Home » Posts tagged 'parys'
Tag Archives: parys
#AYM Anglesey Mining PLC – Parys Mountain Investment Case
Anglesey Mining plc (AIM: AYM), the UK-based mineral exploration and development company and the 100% owner of the Parys Mountain Cu-Zn-Pb-Ag-Au VMS project in Anglesey, North Wales, today outlines the investment case for Parys Mountain, the primary focus for Anglesey and one of the UK’s most advanced brownfield mine development opportunities.
Parys Mountain is not merely an exploration project; it has been built on decades of investment in geology, engineering, metallurgy, infrastructure and permitting. Under renewed leadership, the Company’s strategy is to build on those foundations, further reduce development risk and unlock the significant value already within the asset.
What defines Anglesey & Parys Mountain:
· An advanced, well-established asset – over 70km of drilling across 359 diamond drill holes supports a JORC-compliant Mineral Resource exceeding 16 million tonnes (1.3 Mt Measured, 4.0 Mt Indicated and 10.8 Mt Inferred) of copper, zinc, lead, silver and gold – one of the UK’s largest undeveloped polymetallic VMS deposits, open along strike and at depth, particularly within the Northern Copper Zone.
· Metallurgically de-risked – multiple testwork phases, including continuous pilot-plant operation on approximately 2,000 tonnes of Run-of-Mine (“ROM”) bulk sample, confirm that conventional differential flotation produces separate marketable copper, lead and zinc concentrates; modern technology offers further upside in recoveries and pre-concentration.
· Infrastructure already in place – a 300m deep production shaft, approximately 1km of underground development, road access, grid electricity, water supply and proximity to the deep-water Port of Holyhead materially reduce future capital requirements and execution risk.
· A recapitalised and restructured company in a stronger economic market – approximately £4 million debt eliminated over the past year and a complete refocus on Parys Mountain as the sole strategic asset. The Company has undertaken an internal review of the assumptions underpinning the 2021 Preliminary Economic Assessment (“PEA”), which indicates that stronger commodity prices have the potential to improve project economics despite inflationary pressures.
· Strategically timed – the UK Government’s Critical Minerals Strategy (the “Strategy”), published in November 2025, identifies zinc as a UK Critical Mineral and copper as a Growth Mineral, while targeting 10% of the UK’s overall critical mineral demand to be met through domestic production by 2035. The Strategy specifically highlights copper-zinc exploration in Anglesey, while UK copper demand is forecast to almost double, reinforcing the strategic importance of secure domestic supplies
A Defined Resource with District-Scale Upside
Parys Mountain has been mined intermittently since the Early Bronze Age, with the key phase occurring in the 18th Century when it became Europe’s premier copper producer, a mine whose output was significant enough to influence the global copper price. Parys Mountain copper was used to clad the hulls of the Royal Navy to deter organic growth. Decades of diamond drilling have defined one of the country’s largest undeveloped polymetallic volcanogenic massive sulphide deposits, delivering an exceptional dataset and a strong platform for future resource growth. The resulting JORC-compliant Mineral Resource exceeds 16 million tonnes and carries significant copper, zinc, lead, silver and gold.
The resource provides the foundation for mine development while leaving considerable exploration upside. Mineralisation remains open along strike and at depth, particularly within the Northern Copper Zone, offering clear opportunities to increase both the scale and confidence of the Mineral Resource. Importantly, Anglesey controls the key mineral rights and land required for the future development of Parys Mountain, together with additional leased ground covering known resource and prospective exploration targets. This gives the Company control not only of today’s Mineral Resource, but also significant potential for future resource growth and exploration success.
Advanced Metallurgical Understanding
Metallurgy is among the most significant technical risks in any polymetallic development project, and at Parys Mountain it has already been addressed extensively. Multiple phases of metallurgical testwork, including continuous operation of a pilot plant processing approximately 2,000 tonnes of ROM bulk sample, have demonstrated that Parys Mountain ores can be successfully processed using conventional differential flotation to produce separate copper, lead and zinc concentrates. The 2021 PEA was founded on this substantial body of metallurgical evidence.
More recent work has indicated the potential for further improvements in recoveries and in pre-concentration technologies. Modern processing technology therefore offers scope to improve on the performance achieved during the original testwork – value that has already been tested rather than value still to be discovered.
Existing Mine Infrastructure and Logistics
Parys Mountain already benefits from a 300m deep production shaft and approximately 1km of underground development – infrastructure that would cost many tens of millions of pounds and several years to recreate today and which significantly de-risks future development. Surface infrastructure is equally advanced: excellent road access, grid electricity, water supply and proximity to the deep-water Port of Holyhead provide the essential requirements for future mine development, substantially reducing both capital requirements and execution risk.
Improved Economics and a Simplified Balance Sheet
The Company has undertaken an internal review of the assumptions underpinning the 2021 PEA, which indicates that, despite increases in capital and operating costs, the current commodity price environment has the potential to improve the project’s economic outlook compared with that reflected in the 2021 PEA. The corporate position has been simplified in parallel. Over the past year, the Company has transformed its balance sheet, eliminating approximately £4 million of debt while refocusing entirely on advancing Parys Mountain as its sole strategic asset.
Jurisdiction, Leadership and Shareholder Support
The UK combines political stability, regulatory clarity and secure mineral tenure with an increasingly supportive government policy environment. The Strategy, published in November 2025 and backed by up to £50 million of initial funding, targets 10% of UK critical mineral demand to be met through domestic production and a further 20% through recycling by 2035, up from around 6% today, while also seeking to reduce reliance on any single overseas supplier to no more than 60% for each critical mineral. Within this framework, zinc is recognised as a UK Critical Mineral, reflecting its strategic importance to industrial supply chains, while copper is designated a Growth Mineral – a category created for minerals that, although not formally classified as critical, are considered essential to the UK’s future economic growth. UK copper demand is forecast to almost double by 2035, driven by electrification, grid investment and Artificial Intelligence (“AI”) data-centre construction.
The Strategy expressly identifies copper and zinc exploration in Anglesey as one of the UK’s important mineral interests. That policy shift has been sharpened by the use of export controls elsewhere in critical mineral supply chains, which has moved security of supply from a commercial consideration to a question of national industrial resilience. New mine developments across Scotland, Northern Ireland, Cornwall, Devon, North Yorkshire, County Durham and North Wales are rebuilding the UK’s mining ecosystem – strengthening technical capability, regulatory experience, specialist supply chains and investor confidence.
The Company has assembled a refreshed Board and Executive team to fully dedicate to the advancement of Parys Mountain, including the recent appointment of James McFarlane as Principal Geologist, who brings extensive international experience across exploration, resource evaluation, mine development, operations, and project delivery, providing the technical and commercial capability required to unlock the value of Parys Mountain. The Company’s largest shareholder, Energold Minerals Inc., continues to provide long-term support, reflecting confidence in both the asset and the Company’s development strategy.
Commenting, Andrew Fulton, Anglesey’s Chief Executive Officer, said:
“Parys Mountain has been drilled, sunk, developed and, critically, metallurgically tested. Decades of investment have already answered the questions that many projects at this stage are still funding: we know the geology, we own the ground, we have a shaft and underground development in place. Our task now is to build on those foundations rather than start from them.
“With a simplified balance sheet, a single strategic focus, substantially higher metal prices than in 2021 and modern processing technology offering further recovery upside, we believe there is greater upside in Parys Mountain than the market currently recognises. Parys Mountain supplied the world with copper previously, and it can contribute to UK supply again: with the Government now targeting a step-change in domestic critical mineral production, the strategic case for Parys Mountain to develop, grow and discover has never been stronger.”
For further information, please visit the Company’s website: www.angleseymining.co.uk
Qualified/Competent Person
Eur. Ing. Jim Williams, BSc, MSc, D.I.C., FIMMM, CEng., CGeol., the Executive Chairman of Anglesey Mining, a “Competent Person” as defined in the AIM guidelines of the London Stock Exchange, and a “Qualified Person” as defined in the Canadian National Instrument 43-101 (“NI 43-101”), has reviewed and approved the information in this release.
-Ends-
For further information, please contact:
Anglesey Mining plc (via Yellow Jersey PR Limited)
Jim Williams, Executive Chairman
angleseymining@yellowjerseypr.com
Yellow Jersey PR Limited
Financial & Media Relations
Dominic Barretto/Shivantha Thambirajah
Tel: +44 (0)20 3004 9512
#AYM Anglesey Mining PLC – James McFarlane Confirmed as Principal Geologist
Anglesey Mining plc (AIM: AYM), the UK-based mineral exploration and development company and the 100% owner of the Parys Mountain Cu-Zn-Pb-Ag-Au VMS project (“Parys Mt.”) in Anglesey, North Wales, is pleased to confirm the appointment of James McFarlane as Principal Geologist on a retained basis, as outlined in a recent regulatory announcement .
James is a Chartered Geologist and Chartered Engineer with more than 20 years’ of international experience spanning mineral exploration, resource evaluation, mine development and mining operations. Throughout his career, he has led geological programmes, resource studies, technical due diligence and project development across a range of base and precious metal projects, with specific knowledge in volcanogenic massive sulphide deposits and UK mine development. His background combines technical excellence with practical operational and project delivery experience.
Working as part of the Company’s executive management team, James will provide strategic geological and geometallurgical leadership to support the advancement of the Parys Mountain project. His responsibilities will include progressing geological interpretation, guiding future Mineral Resource updates and exploration strategy, supporting the ongoing economic reassessment of the project and mentoring the Company’s recently appointed Exploration Geologist.
Further information on James’ professional background can be found via his LinkedIn profile .
Andrew Fulton, Chief Executive Officer of Anglesey Mining , commented:
“We are delighted to welcome James to Anglesey Mining. Parys Mountain is the product of decades of geological work and technical commitment. Our objective is to build on those strong foundations by applying today’s technical expertise and disciplined project development to unlock the considerable future value of the asset. James’ experience across exploration, resource development and mining operations, together with his understanding of UK projects, makes him an excellent addition to our technical team as we continue to advance Parys Mountain”
James McFarlane, Principal Geologist of Anglesey Mining , commented:
“Parys Mountain is one of the UK’s most exciting polymetallic development projects, with considerable exploration upside alongside an established Mineral Resource. I look forward to working with the team to enhance the geological understanding of the project and support its progression towards development.”
For further information, please visit the Company’s website: www.angleseymining.co.uk
-Ends-
For further information, please contact:
Anglesey Mining plc (via Yellow Jersey PR Limited)
Jim Williams, Executive Chairman
Andrew Fulton, CEO
angleseymining@yellowjerseypr.com
Davy
Nominated Adviser & Joint Corporate Broker
Brian Garrahy/Daragh O’Reilly
Tel: +353 1 679 6363
AlbR Capital Limited
Joint Corporate Broker
Lucy Williams/Duncan Vasey
Tel: +44 (0)20 7562 0930
Yellow Jersey PR Limited
Financial & Media Relations
Dominic Barretto/Shivantha Thambirajah
Tel: +44 (0)20 3004 9512
About Anglesey Mining plc:
Anglesey is advancing the UK’s largest polymetallic VMS project at the 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au VMS deposit in North Wales.
#AYM Anglesey Mining PLC – Operational Update and Appointment of CEO
Anglesey Mining plc (AIM: AYM), the UK-based mineral exploration and development company and the 100% owner of the Parys Mountain Cu-Zn-Pb-Ag-Au VMS project in Anglesey, North Wales, is pleased to announce an operational update.
Highlights:
- Appointment of Andrew Fulton, a Chartered Mining Engineer (C.Eng, FIMMM), as CEO
- Commencement of preliminary geo-spatial analysis
- Initial phase of the drone-operated aero-geophysics (aero-magnetics) programme completed
- Pivotal six-month period: Board reorganisation, injection of capital and significantly reduced debt
CEO Appointment
Following today’s earlier announcement, Andrew Fulton, a Chartered Mining Engineer (C.Eng, FIMMM) with more than 30 years of global experience in developing and managing mineral projects, has joined the Board as CEO. He will focus on team formation and leadership, aligning technical, operational, and commercial capabilities with a strategic emphasis on due diligence, turnaround, and growth.
Geo-Spatial Analysis
Anglesey is pleased to announce the engagement of Satellite Applications Catapult of Harwell, Oxfordshire, UK (“Catapult”), to provide a preliminary geo-spatial analysis as an exploration method with a view to delineating Volcanogenic Massive Sulphide (“VMS”) extensions in and around the Company’s Parys Mountain site. This work, which involves a non-intrusive exploration method, utilises an orbiting satellite to relay images to Catapult, from where sub-surface images are analysed. The method, albeit semi-qualitative and semi-quantitative, can delineate surface targets for follow-up ground exploration. This work is currently ongoing and is estimated to be completed within eight weeks.
Completion of Aero-Geophysical Survey
The Company is also pleased to report that the initial phase of the Company’s drone-operated aero-geophysics (aero-magnetics) programme, undertaken by JBUAS, has been completed. The initial results strongly suggest VMS extensions along the flight paths; these are very encouraging. Although the results are semi-quantitative and semi-qualitative, the detected anomalies are not dissimilar to those associated with known polymetallic mineralisation at Parys Mountain. Catapult will incorporate the aero-magnetic images into their work, which is expected to produce a more comprehensive conclusion.
Both the geo-spatial programme and aero-magnetics represent cost-effective exploratory tools that allow the Company to focus on ground-based exploration.
Key Recent Milestones
Anglesey would also like to remind shareholders of key corporate achievements since December last year, a period which has had a profound and positive impact on the direction of the Company:
- On the 11 th December 2025, Anglesey’s largest shareholder, Energold Minerals Inc. (24.4%), invested a further £350,000 via a warrant exercised priced (post-consolidation) at 7.6 pence.
- On the 25 th February 2026, the Company reported that £4,000,000 of debt had been eliminated in return for the Company’s holdings in both `LIM’ and Grangesberg, allowing the Board to focus on its one remaining key asset, the 100% owned Parys Mountain project.
- On the 9 th March 2026, the Company raised gross funds of £680,000 at 6 pence per share with a one-for-one warrant priced at 7 pence and valid until 2 nd March 2027.
- On the 6 th May 2026, the Company announced pertinent Board changes to strategically pivot and progress the Company.
The Company has only c.£100,000 debt remaining, post its capital restructuring and has a clear mandate to further explore and advance its Parys Mountain asset.
Jim Williams, Executive Chairman of Anglesey, commented:
“ We are pleased to present an operational update following the earlier news regarding our new CEO. Parys Mountain represents a significant copper deposit, along with other base and precious metals. With copper demand forecast to increase, there is no better time to work in parallel to expand the resource base and advance the development initiative to build a mine at Parys Mountain. The upside potential to increase the resources at Parys Mountain is self-evident, and the down-dip extension of, for example, the Northern Copper Zone, is significant when an analysis of typical VMS deposits is considered.
“We are essentially debt-free for the first time in a very long time, and maximum emphasis will now be placed on disseminating pertinent news out promptly to bring Anglesey to the forefront of the local and investor community. To support, we have appointed a Financial & Media Relations agency, well-known within the sector.”
Appointment of CEO
Anglesey Mining plc (AIM: AYM), the UK-based mineral exploration and development company and the 100% owner of the Parys Mountain Cu-Zn-Pb-Ag-Au VMS project in Anglesey, North Wales, is pleased to announce the appointment of Andrew Fulton to the Board as Chief Executive Officer, with effect from 1 June 2026. Andrew’s appointment follows the 6 May 2026 announcement that Rob Marsden will step down from the Board at the end of this month.
Andrew is a Chartered Mining Engineer and a Fellow of the Institute of Minerals, Mining & Materials (C.Eng, FIMMM) with more than 30 years’ global experience in developing and managing mineral projects across the UK, Europe, Africa, the Middle East and Asia. He will focus on team formation and leadership, aligning technical, operational, and commercial capabilities with a strategic emphasis on due diligence, turnaround, and growth.
Andrew, whose expertise is often sought when assets require clarity, pace, and leadership to unlock value, has served as co-director of Capacity Minerals Limited, a mineral asset development company with interests in Egypt and Jordan, since 2025.
He has also been the founder and principal director of Gatesbridge Limited since 2013, a company dedicated to solving complex mining challenges with clarity, credibility and connection.
His previous roles include starting as an Operations Manager at ICL’s Boulby Polyhalite Mine in the North-East of England, where he later became Vice President; serving as a Director of Deep Mining at UK Coal Plc; and working for Anglo American for 15 years in a leadership role, including as Regional General Manager.
Andrew’s dedication to the mining industry is evidenced by his tenure as Past President of the Mining Association of the United Kingdom.
Andrew’s LinkedIn profile can be viewed here: Andrew Fulton | LinkedIn
Jim Williams, Executive Chairman of Anglesey, commented:
“I would like to take this opportunity to reiterate the Company’s thanks to Rob for his service and wish him all the very best. On behalf of Anglesey, I am delighted to welcome Andrew as our new CEO, who will lead the exploration and development of our 100% owned Parys Mountain asset. Andrew brings demonstrable experience as a mining engineer, a strategist and an accomplished executive operator.”
CEO, Andrew Fulton, commented:
“ I am delighted to become CEO of Anglesey. I see the potential to unlock value from the Parys Mountain asset and believe this underdeveloped project has significant upside potential. I look forward to working with all stakeholders to enhance the Company’s growth story.”
Andrew Fulton, aged 53, holds or has held the following directorships/partnerships in the past five years:
| Current Directorships/Partnerships | Former Directorships/Partnerships (past five years) |
| Capacity Minerals | Cleveland Potash Ltd |
| Gatesbridge Limited | |
| Mining Association of the UK | |
| Minerals Products Qualifications Council |
Andrew currently holds no direct interests in the Company’s ordinary shares.
Andrew was a director of UK Coal Mine Holdings Ltd and UK Coal Operations Ltd, which entered into administration on 9 July 2013 and were dissolved on 4 August 2018.
Qualified Person
Eur. Ing. Jim Williams, BSc, MSc, D.I.C., FIMMM, CEng., CGeol., the Executive Chairman of Anglesey Mining, a “Competent Person” as defined in the AIM guidelines of the London Stock Exchange, and a “Qualified Person” as defined in the Canadian National Instrument 43-101 (“NI 43-101”), has reviewed and approved the information in this release.
For further information, please visit the Company’s website: www.angleseymining.co.uk
-Ends-
For further information, please contact:
Anglesey Mining plc (via Yellow Jersey PR Limited)
Jim Williams, Executive Chairman
angleseymining@yellowjerseypr.com
Davy
Nominated Adviser & Joint Corporate Broker
Brian Garrahy/Daragh O’Reilly
Tel: +353 1 679 6363
AlbR Capital Limited
Joint Corporate Broker
Lucy Williams/Duncan Vasey
Tel: +44 (0)20 7562 0930
Yellow Jersey PR Limited
Financial & Media Relations
Dominic Barretto/Shivantha Thambirajah
Tel: +44 (0)20 3004 9512
About Anglesey Mining plc:
Anglesey is advancing the UK’s largest copper project at the 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au VMS deposit in North Wales.
#AYM Anglesey Mining PLC – Placing and Subscription to raise approximately £680,000 and Appointment of AlbR Capital as Joint Corporate Broker
Anglesey Mining plc (AIM:AYM), the minerals exploration and development company, is pleased to announce that AlbR Capital Limited has conditionally raised aggregate gross proceeds of approximately £680,000, by means of a placing (the “ Placing ”) of 10,491,663 new ordinary shares of nominal value £0.01 (“ Ordinary Shares ”) each in the capital of the Company (the “ Placing Shares ”), to certain institutional and other investors raising gross proceeds of approximately £630,000, and a direct subscription of 833,333 new Ordinary Shares (the “ Subscription Shares ”), to raise approximately £50,000 (the “ Subscription ”) (together the “ Fundraising ”), in each case at a price of £0.06 (6 pence) per share (the “ Issue Price ”).
Participants in the Fundraising will receive 1 warrant for every new Ordinary Share subscribed for, exercisable at £0.07 (7 pence) per share for a period of 12 months from date of grant (the ” Warrants “). If exercised in full, the exercise of the Warrants would provide an additional £792,749.72 of gross proceeds to the Company.
The Subscription is being supported by the Company’s largest shareholder, Energold Minerals Inc. (“ Energold ”), which will invest £49,999.98 at the Issue Price. Upon completion of the Fundraising, Energold will be interested in 14,951,233 ordinary shares of nominal value £0.01 each (“ Ordinary Shares ”), representing approximately 23.1% of the enlarged issued share capital.
The Fundraising is being undertaken by AlbR Capital Limited (” AlbR “). The Company is also pleased to announce that AlbR has been formally appointed as joint Corporate Broker, with immediate effect.
The appointment of AlbR follows the £350,000 investment by Energold and the recent restructuring of the Company’s balance sheet, eliminating approximately £4 million in debt, as further described in the announcement of 5 December 2025.
Anglesey is now fully focused on advancing an exploration and development strategy for its 100%-owned Parys Mountain copper-zinc-lead-gold-silver project (see “ Use of Proceeds ” below).
Pursuant to the engagement of AlbR, 400,000 new Ordinary Shares will be issued to AlbR in respect of its annual retainer for the next 12 months (“ Retainer Shares ”). The Retainer Shares will be issued based on the closing mid-price on Friday, 6 March 2026 of £0.075 (7.5 pence) per Ordinary Share.
Anglesey Mining CEO, Rob Marsden, commented : “We are pleased to welcome AlbR, as we seek to expand the Company profile and broaden the Company’s shareholder base. AlbR has already been assisting the Company and we look forward to working with them as we continue to advance Parys Mountain.”
Use of Proceeds
The net proceeds of the Fundraising are expected to be applied towards:
- £250,000: initiation of dewatering the existing shaft to facilitate exploration efforts, advance the pumped energy storage project and support eventual mine development.
- £50,000: analysis of existing core samples from previous drilling campaigns which have not, thus far, been incorporated into resource models.
- £100,000: for ongoing exploration to include aero-geophysics and ground follow up.
- £200,000: for G&A/Working Capital.
The actual use of proceeds may vary at the Company’s discretion based on the results of work undertaken or other factors.
Further Details of the Fundraising and Warrants
The Company has, conditional on Admission of the Placing Shares and Subscription Shares, raised £679,499.76 (before expenses) through the Placing and Subscription with institutional and other investors for a total of, in aggregate, 11,324,996 new Placing Shares and Subscription Shares at 6 pence per share. The Placing Shares and Subscription Shares will be issued on a non-pre-emptive basis pursuant to the authorities granted to the Board at the Company’s annual general meeting held in February.
Jim Williams, non-executive director of the Company, is participating in the Placing for an aggregate subscription of £9,999.96 for 166,666 Placing Shares.
The Placing Shares, Subscription and Retainer Shares, when issued and fully paid, will rank pari passu in all respects with the existing Ordinary Shares in issue and therefore will rank equally for all dividends or other distributions declared, made or paid after the issue of the new Ordinary Shares.
The Issue Price represents a discount of approximately 20 per cent to the closing middle market price of 7.5 pence per Ordinary Share on 6 March 2026, being the latest business day prior to the announcement of the Fundraising.
Participants in the Fundraising will be issued with one Warrant for each new Ordinary Share subscribed for, resulting in the issue of 11,324,996 Warrants. The Warrants will be exercisable at a price of 7 pence for a period of 12 months from the date of issue. The Warrants will not be transferable and will not be traded on an exchange.
Related Party Transaction
Energold has agreed to subscribe, in aggregate, for 833,333 Subscription Shares at the Issue Price and will receive 833,333 Warrants, on the same terms and conditions as other participating investors. Energold is a related party for the purposes of Rule 13 of the AIM Rules by virtue of being a substantial shareholder in Anglesey, and its participation in the Fundraising constitutes a related party transaction (as defined by the AIM Rules).
The Directors of Anglesey, save for Brendan Cahill (a representative of Energold), consider, having consulted with the Company’s nominated adviser, that the terms of Energold’s participation in the Fundraising are fair and reasonable insofar as the shareholders of the Company are concerned.
Admission to Trading
Application will be made for the 10,491,663 Placing Shares, 833,333 Subscription Shares and the 400,000 Retainer Shares to be admitted to trading on AIM (” Admission “). Admission is expected to occur at 8.00 a.m. on or around 13 March 2026.
Total Voting Rights
Following Admission, the Company’s enlarged issued share capital will comprise 64,814,303 Ordinary Shares. The Company holds no shares in treasury. This figure may be used by shareholders for the purposes of the FCA’s Disclosure Guidance and Transparency Rules.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended) (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
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
ALBR Capital Limited Tel: +44 (0)20 7562 0930
Joint Broker
Lucy Williams / Duncan Vasey
LEI: 213800X8BO8EK2B4HQ71
About Anglesey Mining plc:
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.
Appendix: Notification And Public Disclosure Of Transactions By Persons Discharging Managerial Responsibilities And Persons Closely Associated With Them
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||
| a) | Name: | Jim Williams | ||||||
| 2. | Reason for the notification | |||||||
| a) | Position/status: | Non-Executive Director | ||||||
| b) | Initial notification/Amendment: | Initial notification | ||||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
| a) | Name: | Anglesey Mining Plc | ||||||
| b) | LEI: | 213800X8BO8EK2B4HQ71 | ||||||
| 4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
| a) | Description of the financial instrument, type of instrument:
Identification code: |
Ordinary Shares of 1 pence each
GB00BVMZHW05 |
||||||
| b) | Nature of the transaction: |
|
||||||
| c) | Price(s) and volume(s): |
|
||||||
| d) | Aggregated information:
Aggregated volume: Price: |
N/A – single transaction | ||||||
| e) | Date of the transaction: | 9 March 2026
|
||||||
| f) | Place of the transaction: | Outside a trading venue |
#AYM Anglesey Mining PLC – Completion of £4 million Debt Settlement Agreement
Anglesey Mining plc (AIM:AYM), the UK minerals exploration and development company, is pleased to announce the completion of the previously announced debt restructuring transaction (the “Restructuring”), which has now successfully eliminated liabilities totalling approximately £4 million from the Company’s balance sheet.
Anglesey no longer has any outstanding debt, other than approximately £100,000 secured against a residential property at Parys Mountain.
Highlights
- Approximately £4 million of debt eliminated
- Anglesey now wholly focused on 100%-owned Parys Mountain copper-zinc-lead-gold project
- Immediate emphasis to be placed on the following initiatives:
- Exploration to include local and regional aerial geophysics with ground follow up
- Shaft dewatering as part of overall mine development
- Updating of current JORC-compliant mineral resources model with existing core log analysis
- Continuing to develop our plans for an innovative pumped storage scheme with RheEnergise
Rob Marsden, Chief Executive of Anglesey, commented: “We have turned a corner at Anglesey by eliminating the debt long overhanging our balance sheet. We are now well positioned to focus entirely on our core asset, the Parys Mountain copper-zinc-lead-gold project and to deliver an exploration and development strategy for our shareholders.”
Energold Investment
In connection with the Restructuring, Energold completed an investment of £350,000 in Anglesey on 11 December 2025 through the purchase of exchangeable warrants priced at approximately 7.6 pence each (price adjusted for recently completed share consolidation). Anglesey agreed to convene a General Meeting in order to approve, inter alia, a resolution allowing a consolidation of the issued share capital of the Company. The meeting held on 12 February 2026 approved a consolidation whereby every ten ordinary shares was replaced by one ordinary share. The consolidation became effective on 13 February 2026. The consolidation allows Energold the right but not the obligation to exchange some or all of its warrants for ordinary shares on a one-to-one basis; should Energold elect to exercise all of its warrants, Energold would control 26.6% of the enlarged share capital of Anglesey.
Details of the Restructuring
Following negotiations between Energold and Anglesey, the parties agreed to enter into the Debt Settlement Agreement pursuant to which Anglesey agreed, as full and final settlement of the outstanding amounts owed to Energold, to (a) transfer to Energold (i) its shareholding in Angmag AB (“Angmag”, the subsidiary through which Anglesey held its investment in Grängesberg Iron AB (“GIAB”)) and (ii) its shareholding in Labrador Iron Mines Holdings Limited, and (b) assign to Energold all intercompany amounts owed to Anglesey by Angmag and GIAB
The transfer of Anglesey’s shareholding of Angmag to Energold was subject to approval by the Swedish authorities, which has now been received. Energold terminated the Juno Investment Agreement dated 16 May 2022 following completion of these transfers and assignments.
Following completion of the above steps, Anglesey no longer has any material outstanding debt, other than approximately £0.1 million secured against a residential property at Parys Mountain.
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
LEI: 213800X8BO8EK2B4HQ71
#AYM Anglesey Mining PLC – Proposed Capital Reorganisation, Proposed Amendment to the Articles of Association and Notice of AGM.
Anglesey Mining plc (AIM:AYM), the UK minerals development company, announces that it has today issued a circular to shareholders (the “Circular”) detailing the Board’s proposal to implement a capital reorganisation, pursuant to which, inter alia, the issued share capital of the Company will be consolidated and sub-divided such that every ten Existing Ordinary Shares will result in one New Ordinary Share of £0.01 (“New Ordinary Shares”) and one Deferred C Share (the “Capital Reorganisation”).
The Circular also contains the Notice of Annual General Meeting (“AGM”) to be held at The Geological Society, Burlington House, Piccadilly, London, W1J 0BG at 11.00 a.m. on 12 February 2026.
As previously noted by the Board, the continued progress of the Company’s activities, namely its objective of developing the 100% owned 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.
The Board believes that the successful implementation of the Capital Reorganisation will provide the Company with the ability to raise such additional funds, which may include the issuance of new Ordinary Shares for cash. The Board is currently precluded from doing so under applicable company law due to, inter alia, the prevailing price per Existing Ordinary Share (as at the latest practicable date prior to the publication of the Circular) being less than the nominal value per Existing Ordinary Share of £0.01 each.
Therefore, the Board believes that the Capital Reorganisation Resolutions, if approved by Shareholders, will provide the Company with the ability to raise further funds required to advance the Parys Mountain project. Against this background, the Company is, therefore, recommending that Shareholders vote in favour of the Capital Reorganisation Resolutions at the AGM.
Extracts from the Circular in connection with the Capital Reorganisation can be found below. Capitalised terms used, but not otherwise defined, in this announcement have the meanings given to them in the Circular.
The Capital Reorganisation
On 5 December 2025, the Board of Anglesey announced 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”). The Warrant Offering completed on 11 December 2025.
In support of the Warrant Offering, Anglesey agreed to convene a general meeting 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. As noted above, the Board believes that the successful implementation of the Capital Reorganisation will provide the Company with the ability to raise additional funds in the future in order to support the Company’s objective of developing the Parys Mountain project.
More generally, it is the Board’s view that the Capital Reorganisation, on the proposed terms set out in the Notice of AGM, 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 Board is therefore proposing the Capital Reorganisation Resolutions for approval at this year’s AGM.
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 Capital Reorganisation Resolutions, it is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 am on 13 February 2026. Following the Capital Reorganisation, the ISIN Code for the New Ordinary Shares will be GB00BVMZHW05 and the SEDOL Code will be BVMZHW0.
The expected timetable of principal events and statistics relating to the capital reorganisation contained in the Circular are set out in full below, in the Appendix, without material amendment or adjustment.
The Circular will shortly be available at the Company’s website at:
https://www.angleseymining.co.uk/shareholders/
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.
Appendix:
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
| Publication and posting to Shareholders of the Circular | 19 January 2026 |
| Latest time and date for receipt of proxy appointment | 11.00 a.m. on 10 February 2026 |
| Annual General Meeting | 11.00 a.m. on 12 February 2026 |
| Latest time and date for dealings in Existing Ordinary Shares | Close of business on 12 February 2026 |
| Record Date for the Capital Reorganisation | 6.00 p.m. on 12 February 2026 |
| Admission effective and commencement of dealings in the New Ordinary Shares | 8.00am on 13 February 2026 |
| CREST accounts credited with the New Ordinary Shares in uncertificated form | 13 February 2026 |
| Despatch of definitive certificates for New Ordinary Shares (in certificated form) by | 27 February 2026 |
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 10 Existing Ordinary Shares | |
| Total expected number of New Ordinary Shares in issue following the Capital Reorganisation | 48,482,226 | |
| Total expected number of Deferred C Shares in issue following the Capital Reorganisation
|
48,482,226 | |
| ISIN code for the New Ordinary Shares | GB00BVMZHW05 | |
| SEDOL for the New Ordinary Shares | BVMZHW0 |
#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 – Signing of Letter of Intent to Progress High-Density Fluid Hydro-Power Energy Storage Project
Anglesey Mining is pleased to announce that it has signed a Letter of Intent with RheEnergise Limited (“RheEnergise”) to further progress a high-density fluid hydro-power energy storage project at Parys Mountain.
Anglesey Mining is determined that the energy storage project be a force for good in the community and is delighted to have received in principle support for the scheme from the Amlwch Industrial Heritage Trust, Geo Môn and Menter Môn. Anglesey Mining is also grateful to the Anglesey Energy Island™ Programme, established by Isle of Anglesey County Council, for their practical advice and support.
The letter of intent sees the formation of a jointly owned special purpose vehicle (SPV) with the purpose of having the Parys Mountain site be the first commercial deployment of the High Density Hydro System. Anglesey Mining and RheEnergise have agreed to deploy resources into the SPV: financial, time, material, leases over land and IP and also to conduct a feasibility study over the project. If, as is expected, the study concludes that the project should go ahead, RheEnergise and Anglesey Mining will use their best endeavors to bring the Project to fruition.
Background
Anglesey Mining is focused on delivering a polymetallic underground mine at Parys Mountain. To that end, Anglesey Mining’s management is 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.
A Pre-feasibility study (PFS) in the energy storage scheme is underway and part of that work has fed into a new illustrated presentation which provides potential investors with detailed information on the methodology and revenue streams associated with the proposed 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. The presentation can be viewed via this link: Parys HD Hydro Investor Presentation.pdf
It remains 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. Also, that the hydro energy pumped storage project should not detract from those options over the medium and long term.
“ The signing of this Letter of Intent is an important next step in this project for both companies involved,” said Rob Marsden, Chief Executive of Anglesey Mining. “We are excited by the potential and synergies that this project brings together at many levels. Anglesey Mining is focused on delivering a polymetallic underground mine at Parys Mountain. Securing a source of consistent green power on Anglesey and establishing a presence back underground at Parys Mountain is key to the strategy of de-risking the incremental development of the mine and furtherance of the UK’s green power ambitions.”
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.
For further information on the project:
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 Mining 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 Mining also holds a 49.8% interest in the Grängesberg iron ore project in Sweden. Plus an 11.9% interest 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.
Contact details for further information about Anglesey Mining plc:
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
#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
#AYM Anglesey Mining PLC – Half-year Report
Chairman’s Statement and Management Report
During the half year period, we continued to progress our primary asset at the Parys Mountain Cu-Zn-Pb-Ag-Au VMS deposit in Anglesey, North Wales.
We reported the assay results from the third and final hole in the Northern Copper Zone (NCZ) drilling program. NCZ003 intersected both broad zones of mineralisation and multiple higher-grade zones. All three holes in the program – NCZ001 NCZ002 and NCZ003 – delivered some exceptional high-grade copper intersections within broad thicknesses of mineralisation up to 100m wide. The results continue to support our view that the NCZ provides significant upside for the Parys Mountain project, over and above the 5 million tonne resource contribution included within the 2021 Preliminary Economic Assessment.
An important project milestone was reached with the formal submission on 31 July 2024 of the Parys Mountain Mine Environmental Impact Assessment (EIA) Scoping Report to the North Wales Minerals and Waste Planning Service as part of a formal EIA Scoping Opinion request. The Planning Service assesses mineral planning applications on behalf of the Isle of Anglesey County Council and other County Councils within the North Wales Region.
The Scoping Report forms part of the first stage in the EIA process and comes after almost two years of extensive studies and work by the Anglesey team on site. Cumulative expenditure on the EIA process in that timeframe is almost £300,000. The scoping report sets out the project’s perceived impacts, specifically identifying any crucial and significant impacts which will be assessed as part of the final EIA report, the compilation of which will require further environmental and ecological work. It should be noted that mining at Parys will be carried out by underground methods; there are no plans for an open pit or opencast mine extraction works.
Post period end, in October 2024, responses were received to the Scoping Report from each of the statutory and specialist consultees and subsequently in December a draft Scoping Opinion has become available. It was pleasing to note that the responses were broadly in line with our expectations. Formal feedback from the Planning Service is keenly awaited.
We were pleased to note that zinc has now been added to the UK Critical Minerals List, Anglesey considers the classification of zinc as a critical mineral to be a significant positive step for the importance of its Parys Mountain resource which includes over 200,000 tonnes of contained zinc.
On governance matters, we were delighted to appoint Rob Marsden as our new CEO and to the board of Anglesey Mining in May 2024 and we welcome the technical, financial and practical experience he brings to our activities as we seek to progress Parys and optimise the iron ore investments. We were also pleased to announce the appointment of Doug Hall as a non-executive director in December 2024 and we look forward to his contributions going forward. In other board changes we were sorry to accept the resignations of Namrata Verma and Jo Battershill in September and December, respectively, but wish them both well in their future endeavours.
Financial
The group had no revenue for the period. The loss for the six months to 30 September 2024 was £311,052 (2023 comparative period £604,787) and expenditure on the mineral properties in the period was £125,479 compared to £174,748 in the same period in 2023. This reduction was primarily due to the reduction in Parys Mountain drilling activity. We also completed two equity placings in the period, raising approximately £635,000, with the proceeds going to support ongoing developmental work and for general working capital purposes.
Net current assets as at 30 September 2024 were £63,149 compared to net current liabilities of £135,745 at 31 March 2024.
Outlook
Management continues to seek to advance the company’s two key assets. At Parys Mountain the main activity will be progressing the Planning Application, guided by the EIA Scoping Opinion when formally received. At Grängesberg, we will continue to explore options to advance the project as well as devising proposals to optimise the ownership structure and value of Grängesberg Iron AB. As always, the company’s activities are predicated upon raising funding which, notwithstanding the equity issuances completed during the reporting period, remains extremely challenging in the current market. In this context, we continue to actively explore initiatives with a view to supporting the cash position.
In closing, on behalf of the board of directors, I would like to thank our shareholders for their ongoing support, and to confirm that I remain confident that the assets held by Anglesey Mining will deliver significant value as they continue to be progressed over the next year.
Andrew King
Chairman
18 December 2024
Unaudited condensed consolidated income statement
| Notes | Unaudited six months ended 30 September 2024 | Unaudited six months ended 30 September 2023 | ||
| All operations are continuing | £ | £ | ||
| Revenue | – | – | ||
| Expenses | (213,575) | (476,872) | ||
| Equity-settled employee benefits | (4,230) | (24,572) | ||
| Investment income | 2,169 | 800 | ||
| Finance costs | (95,384) | (104,296) | ||
| Foreign exchange movement | (32) | 153 | ||
| Loss before tax | (311,052) | (604,787) | ||
| Taxation | 8 | – | – | |
| Loss for the period | 7 | (311,052) | (604,787) | |
| Loss per share | ||||
| Basic – pence per share | (0.1)p | (0.2)p | ||
| Diluted – pence per share | (0.1)p | (0.2)p | ||
Unaudited condensed consolidated statement of comprehensive income
| Loss for the period | (311,052) | (604,787) | |||
| Other comprehensive income | |||||
| Items that may subsequently be reclassified to profit or loss: | |||||
| Change in fair value of investment | 388,683 | (155,557) | |||
| Foreign currency translation reserve | 17,654 | 8,021 | |||
| Total comprehensive profit/(loss) for the period | 95,285 | (752,323) | |||
All attributable to equity holders of the company
Unaudited condensed consolidated statement of financial position
| Notes | Unaudited 30 September 2024 | 31 March 2024 | ||
| £ | £ | |||
| Assets | ||||
| Non-current assets | ||||
| Mineral property exploration and evaluation | 9 | 16,976,775 | 16,851,296 | |
| Property, plant and equipment | 204,687 | 204,687 | ||
| Investments | 10 | 1,793,417 | 1,404,734 | |
| Deposit | 128,918 | 126,752 | ||
| 19,103,797 | 18,587,469 | |||
| Current assets | ||||
| Other receivables | 40,871 | 50,256 | ||
| Cash and cash equivalents | 283,295 | 219,685 | ||
| 324,166 | 269,941 | |||
| Total assets | 19,427,963 | 18,857,410 | ||
| Liabilities | ||||
| Current liabilities | ||||
| Trade and other payables | (261,017) | (405,686) | ||
| (261,017) | (405,686) | |||
| Net current assets/(liabilities) | 63,149 | (135,745) | ||
| Non-current liabilities | ||||
| Loans | (3,961,930) | (3,913,973) | ||
| Long term provision | (50,000) | (50,000) | ||
| (4,011,930) | (3,963,973) | |||
| Total liabilities | (4,272,947) | (4,369,659) | ||
| Net assets | 15,155,016 | 14,487,751 | ||
| Equity | ||||
| Share capital | 11 | 10,346,764 | 9,711,764 | |
| Share premium | 12,895,853 | 12,963,103 | ||
| Currency translation reserve | (71,935) | (89,589) | ||
| Retained losses | (8,015,666) | (8,097,527) | ||
| Total shareholders’ funds | 15,155,016 | 14,487,751 | ||
All attributable to equity holders of the company
Unaudited condensed consolidated statement of cash flows
| Notes | Unaudited six months ended 30 September 2024 | Unaudited six months ended 30 September 2023 | ||
| £ | £ | |||
| Operating activities | ||||
| Loss for the period | (311,052) | (604,787) | ||
| Adjustments for: | ||||
| Investment income | (2,169) | (800) | ||
| Finance costs | 95,384 | 104,296 | ||
| Share based payments charge | 4,230 | 24,572 | ||
| Shares issued in lieu of salary | – | 50,000 | ||
| Foreign exchange movement | 32 | (153) | ||
| (213,575) | (426,872) | |||
| Movements in working capital | ||||
| Decrease/(increase) in receivables | 9,385 | (3,719) | ||
| Increase in payables | 4,041 | 58,774 | ||
| Net cash used in operating activities | (200,149) | (371,817) | ||
| Investing activities | ||||
| Investment income | 3 | 800 | ||
| Mineral property exploration and evaluation | (274,755) | (165,062) | ||
| Investment | – | – | ||
| Net cash used in investing activities | (274,752) | (164,262) | ||
| Financing activities | ||||
| Issue of share capital | 567,750 | 1,380,000 | ||
| Loan repayment | (29,207) | (150,000) | ||
| Net cash generated from financing activities | 538,543 | 1,230,000 | ||
| Net increase in cash and cash equivalents | 63,642 | 693,921 | ||
| Cash and cash equivalents at start of period | 219,685 | 247,134 | ||
| Foreign exchange movement | (32) | 153 | ||
| Cash and cash equivalents at end of period | 283,295 | 941,208 | ||
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 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 |
| Exchange difference on translation of foreign holdings | – | – | – | – | |
| 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) |
| Equity-settled employee benefits | – | – | – | 4,230 | 4,230 |
| Equity at 30 September 2024 – unaudited |
10,346,764 | 12,895,853 | (71,935) | (8,015,666) | 15,155,016 |
| Comparative period | |||||
| Equity at 1 April 2023 – audited | 8,463,039 | 12,443,741 | (72,138) | (6,458,303) | 14,376,339 |
| Total comprehensive loss for the period: |
|||||
| Loss for the period | – | – | – | (604,787) | (604,787) |
| Change in fair value of investment | – | – | – | (155,557) | (155,557) |
| Exchange difference on translation of foreign holding |
– | – | 8,021 | – | 8,021 |
| Total comprehensive loss for the period |
– | – | 8,021 | (760,344) | (752,323) |
| Shares issued | 1,248,725 | 624,362 | – | – | 1,873,087 |
| Share issue expenses | – | (120,000) | – | – | (120,000) |
| Equity at 30 September 2023 – unaudited |
9,711,764 | 12,948,103 | (64,117) | (7,218,647) | 15,377,103 |
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 2024. 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 2024 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 2024 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 2024. 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 2024 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 2024 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 2024 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 442 million – the weighted average number of ordinary shares in issue during the period. The comparative figures were a loss to 30 September 2023 of £0.6m divided by 406 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 2024 | |||||
| UK | Sweden – investment | Canada – investment | Total | ||
| £ | £ | £ | £ | ||
| Expenses | (187,450) | (26,125) | – | (213,575) | |
| Equity settled employee benefits | (4,230) | – | – | (4,230) | |
| Share based payments | – | – | |||
| 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) | |
| Unaudited six months ended 30 September 2023 | ||||
| UK | Sweden – investment | Canada – investment | Total | |
| £ | £ | £ | £ | |
| Expenses | (476,872) | – | – | (476,872) |
| Equity settled employee benefits | (24,572) | – | – | (24,572) |
| Investment income | 800 | – | – | 800 |
| Finance costs | (99,231) | (5,065) | – | (104,296) |
| Exchange rate movements | – | 153 | – | 153 |
| Loss for the period | (599,875) | (4,912) | – | (604,787) |
Assets and liabilities
| ` | Unaudited 30 September 2024 | |||
| UK | Sweden investment | Canada investment | Total | |
| £ | £ | £ | £ | |
| Non current assets | 17,310,380 | 633,170 | 1,160,247 | 19,103,797 |
| Current assets | 323,035 | 1,131 | – | 324,166 |
| Liabilities | (3,922,929) | (350,018) | – | (4,272,947) |
| Net assets | 13,710,486 | 284,283 | 1,160,247 | 15,155,016 |
| Audited 31 March 2024 | ||||
| UK | Sweden investment | Canada investment | Total | |
| £ | £ | £ | £ | |
| Non current assets | 17,182,735 | 633,170 | 771,564 | 18,587,469 |
| Current assets | 268,778 | 1,163 | – | 269,941 |
| Liabilities | (4,005,989) | (363,670) | – | (4,369,659) |
| Net assets | 13,445,524 | 270,663 | 771,564 | 14,487,751 |
8. Deferred tax
There is an unrecognised deferred tax asset of £1.6 million (31 March 2024 – £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 £14.4 million (unchanged from 31 March 2024) 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 finance being available to fund such development. During the period activities were limited and in particular no drilling was taking place so the expenditure of £125,479 was significantly less than in the six months to 30 September 2023 when expenditures totalled £679,475. There have been no indicators of impairment during the period.
10. Investments
| Labrador | Grangesberg | Total | |
| £ | £ | £ | |
| At 1 April 2023 | 1,400,015 | 633,170 | 2,033,185 |
| Net change during the period | (628,451) | – | (628,451) |
| At 31 March 2023 | 771,564 | 633,170 | 1,404,734 |
| Net change during the period | 388,683 | – | 388,683 |
| At Unaudited 30 September 2024 | 1,160,247 | 633,170 | 1,793,417 |
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 2024 was 8 US cents per share (2023 – 10 US cents). As at 29 November 2024 the share price was 6 US cents per share.
Grängesberg – Sweden
The group has, through its Swedish subsidiary Angmag AB, a 49.75% ownership interest in Grängesberg Iron AB an unquoted Swedish company (GIAB) which holds rights over the Grängesberg iron ore deposits.
Under a shareholders’ agreement, Angmag has a reciprocal right of first refusal over the remaining 50.25% of the equity of GIAB, together with management direction of the activities of GIAB subject to certain restrictions. The shareholders’ agreement has an initial term of 10 years from 28 May 2014, extendable on a year-to-year basis, unless terminated on one year’s notice.
The directors assessed the fair value of the investment in Grängesberg under IFRS 9 and consider the investment’s value at 30 September 2024 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 1 April 2023 | 2,952,206 | 295,220,548 | 5,510,833 | 137,770,835 | 8,463,039 | |
| Issued in the period | 1,248,725 | 124,872,469 | – | – | 1,248,725 | |
| At 31 March 2024 | 4,200,931 | 420,093,017 | 5,510,833 | 137,770,835 | 9,711,764 | |
| Issued in the period | 635,000 | 63,500,000 | – | – | 635,000 | |
| At Unaudited 30 September 2024 | 4,835,931 | 483,593,017 | 5,510,833 | 137,770,835 | 10,346,764 | |
The deferred shares are non-voting, have no entitlement to dividends and have negligible rights to return of capital on a winding up.
On 28 June 2024 a placing of 415,000,000 new ordinary shares was made at 1.0 pence per share to several institutions, including two of the directors and Energold Minerals Inc. a company controlled by John Kearney the former chairman of the company, to raise a total of £415,000.
On 25 September 2024 a placing of 220,000,000 new ordinary shares was made at 1.0 pence per share to several institutions, to raise a total of £220,000.
12. Financial instruments
| Group | Financial assets classified at fair value through other comprehensive income | Financial assets measured at amortised cost | ||
| Unaudited 30 September 2024 | 31 March 2024 | Unaudited 30 September 2024 | 31 March 2024 | |
| £ | £ | £ | £ | |
| Financial assets | ||||
| Investments | 1,793,417 | 1,404,734 | – | – |
| Deposit | – | – | 128,918 | 126,752 |
| Other receivables | – | – | 40,871 | 50,256 |
| Cash and cash equivalents | – | – | 283,295 | 219,685 |
| 1,793,417 | 1,404,734 | 453,084 | 396,693 | |
| Financial liabilities measured at amortised cost | ||||
| Unaudited 30 September 2024 | 31 March 2024 | |||
| £ | £ | |||
| Trade payables | (111,723) | (293,040) | ||
| Other payables | (149,294) | (112,646) | ||
| Loans | (3,961,930) | (3,913,973) | ||
| (4,222,947) | (4,319,659) | |||
13. Events since the period end
On 11 November 2024 a placing of 1,229,238 new ordinary shares was made at 1.0 pence per share to two suppliers of services to the company to discharge liabilities of £12,292.
On 5 December 2024 we were pleased to announce the appointment of Mr. Robert Douglas Hall as a non-executive director of the company with immediate effect and also announced Jo Battershill’s decision to step down as a non-executive director.
Anglesey Mining plc
Directors
Andrew King Chairman
Rob Marsden Chief executive
Douglas Hall Non executive
Registered office address – Parys Mountain, Amlwch, Anglesey, LL68 9RE
Phone 01407 831275 Email mail@angleseymining.co.uk
Registrars Link Group, 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
CONTACT: For further information, please contact:
Anglesey Mining plc
Rob Marsden, Chief Executive – Tel: +44 (0)7531 475111
Davy
Nominated Adviser & Joint Corporate Broker
Brian Garrahy / Daragh O’Reilly – Tel: +353 1 679 6363
Zeus
Joint Corporate Broker
Katy Mitchell / Harry Ansell – Tel: +44 (0) 207 220 1666
LEI: 213800X8BO8EK2B4HQ71