Home » Posts tagged 'parys'
Tag Archives: parys
#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
#AYM Anglesey Mining PLC – Submission of Parys Mountain Mine Environmental Impact Assessment Scoping Report
Anglesey Mining plc (AIM:AYM), is pleased to announce that it has reached an important project milestone with the formal submission on 31st July 2024 of the Parys Mountain Mine Environmental Impact Assessment (EIA) Scoping Report to the North Wales Minerals and Waste Planning Service (the “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. At this EIA scoping stage, the project description remains indicative and will be refined following ongoing mining engineering studies, economic analysis and discussions with neighbours, the wider community and other stakeholders. The mining at Parys will be carried out by underground methods; there are no plans for an open pit or opencast mine extraction works.
The Scoping Opinion request will now be validated by the Planning Service and when that process is completed it will be placed on the Anglesey Council Planning Public Register. At that time, Anglesey Mining will publish a further RNS release providing information on how interested parties can view and comment on the report.
Anglesey’s C.E.O. Rob Marsden participated in a monitoring visit and meeting on site at Parys Mountain on 13th August 2024 with the Senior Minerals and Waste Planning Officer under the ‘The Town and Country Planning (Fees for Applications and Deemed Applications) (Wales) (Amendments) Regulations 2020, which mineral planning authorities utilise to monitor mineral sites and their extant planning permissions. A brief overview of Anglesey’s new proposal was also discussed at the above meeting.
The Anglesey team are committed to close collaboration with stakeholders, communities, industry and supply chain participants, particularly around minimising potential environmental impacts and maximising economic development opportunities for local communities.
Preservation of existing heritage areas, sites of special scientific interest (SSSI’s) and scheduled historic monuments and buildings have been a major factor in Anglesey determining the location of new proposed surface infrastructure, and similarly, other environmental and social considerations. The EIA Scoping Report considers how measures to avoid, mitigate or compensate would be identified to address the impacts of the project.
Copper, zinc, silver and lead are essential metals that will be required for, amongst other uses, the transition of the UK’s energy use and distribution towards electricity and away from fossil fuels. To produce these minerals from the Parys Mountain mine, new surface infrastructure will be required, including a tailings management facility, a decline portal and some small ventilation shaft collars. The proposed approximate locations of such surface features are shown in a drawing and are described in the EIA Scoping report. The details may change as the Environmental Impact Assessment process proceeds. Anglesey has decided to submit a fresh planning application, rather than alter the existing one, for several reasons that are outlined in the EIA Scoping Report. This is partly because additional mineral resources have been identified recently during a campaign of exploration drilling and because Anglesey intends to avoid any potential damage to heritage and biodiversity assets that have been designated since the last mineral permission. Finally, technological changes since the original planning permission offer more efficient methods of mining, ore processing, pollution control and tailings storage.
Rob Marsden, CEO of Anglesey Mining, commented: “The submission of the Environmental Impact Assessment Scoping Report for the Parys Mountain Project is a very significant milestone for Anglesey. The assessment of the environmental and social impacts of mining of copper, zinc, lead, silver and gold from Parys Mountain, in addition to the economic feasibility, will play a major part in the permitting processes required to progress the project through investment and financing to mineral production.”
“It is worth reminding investors that Parys Mountain is demonstrably the largest and most advanced copper/zinc/lead/silver/gold project in the UK with a substantial resource upside. In addition, the project is favourably located on a previously permitted, development site with significant existing infrastructure already in place.“
About Anglesey Mining plc:
Anglesey Mining is traded on the AIM market of the London Stock Exchange and currently has 461,593,017 ordinary shares in issue.
Anglesey is developing the 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au VMS deposit in North Wales, UK with a reported resource of 5.3 million tonnes at over 4.0% combined base metals in the Measured and Indicated categories and 10.8 million tonnes at over 2.5% combined base metals in the Inferred category.
Anglesey also holds a 49.75% interest in the Grängesberg iron ore project in Sweden and 12% of Labrador Iron Mines Holdings Limited, which through its 52% owned subsidiaries, is engaged in the exploration and development of direct shipping iron ore deposits in Labrador and Quebec.
For further information, please contact:
Anglesey Mining plc
Rob Marsden, Chief Executive Officer – Tel: +44 (0)7531 475111
Andrew King, Interim-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