9th March 2021
Labrador Iron Mines - Houston Preliminary Economic Assessment
Anglesey Mining plc (“Anglesey”) is pleased to report that Labrador Iron Mines Holdings Limited (“LIMH”) in which Anglesey has a 12% holding has released the details of a Preliminary Economic Assessment (“PEA”) on its 52% owned Houston Project.
The Houston PEA which was prepared by Roscoe Postle Associates Inc of Toronto reviewed the development of the Houston and Malcolm deposits in Newfoundland and Labrador and in Quebec, Canada. The PEA suggests a production time frame of 12 years after an 18-month construction period. Iron ore production would amount to approximately 2 million tonnes per annum of 62% iron lump and sinter direct shipping ore. Initial capital cost including contingency is forecast at a relatively low US$65 million.
The forecast after tax financial results are strong with an NPV8 and an IRR at US$90 per tonne for 62% Fe ore of C$109 million and 39% respectively.
Using the current 62% Fe ore prices of US$160 per tonne increases these financial results to C$459 million and 209% respectively.
Further details can be found on the LIMH website at www.labradorironmines.ca
About Anglesey Mining plc
Anglesey Mining is listed on the London Stock Exchange and currently has 221,975,732 ordinary shares in issue.
Anglesey is developing its 100% owned Parys Mountain copper-zinc-lead deposit in North Wales, UK with a 2020 reported resource of 5.2 million tonnes at 4.3% combined base metals in the Indicated category and 11.7 million tonnes at 2.8% combined base metals in the Inferred category.
Anglesey holds an almost 20% 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 currently 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
Here is a link to the full LIMH news release: LIM_PEA_09Mar2021
21 January 2021
Placing of 10 million new shares for £660,000
Anglesey Mining plc entered into a placing agreement today through Monecor (London) Limited trading as ETX Capital to issue 10,000,000 new ordinary shares, representing approximately 4.7% of the company’s current issued share capital, at 6.6 pence per share to raise a total of £660,000 gross. Application will be made for these shares to be admitted to listing on the London Stock Exchange.
The proceeds of the issue will be used for general corporate purposes and particularly to continue the development of the group’s Parys Mountain property as outlined in the recent positive Preliminary Economic Assessment for that project.
The group will also use utilise some proceeds for the further evaluation of other base metal projects at advanced stages suitable for incorporation into the group.
In addition to Parys Mountain, Anglesey also has a 12% interest in Labrador Iron Mines Holdings Limited which holds direct shipping iron ore deposits in Labrador and Quebec where a Preliminary Economic Assessment is currently in process on its Houston project.
Anglesey also holds a 20.0% 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%.
Bill Hooley, Chief Executive stated, “Following the recent release of the details of the positive Preliminary Economic Assessment on Parys Mountain, we are very pleased with the substantial support shown for the project and for the Company with this placing.We will continue to drive forward with all our investments and we look forward to continuing support both from our new as well as all our current shareholders.”
Admission and Total Voting Rights
The directors have authorised the proposed issue of the new shares under the dispensation approved at a General Meeting on 30 October 2020. The new ordinary shares of 1 pence each to be issued in respect of this transaction will rank pari passu with the existing ordinary shares of the company.
Following completion of this issue and admission to listing, the issued ordinary share capital of the company will be 221,975,732 ordinary shares of 1 pence each with voting rights; there are no shares held in treasury. This 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 Financial Conduct Authority’s Disclosure and Transparency Rules.
For further information, please contact:
Bill Hooley, Chief Executive - 07785 572517
Danesh Varma, Finance Director - 07740 932766
Thomas Smith, Monecor (London) Limited trading as ETX Capital - 0207 392 1568