorships (in last five years): |
| Seanchaidh Consulting Inc. | Flora Growth Corp. |
| Greyridge Exploration Corp. | KORE Mining Ltd. |
| Excellon Resources Inc. | |
| Group Eleven Resources | |
| First Nordic Metals Corp. |
Brendan Cahill is President of Energold Minerals Inc. which holds 92,144,396 Ordinary Shares in the Company.
Brendan Cahill served as a director of certain Mexican-owned subsidiaries of Excellon Resources Inc (San Pedro Resources S.A. de C.V. (“San Pedro”) and Minera Excellon de México, S.A. de C.V. (“MEM”)) which filed voluntary petitions for bankruptcy. San Pedro and MEM each filed petitions for bankruptcy with the Mexican Bankruptcy Courts, which accepted the petitions for adjudication and declared both San Pedro and MEM bankrupt in March 2023 and June 2024 respectively.
The Company confirms that there is no other information that is required to be disclosed under Schedule 2(g) of the AIM Rules for Companies.
For further information, please contact:
Anglesey Mining plc
Rob Marsden, Chief Executive Officer – Tel: +44 (0)7531 475111
Andrew King, Chairman – Tel: +44 (0)7825 963700
Davy
Nominated Adviser & Joint Corporate Broker
Brian Garrahy / Daragh O’Reilly – Tel: +353 1 679 6363
Zeus Capital Limited
Joint Corporate Broker
Katy Mitchell / Harry Ansell – Tel: +44 (0)161 831 1512
#AYM Anglesey Mining – RESULTS OF GENERAL MEETING
Anglesey Mining plc (AIM:AYM), the UK minerals development company, announces the results of voting on the resolutions put to the General Meeting held earlier today. The full text of the resolutions can be found in the notice of General Meeting contained in the Company’s circular to Shareholders dated 26 September 2025 (the “Circular”).
The Resolutions were not passed by the requisite majorities and therefore the Company will not proceed with the proposed Capital Reorganisation. As noted in the Circular, the Equity Financing Facility with Alumni Capital Limited was, inter alia, conditional on the Company implementing the proposed Capital Reorganisation. Therefore, as a result of the necessary resolutions failing to have passed, the Company will not be able to drawdown any amounts under the Equity Financing Facility.
As noted in the Circular, should the Company be unable to complete the Capital Reorganisation and therefore avail of the Equity Financing Facility, it would be left with a limited pool of alternative options and there would be material uncertainty over the going concern status of the Company. Following the results of today’s General Meeting, the Board will seek to preserve the Company’s cash resources as far as practicable, and will urgently explore alternative sources of funding. However, there can be no guarantee that the Company will be able to find alternative sources of funding on a timely basis. If alternative funding is not available, the Directors believe that it is likely that the Company could be forced to enter into administration.
Further announcements will be made as and when appropriate.
The voting in respect of the Resolutions was as follows:
| Resolution | Votes for | % of shares voted | Votes against | % of shares voted | Total votes cast | Votes withheld |
| 1. Consolidation and sub-division of shares | 55,464,765 | 36.0% | 98,397,538 | 64.0% | 153,862,303 | 7,235,705 |
| 2. Authority to allot shares | 55,494,509 | 36.1% | 98,245,674 | 63.9% | 153,740,183 | 7,357,825 |
| 3. Amendment to Articles of Association | 55,456,892 | 36.1% | 98,321,945 | 63.9% | 153,778,837 | 7,319,171 |
| 4. Disapplication of statutory pre-emption rights | 55,327,830 | 36.0% | 98,534,473 | 64.0% | 153,862,303 | 7,235,705 |
Note: “Votes withheld” are not votes in law, and are not included in the votes “for” or “against” a resolution.
Capitalised terms used in this announcement, unless otherwise defined, have the same meanings as set out in the Circular.
#AYM Anglesey Mining PLC – Adjournment of General Meeting
Anglesey Mining plc (AIM:AYM), the UK minerals development company, announces that it is proposed that the General Meeting of the Company, convened today for the purposes of, inter alia, approving the proposed Capital Reorganisation, will be opened and immediately adjourned, to be reconvened on 30 October 2025 at 11.00am, at the same venue at The Geological Society, Burlington House, Piccadilly, London, W1J 0BG. The adjournment is to facilitate further discussions between the Company and certain Shareholders in relation to the Resolutions before the date of the meeting.
Shareholders are referred to the Notes attached to the Notice of General Meeting contained within the circular dated 26 September 2025 (the “Circular”), with regards to revoking an existing and / or submitting a new proxy appointment.
On that basis, the new deadline for submission of proxy appointments to the Company’s registrar will be 11.00am on 28 October 2025. Proxy appointments already submitted will remain valid for the adjourned General Meeting unless revoked or superseded by a new proxy. An updated expected timetable of principal events in relation to the Capital Reorganisation is contained in the appendix to this announcement.
Capitalised terms used in this announcement, unless otherwise defined herein (or unless the context otherwise requires), have the same meanings as set out in the Circular.
For further information, please contact:
Anglesey Mining plc
Rob Marsden, Chief Executive Officer – Tel: +44 (0)7531 475111
Andrew King, Chairman – Tel: +44 (0)7825 963700
Davy
Nominated Adviser & Joint Corporate Broker
Brian Garrahy / Daragh O’Reilly – Tel: +353 1 679 6363
Zeus Capital Limited
Joint Corporate Broker
Katy Mitchell / Harry Ansell – Tel: +44 (0)161 831 1512
Anglesey Mining #AYM – Annual Report 2025
Anglesey Mining plc is a UK company engaged in the development of mining projects.
Parys Mountain: 100% ownership of the Parys Mountain underground copper-zinc-lead-silver-gold deposit in North Wales, UK where an independent Preliminary Economic Assessment dated January 2021 included a financial model for a 3,000 tpd mining operation with a pre-tax NPV10% of US$120 million, (£96 million), 26% IRR and 12-year mine life.
Grängesberg Iron: 49.8% interest in the Grängesberg iron ore project in Sweden where Anglesey had management rights which it relinquished in August 2025.
Probable Ore Reserves of 82.4 million tonnes, 16-year mine life with annual production of 2.5 million tonnes of concentrate grading 70% iron.
Labrador Iron Mines: 11.9% shareholding in Labrador Iron Mines Holdings Limited which holds Direct Shipping Ore (DSO) deposits of iron in Canada with potential for production of 2 million tonnes of DSO per year, with an initial 12-year mine life, for total production of 23.4 million tonnes of product at 62.2% Fe.
Chairman’s statement
During the 2024-25 financial year your company has been focused in two areas:
Determining an incremental path to the development of a polymetallic mine at Parys Mountain, and I’m pleased to report that this work has identified the deployment of a high density pumped hydro energy storage scheme (energy project) to be a logical initial step. The energy project has the attributes to attract third party funding and would dewater and re-establish underground access at the modern Parys Mountain mine for the first time since it was allowed to flood in 1991. Polymetallic mine development will also benefit from the energy project’s environmental studies and surface facility and infrastructure build.
Secondly, attempting various strategies to realise value from the minority stakes the company holds in Grängesberg Iron in Sweden and Labrador Iron Mines in Canada. Whilst these endeavours have, unfortunately, been unsuccessful to date, the Board has credible rational to believe in the substantial intrinsic value of each of the underlying assets, and will continue to pursue realisation of the company’s share of value.
Immediately before the publication of this report we announced a new financing facility of up to £2 million which will secure Anglesey’s near-term future and allow us to move forward with Parys Mountain as well as with activities that mitigate the prevailing risks of the energy project. In turn this facility should improve the prospects of securing other third-party funding on reasonable terms. The successful shaping of a credible path to the incremental development of Parys Mountain has allowed this finance to be secured,
Board changes
At the 2024 Annual General Meeting the appointment of Rob Marsden to the Board was confirmed by the shareholders.
On 5 December 2024 Jo Battershill stepped down as a non-executive director of the company and on the same day Doug Hall was appointed to the board. I would like to thank Jo for his service to Anglesey in recent years, both as Chief Executive Officer and more recently as a non-executive director. His decision to step down as a director follows his relocation to Australia earlier this year to pursue a new opportunity in the resources sector and we wish him well in his future endeavours.
On 6 September 2024 we were sorry to accept the resignation of Namrata Verma as a non-executive director. We thank her for her services since 2021.
Parys Mountain
While the company has not had sufficient financial resources to update the statement of geological resources at Parys Mountain, it remains our intention to do so, particularly with results of the Northern Copper Zone drilling campaign, the assays from which were published in the first half of 2024. Progress has also been made with the planning permissions required and with the Environmental Impact Assessment Scoping Report which was approved in January this year.
Grängesberg
You will have seen from our announcement in August 2025 that we felt it necessary to remove ourselves from the management of the Grangesberg Iron project. This is not the outcome we would have preferred, however, in the circumstances it was unavoidable. We remain 49.8% owners of the project and are hopeful that its intrinsic value as a potential producer of high-quality steel by a low carbon emissions process will be of value and use in coming years.
Appreciation
I wish to recognise the dedication and enthusiasm of our small management team, led by Rob Marsden. I would also like to thank our board of directors for their leadership, as well as consultants and advisors for their contribution. Finally, I should welcome our new shareholders and thank them, and all our shareholders, for their continued support.
Andrew King
Chairman
30 September 2025
Strategic report – Operations
We are very pleased to have landed on a strategy that will allow the incremental development of a mine at Parys Mountain.
As we have announced, the plan is to utilise the existing modern underground mine at Parys Mountain as a pumped hydro energy store using fluid, to be pumped and dropped in a closed loop cycle between upper and lower reservoirs. This fluid will be manufactured from existing surface mine waste and will have a density 2.5 times greater than water, allowing significantly more energy to be stored than would otherwise be the case.
It is hoped and expected that this project will attract third party funding which will allow the development of Parys Mountain as a polymetallic mining operation to be incremental, allowing risks to be mitigated in stages, keeping options open for the next step.
At the beginning of the financial year in mid-2024, results were received from the three-hole drilling program in the Northern Copper and Gareth Daniel zones. These were very encouraging and demonstrated good grades and continuity although obviously more work will need to be done to bring these up to the standard needed for modern ore resource calculations.
Late in 2024, the UK 2024 critical minerals assessment was completed and it is worth reminding ourselves of the significant amounts of critical minerals contained within the Parys Mountain deposits which have been identified so far. While we have not had sufficient financial resources to update the statement of geological resources at Parys Mountain, it remains our intention to do so, particularly with results of the Northern Copper Zone drilling campaign.
In January this year I was pleased to be able to report that the Environmental Impact Assessment Scoping Report for development of the polymetallic mine at Parys Mountain had been approved.
Proposed fund raising and restructuring of share capital
It was pleasing to announce on 25 September 2025 that we had entered into a conditional equity financing facility for up to £2 million with Alumni Capital LP, an American finance house. This will provide funds for our activities and the development of the Parys Mountain property. In order to carry out the refinancing the company’s existing ordinary shares will need to be consolidated on a 20 for 1 basis. This and certain other actions will require the approval of shareholders which will be sought in a general meeting called for 23 October 2025. A circular which was issued on 26 September 2025 describes all of these matters in more detail, however in outline the facility will require Alumni to subscribe for shares valued at up to £2 million in cash over the 18 month period following its signing. Anglesey will issue these new ordinary shares at 80% of the market price of those shares. Further, Alumni will receive a warrant priced at 120% of the issue price for every two shares issued. There are limits on the rate of the subscriptions and certain fees to be paid including in respect of early termination of the arrangement.
Grangesberg and Labrador
We have been working on unlocking value from our minority stakes in Grängesberg and Labrador Iron Mines, as we feel it is the best way, without diluting existing shareholders, to secure funds for the group’s activities. It is frustrating that we have not yet been able to move forward with either of these assets. Value remains in these two minority positions and pursuing Anglesey Mining’s share from them will remain a priority.
We no longer manage the Grangesberg Iron project. We remain 49.8% owners of the project and believe there is significant value in this investment.
We intend to dispose of our holding in Labrador Iron Mines Holdings Limited which owns the Canadian iron ore properties which we originally developed over 15 years ago. We are not immediately optimistic that this sale will eventuate however we intend to continue to explore all reasonable avenues.
Financial results and position
There are no revenues from the operation of the properties.
The loss before other comprehensive income for the year ended 31 March 2025 after tax was £656,504 compared to a loss of £1,213,279 in the 2024 fiscal year. The administrative and other costs excluding investment income and finance charges were £450,086 compared to £839,424 in the previous year. The decrease from financial year 2024 was largely due to exceptional items occurring in that year.
The value of the group’s holding in LIM is reported in other comprehensive income and effectively is based on its share price. This year there is a loss of £0.2 million as the share price declined. The outcome for the group is a total comprehensive loss for the year of £827,677, compared to a loss of £1,859,181 in the previous year.
During the year there were no additions to fixed assets (2024 – nil) and £141,206 (2024 – £679,475) was capitalised in respect of the Parys Mountain property, the reduction being due to the completion of the programmes of drilling, geological environmental work carried out in 2023-24.
At 31 March 2025 the mineral property exploration and evaluation assets had a carrying value of £17.0 (2024 – £16.9) million. These carrying values are supported by the results of the 2021 Preliminary Economic Assessment of the Parys Mountain project.
At the reporting date, as detailed in note 10, the directors considered the carrying value of the Parys Mountain exploration and evaluation assets to determine whether specific facts and circumstances suggest there is any indication of impairment. They carefully considered the positive results of the resource update completed in March 2023, the independent PEA and the plans for moving the project forward. Consequently, the directors concluded that there were no facts and circumstances which materially changed during the year which might trigger an impairment review and that there are no indicators of impairment.
In June and September 2024 £635,000 was raised by means of investor placings at 1p per ordinary share. Directors participated in the first of these placings. In November 2024 1.23 million shares were issued at 1p in satisfaction of amounts due to suppliers. Further details are included in the directors’ report and note 20.
Post year end, on 30 May 2025 the group borrowed £100,000 for working capital purposes at an interest rate of 10% per annum for a period of five years, secured on freehold property at Parys Mountain.
The cash balance at 31 March 2025 was £44,264, compared to £219,685 at 31 March 2024. At 19 September 2025 the group the cash resources of the group were £53,193.
At 31 March 2025 there were 484,822,255 ordinary shares in issue (2024 – 420,093,017), the increase being due to the financing events referred to above. At 19 September 2025 there were also 484,822,255 ordinary shares in issue.
Outlook
In the current year, we are:
- Focused on delivering a polymetallic underground mine at Parys Mountain. To that end, Anglesey Mining’s management has developed the energy storage scheme that will enable investment in the development of Parys Mountain to be incremental so far as practicable, thus allowing risks to be mitigated in stages before considering options for the next step of development.
- Progressing a Pre-feasibility study for the energy storage scheme.
- Formalising joint venture arrangements with RheEnergise as the IP holders of the high-density pumped hydro energy storage solution.
- Progressing the re-permitting of Parys Mountain.
Development of a new mine at Parys Mountain, producing copper, zinc and lead with gold and silver credits, can deliver economic growth in the UK, regional jobs for the community and business opportunities for local service providers. Importantly, these critical and strategic metals, essential for the decarbonisation of the economy, are primarily imported into the UK currently. This creates a unique and timely opportunity, both for Anglesey Mining and for the UK, to develop a new, modern, mine at Parys Mountain in an environmentally sustainable manner.
This report was approved by the board of directors on 30 September 2025 and signed on its behalf by:
Rob Marsden
Chief Executive
30 September 2025
#AYM Anglesey Mining PLC – Conditional Equity Financing Facility – Proposed Capital Reorganisation – Notice of General Meeting
Anglesey Mining plc (AIM:AYM), the UK minerals development company, is pleased to announce it has entered into a conditional Equity Financing Facility (the “Equity Financing Facility” or the “Facility”) with Alumni Capital Limited (“Alumni” or the “Investor”) pursuant to which Alumni has agreed, on the terms and subject to the conditions set out in the Subscription Agreement, to provide the Company with equity funding of up to £2 million.
The Facility and the Company’s existing cash resources will be directed towards the further development of the Company’s primary asset, the 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au VMS deposit in Anglesey, North Wales (“Parys Mountain”), as well as providing additional working capital.
The Facility is, inter alia, conditional on the Company implementing a proposed Capital Reorganisation, pursuant to which, inter alia, the issued share capital of the Company will be consolidated and sub-divided such that every twenty Existing Ordinary Shares will result in one New Ordinary Share and one Deferred C Share.
Shareholders should note that, if the Resolutions are not passed, the Company will not be able to drawdown any amounts under the Facility. In this scenario, the Board believes it would be left with a limited pool of alternative options and there would be material uncertainty over the going concern status of the Company. Against this background, the Company is, therefore, requesting that Shareholders vote in favour of the Resolutions at the General Meeting.
The Company will shortly post a circular to Shareholders in connection with the Facility and the Capital Reorganisation which is available on its website at www.angleseymining.co.uk (the “Circular”). The Circular contains further information about the background to and reasons for the proposed Facility and Capital Reorganisation and why the Directors recommend that Shareholders vote in favour of the Resolutions to be proposed at a general meeting to be held at The Geological Society, Burlington House, Piccadilly, London, W1J 0BG at 11.00 a.m. on 23 October 2025.
Capitalised terms used in this announcement, unless otherwise defined, have the same meanings as set out in the Circular.
Background to and reasons for the proposals
On 15 August 2025, the Company provided an update to Shareholders on recent corporate activities undertaken by the Board. This included, inter alia, updates in respect of the Grängesberg Iron Ore Project and the reversion of management control of Grängesberg Iron AB (“GIAB”), the Swedish company which holds rights over the Grängesberg iron ore deposits, to the majority owner of GIAB, as well as Anglesey’s decision to actively seek to dispose of its 11.9% holding in Labrador Iron Mines Holdings Limited (“LIMH”) and realise that investment. These actions were undertaken to support the Board’s current objective of focusing efforts on the Parys Mountain project and in order to support the Company’s current financial position.
As noted in that announcement, the Company continued to advance a number of initiatives with a view to supporting its cash position and noted, however, that the continued progress of the Company’s activities remained contingent on its ability to raise further funds and the Board was therefore exploring fundraising options on that basis.
The Company is therefore pleased to announce that, following discussions and negotiations with Alumni, it has entered into the conditional Equity Financing Facility. Prior to entering into the Facility, the Directors explored a number of financing options for the Company, including an equity raise. However, having assessed the options reasonably available, the Board believes that the Facility represents the best outcome available at this time in order to further fund its progress and support its working capital position.
The Key Terms of the Facility
Alumni have committed to provide equity funding of up to £2 million (the “Commitment Amount”) conditional upon, inter alia, the passing of the Resolutions.
The term of the Facility shall commence on the date of the Facility becoming unconditional (being the “Effective Date”) and shall continue until the earlier of (i) the date on which Alumni shall have subscribed for New Ordinary Shares pursuant to the Subscription Agreement in the aggregate amount of the Commitment Amount; (ii) the date the Subscription Agreement is terminated in accordance with the terms thereof; and (iii) the date occurring eighteen (18) months after the Effective Date (the “Commitment Period”).
The Company can draw down funds from the Facility from time to time during the Commitment Period at the Company’s discretion by providing a notice to Alumni (a “Subscription Notice”). Subject to the satisfaction (or waiver by Alumni) of certain conditions precedent and the terms of the Facility, a Subscription Notice obliges Alumni to subscribe in cash for the number of New Ordinary Shares in the Company specified in the notice, with such shares priced at the lowest daily volume weighted average price (“VWAP”) during the 5 days of trading following the date that the Subscription Notice is deemed to be received by the Investor (the “Reference Price”) multiplied by 80%.
The Company is under no obligation to deliver any Subscription Notice during the Commitment Period.
Alumni will also be granted Warrants to subscribe for New Ordinary Shares on the basis of one warrant share for every two New Ordinary Shares subscribed by Alumni under the Facility. The exercise price for the purchase of shares pursuant to the Warrants, payable to the Company, will be the Reference Price multiplied by 120%. Warrants are exercisable for a period of 3 years from their date of grant. The Warrants are freely transferable.
Each Subscription Notice submitted by the Company is limited to a minimum size of 50,000 New Ordinary Shares and a maximum size of 750,000 New Ordinary Shares (note: these figures are with reference to New Ordinary Shares, that is, ordinary shares of the Company post the implementation of the proposed Capital Reorganisation).
Alumni is entitled to a commitment fee equal to 1% of the Commitment Amount, i.e. £20,000, payable in cash (the “Commitment Fee”).
In addition, a fee of £10,000 is payable to Alumni for every quarter during the term of the Facility in which a Subscription Notice is not submitted by the Company (the “Unused Line Fee”). The maximum aggregate amount of the Unused Line Fee, being £50,000, is to be paid upfront in cash upon the Facility becoming unconditional. Alumni will refund to the Company £10,000 for every quarter (other than the first quarter of the Facility) in which a Subscription Notice is in fact submitted.
It is agreed that the obligation to pay the Commitment Fee and the upfront Unused Line Fee will be satisfied by the allotment and issue by the Company to Alumni of 750,000 New Ordinary Shares (the “Fee Shares”) fully paid for an aggregate subscription price of £70,000 (approximately 9.3 pence per New Ordinary Share) with Alumni’s obligation to pay such amount being satisfied by the release of the Company from its obligation to pay the Unused Line Fee and Commitment Fee to the Investor. Subject to the passing of the Resolutions, the Fee Shares are expected to be admitted to trading on 24 October 2025 (or such later date as is agreed in writing between the Company and the Investor).
The Company will contribute up to £35,000 (plus any applicable VAT) towards Alumni’s legal costs in negotiating and implementing the Facility with the Company’s obligation to pay such amount being satisfied by the release of Alumni, in respect of the first Subscription Notice served by the Company (and, if not sufficient, subsequent Subscription Notices), from its obligation to pay the relevant subscription amount to the Company in accordance with the terms thereof by an equivalent amount.
The Facility automatically terminates once the Facility is drawn down in full, and may be terminated by Alumni in certain other circumstances, including inter alia: the de-listing of the Company’s shares, or their suspension from trading, on AIM; the Company materially failing to comply with the terms of the Facility, or being in material breach of any warranty under the Facility; certain insolvency events; and/or a material adverse change which is continuing.
Other Terms and Conditions of the Facility
The Facility is conditional on the Company passing the Resolutions. Therefore, Shareholders should note that, if the Resolutions are not passed, the Company will not be able to drawdown any amounts under the Facility.
The Facility is also conditional on, inter alia the allotment, issue and admission of the Fee Shares, and the Company complying with all covenants and agreements required to be complied with or satisfied prior to the Facility becoming effective.
The Company has given certain warranties and representations to Alumni concerning its business and affairs. The Facility becoming effective, and each individual drawdown under the Facility, is conditional upon there being no breach of these warranties which is continuing.
Individual drawdowns are also subject to additional conditions precedent, including inter alia: the allotment and issue of the resulting shares being legally permitted by applicable laws; the allotment and issue of the shares not resulting in Alumni, or any persons acting in concert with Alumni, being required to make mandatory offer for the Company in accordance with Rule 9 of The City Code on Takeovers and Mergers, and there being no material adverse change which is continuing.
The Company has also agreed to pay a placing agent commission of 6% of the amount that may be drawn down pursuant to each Subscription Notice.
The Capital Reorganisation
At 6.00 pm on 25 September 2025 (being the date immediately prior to the date of publication of this announcement) there were 484,822,255 Ordinary Shares in issue.
As noted above, the Equity Funding Facility is conditional on the Company implementing the proposed Capital Reorganisation. Therefore, Shareholders should note that, if the Resolutions are not passed to implement the Capital Reorganisation, the Company will not be able to draw down any amounts under the Facility.
More generally, it is the Board’s view that the Capital Reorganisation, on the proposed terms set out in the Notice of General Meeting, will have a positive impact on the liquidity of the shares in issue following implementation, by reducing the number of ordinary shares in issue and raising the resulting trading price per ordinary share, which may result in a narrowing of the bid-offer spread.
The Company proposes to undertake the Sub-division as part of the Capital Reorganisation as, under the Companies Act, a company is prohibited from issuing new shares at a price less than their nominal value. Most immediately, an inability to undertake the Sub-division step as part of the Capital Reorganisation would mean the Company would be unable to issue new shares to Alumni pursuant to the conditional Facility, as it would be restricted from doing so while the prevailing trading price per share was less than the nominal value.
The Capital Reorganisation comprises the consolidation of every twenty Existing Ordinary Shares into one Consolidated Ordinary Share, and the sub-division of every such Consolidated Ordinary Share into one New Ordinary Share and one Deferred C Share.
Pursuant to the Consolidation, the 484,822,260 Existing Ordinary Shares expected to be in issue at the Record Date would be consolidated into 24,241,113 Consolidated Ordinary Shares. Each such Consolidated Ordinary Share would then be sub-divided into one New Ordinary Share and one Deferred C Share, pursuant to the Sub-division.
The New Ordinary Shares will have identical rights, and be subject to identical restrictions, as the Existing Ordinary Shares had and were subject to, immediately prior to the Capital Reorganisation (including but not limited to, in respect of voting, dividend, and return of capital).
The Company proposes to amend the Articles such that the Deferred C Shares are included within the definition of “Deferred Shares” thereunder (and to ensure that the New Ordinary Shares are clearly differentiated from the Deferred C Shares and the Existing Deferred Shares), with the result that the Deferred C Shares shall have the same rights and be subject to the same restrictions (save as to nominal value) as the Existing Deferred Shares. Accordingly, the Deferred C Shares will have very limited rights and will effectively carry no value as a result.
Application will be made for the New Ordinary Shares to be admitted to trading on AIM in place of the Existing Ordinary Shares. Subject to Shareholder approval of the Resolutions, it is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 am on 24 October 2025. Following the Capital Reorganisation, the ISIN Code for the New Ordinary Shares will be GB00BVTDCS88 and the SEDOL Code will be BVTDCS8.
Financial Position
The Company plans to release its audited financial statements for the financial year ended 31 March 2025 by 30 September 2025. As per the most recent unaudited interim financial statements for the half-year ended 30 September 2024, the Company had cash and cash equivalents of £283,295. As at 31 August 2025, the unaudited cash and cash equivalents position of the Company had fallen to £26,271. As a result, the Board now anticipates a significant challenge managing working capital over the next 12 months, and the Board recognises that there will be material uncertainty over the going concern status of the Company if it is unable to avail of the proposed Equity Financing Facility.
Therefore, Shareholders should be aware of the material uncertainty surrounding the potential need for additional funding to remain a going concern and the associated risks involved, including the ability to successfully execute on such initiatives. The Company will continue to actively monitor and assess its financial position.
Action to be taken, Importance of the Vote and Recommendation
Shareholders are strongly encouraged to read the Circular in full. It contains the Resolutions to be voted on at the General Meeting. Explanatory notes on eligibility to vote and other matters concerning the conduct of the General Meeting are contained in the Notice of General Meeting.
The Board believes that the successful implementation of the Capital Reorganisation and the ability to then raise funds under the Equity Financing Facility will help stabilise the Company’s financial position and provide it with additional working capital in the short term. The successful implementation of the Capital Reorganisation would also provide the Company with a revised capital structure from which it would be better placed to continue to explore other potential methods of future funding, including other sources of equity funding.
The Board is committed to carefully managing the Company’s cash, however, wishes to reiterate that should the Company be unable to complete the Capital Reorganisation and therefore avail of the Equity Financing Facility, it would be left with a limited pool of alternative options and there would be material uncertainty over the going concern status of the Company. Against this background, the Company is, therefore, seeking Shareholder approval now for the Capital Reorganisation as set out in the Circular.
The Directors unanimously consider that the Capital Reorganisation is in the best interests of the Company and the Shareholders as a whole.
Accordingly, the Directors unanimously recommend that you vote in favour of the Resolutions to be proposed at the General Meeting, as they intend to do in respect of their own beneficial holdings which as at 6.00 pm on 25 September 2025 (being the date immediately prior to the date of publication this announcement), in aggregate, amounted to 3,251,103 Existing Ordinary Shares, representing approximately 0.67 per cent. of the Company’s existing issued ordinary share capital.
For further information, please contact:
Anglesey Mining plc
Rob Marsden, Chief Executive Officer – Tel: +44 (0)7531 475111
Andrew King, Chairman – Tel: +44 (0)7825 963700
Davy
Nominated Adviser & Joint Corporate Broker
Brian Garrahy / Daragh O’Reilly – Tel: +353 1 679 6363
Zeus Capital Limited
Joint Corporate Broker
Katy Mitchell / Harry Ansell – Tel: +44 (0)161 831 1512
LEI: 213800X8BO8EK2B4HQ71
About Anglesey Mining plc:
Anglesey Mining is traded on the AIM market of the London Stock Exchange and currently has 484,822,255 ordinary shares in issue.
Anglesey is developing the 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au VMS deposit in North Wales, UK with a reported resource of 5.3 million tonnes at over 4.0% combined base metals in the Measured and Indicated categories and 10.8 million tonnes at over 2.5% combined base metals in the Inferred category.
Anglesey also holds a 49.8% interest in the Grängesberg iron ore project in Sweden and 11.9% of Labrador Iron Mines Holdings Limited, which through its 52% owned subsidiaries, is engaged in the exploration and development of direct shipping iron ore deposits in Labrador and Quebec.
Appendix:
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Publication and posting to Shareholders of the Circular
26 September 2025
Latest time and date for receipt of proxy appointment
11.00 a.m. on 21 October 2025
General Meeting
11.00 a.m. on 23 October 2025
Latest time and date for dealings in Existing Ordinary Shares
Close of business on 23 October 2025
Record Date
6.00 p.m. on 23 October 2025
Admission effective and commencement of dealings in the New Ordinary Shares
8.00am on 24 October 2025
CREST accounts credited with the New Ordinary Shares in uncertificated form
24 October 2025
Despatch of definitive certificates for New Ordinary Shares (in certificated form)
Week commencing 3 November 2025
Notes:
1) References to times are to London time (unless otherwise stated).
2) The dates set out in the timetable above may be subject to change (including without limitation, if the General Meeting is adjourned).
3) If any of the above times or dates should change, the revised times and/or dates will be notified by an announcement to an RNS.
STATISTICS RELATING TO THE CAPITAL REORGANISATION
Ordinary Shares in issue at 6.00 pm on the date immediately prior to the date of publication of this announcement
484,822,255
Number of Existing Ordinary Shares expected to be in issue immediately prior to the Capital Reorganisation
484,822,260
Conversion ratio
1 New Ordinary Share and 1 Deferred C Share for every 20 Existing Ordinary Shares
Total expected number of New Ordinary Shares in issue following the Capital Reorganisation
24,241,113
Total expected number of Deferred C Shares in issue following the Capital Reorganisation
24,241,113
ISIN code for the New Ordinary Shares
GB00BVTDCS88
SEDOL for the New Ordinary Shares
BVTDCS8
#AYM Anglesey Mining Plc – Corporate Update
Corporate Update
Anglesey Mining plc (AIM:AYM), the UK minerals development company, provides the following update on corporate activities.
Grängesberg Iron Ore Project
Anglesey has, through its Swedish subsidiary Angmag AB, a 49.8% ownership interest in Grängesberg Iron AB (“GIAB”), a Swedish company which holds rights over the Grängesberg iron ore deposits.
Under a shareholders’ agreement (the “Agreement”), Angmag AB, and therefore Anglesey Mining, had management rights with the ability to appoint the majority of the Board of GIAB. The Agreement had an initial term of 10 years from 28 May 2014, extendable on a year-to-year basis, unless terminated on one year’s notice. On 28 May 2024, Eurmag AB, which holds the remaining 50.2% of GIAB, gave notice of termination of the Agreement.
As at 31 December 2024, GIAB had loans outstanding to its senior debt holder of approximately US$9.0 million.
Despite the best efforts of the Company, revised terms and conditions for the senior debt could not be arrived at such that the Board of Anglesey Mining could then explore the raising of funds to facilitate a settlement of this debt and therefore Rob Marsden, the Company’s nominated director on the Board of GIAB, has tendered his resignation as a director of GIAB and such resignation is expected to take effect shortly upon confirmation by the Swedish Companies Registration Office (Bolagsverket). This decision has been taken as the Company believes its management efforts and financial resources are now best focused on the primary long-term goal of the development of the Parys Mountain project in Anglesey.
Management control of GIAB therefore reverts to Eurmag AB. Anglesey retains its 49.8% ownership interest in GIAB.
Labrador Iron Mines
Anglesey has a 11.9% holding in the OTC listed Labrador Iron Mines Holdings Limited (“LIMH”), which through its 52% owned subsidiaries Labrador Iron Mines Limited (“LIM”) and Schefferville Mines Inc. (“SMI”), is engaged in the exploration and development of iron ore projects in the central part of the Labrador Trough region, one of the major iron ore producing regions in the world, situated in the Menihek area in the Province of Newfoundland and Labrador and in the Province of Quebec, centred near the town of Schefferville, Quebec.
Consistent with the current objective of focusing efforts on the Parys Mountain project and in order to support the Company’s current financial position, the Company is actively exploring a sale of its full interest in LIMH and realising this investment. Further updates will be provided upon any progress of this process.
Parys Mountain
The Company’s primary asset is the 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au VMS deposit in Anglesey, North Wales. In recent months, the Company has continued with its efforts to progress development activities at the site and was pleased to have noted the approval of the Parys Mountain Mine Environmental Impact Assessment (“EIA”) Scoping Report by Cyngor Sir Ynys Môn/ Anglesey County Council in January 2025.
However, recognising the current financial resources of the Company, Anglesey has also been actively identifying and pursuing other options to both realise value from this asset and progress the development of the Parys Mountain deposit. Most recently, this has focused on the partnership with RheEnergise to explore the viability of Pumped Hydro Energy Storage at the Parys Mountain site, through the rehabilitation of the Existing 300m Deep Morris Shaft and the potential deployment of RheEnergise’s innovative High-Density Hydro® energy storage technology.
In April 2025, the Company was pleased to announce the publication of a conceptual study for the high-density fluid hydro-power energy storage project at Parys Mountain, with the results of the conceptual study indicating that there is a positive business case for the project.
This was followed by the signing of a letter of intent between the parties in July 2025 further detailing intended actions to be taken by Anglesey and RheEnergise to further progress the project. The structure of how the project is owned, managed and funded is not fixed at this time, so that a bespoke structure can be arrived at that facilitates third party funding, once identified. Anglesey will now continue to work with RheEnergise to try and further advance the project, including exploration of such third party funding sources.
Funding
As previously noted by the Company at the time of its last equity fundraising in September 2024, the Company has continued to advance a number of initiatives with a view to supporting its cash position. In addition to the actions outlined in this announcement, such actions have also included, inter alia, settlement of certain supplier amounts through the issue of equity, while non-executive directors have continued to waive cash fees due to them.
However, the continued progress of the Company’s activities remains contingent on its ability to raise further funds and the Board continues to explore fundraising options in this regard.
Further announcements will be made as appropriate.