TIDMAYM
Anglesey Mining plc
A UK mining company listed on the London Stock Exchange
Anglesey holds 100% of the Parys Mountain underground
zinc-copper-lead-silver-gold deposit in North Wales, UK where it is exploring
and plans to carry out evaluation and pre-feasibility work when financial
conditions permit.
Anglesey holds 15% of Labrador Iron Mines Holdings Limited which has direct
shipping iron ore deposits in Labrador and Quebec and is currently undergoing a
financial restructuring.
Anglesey holds a 6% interest and management rights to the Grangesberg Iron
project in Sweden, together with a right of first refusal to increase its
interest to 51%.
Chairman's statement
Once again we have to report that the expected resurgence in the resources
sector, and in particular the prices of the metals that form the bases of our
assets, has largely not materialised. With the continuing underlying weaknesses
in commodities, the equities markets for small cap miners has remained at best
thin and at other times almost non-existent. Anglesey Mining is no different
from its peers in this respect and it has proved virtually impossible during
the last year to create any interest in raising new funds from the market.
The recent upward movement in zinc and precious metals' prices could now begin
to improve this position and if this momentum is maintained Anglesey will look
for the opportunity to improve the balance sheet and permit funding of project
development activities. Gold and silver have increased in value over the last
year and are trading near their 12 month highs.
The price of iron ore, on which both Labrador and Grangesberg rely, did show
some improvement during the early part of 2016, albeit not to the levels that
would sustain a return to production at Labrador, but unfortunately that rally
was not sustained and prices have fallen back to lower levels.
The recent improvement in the price of zinc may be the sign that we have been
waiting for a number of years. There is a general consensus based on supply/
demand imbalance that zinc prices must improve from recent levels. There is no
doubt that following a number of major mine closures during 2015 there is a
current deficit in zinc supply compared to demand and, with few major new mines
planned, that deficit is likely to continue for a number of years. However, the
levels of derivative trading and warehousing in various forms often impacts
this classical economic view and in the recent past has served to apparently
hold prices down against an expected increase.
The other factor that affects project viability, particularly for Parys
Mountain, is currency exchange rates. With all commodity prices quoted in US
dollars, movements in domestic exchange rates can have significant impacts. The
British Pound and Swedish Krona have fallen during the last year and this will
have improved the economics of projects based in those countries where the
majority of costs will be priced in the local currency.
Your directors have worked hard to keep costs to a minimum, director's salaries
and fees continued to be waived and this will continue until the financial
position of the group improves. I thank the directors and management for these
efforts, and I also thank our loyal shareholders for their patience and
understanding while we work our way through this particularly ugly phase of the
commodity cycle.
Parys Mountain
The Parys Mountain property has a significant zinc, copper and lead deposit
with small amounts of silver and gold. A feasibility study in 1991 demonstrated
the technical and economic viability of bringing the property into production
at a rate of 350,000 tonnes per annum, producing zinc, copper and lead
concentrates. In 2012 the first JORC Code compliant resource estimate of the
property was published and reported a resource of 2.1 million tonnes at 6.9%
combined base metals in the indicated category and 4.1 million tonnes at 5.0%
combined base metals in the inferred category and there is substantial
exploration potential.
The site has a head frame, a 300m deep production shaft and planning permission
for operations. The group has freehold ownership of the minerals and surface
land. Infrastructure is good, political risk is low and the project has the
support of local people and government.
The directors are of the opinion that this project is at an advanced state and
the existence of the current JORC resource estimate and the original
feasibility study, together with the valid planning permissions, represent a
solid base from which to move the project towards production. A detailed review
of the previous technical and feasibility studies of Parys Mountain, including
current estimates of operating and capital costs, is planned for the summer of
2016 with a view to completing an updated scoping and economic study later this
year. It is expected that the results of this review will be available in the
early autumn and will be used to assist with future planning and potential
financing of the development of the Parys Mountain project.
The directors carried out an impairment review with an effective date of 26
March 2016. This review was based on an estimate of discounted future cash
flows from the development and operation of the Parys Mountain project over the
initial projected mine life of 16 years and assumed that there would be a two
year delay before any activities commence. Capital costs were estimated at
current costs and the key assumptions utilised were a discount rate of 10%
applied to future cashflows with metal prices (long-term estimates) of: zinc
$US1.25 /lb; copper $US 2.50 /lb; lead $US1.00 /lb; silver $US17.50 per ounce
and gold $US1275 per ounce and an exchange rate US$1.40/GBP1.00. Further details
of this review are included in note 10 to the financial statements. Based on
the above parameters and the assumptions utilised the directors believe that no
impairment provision is necessary or appropriate. The directors also
re-evaluated the impairment review following the recent EU Referendum in the UK
and concluded there was no requirement for any change in their original
assessment or calculations. Any depreciation in the value of sterling in
relation to the US dollar would have a positive effect on the project
cashflows.
Operation of the mine and the receipt of cashflows from it are dependent on
finance being available to fund the development of the property.
Grangesberg Iron
With iron ore prices remaining depressed operations at Grangesberg have been
limited. We continue to manage the project on behalf of the company and its
other shareholders. The economics of Grangesberg will be more positive than
many of the other iron ore projects that have failed or missed realization in
the last three years. The high grade of concentrate to be produced from
Grangesberg, together with the extensive existing infrastructure on site and
nationally, and the potential for sales within Sweden's domestic markets,
negating the requirements for major port facilities and expensive handling and
shipping costs, will be key drivers in this expectation.
Labrador Iron
As reported last year, Labrador Iron Mines ("LIM") is operating under the
Canadian Companies Creditors Arrangement Act. This process continues and it is
expected that a plan of arrangement will be put in place later this year. Under
this arrangement Anglesey's current 15% shareholding in LIM will be
significantly diluted but it is expected that the reorganized entity will
maintain title to its iron ore assets in Labrador such that they could be
restarted when the economics of iron ore in Canada improve, and at the same
time LIM will have the flexibility to pursue alternative business
opportunities.
Outlook
The future for commodity prices in general continues to be somewhat uncertain.
The group is exposed to base and precious metals at Parys Mountain, which
recently show signs of improvement, and to iron ore at LIM and at Grangesberg.
The only cash draw on the group is a limited requirement for Parys Mountain and
for normal corporate costs. As has been noted both these cost centres have been
kept to a minimum.
The outlook for iron ore has changed little over the last year. Consolidation
of the industry with many small miners closing down is probably near completion
leaving the supply side dominated by Rio Tinto, BHP Billiton and Vale likely
supplying around 75% of all sea borne iron ore. Comments by these majors have
suggested that, while profitable at the current lower prices, they foresee that
higher prices will be needed to ensure the necessary investment to maintain
production levels.
The Parys Mountain project will benefit from the expected improvements in base
metals and particularly from an increase in the price of zinc which will be the
predominant metal to be produced in the early years of the project. ICBC
Standard Bank in a recent note suggested that zinc stocks could fall to a
critical point by as early as November this year and on that basis they are
forecasting that zinc prices will at least double from the recent level of
$US0.95 per pound within 24 months. We share this optimism and see no reason to
doubt this analysis and we are therefore now embarking on a technical review
and updated scoping and economic study of the Party Mountain project.
Whilst there still are a number of uncertainties in the metals markets we feel
that there is sound reason to believe that we have passed the low point in the
commodities cycle. We believe China may reposition its economy to be less
reliant upon construction but with ongoing urbanization its demand for metals
will continue and coupled with reductions on the supply side will inevitably
lead to much higher metal prices than we see today.
We trust that this time next year we will be able to report upon a positive
outlook for the future and for Anglesey Mining.
John F. Kearney
Chairman
25 July 2016
Strategic Report
Principal activities and business review
The group is engaged in the business of exploring and evaluating its wholly
owned Parys Mountain project in North Wales, although activities there have
been very limited during the year.
Under various agreements the group also participates in the management of the
Grangesberg iron ore property in Sweden in which it has a 6% holding and a
right of first refusal to acquire a further 51% ownership interest.
Operations at the Labrador iron project in eastern Canada in which group has a
15% holding (2015 - 15%) are currently suspended. LIM is now operating under
the Canadian Companies' Creditors Arrangement Act to facilitate a restructuring
and refinancing of its business operations.
The group continues its search for other mineral exploration and development
opportunities.
The aim of the group is to create value in the Parys Mountain and Grangesberg
properties, including by co-operative arrangements where appropriate, and to
actively engage in other mineral ventures using the group's own resources
together with such external investment and finance as may be available.
Parys Mountain
The Parys Mountain property has a significant zinc, copper and lead deposit
with small amounts of silver and gold. A feasibility study in 1991 demonstrated
the technical and economic viability of bringing the property into production
at a rate of 350,000 tonnes per annum, producing zinc, copper and lead
concentrates. In 2012 the first JORC Code compliant resource estimate of the
property was published and reported a resource of 2.1 million tonnes at 6.9%
combined base metals in the indicated category and 4.1 million tonnes at 5.0%
combined base metals in the inferred category and there is substantial
exploration potential.
The site has a head frame, a 300m deep production shaft and planning permission
for operations. The group has freehold ownership of the minerals and surface
land. Infrastructure is good, political risk is low and the project has the
support of local people and government.
The directors are of the opinion that this project is at an advanced state and
the existence of the current JORC resource estimate and the original
feasibility study, together with the valid planning permissions, represent a
solid base from which to move the project towards production. A detailed review
of the previous technical and feasibility studies of Parys Mountain, including
current estimates of operating and capital costs, is planned for the summer of
2016 with a view to completing an updated scoping and economic study later this
year. It is expected that the results of this review will be available in the
early autumn and will be used to assist with future planning and potential
financing of the development of the Parys Mountain project.
The directors carried out an impairment review with an effective date of 26
March 2016. This review was based on an estimate of discounted future cash
flows from the development and operation of the Parys Mountain project over the
initial projected mine life of 16 years and assumed that there would be a two
year delay before any activities commence. Capital costs were estimated at
current costs and the key assumptions utilised were a discount rate of 10%
applied to future cashflows with metal prices (long-term estimates) of: zinc
$US1.25 /lb; copper $US 2.50 /lb; lead $US1.00 /lb; silver $US17.50 per ounce
and gold $US1275 per ounce and an exchange rate US$1.40/GBP1.00. Further details
of this review are included in note 10 to the financial statements. Based on
the above parameters and the assumptions utilised the directors believe that no
impairment provision is necessary or appropriate. The directors also
re-evaluated the impairment review following the recent EU Referendum in the UK
and concluded there was no requirement for any change in their original
assessment or calculations. Any depreciation in the value of sterling in
relation to the US dollar would have a positive effect on the project
cashflows.
Operation of the mine and the receipt of cashflows from it are dependent on
finance being available to fund the development of the property.
Grangesberg Iron AB
In May 2014 the group entered into agreements giving it certain rights in the
Grangesberg iron ore mine situated in the mineral-rich Bergslagen district of
central Sweden about 200 kilometres north-west of Stockholm. Until its closure
in 1989 due to prevailing market conditions Grangesberg had mined in excess of
150 million tonnes of iron ore. GIAB holds a 25 year exploitation permit
covering the previously mined Grangesberg underground mining operations granted
by the Swedish Mining Inspectorate in May 2013.
The group now has a direct 6% interest in GIAB, a private Swedish company
founded in 2007 which in 2014 completed a financial and capital restructuring
with assistance from the group and a right of first refusal over 51% of the
enlarged share capital of GIAB until June 2018. This right has been granted in
exchange for the group continuing to co-manage GIAB on a cost recovery basis.
The group also has shareholder and cooperation agreements such that Anglesey
holds operatorship of GIAB subject to certain conditions and appoints two out
of five directors to the board of GIAB.
In September 2014 an NI 43-101 Technical Report was prepared by Roscoe Postle
Associates Inc ("RPA") showing a compliant resource estimate for the
Grangesberg Mine of 115.2 million tonnes at 40.2% Fe in the indicated category
and 33.1 million tonnes at 45.2% Fe in the inferred category. RPA concluded
that the Grängesberg iron ore deposit hosts a significant iron resource that
has excellent potential for expansion at depth.
A new geo-mechanical and hydro-geological review was also commissioned. This
report confirmed the expected position of a fault zone in the near surface area
and measured a number of hydro-geological criteria in that zone. Generally, the
results were in line with prior expectations and the report made
recommendations regarding some additional investigations that will be required
as part of any future definitive feasibility study.
During the coming year, Grangesberg will continue to operate under Anglesey's
direction. It is planned that subject to the availability of adequate funding,
Grangesberg will advance a number of environmental studies and other activities
as a pre-requisite to a definitive feasibility study.
Labrador Iron
Labrador Iron Mines Holdings Limited (LIM) was formerly an associate company in
the group however following a dilution of the group's holding in November 2012
it became an investment in which Anglesey holds a 15% interest.
LIM is engaged in the exploration, development and mining of direct shipping
iron ore projects near Schefferville in the central part of the Labrador Trough
region, one of the major iron ore producing regions in the world. LIM owns
extensive iron ore resources, processing plants and equipment and rail
infrastructure and facilities in its Schefferville Projects. LIM commenced
mining operations in 2011 and in the three year period of 2011, 2012 and 2013
produced a total of 3.6 million dry metric tonnes of iron ore, which was sold
in 23 cape-size shipments into the Chinese spot market. LIM did not undertake
mining operations during the 2014 or 2015 operating seasons, due to a
combination of prevailing low iron ore prices and a continuing need for
start-up working capital and development financing.
In April 2015 LIM initiated proceedings under the Canadian Companies' Creditors
Arrangement Act to provide an opportunity for the orderly restructuring of its
business and financial affairs, so as to enable the company to emerge with a
viable business in the most favourable position to secure additional
development financing to proceed with the development of its Houston Project
and continue as a going concern. It is expected that a Plan of Arrangement will
be presented to creditors and the court later this year.
Other activities
The directors continue to search for new properties suitable for development
within a relatively short time frame and within the financing capability likely
to be available to the group.
Performance
The directors expect to be judged by results of project development and/or
exploration and by their success in creating long term value for shareholders.
The group holds shares in mineral companies and has interests in exploration
and evaluation properties and, until economically recoverable reserves can be
identified, there are no standardised performance indicators which can usefully
be employed to gauge the performance of the group, other than the market price
of the company's shares.
The chief external factors affecting the ability of the group to move forward
are primarily the demand for metals and minerals, levels of metal prices and
exchange rates; these and other factors are dealt with in the risks and
uncertainties section below.
Financial results and position
The group has no revenues from the operation of its properties. The loss for
the year ended 31 March 2016 after tax was GBP256,450 compared to a loss of GBP
1,736,610 in the 2015 fiscal year. The larger 2015 loss was due chiefly to
falls in the value of the group's investment in Labrador Iron. There were also
significant expense reductions during the year (including the waiver by
directors of salaries and fees, continuing from July 2014) and the
administrative and other costs excluding investment income and finance charges
were GBP112,279. This compares to GBP355,071 in the previous year which included
expenses of GBP167,256 in connection with the acquisition of the interests in
Grangesberg.
During the year there were no additions to fixed assets (2015 - nil) and GBP
49,433 (2015 - GBP75,145) was capitalised in respect of the Parys Mountain
property as mineral property exploration and evaluation.
At 31 March 2016 the group held mineral property exploration and evaluation
assets with a carrying value of GBP14.9 million. These carrying values may not
reflect the realizable value of the properties if they were offered for sale at
this time.
The group's cash balance at 31 March 2016 was GBP32,759 (2015 - GBP96,873). The
foreign exchange loss of GBP2,039 (2015 -loss GBP4,574) shown in the income
statement arises on cash balances held in Canadian dollars and Swedish Krona.
At 31 March 2016 the company had 160,608,051 ordinary shares in issue,
unchanged from last year.
Employment, community, donations and environment
The group is an equal opportunity employer in all respects and aims for high
standards from and for its employees. It also aims to be a valued and
responsible member of the communities which it operates in or affects.
The group has no operations; consequently its effect on the environment is very
slight, being limited to the operation of two small offices, where recycling
and energy usage minimisation are taken seriously and encouraged. It is not
practical or useful to quantify the effects of these measures. There are no
social, community or human rights issues which require the provision of further
information in this report.
Risks and uncertainties
In conducting its business the group faces a number of risks and uncertainties
some of which have been described above in regard to particular projects.
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, mineral reserves, mineral
resources, results of exploration, 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 general economic
conditions and conditions in the financial markets, changes in demand and
prices for minerals that the group expects to produce, 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 the group's 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. The group faces competition from other
mining companies in connection with the acquisition and retention of
properties, mineral claims, leases and other mineral interests as well as for
the recruitment and retention of qualified employees and other personnel.
Development and liquidity risk
On previous occasions and during the year the group has relied upon its largest
shareholder, Juno Limited, for financial support and may be required to do so
in the future to ensure the group will have adequate funds for its current
activities. In the absence of support from Juno Limited the group would be
dependent on the proceeds of share issues or other sources of funding.
Developing the Parys project will be dependent on raising further funds from
various sources.
Exploration and development
Exploration for minerals and development of mining operations involve risks,
many of which are outside the group's control. The group currently operates in
politically stable environments and hence is unlikely to be subject to
expropriation of its properties but exploration by its nature is subject to
uncertainties and unforeseen or unwanted results are always possible.
Metal prices
The prices of metals fluctuate widely and are affected by many factors outside
the group's 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 price fluctuations may be
either exacerbated or mitigated by currency fluctuations which affect the
amount which might be received by the group in sterling.
Foreign exchange
LIM is a Canadian company; Angmag AB and GIAB are Swedish companies.
Accordingly the value of the group's holdings in these companies is affected by
exchange rate risks. Operations at Parys Mountain are in the UK and exchange
rate risks are minor. The majority of the cash balance at the year-end was held
in sterling - see notes 17 and 24.
Permitting, environment and social
The group holds planning permission for the development of the Parys Mountain
property but further consents will be required to carry out proposed activities
and these may be subject to various reclamation and operational conditions.
Employees and personnel
The group is dependent on the services of a small number of key executives
specifically the chairman, chief executive and finance director. The loss of
these persons or the group's inability to attract and retain additional highly
skilled and experienced employees for any areas in which the group might engage
may adversely affect its business or future operations. At 31 March 2016 the
company had six male directors; there were no female directors or employees.
Financial instruments
The group's use of financial instruments is described in note 24.
Bill Hooley
Chief executive officer
25 July 2016
Directors' report
The directors are pleased to submit their report and the audited accounts for
the year ended 31 March 2016.
The corporate governance statement which follows forms part of this report. In
accordance with statutory requirements, the principal activities of the group
and other information is set out in the strategic report section preceding this
report.
Directors
The names of the directors are shown in the directors' remuneration report and
biographical details are shown on the inside rear cover. It is the company's
procedure to submit re-election resolutions for all directors at the annual
general meeting. The company maintains a directors' and officers' liability
policy on normal commercial terms which includes third party indemnity
provisions. The powers of the directors are described in the Corporate
Governance Report.
With regard to the appointment and replacement of directors, the company is
governed by its Articles, the Corporate Governance Code, 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 appointment. In
addition, the Articles require that one-third of the remaining directors retire
by rotation at each general meeting and seek re-appointment. However it is now
the company's practice to submit re-election resolutions for all directors at
each AGM.
Directors' interests in material contracts
Juno Limited (Juno), which is registered in Bermuda, holds 36.1% of the
company's ordinary share capital. The company has a controlling shareholder
agreement and working capital agreement with Juno. Advances made under the
working capital agreement are shown in note 19. Apart from interest charges
there were no transactions between the group and Juno or its group during the
year. An independent committee reviews and approves any transactions and
potential transactions with Juno. Danesh Varma is a director and, through his
family interests, a significant shareholder of Juno.
John Kearney is chairman and chief executive of LIM, Bill Hooley is a director
and vice-chairman of LIM and Danesh Varma is a director of LIM. All three are
shareholders of LIM. John Kearney receives remuneration from LIM in his
capacity of chief executive. There are no transactions between LIM, the group
and the company which are required to be disclosed.
Bill Hooley and Danesh Varma are directors of Grangesberg Iron AB and of the
special purpose vehicle Eurmag AB. Danesh Varma has been associated with the
Grangesberg project since 2007 when he became a director of Mikula Mining
Limited, a company subsequently renamed Eurang Limited, previously involved
in the Grangesberg project. He did not take part in the decision to enter into
the Grangesberg project when this was approved by the board. The group has a
liability to Eurmag AB a subsidiary of Eurang amounting to GBP245,461 at the
year end (2015 - GBP226,857). See also note 25.
There are no other contracts of significance in which any director has or had
during the year a material interest.
Substantial shareholders
At 13 July 2016 the following shareholder had advised the company of an
interest in the issued ordinary share
capital: Juno Limited notified an interest in 57,924,248 shares representing
36.1% of the issued ordinary shares.
Shares
Allotment authorities and disapplication of pre-emption rights
The directors would usually 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 the acquisition of new mineral ventures, other
activities and working capital, they believe that it is appropriate to have a
larger amount available for issue at their discretion without pre-emption than
is normal or recommended for larger listed companies. At this year's annual
general meeting, the directors will seek a renewal and replacement of the
company's existing share allotment authorities.
The authority sought in resolution 12 of the notice of the AGM 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 GBP540,000 (54,000,000
ordinary shares) which is approximately one third of the total issued ordinary
share capital of the company as at 13 July 2016. The directors will consider
issuing shares if they believe it would be appropriate to do so in respect of
business opportunities that arise consistent with the company's strategic
objectives. The directors have no present intention of exercising this general
authority, other than in connection with the potential issue of shares pursuant
to the company's employee share and incentive plans.
The purpose of resolution 13 is to authorise the directors to allot new shares
pursuant to the general authority given by resolution 12 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 GBP401,500
(40,150,000 ordinary shares). This aggregate nominal amount represents
approximately 25% of the issued ordinary share capital of the company at 25
July 2016. Whilst such authority is in excess of the 5% of existing issued
ordinary share capital which is commonly accepted and recommended for larger
listed companies, it will provide additional flexibility which the directors
believe is in the best interests of the group in its present circumstances. The
authority sought under resolution 13 will expire on 31 December 2017. The
directors intend to seek renewal of this authority at future annual general
meetings.
Rights and obligations attaching to shares
The rights and obligations attaching to the ordinary and deferred shares are
set out in the Articles of Association. Details of the issued share capital are
shown in note 21. Details of employee share schemes are set out in the
Directors Remuneration Report and in note 22.
Each ordinary share carries the right to one vote at general meetings of the
company. Holders of deferred shares, which are of negligible value, are not
entitled to attend, speak or vote at any general meeting of the company, nor
are they entitled to receive notice of general meetings.
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 company's shares.
Voting rights
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 that forms of proxy shall be
submitted not less than 48 hours (excluding any part of a day that is not a
working day) before the time appointed for holding the meeting or adjourned
meeting.
No member shall be entitled to vote at a general meeting or at a separate
meeting of the holders of any class of shares in the capital of the company,
either in person or by proxy, in respect of any share held by him unless all
monies presently payable by him in respect of that share have been paid.
Furthermore, no shareholder shall be entitled to attend or vote either
personally or by proxy at a general meeting or at a separate meeting of the
holders of that class of shares or on a poll if he has been served with a
notice after failing to provide the company with information concerning
interests in his shares required to be provided under the Companies Act 2006.
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 company's share plans contain provisions
relating to a change 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.
Dividend
The group has no revenues and the directors are unable to recommend a dividend
(2015 - nil).
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 Financial Reporting
Council's document "Going concern and liquidity risk: Guidance for directors of
UK companies 2009".
The ongoing operations of the group are dependent on its ability to raise
adequate financing. The group relies on equity financing and support from its
shareholders to fund its working capital requirements. The group will need to
generate additional financial resources in order to meet its planned business
objectives and continue as a going concern. Additional financing will be
required 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 and that this represents a
material uncertainty which may cast significant doubt about the group's ability
to continue as a going concern. The directors have a reasonable expectation
that the required financing will be raised and are actively pursuing various
financing options with certain shareholders and financial institutions
regarding proposals for financing. 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.
Greenhouse Gas emissions
The group does not itself undertake any activities or processes which lead to
the production of greenhouse gases. The extent to which its administrative and
management functions result in greenhouse gas emissions is slight and the
directors do not believe that any useful purpose would be served by attempting
to quantify the amounts of these emissions.
Post balance sheet events
There are no post balance sheet events to report.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial
statements. The directors are required to prepare the financial statements for
the group in accordance with International Financial Reporting Standards as
adopted by the European Union ("IFRS") and have also elected to prepare
financial statements for the company in accordance with IFRS. Company law
requires the directors to prepare group and parent company financial statements
for each financial year. Under that law they are required to the prepare the
financial statements in accordance with IFRS, the Companies Act 2006 and, in
relation to the group financial statements, Article 4 of the IAS Regulation.
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 financial statements and of their
profit and loss for that period.
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 as adopted by the
European Union; 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, is fair, balanced and understandable and provides 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, the directors are also responsible
for preparing a Strategic Report, Directors' Report, Remuneration Report and
Corporate Governance Statement that comply with that law and those regulations.
The directors are responsible for the maintenance and integrity of the group
website. Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in other
jurisdictions.
Each of the directors, whose names and functions are listed on the inside rear
cover, confirm that, to the best of their knowledge:
* the group financial statements, which have been prepared in accordance with
IFRSs as adopted by the EU, give a true and fair view of the assets,
liabilities, financial position and loss of the group; and
* the Strategic and Directors' Reports include a fair review of the
development and performance of the business and the position of the group,
together with a description of the principal risks and uncertainties that
it faces.
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 company's auditor is unaware and that 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 company's
auditor is aware of that information. This confirmation is given and should be
interpreted in accordance with the provisions of s418 of the Companies Act
2006.
A resolution to reappoint Mazars LLP as auditor and to authorise the directors
to fix their remuneration will be proposed at the annual general meeting.
Danesh Varma
Company Secretary
25 July 2016
Report of the auditors
We have audited the financial statements of Anglesey Mining plc for the year
ended 31 March 2016 which comprise the Group Income Statement, the Group
Consolidated Statement of Comprehensive Income, the Group and Company Statement
of Financial Position, the Group and Company Statement of Changes in Equity,
the Group and Company Statement of Cash Flows and the related notes. The
financial reporting framework that has been applied in their preparation is
applicable law and International Financial Reporting Standards (IFRSs) as
adopted by the European Union.
Respective responsibilities of directors and auditor
As explained more fully in the Directors' Responsibilities Statement on page 9,
the directors are responsible for the preparation of the financial statements
and for being satisfied that they give a true and fair view.
Our responsibility is to audit and express an opinion on the financial
statements in accordance with applicable law and International Standards on
Auditing (ISAs) (UK and Ireland). Those standards require us to comply with the
Auditing Practices Board's Ethical Standards for Auditors.
This report is made solely to the 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 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 company and the company's members as a body for our
audit work, for this report, or for the opinions we have formed.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the
financial statements sufficient to give reasonable assurance that the financial
statements are free from material misstatement, whether caused by fraud or
error. This includes an assessment of: whether accounting policies are
appropriate to the group's and the parent company's circumstances and have been
consistently applied and adequately disclosed, the reasonableness of
significant accounting estimates made by the directors and the overall
presentation of the financial statements. In addition, we read all the
financial and non-financial information in the annual report in order to
identify material inconsistencies with the audited financial statements and to
identify any information that is apparently materially incorrect based on, or
materially inconsistent with, the knowledge acquired by us in the course of
performing the audit. If we become aware of any apparent material misstatements
or inconsistencies we consider the implications for our report.
There are 7 legal entities accounting for 100% of the group's operating loss,
100% of net assets and 100% of total assets all of which were subject to full
scope audits for the year ended 31 March 2016. The audit of all the entities
within the group was undertaken by the group audit team.
Our assessment and application of materiality
We apply the concept of materiality both in planning and performing our audit,
and in evaluating the effect of misstatements on the financial statements and
our audit. Materiality is used so we can plan and perform our audit to obtain
reasonable, rather than absolute, assurance about whether the financial
statements are free from material misstatement. The level of materiality we set
is based on our assessment of the magnitude of misstatements that, individually
or in aggregate, could reasonably be expected to have influence on the economic
decisions of the users of the financial statements.
Based on our professional judgement the level of overall materiality we set for
the group financial statements is outlined below:
Overall Group GBP363,000
materiality:
Benchmark applied: This has been calculated with reference to the group's
net assets, of which it represents approximately 3%.
Basis for chosen Net assets represents shareholders' funds and we have
benchmark: determined it to be the principal benchmark within the
financial statements relevant to shareholders, as the
group has no revenues and is still exploring and
evaluating mineral sites in which it retains an
interest.
3% has been chosen to reflect the level of
understanding of the stakeholders of the Group in
relation to the inherent uncertainties around
accounting estimates and judgements.
We agreed with the Audit Committee that we would report to it all audit
differences in excess of GBP11,000, as well as differences below that threshold
that, in our view, warranted reporting on qualitative grounds. We also report
to the Audit Committee on disclosure matters that we identified during the
course of assessing the overall presentation of the financial statements.
Our assessment of the risks of material misstatement
The assessed risks of material misstatement described below are those that had
the greatest effect on our audit strategy, the allocation of resources in the
audit and directing the efforts of the engagement team.
The risk Our response
Going concern
We evaluated the directors' assessment
The financial statements are prepared of the group's ability to continue as
on a going concern basis in accordance a going concern. In particular, we
with IAS1 'Presentation of Financial reviewed and challenged the cash flow
Statements'. Given the cash position forecasts including key assumptions to
of the group at the year end, the net assess the risk of the inability to
current liabilities of GBP91,996, the meet liabilities as they fall due. We
net cash outflows since the year end, have considered the group's reliance
and the projected net cash outflows on ongoing support from its largest
for the next 12 months there is a shareholder, Juno Limited, including
potential material uncertainty that its ability to provide adequate funds
the group does not have sufficient for its current and future activities
cash or other financial resources to and the availability of other sources
continue in operation for at least 12 of finance to the group to support the
months from the date of authorising going concern assumption.
these financial statements. In the absence of support from Juno
Limited, the Directors consider that
the going concern status of the group
would be dependent on the raising of
funds from share issues or from
accessing alternative sources of
funding. These conditions indicate the
existence of a material uncertainty
which may cast significant doubt about
the group and company's ability to
continue as a going concern.
Accordingly, as outlined below,
without modifying our opinion on the
financial statements in respect of
this matter, we have included an
emphasis of matter.
Potential impairment of capitalised
costs associated with the exploration Our audit work included, but was not
and evaluation of the Parys Mountain restricted to, a review of the
mine site directors' assessment of the criteria
for the capitalisation of exploration
The group has held rights to explore and evaluation expenditure and whether
and mine the site for a number of there are any indicators of impairment
years but has not completed to capitalised costs. The directors
exploration and evaluation activities concluded that there were indicators
and feasibility assessments to an of potential impairment, however their
extent where the site has been assessment did not indicate that an
confirmed as being commercially viable impairment of the asset was required.
and mining activities commenced. There Our work included a review of the
is a risk that accounting criteria integrity of the discounted cash flow
associated with the capitalisation of model used by the directors to make an
exploration and evaluation expenditure assessment as to whether impairment
may no longer be appropriate and that had occurred, as well as using our
capitalised costs exceed the value in professional scepticism to challenge
use. Any assessment of the value in and test the key assumptions for
use is highly judgemental and is based sensitivity to the model. These key
on the directors' assessment of a assumptions included: the expected
number of factors, including: long future revenue and costs associated
term metal commodity prices, the with the extraction and sale of the
estimated mineral deposits from mineral deposits, future metal prices,
independent experts' studies, costs currency exchange rates, demand for
associated with mineral extraction and the minerals and the discount rate
sale, discount rates and exchange rate utilised in the financial model. Our
factors. work did not indicate that impairment
to exploration and evaluation assets
was required.
Potential impairment of the investment
in the subsidiary, Parys Mountain
Mines Limited, in the company
financial statements In conjunction with our work
associated with the potential
The cost of the investment in and loan impairment of the exploration and
due from the subsidiary, Parys evaluation assets held within Parys
Mountain Mines Limited, held in the Mountain Mine Limited, we considered
balance sheet of the company, is whether there was an indication that
supported by the future cash flows the cost of the investment in and loan
associated with the recovery of the due from the subsidiary required
exploration and evaluation assets writing down in the company. As there
following the development of the Parys was no impairment of the asset held by
Mountain site held by Parys Mountain Parys Mountain Mine Limited, there is
Mines Limited. If there were no indication that the carrying value
impairment in the exploration and of the investment in and loan due from
evaluation assets, this would have a the company was not recoverable.
direct impact on the carrying value of
the investment in and loan due from
the subsidiary, which may need to be
written down in the company's
accounts.
The Audit Committee's consideration of these risks is set out on page 18.
The audit procedures relating to the above mentioned matters were designed in
the context of our audit of the financial statements as a whole. Our opinion on
the financial statements is not modified with respect to any of these risks,
and we do not express an opinion on these individual risks.
Opinion on the financial statements
In our opinion:
* the financial statements give a true and fair view of the state of the
group's and of the parent company's affairs as at 31 March 2016 and of the
group's loss for the year then ended;
* the group financial statements have been properly prepared in accordance
with IFRSs as adopted by the European Union;
* the parent company financial statements have been properly prepared in
accordance with IFRSs as adopted by the European Union and as applied in
accordance with the provisions of the Companies Act 2006; and
* the financial statements have been prepared in accordance with the
requirements of the Companies Act 2006 and, as regards the group financial
statements, Article 4 of the IAS Regulation.
Emphasis of matter - Going concern
In forming our opinion on the financial statements, which is not modified in
this regard, we have considered the adequacy of the disclosure made in note 2
to the financial statements concerning the Group's ability to continue as a
going concern. The Group incurred a net cash outflow of GBP83,330 during the year
ended 31 March 2016 and, at that date it had net current liabilities of GBP
91,996. These conditions, along with the other matters explained in note 2 to
the financial statements, indicate the existence of a material uncertainty
which may cast significant doubt about the company's ability to continue as a
going concern. The financial statements do not include the adjustments that
would result if the company was unable to continue as a going concern.
Opinion 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;
* 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; and
* the information given in the Corporate Governance Statement with respect to
internal control and risk management systems in relation to financial
reporting processes and about share capital is consistent with the
financial statements and rules 7.2.5 and 7.2.6 of the Disclosure and
Transparency Rules.
Disclosures of principal risks
Based on the knowledge we acquired during our audit, we have nothing material
to add or draw attention to in relation to:
* the risks and uncertainties on page 6, concerning the principal risks, their
management, on page 16 and 18, and, based on that, the Directors' assessment
and expectations of the Group's continuing in operation, on page 8; or
* the disclosures in note 2 of the Financial Statements concerning the use of
the going concern basis of accounting.
Matters on which we are required to report by exception
We have nothing to report in respect of the following:
Under the International Standards on Auditing (ISAs) (UK and Ireland), we are
required to report to you if, in our opinion, information in the annual report
is:
* materially inconsistent with the information in the audited financial
statements; or
* apparently materially incorrect based on, or materially inconsistent with,
our knowledge of the company acquired in the course of performing our
audit; or
* otherwise misleading.
In particular we are required to consider whether we have identified any
inconsistencies between our knowledge acquired during the audit and the
directors' statement that they consider the annual report is fair, balanced and
understandable and whether the annual report discloses those matters that we
communicated to the audit committee which we consider should have been
disclosed.
Under the Companies Act 2006, we are required to report to you, if in our
opinion:
* adequate accounting records have not been kept, 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 company.
Under the Listing Rules we are required to review:
* the directors' statement, set out on page 8, in relation to going concern;
and
* the part of the Corporate Governance Statement relating to the company's
compliance with the provisions of the UK Corporate Governance Code
specified for our review.
Robert Neate (Senior Statutory Auditor)
for and on behalf of Mazars LLP
Chartered Accountants and Statutory Auditor
Tower Bridge House, St. Katharine's Way, London, E1W 1DD
Date: 25 July 2016
Group income statement
All attributable to equity holders of the company
Notes Year ended 31 Year ended 31
March 2016 March 2015
All operations are continuing
GBP GBP
Revenue - -
Expenses (112,279) (355,071)
Impairment of investment 14 - (1,231,218)
Exchange difference on 14 - (26,766)
investment impairment
Investment income 6 335 882
Finance costs 7 (142,467) (119,863)
Foreign exchange loss (2,039) (4,574)
Loss before tax 4 (256,450) (1,736,610)
Taxation 8 - -
Loss for the period (256,450) (1,736,610)
Loss per share
Basic - pence per share 9 (0.2)p (1.1)p
Diluted - pence per share 9 (0.2)p (1.1)p
Group consolidated statement of comprehensive income
Loss for the period (256,450) (1,736,610)
Other comprehensive income
Items that may subsequently be reclassified to profit or loss:
Exchange difference on (7,294) (31,163)
translation of foreign
holding
Total comprehensive loss (263,744) (1,767,773)
for the period
Statement of financial position of the group
31 March 2016 31 March 2015
Notes
GBP GBP
Assets
Non-current assets
Mineral property exploration and 10 14,926,626 14,877,193
evaluation
Property, plant and equipment 11 204,687 204,687
Investments 14 86,660 86,660
Deposit 15 123,078 122,806
15,341,051 15,291,346
Current assets
Other receivables 16 32,759 30,977
Cash and cash equivalents 17 11,504 96,873
44,263 127,850
Total assets 15,385,314 15,419,196
Liabilities
Current liabilities
Trade and other payables 18 (136,259) (121,557)
17
(136,259) (121,557)
Net current (liabilities)/assets (91,996) 6,293
Non-current liabilities
Loans 19 (3,097,662) (2,882,502)
Long term provision 20 (50,000) (50,000)
(3,147,662) (2,932,502)
Total liabilities (3,283,921) (3,054,059)
Net assets 12,101,393 12,365,137
Equity
Share capital 21 7,116,914 7,116,914
Share premium 9,848,949 9,848,949
Currency translation reserve (38,457) (31,163)
Retained losses (4,826,013) (4,569,563)
Total shareholders' equity 12,101,393 12,365,137
The financial statements of Anglesey Mining plc were approved by the board of
directors, authorised
for issue on 25 July 2016 and signed on its behalf by:
John F. Kearney, Chairman
Danesh Varma, Finance Director
Statement of financial position of the company
31 March 31 March
2016 2015
Notes GBP GBP
Assets
Non-current assets
Investments 13 14,144,127 14,117,026
14,144,127 14,117,026
Current assets
Other receivables 16 15,433 13,945
Cash and cash equivalents 17 7,867 72,088
23,300 86,033
Total Assets 14,167,427 14,203,059
Liabilities
Current liabilities
Trade and other payables 18 (117,435) (102,660)
(117,435) (102,660)
Net current liabilities (94,135) (16,627)
Non-current liabilities
Loan 19 (2,852,201) (2,659,916)
(2,852,201) (2,659,916)
Total liabilities (2,969,636) (2,762,576)
Net assets 11,197,791 11,440,483
Equity
Share capital 21 7,116,914 7,116,914
Share premium 9,848,949 9,848,949
Retained losses (5,768,072) (5,525,380)
Shareholders' equity 11,197,791 11,440,483
The financial statements of Anglesey Mining plc registered number 1849957 were
approved by the
board of directors and authorised for issue on 25 July 2016, and signed on its
behalf by:
John F. Kearney, Chairman
Danesh Varma, Finance Director
Statements of changes in equity
All attributable to equity holders of the company.
Group Share Share Currency Retained Total
capital premium translation losses
reserve
GBP GBP GBP GBP GBP
Equity at 1 April 2014 7,116,914 9,848,949 - 14,132,910
(2,832,953)
Total comprehensive loss for
the year:
Loss for the year - - -
(1,736,610) (1,736,610)
Exchange difference on - - (31,163) - (31,163)
translation of foreign
holding
Total comprehensive loss for - - (31,163)
the year (1,736,610) (1,767,773)
Equity at 31 March 2015 7,116,914 9,848,949 (31,163) 12,365,137
(4,569,563)
Total comprehensive loss for
the year:
Loss for the year - - - (256,450) (256,450)
Exchange difference on - - (7,294) - (7,294)
translation of foreign
holding
Total comprehensive loss for - - (7,294) (256,450) (263,744)
the year
Equity at 31 March 2016 7,116,914 9,848,949 (38,457) 12,101,393
(4,826,013)
Company Share Share Retained Total
capital premium losses
GBP GBP GBP GBP
Equity at 1 April 2014 7,116,914 9,848,949 11,753,522
(5,212,341)
Total comprehensive loss for
the year:
Loss for the year - - (313,039) (313,039)
Total comprehensive loss for - - (313,039) (313,039)
the year
Equity at 31 March 2015 7,116,914 9,848,949 11,440,483
(5,525,380)
Total comprehensive loss for
the year:
Loss for the year - - (242,692) (242,692)
Total comprehensive loss for - - (242,692) (242,692)
the year
Equity at 31 March 2016 7,116,914 9,848,949 11,197,791
(5,768,072)
Statement of cash flows of the group
Notes Year ended Year ended 31
31 March March 2015
2016
GBP GBP
Operating activities
Loss for the period (256,450) (1,736,610)
Adjustments for:
Investment income 6 (335) (882)
Finance costs 7 142,467 119,863
Impairment of investment 14 - 1,231,218
Exchange difference on 14 - 26,766
investment impairment
Foreign exchange movement 2,039 4,574
Exchange difference on -
translation of foreign
holding
(112,279) (355,071)
Movements in working capital
Increase in receivables (1,782) (15,867)
Increase in payables 14,775 4,934
Net cash used in operating (99,286) (366,004)
activities
Investing activities
Investment income 63 672
Mineral property exploration and (49,506) (69,888)
evaluation
Investment - (74,940)
Net cash used in investing activities (49,443) (144,156)
Financing activities
Loans 65,399 322,510
Loan received -
Net cash generated from financing 65,399 322,510
activities
Net decrease in cash (83,330) (187,650)
and cash equivalents
Cash and cash equivalents at start 96,873 289,097
of year
Foreign exchange movement (2,039) (4,574)
Cash and cash equivalents at end 17 11,504 96,873
of year
Statement of cash flows of the company
Notes Year ended Year ended
31 March 31 March
2016 2014
GBP GBP
Operating activities
Loss for the period 23 (242,692) (313,039)
Adjustments for:
Investment income - (477)
Finance costs 127,718 116,043
(114,974) (197,473)
Movements in working capital
Increase in receivables (1,488) (152)
Increase in payables 14,775 16,653
Net cash used in operating (101,687) (180,972)
activities
Investing activities
Interest income - 477
Investments and long term loans (27,101) (139,462)
Net cash used in investing (27,101) (138,985)
activities
Financing activities
Loan from Juno Limited 64,567 125,000
Net cash generated from financing 64,567 125,000
activities
Net decrease in cash and cash (64,221) (194,957)
equivalents
Cash and cash equivalents at start 72,088 267,045
of period
Cash and cash equivalents at end 17 7,867 72,088
of period
Notes to the financial statements
1 General information
Anglesey Mining plc is domiciled and incorporated in England and Wales under
the Companies Act. 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 as shown on the rear cover.
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 Accounting
The group and company financial statements have been prepared in accordance
with International Financial Reporting Standards (IFRS) as adopted by the
European Union and therefore the group financial statements comply with Article
4 of the EU IAS Regulation.
The financial statements have been prepared on the historical cost basis except
for the fair valuation of certain financial assets. The principal accounting
policies adopted are set out below.
Going concern
The financial statements are prepared on a going concern basis. The validity of
the going concern basis is dependent on finance being available for the
continuing working capital requirements of the group 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 relies on equity financing and support
from its shareholders to fund its working capital requirements. The group will
need to generate additional financial resources in order to meet its planned
business objectives and continue as a going concern. Additional financing will
be required 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. The directors have a reasonable
expectation that the required financing will be raised and are actively
pursuing various financing options with certain shareholders and financial
institutions regarding proposals for financing. 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.
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.
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 disposition 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 employee benefits
The group provides equity-settled benefits to certain employees. Equity-settled
employee benefits are measured at fair value at the date of grant. The fair
value determined at the grant date 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.
Fair value is measured by use of a Black-Scholes model.
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. Deferred tax 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. The carrying value is reviewed annually to consider whether it
exceeds the recoverable value in which case any impairment in value would be
charged immediately to the income statement.
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.
Intangible assets - mineral property exploration and evaluation costs
Intangible assets are stated in the statement of financial position at cost,
less accumulated amortisation and provisions for impairment.
Costs incurred prior to obtaining the legal rights to explore a mineral
property are expensed immediately to the income statement. Mineral property
exploration and evaluation costs are capitalised until the results of the
projects, which are usually based on geographical areas, are known; these
include an allocation of administrative and management costs as determined
appropriate to the project by management.
Where a project is successful, the related exploration costs are amortised over
the life of the estimated mineral reserve on a unit of production basis. Where
a project is terminated, the related exploration costs are expensed
immediately. Where no internally-generated intangible asset can be recognised,
development expenditure is recognised as an expense in the period in which it
is incurred.
Impairment of tangible and intangible assets
The values of mineral properties are reviewed annually for indications of
impairment and when these are present a review to determine whether there has
been any impairment is carried out. They are written down when any impairment
in their value has occurred and are written off when abandoned. Where a
provision is made or reversed it is dealt with in the income statement in the
period in which it arises.
Investments
Investments in subsidiaries are shown at 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 cost unless there is a
practical method of determining a reliable fair value, in which case that fair
value is used.
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
Financial assets and liabilities are initially recognised and subsequently
measured based on their classification as "loans and receivables", "available
for sale financial assets" or "other financial liabilities".
Loans and receivables are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market. They are
included in current assets, except where they mature more than 12 months after
the period end date: these are classified as non-current assets.
(a) Trade and other receivables. Trade and other receivables are measured at
initial recognition at fair value and are subsequently measured at amortised
cost using the effective interest rate method. Appropriate allowances for
estimated irrecoverable amounts are recognised in the income statement when
there is objective evidence that the asset is impaired.
(b) Cash and cash equivalents. The group considers all highly liquid
investments which are readily convertible into known amounts of cash and have a
maturity of three months or less when acquired to be cash equivalents. The
management believes that the carrying amount of cash equivalents approximates
fair value because of the short maturity of these financial instruments.
(c) Available for sale financial assets. Unlisted shares held by the group
that are classified as being AFS are stated at cost on the basis that the
shares are not quoted and a reliable fair value is not able to be estimated.
Dividends on AFS equity instruments are recognised in profit or loss when the
group's right to receive the dividends is established.
The fair value of AFS monetary assets denominated in a foreign currency is
determined in that foreign currency and translated at the spot rate at the
balance sheet date. The foreign exchange gains and losses that are recognised
in profit or loss are determined based on amortised cost of the monetary asset.
Other foreign exchange gains and losses are recognised in other comprehensive
income.
(d) Trade and other payables. Trade payables are not interest bearing and are
initially recognised at fair value and subsequently measured at amortised cost
using the effective interest rate method.
(e) Deposits. Deposits are recognised at fair value on initial recognition and
are subsequently measured at amortised cost using the effective interest rate
method.
(f) Loans. Loans are recognised at fair value on initial recognition and are
subsequently measured at amortised cost using the effective interest rate
method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received,
net of direct issue costs.
Leases
Leases are classified as finance leases whenever the terms of the lease
transfer substantially all the risks and rewards of ownership to the lessee.
All other leases are classified as operating leases.
Mining lease payments are recognised as an operating expense in the income
statement on a straight line basis over the lease term unless they relate to
mineral property exploration and evaluation in which case they are
capitalised. There are no finance leases or other operating leases.
New accounting standards
There are no new accounting standards and interpretations that the group and
company has adopted in the year.
The group and company have adopted the amendments to the following accounting
standards interpretation:
Annual Improvements 2010 - 2012 cycle amendments to IFRS2, IFRS3, IFRS8 IAS 16,
IAS24 and IAS38.
Annual Improvements 2011 - 2013 cycle amendments to IFRS3, IFRS13 and IAS40.
There has been no impact of adopting the amendments.
The group and the company have not applied the following IFRS, IAS and IFRICs
that are applicable and have been issued but are not yet effective:
* IAS 1 Presentation of Financial Information: Amendment relates to the
disclosure initiative; Effective - Annual periods beginning on or after 1
January 2016
* IAS16 Property, plant and equipment and IAS 38 Intangible Assets:
Amendments regarding the clarification of acceptable methods of
depreciation and amortisation; Amended May 2014; Effective for Annual
periods beginning on or after 1 January 2016
* IAS 27 Separate Financial Statements (as amended in 2011): Original issue;
Issued - May 2011; Effective - Annual periods beginning on or after 1
January 2016
* IFRS 11 Joint Arrangements: Amendment relating to the accounting for
acquisition of interests in joint operations; Effective - Annual periods
beginning on or after 1 January 2016
* IAS 12: Income taxes: Amendment relating to recognition of deferred tax
assets on unrealised losses; Effective - Annual periods beginning on or
after 1 January 2017
* IAS 7: Statement of cash flows: Amendment relating to the disclosure
initiative; Effective - Annual periods beginning on or after 1 January 2017
* IFRS 15 Revenue from contracts with customers: Original issue; Issued - May
2014; Effective - Annual periods beginning on or after 1 January 2018
* IFRS 9 Financial Instruments; Original issue; Issued - November 2009;
Effective - Annual periods beginning on or after 1 January 2018
* IFRS 16 Leases: Original issue, Issued - January 2016; effective - Annual
periods beginning on or after 1 January 2019
The directors expect that the adoption of the above pronouncements (with the
possible exceptions of IFRS9, IFRS15 and IFRS16) will have no material impact
to the financial statements in the period of initial application other than
disclosure. IFRS 9 is still ongoing and yet to be adopted by the EU. The
directors have not yet assessed the full impact of IFRS15 and IFRS16 on these
financial statements.
The directors do not consider the adoption of the amendments resulting from the
Annual Improvements 2012 - 2014 cycle will result in a material impact on the
financial information of the group and company. These amendments to IFRS 5,
IFRS 7, IAS 19 and IAS 34 are effective for accounting periods beginning on or
after 1 January 2016.
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
group's accounting policies:
(a) In determining the treatment of exploration, evaluation and development
expenditures the directors are required to make estimates and assumptions as to
future events and circumstances. There are uncertainties inherent in making
such assumptions, especially with regard to: ore resources and the life of a
mine; recovery rates; production costs; commodity prices and exchange rates.
Assumptions that are valid at the time of estimation may change significantly
as new information becomes available and changes in these assumptions may alter
the economic status of a mining unit and result in resources or reserves being
restated. Operation of a mine and the receipt of cashflows from it are
dependent on finance being available to fund the development of the property.
(b) In connection with possible impairment of assets the directors assess each
potentially cash generating unit annually to determine whether any indication
of impairment exists. The judgements made when doing so are similar to those
set out above and are subject to the same uncertainties.
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 on 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 Grangesberg properties and has an investment in the Labrador iron project
in eastern Canada. In the opinion of the directors, the group's activities
comprise one class of business which is mine exploration, evaluation and
development. The group reports geographical segments; these are the basis on
which information is reported to the board. As yet there have been no site
expenses incurred in respect of the group's interest in Grangesberg.
Income statement
analysis
2016 2015
UK Sweden Canada UK Sweden Canada Total
Total
GBP GBP
GBP GBP GBP GBP GBP GBP
Expenses (3,673) - - (355,071)
(108,606) (112,279) (187,815) (167,256)
Impairment of - - - - - -
investment (1,231,218) (1,231,218)
Exchange - - - - - - (26,766) (26,766)
difference
on above
Investment 335 - - 335 882 - - 882
income
Finance costs - - - - (119,863)
(142,467) (142,467) (119,863)
Exchange rate (1,976) (63) - (2,039) (4,574) - - (4,574)
loss
Loss for the (3,736) -
year (252,714) (256,450) (311,370) (167,256) (1,257,984) (1,736,610)
Assets and
liabilities
31 March 2016 31 March 2015
UK Sweden Canada UK Sweden Canada Total
Total
GBP GBP GBP GBP
GBP GBP GBP GBP
Non-current 15,254,391 86,659 1 15,341,051 15,204,686 86,659 1 15,291,346
assets
Current assets 43,069 1,194 - 44,263 123,364 4,486 - 127,850
Liabilities - -
(3,038,460) (245,461) (3,283,921) (2,831,473) (222,586) (3,054,059)
Net assets/ 12,259,000 1 12,101,393 12,496,577 1 12,365,137
liabilities (157,608) (131,441)
4 Operating result
The loss before taxation for the year has been
arrived at after charging:
2016 2015
GBP GBP
Fees payable to the group's auditor:
for the audit of the annual 22,000 22,000
accounts
for the audit of subsidiaries' 3,000 3,000
accounts
for other services - taxation 2,000 2,500
compliance
for other services 800 800
Directors' remuneration - 24,750
Foreign exchange loss 2,039 4,574
5 Staff costs
The average monthly number of persons employed (including
executive directors) was:
2016 2015
Administrative 3 3
3 3
Their aggregate remuneration was: GBP GBP
Wages and salaries 9,205 33,985
Social security costs 990 2,118
Other pension costs - -
10,195 36,103
Details of directors' remuneration and share options are given in the
directors' remuneration report.
6 Investment income
2016 2015
Loans and receivables
GBP GBP
Interest on bank deposits 63 672
Interest on site 15 272 210
re-instatement deposit
335 882
7 Finance costs
2016 2015
Loans and payables
GBP GBP
Loan interest to Juno Limited 19 127,718 116,043
Loan interest to Eurmag AB 19 14,749 3,820
142,467 119,863
For both loans the interest shown is accrued and not required to be paid in
cash.
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 2016 of GBP1.2 million (2015 - GBP1.3 million)
which, in view of the group's 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 GBP12.5 million unclaimed
and available at 31 March 2016 (2015 - GBP12.4 million). No deferred tax asset is
recognised in respect of these allowances.
2016 2015
GBP GBP
Current tax - -
Deferred tax - -
Total tax - -
Domestic income tax is calculated at 20% of the estimated
assessed profit for the year.
In 2015 the rate used was 21% and the change this year is due
to a change in Corporation Tax
rates. 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 (256,450) (1,736,610)
Tax at the domestic income tax (51,290) (364,688)
rate of 20%
(2015 - 21%)
Tax effect of:
Expenses that are not deductible - -
in determining taxable
result:
Losses on interest - 364,688
in investments
Unrecognised deferred tax on 51,290 -
losses
Total tax - -
9 Earnings per ordinary share
2016 2015
GBP GBP
Earnings
Loss for the year (256,450) (1,736,610)
Number of shares
Weighted average number of 160,608,051 160,608,051
ordinary shares for the purposes
of basic earnings per share
Shares deemed to be issued for no
consideration in respect of
employee options
Weighted average number of 160,608,051 160,608,051
ordinary shares
for the purposes of diluted
earnings per share
Basic earnings per share (0.2)p (1.1)p
Diluted earnings per share (0.2)p (1.1)p
As the group has a loss for the year ended 31 March 2016 the effect of the
outstanding share options is anti-dilutive and diluted earnings are reported to
be the same as basic earnings.
10 Mineral property exploration and evaluation costs - group
Parys
Mountain
Cost GBP
At 1 April 2014 14,802,048
Additions - site 59,049
Additions - rentals & 16,096
charges
At 31 March 2015 14,877,193
Additions - site 27,045
Additions - rentals & 22,388
charges
At 31 March 2016 14,926,626
Carrying amount
Net book value 2016 14,926,626
Net book value 2015 14,877,193
Included in the additions are mining lease expenses of GBP16,200 (2015 - GBP
16,096).
Potential impairment of mineral property
Accumulated exploration and evaluation expenditure in respect of the Parys
project is carried in the financial statements at cost, less an impairment
provision where there are grounds to believe that the discounted present value
of the future cash flows from the project is less than the carrying value or
there are other reasons to indicate that the carrying value is unsuitable.
This year the directors carried out an impairment review with an effective date
of 26 March 2016. This review was based on an estimate of discounted future
cash flows from the development and operation of the Parys Mountain project
over the initial projected mine life of 16 years and assumed that there would
be a two year delay before any activities commence. The directors have used
past experience and an assessment of future conditions, together with external
sources of information, to determine the assumptions which were adopted in the
preparation of a financial model used to estimate the cashflows.
The key assumptions utilised were:
* Capital costs were estimated at current costs when the expenditure is
planned to be incurred; neither revenues nor operating costs take into
account any inflation.
* Metal prices (long-term estimates): zinc 1.25 US$/lb; copper 2.50 US$/lb;
lead 1.00 US$/lb; silver US$17.50 per ounce and gold US$1275 per ounce.
Exchange rate US$1.40/GBP1.00.
* The discount rate of 10% applied to future cashflows is one which reflects
the directors' current market assessment of the time value of money and any
risk factors which have not been adjusted already in the preparation of the
forecast.
The directors estimated the sensitivity of the assumptions used in the cashflow
model which would significantly affect the discounted net present value of the
projected Parys cashflows. The figures which follow are the variation expressed
in percent of each specific assumption which would, on its own, reduce the
calculated net present value to the carrying value of the intangible asset in
the accounts: copper price -20%, zinc price -6%, lead price -13%, capital
expenditure +8%, operating costs +11% and the discount rate +9%.
The directors re-evaluated the impairment review following the EU Referendum
result and decided there was no requirement for any change in their original
assessment or calculations. Any depreciation in the value of sterling in
relation to the US dollar would have a positive effect on the project
cashflows.
Based on the above parameters the directors believe that no impairment
provision is necessary or appropriate. However estimates of the net present
value of any project, and particularly one like Parys Mountain, are always
subject to many factors and wide margins of error. The directors believe that
the estimates and calculations supporting their conclusions have been carefully
considered and are a fair representation of the projected financial performance
of the project.
Based on the review set out above the directors have determined that no
impairment provision is required in the financial statements in respect of the
carrying value of the Parys property.
11 Property, plant and equipment
Group Freehold Plant & Office Total
land and equipment equipment
property
Cost GBP GBP GBP GBP
At 1 April 2014 204,687 17,434 5,487 227,608
At 31 March 2015 and 204,687 17,434 5,487 227,608
2016
Depreciation
At 1 April 2014 - 17,434 5,487 22,921
At 31 March 2015 and - 17,434 5,487 22,921
2016
Carrying amount
At 31 March 2015 and 204,687 - - 204,687
2016
Company Freehold Plant & Office Total
land and equipment equipment
property
Cost GBP GBP GBP GBP
At 1 April 2014 - 17,434 5,487 22,921
At 31 March 2015 and - 17,434 5,487 22,921
2016
Depreciation
At 1 April 2014 - 17,434 5,487 22,921
At 31 March 2015 and - 17,434 5,487 22,921
2016
Carrying amount
At 31 March 2015 and - - - -
2016
12 Subsidiaries - company
The subsidiaries of the company at 31 March 2016 and 2015 were as follows:
Name of company Country of Percentage Principal activity
incorporation owned
Labrador Iron plc Isle of Man 100% Holder of the
company's investment
in Labrador Iron
Mines Holdings
Limited
Anglo Canadian Exploration England & 100% Dormant
(Ace) Limited Wales
Parys Mountain Mines Limited England & 100% Development of the
Wales Parys Mountain
mining property
Parys Mountain Land Limited England & 100% Holder of part of
Wales the Parys Mountain
property
Parys Mountain Heritage England & 100% Holder of part of
Limited Wales the Parys Mountain
property
Angmag AB Sweden 100% Holder of the
company's investment
in GIAB
13 Investments - company
Shares at Capital Total
cost contributions
GBP GBP GBP
At 1 April 2014 100,103 13,977,564
13,877,461
Advanced 3,922 135,540 139,462
At 31 March 2015 104,025 14,013,001 14,117,026
Advanced - 27,101 27,101
Repaid - - -
At 31 March 2016 104,025 14,040,102 14,144,127
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
GBP GBP GBP
At 31 March 2014 1,257,985 - 1,257,985
Addition during period - 86,659 86,659
Impairment resulting (1,231,218) - (1,231,218)
from adjustment to nominal value
Exchange difference arising on (26,766) - (26,766)
adjustment above
At 31 March 2015 1 86,659 86,660
Addition during period - - -
At 31 March 2016 1 86,659 86,660
LIM
The group's investment in LIM is now classified as 'unquoted'. Based on the
difficulty of determining a fair market value the directors decided in 2015 to
write down the value of the LIM shares to a nominal value of GBP1 and to
reclassify it as Level 3 rather than Level 1 under the IFRS fair value
hierarchy. This treatment has been continued this year.
Grangesberg
The group has, through its Swedish subsidiary Angmag AB, a 6% ownership
interest in GIAB, a Swedish company which holds rights over the Grangesberg
iron ore deposits. This investment has been initially recognised and
subsequently measured at cost, on the basis that the shares are not quoted and
a reliable fair value is not able to be estimated. The group has a right of
first refusal (expiring on 30 June 2018) over a further 51% of the equity of
GIAB together with management direction of the activities of GIAB, subject to
certain restrictions. The group has significant influence over certain relevant
activities of GIAB however equity accounting has not been applied in respect of
this influence as the directors consider this would not have any material
affect.
15 Deposit
Group
2016 2015
GBP GBP
Site re-instatement deposit
123,078 122,806
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 Other receivables
Group Company
2016 2015 2016 2015
GBP GBP GBP GBP
Other
32,759 30,977 15,433 13,945
The carrying value of the receivables approximates to their fair value.
17 Cash and cash equivalents
Group Company
2016 2015 2016 2015
GBP GBP GBP GBP
Held in sterling 7,867 72,088
9,120 72,571
Held in Canadian dollars
1,190 19,816 - -
Held in US dollars
408 2,167 - -
Held in Swedish Krona
786 2,319 - -
7,867 72,088
11,504 96,873
The carrying value of the cash approximates to its fair value.
18 Trade and other payables
Group Company
2016 2015 2016 2015
GBP GBP GBP GBP
Trade payables (64,142)
(77,465) (71,538) (58,142)
Taxes
- (1,848) - (1,848)
Other accruals (53,293)
(58,794) (48,171) (42,670)
(136,259) (117,435)
(121,557) (102,660)
The carrying value of the trade and other payables approximates to their fair
value.
19 Loans
Group Company
2016 2015 2016 2015
GBP GBP GBP GBP
Loan from Juno Limited (2,852,201) (2,659,916)
(2,852,201) (2,659,916)
Loan from Eurmag AB
(245,461) (222,586) - -
(2,852,201) (2,659,916)
(3,097,662) (2,882,502)
Juno: Apart from advances amounting to GBP64,567 there has been no change in the
loan principal during the year. The loan is provided under a working capital
agreement, denominated in sterling, unsecured and carries interest at 10% per
annum on the principal only. It is repayable from any future financing
undertaken by the company, or on demand following a notice period of 367 days.
The terms of the facility were approved by an independent committee of the
board. The carrying value of the loan approximates to its fair value.
Eurmag: The loan arose in connection with the acquisition of the investment in
Grangesberg. It is the subject of a letter agreement, denominated in Swedish
Krona, is unsecured and carries interest at 6.5% per annum on the principal
only. It is repayable from any future financing undertaken by the company, or
on demand following a notice period of 367 days. The terms of the facility were
approved by an independent committee of the board. The carrying value of the
loan approximates to its fair value.
20 Long term provision
Group
2016 2015
GBP GBP
Provision for site (50,000) (50,000)
reinstatement
The provision for site reinstatement covers 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. 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. 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.
21 Share capital
Ordinary shares Deferred shares Total
of 1p of 4p
Issued and Nominal Number Nominal Number Nominal
fully paid value GBP value GBP value GBP
-
At 31 March 2014, 1,606,081 160,608,051 5,510,833 137,770,835 7,116,914
2015 and 2016
The deferred shares are non-voting, have no entitlement to dividends and have
negligible rights to return of capital on a winding up.
22 Equity-settled employee benefits
2004 Unapproved share option plan
This group plan provides 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. All options granted to date have carried a performance
criterion, namely that the company's share price performance from the date of
grant must exceed that of the companies in the top quartile of the FTSE 100
index. The vesting period for any options granted since 2004 has been one year.
If the options remain unexercised after a period of 10 years from the date of
grant, they expire. Options are forfeited if the employee leaves employment
with the group before the options vest.
2016 2015
Options Weighted Options Weighted
average average
exercise exercise
price in price in
pence pence
Outstanding at beginning 6,050,000 17.06 11,550,000 10.90
of period
Granted during the - - - -
period
Forfeited during the - - - -
period
Exercised during the - - - -
period
Expired during the 1,550,000 4.13 5,500,000 4.13
period
Outstanding at the end 4,500,000 19.27 6,050,000 17.06
of the period
Exercisable at the end 4,500,000 19.27 6,050,000 17.06
of the period
The plan has now closed and no options were granted or forfeited in the year.
Options over 1,550,000 shares expired during the year. The options outstanding
at 12H31 March 2016 had a weighted average exercise price of 19.27 pence (2015
- 17.06 pence), and a weighted average remaining contractual life of 2 years
(2015 - 2 years). As all options had vested by 31 March 2010, the group
recognised no expenses in respect of equity-settled employee remuneration in
respect of the years ended 31 March 2015 and 2016.
2014 Unapproved share option plan
This group plan, approved on 30 September 2014, has very similar terms and
conditions to the 2004 plan. No option grants have yet been made under this
plan.
A summary of options granted and outstanding, all of which are over ordinary
shares of 1 pence, is as follows:
Scheme Number Nominal Exercise Exercisable Exercisable
value GBP price from until
2004 Unapproved 3,800,000 38,000 21.90p 26 November 26 November
2008 2017
2004 Unapproved 700,000 7,000 5.00p 27 March 2010 27 March 2019
Total 4,500,000 45,000
23 Results attributable to Anglesey Mining plc
The loss after taxation in the parent company amounted to GBP242,692 (2015 loss GBP
313,039). 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.
24 Financial instruments
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 of the group consists of debt, which includes the borrowings
disclosed in note 19, 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
group's policy that no trading in financial instruments be undertaken. The main
risks arising from the group's financial instruments are currency risk and
interest rate risk. The board reviews and agrees policies for managing each of
these risks and these are summarised below.
Interest rate risk
The amounts advanced under the Juno loans are at a fixed rate of interest of
10% per annum and as a result 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.
Trade creditors are payable on normal credit terms which are usually 30 days.
The loans due to Juno and Angmag carry a notice period of 367 days. Juno, in
keeping with its practice since drawdown commenced more than 10 years ago, has
indicated that it has no current intention of demanding repayment. No such
notice had been received by 13 July 2016 in respect of either of the loans and
they are classified as having a maturity date between one and two years from
the period end.
Currency risk
The presentational currency of the group and company is pounds sterling. The
loan from Juno Limited is denominated in pounds sterling. As a result, the
group has no currency exposure in respect of this loan. Currency risk in
respect of the investment in LIM is no longer significant.
In respect of the investment in Grangesberg in Sweden if the rate of exchange
between the Swedish Krona and sterling were to weaken against sterling by 10%
there would be a loss to the group of GBP8,768 (2015 - GBP8,300) and if it were to
move in favour of sterling by a similar amount there would be a gain of GBP10,716
(2015 - GBP10,100). Regarding liabilities denominated in Krona if the rate of
exchange between the Swedish Krona and sterling were to weaken against sterling
by 10% there would be a gain to the group of GBP22,315 (2015 - GBP20,600) and if it
were to move in favour of sterling by a similar amount there would be a loss of
GBP27,273 (2015 - GBP25,200).
In respect of the group's Canadian dollar holding, if the rate of exchange
between the Canadian dollar and sterling were to weaken against sterling by 10%
there would be a loss to the group of GBP108 (2015 - GBP1,800) and if it were to
move in favour of sterling by a similar amount there would be a gain of GBP132
(2015 - GBP2,200).
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 Available for sale Loans &
assets receivables
31 March 31 March 31 March 31 March
2016 2015 2016 2015
GBP GBP GBP GBP
Financial assets
Investments 1 1 - -
Deposit - - 123,078 122,806
Other debtors - - 32,759 30,977
Cash and cash - - 11,504 96,873
equivalents
- -
1 1 167,341 250,656
31 March 31 March
2016 2015
GBP GBP
Financial
liabilities
Trade payables (77,465) (71,538)
Other payables (58,794) (50,019)
Loans
(3,097,662) (2,882,502)
(3,233,921) (3,004,059)
Company
Loans & Financial liabilities
receivables
31 March 31 March 31 March 31 March
2016 2015 2016 2015
GBP GBP GBP GBP
Financial assets
Other debtors 15,433 13,945 - -
Cash and cash 7,867 72,088 - -
equivalents
Financial
liabilities
Trade & other - - (117,435) (102,660)
payables
Loan - -
(2,852,201) (2,659,916)
23,300 86,033
(2,969,636) (2,762,576)
25 Related party transactions
Transactions between Anglesey Mining plc and its subsidiaries are summarised in
note 13.
Juno Limited
Juno Limited (Juno) which is registered in Bermuda holds 36.1% of the company's
issued ordinary share capital. The group has the following agreements with
Juno: (a) a controlling shareholder agreement dated September 1996 and (b) a
consolidated working capital agreement of 12 June 2002. Interest payable to
Juno is shown in note 7 and the balance due to Juno is shown in note 19. Except
as set out in note 19, there were no transactions between the group and Juno or
its group during the year. Danesh Varma is a director and, through his family
interests, a significant shareholder of Juno.
Grangesberg
Bill Hooley and Danesh Varma are directors of Grangesberg Iron AB and of the
special purpose vehicle Eurmag AB; Danesh Varma has been associated with the
Grangesberg project since 2007 when he became a director of Mikula Mining
Limited, a company subsequently renamed Eurang Limited, previously involved
in the Grangesberg project. He did not take part in the decision to enter into
the Grangesberg project when this was approved by the board. The group has a
liability to Eurmag AB a subsidiary of Eurang amounting to GBP245,461 at the year
end (2015 - GBP226,857) - see note 19.
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.
26 Mineral holdings
Parys
(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 lease from Lord Anglesey dated December 2006, the subsidiary Parys
Mountain Land Limited holds the eastern part of Parys Mountain, formerly known
as the Mona Mine. An annual certain rent of GBP10,700 is payable for the year
beginning 23 March 2015; the base part of this rent increases to GBP20,000 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) Under a mining lease from the Crown dated December 1991 there is an annual
lease payment of GBP5,000. A royalty of 4% of gross sales of gold and silver from
the lease area is also payable. The lease may be terminated at 12 months'
notice and otherwise expires in 2020.
Lease payments
All the group's leases may be terminated 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
2016 - GBP16,521; between 1 April 2017 and 31 March 2022 - GBP87,767. Thereafter
the payments will continue at proportionate annual rates, in some cases with
increases for inflation, so long as the leases are retained or extended.
27 Material non cash transactions
There were no material non-cash transactions in the year.
28 Commitments
Other than commitments under leases (note 26) there is no capital expenditure
authorised or contracted which is not provided for in these accounts (2015 -
nil).
29 Contingent liabilities
There are no contingent liabilities (2015 - nil).
30 Events after the period end
There are no events after the period end to report.
Notice of AGM
Notice is given that the 2016 annual general meeting of Anglesey Mining plc
will be held at the offices of the company's lawyers, DLA Piper UK LLP, 1
London Wall, London, EC2Y 5EZ on 28 September 2016 at 11.00 a.m. to consider
and, if thought fit, to pass the following resolutions. Resolutions 1 to 12
will be proposed as ordinary resolutions and resolution 13 will be proposed as
a special resolution:
As ordinary business
1. To receive the annual accounts and directors' and auditor's reports for the
year ended 31 March 2016
2. To approve the directors' remuneration policy report for the year ended 31
March 2016
3. To approve the directors' remuneration report for the year ended 31 March
2016
4. To reappoint John F. Kearney as a director
5. To reappoint Bill Hooley as a director
6. To reappoint David Lean as a director
7. To reappoint Howard Miller as a director
8. To reappoint Roger Turner as a director
9. To reappoint Danesh Varma as a director
10. To reappoint Mazars LLP as auditor
11. To authorise the directors to determine the remuneration of the auditor
As special business
12. That, pursuant to section 551 of the Companies Act 2006 ("Act"), the
directors be and are generally and unconditionally authorised to exercise all
powers of the Company to allot shares in the Company or to grant rights to
subscribe for or to convert any security into shares in the Company up to an
aggregate nominal amount of GBP540,000, provided that (unless previously revoked,
varied or renewed) this authority shall expire on 31 December 2017, save that
the Company may make an offer or agreement before this authority expires which
would or might require shares to be allotted or rights to subscribe for or to
convert any security into shares to be granted after this authority expires and
the directors may allot shares or grant such rights pursuant to any such offer
or agreement as if this authority had not expired.
This authority is in substitution for all existing authorities under section
551 of the Act (which, to the extent unused at the date of this resolution, are
revoked with immediate effect).
13. That pursuant to section 570 of the Act, the directors be and are generally
empowered to allot equity securities (within the meaning of section 560 of the
Act) for cash pursuant to the authority granted under section 551 of the Act
pursuant to resolution 12 above as if section 561(1) of the Act did not apply
to any such allotment, provided that this power shall be limited to the
allotment of equity securities:
(a) in connection with an offer of equity securities (whether by way of a
rights issue, open offer or otherwise) (i) to holders of ordinary shares in the
capital of the company in proportion (as nearly as practicable) to the
respective numbers of ordinary shares held by them; and (ii) to holders of
other equity securities in the capital of the company, as required by the
rights of those securities or, subject to such rights, as the directors
otherwise consider necessary but subject to such exclusions or other
arrangements as the directors may deem necessary or expedient in relation to
treasury shares, fractional entitlements, record dates or any legal or
practical problems under the laws of any territory or the requirements of any
regulatory body or stock exchange; and
(b) otherwise than pursuant to paragraph 14(a) above, up to an aggregate
nominal amount of GBP401,500
and (unless previously revoked, varied or renewed) this power shall expire on
31 December 2017, save that the Company may make an offer or agreement before
this power expires which would or might require equity securities to be
allotted for cash after this power expires and the directors may allot equity
securities for cash pursuant to any such offer or agreement as if this power
had not expired. This power is in substitution for all existing powers under
section 570 of the Act which, to the extent effective at the date of this
resolution, are revoked with immediate effect.
By order of the board
Danesh Varma
Company secretary
25 July 2016
Notes to the notice of AGM
Entitlement to attend and vote
1. The right to vote at the meeting is determined by reference to the
register of members. Only those shareholders registered in the register of
members of the Company as at the close of business on 26 September 2016 (or,
if the meeting is adjourned, 48 hours (excluding any part of a day that is not
a working day) before the date and time of the adjourned meeting) shall be
entitled to attend and vote at the meeting in respect of the number of shares
registered in their name at that time. Changes to entries in the register of
members after that time shall be disregarded in determining the rights of any
person to attend or vote (and the number of votes they may cast) at the
meeting.
Proxies
2. A shareholder is entitled to appoint another person as his or her
proxy to exercise all or any of his or her rights to attend and to speak and
vote at the meeting. A proxy need not be a member of the Company. A shareholder
may appoint more than one proxy in relation to the meeting, provided that each
proxy is appointed to exercise the rights attached to a different share or
shares held by that shareholder. Failure to specify the number of shares each
proxy appointment relates to or specifying a number which when taken together
with the numbers of shares set out in the other proxy appointments is in excess
of the number of shares held by the shareholder may result in the proxy
appointment being invalid. A proxy may be appointed only in accordance with the
procedures set out in note 3 and the notes to the proxy form. The appointment
of a proxy will not preclude a shareholder from attending and voting in person
at the meeting.
3. A form of proxy is enclosed. When appointing more than one proxy,
complete a separate proxy form in relation to each appointment. Additional
proxy forms may be obtained by contacting the Company's registrar Capita Asset
Services, Proxies, The Registry, 34 Beckenham Road, Kent BR3 4TU or the proxy
form may be photocopied. State clearly on each proxy form the number of shares
in relation to which the proxy is appointed. To be valid, a proxy form must be
received by post or (during normal business hours only) by hand at the offices
of the Company's registrar, Capita Asset Services, Proxies, The Registry, 34
Beckenham Road, Kent BR3 4TU, no later than 11.00 a.m. on 26 September 2016
(or, if the meeting is adjourned, no later than 48 hours (excluding any part of
a day that is not a working day) before the time of any adjourned meeting).
Corporate representatives
4. A shareholder which is a corporation may authorise one or more persons
to act as its representative(s) at the meeting. Each such representative may
exercise (on behalf of the corporation) the same powers as the corporation
could exercise if it were an individual shareholder, provided that (where there
is more than one representative and the vote is otherwise than on a show of
hands) they do not do so in relation to the same shares.
Total voting rights
5. As at 13 July 2016 (being the last practicable date before the
publication of this notice), the issued share capital consists of 160,608,051
ordinary shares of GBP0.01 each, carrying one vote each and 21,529,451 Deferred A
Shares and 116,241,384 Deferred B Shares which do not carry any rights to vote.
Therefore, the total voting rights as at 13 July 2016 are 160,608,051.
Nominated Persons
6. Where a copy of this notice is being received by a person who has been
nominated to enjoy information rights under section 146 of the Companies Act
2006 ("Act") ("Nominated Person"):
(a) the Nominated Person may have a right under an agreement between him/her
and the shareholder by whom he/she was nominated, to be appointed, or to have
someone else appointed, as a proxy for the meeting; or
(b) if the Nominated Person has no such right or does not wish to exercise such
right, he/she may have a right under such an agreement to give instructions to
the shareholder as to the exercise of voting rights. The statement of the
rights of shareholders in relation to the appointment of proxies in note 2 does
not apply to a Nominated Person. The rights described in such notes can only be
exercised by shareholders of the Company.
Shareholders' right to require circulation of resolutions to be proposed at the
meeting
7. A shareholder or shareholders meeting the qualification criteria set
out in note 10 below may require the Company to give shareholders notice of a
resolution which may properly be proposed and is intended to be proposed at the
meeting in accordance with section 338 of the Act. A resolution may properly be
proposed unless (i) it would, if passed, be ineffective (whether by reason of
inconsistency with any enactment or the Company's constitution or otherwise),
(ii) it is defamatory of any person, or (iii) it is frivolous or vexatious. The
business which may be dealt with at the meeting includes a resolution
circulated pursuant to this right. Any such request must (i) identify the
resolution of which notice is to be given, by either setting out the resolution
in full or, if supporting a resolution requested by another shareholder,
clearly identifying the resolution which is being supported (ii) comply with
the requirements set out in note 11 below, and (iii) be received by the Company
no later than six weeks before the meeting.
Shareholders' right to have a matter of business dealt with at the meeting
8. A shareholder or shareholders meeting the qualification criteria set
out in note 10 below may require the Company to include in the business to be
dealt with at the meeting any matter (other than a proposed resolution) which
may properly be included in the business in accordance with section 338A of the
Act. A matter may properly be included unless (i) it is defamatory of any
person, or (ii) it is frivolous or vexatious. Any such request must (i)
identify the matter to be included in the business, by either setting out the
matter in full or, if supporting a matter requested by another shareholder,
clearly identifying the matter which is being supported (ii) set out the
grounds for the request (iii) comply with the requirements set out in note 11
below and (iv) be received by the Company no later than six weeks before the
meeting.
Website publication of audit concerns
9. A shareholder or shareholders who meet the qualification criteria set
out in note 10 below may require the Company to publish on its website a
statement setting out any matter that such shareholders propose to raise at the
meeting relating to either the audit of the Company's accounts (including the
auditors' report and the conduct of the audit) that are to be laid before the
meeting or any circumstances connected with an auditor of the Company ceasing
to hold office since the last annual general meeting of the Company in
accordance with section 527 of the Act. Any such request must (i) identify the
statement to which it relates, by either setting out the
statement in full or, if supporting a statement requested by another
shareholder, clearly identify the statement which is being supported (ii)
comply with the requirements set out in note 11 below and (iii) be received by
the Company at least one week before the meeting. Where the Company is required
to publish such a statement on its website (i) it may not require the
shareholders making the request to pay any expenses incurred by the Company in
complying with the request (ii) it must forward the statement to the Company's
auditors no later than the time when it makes the statement available on the
website and (iii) the statement may be dealt with as part of the business of
the meeting.
Notes 7, 8 and 9 above: qualification criteria and methods of making requests
10. In order to require the Company (i) to circulate a resolution to be
proposed at the meeting as set out in note 7, (ii) to include a matter in the
business to be dealt with at the meeting as set out in note 8, or (iii) to
publish audit concerns as set out in note 9, the relevant request must be made
by (i) a shareholder or shareholders having a right to vote at the meeting and
holding at least five per cent of the total voting rights of the Company or
(ii) at least 100 shareholders having a right to vote at the meeting and
holding, on average, at least GBP100 of paid up share capital. For information on
voting rights, including the total voting rights of the Company, see note 5
above and the website referred to in note 15 below.
11. Any request by a shareholder or shareholders to require the Company (i)
to circulate a resolution to be proposed at the meeting as set out in note 7
(ii) to include a matter in the business to be dealt with at the meeting as set
out in note 8 or (iii) to publish audit concerns as set out in note 9 may be
made either (a) in hard copy, by sending it to Anglesey Mining plc, Tower
Bridge, St Katharine's Way, London E1W 1DD (marked for the attention of the
Company Secretary); or (b) in electronic form, by sending an email to
danesh@angleseymining.co.uk; and must state the full name(s) and address(es) of
the shareholder(s) and (where the request is made in hard copy form) must be
signed by the shareholder(s).
Questions at the meeting
12. Shareholders have the right to ask questions at the meeting relating to
the business being dealt with at the meeting in accordance with section 319A of
the Act. The Company must answer any such question unless: (a) to do so would
interfere unduly with the preparation for the meeting or would involve the
disclosure of confidential information; (b) the answer has already been given
on a website in the form of an answer to a question; or (c) it is undesirable
in the interests of the Company or the good order of the meeting that the
question be answered.
Documents available for inspection
13. The following documents will be available for inspection during normal
business hours at the registered office of the Company from the date of this
notice until the time of the meeting. They will also be available for
inspection at the place of the meeting from at least 15 minutes before the
meeting until it ends: (a) copies of the service contracts of the executive
directors, (b) copies of the letters of appointment of the non-executive
directors and (c) the Articles of Association of the Company.
Biographical details of directors
14. Biographical details of all those directors who are offering themselves
for reappointment at the meeting are set out in the annual report and accounts.
Website providing information about the meeting
15. The information required by section 311A of the Act to be published in
advance of the meeting, which includes the matters set out in this notice and
information relating to the voting rights of shareholders, is available at
http://www.angleseymining.co.uk/.
Directors
Irish, aged 65, chairman, is a mining executive with more than 40
John F. years' experience in the mining industry and is chairman and CEO
Kearney of Labrador Iron Mines Holdings Limited. He is also chairman of
Canadian Zinc Corporation, Minco plc, Xtierra plc and Conquest
Resources Limited. He is a director of Avnel Gold Mining Limited
and the Mining Association of Canada and has degrees in law and
economics from University College Dublin and an MBA from Trinity
College Dublin. He is a member of the nomination committee and is
resident in Canada.
Bill aged 69, chief executive, is a mining engineering graduate from
Hooley the Royal School of Mines and has extensive experience in many
countries including the UK and Australia. He is vice-chairman and
a director of Labrador Iron Mines Holdings Limited and since May
2014 a director of Grangesberg Iron AB and Eurmag AB. He has been
a director of a number of other companies involved in the minerals
industry. He is a Fellow of the Australasian Institute of Mining
and Metallurgy.
Danesh Canadian, aged 66, finance director and company secretary is a
Varma chartered accountant and a member of the Chartered Institute of
Taxation. He is a director of Labrador Iron Mines Holdings Limited
and since May 2014 has been a director of Grangesberg Iron AB and
Eurmag AB. He is also chief financial officer of Minco plc,
Xtierra Inc. and Conquest Resources Limited.
Australian, aged 69, non-executive director, is a chartered
David accountant. He has over 30 years' experience in the commercial
Lean aspects of the mining industry most of which was with major base
and precious metal mining houses. Currently he is involved in
trading mineral products. He is a member of the audit and
nomination committees.
Howard aged 72, non-executive director, a lawyer with over 40 years'
Miller experience in the legal and mining finance sector in Africa,
Canada and the UK. He has extensive experience in the financing of
resource companies. He is chairman of Avnel Gold Mining Limited.
He is a member of the remuneration, audit and nomination
committees and the senior independent director.
Roger aged 73, non-executive director, is a mining engineer with more
Turner than 50 years' experience in engineering, management and project
development. He is a Camborne School of Mines graduate and has an
MSc in economic geology. He was previously President and CEO of
Nelson Gold Corporation and Oxus Gold plc. He is a member of the
remuneration committee.
Anglesey Mining plc
Parys
Mountain
Amlwch, Anglesey, LL68 9RE
Phone
01407 831275
mail@angleseymining.co.uk
London office Painters' Hall
9 Little Trinity Lane, London, EC4V 2AD
Phone 020 7653 9881
Registrars Capita Asset
Services
The Registry, 34 Beckenham Road,
Beckenham, Kent BR3 4TU
Phone 0871 664 0300
Calls
cost 12p per minute plus network extras
From overseas +44 208 639 3399
Registered office Tower Bridge
House,
St. Katharine's Way, London, E1W 1DD
Web site
www.angleseymining.co.uk
Company registered number 1849957
Shares listed The London
Stock Exchange - LSE:AYM
http://www.angleseymining.co.uk/
http://www.labradorironmines.ca/
END
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July 26, 2016 02:00 ET (06:00 GMT)
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