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#AYM Anglesey Mining PLC – Half yearly report for the six months to 30 September 2025
Chairman’s Statement and Management Report
During the half year period, we were pleased to publish a conceptual study of a high-density fluid hydro-power energy storage project at the mine.
The findings of the conceptual study led to the commencement of a pre-feasibility study (PFS) in the energy storage scheme and we have published the proposed operational methodology and revenue streams associated with the project in terms of both Long Duration Energy Storge (LDES) and how that might be the catalyst for the commencement of mining of the Parys Mountain VMS mineral deposits.
Our investigations show there is a positive business case for the energy project on a standalone basis, that the risks identified thus far can be reasonably overcome or mitigated. Elements of the energy storage project scope, for example: the de-watering and refitting of the Morris shaft for material and personnel hoisting, the dewatering of the workings emanating from the Morris shaft 280m below the surface, the upgrading of the power-line to site, the on-going environmental and social studies and the deployment of impact avoidance, mitigation and compensation strategies, are each synergistic with the first steps of establishing a modern underground mine on Parys Mountain.
It is an essential and clear intent of the energy project that Anglesey Mining retains all the optionality that it currently has for the construction and commissioning of an underground mine, and that the hydro energy pumped storage project should not detract from those options over the medium and long term.
In the period to the 30th September 2025, we unfortunately had to announce the termination of our management rights and obligations over Grangesberg Iron AB (GIAB). Under a shareholders’ agreement our 100% owned subsidiary, Angmag AB, and therefore Anglesey Mining, had management rights with the ability to appoint the majority of the Board of GIAB. The Agreement had an initial term of 10 years from 28 May 2014, extendable on a year-to-year basis, unless terminated on one year’s notice. On 28 May 2024, Eurmag AB, which holds the remaining 50.2% of GIAB, gave notice of termination of the Agreement.
As at 31 December 2024, GIAB had loans outstanding to its senior debt holder of approximately US$9.0 million. Despite the best efforts of the Company, revised terms and conditions for the senior debt could not be arrived at such that the Board of Anglesey Mining could then explore the raising of funds to facilitate a settlement of this debt and therefore management of GIAB reverted to Eurmag AB, GIAB’s 50.2% shareholder, with Anglesey retaining its 49.8% ownership interest.
Post the end of the half year period, on 5 December 2025 the Company announced that it had entered into a binding letter of intent with its largest shareholder and largest creditor Energold Minerals Inc. whereby Anglesey will eliminate approximately £4 million of debt in exchange for its interest in GIAB and holding of Labrador Iron Mines Holdings Limited, reducing total outstanding debt to approximately £100,000.
Energold has also provided immediate funding to Anglesey of £350,000 through the purchase of non-voting exchangeable warrants.
The Board believes that the restructuring of the Company’s balance sheet, in addition to the investment of fresh funds by Energold, will place the Company in a materially stronger position from which to pursue its primary objective of advancing Parys Mountain.
Finally, at the beginning of December 2025, we were delighted to welcome Brendan Cahill and Jim Williams to Anglesey’s board.
Financial
The group had no revenue for the period. The loss for the six months to 30 September 2025 was £334,699 (2024 comparative period £311,052) and expenditure on the mineral properties in the period was £50,955 compared to £125,479 in the same period in 2024.
Net current liabilities as at 30 September 2025 were £370,085 compared to net current liabilities of £182,582 at 31 March 2025.
Andrew King
Chairman
19 December 2025
Unaudited condensed consolidated income statement
| Notes | Unaudited six months ended 30 September 2025 | Unaudited six months ended 30 September 2024 | ||
| All operations are continuing | £ | £ | ||
| Revenue | – | – | ||
| Expenses | (236,591) | (213,575) | ||
| Equity-settled employee benefits | – | (4,230) | ||
| Investment income | 883 | 2,169 | ||
| Finance costs | (98,957) | (95,384) | ||
| Foreign exchange movement | (34) | (32) | ||
| Loss before tax | (334,699) | (311,052) | ||
| Taxation | 8 | – | – | |
| Loss for the period | 7 | (334,699) | (311,052) | |
| Loss per share | ||||
| Basic – pence per share | (0.1)p | (0.1)p | ||
| Diluted – pence per share | (0.1)p | (0.1)p | ||
Unaudited condensed consolidated statement of comprehensive income
| Loss for the period | (334,699) | (311,052) | ||
| Other comprehensive income | ||||
| Items that may subsequently be reclassified to profit or loss: | ||||
| Change in fair value of investment | 14 | (449,562) | 388,683 | |
| Foreign currency translation reserve | 13,912 | 17,654 | ||
| Total comprehensive (loss) for the period | (770,349) | 95,285 | ||
All attributable to equity holders of the company
Unaudited condensed consolidated statement of financial position
| Notes | Unaudited 30 September 2025 | 31 March 2025 | ||
| £ | £ | |||
| Assets | ||||
| Non-current assets | ||||
| Mineral property exploration and evaluation | 9 | 17,043,457 | 16,992,502 | |
| Property, plant and equipment | 204,687 | 204,687 | ||
| Investments | 10 | 777,119 | 1,226,681 | |
| Deposit | 129,727 | 128,857 | ||
| 18,154,990 | 18,552,727 | |||
| Current assets | ||||
| Other receivables | 35,358 | 36,988 | ||
| Cash and cash equivalents | 43,791 | 44,264 | ||
| 79,149 | 81,252 | |||
| Total assets | 18,234,139 | 18,633,979 | ||
| Liabilities | ||||
| Current liabilities | ||||
| Trade and other payables | (449,234) | (263,834) | ||
| (449,234) | (263,834) | |||
| Net current liabilities | (370,085) | (182,582) | ||
| Non-current liabilities | ||||
| Loans | (4,231,211) | (4,046,102) | ||
| Long term provision | (50,000) | (50,000) | ||
| (4,281,211) | (4,096,102) | |||
| Total liabilities | (4,730,445) | (4,359,936) | ||
| Net assets | 13,503,694 | 14,274,043 | ||
| Equity | ||||
| Share capital | 11 | 10,359,056 | 10,359,056 | |
| Share premium | 12,910,853 | 12,910,853 | ||
| Currency translation reserve | (68,797) | (82,709) | ||
| Retained losses | (9,697,418) | (8,913,157) | ||
| Total shareholders’ funds | 13,503,694 | 14,274,043 | ||
All attributable to equity holders of the company
Unaudited condensed consolidated statement of cash flows
| Notes | Unaudited six months ended 30 September 2025 | Unaudited six months ended 30 September 2024 | ||
| £ | £ | |||
| Operating activities | ||||
| Loss for the period | (334,699) | (311,052) | ||
| Adjustments for: | ||||
| Investment income | (883) | (2,169) | ||
| Finance costs | 98,957 | 95,384 | ||
| Share based payments charge | – | 4,230 | ||
| Foreign exchange movement | 34 | 32 | ||
| (236,591) | (213,575) | |||
| Movements in working capital | ||||
| Decrease/(increase) in receivables | 1,630 | 9,385 | ||
| Increase in payables | 182,627 | 4,041 | ||
| Net cash used in operating activities | (52,334) | (200,149) | ||
| Investing activities | ||||
| Investment income | 13 | 3 | ||
| Mineral property exploration and evaluation | (48,118) | (274,755) | ||
| Net cash used in investing activities | (48,105) | (274,752) | ||
| Financing activities | ||||
| Issue of share capital | – | 567,750 | ||
| Movements on loans | 100,000 | (29,207) | ||
| Net cash generated from financing activities | 100,000 | 538,543 | ||
| Net increase in cash and cash equivalents | (439) | 63,642 | ||
| Cash and cash equivalents at start of period | 44,264 | 219,685 | ||
| Foreign exchange movement | (34) | (32) | ||
| Cash and cash equivalents at end of period | 43,791 | 283,295 | ||
All attributable to equity holders of the company
Unaudited condensed consolidated statement of changes in group equity
| Share capital £ |
Share premium £ |
Currency translation reserve £ |
Retained losses £ |
Total £ |
|
| Equity at 1 April 2025 – audited | 10,359,056 | 12,910,853 | (82,709) | (8,913,157) | 14,274,043 |
| Total comprehensive loss for the period: |
|||||
| Loss for the period | – | – | – | (334,699) | (334,699) |
| Change in fair value of investment | – | – | – | (449,562) | (449,562) |
| Exchange difference on translation of foreign holding |
– | – | 13,912 | – | 13,912 |
| Total comprehensive loss for the period |
– | – | 13,912 | (784,261) | (770,349) |
| Shares issued | – | – | – | – | – |
| Share issue expenses | – | – | – | – | – |
| Equity-settled employee benefits | – | – | – | – | – |
| Equity at 30 September 2025 – unaudited |
10,359,056 | 12,910,853 | (68,797) | (9,697,418) | 13,503,694 |
| Comparative period | |||||
| Equity at 1 April 2024 – audited | 9,711,764 | 12,963,103 | (89,589) | (8,097,527) | 14,487,751 |
| Total comprehensive loss for the period: |
|||||
| Loss for the period | – | – | – | (311,052) | (311,052) |
| Change in fair value of investment | – | – | – | 388,683 | 388,683 |
| Exchange difference on translation of foreign holding |
– | – | 17,654 | – | 17,654 |
| Total comprehensive loss for the period |
– | – | 17,654 | 77,631 | 95,285 |
| Shares issued | 635,000 | – | – | – | 635,000 |
| Share issue expenses | – | (67,250) | – | – | (67,250) |
| Share issue expenses | – | – | – | 4,230 | 4,230 |
| Equity at 30 September 2024 – unaudited |
10,346,764 | 12,895,853 | (71,935) | (8,015,666) | 15,155,016 |
All attributable to equity holders of the company
Notes to the accounts
1. Basis of preparation
This half-yearly financial report comprises the unaudited condensed consolidated financial statements of the group for the six months ended 30 September 2025. It has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority, the requirements of IAS 34 – Interim financial reporting (as adopted by the UK) and using the going concern basis. The directors are not aware of any events or circumstances which would make this inappropriate. It does not constitute financial statements within the meaning of section 434 of the Companies Act 2006 and does not include all of the information and disclosures required for annual financial statements. It should be read in conjunction with the annual report and financial statements for the year ended 31 March 2025 which is available on request from the company or may be viewed at www.angleseymining.co.uk/accounts.
The financial information contained in this report in respect of the year ended 31 March 2025 has been extracted from the report and financial statements for that year which have been filed with the Registrar of Companies. The report of the auditors on those accounts did not contain a statement under section 498(2) or (3) of the Companies Act 2006 and was not qualified. The half-yearly results for the current and comparative periods have not been audited or reviewed by the company’s auditor.
2. Significant accounting policies
The accounting policies applied in these unaudited condensed consolidated financial statements are consistent with those set out in the annual report and financial statements for the year ended 31 March 2025. There are no new standards, amendments to standards or interpretations that are expected to have a material impact on the group’s results.
The group has not applied certain new standards, amendments and interpretations to existing standards that have been issued but are not yet effective. They are either not expected to have a material effect on the consolidated financial statements or they are not currently relevant for the group.
3. Risks and uncertainties
The principal risks and uncertainties set out in the group’s annual report and financial statements for the year ended 31 March 2025 remain the same for this half-yearly period. They can be summarised as: development risks in respect of mineral properties, especially in respect of permitting and metal prices; liquidity risks during development; and foreign exchange risks. More information is to be found in the 2025 annual report – see note 1 above.
4. Statement of directors’ responsibilities
The directors confirm to the best of their knowledge that:
(a) the unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of IAS 34 Interim financial reporting (as adopted by the UK); and
(b) the interim management report includes a fair review of the information required by the FCA’s Disclosure and Transparency Rules (4.2.7 R and 4.2.8 R).
This report and financial statements were approved by the board on 19 December 2025 and authorised for issue on behalf of the board by Andrew King, interim chairman and Rob Marsden, chief executive officer.
5. Activities
The group is engaged in mineral property development and currently has no turnover. There are no minority interests or exceptional items.
6. Earnings per share
The loss per share is computed by dividing the loss attributable to ordinary shareholders of £0.3 million by 484 million – the weighted average number of ordinary shares in issue during the period. The comparative figures were a loss to 30 September 2024 of £0.3m divided by 442 million shares. However where there are losses the effect of outstanding share options is not dilutive.
7. Business and geographical segments
There are no trading revenues. The cost of all activities charged in the income statement relates to exploration and evaluation of mining properties. The group’s income statement and assets and liabilities are analysed as follows by geographical segments, which is the basis on which information is reported to the board.
Income statement analysis
| Unaudited six months ended 30 September 2025 | |||||
| UK | Sweden – investment | Canada – investment | Total | ||
| £ | £ | £ | £ | ||
| Expenses | (242,701) | 6,110 | – | (236,591) | |
| Investment income | 883 | – | – | 883 | |
| Finance costs | (92,235) | (6,722) | – | (98,957) | |
| Exchange rate movements | – | (34) | – | (34) | |
| Loss for the period | (334,053) | (646) | – | (334,699) | |
| Unaudited six months ended 30 September 2024 | ||||
| UK | Sweden – investment | Canada – investment | Total | |
| £ | £ | £ | £ | |
| Expenses | (187,450) | (26,125) | – | (213,575) |
| Equity settled employee benefits | (4,230) | – | – | (4,230) |
| Investment income | 2,169 | – | – | 2,169 |
| Finance costs | (88,642) | (6,742) | – | (95,384) |
| Exchange rate movements | – | (32) | – | (32) |
| Loss for the period | (278,153) | (32,899) | – | (311,052) |
Assets and liabilities
| ` | Unaudited 30 September 2025 | |||
| UK | Sweden investment | Canada investment | Total | |
| £ | £ | £ | £ | |
| Non current assets | 17,377,871 | 633,170 | 143,949 | 18,154,990 |
| Current assets | 77,977 | 1,172 | – | 79,149 |
| Liabilities | (4,370,796) | (359,649) | – | (4,730,445) |
| Net assets | 13,085,052 | 274,693 | 143,949 | 13,503,694 |
| Audited 31 March 2025 | ||||
| UK | Sweden investment | Canada investment | Total | |
| £ | £ | £ | £ | |
| Non current assets | 17,326,046 | 633,170 | 593,511 | 18,552,727 |
| Current assets | 80,083 | 1,169 | – | 81,252 |
| Liabilities | (3,993,161) | (366,775) | – | (4,359,936) |
| Net assets | 13,412,968 | 267,564 | 593,511 | 14,274,043 |
8. Deferred tax
There is an unrecognised deferred tax asset of £1.6 million (31 March 2025 – £1.6m) which, in view of the group’s results, is not considered to be recoverable in the short term. There are also capital allowances, including mineral extraction allowances, of £14.5 million (unchanged from 31 March 2025) unclaimed and available. No deferred tax asset is recognised in the condensed financial statements.
9. Mineral property exploration and evaluation costs
Mineral property exploration and evaluation costs incurred by the group are carried in the unaudited condensed consolidated financial statements at cost, less an impairment provision if appropriate. The recovery of these costs is dependent upon the successful development and operation of the Parys Mountain project which is itself conditional on financing being available to fund such development. During the period activities were limited and no drilling took place.
10. Investments
| Labrador | Grangesberg | Total | |
| £ | £ | £ | |
| At 1 April 2024 | 771,564 | 633,170 | 1,404,734 |
| Net change during the period | (178,053) | – | (178,053) |
| At 31 March 2025 | 593,511 | 633,170 | 1,226,681 |
| Net change during the period | (449,562) | – | (449,562) |
| At Unaudited 30 September 2025 | 143,949 | 633,170 | 777,119 |
Labrador – Canada
The group has an investment in Labrador Iron Mines Holdings Limited, (LIM) a Canadian company which is carried at fair value through other comprehensive income. The group’s holding of 19,289,100 shares in LIM (12% of LIM’s total issued shares) is valued at the closing price traded on the OTC Markets in the United States. In the directors’ assessment this market is sufficiently active to give the best measure of fair value, which on 30 September 2025 was 1 US cent per share (2024 – 8 US cents). As at 19 December 2025 the share price was 2 US cents per share.
Grängesberg – Sweden
The group has, through its Swedish subsidiary Angmag AB, a 49.8% ownership interest in Grängesberg Iron AB an unquoted Swedish company (GIAB) which holds rights over the Grängesberg iron ore deposits.
The directors assessed the fair value of the investment in Grängesberg under IFRS 9 and consider the investment’s value at 30 September 2025 to be £633,170.
11. Share capital
| Ordinary shares of 1p | Deferred shares of 4p | Total | ||||
| Issued and fully paid |
Nominal value £ |
Number | Nominal value £ |
Number | Nominal value £ |
|
| At 31 March 2024 | 4,200,931 | 420,093,017 | 5,510,833 | 137,770,835 | 9,711,764 | |
| Issued in the period | 647,292 | 64,729,238 | – | – | 647,292 | |
| At 31 March 2025 | 4,848,223 | 484,822,255 | 5,510,833 | 137,770,835 | 10,359,056 | |
| Issued in the period | – | – | – | – | – | |
| At Unaudited 30 September 2025 | 4,848,223 | 484,822,255 | 5,510,833 | 137,770,835 | 10,359,056 | |
The deferred shares are non-voting, have no entitlement to dividends and have negligible rights to return of capital on a winding up.
12. Financial instruments
| Group | Financial assets classified at fair value through other comprehensive income | Financial assets measured at amortised cost | ||
| Unaudited 30 September 2025 | 31 March 2025 | Unaudited 30 September 2025 | 31 March 2025 | |
| £ | £ | £ | £ | |
| Financial assets | ||||
| Investments | 777,119 | 1,048,628 | – | – |
| Deposit | – | – | 129,727 | 128,857 |
| Other receivables | – | – | 35,358 | 36,988 |
| Cash and cash equivalents | – | – | 43,791 | 44,264 |
| 777,119 | 1,048,628 | 208,876 | 210,109 | |
| Financial liabilities measured at amortised cost | ||||
| Unaudited 30 September 2025 | 31 March 2025 | |||
| £ | £ | |||
| Trade payables | (179,123) | (107,559) | ||
| Other payables | (270,111) | (156,275) | ||
| Loans | (4,231,211) | (4,046,102) | ||
| (4,680,445) | (4,309,936) | |||
Anglesey Mining plc
Directors
Andrew King Chairman
Rob Marsden Chief executive
Douglas Hall Non executive
Brendan Cahill Non executive
Jim Williams Non executive
Registered office address – Parys Mountain, Amlwch, Anglesey, LL68 9RE
Phone 01407 831275 Email mail@angleseymining.co.uk
Registrars MUFG Corporate Markets, 29 Wellington Street, Leeds, LS1 4DL
Share dealing phone 0371 664 0445 Helpline phone 0371 664 0300
Company registered number 01849957
Web site www.angleseymining.co.uk
Shares listed AIM – AYM
#GRX GreenX Metals LTD – 2025 Annual Report
GreenX Metals Limited (GreenX or the Company) advises that its 2025 Annual Report, has been published and is available at https://wcsecure.weblink.com.au/clients/greenxmetals/headline.aspx?headlineid=61286999.
The 2025 Annual Report will also be uploaded to the National Storage Mechanism which will be available at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Hard copies of the 2025 Annual Report will be sent by post to those shareholders who have elected to receive them, or they can be obtained free of charge on request.
The Company also advises that an Appendix 4G (Key to Disclosures: Corporate Governance Council Principles and Recommendations) and 2025 Corporate Governance Statement have been released today and are also available on the Company’s website at https://wcsecure.weblink.com.au/clients/greenxmetals/headline.aspx?headlineid=61287002.
LEI: 213800EHCGNYSCN9T108
Classification: 1.1 Annual financial and audit reports
For further information please contact:
Dylan Browne
Company Secretary
+61 8 9322 6322
#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
#BRES Blencowe Resources PLC – Offtake for Purified Graphite
Blencowe Resources Plc (LSE: BRES) is pleased to announce it has signed a non-binding Memorandum of Understanding (“MOU”) with Apollo Energy Systems Inc. (“Apollo”) regarding offtake of purified graphite sourced from its Orom-Cross Graphite Project in Uganda.
Apollo is based in Florida, United States, and specialises in advanced lead acid battery storage systems to complement the renewable energy sector. This agreement aligns with Blencowe’s strategy to secure a diversified range of international buyers across different applications, as it progresses toward production.
Highlights:
· Offtake MOU signed with Apollo: A leading processor of lead acid battery technology for advanced energy storage systems, operating from the United States.
· Indicative Framework Established: Initial agreement for 250 tonnes per annum of purified small flake graphite, with final pricing to be agreed within 24 months.
· High Margin Product: Similar purified graphite products to what will be sold to Apollo sell in the region of US$8,000/t, highlighting substantial profitability on these sales over and above typical sale of concentrates.
· Successful Initial Product Testing: Apollo has successfully tested Orom-Cross graphite products and will now advance its internal product qualification and due diligence to support formal agreement discussions.
· Expanding Sales Channels: Further offtake discussions continue with multiple global graphite end-users, including leading OEMs, supporting Blencowe’s strategy for a diversified and resilient sales pipeline with numerous different offtake customers for all its planned annual production.
· Advancing Project Funding: The Apollo MOU validates Orom-Cross graphite quality and potential commercial terms, further supporting ongoing strategic financing discussions with key institutions including the DFC and AFC.
Strategic Offtake Agreement in a High-Value Market
This MOU follows discussions by Blencowe senior management with Apollo during a recent visit to United States and builds on the successful testing and consistent quality validation of Orom-Cross graphite.
Additionally, it represents an important step in diversifying Blencowe’s offtake strategy by targeting niche high-value end markets, where purified fine flake graphite commands a significant premium. While the Apollo MOU represents a small component of the proposed 5,000tpa Phase 1 production, the purification (to be undertaken by AETC in Chicago) elevates the value of fine flake concentrate, transforming a traditionally lower-margin product into a high-value offering, positioning this agreement as a lucrative niche offtake opportunity within the specialist energy storage sector. There is also the potential to expand volumes of this purified product sold to Apollo in the future.
Blencowe continues to advance discussions with multiple US-based OEMs and leading graphite buyers, covering both large flake and small flake products. Following high-level engagements in the United States, several industry players have initiated quality testing of Orom-Cross graphite.
Discussions in the USA have been positive, and Blencowe will continue to work with these parties as well as others industry leaders worldwide as part of its commitment to delivering MOUs with leading buyers of graphite products for its full production output, thus further strengthening the Company’s commercial strategy as it moves towards first production.
Executive Chairman Cameron Pearce commented:
“Following a successful marketing tour of the USA, this MOU is the first of several that we anticipate bringing to market near term. It builds on our initial agreement with Jilin, announced in 2024, to supply up to 15,000tpa large flake concentrate.”
“As previously outlined, smaller flake graphite products must undergo a rigorous pre-qualification process before buyers can commit to offtake agreements. This process typically takes 2-3 years, requiring the extraction of substantial raw material from site and the processing of that to bulk 96% concentrates, and further beneficiation thereafter to 99.95% purified graphite for OEM testing. We have significantly accelerated this timeline, successfully pre-qualifying and delivering all necessary samples, but the process must still be followed to ensure end users can validate the quality and consistency of Orom-Cross graphite.“
“Blencowe continues to execute key milestones as we progress towards an investment decision post-DFS. Orom-Cross stands out as truly a unique graphite project – combining scale, lowest capital and operating costs, and exceptionally high-purity end products. These factors collectively position us ahead of most peers and reinforce the long-term value of the project.“
For further information please contact:
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Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
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Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441 |
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Tavira Securities Jonathan Evans |
Tel: +44 (0)20 3192 1733
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Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/
Background
Orom-Cross Graphite Project
Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger flakes within the deposit.
A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit and Blencowe is now completing the Definitive Feasibility Study phase as it drives towards first production.
Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 24.5Mt @ 6.0% Total Graphite Content. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.
Apollo Energy Systems Inc.
Apollo is a company with 60-years of experience in development of batteries, fuel cells and systems which incorporate those products. Their roots go back to 1953 when they built their first battery plant in Puerto Rico.
The company is developing a “Lead Cobalt Battery” and “Alkaline Fuel Cell” to provide a Propulsion System for an electric vehicle which will enable that car to drive continuously, like a gasoline powered car, without external recharging (not necessary to “plug-in” to an outside receptacle); and will provide a Power Plant System to give electricity to a home, farm, hotel, cell towers or commercial establishment without use of the outside grid supplied by electric utility companies.
#GRX GreenX Metals LTD – 2024 Annual Report
2024 ANNUAL REPORT
GreenX Metals Limited (GreenX or the Company) advises that its 2024 Annual Report, has been published at https://greenxmetals.com/investors/announcements/, will be uploaded to the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism and is attached as a PDF to this news release.
The Company also advises that an Appendix 4G (Key to Disclosures: Corporate Governance Council Principles and Recommendations) and 2024 Corporate Governance Statement have been released today and are also available on the Company’s website at https://greenxmetals.com/about/corporate-governance/ and are attached as a PDF to this news release.
Further, that the Company’s Annual General Meeting (AGM) will be held on Friday, 22 November 2024.
An item of business at the AGM will be the re-election of Directors. In accordance with clause 6.2(f) of the Company’s Constitution, the closing date for receipt of nominations from persons wishing to be considered for election as a Director is Friday, 4 October 2024. Any nominations must be received at the Company’s registered office no later than 5.00 pm (Perth time) on Friday, 4 October 2024.
Further information about the AGM, including the Notice of AGM, will be provided to shareholders in October 2024.
LEI: 213800EHCGNYSCN9T108
Classification: 1.1 Annual financial and audit reports
For further information please contact:
Dylan Browne
Company Secretary
+61 8 9322 6322
#SVML Sovereign Metals LTD – Pilot Phase Site Construction on Schedule
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Kasiya’s pilot mining and land rehabilitation program is progressing with site establishment on schedule |
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Mobile fleet is currently constructing the test pit, water storage pond and ore stockpile |
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Free-dig nature of soft saprolite ore confirms the ease of mining with no drilling or blasting required |
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Eight boreholes have been commissioned and are ready to supply the water storage pond |
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Key contractors and consultants across major disciplines have now been appointed |
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Empirical data generated from the Pilot Phase will assist in determining optimal project excavation, material handling, processing, backfilling and rehabilitation approaches |
Classification 2.2: This announcement includes Inside Information
Figure 1: Pilot Phase site June 2024
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce that pilot site construction for the ongoing Pilot Mining and Land Rehabilitation Program (Pilot Phase) at the Kasiya Rutile-Graphite Project (Kasiya or Project) in Malawi is on schedule with groundworks underway.
Managing Director Frank Eagar commented: “This Pilot Phase is a step-change for Kasiya and demonstrates our ability to execute in Malawi. The early works are progressing as planned: on schedule and within budget. We are very pleased with the progress and specifically how the mobile fleet is performing in the soft saprolite ore, confirming our understanding of how simple mining, with no drilling or blasting required, will contribute to low operating costs.”
The construction fleet is on-site with groundwork to excavate the water storage pond and construct the test areas currently underway. Site equipment is currently moving 5,000 cubic metres of earth daily. The fleet consists of four excavators, 20 trucks and a support fleet, including two bulldozers and a motor grader.
Figure 2: Dry mining stockpile area under construction
A perimeter fence around the 9.9-hectare pilot site has been erected to maintain the necessary health and safety standards. Sovereign’s strategic investor, Rio Tinto, is assisting with establishing health and safety protocols and implementation on a day-to-day basis.
Eight water extraction boreholes have been commissioned and are delivering water to the site, with the filling of the water storage pond to follow. The temporary water storage pond is currently being excavated and will be sealed using natural clay from excavated material. This will minimise the use of conventional plastic lining at the pilot site in accordance with Sovereign’s objectives for a sustainable operation at Kasiya.
Figure 3: Pilot Phase fleet and equipment excavating the water storage pond
Key contractors and consultants have been appointed across all major disciplines essential for the Pilot Phase.
· Multinational engineering and construction company Mota Engil Group has been appointed to perform all excavation required for site establishment, the water storage pond, the test pit, seven rehabilitation pits as per Figure 4, site closure and general rehabilitation of the site. Mota Engil Group operates in 21 countries with 54,000 employees and is ranked among the world’s largest construction companies.
· South Africa-based consultancy Fraser Alexander (Pty) Ltd has been contracted to complete the hydraulic mining phase.
· Backfill, storage and tailings management will be assessed by South African residue management solutions consultancy Epoch Resources (Pty) Ltd, which has a 25-year track record, including working for Randgold Resources Plc, Xstrata Plc and Anglo American Platinum Limited.
· International engineering company DRA Global Limited has been appointed to oversee and provide engineering and design services required during the Pilot Phase.
The Pilot Phase is being undertaken on a 9.9-hectare site and will include the following activities:
1. Test Pit: A test pit of 120m by 110m will be excavated to a depth of 20m, allowing optimisation of hydraulic and dry mining excavation methods.
2. Stockpiles: The excavated material will be temporarily stored in 4 stockpiles, namely all dry mining material, wet slimes (in a pond) and two sizes of sand fractions from the hydraulic mining.
3. Backfilling and Grading: The material will be placed back into the pit, and all areas will be graded.
4. Rehabilitation Demonstration: Sovereign will construct eight small rehabilitation demonstration pits covering a combined area of 100m by 130m. These will be used for water storage, excavated material storage, and demonstration of multiple rehabilitation approaches.
5. Temporary Laydown Areas: Four areas will be used as temporary laydown areas, offices, and associated infrastructure.
6. Communication: The Pilot Phase will be an educational opportunity for Project stakeholders. Sovereign will undertake a series of stakeholder visits and consultations for this purpose.
Sovereign’s objective is to restore land after mining to conditions that achieve the same or better agricultural yields than existing land uses and crop yields. The Pilot Phase will demonstrate to local communities the successful rehabilitation of land for agricultural use post-mining; land rehabilitation will form an integral component of the ongoing optimisation study. Results will also allow Sovereign to determine optimal excavation and backfill approaches, providing critical information for the upcoming Definitive Feasibility Study.
Kasiya is the world’s largest natural rutile deposit and the second-largest flake graphite deposit. Sovereign aims to develop a low-CO2 footprint and sustainable operation to supply highly sought-after natural rutile and natural graphite to the global markets.
Figure 4: Planned site layout
ENQUIRIES
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Frank Eagar (South Africa/Malawi) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London) |
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Nominated Adviser on AIM and Joint Broker |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
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Ewan Leggat Charlie Bouverat |
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Joint Brokers |
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Stifel |
+44 20 7710 7600 |
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Varun Talwar |
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Ashton Clanfield |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Buchanan |
+ 44 20 7466 5000 |