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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
#AYM Anglesey Mining PLC – Parys Mountain Mine Environmental Impact Assessment (EIA) Scoping Report Approved
Further to the Company’s announcements on 16 August 2024 and 29 October 2024, Anglesey Mining plc (AIM:AYM), is pleased to announce that Cyngor Sir Ynys Môn/Anglesey County Council has recently approved the Parys Mountain Mine Environmental Impact Assessment (“EIA”) Scoping Report.
The North Wales Minerals and Waste Planning Service, on behalf of Cyngor Sir Ynys Môn/Anglesey County Council (the “Planning Service”), have provided detailed feedback and commentary on each chapter of Anglesey Mining’s submission and Anglesey is pleased to note that the Planning Service have stated their broad agreement with the environmental scope as presented by the Company. There is wide acceptance of the scope of the overall methodology, how the company has characterised potential impacts, and with the avoidance and mitigation of potential impacts in areas such as Ecology and Biodiversity, Visual Impact, Air Quality, Noice and Vibration, Labour and Working Conditions and Human Health.
There are three areas where there is not broad agreement and further work has been recommended, namely: Ground and Surface Water, Cultural Heritage and Traffic and Transportation. In each of these areas the Planning Service have directed the company towards experts, historically completed studies and other literature which is readily available. This additional information will be made use of by Anglesey to enhance and further refine the scope presented.
With regard to the Ground and Surface Water, the Company fully intends and expects that the re-commencement of mining and processing operations will have a net positive impact; this view is informed by feedback previously provided to the Company by specialist consultants on this topic. The recommendations made will be taken on-board by the Company.
With regard to Cultural Heritage, it is well noted that the scheme being proposed will not directly impact any statutorily designated sites. However, as described in the company’s submission, the site lies almost entirely within the Amlwch and Parys Mountain Registered Landscape of Outstanding Historic Interest.
The mining and processing of metals and the logistical infrastructure to support those activities, such that used for energy generation and the pumping of water as well as the physical links to Amlwch Port dominate the historical fabric of Parys Mountain. Anglesey believes that the re-commencement of such activities will add to the long history of mining and processing at the site and thus, as reported upon by the Planning Service, will intrinsically have a significant impact on the historic environment.
In line with the feedback received from the Council, the Company will enhance the scope of its work to ensure that it can be clearly demonstrated that the impact will be overwhelmingly positive, that the historic character of the landscape is sustained, and that the changes resulting from enacting the contemplated planning application are well-informed.
With regard to Traffic and Transportation, the Company will make provision within its plans to conduct a full transport assessment in line with the recommendations made.
As previously noted, the Anglesey Mining team are committed to close collaboration with stakeholders, communities, industry and supply chain, particularly around minimising potential environmental impacts and maximising economic development opportunities for local communities.
Rob Marsden, CEO of Anglesey Mining, commented: “I’m absolutely delighted that the proposed mitigations to potential environmental impacts, put forward by the Company, have been approved by Cyngor Sir Ynys Môn/Anglesey County Council. I’m grateful to the North Wales Minerals and Waste Planning Service for their diligence in forming their opinion of the scope, and for the feedback that will make this project better for all stakeholders. There are three areas where reasonable requests for enhancements to the scope have been requested and Anglesey Mining is happy to comply with those requests so that a more informed planning decision can be made.
The permitting objective of Anglesey Mining remains unchanged, that is to make a planning application, that when enacted, will be seen to provide economic returns to investors, job opportunities, mitigation of the impacts to the environment and enhanced respect for, and appreciation of, the mining heritage of Parys Mountain, thus earning us a social licence to operate.”
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 49.75% interest in the Grängesberg iron ore project in Sweden and 12% 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