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Anglesey Mining #AYM Operational Update April 2025. CEO Rob Marsden talks to Alan Green
Anglesey Mining #AYM Operational Update April 2025. CEO Rob Marsden talks to Alan Green.
✅ Brief history of Parys Mountain mine
✅ The RheEnergise partnership and technology behind the energy storage project
✅ Overlapping synergies that will generate cash and advance the Parys Mountain polymetallic mine
✅ Plans for disposal of the stake in the Grangesberg iron ore mine in Sweden and holding in Labrador Iron in Canada
✅ Next steps and upcoming value inflection points
#AYM Anglesey Mining – Publication of a Conceptual Study of a High-Density Fluid Hydro-Power Energy Storage Project
Anglesey Mining is pleased to publish today, in conjunction with this RNS, a conceptual study of a high-density fluid hydro-power energy storage project at Parys Mountain.
The findings of the conceptual study indicate that there is a positive business case for the project, that the risks identified thus far can be reasonably overcome or mitigated and that the project will advance the delivery of a producing underground polymetallic mine at Parys Mountain.
Background
Anglesey Mining is focused on delivering a polymetallic underground mine at Parys Mountain. To that end, Anglesey’s management are developing strategies to 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.
Exploring the deployment of RheEnergise’s innovative High-Density Hydro® (HD Hydro) energy storage technology at the Parys Mountain mine site, using the mothballed underground workings and the Morris shaft which was excavated in 1989, fits with the incremental development approach.
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 this 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.
The energy storage project will initially market its products, which are energy storage and electricity grid stability services, to third parties. In the future the Parys Mountain mine may be in a position enter a long term energy offtake contract for the powering of the mine and processing plant, at that time mutually beneficial commercial terms will be explored as the energy storage supply and off-take will be in close physical proximity.
Pre-feasibility study
Anglesey Mining and RheEnergise have elected to immediately commence a Pre-feasibility study (PFS), the first part of which will assess a range of deployment and sizing options, as described in the conceptual study.
A key aspect of this study stage is to identify third party funders for the project including reviewing the range of government incentives available for R&D renewable energy storage projects, highlighting the link to the primary supply of critical minerals for the UK and the creation of jobs and associated economic activity. 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 the third party funding, once identified.
Vision for the partnership between RheEnergise and Anglesey Mining.
From the early work done by RheEnergise and Anglesey Mining, it is clear that there are value enhancing options to be developed and explored through planning a non-caving method of underground mining, in combination with the deployment of high-density hydro energy storage.
- There is an increasing justification for the deployment of on-site energy storage facilities at many mining sites. A consistent and reliable (firm) power supply is generally required not only to ensure environmental, health and safety controls continue to be in place but also importantly for processing operations, because: firstly, re-starting machinery from an unexpected power outage is usually expensive, as it is hindered by having a high tonnage of in-plant inventory, and secondly there is a financial imperative to utilize the capacity of high-cost capital equipment.
- It is likely that firm power will become disproportionally more expensive if a greater share of energy generation onto the power grid is sourced from intermittent renewable technologies, such as wind and solar.
- This energy storage need is juxtaposed, at a typical mine site, with at least two physically unique advantages for deploying high-density hydro power storage: firstly, the core business of underground void creation, some portion of which may be re-purposed within the mining sequence as upper and lower fluid storage reservoirs and secondly, because the on-site processing facility normally generates waste fines in the form of tailings, which through an incremental process could be incorporated into the manufacturing of the high-density fluids required.
This high-density hydro power storage project, the first commercial deployment of RheEnergise’s innovative technology, proving it at technology readiness level 8, would facilitate the practical method by which the power necessary for the mine and processing plant comes from entirely renewable energy sources, both from new and existing suppliers, on the Isle of Anglesey.
Parys Mountain is the UK’s most advanced project for the primary mining of copper, lead, silver and zinc, which is on the Government’s critical minerals list.
The full version of the study can be accessed via the following link: https://www.angleseymining.co.uk/wp-content/uploads/2025/04/High-level-scope-issue-1-08_04_2025.pdf
For further information
RheEnergise – www.rheenergise.com / LinkedIn @rheenergise
Stephen Crosher, Chief Executive: sc@rheenergise.com
Philippa Rogers, Communications Manager: 07971 269559 / pr@rheenergise.com
Anglesey Mining plc – www.angleseymining.co.uk
Rob Marsden, CEO: 07531 475111 / rob.marsden@angleseymining.co.uk
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.
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
Anglesey Mining #AYM – Alan Green talks to CEO Rob Marsden at Parys Mountain
Alan Green talks to recently appointed Anglesey Mining #AYM CEO Rob Marsden direct from the Company’s flagship Parys Mountain mine. Rob discusses his career, in particular the years he spent working at Rio Tinto and also the 3 years he spent heading up the Rio investment committee, charged with seeking new investment opportunities for the mining giant. Rob then covers his work as a consultant, working around the world and then the time he spent with former CEO Jo Battershill at Parys Mountain a few years ago, which led up to his joining the board. Rob provides his overview of the latest assay results from hole NCZ003, and explains how he believes the previous drilling in the 1960’s and 1970’s can give the team ‘incredible confidence’ going forward. We then look at how the team plan to approach the pre feasibility study, via both divergent and convergent phases leading to a robust PFS ahead of the move to feasibility study. Rob then maps out what investors can expect in the coming weeks and months, and how this week he has assembled a team of colleagues including a longstanding veteran Rio Tinto geologist who will bring ‘fresh eyes’ to the project.
ECR Minerals #ECR MD Nick Tulloch on his trip to Victoria
ECR Minerals #ECR MD Nick Tulloch discusses his trip to Victoria with Andrew Scott. He covers the site trips with Adam Jones to the Company’s key projects, and the opportunities identified.
Anglesey Mining #AYM – Developing the Parys Mountain Project in 2024
In this exclusive, full length interview, Anglesey Mining #AYM director Jo Battershill discusses the illustrious history of the Parys Mountain project in Anglesey and looks at the plans to develop the project in 2024. The interview covers:
- Current drilling campaign and pre assay core assessment at the Northern copper Zone
- ‘Unusually Conservative’ PEA numbers
- The project’s clean tech metal profile
- Future Opportunities and Peer Group comparisons
- Stakes held in Grangesberg Iron Ore Project and Labrador Iron Mines
- Near term milestones and next steps
ECR Minerals #ECR – Creswick Drilling Campaign, Andrew Scott talks to Adam Jones
ECR Minerals Technical Director Adam Jones talks to Andrew Scott about Creswick campaign progress at the Davey Road prospect and how the team are refining the approach to prospecting in the region
- Quartz seen between 30-60m
- A gold shoot is believed to be located at a knoll at the Davey Road prospect
- Drilling into the shoot will help to work out the distribution of the gold grades and the estimated location of the main quartz trend and spur veins
- An estimated 50m of strike at the Kuboid Hill prospect
ECR Minerals #ECR – Interview – Back to Victoria
ECR Minerals #ECR – Interview – Back to Victoria. Andrew Scott talks to Nick Tulloch and Adam Jones about the rationale behind the return to drilling activities at Victoria following the exceptional drilling results fromSouthern Cross Gold (ASX: #SXG) at the Sunday Creek project & restart of work by Falcon Metals Ltd (ASX: #FAL) north of Bendigo Adam is speaking live from Kuboid Hill at Creswick
ECR Minerals #ECR – MD Nick Tulloch discusses the Hurricane Project & Cancellation of Share Options
ECR Minerals MD Nick Tulloch discussed the cancellation of the Hurricane project option, how the opportunity was overpriced and way too big for the company. In contrast Kondaparinga is over twice the size, the costs are negligible and it could be a potential replacement for Hurricane.
Looking at the portfolio, Nick believes Lolworth has huge upside, plus there are a number of other opportunities. The team are looking for sensible assets to get a decent return.
As part of the housekeeping process, management share options have been cancelled, Nick explains that they simply don’t make sense at current levels. In summary, the new team now have their feet under the table. Nick says ECR is a small company with a v wide portfolio and a good team. Going forward all decisions will be underscored by value. Seeking the right opportunity at the right price.
ECR Minerals #ECR Queensland Progress – Andrew Scott talks to Andrew Haythorpe and Adam Jones
ECR Minerals #ECR Queensland Progress – Andrew Scott talks to Andrew Haythorpe and Adam Jones. Having finished an intensive week at the Hurricane project, Adam is back at the Lolworth project seeking drill targets. Gold remains the key focus and with stream sediment data scheduled for release, the team are aiming to establish 4 main prospects for drill targets. Reflecting on the work at Hurricane, with 249 samples collected, the first two batches are processing right now. The focus is antimony, and once the samples return the team will evaluate vein size, best drill sites and the best access points. Andrew also touches on the Blue Mountain project, which is similar to Lolworth with visible gold shedding in the drainage systems, but no work has been done there yet. Andrew then puts his analyst hat on and discusses the massive disconnect between valuations and markets. Historically, equities trade at prices greater than spot gold, and despite high inflation and interest rates, with stocks as low as they are, Andrew believes we are seeing a repetition cycle similar to the lows for resource stocks in the late 1980s and 1990’s, there is an opportunity to get underpriced gold stocks into your portfolio with a 2-5 year view.
#GRX GreenX Metals – Quarterly Activities Report June 2023
HIGHLIGHTS FROM AND SUBSEQUENT TO THE QUARTER
· In July 2023, GreenX entered into an Option Agreement with Greenfields Exploration Limited to acquire up to 100% of the Eleanore North gold project (Eleanore North) in eastern Greenland.
o Eleonore North has the potential to host a “reduced intrusion-related gold system” (RIRGS), analogous to large bulk-tonnage deposit types found in Canada.
o Option to earn 100% of the Project vests upon GreenX spending A$600,000 on exploration on the Project within 12 months and can be exercised in return for a 1.5% Net Smelter Royalty plus A$250,000 payable in cash and A$250,000 payable in either cash or GreenX shares at GreenX’s election.
o Transaction provides GreenX with gold exposure in Greenland and complements GreenX’s existing exploration prospect in Greenland, the Arctic Rift Copper project (ARC).
· In November 2022, the hearing for the Claim against the Republic of Poland under both the Energy Charter Treaty and the Australia-Poland Bilateral Investment Treaty was concluded.
o Combined arbitration hearing took place in front of the Tribunal in London under the UNCITRAL Arbitration Rules
o Damages of up to £737 million (A$1.3 billion / PLN4.0 billion) have been claimed including the assessed value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages
· Subsequent to the quarter, GreenX completed a Placing to issue 5.2 million new ordinary shares to raise gross proceeds of approximately A$4.2 million (~£2.1 million) from new and existing investors (Placing). The next proceeds from the Placing will be used for exploration activities at the Company’s projects in Greenland.
· Cash balance as at 30 June 2023 and prior to the Placing was A$8.7 million.
Classification: 3.1 Additional regulated information required to be disclosed under the laws of a Member State
GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to present its Quarterly Activities Report for the period during and subsequent to 30 June 2023.
ELEANORE NORTH GOLD PROJECT OPTION ACQUISITION
In July 2023, GreenX entered into an Option Agreement (Agreement) with Greenfields Exploration Limited to acquire up to 100% of the Eleanore North gold project in eastern Greenland.
Eleonore North has the potential to host a “reduced intrusion-related gold system” (RIRGS), analogous to large bulk-tonnage deposit types found in Canada including Donlin Creek, Fort Knox and Dublin Gulch.
Gold mineralisation documented at the high-priority Noa Pluton prospect within Eleonore North.
· Geophysical “bullseye” anomaly 6 km wide co-incident with elevated gold mineralisation from historical geochemical sampling.
· Anomalous gold mineralisation associated with quartz veining exposed at surface over a length of up to 15 km.
· Historical sampling includes 4 m chip sample grading 1.93 g/t Au and 1.9% Sb (refer to Appendix 1 of the Company’s announcement on 10th July 2023).
Eleonore North has potential to host large scale, shallow, bulk tonnage gold deposits. The Project remains underexplored, with the existence of a possible RIRGS being a relatively new geological interpretation based on the historical data. Initial field work consists of a seismic survey to determine the depth from surface to the Noa Pluton to aid in drill targeting.
Eleonore North license area contains other gold targets as well as copper, antimony and tungsten prospects. At Holmesø there is copper and antimony mineralisation outcropping at surface. Historical mapping and sampling in the 1970s at Holmesø show a prospective horizon between 15 m and 20 m thick, with per cent level grades for both metals.
Option to earn 100% of the Project vests upon GreenX spending A$600,000 on exploration on the Project within 12 months and can be exercised in return for a 1.5% Net Smelter Royalty plus A$250,000 payable in cash and A$250,000 payable in either cash or GreenX shares at GreenX’s election.
Transaction provides GreenX with gold exposure in Greenland and complements GreenX’s existing exploration prospect in Greenland, the Arctic Rift Copper project (ARC). There are significant synergies with regards to personnel, logistics and equipment in having multiple exploration projects in Greenland. Field works for the 2023 have already commenced at Eleonore North, with follow-on exploration field activities for the ARC project currently being planned.
Greenland is a mining friendly jurisdiction with strong Government support for expanding its mining industry, simple laws and regulations, and a competitive fiscal regime.
The primary target in Eleonore North is the Noa Pluton, followed by the Holmesø prospect and its source intrusion. The Noa Veins provide a near-term drill target, however, the Company plans to determine the depth of the intrusion with greater precision using a passive seismic survey. This information will validate the magnetic interpretation, provide more certainty for a future drilling program, and help identify the size of the intrusion within the well-defined hornfels.
ARCTIC RIFT COPPER PROJECT
The Arctic Rift Copper Project (ARC) is an exploration joint venture between GreenX and Greenfields Exploration Ltd (Greenfields). GreenX can earn 80% of ARC by spending A$10 million by October 2026. ARC is targeting large scale copper in multiple settings across a 5,774 km2 Special Exploration Licence in eastern North Greenland. The area has been historically underexplored yet is prospective for copper, forming part of the newly identified Kiffaanngissuseq metallogenic province.
The results of work program announced last year have demonstrated the high-grade nature of the known copper sulphide mineralisation and wider copper mineralization in fault hosted Black Earth zones and adjacent sandstone units. The exact position of a native copper fissure at the Neergaard Dal prospect was also identified.
Analysis of this information is underway and will be key to future planned work programs.
DISPUTE WITH POLISH GOVERNMENT
In November 2022, the Company reported the conclusion of the Claim against the Republic of Poland under both the Energy Charter Treaty (ECT) and the Australia-Poland Bilateral Investment Treaty (BIT) (together the Treaties). The hearing took place in London in and lasted two weeks.
Following completion of the hearing, the Tribunal will render an Award (i.e., the legal term used for a ‘decision’ by the Tribunal) in due course with no specified date available for the Tribunal decision.
As previously advised, the arbitration and hearing proceedings in relation to the Claim are required to be kept confidential.
Details of the Claim
The Company’s Claim against the Republic of Poland is being prosecuted through an established and enforceable legal framework, with GreenX and Poland agreeing to apply the United Nations Commission on International Trade Law Rules (UNCITRAL) rules to the proceedings. The arbitration claims are being administered through the Permanent Court of Arbitration in the Hague.
The evidentiary hearing phase of the arbitration proceedings has now been completed in front of the Arbitral Tribunal. With completion of the hearing, the Arbitral Tribunal will render an Award in due course. There is no specified date for an Award to be rendered. The Company’s claims for damages against Poland are in the amount of up to £737 million (A$1.3 billion/PLN4.0 billion), which includes a revised assessment of the value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages. The Claim for damages has been assessed by independent external quantum experts appointed by GreenX specifically for the purposes of the Claim.
In July 2020, the Company announced it had executed the LFA for US$12.3 million with LCM. US$10.4 million of the facility has been drawn down to cover legal, tribunal and external expert costs as well as defined operating expenses associated with the Claim. The Company does not anticipate further material drawdowns now that funded costs relating to the claims have been dispersed. The LFA is a limited recourse loan with LCM that is on a “no win – no fee” basis.
In September 2020, GreenX announced that it had formally commenced with the Claim by serving the Notices of Arbitration against the Republic of Poland. In June 2021, GreenX announced that it had formally lodged its Statement of Claim in the BIT arbitration, including the first assessed claim for compensation. The Company’s Statement of Reply, the last material filing to be made by the Company for the BIT arbitration proceedings, was submitted in July 2021. The Statement of Reply addresses various points raised by the Republic of Poland in their Statement of Defence. The Statement of Reply also contains a re-evaluation of the claim for damages based on responses to Poland’s Statement of Defence.
GreenX’s dispute alleges that the Republic of Poland has breached its obligations under the applicable Treaties through its actions to block the development of the Company’s Jan Karski and Debiensko projects in Poland which effectively deprived GreenX of the entire value of its investments in Poland.
In February 2019, GreenX formally notified the Polish Government that there exists an investment dispute between GreenX and the Polish Government. GreenX’s notification called for prompt negotiations with the Government to amicably resolve the dispute and indicated GreenX’s right to submit the dispute to international arbitration in the event of the dispute not being resolved amicably.
GreenX’s investment dispute with the Republic of Poland is not unique, with international media widely reporting that the political environment and investment climate in Poland has deteriorated since the change in Government in 2015. As a result, there are a significant number of International Arbitration claims being bought against Poland.
SHARE PLACING
In July 2023, the Company announced that it had successfully completed a bookbuild and secured commitments for 5.2 million new ordinary shares at a price of A$0.80 (41 pence) per share for gross proceeds of approximately A$4.2 million (~£2.1 million) from new and existing investors.
Together with the Company’s existing cash resources (A$8.7 million as at 30 June 2023), the proceeds of the Placing will help ensure that GreenX retains a strong balance sheet position.
The net proceeds from the Placing will be used for exploration activities at the company’s projects in Greenland.
CORPORATE
Financial Position
Prior to the successful completion of the Placing, GreenX had cash of A$8.7 million as at 30 June 2023.