Latest News (2 Nov 2020)

2nd November 2020 LSE:AYM

Shareholders General Meeting Results + Chairman’s Update Comments

Anglesey Mining plc is pleased to report that at the General Meeting of Shareholders held on 30th October, to consider resolutions pertaining to the annual report and accounts and in respect of authorities to issue new share capital which were not presented at the AGM held on 30 September 2020, all resolutions presented were approved and details are shown below.

Chairman’s Comments

Following the formal business of the meeting, the Chairman John Kearney gave a short update presentation on the affairs of the Company.

Commodity Prices

We are very encouraged that most commodity prices which are of interest to us have shown continued strength over recent months. This strength appears to be supported by a combination of strong demand, driven in part by stimulus programmes in China and likely to be followed by other major industrial nations, and pressure on production largely as a result of the impacts of the Covid-19 pandemic in the major metal producing nations.

As discussed in the Annual Report published in September, base and precious metal prices, particularly copper, zinc and gold and silver, all recovered strongly from lows at the beginning of this year. This recovery has been sustained and we are comfortable that the same fundamentals, being challenges in supply and steady demand in China, will continue to support these prices. We take a very positive view on copper and expect the current price to increase further in the medium term. This should be of great benefit to Anglesey as we consider the deeper resources at Parys Mountain where copper tends to dominate over zinc in the commodities value mix.

As noted in our latest press release, October 29, 2020, the price of iron ore, as 62% Fe, has increased from around $US80 per tonne in January to over $US120 per tonne currently. At these price levels Anglesey’s investments in both Labrador Iron Mines in Canada and the Grangesberg Iron project in central Sweden become increasingly attractive. In common with market analysts we believe that increased stimulus demand from China and the continuation of supply problems in Brazil will support the price of iron ore in the $US100 per tonne range for some time to come.

Parys Mountain -- Economic Assessment Study Underway

As previously announced, Micon International Limited (“Micon”) have been awarded a contract to prepare a Preliminary Economic Assessment on the Parys Mountain project. The PEA will evaluate a number of different options for the development of Parys Mountain including potential production from not just the indicated resources that formed the basis for the 2017 Micon Scoping Study, but also from the far greater volumes of inferred resources, including the higher value copper rich orebodies in the Lower Engine, Garth Daniel and Northern Copper zones.

This PEA will be based on the various optimisation studies that have been carried out by QME over the past two years. QME has now completed this work and the analysis and results have been provided to Micon.

As noted in our Annual Report, QME identified the potential for improvements in the development plans contained in the 2017 Scoping Study which was based on mining only the 2.1 million tonnes of indicated resources. The QME work suggests that that the Parys Mountain project can be further improved if the potential mineable tonnage can be increased by using a lower cut-off grade, and that at a production cut-off of $48 per tonne, approximately 5.25 million tonnes in situ within the designed stoping blocks would be available within the White Rock and Upper Engine Zones for consideration in a detailed life-of-mine schedule. These 5.25 million tonnes are substantially higher than the mineable tonnage of 2.1 million tonnes used in the 2017 Scoping Study.

The QME work also identified a further 5.5 million tonnes of modelled inferred resources in deposits other than White Rock and Upper Engine zones that could be considered for inclusion in detailed mine design. These other zones, the Lower Engine, Garth Daniel and Northern Copper zones, are approximately 1.3 km east-west and 370 metres north-south and lie immediately to the northeast of the White Rock and Engine zones.

The PEA being prepared by Micon will incorporate the outcomes from this QME work. We are informed by Micon that progress on the PEA is well advanced and we are hoping to make a detailed release on the results of the PEA before the end of this year.

Iron Ore Positive Outlook

With the current positive outlook for iron ore prices we now have the opportunity to review interest in both Labrador Iron Mines (LIM) in Canada and in Grangesberg Iron in Sweden.

As previously reported, LIM is progressing work on Stage 2 of its planned direct shipping ore mining operations, which involves the development of the Houston project and has engaged Roscoe Postle Associates (RPA), to complete an independent Preliminary Economic Assessment on the project to be used for consideration of financing options. The Houston deposit is estimated to contain a resource of 40-million tonnes grading 57.6% iron, but the PEA will focus on a higher-grade subset of this resource suitable for direct shipping using dry crushing and screening only. LIM expects the PEA, to be completed before the end of the calendar year.

At Grangesberg, RPA estimated a resource 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 in 2014. The +67% Fe high-quality product expected to be produced from Grangesberg, continues to make the interest in developing the Grangesberg project attractive.

New Projects

With the benefit of our listing on the Main Board of the London Stock Exchange, and the current strength in base metal prices and renewed investor interest, we are now also actively reviewing some new opportunities for mineral exploration and development projects, with a focus on advanced copper and other base metal projects that would be complementary to Anglesey’s current operations.

Voting on General Meeting resolutions 2020

The directors are pleased to report that at the general meeting of shareholders held on 30 October 2020 all resolutions were passed unanimously on a show of hands. This general meeting dealt with resolutions pertaining to receiving the annual report and accounts and in respect of authorities to issue new share capital which were not presented on at the AGM held on 30 September 2020.

The valid proxies recorded in respect of voting at the meeting were as follows:

Resolution

In Favour

Against

Withheld


1. To receive the annual accounts and directors' and

auditor’s reports for the year ended 31 March 2020

60,534,797

803,750

10,000


2. To approve the directors' remuneration report

60,488,698

858,849

1,000


3. To approve the directors' remuneration policy in

the directors’ remuneration report

60,323,058

867,123

158,366


4. To authorise the directors to issue new share

capital

60,392,759

933,152

22,636


5. To dis-apply pre-emption rights in respect of

certain issues of shares

60,371,609

950,302

26,636

Notes

Votes were received in respect of 61,348,547 shares representing 30% of the issued share capital.

Any proxy appointments which gave discretion to the chairman have been included in the “For” total.

The full text of the resolutions is shown in the notice of the AGM which is available in the annual report and on the website.

Total voting rights

The issued ordinary share capital of the company is 201,975,732 shares with voting rights; there are no shares in treasury.

The above figure may be used by shareholders as the denominator for the calculations which will determine whether they are required to notify their interest in the company, or any change to that interest, under the FCA’s Disclosure and Transparency Rules.

About Anglesey Mining plc

Anglesey is in evaluation work at its 100% owned Parys Mountain copper-zinc-lead deposit in North Wales, UK with a 2012 reported resource of 2.1 million tonnes at 6.9% combined base metals in the indicated category and 4.1 million tonnes at 5.0% combined base metals in the inferred category. Micon International is currently preparing a PEA on the Parys Mountain project.

Anglesey holds a 10% interest, and management rights to the Grangesberg Iron project in Sweden, together with a right of first refusal to increase its interest by a further 50.1%. Anglesey also holds 12% of Labrador Iron Mines Holdings Limited which holds direct shipping iron ore deposits in Labrador and Quebec.
Anglesey is also currently and actively reviewing other compatible base metal projects at advanced stages suitable for incorporation into the Anglesey Group.


For further information, please contact:

Bill Hooley, Chief Executive +44 (0)7785 572517

Danesh Varma, Finance Director +44 (0)7740 932766

Recent News (29 Oct 2020)

29 October 2020 LSE:AYM

Labrador Iron Mines – Houston Preliminary Economic Assessment

Anglesey Mining plc is pleased to report that Labrador Iron Mines Holdings Limited (“LIM”) in which Anglesey has a 12% holding, has announced the commencement of a Preliminary Economic Assessment on its Houston project in Labrador, Canada. This represents the first major development of LIM’s assets since the last production in 2014.

In light of persistently stronger iron ore prices over the past two years, and with increased inquiries and expressions of interest from potential off-takers seeking iron ore supply and with encouragement from local indigenous stakeholders, LIM is now working to advance Stage 2 of its planned direct shipping ore mining operations, which involves the development of its Houston deposits, located about 25 km south of Schefferville.

Anglesey Chief Executive, Bill Hooley, said: "As a director of both Anglesey and LIM, I am very pleased with the news that LIM is, after a number of years of low iron prices, now taking positive steps to move its Stage 2 operations forward. The recent sustained increases in worldwide iron ore prices and the market expectations of continuing price support based on global economic recovery bode well for the future of LIM’s projects and for Anglesey’s investment.”

Preliminary Economic Assessment

Advancement of the Houston Project will require development financing, and to assist in securing such financing and as the appropriate next step to advance the project, LIM has engaged Roscoe Postle Associates Inc. (RPA), now part of SLR Consulting Ltd (SLR), to complete an independent Preliminary Economic Assessment (PEA) and a current technical report on the Houston deposit to be used for consideration of possible financing options to advance the Houston Project.

RPA is a world-leading mining advisory business with offices in Toronto, Denver, and London. RPA is uniquely qualified to carry out this work as it has extensive relevant iron ore experience on many projects in Canada (including Schefferville and Labrador) and in other parts of the world. In 2019, RPA was acquired by SLR, a global leader in environmental and advisory solutions.

The Houston property is situated in Labrador about 20 km southeast of the town of Schefferville. Together with the Malcolm Deposit, considered to be its northwest extension, the Houston deposits are estimated to contain a resource of 40 million tonnes grading 57.6% iron (“Fe”). LIM has identified a higher-grade component of this resource on which the initial mine plan will focus.

Four open pits would be developed sequentially to produce 2 million tonnes per year of direct shipping iron ore (lump, sinter) over a 10 year mine-life period. The current development plan for Houston is based on dry crushing and screening only and envisages an anticipated mining rate of 10,000 tonnes per day. The Houston deposits also contain harder ore than the prior James mine and are anticipated to produce a larger proportion of premium lump product.

The PEA is expected to be completed before the end of 2020.

Stronger Iron Ore Markets

For the past two years the iron ore price has persistently exceeded US$100 per tonne (62% Fe/CFR China). This has been a function of both supply disruptions but also steady and increasing demand from China, which shows no signs of declining.

At the beginning of 2019 the iron ore price stood at around US$70 per tonne, and rose to a 5 year high of US$126 per tonne in early July 2019, before falling back in the second half of the year to a US$85-US$90 per tonne range. In January 2020, the price temporarily declined to approximately US$80 per tonne, due to the initial impact of the Covid-19 pandemic, which caused a short-term curb in China’s steel production due to public health measures.

By mid-February 2020, however, China’s steel production began to increase again, based on significant government stimulus programmes and an improving domestic public health situation. By July 2020, China was on track to break its previous annual record of steel production and associated iron ore imports. China’s industrial output in September surpassed all expectations, with daily run-rates for steel and aluminium hitting all-time highs as state spending accelerated and the nation’s producers fed rising demand in sectors like construction and automobiles.

On the supply side in 2020, Brazil was particularly hard-hit by Covid-19, which interrupted the country’s iron ore production resulting in a tight supply in the global iron ore market. This has been exacerbated by the tailings dam problems that came to a head in 2019.

The cumulative impact of robust demand in China and tight supply led to a significant increase in the price of iron ore during the first three quarters of 2020. In September 2020, the price reached US$130 per tonne, the highest in more than six years, representing a more than 40% increase during the year.

Although the price has eased somewhat in October, market commentators are generally confident that continuing strong China demand and tighter supply will support a robust iron ore market. Going forward, a significant global economic recovery driven by Covid recovery stimulus programmes expected in 2021 should create strong demand for steel production and a supportive price floor for iron ore above US$100 per tonne.

About Anglesey Mining plc

Anglesey is in evaluation work at its 100% owned Parys Mountain copper-zinc-lead deposit in North Wales, UK with a 2012 reported resource of 2.1 million tonnes at 6.9% combined base metals in the indicated category and 4.1 million tonnes at 5.0% combined base metals in the inferred category. Micon International is currently preparing a PEA on the Parys Mountain project.

Anglesey holds a 10% interest, and management rights to the Grangesberg Iron project in Sweden, together with a right of first refusal to increase its interest by a further 50.1%. Anglesey also holds 12% of Labrador Iron Mines Holdings Limited which holds direct shipping iron ore deposits in Labrador and Quebec.


Anglesey is also currently and actively reviewing other compatible base metal projects at advanced stages suitable for incorporation into the Anglesey Group.


For further information, please contact:

Bill Hooley, Chief Executive +44 (0)7785 572517

Danesh Varma, Finance Director +44 (0)7740 932766

Recent News (01 Oct 2020)

Parys Mountain Preliminary Economic Assessment in progress

01 October 2020 LSE:AYM

Anglesey Mining plc is pleased to report that it has appointed Micon International Limited (“Micon”) to carry out a Preliminary Economic Assessment (“PEA”) on its Parys Mountain copper, zinc, lead, gold and silver project, located on the island of Anglesey in North Wales.

Micon is an experienced minerals industry consultant that has reviewed mining projects across all continents. Micon has long experience with Parys Mountain commencing in 2006 and including preparation of the JORC compliant resource estimate in 2012 and the Scoping Study in 2017. This background will enable Micon to move swiftly and knowledgeably to completion of this important PEA.

The PEA is the next step in the development of Parys Mountain on the road to production and follows from the optimisation studies recently completed by QME Mining Technical Services (“QME”). The QME work highlighted up to 10 million tonnes of potentially mineable material available at Parys Mountain which is significantly larger than the 2.1 million tonnes of indicated resource that was utilised in Micon’s positive 2017 Scoping Study.

QME also identified that it should be possible to utilise a lower cut-off grade for mine planning purposes than used in the Micon 2017 study. QME based this on their review of the expected operating costs at Parys Mountain based on their long and detailed experience in underground mine operations in Ireland and elsewhere.

As a result of the QME work it is expected that the planned production rate of 1,000 tonnes per day utilised in 2017 will be expanded, and that the projected mine life of just 8 years will be significantly extended.

In preparing the PEA, Micon will review all the QME work including capital and operating cost estimates, ore-body modelling and mine production planning. It is intended that Micon will evaluate several separate development scenarios based on the various ore zones available for mining and on differing production rates to best optimise the assets at Parys Mountain. Micon will incorporate the results into detailed production and financial models to produce comprehensive and compliant reports that will be in a form that can be publicly released. It is expected that the PEA will be finalised by the end of November.

Subsequent to completion of the PEA, Anglesey would intend to press on to undertake a Preliminary Feasibility Study to support financing for development of the mine at Parys Mountain.

Anglesey Chief Executive, Bill Hooley, said: "I am very pleased that we are able to announce the appointment of Micon to complete this PEA. The QME optimisation work has given us a sound basis from which to complete the PEA. We are confident that the results from the PEA will confirm our expectation in the extent of the mineral resources at Parys Mountain, and will demonstrate improved outcomes and a longer mine life beyond those indicated previously.”

About Anglesey Mining plc

Anglesey is in evaluation work at its 100% owned Parys Mountain copper-zinc-lead deposit in North Wales, UK with a 2012 reported resource of 2.1 million tonnes at 6.9% combined base metals in the indicated category and 4.1 million tonnes at 5.0% combined base metals in the inferred category.

Anglesey holds a 10% interest, and management rights to the Grangesberg Iron project in Sweden, together with a right of first refusal to increase its interest by a further 50.1%. Anglesey also owns 12% of Labrador Iron Mines Holdings Limited which holds direct shipping iron ore deposits in Labrador and Quebec.


Anglesey is also actively reviewing other compatible base metal projects suitable for incorporation into the Anglesey Group.


For further information, please contact:

Bill Hooley, Chief Executive +44 (0)7785 572517

Danesh Varma, Finance Director +44 (0)7740 932766

Recent News (25 Sept 2020)

Annual Report 2020

Chairman’s Statement

To Anglesey Shareholders

The most critical issue facing Anglesey Mining, and indeed every other company in the world today, is Covid-19 which has impacted everyone from a health, daily living and financial perspective. Since Covid-19 was declared a pandemic by the World Health Organization in March, the world has shifted dramatically, with everyone having to adjust to a “new normal”, and as I write this letter there is great uncertainty over the extent and duration of the impacts Covid-19 may have on economic growth and global financial markets.

The economic impacts of the Covid-19 pandemic initially had a significant negative effect on demand for metals and on metal prices. Metal prices, and by extension the level of investor interest in the mining industry, impact Anglesey’s ability to finance the Company’s various projects. However, the downturn had been significantly reversed by the end of August and we are witnessing a growing strength in the financing markets for mineral projects and for mineral companies.

Amidst the ongoing pandemic, we still believe that the medium to long term demand for metals is growing, especially as the world transitions to a low-carbon electric economy, and the fundamental outlook for all base metals, particularly for the metals that would be mined at Parys Mountain, remains positive. We expect this will be manifested once the inevitable economic stimulus measures and government infrastructure spending kick in.

New UK Corporate Governance Code

In recent years there has been an increasing investor focus on environment, social and governance. This is not something new in Anglesey as we have always placed high importance on these areas. What is perhaps new is formalizing and reporting on these matters in greater detail. This year, we are reporting under the new UK Corporate Governance Code published by the Financial Reporting Council in 2018. The new Code is applicable to all companies with a Premium Listing on the London Stock Exchange and although Anglesey Mining is not included in the FTSE 350, and is considered a “smaller company”, the new Code applies to Anglesey Mining because of its Premium Listing status. Shareholders are encouraged to read the detailed Report on Corporate Governance included later in this Annual Report.

The Board of Anglesey Mining although infused with entrepreneurial and pioneering spirit is very small, currently only four members and we are seeking at least one and preferably two new directors. 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 employees, some of the Principles and many of the Provisions are not applicable to the individual circumstances of the Company.

The purpose of Anglesey Mining is simple to describe, it 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.

Parys Mountain – Moving steadily forward

In 2017 a new Scoping Study on the Parys Mountain copper-lead-zinc project demonstrates a viable mine development and a healthy financial rate of return based on copper prices of $US2.50 per pound, zinc of $US1.25 per pound and lead of $US1.00 per pound, generating an overall net smelter return of $US270 million with an IRR of 26% and an NPV10 of $US27 million.

In late 2018 Anglesey entered into a Project Development and Cooperation Agreement with QME Mining Technical Services to carry out an agreed programme of engineering and optimisation studies relating to the future development of Parys Mountain. This has been a major exercise that expanded as it progressed, as described and discussed in detail in the Strategic Report included later in this Annual Report.

The primary objective was to determine the optimum production plan for Parys Mountain, but importantly to look at the opportunity of including some or all of the previously identified inferred resources in a revised and larger development plan that would increase the projected life of the Parys Mountain mine, with potential positive outcomes on the project economics.

As previously reported, QME identified the potential for improvements in the development plans contained in the 2017 Micon Scoping Study which was based on mining only the 2.1 million tonnes of indicated resources reported by Micon in 2012. The QME work suggests that that the project can be further improved if the potential mineable tonnage can be increased by using a lower cut-off grade, and that at a production cut-off of $48 per tonne, approximately 5.25 million tonnes in situ within the designed stoping blocks would be available in the White Rock and Upper Engine Zones for inclusion in a detailed life-of-mine schedule. This approach allows the unlocking of mineralised areas within the footprint that were not previously modelled due to not meeting the higher cut-off grades used in the Micon Scoping Study. These 5.25 million tonnes are substantially higher than the mineable tonnage of 2.1 million tonnes used in the 2017 Scoping Study.

QME then reviewed all the inferred resources originally reported by Micon in deposits other than White Rock and Upper Engine Zones. These other zones, the Lower Engine, Garth Daniel and Northern Copper Zones, are located within an area approximately 1.3 km east-west and 370 metres north-south and lie immediately to the northeast of the White Rock and Engine zones. This phase of the QME work has identified 5.5 million tonnes of modelled inferred resources that could be considered for inclusion in detailed mine design.

The third phase, which started in late 2019 and continued into 2020, involved developing mine production models based on these enhanced tonnage projections at a range of annual production scenarios that would be consistent with maintaining an optimised life of mine.

The QME work concluded that using the lower cut-off block models, there is an opportunity to develop a new mineable model for either the White Rock and Upper Engine zones alone, as per the Micon plan, or extending this to the entire known resource zones, by re-defining the mining shapes and the stoping plan, followed by a new development plan and schedule.

Mining these enhanced tonnages will require an expansion of the planned annual treatment rate of 1,000 tonnes per day used in the Micon Scoping Study, potentially to 1,500 tonnes per day. To optimise the mine life, and dependent upon the extent of inclusion of the more distant zones, this rate could be increased in the further expanded case of all zones to perhaps 3,000 tonnes per day.

The Directors have long believed that the potential for the Parys Mountain project is far greater than that developed from the indicated resources only. QME’s work confirms the overall prospectivity of the Parys Mountain project and the potential for demonstrating five deposits or zones with combined resources in the range of 10 million tonnes and that the projected mine life could be extended from the Micon Scoping Study base case of 8 years through to a range of 12 to 18 years.

The Cooperation Agreement with QME has enabled the completion of a substantial amount of further work on mine planning design and project optimisation on Parys Mountain at no immediate cost to Anglesey and at no dilution to Anglesey’s current shareholders. The QME work has been of great benefit in establishing the parameters for determining the optimum mine production model and we are extremely appreciative of the work that QME has completed. This work will form the basis for commissioning a new Preliminary Economic Assessment, and subject to financing being available, leading on to a Preliminary Feasibility Study.

We have recently completed a private placing that raised £200,000 gross together with warrants that could raise an additional £225,000 gross during the next 12 months. This will be used to bring the optimisation study into a compliant basis by incorporating the QME work into an updated Scoping Study or Preliminary Economic Assessment, as well as for general corporate purposes. We are very pleased with this financing, which represents significant support for Anglesey Mining.

Grangesberg Iron

Following, a small investment in late 2019, the Group now holds a direct 10.0% interest in and management rights to the Grangesberg Iron project in Sweden about 200 kilometres north-west of Stockholm, together with a right of first refusal to increase its interest to 60.2%. Until its closure in 1989 due to then prevailing market conditions, the Grangesberg mine had produced more than 150 million tonnes of iron ore.

A Technical Report prepared by Roscoe Postle Associates Inc in 2014 estimated a resource 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 and concluded that the Grangesberg deposit hosts a significant iron resource that has excellent potential for expansion at depth.

The +67% Fe high-quality product expected to be produced from Grangesberg, coupled with the previously announced reduced mine life and the increased level of seismic activity at LKAB’s flagship Kiruna project in northern Sweden, which is Sweden’s largest iron ore producer, continues to make the interest in developing the Grangesberg project more likely and more attractive than many other undeveloped iron ore projects in Europe.

The price of iron ore increased almost 21% in 2020, and outpaced gold to rank as the best-performing major commodity in the first half of the year. Demand for high-quality iron ore remains strong, mainly driven by solid demand from China's steel mills despite COVID-19 impacts.

Labrador Iron

The Group holds a 12% interest in Labrador Iron Mines Holdings Limited (LIM) which owns extensive iron ore resources in its Schefferville Projects in Labrador and in Quebec, Canada. LIM has not undertaken mining operations since 2013 but maintains its iron ore assets on a stand-by care and maintenance basis. Subject to securing financing, LIM plans to resume mining operations when economic conditions warrant.

Outlook

The drive towards the sustainable development goals of greater renewable energy (wind, hydro, solar) and carbon neutrality in the world’s economies is expected to result in sustained demand for metals and minerals over the coming decades because the infrastructure necessary to deliver on these goals is very metal intensive.

Development of a new mine at Parys Mountain can deliver economic growth in the UK and regional jobs and business opportunities for local service providers. The minerals that would be mined at Parys Mountain are those that are necessary for the modern world, copper in electronics, zinc in medicine, and even much maligned lead is required for large electric battery storage. None of these important and essential metals is currently produced in the UK, making the country entirely dependent on imports. Equally important is that with current precious metal prices, the value of gold and silver to be produced at Parys Mountain would represent approximately 25% of the total revenue stream.

We believe that following completion of the QME exercise, it will be possible to positively report a total compliant resource figure somewhere around 10 million tonnes at Parys Mountain. On that basis the mine plan, including both the annual production rates and life of mine, would be significantly enhanced. Importantly we believe that financial results flowing from such a revised plan would achieve our goal of significantly enhancing the project economics indicated by the 2017 Scoping Study.

We plan to bring all of the QME work into a compliant basis by incorporating its work into an updated Scoping Study or Preliminary Economic Analysis as appropriate. We would expect this will be followed, as soon as practicable and subject to funding, with a Pre-Feasibility or full Feasibility study to enable production financing to be achieved.

This work is very important to Anglesey and is likely to transform the development prospects of Parys Mountain into a project that should attract keen interest amongst financiers, metal traders, smelters and particularly other and larger mining companies.

We will continue to examine development opportunities for our iron ore projects as the medium-term outlook for iron ore, particularly for the higher quality concentrates, is positive. We will also continue to seek out new properties suitable for development that would be complementary to or provide synergies with the Group’s existing projects within the financing capability likely to be available to the Company. The Directors have identified copper and other VMS projects, and gold or precious metals, as the most potentially attractive and we continue to evaluate a number of early stage opportunities.

Once again, I would like to record my appreciation of the current directors for their continuing support in moving the Parys Mountain mine project forward and also thank all our shareholders for their continued interest in Anglesey Mining.

John F. Kearney

Chairman

25 September 2020

The complete annual report is available here as a pdf.


Annual General Meeting 2020

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

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

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

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

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

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

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

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

As ordinary business

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

2. To reappoint Bill Hooley as a director.

3. To reappoint Howard Miller as a director.

4. To reappoint Danesh Varma as a director.

5. To reappoint Mazars LLP as auditor.

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

By order of the board

Danesh Varma

Company secretary

10 September 2020

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