Anglesey Mining plc
Annual Report 2025
Annual Report 2025
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.
Anglesey Mining plc - Annual report contents
Strategic report
Chairman's statement
3
Operations
5
S172 Statement
Directors and governance
7
Directors' report
11
Remuneration committee report
16
Corporate governance
18
Audit committee report
22
Financial statements
Report of the auditor
23
Accounts
29
Notes to the accounts
35
Directors
52
Corporate information
53
Glossary
$ - United States dollar unless otherwise stated
CAD - Canadian dollar
AIM – the Alternative Investment Market of the London Stock Exchange
CFR - cost and freight, applied to iron ore prices, an Incoterm
DFS - Definitive Feasibility Study
DMS - dense media separation, a process for the elimination
of low-density waste from crushed ore
dmt - dry metric tonne (used in iron ore measurement)
EIA - environmental impact assessment
GIAB - Grängesberg Iron AB, a privately owned Swedish company
JORC - Australasian Joint Ore Reserves Committee - a set of minimum
standards for public reporting and displaying information related
to mineral properties
IRR - internal rate of return
LIM - Labrador Iron Mines Holdings Limited and its group of companies
MRE - mineral resource estimate
Mt - million tonnes
Mtpa - million tonnes per annum
NPV - net present value
NSR - net smelter return
OTC - The OTC Markets Group trading stocks in the US off the exchanges
PEA - Preliminary Economic Assessment
PFS - Preliminary Feasibility Study
tonne - metric tonne of 1,000 kilogrammes
SEK - Swedish Krona
t - metric tonne
tpd - tonnes per day
XRT - X-ray transmission sorting
Strategic report - Chairman’s statement
2025
Anglesey Mining plc 3
To Anglesey Shareholders
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.
Strategic report - Chairman’s statement
2025
Anglesey Mining plc 4
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
2025
Anglesey Mining plc 5
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
Strategic report - Operations
2025
Anglesey Mining plc 6
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 .
Strategic report - Operations
2025
Anglesey Mining plc 7
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.
Section 172 Statement
The directors, both individually and collectively, believe, in good faith, that throughout the year and at every
meeting of the Board and management when making every key decision, they have acted to promote the
success of the Group for the benefit of its members as a whole, as required by Section 172 of the Companies
Act 2006, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act
2006. The directors’ Section 172 Statement follows.
The Board of Anglesey Mining recognises its legal duty to act in good faith and to promote the success of
the group for the benefit of its shareholders and with regard to the interests of stakeholders as a whole and
having regard to other matters set out in Section 172. These include the likely consequences in the long
term of any decisions made; the interest of any employees; the need to foster relationships with all
stakeholders; the impact future operations may have on the environment and local communities; the desire
to maintain a reputation for high standards of business conduct and the need to act fairly between
members of the company.
The Board recognises the importance of open and transparent communication with shareholders and with
all stakeholders, including landowners, communities, and regional and national authorities. We seek to
maximise the operation’s benefits to local communities, while minimising negative impacts to effectively
manage issues of concern to society. Shareholders have the opportunity to discuss issues and provide
feedback at any time.
The application of the Section 172 requirements can be demonstrated in relation to the Group’s operations
and activities during the past year as follows.
Having regard to the likely consequences of any decision in the long term
The Group’s purpose and vision are set out in the Chairman’s Letter and in this Strategic Report. The Board
oversees strategy and is committed to the long-term goal of the development of the Parys Mountain
project. The activities towards that goal are described and discussed in the Strategic Report. The Board
remains mindful that its strategic decisions have long-term implications for the Parys Mountain project, and
these implications are carefully assessed.
In evaluating alternatives or opportunities the likely consequences of any decision in the long-term are
always considered, together with the potential impact on long-term shareholder value, including key
competitive trends, supply and demand of metals, potential impact on the environment and climate change
considerations, all of which were considered in the preparation of the PEA.
Having regard to the need to foster business relationships with others
This is a mineral exploration and development business, without any regular income and is entirely
dependent upon new investment from the financial markets for its continued operation. The benefits of
maintaining strong relationships with key partners, contractors and consultants are valued. This is discussed
in more detail elsewhere in the annual report. As a mine development company, we understand that a
range of third parties - regulators, contractors, suppliers and potential customers for the concentrates that
would be produced from a mine at Parys Mountain are relevant to the sustainability of the business.
Having regard to the interests of the employees
The Group is managed by its directors and a small number of associates and sub-contract staff. All
suggestions together with the views and interests of employees are considered in all decision-making.
Having regard to the desirability of maintaining a reputation for high standards of business conduct
The Board is committed to high standards of corporate governance, integrity, and social responsibility and
to managing our affairs in an honest and ethical manner, as further discussed in the Corporate Governance
Report. We strive to apply ethical business practices and to conduct business in a responsible and
Strategic report - Operations
2025
Anglesey Mining plc 8
transparent manner with the goal of ensuring that Anglesey Mining plc maintains a reputation for high
standards of business conduct and good governance.
Having regard to the impact of operations on the community and the environment
A broad range of stakeholder considerations are taken into account when making decisions and careful
consideration is given to any potential impacts on the local community and the environment. We strive to
maintain good relations with the local community, especially with local businesses in North Wales.
The Corporate Governance Report discusses how the directors engage with the community in which we
operate. Further discussion of these activities can be found in this Strategic Report.
As a mine development company the Board understands that recognising the potential impact our
operations may have on the community and the environment is essential to underpinning the social licence
necessary to operate. In making decisions about the development of a mine at Parys Mountain, we seek to
maximise the benefits to the local community, while minimising negative impacts and to effectively manage
issues of concern to society. By aligning future operations to environmental, social and governance
performance the Group will seek to deliver on its purpose to create value through responsible and
sustainable mining.
Having regard to the need to act fairly as between members of the company
The company has only one class of share in issue and all shareholders benefit from the same rights, as set
out in the Articles of Association and as required by the Companies Act 2006.
The Board recognises its legal and regulatory duties and does not take any decisions or actions, such as
selectively disclosing confidential or inside information, that would provide any shareholder with any unfair
advantage or position compared to the shareholders as a whole.
Risks and uncertainties
The directors have carried out an assessment of the principal risks facing the Group, including those that
would threaten its business model, future performance, solvency or liquidity. In conducting its business,
the Group faces a number of risks and uncertainties, the more significant of which are described below.
The board believes the principal risks are adequately disclosed in this annual report and that there are no
other risks of comparable magnitude which need to be disclosed.
Mineral exploration and mine development is a high-risk, speculative business and the ultimate success of
Anglesey Mining will be dependent on the successful development of a mine at Parys Mountain, which is
subject to numerous significant risks, most of which are outside the control of the Board.
In reviewing the risks facing the Group, the members of the Board consider they are sufficiently close to
operations and aware of activities to be able to adequately monitor risk without the establishment of any
formal process. There may be risks against which it cannot insure or against which it may elect not to insure
because of high premium costs or other reasons. However, there are also risks and uncertainties of a nature
common to all mineral projects and these are summarised below.
General mining risks
Actual results relating to, amongst other things, results of exploration, mineral resources, mineral
reserves, capital costs, mining production costs and reclamation and post closure costs, could differ
materially from those currently anticipated by reason of factors such as changes in expected
geological or geotechnical structures, general economic conditions and conditions in the financial
markets, changes in demand and prices for minerals that are expected to be produced, legislative,
environmental and other judicial, regulatory, political and competitive developments in areas in
which the Group operates, technological and operational difficulties encountered in connection with
activities, labour relations, costs and changing foreign exchange rates and other matters.
The mining industry is competitive in all of its phases. There is competition within the mining industry
for the discovery and acquisition of properties considered to have commercial potential. We face
competition from other mining companies in connection with the acquisition of properties, mineral
claims, leases and other mineral interests as well as for the recruitment and retention of qualified
Strategic report - Operations
2025
Anglesey Mining plc 9
employees and other personnel and in attracting investment and or potential joint venture partners
to our properties.
Exploration and development
Exploration for minerals and development of mining operations involve risks, many of which are
outside our control. Exploration by its nature is subject to uncertainties and unforeseen or unwanted
results are always possible.
Mineral exploration and development is a speculative business, characterized by a number of
significant risks including, among other things, unprofitable efforts resulting not only from the failure
to discover mineral deposits but also from finding mineral deposits that, though present, are
insufficient in quantity and quality to return a profit from production.
Substantial expenditures are required to develop the mining and processing facilities and
infrastructure at any mine site. No assurance can be given that a mineral deposit can be developed
to justify commercial operations or that funds required for development can be obtained on a timely
basis and at an acceptable cost. There can be no assurance that the Group’s current development
programmes will result in profitable mining operations. Current operations are in politically stable
environments and hence unlikely to be subject to expropriation but exploration by its nature is
subject to uncertainties and unforeseen or unwanted results are always possible.
Financing and liquidity risk
The Group has relied on equity financing to fund its working capital requirements and will need to
generate additional financial resources to fund all future planned exploration and development
programmes. Developing the Parys Mountain project will be dependent on raising further funds from
various sources. There is no assurance that such additional financial resources and/or positive cash
flows or profitability will be forthcoming.
There can be no assurance that we will be successful in obtaining any additional required funding
necessary to conduct operations on our properties. Failure to obtain additional financing on a timely
basis could cause planned activities and programs to be delayed.
If additional financing is raised through the issuance of equity or convertible debt securities, the
interests of shareholders in the net assets of the Group may be diluted.
Metal prices
The prices of metals fluctuate widely and are affected by many factors outside our control. The
relative prices of metals and future expectations for such prices have a significant impact on the
market sentiment for investment in mining and mineral exploration companies. Metal prices are
usually expressed and traded in US dollars and any fluctuations may be either exacerbated or
mitigated by currency fluctuations which affect the revenue which might be received in sterling.
Foreign exchange
LIM is a Canadian company; Angmag AB and GIAB are Swedish companies. Accordingly, the value of
the holdings in these companies is affected by exchange rate risks. Operations at Parys Mountain are
in the UK and exchange rate risks are minor. Most of the cash balance at the year-end was held in
sterling.
Permitting, environment, climate change and social
Operations are subject to environmental legislation and regulations which are evolving in pursuit of
national climate change objectives and in a manner where standards are becoming more stringent.
Mineral extraction and processing can have significant environmental impacts. Mining operations
require approval of environmental impact assessments and obtaining planning permissions. We hold
planning permissions for the development of the Parys Mountain property, but further
environmental studies and assessments and various approvals and consents will be required to carry
out proposed activities and these may be subject to various operational conditions and reclamation
requirements.
Strategic report - Operations
2025
Anglesey Mining plc 10
There can be no assurance that all permits, licences, permissions and approvals that may be required
for our activities will be obtainable on reasonable terms or on a timely basis.
Employees and personnel
We are dependent on the services of a small number of key executives, specifically the Chief
executive. The loss of these persons or the inability to attract and retain additional highly skilled and
experienced employees for any areas which might be undertaken in the future may adversely affect
those businesses or operations. A discussion on the composition and assessment of the Board of
directors is included in the Report on Corporate Governance.
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
Directors’ report
2025
Anglesey Mining plc 11
The directors are pleased to submit their report and the audited accounts for the year ended 31 March
2025.
The principal activities of the group are set out in the Strategic Report which also includes certain matters
relating to financial performance, risk exposure and management, and future developments. The Corporate
Governance statement which follows forms part of this directors’ report.
Directors
Andrew King - director and chairman
Robert Marsden - director and full-time chief executive from 1 May 2024
Namrata Verma - non-executive director until 6 September 2024
Jo Battershill - non-executive director until 5 December 2024
Doug Hall - non-executive director from 5 December 2024
Biographical details of the current directors are shown at the end of this annual report.
The appointment and replacement of directors, is governed by the Articles, the Companies Act and related
legislation. The Articles themselves may be amended by special resolution of the shareholders. Under the
Articles, any director appointed by the board during the year must retire at the AGM following his or her
appointment. Re-election resolutions for each director are proposed at each AGM. The responsibilities of
the directors are discussed in the Corporate Governance Report.
Directors’ interests in shares
19 September 2025
31 March 2025
31 March 2024
Director
Number of
options
Number
of
ordinary
shares
Total
Number
of
options
Number
of
ordinary
shares
Total
Number
of
options
Number
of
ordinary
shares
Total
Andrew King
4,300,000
2,000,000
6,300,000
1,000,000
2,000,000
3,000,000
1,000,000
-
1,000,000
Rob Marsden
4,400,000
1,251,103
5,651,103
-
1,251,103
1,251,103
Doug Hall
2,200,000
-
2,200,000
-
-
-
Namrata Verma
-
-
-
-
-
-
1,000,000
666,666
1,666,666
Jo Battershill
-
-
-
-
-
-
2,800,000
8,251,496
11,051,496
10,900,000
3,251,103
14,151,103
1,000,000
3,251,103
4,251,103
4,800,000
8,918,162
13,718,162
All of these interests are beneficial.
Directors' share options
Share options granted to the directors on 4 August 2022 remain outstanding. There were no grants of share
options under the share option schemes during the year however options were granted after the year end
on 9 May 2025 and further details of all of these options are set out in the Directors Remuneration report.
Directors’ interests in material contracts
There are no other contracts of significance in which any director has or had during the year a material
interest.
There is a directors’ and officers’ liability insurance policy in force on normal commercial terms which
includes third party indemnity provisions.
Directors’ report
2025
Anglesey Mining plc 12
Issues of shares
On 28 June 2024 the company undertook a placing and subscription which raised gross proceeds of
£415,000. The placing comprised 32,500,000 shares with certain institutional and other investors at a price
of 1.0 pence per share and the subscription comprised 9,000,000 shares also at a price of 1.0p. Directors
Andrew King and Rob Marsden subscribed for 3,000,000 shares in the issue on the same terms as other
participants. Energold Minerals Inc. subscribed for 6,000,000 shares thereby increasing its total holding in
the company to 95,108,204 shares.
The net proceeds of the Placing and Subscription will be applied to developmental work at Parys Mountain,
advancing development options at Grängesberg Iron Ore Mine, debt repayment; and general working
capital purposes.
On 25 September 2024 there was a follow-on subscription to raise gross proceeds of £220,000 also at 1.0
pence per share.
On 14 November 2024 1.23 million shares were issued to suppliers at 1.0 pence per share in settlement of
amounts due.
Substantial shareholders
At 19 September 2025 the following shareholders had notified an interest of more than 3% in the company’s
shares:
Shareholder
Holding
Percentage
Energold Minerals Inc
108,711,110
22.4%
Roslagen Resources
14,544,827
3.0%
Shares
Allotment authorities and disapplication of pre-emption rights
The directors would ideally wish to allot any new share capital on a pre-emptive basis, however in the light
of the group’s potential requirement to raise further funds for its ongoing exploration and development
programs and working capital, or the acquisition of new mineral ventures or other activities, they believe
that it is appropriate to have a larger amount available for issue at their discretion without pre-emption. At
the annual general meeting there will be a resolution for the renewal of share allotment authorities.
The authority sought in resolution 9 of the meeting is to enable the directors to allot new shares and grant
rights to subscribe for, or convert other securities into, shares up to a nominal value of £4,800,000
(480,000,000 ordinary shares) which is approximately 100% of the total issued ordinary share capital at 19
September 2025. The directors will consider issuing shares if they believe it would be appropriate to do so
in respect of potential financings or business opportunities that may arise consistent with the group's
strategic objectives. The directors have no immediate intention of exercising this general authority, other
than in connection with the potential issue of shares for interim financings to fund working capital or
pursuant to the employee share and incentive plans.
The purpose of resolution 10 is to authorise the directors to allot new shares pursuant to the general
authority given by resolution 9 in connection with a pre-emptive offer or offers to holders of other equity
securities if required by the rights of those securities or as the board otherwise considers necessary, or
otherwise up to an aggregate nominal amount of £4,800,000 (480,000,000 ordinary shares). This aggregate
nominal amount represents approximately 100% of the issued ordinary share capital at 19 September 2025.
This will provide additional flexibility which the directors believe is in the best interests of the group in its
present circumstances. This authority will expire on 31 December 2026. It is intended to seek renewal of
this authority at future annual general meetings.
Rights and obligations attached to shares
The rights and obligations attached to the ordinary and deferred shares are set out in the Articles of
Association. The deferred shares are non-voting, have no entitlement to dividends and have negligible
Directors’ report
2025
Anglesey Mining plc 13
rights to return of capital on a winding up. Details of the issued share capital are shown in note 20. Details
of employee share schemes are set out in the directors’ remuneration report and in note 21.
Subject to the provisions of the Companies Act 2006, the rights attached to any class may be varied with
the consent of the holders of three-quarters in nominal value of the issued shares of the class or with the
sanction of an extraordinary resolution passed at a separate general meeting of the holders of the shares
of the class. There are no restrictions on the transfer of the shares.
Voting rights
Each ordinary share carries the right to one vote at general meetings. Holders of deferred shares, which are
of negligible value, are not entitled to attend, speak or vote at any general meeting, nor are they entitled
to receive notice of general meetings.
Votes may be exercised at general meetings in relation to the business being transacted either in person,
by proxy or, in relation to corporate members, by corporate representative. The Articles provide those forms
of proxy shall be submitted not less than 48 hours before the time appointed for holding the meeting or
adjourned meeting.
No member shall be entitled to vote at any meeting unless all monies payable in respect of their shares
have been paid. There are no such shares currently in issue. Furthermore, no member shall be entitled to
attend or vote at any meeting if he has been served with a notice after failing to provide the company with
information concerning interests in shares.
Significant agreements and change of control
There are no agreements between the company and its directors or employees that provide for
compensation for loss of office or employment that may occur because of a takeover bid. The share plans
contain provisions relating to changes of control. Outstanding awards and options would normally vest and
become exercisable on a change of control, subject to the satisfaction of any performance conditions.
Employment, community and donations
The group is an equal opportunity employer in all respects and aims for high standards from and for its
employees, also to be a valued and responsible member of the communities that it operates in or affects.
The policies on these matters are further discussed in the report on Corporate Governance. There are no
social, community or human rights issues which require the provision of further information in this report.
Environment and greenhouse gas emissions
There are established policies and procedures to ensure that operations will be conducted in compliance
with all relevant laws and regulations and that will enable the group to meet its high standards for corporate
sustainability and environmental stewardship. Currently the projects are not in operation and consequently
any effect on the environment is slight, being limited to the periodic operation of an exploratory drilling rig
at Parys Mountain together with its support as well as usage of two small offices, where recycling and
energy usage minimisation are encouraged. Activities or processes which may lead to the production of
greenhouse gases are minimal. The extent to which these activities together with the group’s administrative
and management functions result in greenhouse gas emissions is impracticable to estimate and, in any
event, less than the amount reportable under the Energy and Carbon Regulations 2018.
Report on payments to governments
The group is required to disclose payments made to governments in countries where exploration or
extraction activities are undertaken and hereby reports that no such payments were made in the year.
Dividend
The group has no revenues and the directors do not recommend a dividend (2024 – nil).
Directors’ report
2025
Anglesey Mining plc 14
Going concern and viability
The directors have considered the business activities of the group as well as its principal risks and
uncertainties as set out in this report. When doing so they have carefully applied the guidance given in the
‘Guidance on Risk Management, Internal Control and Related Financial and Business Reporting’ issued in
September 2014.
The validity of the going concern basis is dependent on finance being available in the short term for the
working capital requirements for the foreseeable future, being a period of at least twelve months from the
date of approval of the accounts.
The ongoing operations of the group are dependent on its ability to raise adequate financing. The group
has relied on equity financing and support from its lenders and shareholders to fund its working capital
requirements. However and in addition a new Equity Financing Facility has been agreed by the board and
provided that this is approved by shareholders at a general meeting on 23 October 2025, the directors
believe that this facility will fund the group for at least twelve months from the date of the approval of
these accounts.
The group will need to generate additional financial resources in order to meet its planned business
objectives which are in the short term to continue the development of the group’s properties and in the
longer term to put the Parys Mountain Mine into production.
The directors recognise the continuing operations of the group are dependent upon its ability to raise
adequate financing. They continually pursue various financing options with shareholders and financial
institutions regarding proposals for financing and have reasonable expectations that these discussions will
be successful; the financial statements have been prepared on the going concern basis.
The directors note that Anglesey Mining plc has operated for more than 30 years, in what at times have
been challenging economic and investment climates and has continued to attract the necessary investment
to continue as a going concern. The directors rely upon this historical experience and particularly upon the
potential of the mineral assets at Parys Mountain on which Anglesey was founded. These mineral resources
are held largely as freehold and cannot be diminished by any act of nature. This permanency, both legally
and geologically, is further indication that future funding will be found to support the ongoing maintenance
and development of the Parys Mountain property.
There is a risk that adequate additional funding may not be available on a timely basis or on acceptable
terms to move the Parys Mountain project through to its full potential and there is no guarantee that such
funding will be available, or that the group will be successful in raising the necessary investment to advance
the development of the project and put a mine at the Parys Mountain property into production.
Post balance sheet events
On 9 May 2025 options over 12,100,000 shares were granted to directors and employees under the
company’s share schemes.
On 31 May 2025 a loan of £100,000 was made to Parys Mountain Mines Limited for working capital
purposes, for a period of 5 years with interest payable at 10% per annum, secured by a charge on property
at Parys Mountain.
On 15 August 2025 the management rights which the group had in respect of the Grangesberg Iron
properties were relinquished; the group maintains its 49.8% ownership interest in Grangesberg Iron AB.
Statement of directors’ responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance
with applicable law and international accounting standards in conformity with the Companies Act 2006.
The group financial statements are also prepared in accordance with international financial reporting
standards (IFRSs) as applied in the European Union.
Under company law the directors must not approve the financial statements unless they are satisfied that
they give a true and fair view of the state of affairs of the Group and parent company and of their profit and
loss for that period.
Directors’ report
2025
Anglesey Mining plc 15
In preparing the financial statements the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state that the financial statements comply with IFRSs; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
group and the parent company will continue in business.
The directors confirm that they consider the annual report and accounts, taken as a whole, are fair, balanced
and understandable and provide the information necessary for shareholders to assess the company and
group’s performance, business model and strategy.
The directors are responsible for keeping adequate accounting records that are sufficient to show and
explain the parent company’s transactions and disclose with reasonable accuracy at any time the financial
position of the parent company and the group and enable them to ensure that the financial statements
comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the parent
company and the group and hence for taking reasonable steps for the prevention and detection of fraud
and other irregularities.
Under applicable law and regulations, the directors are also responsible for preparing a Strategic Report,
Directors’ Report, Section 172 Statement, Remuneration Report and Corporate Governance Statement that
comply with that law and those regulations.
The directors are also responsible for the maintenance and integrity of the group website.
Auditor
Each of the directors in office at the date of approval of the annual report confirms that so far as they are
aware there is no relevant audit information of which the auditor is unaware. Each director has taken all of
the steps which they ought to have taken as a director in order to make themselves aware of that
information and to establish that the auditor is aware of that information. This confirmation is given and
should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.
This report was approved by the board of directors on 30 September 2025 and signed on its behalf by:
Ian Cuthbertson
Company Secretary
Remuneration committee report
2025
Anglesey Mining plc 16
The remuneration committee during the year comprised Namrata Verma until 6 September 2024 when
Namrata resigned from the board. Since then the duties of the remuneration committee have been carried
out by the whole board in line with policies set out in this report. No remuneration consultants have been
engaged or are considered appropriate at this stage of the group’s development.
Directors’ remuneration policy
The policy of the Remuneration Committee with regard to executive and non-executive directors’
remuneration, is to provide a compensation package which will attract, retain and motivate directors of the
calibre and with the experience required, and be consistent with the company’s ability to pay.
The board aims to provide a competitive salary and benefits package to employees and executive directors
with an appropriate balance between fixed and performance-related elements.
The board has always intended that the grant of share options should form part of overall director
remuneration and on 9 May 2025 options were granted as set below under ‘Share schemes’.
The committee considers that the use of equity incentives as a part of directors’ remuneration is aligned to
the long-term interests of shareholders. The remuneration committee takes into account any views
expressed by shareholders when considering remuneration policy and practices.
Performance incentives
The use of traditional performance standards in other industries, such as profitability, is not considered to
be appropriate in the evaluation of executive performance in a mineral exploration and development
company with no sales or revenue on which to generate income. When approving executive compensation
levels, the committee and the board consider the financial situation of the group in a wider context
embracing the outlook for the industry and the ongoing development of the Parys Mountain project. It is
expected that in future years the use of equity grants, stock appreciation rights, and or the deferred equity
schemes may also form part of the incentive portion of the remuneration of executive directors.
There is currently no formal incentive bonus plan in place other than under the contract of employment
with the Chief executive which provides that he will be eligible to be awarded options and performance
shares upon the attainment of various defined targets. Any award of a bonus to executive directors is at the
discretion of the board based upon a recommendation by the Remuneration Committee. In considering the
payment of a bonus to any executive directors, the committee would take into account the individual
performance and efforts of the executive, the progress made by the group in furthering its business plans
and the overall financial position of the group.
Terms and conditions of service
For executive directors it is the policy to keep contract durations, notice periods and termination payments
to a minimum, consistent with industry norms.
All non-executive directors are subject to annual reappointment at the AGM.
Annual report on remuneration
On 1 May 2024 Rob Marsden was appointed as Chief Executive. He has a written contract of employment
with a minimum notice period of three months. The contract provides for a base salary of £130,000 per
annum, together with a company contribution of 15% of that figure into a pension scheme. It also provides
for grants of share options with performance related conditions.
The group makes pension contributions in respect of employees at 8% in respect of salaries.
The non-executive directors did not receive any cash compensation during the financial year.
Options over shares were granted to the non-executive directors as incentives and partial compensation
for their services on 4 August 2022. By 1 April 2024 these options were fully vested. On 9 May 2025 options
as shown below in the Share Schemes paragraph were granted to the directors.
Remuneration committee report
2025
Anglesey Mining plc 17
Directors’ remuneration summary for the years ended 31 March:
2025
2024
Name
Salary
and
fees
Pension
Share
based
remn.
Total
Salary
and
fees
Pension
Share
based
remn.
Total
£
£
£
£
£
£
£
£
Executive
Rob Marsden
119,167
17,875
-
137,042
John Kearney
-
-
-
-
-
-
15,802
15,802
Jo Battershill
-
-
-
-
179,500
17,500
22,122
219,122
Danesh Varma
-
-
-
-
10,400
-
11,851
22,251
Non-executive
Andrew King
-
-
3,353
3,353
12,000
-
7,901
19,901
Doug Hall
-
-
-
-
Namrata Verma
-
-
2,284
2,284
7,500
-
7,901
15,401
Totals
119,167
17,875
5,637
142,679
209,400
17,500
65,577
292,477
Share schemes
There are currently three share schemes with outstanding options: the 2014 Unapproved Share Option
Scheme (the “USO” scheme) which is now closed, the 2025 Unapproved Share Option Scheme (the
“USO25” scheme) and the Enterprise Management Incentive Scheme for employees and executive
directors (the “EMI” scheme).
In respect of the USO schemes all directors and employees are eligible to receive options. The EMI scheme
is limited to employees and executive directors.
There have been no grants of options under these schemes during the financial year however on 9 May
2025 options were granted as follows:
Options Granted
Exercise Price
Proportion of
existing issued
share capital
Andrew King
3,300,000
£0.012
0.681%
Rob Marsden
4,400,000
£0.012
0.908%
Douglas Hall
2,200,000
£0.012
0.454%
Other components of remuneration
There were no taxable benefits, incentive plans, bonuses, share scheme interests, payments to past
directors, payments for loss of office or other remuneration or payments which are required to be disclosed
made during the year. There is a table of directors’ interests in shares and options in the directors’ report.
This report was approved by the board of directors on 30 September 2025 and signed on its behalf by:
Ian Cuthbertson
Company Secretary
Report on Corporate Governance
2025
Anglesey Mining plc 18
Statement of Corporate Governance
The board of Anglesey Mining is committed to high standards of corporate governance, integrity and social
responsibility and to acting in an honest and ethical manner. The Chairman is responsible for the leadership of the
board and for ensuring that there are appropriate governance standards in place and that these requirements are
communicated and applied.
The group seeks to conduct its operations with honesty and fairness and expects its contractors and suppliers to meet
similar ethical standards. The board recognizes the importance of communicating with shareholders and all
stakeholders in an open and transparent fashion.
Board of Directors
The board currently consists of three directors. Profiles of the directors, summarizing their experience and
backgrounds can be found at the end of this Annual Report. Each director is subject to annual re-election at every
AGM.
The board has overall responsibility for all aspects of business and operations and has an active engaged role in all
decision making. The board approves the group’s strategy and expenditure plans and regularly reviews operational
and financial performance, risk management, and health, safety, environmental and community matters.
Members of the board are directly involved in decisions and an extensive committee or reporting structure is not
particularly useful. Nevertheless, a system of checks and balances is in place and all material decisions must be
approved by the board. The definition of ‘materiality’ is low, almost all decisions are material and require the approval
of the board.
All directors may attend meetings of a committee at the committee’s invitation. There are written terms of reference
for the Audit and Remuneration committees, each of which deals with specific aspects of the group’s affairs. These
are made available to shareholders at each general meeting and are available on the website. The board receives
periodic reports from all committees where appropriate.
The number of meetings of the board and of each committee held over the past year is tabulated at the end of this
report.
The Chairman
The Chairman is responsible for the leadership of the board and for ensuring that appropriate governance standards
are in place and that these requirements are communicated and applied. The Chairman’s primary role is to create the
cultural environment to enable each director and the board as whole to perform effectively for the benefit of the
group, its shareholders and its wider stakeholders.
Andrew King who was previously a non-executive director became non-executive chairman on 27 October 2023.
Andrew has more than 30 years’ experience in the mining, metals and banking sectors where his management
experience has encompassed strategic, financial and operational oversight. He is currently Managing Director of
Scanmetals A/S, a specialist metal recycling business with operations in Denmark, the UK and Germany. Prior thereto
he was Group Business Development Director at Amalgamated Metal Corporation Plc. and for thirteen years he held
various positions with Standard Bank including Head of Resource Banking, Global Co-Head Investment Banking, and
Chief Executive Standard Bank Asia.
The roles of Chairman and Chief Executive are separate.
Audit committee
The board established an Audit Committee with formally delegated duties and responsibilities. During the previous
financial year the audit committee comprised Namrata Verma and Andrew King both of whom were independent non-
executive directors until Andrew King took on the role of chairman of the company from 28 October 2023. Namrata
resigned as a director on 6 September 2024. When Doug Hall joined the board on 5 December 2024, he and Andrew
King comprised the audit committee.
The audit committee assists the board in meeting its responsibilities for internal control and external financial
reporting. It meets at least twice a year and is responsible for ensuring that the financial information of the group is
properly reported on and monitored, including by conducting reviews of the annual and interim accounts, the internal
control systems and procedures and accounting policies. More information on the work of the audit committee is
provided in its report below.
Remuneration committee
Since the resignation of Namrata Verma on 6 September 2024, Andrew King has been appointed as the sole member
of the committee. The committee is responsible for making recommendations on remuneration policy. It determines
any contract terms, remuneration and other benefits, including share options, for each of the executive directors. The
remuneration of non-executive directors is a matter for the board. No director may be involved in any decisions as to
Report on Corporate Governance
2025
Anglesey Mining plc 19
their own remuneration. The remuneration committee has responsibility for determining, within agreed terms of
reference, the policy on remuneration, including incentive awards.
The remuneration committee is also responsible for recommending grants of options under the Share Option
Schemes. The use of equity incentives aligned to the long-term interests of shareholders is an effective and efficient
way to compensate directors and accordingly option grants are made to all directors.
The directors’ report on remuneration and the report of the remuneration committee are set out in other parts of the
annual report.
There is no nomination committee.
Internal control
The board is responsible for the group’s systems of internal control, financial and otherwise. The key feature of the
financial control system is that directors directly monitor all payments and transactions, as well as budgets and annual
accounts. Such system provides reasonable but not absolute assurance of the safeguarding of assets, the maintenance
of proper accounting records and the reliability of financial information. The board, advised by the audit committee,
has not considered it appropriate to establish an internal audit function at present because of the group’s limited
operations. The board has reviewed the effectiveness of the system of internal control as described during the period
and concluded it is effective and adequate.
There are no significant issues disclosed in the Strategic Report and Financial Statements for the year to 31 March
2025 and up to the date of approval of the Annual Report that have required the board to deal with any related
material internal control issues.
Remuneration – non-executive directors
Options over shares were granted to the non-executive directors as incentives and partial compensation for their
services on 4 August 2022 and 9 May 2025.
Risks and uncertainties
Mineral exploration and mine development are a high-risk speculative business, and the ultimate success of Anglesey
Mining will be dependent on the successful development of a mine at Parys Mountain, which is itself subject to
numerous significant risks.
The significant risks facing the group are summarised and discussed in the Strategic Report and the “Going-concern”
risk is discussed in detail in the directors report. Management of those risks is the responsibility of the board of
directors which considers it is sufficiently close to the group’s operations and aware of its activities to be able to
adequately monitor risks within its control without the establishment of any further formal processes.
There is no assurance the company can maintain the services of its directors or recruit other qualified personnel to
serve as directors. The loss of the services of any of the current directors could have a material adverse effect on the
group and its prospects.
Directors’ appointment and attendance at board and committee meetings
During the year ended 31 March 2025 a majority of board and committee meetings were held by telephone or video
conference. Attendance at meetings was as follows:
Meetings
Director
Date appointed
Board
Audit
Remuneration
Total number of meetings:
8
1
0
Andrew King
20 December 2021
8
Jo Battershill
1 August 2021
3
Rob Marsden
1 May 2024
7
Doug Hall
5 December 2024
3
Namrata Verma
20 Dec 2021; resigned 6 Sept 2024
1
Ian Cuthbertson was appointed as company secretary on 17 January 2024.
All directors are invited to attend the meetings of the Audit Committee and meet with the auditors
Corporate Governance Compliance Review
The directors recognise the importance of sound corporate governance and have adopted the QCA Corporate
Governance Code published by the Quoted Companies Alliance (the “Code”), to the extent applicable. The Code sets
out the 10 principles listed below, and the following compliance report explains broadly how Anglesey seeks to apply
these principles:
Report on Corporate Governance
2025
Anglesey Mining plc 20
Establish a strategy and business model which promote long-term value for shareholders
Anglesey’s purpose is the development of a modern mine at Parys Mountain, in an environmentally, socially, and
ethically responsible manner, producing copper, zinc, lead, gold and silver to create value for shareholders and for the
benefit of all stakeholders. Parys Mountain was the largest copper mine in the UK, and one of the largest copper mines
in the world in the 18th century.
Given that metals and minerals are essential for electrical energy transmission and supply as society moves away from
fossil fuels and given that the Parys Mountain property hosts the largest known deposits of copper, zinc and lead in
the UK, the board believes that the Parys Mountain property provides an opportunity to develop a sustainable long-
term modern mining operation.
In 2021 an independent Preliminary Economic Assessment of the Parys Mountain project was prepared by Micon
International Limited which demonstrates the potential for a viable mine development and a healthy financial rate of
return. Further details on the progress in the development of the Parys Mountain Project during the year are provided
in the Chairman’s Statement and in the Strategic Report.
The group also has two other investments, in Canada and in Sweden, both in iron ore.
Seek to understand and meet shareholder needs and expectations
The board is committed to maintaining good communications and having constructive dialogue with its shareholders
who have the opportunity to discuss issues and provide feedback at any time. Shareholders also have access to current
information through the website and through direct contact with the directors by telephone or email. Shareholders
are encouraged to attend the Annual General Meeting.
Take into account wider stakeholder and social responsibilities and their implications for long-term success
Anglesey Mining is committed to high standards of corporate social responsibility. Health, safety, and environmental
protection are core values. Anglesey seeks to ensure open and transparent communication with all stakeholders
including landowners, neighbours, communities, and regional and national authorities.
In considering strategy and in making decisions, the board takes into account its wider stakeholder and social
responsibilities and the implications for the long term and seeks to proactively engage key stakeholders on sustainable
development challenges and opportunities in an open and transparent manner. Further details of the actions of the
directors to promote the success of the group are included in the directors Section 172 Statement which is included
as part of the Strategic Report.
Embed effective risk management, considering both opportunities and threats, throughout the organisation
The board is responsible for the ongoing review and management of risks that could affect the enterprise. Mineral
exploration and mine development are a high-risk speculative business, and the ultimate success of Anglesey Mining
will be dependent on the successful development of a mine at Parys Mountain, which is itself subject to numerous
significant risks. Management of those risks is the responsibility of the board and often requires the application of
judgement based on experience.
The significant risks facing the group are summarised and discussed in the Strategic Report and the “Going-concern”
risk is discussed in detail in the directors report. Management of those risks is the responsibility of the board. A system
of checks and balances is in place and all material decisions must be approved by the board which considers it is
sufficiently close to the group’s operations and aware of its activities to be able to adequately monitor risks without
the establishment of any further formal processes.
There are major risks are outside the control of the board. They include risks of nature (the minerals, the orebody, the
geological strata and operating conditions), risks of the market (world-wide demand and supply of metals) and risk of
investor interest.
Maintain the board as a well-functioning, balanced team led by the chair
The board currently consists of three directors, none of whom is considered independent. Steps are being taken to
recruit new board members. Nonetheless the board believes that its members reflected and still reflect, among other
attributes, experience, knowledge, expertise, judgement, character diversity and integrity. The directors had and
continue to have a broad diversity. The board believes that having directors with diverse backgrounds and experiences
enables the consideration of issues from different perspectives and enhances effective strategic planning and decision
making.
The directors believe that so far as is practical given the small size there are appropriate divisions of responsibilities
within the board and its committees and between the board and the executive director. There is no mandatory
retirement age for directors.
The board supports a corporate culture focused on inclusion and gender diversity, and this is an important
consideration is recruitment of new directors, but there are no formal policies in effect regarding these provisions.
Report on Corporate Governance
2025
Anglesey Mining plc 21
Ensure that between them the directors have the necessary up-to-date experience, skills and capabilities
Board members come from a variety of professional backgrounds, and collectively have a wide range of managerial,
technical and financial skills, based on both qualifications and experience, including of mineral process engineering
and of capital markets. Collectively they possess significant relevant management skills. The board is small, and is
again in a period of transition.
The board is responsible for establishing qualifications and skills necessary for effective management, including factors
such as professional experience, particular areas of expertise, personal character, potential conflicts of interest,
diversity and other commitments.
The directors are satisfied that, although small, there is an appropriate balance of experience and qualifications to
carry out the board’s responsibilities effectively, given the current status and stage of development.
Evaluate board performance based on clear and relevant objectives, seeking continuous improvement
There are no formal policies in effect in respect of measurable objectives of performance and there has been no formal
annual evaluation of the performance of the board, its committees or the individual directors. The board of directors
reviews on an ongoing informal basis the effectiveness and performance of the board as a whole and the effectiveness
and contribution of individual directors. The board is satisfied that it is nevertheless effective and is comprised of a
small but strong team with a breadth of skills, experiences and perspectives. The directors have not to date taken
outside advice in reviewing performance.
The board is satisfied that each of the directors commits sufficient time to the business of the group and contributes
materially to the governance and operations of the group.
Promote a corporate culture that is based on ethical values and behaviour
The board is committed to high standards of corporate governance, integrity, and social responsibility and to managing
operations in an honest and ethical manner.
Certain of the directors do serve as directors and/or officers of, or have significant shareholdings in, other companies
involved in natural resource exploration and development and consequently there exists the possibility for such
directors to be in a position of conflict. Directors are expected to adhere to all legal requirements in respect of any
transaction or agreement in which they may have a material interest. Directors who have an interest in a transaction
or agreement with the group must promptly disclose that interest at any meeting of the board at which the transaction
or agreement will be discussed and abstain from discussions and voting so that the remaining directors may properly
exercise independent judgment. The board values the participation of directors on the boards of other companies in
the mineral industry as this provides exposure to developments and other opportunities which are useful to enhance
the experience of the directors and is potentially beneficial to the group.
Maintain governance structures and processes that are fit for purpose and support good decision-making
The board has overall responsibility for all aspects of the business and affairs of the group and has an active engaged
role in all decision making. The board approves strategy and expenditure plans and regularly reviews operational and
financial performance, risk management, and health, safety, environmental and community matters. The Chairman
has overall responsibility for corporate governance matters.
Communicate how the company is governed and is performing by maintaining a dialogue with shareholders
and other relevant stakeholders
The board recognises the importance of open and transparent communication with the shareholders and with all
stakeholders, including landowners, communities, and regional and national authorities.
Shareholders have access to current information on our activities through the website, www.angleseymining.co.uk,
which is updated whenever announcements or press releases are made as well as though the annual and half year
reports which are sent to shareholders.
In addition, all shareholders are encouraged to attend the Annual General Meeting. Presentations on our activities are
made at the AGM and at various industry and investor events and discussions are held with shareholders at or after
each of these occasions.
Directors make themselves available to substantial shareholders regularly to understand their views on important
topics. Shareholders have the opportunity to discuss issues and provide feedback at any time through direct contact
with the directors by telephone or email. Every effort is made to reply promptly and effectively to appropriate
questions and concerns from shareholders on matters relating to business operations or their shareholdings.
All significant concerns and complaints regarding business performance or governance matters are evaluated and
reported to the board of directors, as appropriate. Communications considered to be advertisements or sales material,
or other types of ‘junk’ messages, unrelated to the responsibilities of the board, are discarded without further action.
As a matter of policy, the directors do not participate in internet or on-line chat rooms.
Audit committee report
2025
Anglesey Mining plc 22
During the year the audit committee was composed of Andrew King and Namrata Verma. Following Namrata Verma’s
resignation on 6 September 2024, Andrew King is the sole member of the audit committee.
Andrew has extensive mineral industry experience and relevant accounting and financial experience. The committee’s
terms of reference have been approved by the board and follow published guidelines. The audit committee’s primary
responsibilities are to establish and monitor the financial risk management systems with particular reference to
internal control systems and to ensure that financial statements and other financial communications are properly
prepared and reported.
Financial statements and internal control
The committee reviews the half-yearly and annual accounts and meets with the external auditor, focusing in particular
on accounting policies and areas of management judgement and estimation. The committee ensures that the
judgements made in applying accounting policies and key sources of estimation uncertainty are properly disclosed
and discussed at the end of note 2 to the accounts and has nothing further to report in respect of them.
The committee is responsible for monitoring the controls which are in place to ensure the information reported to the
shareholders, taken as a whole, is fair, balanced and understandable and provides the information necessary to give a
true and fair view of the assets, liabilities and financial position of the group.
The audit committee also considers internal control and risk management issues and contributes to the board’s review
of the effectiveness of the systems and procedures for financial reporting, internal control and risk management and
to the disclosure and explanation of the risks faced by the group. These are set out in the Strategic Report.
The committee notes that the consolidation schedules have been prepared under the direction of the company
secretary and is satisfied that, given the stage of development of the business, and the involvement of the directors
in all material decisions, no further internal controls over this process are required.
Internal and external audits
The audit committee does not believe that an internal audit function is required at present due to the limited
operations currently being undertaken. The committee is available should any personnel wish to make representations
about the conduct of the affairs of the group.
The audit committee oversees the relationship with the external auditor and meets with the external auditors to
review the planning and scope of the audit and identify key audit matters, and again before approving the annual
financial statements, to review the nature, scope and effectiveness of the audit, and the results of the audit and discuss
any issues which may arise from the audit.
The committee monitors the performance of the external auditor and advises the board on the appointment of
external auditors and on their remuneration for both audit and any non-audit work. The committee also reviews the
effectiveness of the external auditor by enquiries and discussions with the management involved in the audit and with
the company secretary.
A formal assessment of the auditor’s independence is undertaken each year which includes: a review of any non-audit
services provided; discussion with the auditor of all relationships with the company and any other parties that could
affect independence or the perception of independence; a review of the auditor’s own procedures for ensuring the
independence of the audit firm and partners and staff involved in the audit, including the regular rotation of the audit
partner and obtaining confirmation from the audit partner that, in his/her professional judgement, he/she is
independent. An analysis of the fee payable to the external audit firm in respect of both audit and non-audit services
during the year is set out in note 4 to the financial statements.
Andrew King
Chairman and audit committee member
30 September 2025
Independent auditor’s report to the members of Anglesey Mining plc
2025
Anglesey Mining plc 23
Independent auditor’s report to the members of Anglesey Mining plc
Opinion
We have audited the financial statements of Anglesey Mining plc (the ‘parent company’) and its subsidiaries (the ‘group’) for the
year ended 31 March 2025 which comprise the Group Income Statement, the Group Statement of Comprehensive Income, the
Group and Company Statements of Financial Position, the Group and Company Statements of Changes in Equity, the Group and
Company Statements of Cash Flows and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and UK adopted International
Financial Reporting Standards in conformity with the Companies Act 2006 and, as regards the parent company financial
statements, as applied in accordance with the provisions of the Companies Act 2006 and, as regards the group financial statements,
UK adopted International Financial Reporting Standards.
In our opinion, the financial statements have been prepared in accordance with the requirements of the Companies Act 2006 and:
give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 March 2025 and of the
group’s loss for the year then ended;
the group financial statements have been properly prepared in accordance with UK adopted International Financial Reporting
Standards in conformity with the requirements of the Companies Act 2006; and
the parent company financial statements have been properly prepared in accordance with UK adopted International
Financial Reporting Standards in conformity with the requirements of the Companies Act 2006, as applied in accordance with
the provisions of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial
statements” section of our report. We are independent of the group and the parent company in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied
to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty related to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.
We draw attention to Note 2 of the financial statements, concerning the applicability of the going concern basis of preparation. As
detailed in the financial statements and the Strategic Report, the group and the parent company are not generating revenue and
are in the process of advancing the Parys Mountain mining project towards development. The business model requires generation
of additional financial resources to progress the ongoing development of the Parys Mountain project.
At 31 March 2025 the group and parent company had net current liabilities of - £182k and £155k respectively and cash and cash
equivalents of £44k and £33k respectively. During the year, in June 2024, there was a placing and subscription which raised
£415,000 and in September 2024 there was an additional placing and subscription which raised £220,000. On May 9th 2025, the
group received a loan of £100,000 for working capital purposes, they have also entered into an agreement with Alumni Capital LP
for a financing facility for up to £2 million. The directors consider that these cash reserves may not be sufficient to support the
group’s and the parent company’s on-going project related expenditure for the next 12 months, however the company will
continue to seek additional investment.
In Note 2, the directors explain that:
-
to date, the group and parent company have relied primarily on equity financings to fund its working capital requirements
and may be required to do so in the future to ensure the group will have adequate funds for its current activities and to
continue as a going concern;
-
the group will need to generate additional financial resources to progress the ongoing development of the Parys Mountain
project and will require interim funding to finance the further studies, optimisation and feasibility programmes and, in the
longer term, senior financing to fund the capital and development costs to put the Parys Mountain Mine into production.
-
the directors are actively pursuing various financing options and are in discussions with a range of investors regarding
proposals for financing. Whilst these discussions continue, the directors have reasonable expectations that these financing
discussions will be successful and therefore the financial statements have been prepared on the going concern basis.
Nevertheless, there is a risk that adequate additional funding may not be available on a timely basis or on acceptable terms
to move the Parys Mountain project through to its full potential and there is no guarantee that such funding will be available,
Independent auditor’s report to the members of Anglesey Mining plc
2025
Anglesey Mining plc 24
or that the Group will be successful in raising the necessary investment to advance the development of the project and put
a mine at the Parys Mountain property into production.
As stated in Note 2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the
group’s and the parent company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Our audit procedures to evaluate the directors’ assessment of the group’s and the parent company's ability to continue to adopt
the going concern basis of accounting included but were not limited to:
Undertaking an initial assessment at the planning stage of the audit to identify events or conditions that may cast significant
doubt on the group’s and the parent company’s ability to continue as a going concern;
Making enquiries of the directors to understand the period of assessment considered by them, their plans for group and
company going forward and ensuring that these have been incorporated into their financial projections, the assumptions
they considered and the implication of those assumptions when assessing the group’s and the parent company’s future
financial performance;
Assessing the likelihood of management’s ability to raise additional finance by obtaining a letter of support from Juno Limited
and by considering the funding raised historically;
Assessing the transparency, completeness, and accuracy of the matters covered in the going concern disclosure by evaluation
of management’s cash flow projections for the forecast period and the underlying assumptions;
Considering the results of our audit of the valuation of the intangible asset to determine whether limited headroom or
impairment would have the potential to deter future investment; and
Evaluating the appropriateness of the directors’ disclosures in the financial statements relating to going concern.
In relation to the group’s and the parent company’s reporting on how it has applied the UK Corporate Governance Code, we have
nothing material to add or draw attention to in relation to the directors’:
statement in the financial statements about whether the directors considered it appropriate to adopt the going concern
basis of accounting; and
identification in the financial statements of any material uncertainties related to the group’s and the parent company’s ability
to continue as a going concern over a period of at least twelve months from the date of approval of the financial statements.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of
this report.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to
fraud) we identified, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the
audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
We summarise below the key audit matters in forming our audit opinion above, together with an overview of the principal audit
procedures performed to address each matter and key observations arising from those procedures. The matters set out below are
in addition to the “Material uncertainty related to going concern” above which, by its nature, is also a key audit matter.
These matters, together with our findings, were communicated to those charged with governance through our Audit Completion
Report.
Key audit matter
How our audit addressed key audit matters
Carrying value of Parys Mountain exploration and evaluation
asset (E&E) - (group)
The group’s accounting policy in respect of its exploration and
evaluation asset is set out under “mineral property
exploration and evaluation costs” and its accounting policy in
respect of impairment is set out under “impairment of
tangible and intangible assets” in Note 2 to the financial
statements.
The Group holds rights to explore and mine the Parys
Mountain site. At 31 March 2025 the balance sheet includes
an E&E asset of £17m. In January 2021, the group received a
Preliminary Economic Assessment report (PEA) prepared by
Micon International Limited that built on earlier scoping and
optimisation studies. The Group has yet to move to the
Our audit procedures included, but were not limited to:
Evaluating whether, under IFRS 6 Exploration for and
Evaluation of Mineral Assets, the asset is appropriately
determined as an E&E asset;
Reviewing and challenging management’s assessment
with respect to indicators of impairment under IFRS 6.
Reviewing the PEA report prepared by Micon
International Limited to assess whether it supports
management’s assertions in their analysis;
Assessing Micon International Limited’s independence,
objectivity and competency to act as management’s
expert; and
Evaluating whether the relevant disclosures in the
financial statements are reasonable.
Independent auditor’s report to the members of Anglesey Mining plc
2025
Anglesey Mining plc 25
development stage of the Parys Mountain project and will
need to raise additional funding to move towards production.
Management have assessed the E&E asset for impairment
indicators under IFRS6 and concluded that no triggers existed
at the year-end. Determining whether impairment indicators
exist involves significant judgement by management,
including
considering
specific
impairment
indicators
prescribed in IFRS 6.
There is a risk that if unidentified impairment indicators exist,
the carrying value of the E&E asset may not be fully
recoverable.
Key observations
Based on the work performed, nothing has come to our
attention which suggests that there were unidentified
indicators
for
impairment
not
considered
by
the
management.
Valuation of investment in the subsidiary Parys Mountain
Mines Limited (PMM) - (parent company only)
The group’s accounting policies in respect of investments and
impairment of investments are set out under “investments”
and “impairment of investments” in Note 2 to the financial
statements.
The primary asset within PMM is the E&E asset discussed
above. There is a risk that if there are any unidentified
impairment indicators that would impact the carrying value
of the E&E asset these may also impact the carrying value in
the parent company of its investment in PMM.
Our audit procedures included, but were not limited to:
Considering the results of the assessment for
impairment indicators on the E&E asset detailed above;
and
Evaluating whether the relevant disclosures in the
financial statements are reasonable.
Key observations
Based on the work performed, nothing has come to our
attention which suggests that there were unidentified
indicators for impairment not considered by the management
Valuation of investment in Labrador Iron Mines Holdings
Limited (LIM) - (group)
The group’s accounting policies in respect of investments and
impairment of investments are set out under “investments”
and “impairment of investments” in Note 2 to the financial
statements.
Under the accounting policy, financial assets classified and
measured at fair value through other comprehensive income
(FVOCI) comprise equity securities which are not held for
trading and which the group has irrevocably elected at initial
recognition to recognise in this category.
The group has a 12% investment in LIM, a Canadian company
with shares traded on the OTC market in the United States,
which holds the Labrador iron ore properties.
The group’s investment in LIM is carried FVOCI. In recent
years, based on the director’s assessment, the investment in
LIM had been carried at a value of £1, reflecting the directors’
view that the value of LIM was uncertain.
At 31 March 2025 the directors assessed the fair value of the
investment in LIM at £593,511 (being measured by the closing
share price on 31 March 2025) resulting in a loss reported
through other comprehensive income, which had been based
on decreased iron ore prices and a weaker market interest in
LIM with a significant decrease in its share price at that time.
The directors have assessed the fair value of LIM as being
measured by the closing share price at 31 March 2025, which
has resulted in a loss in value through other comprehensive
income of £178k.
There is a risk that the fair value of investment in LIM is not
stated in line with IFRS 9 requirements.
Our audit procedures included, but were not limited to:
Reviewing and challenging management’s assessment
of fair value, including:
o
Independent check of LIM’s share price at 31
March 2025;
o
Review of the latest financial statements of LIM;
and
o
Check for any other internal or external indicators
of impairment to the investment that contradicts
the fair value at year-end.
Evaluation of the trading of LIM’s shares on the OTC
market to assess whether it constitutes an active market
sufficient to determine fair value under IFRS 9.
Key observations
Based on the work performed, nothing has come to our
attention that suggests that the fair value of LIM is not
appropriately stated.
Our application of materiality and an overview of the scope of our audit
The scope and focus of our audit was influenced by our application of materiality. We apply the concept of materiality both in
planning and performing our audit, and in evaluating the effect of misstatements on our audit and on the financial statements. We
Independent auditor’s report to the members of Anglesey Mining plc
2025
Anglesey Mining plc 26
define financial statement materiality to be the magnitude by which misstatements, including omissions, could reasonably be
expected to influence the economic decisions taken on the basis of the financial statements by reasonable users.
In order to reduce to an appropriately low level the probability that any misstatements exceed materiality, we use a lower
materiality level, performance materiality, to determine the extent of testing needed. Importantly, misstatements below these
levels will not necessarily be evaluated as immaterial as we also take account of the nature of identified misstatements, and the
particular circumstances of their occurrence, when evaluating their effect on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Group
Overall materiality
£285,481
How we determined it
2% of group’s net assets
Rationale for benchmark applied
The group’s net assets represent shareholders’ funds and we have
determined this measure to be the principal benchmark within the
financial statements relevant to shareholders, as the group does not
generate revenue and is in pre-production phase.
Performance materiality & specific
materiality
Performance materiality is set as 70% of overall materiality, being
£199,837.
Specific materiality of £57,096 is used for the audit of the Group Income
Statement.
Reporting threshold
5% of financial statement materiality, being £14,274.
Parent company
Overall materiality
£264,463
How we determined it
2% of the parent company’s net assets
Rationale for benchmark applied
We considered net assets to be the most appropriate benchmark, as the
parent company is non-trading and holds mainly subsidiary investments.
Performance materiality
Performance materiality is set at 70% of overall materiality, being
£185,124.
Reporting threshold
5% of financial statement materiality, being £13,223.
We agreed with the Audit Committee that we would report to them all individual misstatements in excess of £14,000 identified
during the audit, as well as differences below that threshold that in our view, warrant reporting on qualitative grounds. We also
report to the Audit Committee on disclosure matters that we identified when assessing the overall presentation of the financial
statements.
As part of designing our audit, we assessed the risk of material misstatement in the financial statements, whether due to fraud or
error, and then designed and performed audit procedures in response to those risks. In particular, we looked at where the directors
made subjective judgements such as making assumptions on significant accounting estimates.
We tailored the scope of our audit to ensure that we performed sufficient work to be able to give an opinion on the financial
statements as a whole. We used the outputs of a risk assessment, our understanding of the group and the parent company, their
environment, controls and critical business processes, to consider qualitative factors in order to ensure that we obtained sufficient
coverage across all financial statement line items.
Our group audit scope included an audit of the group and parent company financial statements of Anglesey Mining plc. Based on
our risk assessment, all entities within the group were subject to full scope audit and was performed by the group audit team.
At the parent level we also tested the consolidation process and carried out analytical procedures to confirm our conclusion that
there were no significant risks of material misstatement of the aggregated financial information.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual
report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not
cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of
assurance conclusion thereon.
Independent auditor’s report to the members of Anglesey Mining plc
2025
Anglesey Mining plc 27
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material
misstatement of the other information. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, the part of the directors’ remuneration report to be audited has been properly prepared in accordance with the
Companies Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial
statements are prepared is consistent with the financial statements;
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the group and the parent company and their environment obtained in the course
of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report
to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been
received from branches not visited by us; or
the parent company financial statements and the part of the directors’ remuneration report to be audited are not in
agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
a corporate governance statement has not been prepared by the parent company.
Responsibilities of Directors
As explained more fully in the directors’ responsibilities statement set out on page 14, the directors are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as
the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no
realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is
a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which
our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the group and the parent company and their industry, we identified that the principal risks of non-
compliance with laws and regulations related to employment law, general data protection regulation, health and safety regulation,
local legislation in places of operations, extractive industries transparency initiative and anti-bribery, and we considered the extent
to which non-compliance might have a material effect on the financial statements.
Independent auditor’s report to the members of Anglesey Mining plc
2025
Anglesey Mining plc 28
In identifying and assessing risks of material misstatement in respect to irregularities including non-compliance with laws and
regulations, our procedures included but were not limited to:
At the planning stage of our audit, gaining an understanding of the legal and regulatory framework applicable to the group
and parent company, the structure of the group, the industry in which they operate and considered the risk of acts by the
group and the parent company which were contrary to the applicable laws and regulations;
Discussing with the directors and management the policies and procedures in place regarding compliance with laws and
regulations;
Discussing amongst the engagement team the identified laws and regulations, and remaining alert to any indications of non-
compliance; and
During the audit, focusing on areas of laws and regulations that could reasonably be expected to have a material effect on
the financial statements from our general commercial and sector experience and through discussions with the directors (as
required by auditing standards), from inspection of the parent company’s and group’s regulatory and legal correspondence
and review of minutes of directors’ meetings in the year. We also considered those other laws and regulations that have a
direct impact on the preparation of financial statements, such as the Companies Act 2006 and FCA rules.
Our procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged
fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud such as opportunities for fraudulent manipulation of financial
statements, and determined that the principal risks were related to posting manual journal entries to manipulate financial
performance, and management bias through judgements and assumptions in significant accounting estimates, in particular
in relation to the identification of indicators of impairment to the exploration and evaluation asset, assessment of the fair
value of investment in the subsidiary Parys Mountain Mines Limited and assessment of the fair value of investment in entities
that are not subsidiaries; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.
The primary responsibility for the prevention and detection of irregularities including fraud rests with both those charged with
governance and management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve
collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
The risks of material misstatement that had the greatest effect on our audit, whether due to fraud or error, are discussed under
“Key audit matters” within this report.
A further description of our responsibilities is available on the Financial Reporting Council’s website at
www.frc.org.uk/auditorsresponsibilities.
Other matters which we are required to address
Following the recommendation of the audit committee, we were appointed by the Board of Directors on 13 May 2022 to audit the
financial statements for the year ended 31 March 2025.
The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the group or the parent company and we
remain independent of the group and the parent company in conducting our audit.
Our audit opinion is consistent with the additional report to the audit committee.
Use of the audit report
This report is made solely to the parent company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies
Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are
required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the parent company and the parent company’s members as a body for our audit
work, for this report, or for the opinions we have formed.
____________________________________________
Michael Bellew (Senior Statutory Auditor)
for and on behalf of UHY Farrelly Dawe White Limited
Registered Auditors & Accountants
FDW House, Blackthorn Business Park,
Coe’s Road, Dundalk, Co. Louth, Ireland.
A91 RW26
Date: 30 September 2025
Financial statements
2025
Anglesey Mining plc 29
Group income statement
All attributable to equity holders of the company
Notes
Year ended 31
March 2025
Year ended 31
March 2024
All operations are continuing
£
£
Revenue
-
-
Expenses
(450,086)
(839,424)
Equity-settled employee benefits
21
(4,230)
(38,345)
Share based payments charge
20
(14,697)
(164,161)
Investment income
6
2,517
4,089
Finance costs
7
(189,969)
(175,454)
Foreign exchange movement
(39)
16
Loss before tax
4
(656,504)
(1,213,279)
Taxation
8
-
-
Loss for the period
(656,504)
(1,213,279)
Loss per share
Basic - pence per share
9
(0.1)p
(0.3)p
Diluted - pence per share
9
(0.1)p
(0.3)p
Group statement of comprehensive income
Loss for the period
(656,504)
(1,213,279)
Other comprehensive income
Items that may subsequently be reclassified to profit or loss:
Change in fair value of investment
14
(178,053)
(628,451)
Foreign currency translation reserve
6,880
(17,451)
Total comprehensive (loss) for the period
(827,677)
(1,859,181)
Financial statements
2025
Anglesey Mining plc 30
Group statement of financial position
Notes
31 March 2025
31 March 2024
£
£
Assets
Non-current assets
Mineral property exploration and evaluation
10
16,992,502
16,851,296
Property, plant and equipment
11
204,687
204,687
Investments
14
1,226,681
1,404,734
Deposit
15
128,857
126,752
18,552,727
18,587,469
Current assets
Other receivables
36,988
50,256
Cash and cash equivalents
16
44,264
219,685
81,252
269,941
Total assets
18,633,979
18,857,410
Liabilities
Current liabilities
Trade and other payables
17
(263,834)
(405,686)
(263,834)
(405,686)
Net current assets/(liabilities)
(182,582)
(135,745)
Non-current liabilities
Loans
18
(4,046,102)
(3,913,973)
Long term provision
19
(50,000)
(50,000)
(4,096,102)
(3,963,973)
Total liabilities
(4,359,936)
(4,369,659)
Net assets
14,274,043
14,487,751
Equity
Share capital
20
10,359,056
9,711,764
Share premium
12,910,853
12,963,103
Currency translation reserve
(82,709)
(89,589)
Retained losses
(8,913,157)
(8,097,527)
Total shareholders' funds
14,274,043
14,487,751
The financial statements of Anglesey Mining plc which include the notes to the accounts were approved
by the board of directors, authorised for issue on 30 September 2025 and signed on its behalf by:
Andrew King, Chairman Rob Marsden, Chief executive
Financial statements
2025
Anglesey Mining plc 31
Company statement of financial position
31 March 2025
31 March 2024
Notes
£
£
Assets
Non-current assets
Investments
13
17,058,030
16,704,271
17,058,030
16,704,271
Current assets
Other receivables
11,531
23,339
Cash and cash equivalents
16
32,794
205,513
44,325
228,852
Total assets
17,102,355
16,933,123
Liabilities
Current liabilities
Trade and other payables
17
(199,893)
(152,258)
(199,893)
(152,258)
Net current (liabilities)/assets
(155,568)
76,594
Non-current liabilities
Loan
18
(3,679,327)
(3,550,303)
(3,679,327)
(3,550,303)
Total liabilities
(3,879,220)
(3,702,561)
Net assets
13,223,135
13,230,562
Equity
Share capital
20
10,359,056
9,711,764
Share premium
12,910,853
12,963,103
Retained losses
(10,046,774)
(9,444,305)
Shareholders' equity
13,223,135
13,230,562
The company reported a loss for the year ended 31 March 2025 of £621,396 (2024 - £1,060,920). The financial statements
of Anglesey Mining plc registered number 1849957 which include the notes to the accounts were approved by the
board of directors, authorised for issue on 30 September 2025 and signed on its behalf by:
Andrew King, Chairman
Rob Marsden, Chief executive
Financial statements
2025
Anglesey Mining plc 32
Statements of changes in equity
All attributable to equity holders of the company.
Group
Share
capital
Share
premium
Currency
translation
reserve
Retained
losses
Total
£
£
£
£
£
Equity at 1 April 2023
8,463,039
12,443,741
(72,138)
(6,458,303)
14,376,339
Total comprehensive loss for the year:
Loss for the year
(1,213,279)
(1,213,279)
Change in fair value of investment
(628,451)
(628,451)
Exchange difference on
translation of foreign holding
-
-
(17,451)
-
(17,451)
Total comprehensive loss for the year
-
-
(17,451)
(1,841,730)
(1,859,181)
Transactions with owners:
Shares issued
1,248,725
624,362
-
-
1,873,087
Share issue expenses
-
(105,000)
-
-
(105,000)
Equity-settled benefits & share based payments
-
-
-
202,506
202,506
Equity at 31 March 2024
9,711,764
12,963,103
(89,589)
(8,097,527)
14,487,751
Total comprehensive loss for the year:
Loss for the year
(656,504)
(656,504)
Change in fair value of investment
(178,053)
(178,053)
Exchange difference on
translation of foreign holding
-
-
6,880
-
6,880
Total comprehensive loss for the year
-
-
6,880
(834,557)
(827,677)
Transactions with owners:
Shares issued
647,292
-
-
-
647,292
Share issue expenses
-
(52,250)
-
-
(52,250)
Equity-settled employee benefits
-
-
-
18,927
18,927
Equity at 31 March 2025
10,359,056
12,910,853
(82,709)
(8,913,157)
14,274,043
Company
Share
capital
Share
premium
Retained
losses
Total
£
£
£
£
Equity at 1 April 2023
8,463,039
12,443,741
(8,585,891)
12,320,889
Total comprehensive loss for the year:
Loss for the year
-
-
(1,060,920)
(1,060,920)
Total comprehensive loss for the year
-
-
(1,060,920)
(1,060,920)
Transactions with owners:
Shares issued
1,248,725
624,362
-
1,873,087
Share issue expenses
-
(105,000)
-
(105,000)
Equity-settled employee benefits
-
-
202,506
202,506
Equity at 31 March 2024
9,711,764
12,963,103
(9,444,305)
13,230,562
Total comprehensive loss for the year:
Loss for the year
-
-
(621,396)
(621,396)
Total comprehensive loss for the year
-
-
(621,396)
(621,396)
Transactions with owners:
Shares issued
647,292
-
-
647,292
Share issue expenses
-
(52,250)
-
(52,250)
Share based payments
-
-
18,927
18,927
Equity at 31 March 2025
10,359,056
12,910,853
(10,046,774)
13,223,135
Financial statements
2025
Anglesey Mining plc 33
Group statement of cash flows
Notes
Year ended 31
March 2025
Year ended 31
March 2024
£
£
Operating activities
Loss for the period
(656,504)
(1,213,279)
Adjustments for:
Investment income
6
(2,517)
(4,089)
Finance costs
7
204,666
175,454
Share based payments charge
21
4,230
202,506
Shares issued in lieu of salary
-
50,000
Foreign exchange movement
39
(16)
(450,086)
(789,424)
Movements in working capital
Decrease/(increase) in receivables
13,268
(621)
Increase in payables
43,795
14,083
Net cash used in operating activities
(393,023)
(775,962)
Investing activities
Investment income
412
1,923
Mineral property exploration and evaluation
(330,693)
(498,426)
Investment
-
-
Net cash used in investing activities
(330,281)
(496,503)
Financing activities
Issue of share capital
595,042
1,395,000
Loan repayment
(47,120)
(150,000)
Net cash generated from financing activities
547,922
1,245,000
Net increase in cash and cash equivalents
(175,382)
(27,465)
Cash and cash equivalents at start of period
219,685
247,134
Foreign exchange movement
(39)
16
Cash and cash equivalents at end of period
16
44,264
219,685
Financial statements
2025
Anglesey Mining plc 34
Company statement of cash flows
Notes
Year ended 31
March 2025
Year ended 31
March 2024
£
£
Operating activities
Loss for the period
22
(621,396)
(1,060,920)
Adjustments for:
Share based payments
21
4,230
202,506
Investment income
(350)
(1,912)
Finance costs
190,841
161,170
Shares issued as a bonus
-
50,000
(426,675)
(649,156)
Movements in working capital
Decrease/(increase) in receivables
11,808
(14,414)
Increase in payables
47,635
35,724
Net cash used in operating activities
(367,232)
(627,846)
Investing activities
Investment income
350
1,912
Investments and long-term loans
(353,759)
(652,216)
Net cash used in investing activities
(353,409)
(650,304)
Financing activities
Share issues net of expenses
595,042
1,395,000
Loan repayment
(47,120)
(150,000)
Net cash generated from financing activities
547,922
1,245,000
Net (decrease) in cash and cash equivalents
(172,719)
(33,150)
Cash and cash equivalents at start of period
205,513
238,663
Cash and cash equivalents at end of period
16
32,794
205,513
Notes to financial statements
2025
Anglesey Mining plc 35
1 General information
Anglesey Mining plc is domiciled and incorporated in England and Wales under the Companies Act with registration number
1849957. The nature of the group’s operations and its principal activities are set out in note 3 and in the strategic report. The
registered office address is shown at the end of this report.
These financial statements are presented in pounds sterling because that is the currency of the primary economic environment in
which the group has been operating. Foreign operations are included in accordance with the policies set out in note 2.
2 Significant accounting policies
Basis of preparation
The consolidated financial statements of the group and the company financial statements have been prepared in accordance with
UK-adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006. These financial
statements have been prepared under the historical cost convention except for the fair valuation of certain financial assets. The
accounting policies have been applied consistently throughout the group for the purposes of preparation of these consolidated
financial statements. The principal accounting policies adopted are set out below.
Going concern
The directors have considered the business activities of the group as well as its principal risks and uncertainties as set out in this
report. When doing so they have carefully applied the guidance given in the ‘Guidance on Risk Management, Internal Control and
Related Financial and Business Reporting’ issued in September 2014.
The validity of the going concern basis is dependent on finance being available in the short term for the working capital
requirements for the foreseeable future, being a period of at least twelve months from the date of approval of the accounts.
The ongoing operations of the group are dependent on its ability to raise adequate financing. The group has relied on equity
financing and support from its lenders and shareholders to fund its working capital requirements. However and in addition a new
Equity Financing Facility has been agreed by the board and provided that this is approved by shareholders at a general meeting on
23 October 2025, the directors believe that this facility will fund the group for at least twelve months from the date of the approval
of these accounts.
The group will need to generate additional financial resources in order to meet its planned business objectives which are in the
short term to continue the development of the group’s properties and in the longer term to put the Parys Mountain Mine into
production.
The directors recognise the continuing operations of the group are dependent upon its ability to raise adequate financing. They
continually pursue various financing options with shareholders and financial institutions regarding proposals for financing and have
reasonable expectations that these discussions will be successful.
The directors note that Anglesey Mining plc has operated for more than 30 years, in what at times have been challenging economic
and investment climates and has continued to attract the necessary investment to continue as a going concern. The directors rely
upon this historical experience and particularly upon the potential of the mineral assets at Parys Mountain on which Anglesey was
founded. These mineral resources are held largely as freehold and cannot be diminished by any act of nature. This permanency,
both legally and geologically, is further indication that future funding will be found to support the ongoing maintenance and
development of the Parys Mountain property.
There is a risk that adequate additional funding may not be available on a timely basis or on acceptable terms to move the Parys
Mountain project through to its full potential and there is no guarantee that such funding will be available, or that the group will
be successful in raising the necessary investment to advance the development of the project and put a mine at the Parys Mountain
property into production.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and entities controlled by the company
(its subsidiaries) made up to 31 March each year. Control is achieved where the company has the power to govern the financial and
operating policies of an investee entity so as to obtain benefits from its activities.
On acquisition, the assets and liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of
acquisition. Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill.
Any deficiency of the cost of acquisition below the fair values of the identifiable net assets acquired (i.e., discount on acquisition)
is credited to the income statement in the period of acquisition. The results of subsidiaries acquired or disposed of during the year
are included in the group income statement from the effective date of acquisition or up to the effective date of disposal, as
appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line
with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.
Revenue recognition
Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable,
which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s
net carrying amount.
Notes to financial statements
2025
Anglesey Mining plc 36
Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing on the dates of the
transactions. At the end of each reporting period, monetary assets and liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing on the period end date. Non-monetary assets and liabilities carried at fair value that are
denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Gains and
losses arising on retranslation are included in net profit or loss for the period.
On consolidation, the assets and liabilities of the group’s overseas operations are translated at exchange rates prevailing on the
period end date. Exchange differences arising, if any, are classified as items of other comprehensive income and transferred to the
group’s translation reserve within equity. Such translation differences are reclassified to profit or loss, and recognised as income or
as expense, in the period in which there is a disposal of the operation.
Segmental analysis
Operating segments are identified on the basis of internal reports about components of the group that are regularly reviewed by
the chief operating decision-maker.
Retirement benefit costs
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. There are no defined
benefit retirement schemes.
Equity settled share-based payments
Share based payments fall into two categories:
Equity-settled benefits have been provided to certain directors and employees in the form of option grants under the
share option schemes.
Warrants for the purchase of shares at a fixed price have been granted to subscribers to the company’s share issues in
the year and warrants were also granted to the brokers who arranged the share issues.
The value of all these instruments has been measured at fair value at the date of grant by use of Black-Scholes models. For the
warrants this value has been expensed at the date of grant. For equity-settled employee benefits under the share option schemes
the value is expensed on a straight-line basis over the vesting period, based on the group’s estimate of shares that will eventually
vest and adjusted for the effect of non-market based vesting conditions.
Taxation
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using
the period end liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred
tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary
differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from
the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the
tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and
interests in joint ventures, except where the group is able to control the reversal of the temporary difference and it is probable that
the temporary difference will not reverse in the foreseeable future. The carrying amount of any deferred tax assets is reviewed at
each period end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow
all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised
and is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which
case the deferred tax is also dealt with in equity.
The charge for current tax is based on the results for the year as adjusted for items which are non-taxable or disallowed. It is
calculated using rates that have been enacted or substantively enacted by the balance sheet date.
Property, plant and equipment
The group’s freehold land is stated in the statement of financial position at cost. The directors consider that the residual value of
buildings, based on prices prevailing at the date of acquisition and at each subsequent reporting date as if the asset were already
of the age and in the condition expected at the end of its useful life, is such that any depreciation would not be material.
Plant and office equipment are stated in the statement of financial position at cost, less depreciation. Depreciation is charged on a
straight-line basis at the annual rate of 25%. Residual values and the useful lives of these assets are also reviewed annually.
Mineral property exploration and evaluation
Exploration and evaluation assets under IFRS 6 include acquired mineral use rights for mineral properties held by the company. The
amount of consideration paid (in cash or share value) for mineral use rights is capitalised.
Mineral exploration and evaluation expenditures are capitalised on a project-by-project basis pending determination of the
technical feasibility and the commercial viability of the project. Capitalised costs include costs directly related to exploration and
evaluation activities in the area of interest. General and administrative costs are only allocated to the asset to the extent that those
costs can be directly related to operational activities.
Exploration and evaluation assets will be amortised to profit or loss once commercial production has been achieved or written off
if the exploration and evaluation assets are abandoned or sold. Depletion of costs capitalised on projects when put into commercial
Notes to financial statements
2025
Anglesey Mining plc 37
production will be recorded using the unit-of-production method based upon estimated proven and probable reserves. The
ultimate recoverability of the amounts capitalised for the exploration and evaluation assets and expenditures is dependent upon
the delineation of economically recoverable ore reserves, obtaining the necessary financing to complete their development,
obtaining and retaining the necessary permits to operate a mine, and realising profitable production or proceeds from the
disposition thereof.
The commercial viability of extracting a mineral resource is considered to be determinable when resources are determined to exist,
the property rights are current and it is considered probable that the costs will be recouped through successful development and
exploitation of the project, or alternatively by sale of the property. Upon determination of resources, exploration and evaluation
assets attributable to those resources are first tested for impairment and then reclassified from exploration and evaluation assets
to mineral property interests. Expenditures deemed unsuccessful are recognised in operations in the Income Statement.
Expenditures incurred in connection with the development of mineral resources after such time as mineral reserves are proven or
probable; permits to operate the mineral resource property are received; financing to complete development has been obtained;
and approval of the board of directors to commence mining development and operations, are capitalized as deferred development
expenditures.
Impairment of tangible and intangible assets
The carrying values of capitalised exploration and evaluation assets are assessed for impairment if fact and circumstances indicate
that the carrying amount exceeds the recoverable amount. If any indicators of impairment exist, an estimate of the asset’s
recoverable amount is made. The recoverable amount is determined as the higher of the fair value less costs of disposition and the
asset’s value in use. If the carrying amount of the asset exceeds its estimated recoverable amount, the asset is impaired, and an
impairment loss is charged to the Income Statement so as to reduce the carrying amount to its estimated recoverable amount.
Investments
Investments in subsidiaries are shown at historical cost less provisions for impairment in value. Income from investments in
subsidiaries together with any related withholding tax is recognised in the income statement in the period to which it relates.
Investments which are not subsidiaries are shown at fair value.
Associates are accounted for using the equity method.
Impairment of financial assets measured at amortised cost
At each reporting date the group recognises a loss allowance for expected credit losses on financial assets measured at amortised
cost. In establishing the appropriate amount of loss allowance to be recognised, the group applies either the general approach or
the simplified approach, depending on the nature of the underlying group of financial assets.
The general approach is applied to the impairment assessment of refundable deposits, restricted cash and cash and cash
equivalents. Under the general approach a loss allowance for a financial asset is recognised at an amount equal to the 12-month
expected credit losses, unless the credit risk on the financial asset has increased significantly since initial recognition, in which case
a loss allowance is recognised at an amount equal to the lifetime expected credit losses. Under the simplified approach a loss
allowance for a financial asset is always recognised at an amount equal to the lifetime expected credit losses.
Impairment of non-financial assets
Non-financial assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable. Non-financial assets are impaired when their carrying amount of the asset exceeds its recoverable amount.
The recoverable amount is measured as the higher of fair value less cost of disposal and value in use.
Provisions
Provisions are recognised when the group has a present obligation as a result of a past event and it is probable that the group will
be required to settle that obligation. Provisions are measured at the directors’ best estimate of the expenditure required to settle
that obligation at the end of the reporting period and are discounted to present value where the effect is material.
Financial instruments
Initial recognition
All financial assets and liabilities are initially recognised on the trade date; this being the date that group becomes a party to the
contractual provisions of the instrument.
All financial instruments are initially recognised at fair value plus, in the case of financial assets and financial liabilities not held at
fair value through profit or loss, directly attributable transaction costs.
Classification and measurement
Financial assets
The classification of financial instruments depends on the purpose and management’s intention for which the financial instruments
were acquired and their characteristics. Financial assets are classified in one of the following categories:
• Amortised cost
• Fair value through other comprehensive income (FVOCI)
Financial assets classified and measured at amortised cost
Amortised cost financial instruments are non-derivative financial assets held within a business model, whose objective is to collect
contractual cash flows, on specified dates that are solely payments of principal and interest on the principal amount outstanding.
Notes to financial statements
2025
Anglesey Mining plc 38
Such financial instruments are those that are subsequently measured at amortised cost using the effective interest rate method,
less any allowance for impairment based on Expected Credit Loss (ECL). Amortised cost is calculated by taking into account any
discount or premium on acquisition and fees and costs that are an integral part of the financial asset.
Financial assets classified at amortised cost are other receivables, deposits and cash and cash equivalents.
Financial assets classified and measured at fair value through other comprehensive income “FVOCI”
FVOCI financial assets are those non-derivative financial assets held within a business model, whose objectives are both to sell the
financial assets and to collect contractual cash flows, on specified dates, that are solely payments of principal and interest on the
principal amount outstanding.
Financial assets that are classified as FVOCI are measured at fair value. The changes in fair value are recognised in other
comprehensive income with three exceptions, which are recognised in profit and loss:
• Interest, calculated using the effective interest method;
• Impairment losses; and
• Foreign exchange gains and losses on monetary financial assets.
When the investment is disposed of, the cumulative gain or loss previously recognised in equity is recognised in the statement of
comprehensive income.
Financial assets at fair value through other comprehensive income (FVOCI) comprise equity securities which are not held for trading
and which the group has irrevocably elected at initial recognition to recognise in this category. These are strategic investments and
the group considers this classification to be more relevant.
Financial liabilities
All financial liabilities are classified as other financial liabilities measured at amortised cost. Financial liabilities are initially
recognised at fair value, net of directly attributable transaction costs, and are subsequently measured at amortised cost using the
effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Leases
Mining lease payments relating to mineral property exploration and evaluation are capitalised; there are no other leases, see note
25 for details. There are no IFRS 16 disclosures required in respect of the mining leases.
New standards and interpretations not yet adopted
Certain pronouncements were issued by the IASB or the IFRIC that are mandatory for accounting periods commencing on or after
1 April 2024. Many are not applicable or do not have a significant impact to the Group.
IAS 1 Classification of liabilities with covenants
Amendments to IFRS 16 Lease Liability in a Sale and Leaseback
IFRS 7 Supplier finance arrangements
IAS 7 Statement of cash flows
The following new standards and narrow-scope amendments have been issued by the IASB and are effective for annual reporting
periods beginning on or after 1 January 2025:
IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
The following new standards and narrow-scope amendments have been issued by the IASB and are effective for annual reporting
periods beginning on or after 1 January 2026:
Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments
Annual Improvements to IFRS Accounting Standards- Volume 11
Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature dependent Electricity
The adoption of the above standards and interpretations is not expected to lead to any changes to the accounting policies or have
any other material impact on the financial position or performance of the group.
There have been no other new or revised International Financial Reporting Standards, International Accounting Standards or
Interpretations that are in effect since that last annual report that have a material impact on the financial statements.
Judgements made in applying accounting policies and key sources of estimation uncertainty
The following critical judgements have been made in the process of applying the accounting policies:
(a) In determining the treatment of exploration and evaluation expenditures the directors are required to make estimates and
assumptions as to future events and circumstances. Significant judgment must be exercised in determining when a project moves
from the exploration and evaluation category phase and into the development category of mineral property interests. The existence
and extent of economic mineral resources, proven or probable mineral reserves; regulatory permits and licences; the availability
of development financing; current and future metal prices; and market sentiment are all factors to be considered.
(b) In connection with possible impairment of exploration and evaluation assets and the investment of the company in Parys
Mountain Mines Limited the directors assess each potentially cash generating unit annually to determine whether any indication
of impairment exists. The judgements made when making these assessments are similar to those set out above and are subject to
the same uncertainties.
Notes to financial statements
2025
Anglesey Mining plc 39
(c) The directors applied assumptions and judgement in determining the fair value of investments classified and measured as
financial assets at FVOCI. Some of the financial assets set out in note 14 are unquoted investments in companies holding mining
rights. The inputs in determining fair value are taken from observable markets where possible, but where this is not feasible, a
degree of judgement has been applied in establishing fair values. Judgements include considerations of inputs such as exploration
potential, available market information relating to current demand, prices, economic viability and future financing. See note 14 for
further details.
(d) Equity settled share-based payment charges
These arise in respect of share options issued to certain directors and employees, in respect of warrants issued to subscribers to
the company’s equity issues and to brokers who arranged the equity placements. Black-Scholes models are used to calculate the
appropriate charge for these options and warrants. The choice and use of this model requires using a number of estimates and
judgements to establish the inputs to be entered into the model, covering areas such as the use of a risk-free interest rate and
dividend rate, exercise restrictions and behavioural considerations. A significant element of judgement is involved in the
determination of the charge. In addition, an estimate is made of the proportion of options that are expected to vest. Further
information on share options can be found in note 21.
Nature and purpose of equity reserves
The share premium reserve represents the consideration that has been received in excess of the nominal value of shares in issue
of new ordinary share capital, less any direct costs of issue.
The currency translation reserve represents the variations on revaluation of overseas foreign subsidiaries and associates.
The retained earnings reserve represents profits and losses retained in previous and the current period.
3
Segmental information
The group is engaged in the business of exploring and evaluating the wholly owned Parys Mountain project in North Wales,
managing its interest in the Grängesberg properties and has an investment in the Labrador iron project in eastern Canada. These
activities comprise one class of business which is mine exploration, evaluation and development which are classified in geographical
segments; these are the basis on which information is reported to the board.
Income statement analysis
2025
2024
UK
Sweden
Canada
Total
UK
Sweden
Canada
Total
£
£
£
£
£
£
£
£
Expenses
(431,453)
(18,633)
-
(450,086)
(702,650)
(136,774)
-
(839,424)
Equity-settled
employee benefits
(4,230)
-
-
(4,230)
(38,345)
-
-
(38,345)
Share based
payment charges
(14,697)
-
-
(14,697)
(164,161)
-
-
(164,161)
Investment income
2,517
-
-
2,517
4,089
-
-
4,089
Finance costs
(176,144)
(13,825)
-
(189,969)
(161,170)
(14,284)
-
(175,454)
Exchange rate loss
-
(39)
-
(39)
-
16
-
16
Loss for the year
(624,007)
(32,497)
-
(656,504)
(1,062,237)
(151,042)
-
(1,213,279)
Assets and liabilities
31 March 2025
31 March 2024
UK
Sweden
Canada
Total
UK
Sweden
Canada
Total
£
£
£
£
£
£
£
£
Non-current assets
17,326,046
633,170
593,511
18,552,727
17,182,735
633,170
771,564
18,587,469
Current assets
80,083
1,169
-
81,252
268,778
1,163
-
269,941
Liabilities
(3,993,161)
(366,775)
-
(4,359,936)
(4,005,989)
(363,670)
-
(4,369,659)
Net assets
13,412,968
267,564
593,511
14,274,043
13,445,524
270,663
771,564
14,487,751
Notes to financial statements
2025
Anglesey Mining plc 40
4
Loss before taxation
The loss before taxation for the year has been arrived at after charging/(crediting):
2025
2024
£
£
Fees payable to the group's auditor:
for the audit of the annual accounts
30,000
30,000
for the audit of subsidiaries' accounts
5,000
5,000
for other services
-
-
Directors' remuneration
119,167
209,400
Foreign exchange movement
39
(16)
5
Staff costs
The average monthly number of persons employed (including executive directors)
was:
2025
2024
Administrative
3
4
Other
1
1
4
5
Their aggregate remuneration was:
£
£
Wages and salaries
209,118
312,883
Social security costs
24,629
36,671
Pensions
18,462
-
Share-based payment charges
4,230
202,506
256,439
552,060
6 Investment income
2025
2024
Loans and receivables
£
£
Interest on site re-instatement deposit
2,167
2,177
Interest on cash deposits
350
1,912
2,517
4,089
7 Finance costs
2025
2024
Loans and payables
£
£
Loan interest to Juno Limited
176,144
161,170
Loan interest to Eurang Limited
13,825
14,284
189,969
175,454
See also note 18.
Notes to financial statements
2025
Anglesey Mining plc 41
8
Taxation
Activity during the year has generated trading losses for taxation purposes which may be offset against investment income and
other revenues. Accordingly, no provision has been made for Corporation Tax. There is an unrecognised deferred tax asset at 31
March 2025 of £1.6 million (2024 - £1.6 million) which, in view of the trading results, is not considered by the directors to be
recoverable in the short term. There are also capital allowances, including mineral extraction allowances, of £14.5 million
unclaimed and available at 31 March 2025 (2024 - £14.4 million). No deferred tax asset is recognised in respect of these
allowances.
2025
2024
£
£
Current tax
-
-
Deferred tax
-
-
Total tax
-
-
Domestic tax is calculated at 19% (2024 - 19%) of the estimated assessed profit for
the year. Taxation for other jurisdictions is calculated at the rates prevailing in
the
relevant jurisdictions.
The total charge for the year can be reconciled to the accounting profit or loss as follows:
Loss for the year
(656,504)
(1,213,279)
Tax at the rate of 19%
(124,736)
(230,523)
Tax effect of:
Expenses that are not deductible
in determining taxable result:
-
-
Equity-settled employee benefits
804
7,286
Unrecognised deferred tax on losses
123,932
223,237
Total tax
-
-
9
Earnings per ordinary share
2025
2024
£
£
Earnings
Loss for the year
(656,504)
(1,213,279)
Number of shares
Weighted average number of ordinary shares for the
purposes of basic earnings per share
477,029,269
413,281,907
Weighted average number of ordinary shares
for the purposes of diluted earnings per share
477,029,269
413,281,907
Basic earnings per share
(0.1)p
(0.3)p
Diluted earnings per share
(0.1)p
(0.3)p
As there is a loss for the year ended 31 March 2025 the effect of the outstanding share options is
anti-dilutive and diluted earnings are reported to be the same as basic earnings.
Notes to financial statements
2025
Anglesey Mining plc 42
10 Mineral property exploration and evaluation costs - group
Parys
Mountain
Cost
£
At 31 March 2023
16,171,821
Additions - site
657,588
Additions - rentals & charges
21,887
At 31 March 2024
16,851,296
Additions - site
125,178
Additions - rentals & charges
16,028
At 31 March 2025
16,992,502
Carrying amount
Net book value 2025
16,992,502
Net book value 2024
16,851,296
Included in the additions are mining lease expenses of £16,028 (2024 - £21,887).
Potential impairment of mineral property
Accumulated exploration and evaluation expenditure in respect of the Parys Mountain property is carried in the financial
statements at cost less any impairment provision.
At each reporting date an assessment of exploration and evaluation assets is made to determine whether specific facts and
circumstances indicate there is an indication of impairment and whether an impairment test is required. If such an indication
exists, the recoverable amount of the asset is estimated and if the carrying amount of the asset exceeds its estimated
recoverable amount, the asset is impaired, and the impairment loss is measured. If impairment testing is required, the
impairment testing of exploration and evaluation assets is carried out in accordance with IAS 36 Impairment of Assets as
modified by IFRS 6. Any impairment loss is charged to the Income Statement to reduce the carrying amount to its estimated
recoverable amount.
In determining whether there is an impairment indicator, both internal factors (e.g. adverse changes in performance) and
external factors (e.g., adverse changes in the business or regulatory environment) are considered. Significant judgment is
required when determining whether facts and circumstances suggest that the carrying amount of exploration and evaluation
assets may exceed its recoverable amount. The existence and extent of measured or indicated resources; proven or probable
mineral reserves; retention of regulatory permits and licences; the availability of development financing; current and future
metal price and market sentiment are all factors to be considered. There are several external factors that can have a significant
impact on the recoverable amount of a mineral property, including the uncertainty of market conditions, the volatility of
commodity prices and foreign exchange rates.
Following review, the directors concluded that there are no material adverse changes in facts and circumstances, or in market
conditions or regulations affecting, the Parys Mountain property during the year ended 31 March 2025. The directors continued
to rely on the publication in January 2021 of the independent PEA, with an expanded resource base, which demonstrated that a
major mining operation can be established at Parys Mountain, with robust economics at reasonable capital and operating costs.
A programme of drilling into the Northern Copper Zone portion of the resource this year has demonstrated good continuity with
the historical drilling campaigns and further supports the integrity of the geological model and drill targeting, with continuing
indications of greater mineralised volumes overall. The results from this drilling are positive and support the potential for further
resources to be added to those already identified.
The outlook for most minerals, and particularly for the copper, zinc and lead minerals at Parys Mountain, remains encouraging.
Accordingly, the directors concluded, as described in the Strategic Report, that any specific facts and circumstances which might
suggest there is an indication of impairment have not materially deteriorated during the year and there are no facts or
circumstances that suggest there is an indication of impairment and therefore no impairment test was required or completed.
Notes to financial statements
2025
Anglesey Mining plc 43
11 Property, plant and equipment
Group
Freehold
land &
property
Plant &
equipment
Office
equipment
Total
Cost
£
£
£
£
At 31 March 2023, 2024 and 2025
204,687
17,434
5,487
227,608
Depreciation
At 31 March 2023, 2024 and 2025
-
17,434
5,487
22,921
Carrying amount
At 31 March 2023, 2024 and 2025
204,687
-
-
204,687
Company
Freehold
land &
property
Plant &
equipment
Office
equipment
Total
Cost
£
£
£
£
At 31 March 2023, 2024 and 2025
-
17,434
5,487
22,921
Depreciation
At 31 March 2023, 2024 and 2025
-
17,434
5,487
22,921
Carrying amount
At 31 March 2023, 2024 and 2025
-
-
-
-
12 Subsidiaries - company
The subsidiaries of the company at 31 March 2024 and 2023 were as follows:
Name of company
Country of
incorporation
Percentage
owned
Principal activity
Parys Mountain Mines Limited(1)
England &
Wales
100%
Development of the Parys Mountain
mining property
Parys Mountain Land Limited(1)
England &
Wales
100%
Holder of part of the Parys Mountain
property
Parys Mountain Heritage Limited(1)
England &
Wales
100%
Holder of part of the Parys Mountain
property
Labrador Iron plc(2)
Isle of Man
100%
Holder of the company’s investment in
Labrador Iron Mines Holdings Limited
Angmag AB(3)
Sweden
100%
Holder of the investment in GIAB
Anglo Canadian Exploration (Ace) Limited(1)
England &
Wales
100%
Dormant
Registered office addresses:
1. - Parys Mountain, Amlwch, Anglesey, LL68 9RE
2. - Fort Anne, Douglas, Isle of Man, IM1 5PD
3. - Box 1703, 111 87 Stockholm, Sweden
Notes to financial statements
2025
Anglesey Mining plc 44
13 Investments - company
Shares at
cost
Capital
contributions
Total
£
£
£
At 1 April 2023
104,025
15,948,030
16,052,055
Advanced
-
652,216
652,216
At 31 March 2024
104,025
16,600,246
16,704,271
Advanced
-
353,759
353,759
At 31 March 2025
104,025
16,954,005
17,058,030
The realisation of investments is dependent on finance being available for development and on a number
of other factors. Interest is not charged on capital contributions.
14 Investments - group
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 2024
771,564
633,170
1,404,734
Net change during the period
(178,053)
-
(178,053)
At 31 March 2025
593,511
633,170
1,226,681
LIM – Labrador, Canada
The group has an investment in Labrador Iron Mines Holdings Limited, a Canadian company which holds the Labrador iron ore
properties described in the Strategic Report.
The investment in LIM 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 at 31 March 2025) is valued at the closing price traded on the OTC Markets in the United
States and in the directors’ assessment this market is sufficiently active to give the best measure of fair value, which on 31 March
2025 was 4 US cents per share (2024 - 4 US cents). At 19 September 2025 the shares were priced on the OTC board at 7 US cents
per share.
Grängesberg - Sweden
The group has, through its Swedish subsidiary Angmag AB, a 49.8% ownership interest (unchanged from the holding at 31 March
2024), in Grängesberg Iron AB (GIAB), a Swedish company 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. Since the
year end Eurmag AB which holds 50.25% of GIAB gave notice of termination of the agreement.
The directors assessed the fair value of the investment in GIAB under IFRS 9 and consider the investment’s value at the year-end
to approximate the fair value at that date.
Although the group has significant influence over certain relevant activities of GIAB, equity accounting has not been applied in
respect of this shareholding as the directors consider this would not have any material effect in the year ended 31 March 2025.
Notes to financial statements
2025
Anglesey Mining plc 45
15 Deposit
Group
2025
2024
£
£
Site re-instatement deposit
128,857
126,752
This deposit was required and made under the terms of a Section 106 Agreement with the Isle of Anglesey County Council which
has granted planning permissions for mining at Parys Mountain. The deposit is refundable upon restoration of the permitted
area to the satisfaction of the Planning Authority. The carrying value of the deposit approximates to its fair value.
16 Cash and cash equivalents
Group
Company
2025
2024
2025
2024
£
£
£
£
Held in sterling
43,094
218,521
32,794
205,513
Held in Canadian dollars
1
1
-
-
Held in US dollars
552
569
-
-
Held in Swedish krona
617
594
-
-
44,264
219,685
32,794
205,513
The carrying value of the cash approximates to its fair value.
17 Trade and other payables
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade payables
(107,559)
(293,040)
(86,376)
(82,369)
Other accruals
(156,275)
(112,646)
(113,517)
(69,889)
(263,834)
(405,686)
(199,893)
(152,258)
The carrying value of the trade and other payables approximates to their fair value.
Notes to financial statements
2025
Anglesey Mining plc 46
18 Loans
Group
Company
2025
2024
2025
2024
£
£
£
£
Loan due to Juno Limited
(3,679,327)
(3,550,303)
(3,679,327)
(3,550,303)
Loan due to Eurang Limited
(366,775)
(363,670)
-
-
(4,046,102)
(3,913,973)
(3,679,327)
(3,550,303)
Juno:
The loan was initially provided under a series of working capital agreements. It is denominated in sterling and unsecured.
In May 2022 an Investor Agreement was reached with Juno to replace the earlier agreements. In the new Investor Agreement
Juno agreed to participate in any future equity financing, in order to maintain its percentage shareholding, with the subscription
price to be satisfied by the conversion and consequent reduction of debt. Since Juno ceased to be a shareholder this provision
has fallen away. Juno remains entitled to ten percent of the net proceeds of any such equity financings in reduction of the debt
due to it. This is the only requirement on the group to repay the loan – there is no provision for Juno to demand repayment.
The interest rate on the outstanding debt is 5% p.a. The carrying value of the loan approximates to its fair value.
Eurang Limited:
The loan arose in connection with the acquisition of the investment in Grängesberg and is unsecured. Documentation of the loan
is currently missing; the company will work with Eurang Limited to rectify this situation. Provisionally and without prejudice
interest has been accrued in line with notes made in the company’s 2023 annual report. The group has incurred expenses and
discharged liabilities on behalf of Eurang Limited which it will offset against any repayment of the loan.
Changes in liabilities arising from financing activities
Due to Juno
Due to Eurang
Totals
£
£
£
1 April 2023
(3,862,220)
(332,501)
(4,194,721)
Cash flows
150,000
-
150,000
Non cash movements
161,917
(31,169)
130,748
1 April 2024
(3,550,303)
(363,670)
(3,913,973)
Cash flows
47,121
-
47,121
Non cash movements
(176,145)
(3,105)
(179,250)
At 31 March 2025
(3,679,327)
(366,775)
(4,046,102)
The Juno loan relates to the group and company. The non-cash movement represents (i) accrued interest on the loans and (ii)
loan repayments to Juno made by the issue of equity.
The Eurang loan relates to the group only and its non-cash movement comprises the accrual of interest and foreign exchange
rate changes.
19 Long term provision - group
2025
2024
£
£
Provision for site reinstatement
(50,000)
(50,000)
The provision for site reinstatement is in respect of the estimated costs of reinstatement at the Parys Mountain site of the work
done and changes made by the group up to the date of the accounts only. These costs would be payable on completion of mining
activities (which is estimated to be more than 20 years after mining commences) or on earlier abandonment of the site. The
provision has not been discounted because the impact of doing so is not material to the financial statements. There are
significant uncertainties inherent in the assumptions made in estimating the amount of this provision, which include judgements
of changes to the legal and regulatory framework, magnitude of possible contamination and the timing, extent and costs of
required restoration and rehabilitation activity.
Notes to financial statements
2025
Anglesey Mining plc 47
20 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
647,292
64,729,238
-
-
647,292
At 31 March 2025
4,848,223
484,822,255
5,510,833
137,770,835
10,359,056
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 the company undertook a placing and subscription which raised gross proceeds of £415,000. The placing
comprised 32,500,000 shares with certain institutional and other investors at a price of 1.0 pence per share and the subscription
comprised 9,000,000 shares also at a price of 1.0p. Directors Andrew King and Rob Marsden subscribed for 3,000,000 in the issue
on the same terms as participants. Energold Minerals Inc. subscribed for 6,000,000 shares thereby increasing its total holding in
the company to 95,108,204 shares.
On 25 September 2024 there was a follow-on subscription to raise gross proceeds of £220,000 also at 1.0 pence per share.
On 24 November 2024 1.23 million shares were issued to suppliers at 1.0 pence per share in settlement of amounts due.
Warrants
In connection with the financings undertaken by the group on the dates shown below the following warrants were granted to
placees, subscribers and brokers and remain unexercised.
Date
No. of warrants
Exercise price
Expiry date
16 May 2023
43,961,232
1.50p
16 May 2026
25 July 2023
21,808,327
1.50p
25 July 2026
28 June 2024
1,625,000
1.00p
28 December 2026
30 September 2024
1,100,000
1.00p
30 September 2027
Total
67,394,559
An equity-settled share-based payment charge of £14,697 has been made in this year’s income statement in respect of the
aggregate value of warrants granted during the year.
Notes to financial statements
2025
Anglesey Mining plc 48
21 Equity-settled employee benefits
Options were granted to directors and employees on 4 August 2022 under the 2014 Unapproved Share Option Scheme (‘USOS’)
and the Enterprise Management Incentive Scheme (‘EMI’). Both these schemes provide for a grant price equal to or above the
average quoted market price of the ordinary shares for the three trading days prior to the date of grant. If the options remain
unexercised after a period of 7.5 years from the date of grant, they expire. Options are forfeited if the employee leaves
employment with the group before the options vest.
2025
2024
Options
Weighted
average
exercise
price in
pence
Remaining
contractual
life in
years
Options
Weighted
average
exercise
price in
pence
Remaining
contractual
life in
years
Outstanding at beginning of period
9,800,000
4.00
-
9,800,000
4.00
-
Granted during the period - USOS
-
-
4.00
-
Granted during the period - EMI
-
-
4.00
-
Forfeited during the period
-
-
-
-
Exercised during the period
-
-
-
-
Expired or lapsed during the period
(7,300,000)
4.00
-
-
4.00
-
Outstanding at the end of the period
2,500,000
4.00
5.0
9,800,000
4.00
6.0
Exercisable at the end of the period
2,500,000
4.00
-
9,800,000
4.00
-
The group recognised total expenses of £4,230 (2024 – £38,345) in respect of equity-settled employee remuneration during the
year.
After the year end on 9 May 2025 options were granted as described in the directors’ remuneration report.
A summary of options granted and outstanding, all of which are over ordinary shares of 1 pence, is as follows:
Summary of outstanding share options
Number
Nominal
value £
Exercise
price
Exercisable from
Exercisable
until
Unapproved Share Option Scheme
250,000
2,500
4p
31 March 2023
31 March 2030
Unapproved Share Option Scheme
250,000
2,500
4p
30 September 2023
31 March 2030
Unapproved Share Option Scheme
250,000
2,500
4p
31 March 2024
31 March 2030
Unapproved Share Option Scheme
250,000
2,500
4p
30 September 2024
31 March 2030
Enterprise Management Incentive Scheme
375,000
3,750
4p
31 March 2023
31 March 2030
Enterprise Management Incentive Scheme
375,000
3,750
4p
30 September 2023
31 March 2030
Enterprise Management Incentive Scheme
375,000
3,750
4p
31 March 2024
31 March 2030
Enterprise Management Incentive Scheme
375,000
3,750
4p
30 September 2024
31 March 2030
22 Results attributable to Anglesey Mining plc
The loss after taxation in the parent company amounted to £621,396 (2024 loss £1,060,920). The directors have taken
advantage of the exemptions available under section 408 of the Companies Act 2006 and not presented an income statement for
the company alone.
23 Financial instruments
The main risks arising from the group's financial instruments are currency risk and share price risk. The board reviews and agrees
policies for managing each of these risks and these are summarised below.
Capital risk management
There have been no changes during the year in the group’s capital risk management policy.
The group manages its capital to ensure that entities in the group will be able to continue as going concerns while optimising the
debt and equity balance. The capital structure consists of debt, which includes the borrowings disclosed in note 18, the cash and
cash equivalents and equity comprising issued capital, reserves and retained earnings.
The group does not enter into derivative or hedging transactions and it is the policy that no trading in financial instruments be
undertaken.
Notes to financial statements
2025
Anglesey Mining plc 49
Share price risk
The shares of Labrador Iron Mines Holdings Limited in Canada are traded on the OTC Market in the United States and the value
of the group’s investment in LIM is subject to the market variations applicable to any publicly traded investment. In respect of
the value of this investment, if the LIM share price were to fall by 10% there would be a loss to the group of £65,946 (2024 -
£77,156) and if it were to rise by a similar percentage there would be a gain of £65,946 (2024 - £77,156).
Interest rate risk
The group is not exposed to interest rate fluctuations. Interest received on cash balances is not material to the group’s
operations or results.
The company (Anglesey Mining plc) is exposed to minimal interest rate risks.
Liquidity risk
The group has ensured continuity of funding through a mixture of issues of shares and the working capital agreement with Juno
Limited. During the year the group raised new financing of over £635,000 through the placement of shares. At 19 September
2025 there is a working capital deficit; provided the working facility proposed at the forthcoming general meeting is approved, it
is expected that this deficit will be eliminated and there will be adequate working capital in the short term.
Trade creditors are payable on normal credit terms which are usually 30 days.
There are no provisions whereby Juno may require repayment of its loan. The loan due to Juno is repayable only from the
proceeds of future equity financings.
Eurang, in keeping with its long-established practice has indicated that it has no current intention of demanding repayment. No
such notice had been received by 19 September 2025.
Currency risk
The presentational currency of the group and company is pounds sterling.
The loan due to Juno Limited is denominated in pounds sterling and the group has no currency exposure in respect of this loan.
The currency risk in respect of the group’s only other loan (denominated in US dollars) is as follows: if sterling were to weaken
against the US dollar by 10% there would be a loss to the group of £40,753 (2024 - £40,408) and if it were to strengthen by a
similar amount there would be a gain of £33,343(2024 - £33,061). These gains or losses would be recorded in other
comprehensive income.
In respect of the value of the investment in Grängesberg in Sweden, if sterling were to weaken against the Swedish Krona by 10%
there would be a gain to the group of £69,091 (2024 - £66,536) and if it were to strengthen by a similar amount there would be a
loss of £56,529 (2024 - £54,439).
In respect of the investment in Labrador Iron Mines in Canada, sterling were to weaken against the US dollar (the currency of the
market on which the shares are quoted) there would be a gain to the group of £65,946 (2024 - £85,729) and if it were to
strengthen by a similar amount there would be a loss of £65,946 (2024 - £85,729). Potential exchange variations in respect of
other foreign currencies are not material.
Credit risk
The directors consider that the entity has limited exposure to credit risk as the entity has immaterial receivable balances at the
year-end on which a third party may default on its contractual obligations. The carrying amount of the group’s financial assets
represents its maximum exposure to credit risk. Cash is deposited with BBB or better rated banks.
Group
Financial assets classified at fair
value through other
comprehensive income
Financial assets measured at
amortised cost
31 March 2025
31 March 2024
31 March 2025
31 March 2024
£
£
£
£
Financial assets
Investments
1,226,681
1,404,734
-
-
Deposit
-
-
128,857
126,752
Other receivables
-
-
36,988
50,256
Cash and cash equivalents
-
-
44,264
219,685
1,226,681
1,404,734
210,109
396,693
Financial liabilities measured at
amortised cost
31 March 2025
31 March 2024
£
£
Trade payables
(107,559)
(293,040)
Other payables
(156,275)
(112,646)
Loans
(4,046,102)
(3,913,973)
(4,309,936)
(4,319,659)
Notes to financial statements
2025
Anglesey Mining plc 50
Company
Financial assets measured at
amortised cost
Financial liabilities measured at
amortised cost
31 March 2025
31 March 2024
31 March 2025
31 March 2024
£
£
£
£
Financial assets
Investment - loan
Other receivables
11,531
23,339
-
-
Cash and cash equivalents
32,794
205,513
-
-
Trade payables
-
-
(86,376)
(82,369)
Other payables
-
-
(113,517)
(69,889)
Loan
-
-
(3,679,327)
(3,550,303)
44,325
228,852
(3,879,220)
(3,702,561)
24 Related party transactions
Transactions between Anglesey Mining plc and its subsidiaries are summarised in note 13.
Key management personnel
All key management personnel are directors and appropriate disclosure with respect to them is made in the directors’
remuneration report.
There are no other contracts of significance in which any director has or had during the year a material interest.
25 Mineral holdings
Parys Mountain
(a) Most of the mineral resources delineated to date are under the western portion of Parys Mountain, the freehold and minerals
of which are owned by the group. A royalty of 6% of net profits after deduction of capital allowances, as defined for tax
purposes, from production of freehold minerals is payable. The mining rights over and under this area, and the leasehold area
described in (b) below, are held in the Parys Mountain Mines Limited subsidiary.
(b) Under a mining lease from Lord Anglesey dated December 2006, the group holds the eastern part of Parys Mountain,
formerly known as the Mona Mine. An annual certain rent of £15,528 was payable for the year beginning 23 March 2024; the
base part of this rent increases to £20,000 when extraction of minerals at Parys Mountain commences; this rental is index-linked.
A royalty of 1.8% of net smelter returns from mineral sales is also payable. The lease may be terminated at 12 months’ notice
and otherwise expires in 2070.
(c) The group held a 31-year lease dated December 1991 from the Crown Estate granting rights to prospect for and work gold
and silver (Crown Minerals) in the areas held by the group. Under that lease, there was an annual lease payment of £5,000 and a
royalty of 4% of gross sales of gold and silver produced from the lease area. That Crown lease expired in April 2020. Negotiations
and communications in respect of the status of the gold and silver present in Parys Mountain are continuing with the Crown
Estate. It is expected that arrangements for dealing with the gold and silver would be subject to a royalty on gold and silver sales
and possibly annual payments as well.
Lease payments
The mining leases may be terminated by the group with 12 months’ notice. If they are not so terminated, the minimum
payments due in respect of the leases and royalty agreement are analysed as follows: within the year commencing 1 April 2024 -
£16,028 and for the five years between 1 April 2025 and 31 March 2030 - £87,413 Thereafter the payments will continue at
proportionate annual rates, in some cases with increases for inflation, for so long as the leases are retained or extended.
Notes to financial statements
2025
Anglesey Mining plc 51
26 Material non-cash transactions
There were no material non-cash transactions in the year.
Under the Development and Co-operation Agreement with QME Limited in respect of Parys Mountain optimisation studies which
began in 2018, it was agreed to grant QME various rights and options relating to the future development of Parys Mountain
comprising contracts for the construction of the decline and the underground mine, including rehabilitation of the shaft. This will
be done on terms to be agreed following a decision to proceed with the development of Parys Mountain. In the absence of
agreement such contracts may be offered to third parties, subject to a right of first refusal in favour of QME, and subject to a
payment to QME, upon the award of such contracts to a third-party, of a break-fee of £500,000. Under such circumstances, the
award of such contracts to a third party could potentially create a contingent liability for the payment of the break fee however
such liability is not at this time crystallised.
In addition, QME would be granted the right and option, upon completion of a Prefeasibility Study, to undertake at its cost and
investment, the mine construction component of the Parys Mountain project, including the decline and related underground
development and shaft works, with a scope to be agreed, to the point of commencement of production, in consideration of
which QME would earn a 30% undivided joint venture interest in the Parys Mountain project.
27 Commitments
Other than commitments under leases (note 25) there is no capital expenditure authorised or contracted which is not provided
for in these accounts (2024 - nil).
28 Contingent liabilities
There are no contingent liabilities (2024 - nil).
29 Events after the period end
On 9 May 2025 options over 12,100,000 shares were granted to directors and employees under the company’s share schemes.
On 31 May 2025 a loan of £100,000 was made to Parys Mountain Mines Limited for working capital purposes, for a period of 5
years with interest payable at 10% per annum, secured by a charge on property at Parys Mountain.
On 15 August 2025 the management rights which the group had in respect of the Grangesberg Iron properties were
relinquished; the group maintains its 49.8% ownership interest in Grangesberg Iron AB.
Directors
2025
Andrew King
aged 60, non-executive director appointed 20 December 2021 and non-executive
chairman from 28 October 2023.
Andrew has more than 30 years’ experience in the mining, metals and banking sectors
where his management experience has encompassed strategic, financial and
operational oversight. He is currently Executive Director of Scanmetals A/S, a specialist
metal recycling business with operations in Denmark, the UK, Germany and Spain. Prior
thereto he was Group Business Development Director at Amalgamated Metal
Corporation Plc. and for thirteen years Andrew held various positions with Standard
Bank including Head of Resource Banking, Global Co-Head Investment Banking, and
Chief Executive Standard Bank Asia.
Earlier in his career he worked with BMO Nesbitt Burns and Warrior International. Other
directorships have included Avnel Gold Mining Limited and Rame Energy plc. Andrew
has a BSc in Metallurgical Engineering from the University of the Witwatersrand, South
Africa and an MBA from the London Business School.
He is a member of the audit committee.
Robert Marsden
aged 52, appointed as Chief Executive and as a director on 1 May 2024. Rob Marsden is
a Mining Engineer with 29 years of international experience.
Upon graduation from the Camborne School of Mines in 1995 he joined Rio Tinto plc
and over the next 18 years held several technical, operational and management roles,
living and working in South Africa, Australia, France and the USA and was latterly
employed in the Business Evaluation Department at Rio Tinto’s head office in London.
In 2013 Rob founded MarsdenGray, a UK based consultancy, to provide clients with clear
robust insights into the planning, operation and evaluation of mining projects utilising
his technical, financial and practical knowledge.
During his career, Rob has gained experience across a wide range of commodities
including copper, diamonds, gold, silver, coal, industrial minerals, and iron ore with on
the ground assignments around the world, including Australia, Botswana, Brazil, Chile,
Canada, Ghana, Madagascar, Peru, South Africa and Zimbabwe.
Rob is a Member of the Institute of Materials, Minerals and Mining (IOM), Qualified for
Mineral Reporting (by IOM), is a Fellow of the Geological Society (London) and an
Associate of the Camborne School of Mines.
Doug Hall
aged 63, appointed as a non-executive director on 5 December 2024, Doug Hall
originally qualified as a lawyer in the UK in the 1980s. He then moved to Western
Australia and was for many years the senior mining project finance partner at Norton
Rose Fulbright, Australia. Returning to the UK in 2019, he has pursued an in-house
career as general counsel with several private and listed mining companies.
Throughout his 35-plus year career as a lawyer, he has acted for private and listed junior
and mid-cap mining companies around the World and has significant project
development, operational and management experience.
With a risk assessment and corporate/project finance background, he brings extensive
experience of guiding companies in the natural resources sector through complex
negotiations, often with a cross border/cross-cultural element.
Auditor
UHY Farrelly Dawe White Limited
FDW House, Blackthorn Business Park,
Coes Road, Dundalk,
Ireland
Solicitor
Brodies LLP Solicitors
58 Morrison Street
Edinburgh
EH3 8BP
Anglesey Mining plc
Parys Mountain
Amlwch, Anglesey, LL68 9RE
Phone 01407 831275
mail@angleseymining.co.uk
Registrars
MUFG Corporate Markets
Central Square, 29 Wellington Street, Leeds, LS1 4DL
Share dealing phone 0371 664 0445
Helpline phone 0371 664 0300
Company registered number
1849957
Registered office address
Parys Mountain, Amlwch,
Anglesey, LL68 9RE
Web site
www.angleseymining.co.uk
Shares listed
AIM - AYM