Anglesey Mining Plc - Anglesey Mining plc - Annual Report 2025
PR Newswire
LONDON, United Kingdom, September 30
Anglesey Mining plc is a UK company engaged in the development of mining projects.
Parys Mountain: 100% ownership of the Parys Mountain underground copper-zinc-lead-silver-gold deposit in North Wales, UK where an independent Preliminary Economic Assessment dated January 2021 included a financial model for a 3,000 tpd mining operation with a pre-tax NPV10% of US$120 million, (£96 million), 26% IRR and 12-year mine life.
Grängesberg Iron: 49.8% interest in the Grängesberg iron ore project in Sweden where Anglesey had management rights which it relinquished in August 2025.
Probable Ore Reserves of 82.4 million tonnes, 16-year mine life with annual production of 2.5 million tonnes of concentrate grading 70% iron.
Labrador Iron Mines: 11.9% shareholding in Labrador Iron Mines Holdings Limited which holds Direct Shipping Ore (DSO) deposits of iron in Canada with potential for production of 2 million tonnes of DSO per year, with an initial 12-year mine life, for total production of 23.4 million tonnes of product at 62.2% Fe.
Chairman's statement
During the 2024-25 financial year your company has been focused in two areas:
Determining an incremental path to the development of a polymetallic mine at Parys Mountain, and I'm pleased to report that this work has identified the deployment of a high density pumped hydro energy storage scheme (energy project) to be a logical initial step. The energy project has the attributes to attract third party funding and would dewater and re-establish underground access at the modern Parys Mountain mine for the first time since it was allowed to flood in 1991. Polymetallic mine development will also benefit from the energy project's environmental studies and surface facility and infrastructure build.
Secondly, attempting various strategies to realise value from the minority stakes the company holds in Grängesberg Iron in Sweden and Labrador Iron Mines in Canada. Whilst these endeavours have, unfortunately, been unsuccessful to date, the Board has credible rational to believe in the substantial intrinsic value of each of the underlying assets, and will continue to pursue realisation of the company's share of value.
Immediately before the publication of this report we announced a new financing facility of up to £2 million which will secure Anglesey's near-term future and allow us to move forward with Parys Mountain as well as with activities that mitigate the prevailing risks of the energy project. In turn this facility should improve the prospects of securing other third-party funding on reasonable terms. The successful shaping of a credible path to the incremental development of Parys Mountain has allowed this finance to be secured,
Board changes
At the 2024 Annual General Meeting the appointment of Rob Marsden to the Board was confirmed by the shareholders.
On 5 December 2024 Jo Battershill stepped down as a non-executive director of the company and on the same day Doug Hall was appointed to the board. I would like to thank Jo for his service to Anglesey in recent years, both as Chief Executive Officer and more recently as a non-executive director. His decision to step down as a director follows his relocation to Australia earlier this year to pursue a new opportunity in the resources sector and we wish him well in his future endeavours.
On 6 September 2024 we were sorry to accept the resignation of Namrata Verma as a non-executive director. We thank her for her services since 2021.
Parys Mountain
While the company has not had sufficient financial resources to update the statement of geological resources at Parys Mountain, it remains our intention to do so, particularly with results of the Northern Copper Zone drilling campaign, the assays from which were published in the first half of 2024. Progress has also been made with the planning permissions required and with the Environmental Impact Assessment Scoping Report which was approved in January this year.
Grängesberg
You will have seen from our announcement in August 2025 that we felt it necessary to remove ourselves from the management of the Grangesberg Iron project. This is not the outcome we would have preferred, however, in the circumstances it was unavoidable. We remain 49.8% owners of the project and are hopeful that its intrinsic value as a potential producer of high-quality steel by a low carbon emissions process will be of value and use in coming years.
Appreciation
I wish to recognise the dedication and enthusiasm of our small management team, led by Rob Marsden. I would also like to thank our board of directors for their leadership, as well as consultants and advisors for their contribution. Finally, I should welcome our new shareholders and thank them, and all our shareholders, for their continued support.
Andrew King
Chairman
30 September 2025
Strategic report - Operations
We are very pleased to have landed on a strategy that will allow the incremental development of a mine at Parys Mountain.
As we have announced, the plan is to utilise the existing modern underground mine at Parys Mountain as a pumped hydro energy store using fluid, to be pumped and dropped in a closed loop cycle between upper and lower reservoirs. This fluid will be manufactured from existing surface mine waste and will have a density 2.5 times greater than water, allowing significantly more energy to be stored than would otherwise be the case.
It is hoped and expected that this project will attract third party funding which will allow the development of Parys Mountain as a polymetallic mining operation to be incremental, allowing risks to be mitigated in stages, keeping options open for the next step.
At the beginning of the financial year in mid-2024, results were received from the three-hole drilling program in the Northern Copper and Gareth Daniel zones. These were very encouraging and demonstrated good grades and continuity although obviously more work will need to be done to bring these up to the standard needed for modern ore resource calculations.
Late in 2024, the UK 2024 critical minerals assessment was completed and it is worth reminding ourselves of the significant amounts of critical minerals contained within the Parys Mountain deposits which have been identified so far. While we have not had sufficient financial resources to update the statement of geological resources at Parys Mountain, it remains our intention to do so, particularly with results of the Northern Copper Zone drilling campaign.
In January this year I was pleased to be able to report that the Environmental Impact Assessment Scoping Report for development of the polymetallic mine at Parys Mountain had been approved.
Proposed fund raising and restructuring of share capital
It was pleasing to announce on 25 September 2025 that we had entered into a conditional equity financing facility for up to £2 million with Alumni Capital LP, an American finance house. This will provide funds for our activities and the development of the Parys Mountain property. In order to carry out the refinancing the company's existing ordinary shares will need to be consolidated on a 20 for 1 basis. This and certain other actions will require the approval of shareholders which will be sought in a general meeting called for 23 October 2025. A circular which was issued on 26 September 2025 describes all of these matters in more detail, however in outline the facility will require Alumni to subscribe for shares valued at up to £2 million in cash over the 18 month period following its signing. Anglesey will issue these new ordinary shares at 80% of the market price of those shares. Further, Alumni will receive a warrant priced at 120% of the issue price for every two shares issued. There are limits on the rate of the subscriptions and certain fees to be paid including in respect of early termination of the arrangement.
Grangesberg and Labrador
We have been working on unlocking value from our minority stakes in Grängesberg and Labrador Iron Mines, as we feel it is the best way, without diluting existing shareholders, to secure funds for the group's activities. It is frustrating that we have not yet been able to move forward with either of these assets. Value remains in these two minority positions and pursuing Anglesey Mining's share from them will remain a priority.
We no longer manage the Grangesberg Iron project. We remain 49.8% owners of the project and believe there is significant value in this investment.
We intend to dispose of our holding in Labrador Iron Mines Holdings Limited which owns the Canadian iron ore properties which we originally developed over 15 years ago. We are not immediately optimistic that this sale will eventuate however we intend to continue to explore all reasonable avenues.
Financial results and position
There are no revenues from the operation of the properties.
The loss before other comprehensive income for the year ended 31 March 2025 after tax was £656,504 compared to a loss of £1,213,279 in the 2024 fiscal year. The administrative and other costs excluding investment income and finance charges were £450,086 compared to £839,424 in the previous year. The decrease from financial year 2024 was largely due to exceptional items occurring in that year.
The value of the group's holding in LIM is reported in other comprehensive income and effectively is based on its share price. This year there is a loss of £0.2 million as the share price declined. The outcome for the group is a total comprehensive loss for the year of £827,677, compared to a loss of £1,859,181 in the previous year.
During the year there were no additions to fixed assets (2024 - nil) and £141,206 (2024 - £679,475) was capitalised in respect of the Parys Mountain property, the reduction being due to the completion of the programmes of drilling, geological environmental work carried out in 2023-24.
At 31 March 2025 the mineral property exploration and evaluation assets had a carrying value of £17.0 (2024 - £16.9) million. These carrying values are supported by the results of the 2021 Preliminary Economic Assessment of the Parys Mountain project.
At the reporting date, as detailed in note 10, the directors considered the carrying value of the Parys Mountain exploration and evaluation assets to determine whether specific facts and circumstances suggest there is any indication of impairment. They carefully considered the positive results of the resource update completed in March 2023, the independent PEA and the plans for moving the project forward. Consequently, the directors concluded that there were no facts and circumstances which materially changed during the year which might trigger an impairment review and that there are no indicators of impairment.
In June and September 2024 £635,000 was raised by means of investor placings at 1p per ordinary share. Directors participated in the first of these placings. In November 2024 1.23 million shares were issued at 1p in satisfaction of amounts due to suppliers. Further details are included in the directors' report and note 20.
Post year end, on 30 May 2025 the group borrowed £100,000 for working capital purposes at an interest rate of 10% per annum for a period of five years, secured on freehold property at Parys Mountain.
The cash balance at 31 March 2025 was £44,264, compared to £219,685 at 31 March 2024. At 19 September 2025 the group the cash resources of the group were £53,193.
At 31 March 2025 there were 484,822,255 ordinary shares in issue (2024 - 420,093,017), the increase being due to the financing events referred to above. At 19 September 2025 there were also 484,822,255 ordinary shares in issue.
Outlook
In the current year, we are:
- Focused on delivering a polymetallic underground mine at Parys Mountain. To that end, Anglesey Mining's management has developed the energy storage scheme that will 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.
- Progressing a Pre-feasibility study for the energy storage scheme.
- Formalising joint venture arrangements with RheEnergise as the IP holders of the high-density pumped hydro energy storage solution.
- Progressing the re-permitting of Parys Mountain.
Development of a new mine at Parys Mountain, producing copper, zinc and lead with gold and silver credits, can deliver economic growth in the UK, regional jobs for the community and business opportunities for local service providers. Importantly, these critical and strategic metals, essential for the decarbonisation of the economy, are primarily imported into the UK currently. This creates a unique and timely opportunity, both for Anglesey Mining and for the UK, to develop a new, modern, mine at Parys Mountain in an environmentally sustainable manner.
This report was approved by the board of directors on 30 September 2025 and signed on its behalf by:
Rob Marsden
Chief Executive
30 September 2025
The full annual report is available in .pdf format on the company's website at www.angleseymining.co.uk via the following link:
https://www.angleseymining.co.uk/wp-content/uploads/2025/09/AnnRep25.pdf
 AnnRep25 |
