TIDMAYM
Anglesey Mining plc
Extracts from the Annual Report 2021
including the consolidated financial statements on which our auditors have
issued an unqualified opinion but with a material uncertainty statement with
respect to going concern
Projects:
100% ownership of the Parys Mountain underground zinc-copper-lead-silver-gold
deposit in North Wales, UK where an independent Preliminary Economic Assessment
announced in January 2021 showed -
* an estimate of 5.2 million tonnes of Indicated resources together with 11.7
million tonnes of Inferred resources
* a financial model for an expanded case at 3,000 tpd with a pre-tax NPV10%
of $120 million, (£96 million), 26% IRR and 12-year mine life
A 12% shareholding in Labrador Iron Mines Holdings Limited which holds direct
shipping iron ore deposits in Canada where a Preliminary Economic Assessment of
its Houston project published in March 2021 showed -
* NPV8% CAD109 million at conservative base case iron ore price with a 39%
IRR and a12 year mine life
A 19.9% interest in the Grangesberg Iron project in Sweden, together with
management rights and a right of first refusal to increase the Group's interest
to 70% where an independent study reported
* an estimate of 115 million tonnes of Indicated resources together with 33
million tonnes of Inferred resource
Chairman's statement
To Anglesey Shareholders
Any review of the past year is dominated by the unprecedented global
coronavirus pandemic, which disrupted all our lives, strained the healthcare
systems and resulted in an economic downturn that impacted people across the
world.
Nevertheless, notwithstanding these challenges associated with the COVID-19
pandemic, I am pleased to be able to report that Anglesey Mining accomplished a
great deal and achieved several key operational milestones over the past year,
including reporting comprehensive income for the year of £3.7 million.
Significant progress was made on our Parys Mountain project, in our iron ore
projects in Sweden and Canada and in raising new financing of over £1,000,000.
Metal prices recorded impressive gains over the past twelve months and I am
very confident that the outlook for most minerals, particularly for the copper,
zinc and lead minerals at Parys Mountain, and for iron ore where Anglesey holds
significant investments, is very encouraging.
The highlight of the past year was, far and away, the completion in January
2021 of an independent Preliminary Economic Assessment (PEA) on Parys Mountain
which demonstrates that a major copper-zinc-lead mine can be developed on the
island of Anglesey in North Wales. This PEA demonstrates that the Parys
Mountain property is much more substantial than previously considered; that it
has a larger mineable resource base; can support a longer mine life and can
generate significantly enhanced financial returns.
Parys Mountain PEA Projects Strong Financial Results
The PEA, completed by Micon International Limited, included a new updated
mineral resources estimate showing 5.2 million tonnes of Indicated Resources at
a combined base metal grade of 4.3%, (equivalent to a copper equivalent grade
of 2.4%), together with 11.7 million tonnes of Inferred Resources at a combined
base metal grade of 2.8% (copper equivalent grade of 2.0%). Importantly, the
new resource estimate of 5.2 million tonnes in the Indicated category reflects
a significant increase from the previous estimate of 2.8 million tonnes in the
same Indicated category used in the earlier 2017 Scoping Study.
The updated resource estimate in the PEA indicates that Parys Mountain,
reputedly the largest copper mine in the world in the 18th century, contains
160,000 tonnes of copper in situ, with a gross contained metal value in the
ground of more than $1.4 billion.
Three separate development cases or scenarios were evaluated as part of the
PEA, utilising planned mine tonnages ranging from 5.5 million tonnes at 1,500
tpd in Case A, to 11.4 million tonnes at 3,000 tpd in Case C. The most
attractive option, the expanded Case C, indicates a total cash operating
surplus of more than £408 million over a 12-year mine life, which translates to
a pre-tax net present value discounted at 10% of over £96 million with an IRR
of 26%.
Completion of the PEA was the culmination of almost three years of continuous
optimisation work carried out principally by Quarry and Mine Equipment Limited
("QME"), following upon an earlier Scoping Study by Micon and Fairport
Engineering Limited in 2017 which was in turn based on a JORC resource estimate
by Micon in 2012. Shareholders are encouraged to read the more detailed
Strategic Report included later in this Annual Report.
Metal Prices Surge
The COVID pandemic brought great volatility to financial and commodity markets
in 2020. The initial decline in metal prices and demand caused by the pandemic
was short lived as many mines were closed or had their operations suspended,
thus reducing supply, while the very rapid and sustained recovery in China,
driven in large part by government stimulus measures, drove up metal prices
higher in the second half of 2020 and continued through the first half of 2021.
Metal prices impact the level of investor interest in the mining industry. We
continue to witness a growing strength in the financing markets for mineral
projects and for mineral companies, which enabled Anglesey to raise over £
1,000,000 in new financing from new investors, a notable headline achievement.
The principal reason for the improvement in metal prices, and the positive
outlook, as discussed further below, is the growing recognition that metals and
minerals are essential for addressing climate change and adapting to a green
economy. Metals are essential for electrification: copper for power generation,
transmission and energy storage; nickel and lead for energy storage; and zinc
for extending the lifespan of products.
The base case economic model in the PEA utilized three-year trailing metal
prices of $2.81/lb copper, $1.20/lb zinc, $0.95/lb lead, $16.67/oz silver, and
$1,459/oz gold, with an exchange rate of £1.00/$1.25. Anglesey believes that
the base case three-year trailing metal prices used in the PEA are
conservative. Copper reached a decade long high in May 2021 of over $4.80/lb
while zinc prices on the London Metals Exchange rose to a high of $1.39/lb.
End June 2021 prices were $4.26/lb copper, $1.34/lb zinc, $1.05/lb lead, $26.06
/oz silver and $1771/oz gold, with the exchange rate at £1.00/$1.38. Using
these June 2021 parameters, the Case C pre-tax NPV10 doubles from £96 to £193
million, with pre-tax IRR as 38.2%, which clearly demonstrate the sensitivity
and leverage of a Parys Mountain mine to higher metal prices.
At June 2021 metal prices, copper production from a Parys Mountain mine would
represent 50% of the net smelter revenue under the expanded Case C, while zinc
and lead would represent 28% and 12% respectively. The PEA indicates production
of 103,500 tonnes of copper over the project's 12-year mine life, equivalent to
an average production of 8,500 tonnes of copper per year.
The need for metals and minerals - Minerals are essential for a green economy
It is expected that post-pandemic global stimulus plans and the challenging
targets of the Paris Agreement to achieve climate neutrality by 2050, will
provide long term demand and support for critical and strategic minerals, and
thus for metal prices, including in particular copper, and indeed lead and
zinc.
Amid resurging demand and as the world recovers from the pandemic, trillions of
dollars being invested to rebuild infrastructure as well as transitioning to a
green economy, the outlook for copper is extremely bullish. Governments around
the world are launching huge stimulus programmes focused on job creation and
environmental stability, leading to the potential for a multi-decade commodity
cycle ahead driven by decarbonisation of the global economy and a shift to
cleaner energy.
The International Energy Agency (IEA), in its May 2021 report, The Role of
Critical Minerals in Clean Energy Transitions, states that the rapid deployment
of clean energy technologies as part of energy transitions implies a
significant increase in demand for minerals. The IEA report suggests that an
energy system powered by clean energy technologies differs profoundly from one
fuelled by traditional hydrocarbon resources. It concludes that solar
photovoltaic plants, wind farms, and battery-electric vehicles (BEVs) generally
require more minerals to build than their fossil fuel-based counterparts.
According to the IEA, a typical electric car requires six times the mineral
inputs of a conventional car and an onshore wind plant requires nine times more
mineral resources than a gas-fired plant.
Internal combustion engine vehicles (ICEVs) are the greatest contributors to
carbon emissions in the UK. As recognized by the Committee on Climate Change,
for transport to hit 'net zero', the internal combustion engine needs to be
eliminated from cars.[1] To switch the UK's fleet of 31.5 million ICEVs to
BEVs it would take an estimated 2,362,500 tonnes of copper, plus other critical
minerals. In addition, the energy revolution towards renewables, that is,
wind, solar, wave, tidal, hydro, geothermal and nuclear, together with the
newly built infrastructure for delivery, are highly reliant on mineral-based
technologies.
A letter authored by Natural History Museum Head of Earth Sciences, Prof.
Richard Herrington, delivered to the Committee on Climate Change1, explains
that to meet UK electric car targets for 2050 the UK would require at least
half of the world's copper production, as well as other minerals, and to
replace all UK-based vehicles today with electric vehicles would take 2.36
million tonnes of copper, representing approximately half of the world's annual
copper production.
Strength in Iron Ore
In 2020 the price of iron ore reached a nine-year high of US$170 per tonne (62%
Fe Fines CFR China), driven largely by sustained demand in China and supply
constraints in Brazil. In the first half of 2021, the price of iron ore climbed
another 40%, to an all-time record US$235 per tonne in May, before retreating
to US$215 per tonne by the end of June and below US$200 per tonne to the US$160
per tonne range in August. It was to be expected that the price would see some
contraction. However iron ore demand in China has proven to be extremely
strong, as infrastructure stimulus programs have been driving a robust economic
recovery and continued strength in Chinese steel production.
During the year Anglesey increased its interest in the Grangesberg Iron project
in Sweden and now holds a direct 19.9 % interest, together with management
rights, and a right of first refusal to increase its interest to 70%. The
former Grangesberg mine, located about 200 kilometres north-west of Stockholm,
had produced more than 150 million tonnes of iron ore prior to its closure in
1989 due to then prevailing market conditions. The Grangesberg deposit hosts a
significant iron ore deposit of over 150 million tonnes, in all categories, and
has excellent potential for expansion at depth. The +67% Fe high-quality
product expected to be produced from Grangesberg would command premium prices
and makes Grangesberg more attractive than many other undeveloped iron ore
projects in Europe. Anglesey in conjunction with its Swedish partners in
Grangesberg is planning to commission a PEA on the development of the
Grangesberg project based on updated forecasts for long term iron prices and on
a modified development programme to take advantage of optimisations expected
since previous studies.
Meanwhile, on the other side of the Atlantic, Labrador Iron Mines, in which
Anglesey Mining holds a 12% interest, published an updated, independent, PEA on
its Houston Project in February 2021 which supports LIM's plan to resume iron
ore production and demonstrated an initial 12-year mine life with production of
2 million dmt of per year, for total production of 23.4 million dmt of product
at 62.2% Fe over the life of the Houston mine.
The PEA estimates the Houston Project will generate an undiscounted net cash
flow of CAD234 million and an after-tax net present value at an 8% discount
rate of CAD109 million, and an after-tax internal rate of return of 39%, under
the base case $90/dmt benchmark pricing model. The PEA notes that using a spot
price of $160/dmt would increase the after-tax NPV8% to CAD459 million and the
after-tax IRR to 209%.
LIM recorded an impairment reversal of CAD26 million to the carrying value of
the Houston Project, which was the main contributor to LIM reporting
consolidated net income of CAD25.7 million for the year ended 31 March 2021.
Anglesey holds 19.29 million LIM shares which on 31 March 2021 were valued in
total at $5.5 million, or approximately £4 million, on the OTC Market in the
United States. The increase in the value of the Group's holding in LIM has been
recorded as a gain of £4 million in the Group Income Statement through Other
Comprehensive Income.
Environmental and Social Focus
The purpose and objective of Anglesey Mining is to develop, build and operate a
producing mine at Parys Mountain, on the island of Anglesey in North Wales, to
create value for shareholders in an environmentally, socially, and ethically
responsible manner for the benefit of all stakeholders. There has been an
increasing investor focus on environmental, social and governance (ESG)
matters, and these are areas on which we have always placed high importance,
particularly as having a social licence to operate, and operating in an
environmentally responsible manner, are critical for the successful operation
of any mining project. In Anglesey we place a high priority on sustainability
and we are committed to being a responsible mining company, maintaining
mutually beneficial long-term relationships with key stakeholders and the local
community.
On the governance side, this year, we are reporting for the second time under
the new UK Corporate Governance Code published by the Financial Reporting
Council applicable to all companies with a Premium Listing on the London Stock
Exchange. Although Anglesey is not included in the FTSE 350, and is considered
a "smaller company", the Code applies to Anglesey because of its Premium
Listing status on the LSE.
The Directors believe that throughout the year, Anglesey has in general
complied with the spirit of the Principles of the Code, to the extent such
Principles are applicable in Anglesey's particular circumstances. However, as a
company with limited active operations and no full-time employees, some of the
Principles and many of the Provisions are not relevant or applicable to our
individual circumstances and we are not fully compliant with the Code,
specifically with regard to the independence of the Board and the grant of
share options to non-executive Directors. Nevertheless, we are committed to
continuing to update policies and procedures to strive for best practices in
governance affairs. Shareholders are encouraged to read the detailed Report on
Corporate Governance included later in this Annual Report.
A unique and timely opportunity
Given the challenges associated with the global pandemic, I believe Anglesey
accomplished a great deal over the past year with important milestone
achievements at Parys Mountain, in our iron ore investments and in financing
the company. Our goal now is to move the Parys Mountain Mine closer to
production. We have outlined new initiatives at Parys Mountain and at the
Grangesberg and Labrador iron ore projects that will each be critical in moving
all these projects thorough to production. These are all exciting
opportunities and need to be moved forward with the greatest speed possible
within the constraints of the resources available.
Development of a new mine at Parys Mountain, producing copper, zinc and lead
with gold and silver credits, can deliver economic growth in the UK, regional
jobs for the community and business opportunities for local service providers.
Hardly any of these critical and strategic metals, essential for reduction in
our carbon footprint and transition to a green economy, are currently produced
in the UK leaving the country entirely dependent on imports. This creates a
unique and timely opportunity, both for Anglesey Mining and for the UK, to
develop a new, modern, mine at Parys Mountain in an environmentally sustainable
manner.
"Mineral resources are the lifeblood of our modern society and the key to a
more sustainable future. Today, we are in the middle of disruptive innovation
in emerging green energy, e-mobility and clean technology, triggered by
pressing societal challenges. The growing need for carbon-neutral technology
creates a strong demand for minerals, metals and advanced materials." [2]
New Chief Executive appointment
I was pleased to announce the appointment of Jonathan (Jo) Battershill as the
new Chief Executive of Anglesey and as a Director with effect from 1st August
2021. Jo brings great enthusiasm, vigour, relative youth and deep relevant
technical and finance knowledge to the Company. We were delighted to have been
able to attract someone with his strong operations background and financing
experience. Jo will initially be tasked with moving the Parys Mountain project
towards production and with fund-raising to facilitate our plans for both Parys
Mountain and Grangesberg.
To facilitate a smooth transition Bill Hooley has relinquished his position as
Chief Executive and taken on the role of non-executive Deputy Chairman. Bill
served as CEO since 2006 and, as well as being President of Labrador Iron
Mines, directed the completion of various resource upgrades for Parys Mountain,
the 2017 Scoping Study and the QME optimisation work all of which led to the
successful production of the 2021 PEA. He will continue to provide his advice
and experience to Anglesey as Deputy Chairman.
I would like to thank our Directors for their enduring dedication and
commitment, and our team of consultants and contractors for all their hard work
that made fiscal 2021 successful. I welcome new shareholders who joined us
during the past year and thank all Anglesey shareholders for their continued
interest.
Although mineral exploration and development is always a high-risk speculative
endeavour, I remain very positive and enthusiastic about the future outlook for
Anglesey Mining plc.
John F. Kearney
Chairman of the Board
2 September 2021
Strategic report - Operations
Principal activities and business review
Anglesey Mining is engaged primarily in exploring and developing its wholly
owned Parys Mountain zinc, lead, copper project in North Wales. Anglesey's
purpose is the development of a producing mine at Parys Mountain to create
value for shareholders in an environmentally, socially, and ethically
responsible manner for the benefit of all stakeholders. The purpose and
objectives of the Group are discussed in the Report on Corporate Governance
included as part of this Annual Report.
The core strategic priority of the Group is to systematically and sequentially
advance the development of a mine at Parys Mountain by completing exploration
to outline mineral resources, completing technical and economic studies to
assess financial viability, completing feasibility studies to demonstrate
technical and financial viability and then using those studies to attract
investment and raise the necessary capital to build and operate the mine.
In addition to Parys Mountain, Anglesey also holds important investments in
iron ore. Under various agreements, the Group participates in the management of
the Grangesberg iron ore property in Sweden in which it increased its holding
during the year to 19.9% and holds a right of first refusal to acquire a
further 50% ownership interest. The Group also has a 12% holding in the
Labrador Iron Mines in eastern Canada and continues to look at other potential
projects that may be beneficial or synergistic to the development of the
Company.
Parys Mountain copper zinc lead project - Micon Preliminary Economic Assessment
The highlight of the past year was the completion in January 2021 of an
independent PEA on the Parys Mountain project by Micon International Limited
("Micon") which demonstrates that a major copper-zinc-lead mine can be
developed at Parys Mountain.
The Parys Mountain property hosts a significant polymetallic zinc, copper,
lead, silver and gold deposit. 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 enjoys the support of local people and government.
Completion of the PEA was the culmination of almost three years of continuous
optimisation work carried out, principally by Quarry and Mine Equipment Limited
("QME") and following upon an earlier Scoping Study by Micon and Fairport
Engineering Limited ("Fairport") in 2017, and based on previous work by Micon
in 2006, and particularly a JORC resource estimate in 2012.
The PEA included a new updated mineral resources estimate showing 5.2 million
tonnes of Indicated Resources at a combined base metal grade of 4.3% (or a
copper equivalent grade of 2.4%), together with 11.7 million tonnes of Inferred
Resources at a combined base metal grade of 2.8% (copper equivalent grade of
2.0%). The updated resource estimate in the PEA indicates that Parys Mountain
contains 160,000 tonnes of copper in situ.
The PEA is based on the mining of 103,500 tonnes of copper over the project's
12-year mine life together with 213,800 tonnes of zinc, 113,300 tonnes of lead
and including 2,830 kg of gold and 219,000kg of silver. Total payable metals in
concentrates are projected at 71,776t copper, 141,581t zinc, 75,818t lead,
1578kg gold and 125,714kg silver.
The most attractive development option, the expanded Case C, indicates a total
cash operating surplus over a 12-year mine life of more than $510 million (£408
million), which translates to a pre-tax Net Present Value discounted at 10% pa
of over $120 million (£96 million), with an IRR of 26%.
The base case economic model utilized three-year trailing metal prices as of
September 2020 of $1.20/lb for zinc, $2.81/lb for copper, $0.95/lb for lead,
$16.67/oz for silver and $1,459/oz for gold, and an exchange rate of £1.00=
$1.25. Since last year metal prices have continued to move forward and applying
end June 2021 prices and exchange rates would increase this NPV10 to $267
million. See discussion on the sensitivity of the project to higher metal
prices below.
Background to PEA
In July 2017 a Scoping Study was prepared by Micon and Fairport using a JORC
resource estimate completed in 2012 by Micon which reported a resource of 2.1
million tonnes in the indicated category at 6.9% combined base metals. Anglesey
concluded that utilising the Indicated Resources only did not properly reflect
the potential of the property. In late 2018 Anglesey entered into an agreement
with Quarry and Mine Equipment Limited ("QME") an Irish based contracting and
consulting company which has been supplying complete solutions to the mining
industry since 1985, to carry out an Optimisation Study to review expected
mining capital and operating costs and potential mining tonnages and to include
the additional Inferred Resources previously identified by Micon in 2012.
An important initial aspect of the QME work was an estimate of overall costs
based on its own experience and its derived mining capital and operating costs
from the ground up. Given QME's current hands-on operating experience, these
cost estimates can be regarded as the best estimates currently available. QME
then utilised the cost estimates for the non-mining, i.e., processing and
infrastructure, aspects of the project from the 2017 study which had been
largely produced by Fairport with additional input from Micon. QME estimated
that at a 1,000tpd operating level, total operating costs would be
approximately $48 per tonne of ore milled.
QME then carried out a detailed mine planning exercise utilising this $48 per
tonne as a cut-off cost. They applied this to each of the mineralised zones as
identified by Micon in 2012 including both Indicated as well as Inferred
material to estimate tonnages into stoping blocks that would be available for
mining. Some of these cases were based only on the White Rock and Engine Zones
that lie adjacent to the existing infrastructure including the Morris Shaft,
whilst one particular case looked at the greater tonnages available in the more
distant Lower Engine, Garth Daniel and Northern Copper zones.
Having identified these stoping blocks, QME produced detailed mining schedules
for a number of cases. These schedules include all the necessary access and
production development required, as well as production by tonnage and grade for
the relevant timing periods. As a result, a number of differing production
rates were selected based on the overall tonnages to ensure that the optimum
overall mine life for each case. QME then applied its expected development and
production cost estimates to each work unit to generate overall time and cost
forecasts by period for each of the cases developed.
Following completion of the QME Optimisation Study in 2020, Anglesey appointed
Micon to conduct a PEA utilising the results of the QME Optimisation Study as
it felt appropriate. This PEA builds on Micon's previous work, including its
2012 resource estimate, the 2017 Scoping Study, including Fairport's processing
and infrastructure capital and operating costs, and QME's 2020 Optimisation
Study on current mining capital and operating costs and mineable tonnages.
New Expanded Resource Estimate
As part of the development of the PEA, Micon reviewed the work carried out by
QME including the mine planning and the capital and operating cost estimates.
In general, Micon concurred with the QME work but did make some amendments when
necessary. Having accepted the $48 per tonne cut-off level, Micon produced a
revised resource estimate at this value. This estimate used the same parameters
including metal prices utilised in its 2012 estimate. While there has been some
movement in the prices in the intervening period Micon concluded that using
current prices would not significantly amend this estimate:
Parys Mountain Mineral Resource Estimate
Zone Category Tonnes Cu Pb Zn Ag Au AV Cu Pb Zn Ag Au
(%) (%) (%) (g/ (g/ (US$/ (t) (t) (t) (oz) (oz)
t) t) t)
Engine Indicated 496,000 1.36 2.59 4.94 91.8 0.5 246 6,760 12,840 24,520 1,465,000 8,320
Inferred 121,000 1.73 3.42 6.73 69.9 0.5 300 2,100 4,130 8,130 272,000 2,000
Deep Inferred 620,000 1.95 1.90 4.21 22.6 0.2 206 12,070 11,760 26,110 450,000 3,850
Engine
White Indicated 4,712,000 0.25 1.23 2.30 23.1 0.3 93 11,930 57,870 108,360 3,504,000 43,950
Rock
Inferred 1,258,000 0.28 1.26 2.56 27.5 0.3 101 3,560 15,900 32,250 1,110,000 10,460
Garth Inferred 340,000 1.89 2.76 5.78 66.3 0.1 265 6,450 9,390 19,680 725,000 1,540
Daniel
Northern Inferred 9,375,000 1.27 0.24 0.38 5.0 0.1 68 118,970 22,470 35,590 1,504,000 38,780
Copper
Total Indicated 5,208,000 0.36 1.36 2.55 29.7 0.3 108 18,690 70,700 132,880 4,969,000 52,270
Inferred 11,714,000 1.22 0.54 1.04 10.8 0.2 87 143,150 63,650 121,760 4,060,000 56,640
1. Dr Robin Bernau, employee of Micon International Co Ltd, is a competent
person for the Mineral Resource Estimate. The effective date of the
estimate is 15.12.2020.
2. There are reasonable prospects for eventual economic extraction under
assumptions of a gold price $1,275/oz, a silver price of $17.50/oz, a zinc
price of $1.25/lb, a copper price of $2.50/lb and a lead price of $1.00/lb
employing underground mining techniques.
3. All in mining, processing, re-handling and general and administration costs
were estimated at $39.06/t mill feed. A payability factor of 72% has been
applied.
4. An operating cut-off of $48/t has been applied and no allowance has been
made for dilution or loss.
5. Rounding as required by reporting guidelines may result in apparent
summation differences between tonnes, grade and contained metal content.
The 2020 PEA increased the resource estimate to 5.2 million tonnes at 4.3%
combined metals in the indicated category together with 11.7 million tonnes at
2.8% combined metals in the inferred category. This estimate utilised the same
geological interpretation and model as the 2012 and 2017 studies but used a
modified cut-off cost of $48 per tonne based on the QME work and extended the
resource to include other zones that were not previously considered.
Importantly, the new Resource Estimate of 5.2 million tonnes in the Indicated
category reflects a significant increase from the previous estimate of 2.8
million tonnes in the Indicated category used in the 2017 Scoping Study. This
is as a result of using the new estimated cut-off cost. Although this results
in some reduction in overall grades this does have a very significant
beneficial effect on the total project financial outcome as demonstrated in the
PEA.
Mine Development Cases
As part of the Optimisation Study, QME evaluated a number of differing
development scenarios. On review of the QME Study, Micon selected three of
these scenarios to best describe the potential for the deposits. Each case
utilised both Indicated as well as Inferred resources and, on the basis of the
increased tonnage available for mining, selected higher planned production
rates than the 1,000tpd, used in the 2017 study.
These three cases selected by Micon are summarised as:
Case A - Utilising only the White Rock and Upper Engine zones (as in the 2017
study) with Inferred material included at a planned production rate of
1,500tpd.
Case B - As Case A but with some initial production coming from a proposed
small open cut, again at a production rate of 1,500tpd.
Case C - Utilising all the reported resources in the White Rock and Upper
Engine Zones but also including the inferred resources in the Lower Engine
Zone, the Garth Daniel Zone and the Northern Copper Zone. In this Case C with
the increased mineable tonnage, the planned production rate was increased to
3,000tpd.
Mine Planning
Micon reviewed and agreed with the mine layout and the stope planning produced
by QME. In Case B, Micon carried out its own design, planning and costing for
the suggested small open pit and utilised these results rather than the
estimates made by QME - given Micon's experience in open pits compared to the
underground speciality of QME.
Micon agreed with QME's conclusions that the existing Morris Shaft would be
used only for ventilation in Cases A and B but would be fully utilised as a
hoisting shaft in Case C and agreed with the QME cost estimates to put the
shaft back into service.
Micon therefore accepted most of the detailed production timing and cost
estimates and timing produced by QME and adopted them into the financial
review. These tonnages include material derived from both Indicated and
Inferred resources as well as internal dilution at zero grade of material
outside of these resources necessarily included within stoping blocks. They are
shown in the table below:
Tonnage Copper Zinc Lead Silver Gold Copper
(Mt) (Cu%) (Zn%) (Pb%) (g/t (g/t Equivalent
Ag) Au) %
Case A 5.87 0.34 2.42 1.27 27.27 0.28 2.25
Case B 5.45 0.36 2.49 1.30 28.40 0.29 2.33
Case C 11.42 0.84 1.82 0.97 18.63 0.24 2.29
There is a significant increase in the tonnage available for mining and
processing beyond the 2.23 million tonnes in the 2017 study. This is as a
result of using the new estimated cut-off cost and the inclusion of Inferred
resources in the selection of mining blocks. Although this results in some
reduction in overall grades, the PEA shows a very significant beneficial effect
on the total project financial outcome.
Processing and Infrastructure
The Micon 2017 Scoping Study included extensive work by Fairport Engineering
regarding the process plant design, efficiencies and costs. This study
recommended a Dense Media Separation ("DMS") facility ahead of the main
processing plant and this continues to be utilised for all three of the current
cases. Similarly, FEL reviewed and costed the site infrastructure requirements.
Micon incorporated all of Fairport's recommendations from 2017 into the PEA but
with some additions and modifications as now deemed appropriate.
Project Costing and Financial Results
Micon produced a detailed financial model incorporating its own inputs as well
as those from QME and Fairport. The model was constructed on yearly periods
using the QME mine production forecasts and the Fairport processing
characteristics. The model assumed that the mine would produce three base metal
concentrates namely copper, zinc and lead. In addition, some gold will be
produced in concentrate from the free gold that has been identified in the
mineral resource. Relevant concentrate transport and treatment and refining
costs were applied individually to each concentrate.
Costs within the model were defined as mid-2020 costs to match the estimates
produced by QME. Processing infrastructure costs produced by Fairport in 2017
were escalated to a mid-2020 equivalent. Mining costs for each case were
determined directly by QME. Processing and Infrastructure capital and operating
costs were based on the 2017 production rate of 1,000tpd and these were
factored by Micon to reflect the higher 1,500tpd or 3,000tpd production rates
as appropriate. In addition to the mining costs generated by QME, Micon
included additional initial exploration costs of $1.6 million for Cases A and B
and $7.5 million for Case C.
Within the financial model Micon incorporated all known and relevant project
charges including licences, fees and royalties. All values were based on
constant 2020 prices and no allowances were made for any escalation in either
costs or commodity prices. No allowance was made for corporate costs or for any
interest charges of any project financing. The financial results derived are
therefore to be read at a project level basis. Micon calculated financial
results on both a pre-tax and a post-tax basis after incorporating appropriate
carry forward expenses and utilising current UK tax rates.
Micon considered it appropriate to utilise three-year trailing metal prices in
the financial evaluation. These were determined to the end of September 2020
and amounted to $1.20 per pound for zinc, $2.81 per pound for copper, S0.95 per
pound for lead, $16.67 per ounce for silver and $1,459 per ounce for gold. A
fixed exchange rate of £1.00 = $1.25 was used.
Micon reviewed the appropriate discount rate to utilise and after considering
the Weighted Average Cost of Capital and applying this through a Capital Asset
Pricing Model elected to apply a discount a rate of 10% per annum for all
cases.
It was apparent from the financial analysis that Case C was the most attractive
option with a pre-tax NPV more than twice either of the other cases as
demonstrated in the table below which compares Case C with Case A.
Parys Mountain Cases A and C - Operating and Financial Summary
Case A Case C
Life of mine Years 12 12
Production TPD 1500 3,000
Total tonnes Mt 5.9 11.4
produced
Net smelter $m 478 1,015
returns
Operating Costs $m 252 503
EBITDA $m 226 512
Pre-production $m 70 99
capex
Sustaining capes $m 34 76
Net cash flow $m 122 336
pre-tax
Corporation tax $m 24 67
Net cash-flow $m 98 269
post tax
Pre-tax NPV10 $m 36 120
Post tax NPV10 $m 26 92
Pre-tax IRR % 20 26.0
Post-tax IRR % 17 24
The PEA includes Inferred Resources and therefore the tonnages indicated as
available for mining cannot be extrapolated to Reserve status, and consequently
the financial results cannot be considered as reaching Feasibility Study basis.
Sensitivity to metal prices
The financial evaluation in the PEA utilised average three-year trailing metal
prices to the end of September 2020 of $1.20 lb zinc, $2.81 lb copper, S0.95 lb
lead, $16.67 oz silver and $1,459 oz gold and a fixed exchange rate of £1.00 =
$1.25.
Anglesey believes that these metal prices used in the PEA are conservative.
Using actual metal prices and the exchange rate at the time of publication of
the PEA in January 2021 would increase the Case C pre-tax NPV10% from $120
million to $220 million.
Since last year metal prices have continued to move higher and June 30 prices
were $1.34/lb zinc, $4.26/lb copper, $1.05/lb lead, $26.06/oz silver and $1771/
oz gold, with the exchange rate at £1.00 = $US1.38. Using these June 2021
parameters, the pre- and post-tax NPV10 increase to $267 million and $213
million respectively, with pre- and post-tax IRRs showing as 38.2% and 35.3%
respectively., which demonstrate the sensitivity and leverage of the Parys
Mountain project to the higher June 2021 metal prices.
The Way Forward - Future Steps
The PEA demonstrates that a major copper-zinc-lead mine can be developed at
Parys Mountain. The results show that once in production, Parys Mountain should
be able to make very positive financial returns. Nevertheless, as always in
the mining industry, there are a number of sequential steps that need to be
taken to move any project from the PEA to a full committed decision to proceed
to production and these steps do take some time to reach fruition.
The key to this development is now securing the necessary finance to continue
to move the project towards production. The PEA indicated a pre-production
capital expenditure of $99 million. This together with all other pre-decision
project costs as well as ongoing corporate costs needs to be financed. The
traditional method utilised by the industry involved a mixture of equity and
debt. Typically, a mix of 30% equity to 70% debt could have been arranged. In
this instance that would require Anglesey to source in the region of $70
million in debt and as much as $30 million of equity.
The Directors have been examining various possible financing routes including
the traditional debt: equity scenario, but also indirectly through joint
venture and other arrangements. As part of this process, the detailed results
from the PEA have been made available on a limited and confidential basis to a
number of entities who have shown interest in Parys Mountain. These entities
are well aware of the potential upside from the ongoing movement in commodity
prices, and of the security offered by a project based in the United Kingdom
with planning permissions in place. Under the Development and Co-operation
Agreement with QME, the Group has agreed to grant QME various rights and
options relating to the future development of Parys Mountain. Anglesey has
agreed to a grant to QME the right and option, upon completion of a
Prefeasibility Study, to undertake at QME's cost and investment, the mine
development component of the Parys Mountain project, including decline and
related underground development and shaft development, with a scope to be
agreed, to the point of commencement of production, in consideration of which
QME would earn a 30% undivided joint venture interest in the Parys Mountain
project.
From the feedback received It has become clear that financing opportunities
would be enhanced with some additional work to further de-risk the project and
it can be expected that a project financing route will require the delivery of
a feasibility study. Micon made recommendations regarding further technical
studies to better quantify some aspects of the mining and processing
operations, and trade-off studies to determine the best overall mining
schedules, metallurgical flowsheet and infrastructure design to further
optimise the project, which should lead to improved economics to be included in
a feasibility study and improve the overall financial capability of the
project.
Following the Micon PEA recommendations, a step series of activities have been
identified that will form the necessary preparatory work as a prelude to the
commissioning of a feasibility report. These include a surface diamond
drilling programme to increase the confidence in some parts of the White Rock
zone ahead of first underground development in some of those areas of the
resource that are currently classified as Inferred. Such increased data would
be aimed at converting parts of the resource to the Indicated category and
thereby increasing the bankability of those parts of the resources.
Simultaneously drill core samples would be collected for metallurgical testing
purposes and these samples would then be subject to process testing to improve
the flow-sheet design that has currently been developed.
Whilst Anglesey holds the necessary planning permissions to build a mine at the
site, these must be supported by the grant of various environmental operating
licenses. This will require collection of further environmental base-line data
and a programme of environmental base line data collection is planned, both for
inclusion in a formal feasibility report and as a pre-requisite ahead of any
formal decision to commence operations.
The Parys Mountain property has a high potential for the discovery of
additional mineral resources. There are drill intercepts outside of the planned
mining blocks indicating mineralisation may extend into other areas of sparse
drilling immediately adjacent to the reported Mineral Resources. Micon included
additional exploration costs of $1.6 million for Cases A and B and $7.5 million
for Case C. However, much of this additional drilling recommended for Case C,
to upgrade the category of the resource in the second half of the project mine
life from Inferred to Indicated, should ideally be carried out from an
underground drill drive from the area around the bottom of the shaft and would
not necessarily be undertaken until some years into the project.
At the end of March 2021, the group had cash resources of £892,000. Following
a careful review of the financial resources currently available and considering
the normal on-going costs of corporate and site operations, it has been decided
that these three activities will be commenced forthwith and as additional
funding become available this programme will be accelerated.
Grangesberg Iron AB
The Grangesberg iron ore project is 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, the Grangesberg mine
had produced in excess of 150 million tonnes of iron ore.
At 31 March 2021 following investments during the financial year, the Group
holds a direct 19.9% interest in Grangesberg Iron AB (GIAB) and a right of
first refusal over 50% of the share capital of GIAB. This right has been
granted in exchange for Anglesey continuing to co-manage GIAB on a cost
recovery basis. Anglesey also has shareholder and cooperation agreements such
that it holds operatorship of GIAB subject to certain conditions and appoints
three out of five directors to the board of GIAB.
GIAB is a private Swedish company founded in 2007 which in 2014 completed (with
assistance from the Group) a financial and capital restructuring. GIAB holds a
25-year exploitation permit covering the previously mined Grangesberg
underground mining operations granted by the Swedish Mining Inspectorate in May
2013.
In September 2014, an NI 43-101 Technical Report was prepared by Roscoe Postle
Associates Inc showing a 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 Grangesberg iron ore
deposit hosts a significant iron resource that has excellent potential for
expansion at depth.
In 2020 the price of iron ore surged to a nine-year high of US$170 per tonne
(62% Fe Fines CFR China), driven largely by sustained demand in China and
supply constraints in Brazil. In the first half of 2021, the price of iron ore
climbed another 40%, to an all-time record US$235 per tonne in May, before
retreating to US$215 per tonne by the end of June and below US$200 per tonne in
August. The premium for 65% Fe has increased to almost $50 per tonne with 65%
Fe price of $258 per tonne. It was to be expected that the price would see some
contraction. However the stimulus programmes in both China and the USA as well
as continuing production delays in Brazil are supporting the price. Iron ore
demand in China has proven to be extremely strong, as infrastructure stimulus
programs have been driving a robust economic recovery and continued strength in
Chinese steel production It now looks unlikely that there will be a retreat to
2018 prices in the medium term and with the major economies beyond China and
the USA expecting to recover from the Covid-19 situation in the near term,
there is every expectation that a supportive floor price at a level that would
make Grangesberg competitive will be maintained.
Grangesberg, when in production will produce a 67%+ product which should
command the premiums noted. As such, Grangesberg situated in politically
stable Sweden and relatively close to the major European markets with
consequent lower shipping costs, continues to present an attractive
proposition. Nevertheless, the high capital cost expected to develop
Grangesberg will in itself present some challenges. We continue to look to
some consolidation in the iron ore industry in Scandinavia and believe that as
this evolves that Grangesberg as the largest non-producing iron ore asset in
the region will be well placed to take advantage and be part of a greater
financing package.
To take best advantage from these opportunities, in conjunction with our
Swedish partners in Grangesberg we expect to commission a new PEA on the
development of the project immediately. This PEA will consider modified
development scenarios from those utilised by Grangesberg in its last major
study that should result in better utilisation of underground and surface
resources, will critically review capital expenditure requirements hopefully
resulting in some efficiencies from previous studies, and will importantly
consider the enhanced future price expectations for both the base iron ore
price and for the higher-grade premium. The deliverables from the PEA will be
used both as a financing tool and in discussions with future partners.
Labrador Iron Mines
The Group has an investment holding of 12% (2020 -12%) in Labrador Iron Mines
Holdings Limited. LIM owns extensive iron ore resources in its exploration
properties in Labrador and in Quebec, Canada, one of the major iron ore
producing regions in the world.
LIM holds measured and indicated DSO mineral resources of approximately 21
million tonnes at an average grade of 62.7% Fe and inferred resources of 14
million tonnes at an average grade of 59.4% Fe on its Schefferville projects.
In addition, LIM holds the Elizabeth Taconite project, which has an inferred
mineral resource estimate (as at June 15, 2013) of 620 million tonnes at an
average grade of 31.8% Fe.
In the three-year period of 2011 to 2013 LIM produced a total of 3.6 million
dry metric tonnes of iron ore, all of which was sold in 23 cape-size shipments
into the China spot market. LIM has not undertaken mining operations since
2013, primarily due to the low iron ore price environment, but maintains its
properties on a stand-by care and maintenance basis and, subject to securing
financing, is positioned to resume mining operations as soon as economic
conditions warrant.
In March 2021 LIM announced the results of a new updated independent PEA
regarding LIM's direct shipping Houston project located approximately 20
kilometres south of its previously mined James deposit. The projected financial
results from the PEA were very encouraging with an after-tax NPV8 of CAD109
million at the relatively low iron ore price for 62% Fe of $90 per tonne. At
an iron price of $160 per tonne i.e. that set at the end of March, this NPV8
would increase to CAD459 million.
The Houston PEA assessed a production rate of 2 million tonnes of 62.2% Fe per
annum, with an overall mine life of 12 years. Production would be expected to
be 30% lump ore and 70% sinter fines.
Following the issuance of the independent PEA, and having regard to the strong
price of iron ore, LIM recorded an impairment reversal of almost CAD26 million
at March 31, 2021, as a restatement of the previous carrying value of the
Houston Project, which was the main contributor to LIM reporting consolidated
net income ofCAD25.7 million for the year ended 31 March 2021. LIM's shares are
traded on the OTC Markets in the United States and at 31 March 2021 were quoted
at $0.29 per share. Anglesey holds 19.29 million LIM shares which at that end
of the year price were valued in total at $5.5 million, or approximately £4
million. Last year the shares were carried in Anglesey's accounts at a nominal
value of £1. The increase in this value of the Group's holding in LIM since
last year has been recorded in the Statement of Financial Position as a gain of
£4,053,506 through Other Comprehensive Income.
Other activities
The Directors continue to seek out new properties suitable for advanced
exploration or development that would be complementary to or provide synergies
with the Company's existing projects and within the financing capability likely
to be available. The Directors have identified a number of zinc and copper
projects, as the most potentially attractive and continue to evaluate a number
of early-stage opportunities.
Financial results and position
There are no revenues from the operation of the properties. As described in the
Labrador Iron Mines section above, the Company recorded a gain of £4,053,506 in
the value of the group's holding in LIM and this has been reported in other
comprehensive income, resulting in total comprehensive profit for the year of £
3,714,921, compared to a comprehensive loss for the prior year of £327,860.
The loss before other comprehensive income for the year ended 31 March 2021
after tax was £328,518 compared to a loss of £304,510 in the 2020 fiscal year.
The administrative and other costs excluding investment income and finance
charges were £162,824 compared to £134,796 in the previous year.
During the year there were no additions to fixed assets (2020 - nil) and £
101,570 (2020 - £49,835) was capitalised in respect of the Parys Mountain
property as mineral property exploration and evaluation.
At 31 March 2021 the Group held mineral property exploration and evaluation
assets with a carrying value of £15.3 million. These carrying values are
supported by the results of the 2021 Preliminary Economic Assessment of the
Parys Mountain project which estimated a pre-tax net present value, discounted
at 10%, of £96 million under Case C, but may not reflect the realizable value
of the properties if they were offered for sale at this time.
The directors considered that the effect of Covid-19, if any, was likely to be
minimal and short-term relative to the life of the project.
At the reporting date, and as detailed in Note 10 the Directors considered the
carrying value of the Parys Mountain exploration and evaluation assets to
determine whether specific facts and circumstances suggest there is any
indication of impairment. They carefully considered the positive results of the
recent independent PEA and the plans for moving the project forward.
Consequently, the Directors concluded that there were no facts and
circumstances which materially changed during the year which might trigger an
impairment review and that there are no indicators of impairment.
The successful placement of shares during the year resulted in a cash inflow of
£1,068,200, after fees and expenses. The cash balance at 31 March 2021 was £
891,767, compared to £95,311 at 31 March 2020, the increase being due to (i)
placements for cash of new shares between August 2020 and January 2021, (ii)
the subsequent exercise of all the warrants granted at the same time as the
first of those share issues and (iii) the exercise by directors and a former
director of all outstanding options granted under the Group's share option
scheme, which options were set to expire in September.
These funds will be used for ongoing work on the Parys Mountain project, as
well as for general corporate purposes.
At 31 March 2021 there were 225,475,732 ordinary shares in issue (2020 -
186,975,732), the increase being due to the financing events referred to above.
At 2 September 2021 there were 225,475,732 ordinary shares in issue.
The use of financial instruments is described in note 23.
Performance
The Group holds interests in exploration and evaluation properties and, until a
mine is placed into production, there are no standardised performance
indicators which can usefully be employed to gauge performance., The
publication of the independent PEA on the Parys Mountain project in January
2021, which built upon the optimisation studies successfully completed over the
previous two years, and included a new expanded mineral resource estimate, with
a financial model for an expanded case at 3,000 tpd which indicated a pre-tax
NPV10% of £96 million and a 26% IRR, demonstrated a significant improvement on
previous studies and steady progress.
The chief external factors affecting the ability of the Company to move its
projects forward are primarily the demand for metals and minerals, levels of
metal prices and the market sentiment for investment in mining and mineral
exploration companies. These and other factors are dealt with in the risks and
uncertainties section below.
Section 172 Statement
The Directors, both individually and collectively, believe, in good faith, that
throughout the year and at every meeting of the Board and management when
making every key decision, they have acted to promote the success of the Group
for the benefit of its members as a whole, as required by Section 172 of the
Companies Act 2006, having regard to the stakeholders and matters set out in
section 172(1) of the Companies Act 2006. The Directors Section 172 Statement
follows.
Section 172 of the Companies Act is contained in the part of the Act which
defines the duties of a director and concerns the "duty to promote the success
of the Company".
Section 172 adopts an 'enlightened shareholder value' approach to the statutory
duties of a company director, so that a director, in fulfilling his duty to
promote the success of the company must act in the way he considers, in good
faith, would be most likely to promote the success of the Company for the
benefit of its members as a whole, and in doing so have regard to other
specified factors insofar as they promote the Company's interests.
The Board of Anglesey Mining recognises its legal duty to act in good faith and
to promote the success of the Company for the benefit of its shareholders and
with regard to the interests of stakeholders as a whole and having regard to
other matters set out in Section 172. These include the likely consequences in
the long term of any decisions made; the interest of any employees; the need to
foster relationships with all stakeholders; the impact future operations may
have on the environment and local communities; the desire to maintain a
reputation for high standards of business conduct and the need to act fairly
between members of the Company.
The Board recognises the importance of open and transparent communication with
shareholders and with all stakeholders, including landowners, communities, and
regional and national authorities. We seek to maximise the industry's benefits
to local communities, while minimising negative impacts to effectively manage
issues of concern to society.
Shareholders have the opportunity to discuss issues and provide feedback at any
time.
The application of the Section 172 requirements can be demonstrated in relation
to the Group's operations and activities during the past year as follows.
Having regard to the likely consequences of any decision in the long term
The Company's purpose and vision are set out in the Chairman's Letter and in
this Strategic Report. The Board oversees the Company's strategy and is
committed to the long-term goal of the development of the Parys Mountain
Project. The activities towards that goal are described and discussed in the
Strategic Report. The Board remains mindful that its strategic decisions have
long-term implications for the Parys Mountain project, and these implications
are carefully assessed. For example, in working with Micon International on the
preparation of the PEA, various scenarios were valuated, including three
separate development cases or scenarios, utilising planned mine tonnages,
ranging from 5.5 million tonnes at 1,500 tpd in Case A, to a larger operation
of 11.4 million tonnes at 3,000 tpd in Case C, over a 12-year mine life. In
evaluating alternatives or opportunities the Directors always consider the
likely consequences of any decision in the long-term that may affect the Group,
and the potential impact on long-term shareholder value, including key
competitive trends, supply and demand of metals, potential impact on the
environment and climate change considerations, all of which were considered in
the preparation of the PEA.
Having regard to the need to foster the Company's business relationships with
others
The Company operates as a mineral exploration and development business, without
any regular income and is entirely dependent upon new investment from the
financial markets for its continued operation. The Board values the benefits of
maintaining strong relationships with key partners, contractors and
consultants. This is discussed in more detail elsewhere in this Strategic
Report. As a mine development company, the Board understands that a range of
third parties- regulators, contractors, suppliers, and potential customers for
the concentrates that would be produced from a mine at Parys Mountain, are
relevant to the sustainability of the Company business.
Having regard to the interests of the Company's employees
The Group currently has no full-time employees and is managed by its directors
and a small number of associates and sub-contract staff. The Board takes steps
to ensure that the suggestions, views and interests of the Company's personnel
are considered in decision-making.
Having regard to the desirability of the Company maintaining a reputation for
high standards of business conduct
The Board is committed to high standards of corporate governance, integrity,
and social responsibility and to managing the Company in an honest and ethical
manner, as further discussed in the Corporate Governance Report. The Directors
strive to apply ethical business practices and conduct themselves in a
responsible and transparent manner with the goal of ensuring that Anglesey
Mining plc maintains a reputation for high standards of business conduct and
good governance.
Having regard to the impact of the Company's operations on the community and
the environment
The Board takes a broad range of stakeholder considerations into account when
making decisions and gives careful consideration any potential impacts on the
local community and the environment. The Board strives to maintain good
relations with the local community, especially with local businesses in North
Wales. For example, in reviewing various alternative options of the possible
expansion of planned mining operations at Parys Mountain, as part of the QME
optimisation studies and as further reviewed as part of the preparation of the
PEA, the Board considered the impact of such possible expansion on the local
footprint of the property, the potential environmental impact, the number of
employees and the impact on local communities and businesses.
The Corporate Governance Report discusses how the Directors engage with and
have had regard to the community in which the Group operates. Further
discussion of these activities can be found in this Strategic Report. As a mine
development company, the Board understands that recognising and having regard
to the potential impact the Company's operations may have on the community and
the environment is essential to underpinning the social licence necessary to
operate. In making decisions about the development of a mine at Parys Mountain,
the Board would seek to maximise the benefits to the local community, while
minimising negative impacts, and to effectively manage issues of concern to
society. By aligning future operations to environmental, social and governance
performance the Company will seek to deliver on its purpose to create value
through responsible and sustainable mining.
Having regard to the need to act fairly as between members of the Company
The Company has only one class of share in issue and all shareholders benefit
from the same rights, as set out in the Articles of Association and as required
by the Companies Act 2006. Since 1996 a Controlling Shareholder Agreement has
been in place with Juno Limited, the largest shareholder, which provides that
Anglesey will maintain an independent board and any transactions between Juno
and Anglesey will be at an arm's length basis.
The Board recognises its legal and regulatory duties and does not take any
decisions or actions, such as selectively disclosing confidential or inside
information, that would provide any shareholder with any unfair advantage or
position compared to the shareholders as a whole.
Risks and uncertainties
The Directors have carried out an assessment of the principal risks facing the
Group, including those that would threaten its business model, future
performance, solvency or liquidity. In conducting its business, the Group faces
a number of risks and uncertainties, the more significant of which are
described below. The board believes the principal risks are adequately
disclosed in this annual report and that there are no other risks of comparable
magnitude which need to be disclosed.
Mineral exploration and mine development is a high-risk speculative business
and the ultimate success of Anglesey Mining will be dependent on the successful
development of a mine at Parys Mountain, which is subject to numerous
significant risks most of which are outside the control of the Board.
In reviewing the risks facing the Group, the Board considers it is sufficiently
close to operations and aware of activities to be able to adequately monitor
risk without the establishment of any formal process. There may be risks
against which it cannot insure or against which it may elect not to insure
because of high premium costs or other reasons. However, there are also risks
and uncertainties of a nature common to all mineral projects and these are
summarised below.
General mining risks
Actual results relating to, amongst other things, results of exploration,
mineral reserves, mineral resources, 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 of properties, mineral
claims, leases and other mineral interests, should it seek to pursue such
opportunities, as well as for the recruitment and retention of qualified
employees and other personnel and in attracting investment and or potential
joint venture partners to its properties.
Exploration and development
Exploration for minerals and development of mining operations involve risks,
many of which are outside the Group's control. Exploration by its nature is
subject to uncertainties and unforeseen or unwanted results are always
possible. Mineral exploration and development is a speculative business,
characterized by a number of significant risks including, among other things,
unprofitable efforts resulting not only from the failure to discover mineral
deposits but also from finding mineral deposits that, though present, are
insufficient in quantity and quality to return a profit from production.
Substantial expenditures are required to develop the mining and processing
facilities and infrastructure at any mine site. No assurance can be given that
a mineral deposit can be developed to justify commercial operations or that
funds required for development can be obtained on a timely basis and at an
acceptable cost. There can be no assurance that the Group's current development
programmes will result in profitable mining operations. Current operations are
in politically stable environments and hence unlikely to be subject to
expropriation but exploration by its nature is subject to uncertainties and
unforeseen or unwanted results are always possible.
Development and liquidity risk
The going concern risk is discussed in detail in the Directors report. The
Group has relied on equity financing to fund its working capital requirements
and will need to generate additional financial resources to fund all future
planned exploration programmes.
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.
There is no assurance that the Group will continue to obtain additional
financial resources and/or achieve positive cash flows or profitability.
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 are usually expressed and
traded in US dollars and any fluctuations may be either exacerbated or
mitigated by currency fluctuations which affect the revenue which might be
received 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. Most of the cash balance at the year-end was held in
sterling - see notes 18 and 24.
Permitting, environment, climate change and social
The Group holds planning permissions for the development of the Parys Mountain
property, but further environmental studies and assessments and various
approvals and consents will be required to carry out proposed activities and
these may be subject to various operational conditions and reclamation
requirements.
Employee 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. A discussion on the
composition and assessment of the Board of Directors is included in the Report
on Corporate Governance.
Brexit
The Directors believe that the effect on the specific operations of the UK
having left the European Union is unlikely in and of itself to be material and
the resultant expected focus on domestic investment in the UK may be beneficial
to the Parys Mountain Project.
Covid-19
The Directors have carefully considered the impact of the Covid-19 pandemic on
the Parys Mountain property and have concluded that to date it has had no
impact on the project and further it is unlikely to have, assuming that the
pandemic does not escalate and passes over in the next two to three years. The
project is not currently in production, so Covid-19 does not impact current
operations.
In our Annual Report last year, we noted that we did not expect the Covid-19
pandemic to have any material effect on operations or to have any major
long-term impact. In the year just completed that has proved to be largely
correct as the Group suspended all field activities in compliance with
Government guidelines to help limit the spread of the virus, and continued to
operate in a socially responsible manner, ensuring the safety of all personnel
and community. Nevertheless, although the pandemic has no direct impact on the
Parys Mountain property and is not expected to affect its ongoing exploration
and development, equity financing is relied upon to generate additional
financial resources to fund working capital requirements and to fund the
planned programmes and travel restrictions did hamper the ability to meet with
potential investors and conduct due diligence exercises and site visits and
these impediments may continue for the immediate future.
The Group cannot accurately predict the impact the COVID-19 pandemic will have
on its operations, including uncertainties relating to the duration of the
pandemic, the ultimate severity of the disease, the duration of travel and
quarantine restrictions imposed by governmental authorities, and the impact on
schedules and timelines for planned operations or exploration programs. In
addition, this widespread health crisis has adversely affected the economies
and financial markets resulting in an economic and financial downturn that
could r affect the Company's ability to finance its operations.
As noted last year one of the impacts of the Covid-19 pandemic has,
paradoxically, been an improvement in the demand for commodities as governments
around the world launch huge stimulus programmes focused on infrastructure and
job creation leading to the potential significant increase in demand for
metals.
Group Prospects
The Parys Mountain mine is not yet in production and does not generate any
revenue. We have no sales at present and the continuance of operations is
entirely dependent upon our ability to raise adequate financing.
The progress from the QME optimisation study as reported last year through to
the production of the Micon PEA earlier this year has been very positive. The
results show that once in production Parys Mountain should be able to make very
positive financial returns. The key to this development is now securing the
necessary finance to continue to move the project towards production.
The Company plans to phase the development of the Parys Mountain project by
undertaking the various optimisation programmes and completing a prefeasibility
or feasibility study to progress the Parys Mountain Mine towards production.
Metal Price Outlook Positive
The strength of base and precious metal prices to date in 2021 is very
encouraging. The two key metals for Parys Mountain are copper and zinc,
although it should be noted that at mid- 2021 precious metal prices the value
of gold and silver to be produced at Parys Mountain would represent about 10%
of the total revenue stream.
Over the past year, base metal prices have posted strong gains, driven by
resilience in the global economy, investment speculation, supply disruptions
and inventory depletion. The Covid-19 pandemic led to a decrease in metal
demand in China during the first quarter of 2020, but demand rebounded strongly
in the second half of 2020 as incentive measures in the country kick-started
industrial activity.
Copper moved significantly from around $2.80/lb per pound last year to a high
of $4.85/lb in May 2021. The rally in copper prices in 2020 was due mainly to
the recovery of Chinese copper demand which was underpinned by Chinese
government stimulus. In 2021, continued fiscal and monetary policy support is
providing additional momentum to prices against a backdrop of multi-year low
exchange stocks. Notwithstanding a mid-summer slowdown, Chinese demand is
expected to remain strong in 2021, due to the real estate sector and an
increase in air conditioning, automotive, and consumer durable production.
The use of copper in electrification is expected to continue to create strong
demand in the long term and looking at previous cycles the copper price
recovery could still be in early stages. London Metals Exchange ("LME" 3 month
prices hit 10-year highs of $10,700/t ($4.85/lb) in May, driven by
expectations of a global economic recovery, the green energy story and
multi-year low metal exchange inventories. CRU, the commodities research unit,
has forecast its 2021 LME 3 Month copper price average at $8,835/t ($4.00/lb),
an increase of 43% on the 2020 average.
The demand for zinc metal increased from the end of the first quarter of 2020
through the rest of the year and zinc prices improved throughout the second
half of the year and through the first half of 2021. Zinc prices on the (LME)
averaged US$1.03 per pound for 2020 but ended the year at US$1.24/lb and rose
to a high of US$1.39/lb in May 2021 and traded between US$1.30 to $1.40/lb in
June, July and August..
Zinc inventories on the LME followed a similar pattern falling from 250,000
tonnes in April 2020 to almost 50,000 tonnes in March of 2021 and then rising
back to the 250,000 tonnes level. The increase in inventories came after
China, through the National Food and Strategic Reserves Administration sold a
total of 30,000 tonnes of zinc and 20,000 tonnes of copper from China's
national strategic reserves in June and 50,000 tonnes of zinc and 30,000
tonnes of copper in July . to curb rising commodity prices. China's will sell
30,000 tonnes of copper and 50,000 tonnes of zinc in a third batch of sales via
a public auction on September 1, The sales came as China sought to cool the
surge in metal prices fuelled by a post-pandemic economic recovery, and
speculative buying that has dented manufacturers' margins.
Lead prices on the LME averaged US$ 0.82/lb in 2020, compared to US$0.93/lb in
2019 and ended the year at US$0.80/lb. Since then, lead prices have risen to
over the US$1.00/lb level. Lead inventories have remained flat through 2020
hovering around 60,000 tonnes but spiked to more than 140,000 tonnes in January
2021 before settling back to 100,000 tonnes.
Base metals are needed for electrification and adaptation to climate change,
copper for power generation, transmission and energy storage; nickel and lead
for energy storage, and zinc for extending the lifespan of products. It is
expected that the post-pandemic global stimulus plans and the requirement for
increased production to achieve climate neutrality by 2050 will provide long
term support for metal prices, in particular for copper.
Wood Mackenzie, the commodities research firm, has suggested in its Energy
Transition Outlook (ETO) that demand for primary copper is set to grow by an
average of 2% p.a. over the next 20 years, while its Accelerated Energy
Transition (AET2) Scenario, which limits the average global temperature
increase to 2 degrees from 1990 levels, suggests the potential to boost copper
demand growth to 3.5% p.a. leading to a doubling of global primary demand by
2040. "The energy transition cannot happen without a sufficient, timely and ESG
compliant copper supply in place" states Wood Mackenzie.
Because China accounts for more than half of global base metal demand and a
significant share of global metal supply, economic developments in China will
continue to be a major factor in metal markets and prices over the long term.
In 2020 the price of iron ore surged to a nine-year high of US$170 per tonne
(62% Fe Fines CFR China), driven largely by sustained demand in China and
supply constraints in Brazil. In the first half of 2021, the price of iron ore
climbed another 40%, to an all-time record US$235 per tonne in May, before
retreating to US$215 per tonne by the end of June and declining below US$200 to
US$160 per tonne range in August. It was to be expected that the price would
see some contraction. Nevertheless, iron ore demand in China has proven to be
extremely strong, as infrastructure stimulus programmes have been driving a
robust economic recovery and strong Chinese steel production.
There are pundits who are suggesting that the next metals super-cycle is in
place and sustainable for many years to come. Nevertheless, there are also
doomsayers, particularly amongst the analytical industry, who believe
backwardation curves represent the future but who find it difficult to look at
the realpolitik situation. Their negative views have prevailed over many years
but have generally proved incorrect.
As we did in last year's report, we point out that mines have a limited life
span, and the supply of metal will decline unless new mines are put into
production. Investment in new mines will only take place if companies believe
that future metal prices will make investment profitable. The Directors, who
have long experience in the base metals markets through many price cycles,
believe that continued strength in metal prices is very likely because the
industry has not been investing in any significant levels of exploration in
recent years while demand for metals continues to steadily grow.
In Anglesey, we believe that the correct approach is to factor in current and
expected demand and to assume some but not all forecast new production. Higher
prices will eventually be reflected in increased production, but the lead-time
for such new production can be significant, and it is likely that the demand
for metals will remain strong and the positive outlook for metal prices will
continue for many years to come.
We have outlined new initiatives at the Parys Mountain base metal project and
at the Grangesberg and Labrador iron ore projects. These initiatives will each
be critical in moving all these projects thorough to production. These are all
exciting opportunities and need to be moved forward with the greatest speed
possible within the constraints of the financial resources available.
This report was approved by the board of Directors on 2 September 2021 and
signed on its behalf by:
Bill Hooley Jo
Battershill
Deputy Chairman Chief
Executive
Directors' report
The Directors are pleased to submit their report and the audited accounts for
the year ended 31 March 2021.
The Corporate Governance statement which follows forms part of this report. The
principal activities of the Group and other information are set out in the
Strategic Report section preceding this report. Certain matters relating to
financial performance, risk exposure and management, and future developments
have been included within the Strategic Report.
Directors
The names of the Directors are shown in the Directors' remuneration report and
biographical details are shown on the inside rear cover. All Directors remain
in office. The responsibilities of the Directors are discussed in the Corporate
Governance Report.
With regard to the appointment and replacement of directors, the Company is
governed by its Articles, the Companies Act and related legislation. The
Articles themselves may be amended by special resolution of the shareholders.
Under the Articles, any director appointed by the board during the year must
retire at the AGM following his appointment and therefore Jo Battershill who
was appointed as a director on 1 August 2021 will offer himself for election at
the AGM. 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 shares
25 August 2021 31 March 2021 31 March 2020
Director Number Number Number Number of Total Number of Number Total
of of of ordinary options of
options ordinary options shares ordinary
shares shares
John Kearney - - - 500,000 500,000 500,000 - 500,000
Bill Hooley - 200,000 - 1,200,000 1,200,000 1,000,000 200,000 1,200,000
Jo - 22,971 n/a n/a
Battershill
Danesh Varma - - - 1,000,000 1,000,000 1,000,000 - 1,000,000
Howard Miller - - - 500,000 500,000 500,000 - 500,000
- 222,971 - 3,200,000 3,200,000 3,000,000 200,000 3,200,000
1. All of these interests are beneficial.
2. The family interests of Danesh Varma have a significant shareholding of
Juno Limited, a connected person, which has notified an interest in
57,924,248 ordinary shares.
Directors' share options
Details of each share option held over ordinary shares in the Company (all of
them beneficial) by all those who were directors during the year are set out
below. All options were over ordinary shares of 1 pence each and were subject
to a performance condition that the Company's share price performance over the
period from grant to exercise must exceed that of the companies in the FTSE 100
index.
Name Options Granted Exercised Lapsed Options Exercise Date from Expiry
at 1 in year in year in year at 31 price which date
April March exercisable
2020 2021
John Kearney 500,000 - 500,000 - - 2.000p 30 Sep 17 30 Sep 21
Bill Hooley 1,000,000 - 1,000,000 - - 2.000p 30 Sep 17 30 Sep 21
Howard 500,000 - 500,000 - - 2.000p 30 Sep 17 30 Sep 21
Miller
Danesh Varma 1,000,000 - 1,000,000 - - 2.000p 30 Sep 17 30 Sep 21
3,000,000 - 3,000,000 - 0
The market price of the ordinary shares at 31 March 2021 was 3.64 pence, the
high for the year to 31 March 2021 was 8.9 pence and the low for the year was
1.0 pence. The mid-market price at 24 August 2021 was 3.8 pence.
On 16 March 2021, the Company announced the exercise of all 3,500,000 options
by the directors and by David Lean, a past director, being all of the options
outstanding. These options had been granted in 2016 under the Unapproved Share
Option Scheme and had an expiry date of 30 September 2021. The Directors felt
it would be appropriate to exercise the options prior to the end of the
financial year on 31 March 2021. All of the shares resulting from the share
option exercises were sold in May 2021. The gains made by each director at
exercise are shown in the table below.
Name Gain on option
exercise
£
John Kearney 13,000
Bill Hooley 26,000
Danesh Varma 26,000
Howard 13,000
Miller
Total 78,000
Directors' interests in material contracts
Juno Limited (Juno), which is registered in Bermuda, holds 25.7% of the
ordinary share capital. There is a controlling shareholder agreement and
working capital agreement with Juno and note 18 sets out movements under this
working capital agreement. 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. The family interests of Danesh Varma, a director of the
Company, have a significant shareholding in Juno.
John Kearney, Bill Hooley and Danesh Varma, as nominees of the Company, are
directors of Grangesberg Iron AB. Similarly, Bill Hooley and Danesh Varma are
directors of Angmag AB as nominees of the Company. 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 in 2014. The Group has a liability to Eurmag AB, a subsidiary of Eurang,
amounting to £332,272 at the year-end (2020 - £321,105). See also note 24.
There are no other contracts of significance in which any Director has or had
during the year a material interest.
The Company takes out a directors' and officers' liability insurance policy on
normal commercial terms which includes third party indemnity provisions.
Substantial shareholders
At 24 August 2021 Juno Limited had notified an interest in 57,924,248 shares
representing 25.7% of the issued ordinary shares.
Shares
Allotment authorities and disapplication of pre-emption rights
The Directors would ideally wish to allot any new share capital on a
pre-emptive basis, however in the light of the Group's potential requirement to
raise further funds for its ongoing exploration and development programs and
working capital, or the acquisition of new mineral ventures or other
activities, they believe that it is appropriate to have a larger amount
available for issue at their discretion without pre-emption than is recommended
for larger listed companies. At a general meeting to be held on 30 September
2021, the Directors will seek a renewal and replacement of the existing share
allotment authorities.
The authority sought in resolution 10 of the meeting is to enable the Directors
to allot new shares and grant rights to subscribe for, or convert other
securities into, shares up to a nominal value of £750,000 (75,000,000 ordinary
shares) which is approximately one third of the total issued ordinary share
capital at 24 August 2021. The Directors will consider issuing shares if they
believe it would be appropriate to do so in respect of potential financings or
business opportunities that may arise consistent with the Group's strategic
objectives. The Directors have no immediate intention of exercising this
general authority, other than in connection with the potential issue of shares
for interim financings to fund working capital or pursuant to the employee
share and incentive plans.
The purpose of resolution 11 is to authorise the Directors to allot new shares
pursuant to the general authority given by resolution 10 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 £560,000
(56,000,000 ordinary shares). This aggregate nominal amount represents
approximately 25% of the issued ordinary share capital at 24 August 2021.
Whilst such authority is more than the 5% of existing issued ordinary share
capital which is 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. This authority will expire on 31
December 2022. The Directors intend to seek renewal of this authority at future
annual general meetings.
Rights and obligations attached to shares
The rights and obligations attached to the ordinary and deferred shares are set
out in the Articles of Association. The deferred shares are non-voting, have no
entitlement to dividends and have negligible rights to return of capital on a
winding up. Details of the issued share capital are shown in note 20. Details
of employee share schemes are set out in the Directors' remuneration report and
in note 21.
Subject to the provisions of the Companies Act 2006, the rights attached to any
class may be varied with the consent of the holders of three-quarters in
nominal value of the issued shares of the class or with the sanction of an
extraordinary resolution passed at a separate general meeting of the holders of
the shares of the class. There are no restrictions on the transfer of the
shares.
Voting rights
Each ordinary share carries the right to one vote at general meetings of the
Company. Holders of deferred shares, which are of negligible value, are not
entitled to attend, speak or vote at any general meeting, nor are they entitled
to receive notice of general meetings.
Votes may be exercised at general meetings in relation to the business being
transacted either in person, by proxy or, in relation to corporate members, by
corporate representative. The Articles provide those forms of proxy shall be
submitted not less than 48 hours (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 any meeting unless all monies, if any,
presently payable in respect of their shares have been paid, but no such shares
are in issue. Furthermore, no member shall be entitled to attend or vote at any
meeting if he has been served with a notice after failing to provide the
Company with information concerning interests in his shares.
Significant agreements and change of control
There are no agreements between the Company and its directors or employees that
provide for compensation for loss of office or employment that may occur
because of a takeover bid. The share plan contains 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.
Employment, community and donations
The Group is an equal opportunity employer in all respects and aims for high
standards from and for its employees. At 31 March 2021 there were four male
directors and no female directors. The Group also had two part-time employees
and two consultants. There were no full-time employees. The Group aims to be a
valued and responsible member of the communities that it operates in or
affects. The policies on these matters are further discussed in the Report on
Corporate Governance. There are no social, community or human rights issues
which require the provision of further information in this report.
Environment and greenhouse gas emissions
The Company has established policies and procedures to ensure that is future
operations will be conducted in compliance with all relevant laws and
regulations and that will enable the Company to meet its high standards for
corporate sustainability and environmental stewardship. Currently the Company's
projects are not in operation and consequently any effect on the environment is
very slight, being limited to the usage of two small offices, where recycling
and energy usage minimisation are encouraged. No activities or processes which
lead to the production of greenhouse gases are undertaken. The extent to which
administrative and management functions result in greenhouse gas emissions is
impracticable to estimate and, in any event, less than the amount reportable
under the Energy and Carbon Regulations 2018.
Report on payments to governments
The Group is required to disclose payments made to governments in countries
where exploration or extraction activities are undertaken and hereby reports
that no such payments made in the year.
Dividend
The Group has no revenues and the Directors do not recommend a dividend (2020 -
nil).
Going concern and viability
The Directors have considered the business activities of the Group as well as
its principal risks and uncertainties as set out in this report. When doing so
they have carefully applied the guidance given in the 'Guidance on Risk
Management, Internal Control and Related Financial and Business Reporting'
issued in September 2014.
The 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. Based on the current cash reserves, the Group has sufficient
finance available for the continuing working capital requirements of the Group
on a status quo basis for at least twelve months from the date of the financial
statements.
Looking to the period beyond the twelve months covered by current cash
resources the Group will need to generate additional financial resources to
progress the ongoing development of the Parys Mountain project and will require
interim funding to finance the further studies, optimisation and feasibility
programmes and, in the longer term, senior financing to fund the capital and
development costs to put the Parys Mountain Mine into production. The Group has
relied primarily on equity financings to fund its working capital requirements
and will be required to do so in the future to ensure the Group will have
adequate funds for its planned activities and to continue as a going concern.
The Group has operated for more than 30 years, in what at times have been
challenging economic and investment climates and has continued to attract the
necessary investment to continue as a going concern.
We rely upon this long experience and particularly upon the potential of the
mineral assets at Parys Mountain on which Anglesey was founded. These mineral
resources are held largely as freehold and cannot be diminished by any act of
nature. Given this permanency, both legally and geologically, the Directors
believe that future funding will be found at least for the medium term of two
years from the balance sheet date to support the ongoing maintenance and
operation of the Parys Mountain property. In making this assessment the
Directors have substantially relied on the key assumption that the underlying
costs of maintenance and operation will not change, that there are no
unrecognised liabilities that will become due and on their experience of being
able to raise additional investment as and when required over the last 30
years. During the past year we successfully raised over £1,000,000 in new
financings
The Directors are actively pursuing various options regarding proposals for
financing and are in discussions with a range of investors. Whilst these
discussions continue the Directors have reasonable expectations that these will
be successful and therefore the financial statements have been prepared on the
going concern basis. Nevertheless, there is a risk that adequate additional
funding may not be available on a timely basis or on acceptable terms to move
the Parys Mountain project through to its full potential and there is no
guarantee that such funding will be available, or that the Group will be
successful in raising the necessary investment to advance the development of
the project and put a mine at the Parys Mountain property into production.
Given the limited financial resources currently available, there is a risk that
the Group will not have sufficient financial resources to fund all its planned
program requirements, and therefore there exists a material uncertainty
concerning the ability of the Group and the Company to continue as a going
concern.
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 which have been prepared in accordance with applicable law and
international accounting standards in conformity with the Companies Act 2006
and, as regards the parent company financial statements, as applied in
accordance with the provisions of the Companies Act 2006, and as regards the
group financial statements, international financial reporting standards adopted
pursuant to Regulation (EC) No. 1606/2002 as it applies in the European Union..
Under company law the directors must not approve the financial statements
unless they are satisfied that they give a true and fair view of the state of
affairs of the Group and parent company 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; and
* prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the Group and the parent Company will
continue in business.
The Directors confirm that they consider the annual report and accounts, taken
as a whole, are fair, balanced and understandable and provide the information
necessary for shareholders to assess the Company and Group's performance,
business model and strategy.
The Directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the parent Company's transactions and disclose
with reasonable accuracy at any time the financial position of the parent
Company and the Group and enable them to ensure that the financial statements
comply with the Companies Act 2006. They are also responsible for safeguarding
the assets of the parent Company and the Group and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
Under applicable law and regulations, the Directors are also responsible for
preparing a Strategic Report, Directors' Report, Section 172 Statement,
Remuneration Report and Corporate Governance Statement that comply with that
law and those regulations. The Directors Section 172 Statement which describes
how the Directors have had regard to the matters set out in section 172(1) (a)
to (f) when performing their duty under section 172 is included in the
Strategic Report elsewhere in this Annual Report.
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, 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. Each Director has taken all of the
steps which they ought to have taken as a director in order to make themselves
aware of that information and to establish that the auditor is aware of that
information. This confirmation is given and should be interpreted in accordance
with the provisions of section 418 of the Companies Act 2006.
This report was approved by the board of directors on 2 September 2021 and
signed on its behalf by:
Danesh Varma
Company Secretary
Audit committee report
Howard Miller is, at present, the only member of the audit committee. He has
extensive mineral industry experience and the necessary recent and relevant
experience required by the Code. The committee's terms of reference have been
approved by the Board and follow published guidelines. The audit committee's
primary responsibilities are to establish and monitor the Group's financial
risk management systems with particular reference to internal control systems
and to ensure that financial statements and other financial communications are
properly prepared.
Financial statements and internal control
The audit committee reviews the half-yearly and annual accounts before they are
presented to the board, focusing in particular on accounting policies and areas
of management judgement and estimation. The committee ensures that the
judgements made in applying accounting policies and key sources of estimation
uncertainty are properly disclosed and discussed at the end of note 2 to the
Accounts and has nothing further to report in respect of them.
The Audit Committee is responsible for monitoring the controls which are in
place to ensure the information reported to the shareholders, taken as a whole,
is fair, balanced and understandable and provides the information necessary to
give a true and fair view of the assets, liabilities and financial position of
the Company.
The Audit Committee also considers internal control and risk management issues
and contributes to the Board's review of the effectiveness of the Group's
systems and procedures for financial reporting, internal control and risk
management and to the disclosure and explanation of the risks faced by the
Group. These are set out in the Strategic Report.
The Committee notes that the consolidation schedules have been prepared under
the direction of the Finance Director and is satisfied that, given the stage of
development of the business, and the involvement of the Board in all decisions,
no further internal controls over this process are required.
Internal and external audits
The Audit Committee considered the need for an internal audit function, which
it believes is not required at present due to the limited operations of the
Group. The Committee is available should any personnel wish to make
representations to the committee about the conduct of the affairs of the Group.
The Audit Committee oversees the relationship with the external auditor and
meets with the external auditors to review the planning and scope of the audit
and identify key audit matters, and again before approving the financial
statements, to review the nature, scope and effectiveness of the audit, and the
results of the audit and discuss any issues which may arise from the audit.
The Committee monitors the performance of the external auditor and advises the
Board on the appointment of external auditors and on their remuneration for
both audit and non-audit work. The Committee also reviews the effectiveness of
the external auditor by enquiries and discussions with the Group staff involved
in the audit and with the finance director.
The Audit Committee also undertakes a formal assessment of the auditor's
independence each year which includes: a review of any non-audit services
provided to the Group; discussion with the auditor of all relationships with
the Company and any other parties that could affect independence or the
perception of independence; a review of the auditor's own procedures for
ensuring the independence of the audit firm and partners and staff involved in
the audit, including the regular rotation of the audit partner; and obtaining
confirmation from the audit partner that, in his/her professional judgement, he
/she is independent. An analysis of the fee payable to the external audit firm
in respect of both audit and non-audit services during the year is set out in
note 4 to the financial statements.
The current audit partner, Robert Neate, has already signed the audit report
since 2016 that is for 5 years, which is the normal term. The Audit Committee
asked that he remain as partner for this year on audit quality grounds
conscious of the pressure audit firms are under reflecting the current audit
challenges in respect of remote working and other Covid related issues and the
guidance to companies issued by the FRC.
Mazars were originally appointed as auditors in 2008 after a tendering process
involving four firms. In 2018 a further tendering process involved three firms
including Mazars and, following an assessment, Mazars were reappointed.
Howard Miller
Audit committee chair
2 September 2021
Group income statement
All attributable to equity holders of the company
Notes Year ended 31 March 2021 Year ended 31 March 2020
All operations are continuing
£ £
Revenue - -
Expenses (162,824) (134,796)
Investment income 6 39 287
Finance costs 7 (165,702) (170,029)
Foreign exchange movement (31) 28
Loss before tax 4 (328,518) (304,510)
Taxation 8 - -
Loss for the period (328,518) (304,510)
Loss per share
Basic - pence per share 9 (0.2)p (0.2)p
Diluted - pence per share 9 (0.2)p (0.2)p
Group statement of comprehensive income
Loss for the period (328,518) (304,510)
Other comprehensive income
Items that may subsequently be
reclassified to profit or loss:
Change in fair value of 14 4,053,506 -
investment
Foreign currency translation (10,067) (23,350)
reserve
Total comprehensive profit/(loss) for 3,714,921 (327,860)
the period
Group statement of financial position
31 March 2021 31 March 2020
Notes
£ £
Assets
Non-current assets
Mineral property exploration and 10 15,317,293 15,215,723
evaluation
Property, plant and equipment 11 204,687 204,687
Investments 14 4,163,664 100,099
Deposit 15 123,787 123,748
19,809,431 15,644,257
Current assets
Other receivables 31,381 16,505
Cash and cash equivalents 16 891,767 95,311
923,148 111,816
Total assets 20,732,579 15,756,073
Liabilities
Current liabilities
Trade and other payables 17 (126,228) (98,244)
(126,228) (98,244)
Net current assets 796,920 13,572
Non-current liabilities
Loans 18 (4,147,294) (3,981,893)
Long term provision 19 (50,000) (50,000)
(4,197,294) (4,031,893)
Total liabilities (4,323,522) (4,130,137)
Net assets 16,409,057 11,625,936
Equity
Share capital 20 7,765,591 7,380,591
Share premium 10,941,509 10,258,309
Currency translation reserve (90,533) (80,466)
Retained losses (2,207,510) (5,932,498)
Total shareholders' funds 16,409,057 11,625,936
The financial statements of Anglesey Mining plc which include the notes to the
accounts were approved
by the board of directors, authorised for issue on 2 September 2021 and signed
on its behalf by:
John F. Kearney, Chairman
Danesh Varma, Finance Director
Company statement of financial position
31 March 2021 31 March 2020
Notes £ £
Assets
Non-current assets
Investments 13 14,576,869 14,460,642
14,576,869 14,460,642
Current assets
Other receivables 7,448 5,960
Cash and cash equivalents 16 883,463 92,885
890,911 98,845
Total assets 15,467,780 14,559,487
Liabilities
Current liabilities
Trade and other payables 17 (66,767) (67,191)
(66,767) (67,191)
Net current assets 824,144 31,654
Non-current liabilities
Loan 18 (3,815,022) (3,660,788)
(3,815,022) (3,660,788)
Total liabilities (3,881,789) (3,727,979)
Net assets 11,585,991 10,831,508
Equity
Share capital 20 7,765,591 7,380,591
Share premium 10,941,509 10,258,309
Retained losses (7,121,109) (6,807,392)
Shareholders' equity 11,585,991 10,831,508
The company reported a loss for the year ended 31 March 2021 of £313,717 (2020
- £275,206). The financial statements
of Anglesey Mining plc registered number 1849957 which include the notes to the
accounts were approved by the
board of directors, authorised for issue on 2 September 2021 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
£ £ £ £ £
Equity at 1 April 2019 7,286,914 10,171,986 (57,116) 11,773,796
(5,627,988)
Total comprehensive loss for the
year:
Loss for the year - - - (304,510) (304,510)
Exchange difference on - - (23,350) - (23,350)
translation of foreign
holding
Total comprehensive loss for the - - (23,350) (304,510) (327,860)
year
Transactions with owners:
Shares issued 93,677 106,323 - - 200,000
Share isssue expenses - (20,000) - - (20,000)
Equity at 31 March 2020 7,380,591 10,258,309 (80,466) 11,625,936
(5,932,498)
Total comprehensive loss for the
year:
Loss for the year - - - (328,518) (328,518)
Change in fair value of - - - 4,053,506 4,053,506
investment
Exchange difference on - - (10,067) - (10,067)
translation of foreign
holding
Total comprehensive loss for the - - (10,067) 3,724,988 3,714,921
year
Transactions with owners:
Shares issued 385,000 770,000 - - 1,155,000
Share issue expenses - (86,800) - - (86,800)
Equity at 31 March 2021 7,765,591 10,941,509 (90,533) 16,409,057
(2,207,510)
Company Share Share Retained Total
capital premium losses
£ £ £ £
Equity at 1 April 2019 7,286,914 10,171,986 10,926,714
(6,532,186)
Total comprehensive loss for the
year:
Loss for the year - - (275,206) (275,206)
Total comprehensive loss for the - - (275,206) (275,206)
year
Transactions with owners:
Shares issued 93,677 106,323 - 200,000
Share isssue expenses - (20,000) - (20,000)
Equity at 31 March 2020 7,380,591 10,258,309 10,831,508
(6,807,392)
Total comprehensive loss for the
year:
Loss for the year - - (313,717) (313,717)
Total comprehensive loss for the - - (313,717) (313,717)
year
Transactions with owners:
Shares issued 385,000 770,000 - 1,155,000
Share issue expenses - (86,800) - (86,800)
Equity at 31 March 2021 7,765,591 10,941,509 11,585,991
(7,121,109)
Group statement of cash flows
Notes Year ended 31 March 2021 Year ended 31 March 2020
£ £
Operating activities
Loss for the period (328,518) (304,510)
Adjustments for:
Investment income 6 (39) (287)
Finance costs 7 165,702 170,029
Equity-settled employee benefits 22 - -
Management fee to associate - (8,787)
Foreign exchange movement 31 (28)
(162,824) (143,583)
Movements in working capital
(Increase)/decrease in (14,758) 2,685
receivables
Increase in payables 3,539 15,708
Net cash used in operating (174,043) (125,190)
activities
Investing activities
Mineral property exploration and (77,618) (53,826)
evaluation
Investment (20,052) (11,713)
Net cash used in investing activities (97,670) (65,539)
Financing activities
Issue of share capital 1,068,200 180,000
Loan received - 100,000
Net cash generated from financing 1,068,200 280,000
activities
Net increase in cash and cash equivalents 796,487 89,271
Cash and cash equivalents at start 95,311 6,012
of period
Foreign exchange movement (31) 28
Cash and cash equivalents at end 16 891,767 95,311
of period
Company statement of cash flows
Notes Year ended 31 Year ended 31
March 2021 March 2020
£ £
Operating activities
Loss for the period 23 (313,717) (275,206)
Adjustments for:
Finance costs 154,234 154,153
(159,483) (121,053)
Movements in working capital
(Increase)/decrease in (1,488) 745
receivables
(Decrease)/increase in payables (424) 714
Net cash used in operating (161,395) (119,594)
activities
Investing activities
Investments and long term loans (116,227) (71,500)
Net cash used in investing (116,227) (71,500)
activities
Financing activities
Share issues net of expenses 1,068,200 180,000
Loans - 100,000
Net cash generated from financing 1,068,200 280,000
activities
Net increase in cash and cash 790,578 88,906
equivalents
Cash and cash equivalents at start 92,885 3,979
of period
Cash and cash equivalents at end 16 883,463 92,885
of period
Notes to the accounts
1 General information
Anglesey Mining plc is domiciled and incorporated in England and Wales under
the Companies Act with registration number 1849957. The nature of the group's
operations and its principal activities are set out in note 3 and in the
strategic report. The registered office address is shown at the end of this
report.
These financial statements are presented in pounds sterling because that is the
currency of the primary economic environment in which the group has been
operating. Foreign operations are included in accordance with the policies set
out in note 2.
2 Significant accounting policies
Basis of Accounting
The group and company financial statements have been prepared in accordance
with applicable law and international accounting standards in conformity with
the Companies Act 2006 and, as regards the parent company financial statements,
as applied in accordance with the provisions of the Companies Act 2006, and as
regards the group financial statements, international financial reporting
standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the
European Union.
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 Directors have considered the business activities of the Group as well as
its principal risks and uncertainties as set out in this report. When doing so
they have carefully applied the guidance given in the 'Guidance on Risk
Management, Internal Control and Related Financial and Business Reporting'
issued in September 2014.
The 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. Based on the current cash reserves and the committed support of
Juno, the Group has sufficient finance available for the continuing working
capital requirements of the Group on a status quo basis for at least twelve
months from the date of the financial statements.
The Group will need to generate additional financial resources to meet its
planned business objectives, progress the ongoing development of the Parys
Mountain project and continue as a going concern. The plans to phase the
development of the project by undertaking the various optimisation programmes
and completing a prefeasibility or feasibility study to progress the Parys
Mountain Mine towards production require interim funding to finance the further
studies and optimisation programmes and, in the longer term, senior financing
to fund the capital and development costs to put the Parys Mountain Mine into
production.
The Group has relied primarily on equity financings and its largest shareholder
Juno Limited to fund its working capital requirements and may be required to do
so in the future to ensure the Group will have adequate funds for its current
activities and to continue as a going concern.
The Directors are actively pursuing various financing options with certain
shareholders and financial institutions regarding proposals for financing and
are in discussions with a range of investors, including private equity funds.
Whilst these discussions continue the Directors have reasonable expectations
that these financing discussions will be successful and therefore the financial
statements have been prepared on the going concern basis.
However, given the limited financial resources currently available, and that
there is no guarantee that such funding will be available, there is a risk that
the Group will not have sufficient financial resources to fund its short-term
project funding requirements, and therefore there exists a material uncertainty
concerning the ability of the Group and the Company to continue as a going
concern or that the Group will be successful in raising the necessary
investment to advance the development of the project and put a mine at the
Parys Mountain property into production.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the company and entities controlled by the company (its subsidiaries) made up
to 31 March each year. Control is achieved where the company has the power to
govern the financial and operating policies of an investee entity so as to
obtain benefits from its activities.
On acquisition, the assets and liabilities and contingent liabilities of a
subsidiary are measured at their fair values at the date of acquisition. Any
excess of the cost of acquisition over the fair values of the identifiable net
assets acquired is recognised as goodwill. Any deficiency of the cost of
acquisition below the fair values of the identifiable net assets acquired
(i.e., discount on acquisition) is credited to the income statement in the
period of acquisition. The results of subsidiaries acquired or disposed of
during the year are included in the group income statement from the effective
date of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used into line with those used by
the group. All intra-group transactions, balances, income and expenses are
eliminated on consolidation.
Revenue recognition
Interest income is accrued on a time basis, by reference to the principal
outstanding and at the effective interest rate applicable, which is the rate
that exactly discounts estimated future cash receipts through the expected life
of the financial asset to that asset's net carrying amount.
Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates
of exchange prevailing on the dates of the transactions. At the end of each
reporting period, monetary assets and liabilities that are denominated in
foreign currencies are retranslated at the rates prevailing on the period end
date. Non-monetary assets and liabilities carried at fair value that are
denominated in foreign currencies are translated at the rates prevailing at the
date when the fair value was determined. Gains and losses arising on
retranslation are included in net profit or loss for the period.
On consolidation, the assets and liabilities of the group's overseas operations
are translated at exchange rates prevailing on the period end date. Exchange
differences arising, if any, are classified as items of other comprehensive
income and transferred to the group's translation reserve within equity. Such
translation differences are reclassified to profit or loss, and recognised as
income or as expense, in the period in which there is a disposal of the
operation.
Segmental analysis
Operating segments are identified on the basis of internal reports about
components of the group that are regularly reviewed by the chief operating
decision-maker.
Retirement benefit costs
Payments to defined contribution retirement benefit schemes are charged as an
expense as they fall due. There are no defined benefit retirement schemes.
Equity-settled 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 and is charged or
credited in the income statement, except when it relates to items charged or
credited directly to equity, in which case the deferred tax is also dealt with
in equity.
The charge for current tax is based on the results for the year as adjusted for
items which are non-taxable or disallowed. It is calculated using rates that
have been enacted or substantively enacted by the balance sheet date.
Property, plant and equipment
The group's freehold land is stated in the statement of financial position at
cost. The directors consider that the residual value of buildings, based on
prices prevailing at the date of acquisition and at each subsequent reporting
date as if the asset were already of the age and in the condition expected at
the end of its useful life, is such that any depreciation would not be
material.
Plant and office equipment are stated in the statement of financial position at
cost, less depreciation. Depreciation is charged on a straight-line basis at
the annual rate of 25%. Residual values and the useful lives of these assets
are also reviewed annually.
Mineral property exploration and evaluation
Exploration and evaluation assets under IFRS 6 include acquired mineral use
rights for mineral properties held by the Company. The amount of consideration
paid (in cash or share value) for mineral use rights is capitalised. Mineral
exploration and evaluation expenditures are capitalised on a project-by-project
basis pending determination of the technical feasibility and the commercial
viability of the project. Capitalised costs include costs directly related to
exploration and evaluation activities in the area of interest. General and
administrative costs are only allocated to the asset to the extent that those
costs can be directly related to operational activities.
Exploration and evaluation assets will be amortised to profit or loss once
commercial production has been achieved or written off if the exploration and
evaluation assets are abandoned or sold. Depletion of costs capitalised on
projects when put into commercial production will be recorded using the
unit-of-production method based upon estimated proven and probable reserves.
The ultimate recoverability of the amounts capitalised for the exploration and
evaluation assets and expenditures is dependent upon the delineation of
economically recoverable ore reserves, obtaining the necessary financing to
complete their development, obtaining and retaining the necessary permits to
operate a mine, and realising profitable production or proceeds from the
disposition thereof.
The commercial viability of extracting a mineral resource is considered to be
determinable when resources are determined to exist, the property rights are
current and it is considered probable that the costs will be recouped through
successful development and exploitation of the project, or alternatively by
sale of the property. Upon determination of resources, exploration and
evaluation assets attributable to those resources are first tested for
impairment and then reclassified from exploration and evaluation assets to
mineral property interests. Expenditures deemed unsuccessful are recognised in
operations in the Income Statement.
Expenditures incurred in connection with the development of mineral resources
after such time as mineral reserves are proven or probable; permits to operate
the mineral resource property are received; financing to complete development
has been obtained; and approval of the Board of Directors to commence mining
development and operations, are capitalized as deferred development
expenditures.
Impairment of tangible and intangible assets
The carrying values of capitalized exploration and evaluation assets are
assessed for impairment if fact and circumstances indicate that the carrying
amount exceeds the recoverable amount and sufficient data exists to evaluate
technical feasibility and commercial viability. If any indication of
impairment exists, an estimate of the asset's recoverable amount is estimated.
The recoverable amount is determined as the higher of the fair value less costs
of disposition and the asset's value in use. If the carrying amount of the
asset exceeds its estimated recoverable amount, the asset is impaired, and an
impairment loss is charged to the Income Statement so as to reduce the carrying
amount to its estimated recoverable amount.
Investments
Investments in subsidiaries are shown at historical cost less provisions for
impairment in value. Income from investments in subsidiaries together with any
related withholding tax is recognised in the income statement in the period to
which it relates.
Investments which are not subsidiaries are shown at fair value.
Associates are accounted for using the equity method.
Impairment of financial assets measured at amortised cost
At each reporting date the Group recognises a loss allowance for expected
credit losses on financial assets measured at amortised cost. In establishing
the appropriate amount of loss allowance to be recognised, the Group applies
either the general approach or the simplified approach, depending on the nature
of the underlying group of financial assets.
The general approach is applied to the impairment assessment of refundable
deposits, restricted cash and cash and cash equivalents. Under the general
approach the Group recognises a loss allowance for a financial asset at an
amount equal to the 12-month expected credit losses, unless the credit risk on
the financial asset has increased significantly since initial recognition, in
which case a loss allowance is recognised at an amount equal to the lifetime
expected credit losses. Under the simplified approach the Group always
recognises a loss allowance for a financial asset at an amount equal to the
lifetime expected credit losses.
Impairment of non-financial assets
Non-financial assets are tested for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable.
Non-financial assets are impaired when their carrying amount of the asset
exceeds its recoverable amount. The recoverable amount is measured as the
higher of fair value less cost of disposal and value in use.
Provisions
Provisions are recognised when the group has a present obligation as a result
of a past event and it is probable that the group will be required to settle
that obligation. Provisions are measured at the directors' best estimate of the
expenditure required to settle that obligation at the end of the reporting
period and are discounted to present value where the effect is material.
Financial instruments
Initial recognition
All financial assets and liabilities are initially recognised on the trade
date; this being the date that group becomes a party to the contractual
provisions of the instrument.
All financial instruments are initially recognised at fair value plus, in the
case of financial assets and financial liabilities not held at fair value
through profit or loss, directly attributable transaction costs.
Classification and measurement
Financial assets
The classification of financial instruments depends on the purpose and
management's intention for which the financial instruments were acquired and
their characteristics. The group classifies its financial assets in one of the
following categories:
. Amortised cost
. Fair value through other comprehensive income (FVOCI)
Financial assets classified and measured at amortised cost
Amortised cost financial instruments are non-derivative financial assets held
within a business model, whose objective is to collect contractual cash flows,
on specified dates that are solely payments of principal and interest on the
principal amount outstanding.
Such financial instruments are those that are subsequently measured at
amortised cost using the effective interest rate method, less any allowance for
impairment based on Expected Credit Loss (ECL). Amortised cost is calculated by
taking into account any discount or premium on acquisition and fees and costs
that are an integral part of the financial asset.
Financial assets classified at amortised cost are other receivables, deposits
and cash and cash equivalents.
Financial assets classified and measured at fair value through other
comprehensive income "FVOCI"
FVOCI financial assets are those non-derivative financial assets held within a
business model, whose objectives are both to sell the financial assets and to
collect contractual cash flows, on specified dates, that are solely payments of
principal and interest on the principal amount outstanding.
Financial assets that are classified as FVOCI are measured at fair value. The
changes in fair value are recognised in other comprehensive income with three
exceptions, which are recognised in profit and loss:
. Interest, calculated using the effective interest method;
. Impairment losses; and
. Foreign exchange gains and losses on monetary financial assets.
When the investment is disposed of, the cumulative gain or loss previously
recognised in equity is recognised in the statement of comprehensive income.
Financial assets at fair value through other comprehensive income (FVOCI)
comprise equity securities which are not held for trading and which the group
has irrevocably elected at initial recognition to recognise in this category.
These are strategic investments and the group considers this classification to
be more relevant.
Financial liabilities
The group classifies all financial liabilities as other financial liabilities
measured at amortised cost. Financial liabilities are initially recognised at
fair value, net of directly attributable transaction costs, and are
subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received,
net of direct issue costs.
Leases
Mining lease payments relating to mineral property exploration and evaluation
are capitalised; there are no other leases, see note 25 for details. There are
no IFRS 16 disclosures required in respect of the mining leases.
New accounting standards
Standards, amendments and interpretations adopted in the current financial
year, effective from 1 January 2020:
Amendments to IAS 1 and IAS 8: Definition of Material
Conceptual Framework (Revised) and amendments to related references in IFRS
Standards
New standards and amendments effective from 1 January 2021
Amendments to IFRS 9 Financial Instruments, IAS 39 Financial Instruments:
(UK-adopted)
Recognition and Measurement, IFRS 7 Financial Instruments: Disclosures, IFRS 4;
Insurance Contracts and IFRS 16 Leases:
IFRS amendments effective from 1 April 2021 (not UK-adopted)
New standards and amendments in issue from 1 January 2022 onwards, but not yet
effective
IFRS amendments effective from 1 January 2022 (not UK-adopted)
IFRS standards effective from 1 January 2023 (not UK-adopted)
IAS 1 Amendment: Classification of Liabilities as Current or Non-current
IAS 1 Amendment: Disclosure of accounting policies
IAS 8 Amendment: Definition of accounting estimates
The adoption of the above standards and interpretations is not expected to lead
to any changes to the group's accounting policies or have any other material
impact on the financial position or performance of the group.
There have been no other new or revised International Financial Reporting
Standards, International Accounting Standards or Interpretations that are in
effect since that last annual report that have a material impact on the
financial statements.
Judgements made in applying accounting policies and key sources of estimation
uncertainty
The following critical judgements have been made in the process of applying the
group's accounting policies:
(a) In determining the treatment of exploration and evaluation expenditures the
directors are required to make estimates and assumptions as to future events
and circumstances. Significant judgment must be exercised in determining when a
project moves from the exploration and evaluation category phase and into the
development category of mineral property interests. The existence and extent of
economic mineral resources, proven or probable mineral reserves; regulatory
permits and licences; the availability of development financing; current and
future metal prices; and market sentiment are all factors to be considered.
(b) In connection with possible impairment of exploration and evaluation assets
and the investment of the company in Parys Mountain Mines Limited the directors
assess each potentially cash generating unit annually to determine whether any
indication of impairment exists. The judgements made when making these
assessments are similar to those set out above and are subject to the same
uncertainties.
(c) The directors applied assumptions and judgement in determining the fair
value of investments classified and measured as financial assets at FVOCI. Some
of the financial assets set out in note 14 are unquoted investments in
companies holding mining rights. The inputs in determining fair value are taken
from observable markets where possible, but where this is not feasible, a
degree of judgement has been applied in establishing fair values. Judgements
include considerations of inputs such as exploration potential, available
market information relating to current demand, prices, economic viability and
future financing. See note 14 for further details.
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. 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 and management expenses for this segment are included
in the UK total.
Income statement
analysis
2021 2020
UK Sweden Canada UK Sweden Canada Total
Total
£ £ £ £ £ £ £ £
Expenses - - - -
(162,824) (162,824) (134,796) (134,796)
Investment 39 - - 39 287 - - 287
income
Finance costs (11,468) - (15,876) -
(154,234) (165,702) (154,153) (170,029)
Exchange rate - (31) - (31) - 28 - 28
loss
Loss for the (11,499) - (15,848) -
year (317,019) (328,518) (288,662) (304,510)
Assets and
liabilities
31 March 2021 31 March 2020
UK Sweden Canada UK Sweden Canada Total
Total
£ £ £ £
£ £ £ £
Non-current 15,645,767 110,157 4,053,507 19,809,431 15,544,158 100,098 1 15,644,257
assets
Current assets 922,056 1,092 - 923,148 110,716 1,100 - 111,816
Liabilities - -
(3,991,250) (332,272) (4,323,522) (3,809,032) (321,105) (4,130,137)
Net assets/ 12,576,573 4,053,507 16,409,057 11,845,842 1 11,625,936
liabilities (221,023) (219,907)
4 Loss before taxation
The loss before taxation for the year has been arrived at
after charging/(crediting):
2021 2020
£ £
Fees payable to the group's
auditor:
for the audit of the annual 37,000 37,000
accounts
for the audit of 5,000 5,000
subsidiaries' accounts
for other services - -
Directors' remuneration - -
Foreign exchange movement 31 (28)
5 Staff costs
The average monthly number of persons employed (including
executive directors) was:
2021 2020
Administrative 3 3
3 3
Their aggregate remuneration was: £ £
Wages and salaries 23,660 11,000
Social security costs 6,803 390
30,463 11,390
The directors did not receive any remuneration during the year. Further details
are provided in the
directors' remuneration report together with information on share options.
6 Investment income
2021 2020
Loans and receivables
£
£
Interest on site 39 287
re-instatement deposit
39 287
7 Finance costs
2021 2020
Loans and payables
£ £
Loan interest to Juno Limited 154,234 154,153
Loan interest to Eurmag AB 11,468 15,876
165,702 170,029
For both loans the interest shown is accrued and it is intended that it will be
repaid together with the loan principal. The loans are repayable from any
future financing undertaken by the Company.
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 2021 of £1.3 million (2020 - £1.3 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 £12.8 million unclaimed
and available at 31 March 2021 (2020 - £12.7 million). No deferred tax asset is
recognised in respect of these allowances.
2021 2020
£ £
Current tax - -
Deferred tax - -
Total tax - -
Domestic income tax is calculated at 19% (2020 - 19%) of the
estimated assessed profit for
the year. Taxation for other jurisdictions is calculated at the
rates prevailing in the
relevant jurisdictions.
The total charge for the year can be reconciled to the
accounting profit or loss as follows:
Loss for the year (328,518) (304,510)
Tax at the domestic income tax (62,418) (57,857)
rate of 19%
Tax effect of:
Unrecognised deferred tax on 62,418 57,857
losses
Total tax - -
9 Earnings per ordinary share
2021 2020
£ £
Earnings
Loss for the year (328,518) (304,510)
Number of shares
Weighted average number of 201,073,814 185,772,778
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 201,073,814 185,772,778
ordinary shares
for the purposes of diluted
earnings per share
Basic earnings per share (0.2)p (0.2)p
Diluted earnings per share (0.2)p (0.2)p
As the group has a loss for the year ended 31 March 2021 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 £
At 31 March 2019 15,165,888
Additions - site 24,341
Additions - rentals & 25,494
charges
At 31 March 2020 15,215,723
Additions - site 73,983
Additions - rentals & 27,587
charges
At 31 March 2021 15,317,293
Carrying amount
Net book value 2021 15,317,293
Net book value 2020 15,215,723
Included in the additions are mining lease expenses of £19,170 (2020 - £
16,858).
Potential impairment of mineral property
Accumulated exploration and evaluation expenditure in respect of the Parys
Mountain property is carried in the financial statements at cost less any
impairment provision.
The Group assesses at each reporting date its exploration and evaluation assets
to determine whether specific facts and circumstances indicate there is an
indication of impairment and whether an impairment test is required. If such
an indication exists, the recoverable amount of the asset is estimated and if
the carrying amount of the asset exceeds its estimated recoverable amount, the
asset is impaired, and the impairment loss is measured. If impairment testing
is required, the impairment testing of exploration and evaluation assets is
carried out in accordance with IAS 36 Impairment of Assets as modified by IFRS
6. Any impairment loss is charged to the Statement of Income and Loss to reduce
the carrying amount to its estimated recoverable amount.
In determining whether there is an impairment indicator, the Group considers
both internal factors (e.g. adverse changes in performance) and external
factors (e.g., adverse changes in the business or regulatory environment).
Significant judgment is required when determining whether facts and
circumstances suggest that the carrying amount of exploration and evaluation
assets may exceed its recoverable amount. The existence and extent of proven or
probable mineral reserves; retention of regulatory permits and licences; the
availability of development financing; current and future metal prices; and
market sentiment are all factors to be considered. There are several external
factors that can have a significant impact on the recoverable amount of a
mineral property, including the uncertainty of market conditions, the
volatility of commodity prices and foreign exchange rates.
Following review, the directors concluded that there are no material adverse
changes in facts and circumstances, or in market conditions or regulations
affecting, the Parys Mountain property during the year ended 31 March 2021. The
directors noted the completion and publication in January 2021 of the new
independent PEA, with an expanded resource base, which demonstrates that a
major mining operation can be established at Parys Mountain, with robust
economics at reasonable capital and operating costs.
The property has the potential for the discovery of new or additional resources
and has ongoing exploration potential and further work is recommended and
planned. Metal prices have improved and the outlook for most minerals, and
particularly for the copper, zinc and lead minerals at Parys Mountain, is very
encouraging. Accordingly, the directors concluded, as described in the
Strategic Report, that any specific facts and circumstances which might suggest
there is an indication of impairment have not materially changed during the
year and there are no facts or circumstances that suggest there is an
indication of impairment and therefore no impairment test was required or
completed.
11 Property, plant and equipmentGroup Freehold Plant & Office Total
land & equipment equipment
property
Cost £ £ £ £
At 31 March 2019, 2020 and 204,687 17,434 5,487 227,608
2021
Depreciation
At 31 March 2019, 2020 and - 17,434 5,487 22,921
2021
Carrying amount
At 31 March 2019, 2020 and 204,687 - - 204,687
2021
Company Freehold Plant & Office Total
land & equipment equipment
property
Cost £ £ £ £
At 31 March 2019, 2020 and - 17,434 5,487 22,921
2021
Depreciation
At 31 March 2019, 2020 and - 17,434 5,487 22,921
2021
Carrying amount
At 31 March 2019, 2020 and - - - -
2021
12 Subsidiaries - company
The subsidiaries of the company at 31 March 2021 and 2020 were as follows:
Name of company Country of Percentage Principal activity
incorporation owned
Parys Mountain Mines Limited1 England & 100% Development of the
Wales Parys Mountain
mining property
Parys Mountain Land Limited1 England & 100% Holder of part of
Wales the Parys Mountain
property
Parys Mountain Heritage England & 100% Holder of part of
Limited1 Wales the Parys Mountain
property
Labrador Iron plc2 Isle of Man 100% Holder of the
company's investment
in Labrador Iron
Mines Holdings
Limited
Angmag AB3 Sweden 100% Holder of the
company's investment
in GIAB
Anglo Canadian Exploration England & 100% Dormant
(Ace) Limited1 Wales
Registered office addresses:
1. - Parys Mountain, Amlwch, Anglesey, LL68 9RE
2. - Fort Anne, Douglas, Isle of Man, IM1 5PD
3. - Box 1703, 111 87 Stockholm, Sweden
13 Investments - company
Shares at Capital Total
cost contributions
£ £ £
At 1 April 2019 104,025 14,389,142
14,285,117
Advanced - 71,500 71,500
At 31 March 2020 104,025 14,356,617 14,460,642
Advanced - 116,227 116,227
At 31 March 2021 104,025 14,472,844 14,576,869
The realisation of investments is dependent on finance being available for
development and on a number
of other factors. Interest is not charged on capital contributions.
14 Investments - group
Labrador Grangesberg
Total
£ £ £
At 1 April 2019 1 97,794 97,795
Net change during the period - 2,304 2,304
At 31 March 2020 1 100,098 100,099
Net change during the period 4,053,506 10,059 4,063,565
At 31 March 2021 4,053,507 110,157 4,163,664
LIM - Labrador, Canada
The group has an investment in Labrador Iron Mines Holdings Limited, a Canadian
company which holds the Labrador iron ore properties described in the Strategic
Report.
The group's investment in LIM is carried at fair value through other
comprehensive income. Commencing in mid-2020 stock market interest in North
America in the shares of LIM resulted in significant share price increases.
LIM reported net comprehensive income of CAD25,666,588 for the year ended 31
March 2021, which included an impairment reversal of CAD25,963,413 in the
carrying value of its mineral property interests. The group's holding of
19,289,100 shares in LIM (12% of LIM's total issued shares) is valued at the
closing price traded on the OTC Markets in the United States and in the
directors' assessment this market is sufficiently active to give the best
measure of fair value, which on 31 March 2021 was 29 US cents per share. Since
that date the share price has declined and at 24 August 2021 the shares traded
at 20 US cents per share.
Grangesberg - Sweden
The group has, through its Swedish subsidiary Angmag AB, a 19.9% ownership
interest in GIAB (2020 - 10.0%), a Swedish company which holds rights over the
Grangesberg iron ore deposits. During the year the group subscribed £20,052
(2020 - £11,713) for new shares in GIAB and also transferred some of its shares
at the same price to Eurang AB as consideration for a reduction in the loan due
to Eurmag, a subsidiary of Eurang.
The directors assessed the fair value of the investment in Grangesberg under
IFRS 9 and consider the cost at the date of transition and the investment's
value at the year-end to approximate the fair value at these dates. Following
negotiation the group has, until June 2023, a right of first refusal over a
further 50.1% of the equity of GIAB together with management direction of the
activities of GIAB, subject to certain restrictions. Although the group has
significant influence over certain relevant activities of GIAB, equity
accounting has not been applied in respect of this influence as the directors
consider this would not have any material affect. The group's share in the net
assets of GIAB at 31 March 2021 was approximately £316,000.
15 Deposit
Group
2021 2020
£ £
Site re-instatement deposit
123,787 123,748
This deposit was required and made under the terms of a Section 106 Agreement
with the Isle of Anglesey County Council which has granted planning permissions
for mining at Parys Mountain. The deposit is refundable upon restoration of the
permitted area to the satisfaction of the Planning Authority. The carrying
value of the deposit approximates to its fair value.
16 Cash and cash equivalents
Group Company
2021 2020 2021 2020
£ £ £ £
Held in sterling 890,674 94,210 883,463 92,885
Held in Canadian dollars
1 1 - -
Held in US dollars 424 443
- -
Held in Swedish krona 668 657
- -
891,767 95,311 883,463 92,885
The carrying value of the cash approximates to its fair value.
17 Trade and other payables
Group Company
2021 2020 2021 2020
£ £ £ £
Trade payables
(4,366) (13,537) (2,887) (11,939)
Other accruals
(121,862) (84,707) (63,880) (55,252)
(126,228) (98,244) (66,767) (67,191)
The carrying value of the trade and other payables approximates to their fair
value.
18 Loans
Group Company
2021 2020 2021 2020
£ £ £ £
Loan from Juno Limited (3,815,022) (3,660,788)
(3,815,022) (3,660,788)
Loan from Eurmag AB
(332,272) (321,105) - -
(3,815,022) (3,660,788)
(4,147,294) (3,981,893)
Juno: 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.
Changes in liabilities arising from financing activities
Due to Juno Due to Eurmag Totals
£ £ £
At 1 April 2019 (3,406,635) (300,087) (3,706,722)
Cash flows (100,000) (100,000)
Non cash movements (154,153) (21,018) (175,171)
1 April 2020 (3,660,788) (321,105) (3,981,893)
Cash flows
- - -
Non cash movements (154,234) (11,167) (165,401)
At 31 March 2021 (3,815,022) (332,272) (4,147,294)
The Juno loan relates to the group and company. The non-cash movement
represents accrued interest.
The Eurmag loan relates to the group only and its non-cash movement comprises
accrued interest, the value of GIAB shares transferred to Eurang AB which
reduced the loan amount (see note 14) and foreign exchange changes.
19 Long term provision - group
2021 2020
£ £
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. The provision
has not been discounted because the impact of doing so is not material to the
financial statements. There are significant uncertainties inherent in the
assumptions made in estimating the amount of this provision, which include
judgements of changes to the legal and regulatory framework, magnitude of
possible contamination and the timing, extent and costs of required restoration
and rehabilitation activity.
20 Share capital
Ordinary shares Deferred shares Total
of 1p of 4p
Issued and Nominal Number Nominal Number Nominal
fully paid value £ value £ value £
At 1 April 2019 1,776,081 177,608,051 5,510,833 137,770,835 7,286,914
Issued in the period 93,677 9,367,681
At 1 April 2020 1,869,758 186,975,732 5,510,833 137,770,835 7,380,591
Issued in the period 385,000 38,500,000 385,000
At 31 March 2021 2,254,758 225,475,732 5,510,833 137,770,835 7,765,591
The deferred shares are non-voting, have no entitlement to dividends and have
negligible rights to return of capital on a winding up.
On 24 August 2020 a placing for cash was made of 12.5 million ordinary shares
at 1.6 pence, raising £200,000 gross, together with 12.5 million warrants
exercisable at 1.8 pence, all of which were subsequently exercised raising an
additional £225,000 gross.
On 21 January 2021 a placing for cash was made of 10 million ordinary shares at
6.6 pence each raising £660,000 gross.
On 17 March 2021 3.5 million shares were issued at 2 pence each in respect of
the exercise of share options raising £70,000.
21 Equity-settled employee benefits
The 2014 Unapproved share option 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 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 FTSE 100 index. The
vesting period for any options granted since 2014 was one year. Options are
forfeited if the employee leaves employment with the group before the options
vest. All options outstanding were exercised in full during the year. No
options were granted, lapsed or forfeited during the year. No options were
outstanding at 31 March 2021.
2021 2020
Options Weighted Remaining Options Weighted Remaining
average contractual average contractual
exercise life in exercise life in
price in years price in years
pence pence
Outstanding at beginning 3,500,000 2.00 1.5 3,500,000 2.00 2.5
of period
Granted during the - - - -
period
Forfeited during the - - - -
period
Exercised during the 3,500,000 2.00 - -
period
Expired during the - - - -
period
Outstanding at the end of - - - 3,500,000 2.00 1.5
the period
Exercisable at the end of - - - 3,500,000 2.00 1.5
the period
There were no expenses in respect of equity-settled employee remuneration for
the year ended 31 March 2021 (2020 - nil).
22 Results attributable to Anglesey Mining plc
The loss after taxation in the parent company amounted to £313,717 (2020 loss
£275,206). The directors have taken advantage of the exemptions available under
section 408 of the Companies Act 2006 and not presented an income statement for
the company alone.
23 Financial instruments
The main risks arising from the group's financial instruments are currency risk
and share price risk. The board reviews and agrees policies for managing each
of these risks and these are summarised below.
Capital risk management
There have been no changes during the year in the group's capital risk
management policy.
The group manages its capital to ensure that entities in the group will be able
to continue as going concerns while optimising the debt and equity balance. The
capital structure of the group consists of debt, which includes the borrowings
disclosed in note 18, the cash and cash equivalents and equity comprising
issued capital, reserves and retained earnings.
The group does not enter into derivative or hedging transactions and it is the
group's policy that no trading in financial instruments be undertaken.
Share price risk
The shares of Labrador Iron Mines Holdings Limited in Canada are traded on the
OTC Market in the United States and the value of the group's investment in LIM
is subject to the market variations applicable to any publicly traded
investment. In respect of the value of this investment, if the LIM share price
were to fall by 10% there would be a loss to the group of £405,351 and if it
were to rise by a similar percentage there would be a gain of £405,351
Interest rate risk
The amounts advanced under the Juno loans are at a fixed rate of interest of
10% per annum and those from Eurmag are at a fixed rate of 6.5% per annum. 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. During the year the
group raised new financing of over £1,000,000, through the placement of shares,
and the exercise of warrants and share options.
Trade creditors are payable on normal credit terms which are usually 30 days.
The loans due to Juno and Eurmag carry a notice period of 367 days. Juno, in
keeping with its long-established practice has indicated that it has no current
intention of demanding repayment. No such notice had been received by 2
September 2021 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 and the group has no
currency exposure in respect of this loan. The currency risk in respect of the
group's only other loan (denominated in Swedish krona) is as follows: if the
rate of exchange between the krona and sterling were to weaken against sterling
by 10% there would be a gain to the group of £30,207 (2020 - £29,191) and if it
were to move in favour of sterling by a similar amount there would be a loss of
£36,919 (2020 - £35,678). These gains or losses would be recorded in other
comprehensive income.
In respect of the investment in Grangesberg in Sweden, if the rate of exchange
between the Krona and sterling were to weaken against sterling by 10% there
would be a loss to the group of £10,508 (2020 - £9,374) and if it were to move
in favour of sterling by a similar amount there would be a gain of £12,843
(2020 - £11,457).
In respect of the investment in Labrador Iron Mines in Canada, if the rate of
exchange between the US dollar (the currency of the market on which the shares
are quoted) and sterling were to weaken against sterling by 10% there would be
a loss to the group of £368,501 and if it were to move in favour of sterling by
a similar amount there would be a gain of £450,390 There are no comparative
figures for last year when the investment was held at a value of £1.
Potential exchange variations in respect of other foreign currencies are not
material.
Credit risk
The directors consider that the entity has limited exposure to credit risk as
the entity has immaterial receivable balances at the year-end on which a third
party may default on its contractual obligations. The carrying amount of the
group's financial assets represents its maximum exposure to credit risk. Cash
is deposited with BBB or better rated banks.
Group Financial assets Financial assets
classified at fair measured at amortised
value through other cost
comprehensive income
31 March 31 March 31 March 31 March
2021 2020 2021 2020
£ £ £ £
Investments 4,163,664 100,099 - -
Deposit - - 123,787 123,748
Other receivables - - 31,381 16,505
Cash and cash - - 891,767 95,311
equivalents
- -
4,163,664 100,099 1,046,935 235,564
Financial liabilities
measured at amortised
cost
31 March 31 March
2021 2020
£ £
Trade payables (4,366) (13,537)
Other payables (121,862) (84,707)
Loans
(4,147,294) (3,981,893)
(4,273,522) (4,080,137)
Company
. Financial assets Financial liabilities
measured at amortised measured at amortised
cost cost
31 March 31 March 31 March 31 March
2021 2020 2021 2020
£ £ £ £
Other receivables 7,448 5,960 - -
Cash and cash 883,463 92,885 - -
equivalents
Trade payables - - (2,887) (11,939)
Other payables - - (63,880) (55,252)
Loan - -
(3,815,022) (3,660,788)
890,911 98,845
(3,881,789) (3,727,979)
24 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 26% 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 18. There
were no further transactions between the group and Juno or its group during the
year. The family interests of Danesh Varma have a significant shareholding in
Juno, a connected person.
Grangesberg
As nominees of the Company, Bill Hooley and Danesh Varma are directors of
Grangesberg Iron AB and of the special purpose vehicle Angmag 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 in 2014. The group has a liability to Eurmag AB a subsidiary of
Eurang amounting to £332,272 at the year-end (2020 - £321,105) - see note 18.
During the year £20,052 (2020 - £11,713) was subscribed for new shares in GIAB.
Key management personnel
All key management personnel are directors and appropriate disclosure with
respect to them is made in the directors' remuneration report.
There are no other contracts of significance in which any director has or had
during the year a material interest.
25 Mineral holdings
Parys Mountain
(a) Most of the mineral resources delineated to date are under the western
portion of Parys Mountain, the freehold and minerals of which are owned by the
group. A royalty of 6% of net profits after deduction of capital allowances, as
defined for tax purposes, from production of freehold minerals is payable. The
mining rights over and under this area, and the leasehold area described in (b)
below, are held in the Parys Mountain Mines Limited subsidiary.
(b) Under a mining lease from Lord Anglesey dated December 2006, the subsidiary
Parys Mountain Land Limited holds the eastern part of Parys Mountain, formerly
known as the Mona Mine. An annual certain rent of £19,170 is payable for the
year beginning 23 March 2020; the base part of this rent increases to £20,000
when extraction of minerals at Parys Mountain commences; this rental is
index-linked. A royalty of 1.8% of net smelter returns from mineral sales is
also payable. The lease may be terminated at 12 months' notice and otherwise
expires in 2070.
(c) Under a renewable 30 year mining lease from the Crown dated December 1991
there was an annual lease payment of £5,000 and a royalty of 4% of gross sales
of gold and silver from the lease area was payable. The Crown lease expired in
April 2020 and negotiations in respect of the renewal of this lease or the
granting of a new lease are continuing. It is expected that a new or renewed
lease, if taken up and accepted, would be subject to annual lease payments and
a royalty on gold and silver sales.
Lease payments
The group's mining leases may be terminated by the Group with 12 months'
notice. If they are not so terminated, the minimum payments due in respect of
the leases and royalty agreement are analysed as follows: within the year
commencing 1 April 2021 - £19,170 and for the five years between 1 April 2021
and 31 March 2026 - £101,551. Thereafter the payments will continue at
proportionate annual rates, in some cases with increases for inflation, for so
long as the leases are retained or extended.
26 Material noncash transactions
There were no material non-cash transactions in the year.
Under the Development and Co-operation Agreement with QME Limited in respect of
Parys Mountain optimisation studies development which began in 2018, described
in the Strategic Report, the Group has agreed to grant QME various rights and
options relating to the future development of Parys Mountain. Anglesey has
agreed award to QME, on an exclusive basis, contracts for the development of
the decline and underground mine development, including rehabilitation of the
shaft. This will be done on terms to be agreed following a decision by Anglesey
to proceed with the development of Parys Mountain. In the event Anglesey and
QME are not able to agree terms Anglesey may offer such contracts to third
parties, subject to a right of first refusal in favour of QME, and subject to a
payment by Anglesey to QME, upon the award of such contracts to a third-party,
of a break-fee of £500,000. Under such circumstances, the award of such
contracts to a third party could potentially create a contingent liability for
the payment of the break fee but such liability is not at this time
crystallised.
In addition, Anglesey would grant to QME the right and option, upon completion
of a Prefeasibility Study, to undertake at QME's cost and investment, the mine
development component of the Parys Mountain project, including decline and
related underground development and shaft development, with a scope to be
agreed, to the point of commencement of production, in consideration of which
QME would earn a 30% undivided joint venture interest in the Parys Mountain
project.
27 Commitments
Other than commitments under leases (note 25) there is no capital expenditure
authorised or contracted which is not provided for in these accounts (2020 -
nil).
28 Contingent liabilities
There are no contingent liabilities (2020 - nil).
29 Events after the period end
There are no post balance sheet events to report.
Glossary
$ - United States dollar unless otherwise stated
CAD - Canadian dollar
AGM - the annual general meeting to be held on 30 September 2021
CFR - cost and freight, applied to iron ore prices, an Incoterm
DFS - Definitive Feasibility Study
DMS - dense media separation, a process for the elimination of low-density
waste from crushed ore
dmt - dry metric tonne (used in iron ore measurement)
EIA - environmental impact assessment
GIAB - Grangesberg Iron AB, a privately owned Swedish company
JORC - Australasian Joint Ore Reserves Committee - a set of minimum standards
for public reporting and displaying information related to mineral properties
IRR - internal rate of return
LIM - Labrador Iron Mines Holdings Limited and its group of companies
mtpa - million tonnes per annum
NPV - net present value
NSR - net smelter return
OTC - The OTC Markets Group trading stocks in the US off the exchanges
PEA - Preliminary Economic Assessment
PFS - Preliminary Feasibility Study
tonne - metric tonne of 1,000 kilogrammes
SEK - Swedish Krona
t - metric tonne
tpd - tonnes per day
Notice of the Annual General Meeting
Notice is given that the 2021 Annual General Meeting of Anglesey Mining plc
will be held at the offices of DLA Piper, 160 Aldersgate Street London EC1A 4HT
on 30 September 2021 at 11.00 a.m. to consider and, if thought fit, to pass the
resolutions set out below.
As ordinary business
1. To receive the annual accounts and directors' and auditor's reports for the
year ended 31 March 2021.
2. To approve the directors' remuneration report for the year ended 31 March
2021.
3. To approve the directors' remuneration policy in the directors'
remuneration report for
the year ended 31 March 2021.
4. To reappoint John F. Kearney as a director.
5. To reappoint Bill Hooley as a director.
6. To reappoint Howard Miller as a director.
7. To reappoint Danesh Varma as a director.
8. To confirm the appointment of Jonathan (Jo) Battershill as a director
9. To reappoint Mazars LLP as auditor.
10. To authorise the directors to determine the remuneration of the auditor.
As special business
11. 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 £750,000, provided that (unless previously revoked,
varied or renewed) this authority shall expire on 31 December 2022, 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).
12. 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 the preceding resolution 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 12(a) above, up to an aggregate
nominal amount of £560,000
and (unless previously revoked, varied or renewed) this power shall expire on
31 December 2022, 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
2 September 2021
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 28 September 2021 (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. The appointment of a proxy will not preclude a
shareholder from attending and voting in person at the meeting.
3. Members may appoint a proxy online at www.signalshares.com by logging
into their Signal Shares account or registering if they have not previously
done so. To register, members will need to identify themselves with their
Investor Code, which is detailed on their share certificate or available from
the Company's registrar on 0371 664 0300. CREST members can utilise the CREST
electronic proxy appointment service.
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 Link Group, FREEPOST Proxies, 10th Floor, Central Square,
29 Wellington Street, Leeds, LS1 4DL 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 electronically, or by post or
(during normal business hours only) by hand at the offices of the Company's
registrar no later than 11.00 a.m. on 28 September 2021 (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 20 August 2021 (being the last practicable date before the
publication of this notice), the issued share capital consists of 225,475,732
ordinary shares of £0.01 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 20 August 2021 are 225,475,732.
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.
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 statementon 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 £100 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
www.angleseymining.co.uk.
Directors
Irish, aged 70, is Chairman of Anglesey Mining plc, and several
John F. other public companies, including Labrador Iron Mines Holdings
Kearney Limited, Buchans Resources Limited and Minco Exploration plc, and
until 2019 was chairman of Canadian Zinc Corporation. He is a
director of Grangesberg Iron AB.
Over the course of his career, he has served as a senior officer
(usually Chairman and/or Chief Executive) of more than thirty
public companies incorporated in Canada; Ireland; United Kingdom;
United States; Australia and elsewhere, the shares of which were
listed on various stock exchanges (including London Stock Exchange;
AIM Market; Toronto Stock Exchange; New York Stock Exchange;
American Stock Exchange; NASDAQ; Australian Stock Exchange).
Mr. Kearney also served as a director and member of the Executive
Committee of the Mining Association of Canada and as a director and
two term President of the Northwest Territories and Nunavut Chamber
of Mines.
Mr. Kearney is a member of the Prospectors and Developers
Association of Canada, the Canadian Institute of Mining and
Metallurgy and the Law Society of Ireland. He holds degrees in law
and economics from University College Dublin, an M.B.A. degree from
Trinity College Dublin, and a Certificate in Mining Law from
Osgoode Hall Law School, York University, Toronto. He qualified as
a solicitor in Ireland and as a chartered secretary with the
Institute of Chartered Secretaries and Administrators in London. He
is a member of the remuneration and nomination committees.
Jonathan aged 51, Chief Executive, is a mining geology graduate from
(Jo) Camborne School of Mines and has many years of experience both in
Battershill mining operations and in the finance sector, particularly in
Australia and in the United Kingdom.
After almost a decade working in mining operations and business
development with Western Mining Corporation in Australia, in 2004
he joined a boutique broking house in Perth, Western Australia.
Subsequent to that move, he worked in the mining finance sector for
17 years until July 2021, primarily for UBS in Sydney/London and
Canaccord in London. He has extensive knowledge and connections,
having been part of Canaccord's globally top ranked mining ECM/
Sales team since January 2020. Early in his mining career he
worked as an underground miner at the South Crofty Tin Mine in
Cornwall, while attending the School of Mines.
Bill aged 74, Deputy Chairman, and previously Chief Executive until 31
Hooley July 2021, is a mining engineering graduate from the Royal School
of Mines, London and has extensive experience in the minerals
industry including mine and processing operations, planning,
project management and corporate management in many countries
including Australia, Saudi Arabia, Canada and the UK.
He has also practised as a minerals industry consultant at a senior
level and has managed other businesses developing and selling
products and services to the minerals and related industries. He
is Vice-Chairman and a director of Labrador Iron Mines Holdings
Limited as well as Chairman and a director of Grangesberg Iron AB
and Angmag 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 aged 71, Finance Director and Company Secretary is a chartered
Varma accountant in England and Wales, and Canada, with many years of
experience in financial management. He is currently a director of
Brookfield Investment Corp., Canadian Manganese Corp., Labrador
Iron Mines Holdings Limited, Grangesberg Iron AB, Angmag AB and
Minco Exploration plc. He also serves as the Chief Financial
Officer of Buchans Resources Limited and Xtierra Inc.
Previously he was President of American Resource Corporation and
Westfield Minerals Limited and a director of Northgate Exploration
Limited., Minco plc and Connemara Mining plc
Howard aged 77, non-executive director, a lawyer with over 45 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 was chairman and chief executive of Avnel
Gold Mining Limited, which operated the Kalana gold mine in Mali
and was acquired by Endeavour Mining in 2018. He is a member of the
remuneration, audit and nomination committees and the lead
independent director.
Solicitors Auditor
DLA Piper UK LLP Mazars LLP
1 St Peters Square Tower Bridge House,
Manchester St. Katharine's Way, London
M2 3DE E1W 1DD
Anglesey Mining plc
Parys Mountain
Amlwch, Anglesey, LL68 9RE
Phone 01407 831275
mail@angleseymining.co.uk
London
office
Level 2, 39 Cheval Place,
South Kensington,
London,
SW7 1EW
Phone 020 7036 0225
Registrars
Link Group
29 Wellington Street, Leeds, LS1 4DL
Share dealing phone 0371 664 0445
Helpline phone 0371 664 0300
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
END
(END) Dow Jones Newswires
September 03, 2021 02:01 ET (06:01 GMT)
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