Half yearly report 30 September 2024

Half yearly report 30 September 2024

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

For a pdf of the full interim report please click here