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Annual General Meeting 2020


The 2020 Annual General Meeting of shareholders of Anglesey Mining plc will be held on 30 September 2020 and a General Meeting of Shareholders will be held on 30 October 2020.

In light of current measures relating to Covid-19 and the UK Government advice on physical distancing measures, no shareholder, except those designated as attending for the purposes of making up a quorum, will be admitted to the Annual General Meeting called for 30 September 2020 or to the General Meeting called for 30 October 2020. Shareholders should submit a proxy vote in advance of each meeting. Please note that naming a proxy, other than the Chairman of the meeting, will not enable such proxy to attend the meetings. Shareholders who wish to ask any questions relating to the business of either of the meetings are welcome to do so by means of an email to mail@angleseymining.co.uk with AGM as its subject.

Due to the Covid-19 situation, the company’s annual report and accounts will not be available for publication and distribution at the time of this notice and therefore the usual resolutions relating to the reception of those accounts and the directors’ remuneration and remuneration policy reports will not be presented to the Annual General Meeting.

In June 2020, the UK government enacted legislation to give companies flexibility to hold their annual general meetings where lockdowns due to the coronavirus (COVID-19) pandemic would prevent such meetings in person. The Corporate Insolvency and Governance Act 2020 introduced two key measures to help those companies required to hold an annual general meeting (AGM) during this time. Firstly, a company could extend the period in which its AGM must be held, and secondly, the Act allows companies to hold a closed AGM. However, the Act includes provisions relating to the holding of meetings of companies taking place between 26 March 2020 and 30 September 2020 (Relevant Period), that is primarily those companies with a December financial year end, and although the Act provides that further extensions will be granted to extend the Relevant Period in increments of up to three months, not to extend beyond 5 April 2021, such extension, which would have been relevant for those companies with a March, June or other financial year end, has not been granted.

To deal with this unusual situation the board is calling a General Meeting of shareholders to be held on 30 October 2020, the notice of which is also set out below, to conduct the business and resolutions which will not be considered at the Annual General Meeting on 30 September 2020.

Enclosed with these notices are proxy cards, one for each of the meetings. It is re-iterated that (a) shareholders cannot attend the meetings in person and (b) naming a proxy other than the Chairman of the meeting will not enable such proxy to attend the meeting. These arrangements appear to the board to be the best way to comply with the legal requirement to hold an AGM within six months of the end of the financial year;to provide shareholders with adequate time to consider the contents of the annual report before the accounts are presented at the meeting; and to give the required notice of the resolutions to be considered.Shareholders should visit the website www.angleseymining.co.uk for any further information and announcements which might be relevant to these general meetings.

Notice of Annual General Meeting to be held on 30 September 2020

Notice is given that the 2020 Annual General Meeting of Anglesey Mining plc will be held electronically in a physically distanced manner on 30 September 2020, at 11.00 a.m. to consider and, if thought fit, to pass the resolutions set out below.

As ordinary business

1. To reappoint John F. Kearney as a director.

2. To reappoint Bill Hooley as a director.

3. To reappoint Howard Miller as a director.

4. To reappoint Danesh Varma as a director.

5. To reappoint Mazars LLP as auditor.

6. To authorise the directors to determine the remuneration of the auditor.

By order of the board

Danesh Varma

Company secretary

10 September 2020

To view the full text of this Notice, which also covers the General Meeting on 30th October 2020, please follow this link: AGM Notice 2020

Recent News

Placing of new shares for £200,000 and issue of warrants


On 24 August 2020 Anglesey Mining plc announced that it had entered into a placing agreement to issue 12,500,000 new ordinary shares, representing approximately 6.7% of the company’s current issued share capital, at 1.6 pence per share in in a private placing, to raise a total of £200,000 gross. Incoming Investors will also receive a warrant with a term of 12 months to subscribe for new ordinary shares at an exercise price of 1.8p for each new share issued under this placing. On 28 August 2020 these shares were admitted to listing on the London Stock Exchange.

The proceeds of the issue will be used to bring all of the QME engineering and optimisation studies relating to the future development of the Parys Mountain into a compliant basis by incorporating the QME work into an updated Scoping Study or Preliminary Economic Assessment, as appropriate, to be completed by a Competent Person in accordance with the JORC Code or the Canadian Institute of Mining Metallurgy and Petroleum Standards, and for general working capital.

The Company will also seek out new properties suitable for development that would be complementary to or provide synergies with the Group’s existing projects within the financing capability likely to be available. The Company has identified copper and other VMS projects, and gold and precious metals, as the most potentially attractive and continues to evaluate a number of early stage opportunities.

Parys Mountain Update

The Parys Mountain property is a significant zinc, copper, lead, silver and gold, with a reported a resource of 2.1 million tonnes at 6.9% combined base metals in the indicated category and 4.1 million tonnes at 5.0% combined base metals in the inferred category. On the basis of these resources, Micon International carried out a Scoping Study in 2017 which reported positive financial results.

As a follow on to this Scoping Study, QME Mining Technical Services, a division of QME Ltd the Irish mining contractor, has carried out an agreed programme of engineering and optimisation studies relating to the future development of the Parys Mountain.

The QME work is near to completion and we believe that upon bringing it into a compliant basis for reporting standards it should be possible to positively report a total resource figure somewhere around 10 million tonnes at Parys Mountain, which is significantly higher than the tonnage used in the earlier Scoping Study. The Company expects to complete the updated Scoping Study or Preliminary Economic Assessment later this year.

The Company notes that with the current precious metal prices, the value of gold and silver to be produced at Parys Mountain would represent approximately 25% of the total revenue stream.

Bill Hooley, Chief Executive statedWe are very pleased to announce this financing, which represents significant support for Anglesey Mining. We look forward to completion of the optimisation study and bringing it into compliance and to advance the development of the Parys Mountain project. We are also in the process of reviewing other base metal and precious metal projects and we will keep shareholders updated on developments.”

Admission and Total Voting Rights

The directors have authorised the proposed issue of the new shares under the dispensation approved at the last AGM on 5th September 2019. The new ordinary shares of 1 pence each to be issued in respect of this transaction will rank pari passu with the existing ordinary shares of the company and were admitted to the Official List and to trading on the London Stock Exchange’s main market on 28 August 2020.

The issued ordinary share capital of the company is now 199,475,732 ordinary shares of 1 pence each with voting rights; there are no shares held in treasury. This figure may be used by shareholders as the denominator for the calculations which will determine whether they are required to notify their interest in the company, or any change to that interest, under the Financial Conduct Authority’s Disclosure and Transparency Rules.

About Anglesey Mining plc

Anglesey is carrying out development and exploration work at its 100% owned Parys Mountain zinc-copper-lead deposit in North Wales, UK with a reported resource of 2.1 million tonnes at 6.9% combined base metals in the indicated category and 4.1 million tonnes at 5.0% combined base metals in the inferred category

Anglesey holds an 10.0% interest, and management rights to the Grangesberg Iron project in Sweden, together with a right of first refusal to increase its interest by a further 50.1%.

Anglesey also holds 12% of Labrador Iron Mines Holdings Limited which holds direct shipping iron ore deposits in Labrador and Quebec.

For further information, please contact:
Bill Hooley, Chief Executive +07785-572517
Danesh Varma, Finance Director 07740-932766
Thomas Smith, ETX Capital, 020-73921432