Anglesey Mining Plc - Corporate Update

Anglesey Mining Plc - Corporate Update

PR Newswire

LONDON, United Kingdom, August 15

Trading Symbol

AIM:AYM

15th August 2025

Anglesey Mining plc

("Anglesey" or the "Company")

Corporate Update

Anglesey Mining plc (AIM:AYM), the UK minerals development company, provides the following update on corporate activities.

Grängesberg Iron Ore Project

Anglesey has, through its Swedish subsidiary Angmag AB, a 49.8% ownership interest in Grängesberg Iron AB ("GIAB"), a Swedish company which holds rights over the Grängesberg iron ore deposits.

Under a shareholders' agreement (the "Agreement"), 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 Rob Marsden, the Company's nominated director on the Board of GIAB, has tendered his resignation as a director of GIAB and such resignation is expected to take effect shortly upon confirmation by the Swedish Companies Registration Office (Bolagsverket). This decision has been taken as the Company believes its management efforts and financial resources are now best focused on the primary long-term goal of the development of the Parys Mountain project in Anglesey.

Management control of GIAB therefore reverts to Eurmag AB. Anglesey retains its 49.8% ownership interest in GIAB.

Labrador Iron Mines

Anglesey has a 11.9% holding in the OTC listed Labrador Iron Mines Holdings Limited ("LIMH"), which through its 52% owned subsidiaries Labrador Iron Mines Limited ("LIM") and Schefferville Mines Inc. ("SMI"), is engaged in the exploration and development of iron ore projects in the central part of the Labrador Trough region, one of the major iron ore producing regions in the world, situated in the Menihek area in the Province of Newfoundland and Labrador and in the Province of Quebec, centred near the town of Schefferville, Quebec.

Consistent with the current objective of focusing efforts on the Parys Mountain project and in order to support the Company's current financial position, the Company is actively exploring a sale of its full interest in LIMH and realising this investment. Further updates will be provided upon any progress of this process.

Parys Mountain

The Company's primary asset is the 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au VMS deposit in Anglesey, North Wales. In recent months, the Company has continued with its efforts to progress development activities at the site and was pleased to have noted the approval of the Parys Mountain Mine Environmental Impact Assessment ("EIA") Scoping Report by Cyngor Sir Ynys Môn/ Anglesey County Council in January 2025.

However, recognising the current financial resources of the Company, Anglesey has also been actively identifying and pursuing other options to both realise value from this asset and progress the development of the Parys Mountain deposit. Most recently, this has focused on the partnership with RheEnergise to explore the viability of Pumped Hydro Energy Storage at the Parys Mountain site, through the rehabilitation of the Existing 300m Deep Morris Shaft and the potential deployment of RheEnergise's innovative High-Density Hydro® energy storage technology.

In April 2025, the Company was pleased to announce the publication of a conceptual study for the high-density fluid hydro-power energy storage project at Parys Mountain, with the results of the conceptual study indicating that there is a positive business case for the project.

This was followed by the signing of a letter of intent between the parties in July 2025 further detailing intended actions to be taken by Anglesey and RheEnergise to further progress the project. 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 third party funding, once identified. Anglesey will now continue to work with RheEnergise to try and further advance the project, including exploration of such third party funding sources.

Funding

As previously noted by the Company at the time of its last equity fundraising in September 2024, the Company has continued to advance a number of initiatives with a view to supporting its cash position. In addition to the actions outlined in this announcement, such actions have also included, inter alia, settlement of certain supplier amounts through the issue of equity, while non-executive directors have continued to waive cash fees due to them.

However, the continued progress of the Company's activities remains contingent on its ability to raise further funds and the Board continues to explore fundraising options in this regard.

Further announcements will be made as appropriate.

For further information, please contact:

Anglesey Mining plc

Rob Marsden, Chief Executive Officer - Tel: [phone]

Andrew King, Chairman - Tel: [phone]

Davy

Nominated Adviser & Joint Corporate Broker

Brian Garrahy / Daragh O'Reilly - Tel: [phone]

Zeus Capital Limited

Joint Corporate Broker

Katy Mitchell / Harry Ansell - Tel: [phone]

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.

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.

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