Anglesey Mining plc
Half yearly report for the six months
to 30 September 2021
Chairman’s Statement and Management
Report
The period ended 30 September has been very positive for both
the minerals industry in general and for Anglesey Mining in
particular. Most commodity prices have been well supported over the
period, particularly copper and zinc which are the key metals
expected to be produced from the Parys Mountain project. Iron
ore prices almost halved from their record highs.
As previously announced, we appointed Jo
Battershill as Chief Executive in August. His focus is to
take Anglesey forward by securing funding to ensure that both the
Parys Mountain and Grängesberg assets can be advanced to the next
decision points. Subsequent to the end of the period, we raised
£768,000 that will be used to undertake drilling and environmental
studies at Parys Mountain and to fund a Preliminary Economic
Assessment on the Grängesberg iron project.
As per our comments in the Annual Report, the impact of Covid-19
on the day-to-day running of Anglesey Mining has been quite
limited. We believe that encouraging developments with vaccines
will lead to stability in general economic and operating conditions
and the inevitable stimulus relief and infrastructure programmes
will bolster demand for all metals; in particular the
electrification of the economy which is likely to lead to increased
demand for copper, zinc and silver.
Commodity prices
Over the period, all the metals that would be produced from the
Parys Mountain project have shown ongoing support from improving
levels of economic activity and some global supply outages. Some of
the world’s largest mines in Peru
and Chile have seen reduced
production from strike action and community blockades.
As with the previous period, continuing pressure on current
operating mines in some countries because of Covid has created a
shortfall in supply that is dominating the base metal markets. It
is our belief that this is likely to continue for some time to
come. This shortfall is accompanied by increasing demand from the
major infrastructure and Covid relief programmes that continue to
be announced by governments across the globe. In the US alone a
$1 trillion infrastructure programme
was approved subsequent to the end of the period.
Of particular importance to Parys Mountain is the price of
copper which will be the mainstay of the project in the long term.
Copper has continued to make steady gains over the period, hitting
a 10 year high of around $4.90/lb in
May and trading at over $4.00 per
pound at the end of September. The current price of $4.38 per pound is 56 percent higher than the
price of $2.81 per pound used in the
2021 PEA. Similarly, zinc climbed to $1.36 per pound at the end of the September
period and peaked at $1.73 per pound
in October, comfortably above the $1.20 per pound price used in the 2021 study.
Potential revenues from a mine at Parys Mountain would also
benefit from gold and silver by-products, the prices of which
appear to have stabilised around the $1,750 per ounce and $23 per ounce levels respectively – these are
significantly higher than the $1,459
per ounce and $16.67 per ounce used
in the 2021 study. The price outlook for these metals remains
supported in the face of expected worldwide deficit spending by
many governments and inflation that appears to be anything but
transitory.
After a very strong 12 months that saw the iron ore 62% Fe
benchmark price reach a record high of around $230 per tonne in May, the recent impact of
potential defaults in the Chinese property development sector,
which caused unease in the Chinese economy, has seen the price
retrench significantly to around $100
per tonne. The Grängesberg project in Sweden is expected to produce a premium higher
grade >68% Fe product that continues to be supported by the
traditional premiums to the 62% Fe benchmark price.
We expect this support for all the commodities that are of
interest to Anglesey to continue as the global stimulus programmes
take effect.
Parys Mountain
During October, after the period end, we awarded a drilling
contract to Irish Drilling to
complete an initial 9-hole programme at the Parys Mountain copper,
zinc, lead, gold and silver project located on the island of
Anglesey in North Wales.
This aim of the drilling programme is twofold; firstly, to
infill drill the upper section of the White Rock Zone to convert
the bulk of the remaining Inferred resources to the higher
confidence Indicated category and secondly to collect important
geotechnical and metallurgical information. This information is
expected to feed into further feasibility work in 2022.
Iron Ore
Grängesberg - Sweden
Anglesey continues to manage Grängesberg Iron AB (“GIAB”) which
holds the Grängesberg iron ore project in Central Sweden where an indicated and inferred
resource of 148 million tonnes at 41.3% Fe was identified in 2014.
Anglesey holds 19.9% of the company directly, together with a right
of first refusal on a further 50% holding.
Site activities have been kept at a low level but growing
support for higher-grade iron ore like the premium product that
Grängesberg would produce has encouraged us to now actively seek
out alternative development and corporate strategies to move the
project and GIAB forward. We believe that the superior geographic
location of the Grängesberg deposit and its projected premium
product specification of >68% Fe could enable such alternative
approaches to be beneficial for the group in the coming
periods.
Anglesey has recently engaged Micon International to undertake a
Preliminary Economic Assessment on the re-opening of the
Grängesberg iron ore project. This follows on from the
Pre-Feasibility Study completed in 2012 which demonstrated an
extremely robust development option based on annual production of
5.3Mtpa of ore, producing 2.5Mtpa of >68% Fe concentrate,
equating to a mine life of c.16-years.
Labrador - Canada
The group continues to hold a 12% interest in Labrador Iron
Mines Holdings Limited (LIM) which has a 52% interest in extensive
iron ore resources in the Schefferville area of Labrador and Quebec in Canada. In line with the pullback in iron ore,
the market price of LIM shares on the OTC Markets in the United States declined significantly from
29 cents on 31
March 2021 to 11.2 US cents on 30
September 2021, resulting in a mark to market change in fair
value and charge to comprehensive income during the period of £2.5
million.
LIM holds direct shipping mineral resources of approximately 55
million tonnes at an average grade of 56.8% in the Houston project. In addition, LIM holds the
Elizabeth Taconite Project which has a current inferred mineral
resource estimated at 620 million tonnes at an average grade of
31.8% Fe.
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, assuming an iron ore price for 62% Fe of
US$90 per tonne. 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.
LIM’s Elizabeth Project represents an opportunity to develop a
major new taconite operation in the Schefferville region of the Labrador Trough
which would produce a high-quality saleable iron ore product. This
would attract premium prices in the current iron ore market.
Operations and financial
As with previous reporting periods, we have kept our corporate
and operating costs at the lowest level consistent with maintaining
our assets in good order. However, in gearing up for the future,
recruiting a new chief executive and reinstating directors’
salaries and fees there have been increased expenses for this
period. With the increase in activity at both assets there will
also be an increase in investment in the properties.
The group had no revenue for the period. The loss for the six
months to 30 September 2021 was
£(298,055) (2020 £(152,882)) and the expenditures on the mineral
property in the period were £42,412 compared to £27,827 in the
comparative period. Net current assets at 30
September 2021 were £539,077 compared to £796,920 at 31
March 2021. The drop in value of our LIM shares resulted in a
charge to other comprehensive income of £2.5 million and a total
comprehensive loss for the period of £2.7 million.
The recent private placing has put Anglesey in a position to
fund its planned operations for the next 12-months
Outlook
We continue to be encouraged by growing investor interest and a
positive commodity price outlook resulting from decarbonisation of
the global economy. A further favourable factor is the shift to
cleaner energy enhanced by announced global infrastructure
programmes as the world recovers from the Covid-19
slowdown.
We believe that the ongoing strong fundamentals that have driven
commodity prices upwards will continue for the foreseeable future
and will provide solid support for our projects. Metals are
essential for electrification, copper for power generation, motors,
transmission and energy storage, zinc for extending the lifespan of
products, and lead for energy storage.
We look forward to sharing the results of the current Parys
Mountain work programmes with investors over the coming months as
the drilling is completed and assays returned. We also expect to be
in a position to report the results of the PEA on Grängesberg early
in the New Year.
All in all, we are confident of the way forward and positive on
the outlook for Anglesey Mining for the remainder of 2021 and
2022.
I would like to thank shareholders for their continued and
renewed support.
John F Kearney
Chairman
11th November 2021
Unaudited condensed consolidated
income statement
|
|
Notes |
Unaudited six months ended 30 September 2021 |
Unaudited six months ended 30 September 2020 |
All
operations are continuing |
|
£ |
£ |
|
Revenue |
|
- |
- |
|
Expenses |
|
(215,267) |
(68,439) |
|
Investment
income |
|
35 |
50 |
|
Finance
costs |
|
(82,826) |
(84,460) |
|
Foreign exchange
movement |
|
3 |
(33) |
|
|
|
|
|
Loss before tax |
|
(298,055) |
(152,882) |
|
|
|
|
|
|
Taxation |
8 |
- |
- |
|
|
|
|
|
Loss for the period |
7 |
(298,055) |
(152,882) |
|
|
|
|
|
|
Loss per
share |
|
|
|
|
Basic - pence
per share |
|
(0.1)p |
(0.1)p |
|
Diluted - pence
per share |
|
(0.1)p |
(0.1)p |
Unaudited condensed consolidated
statement of comprehensive income
Loss for the period |
|
(298,055) |
(152,882) |
|
|
Other comprehensive
income |
|
|
|
|
|
Items
that may subsequently be reclassified to profit or loss: |
|
|
|
Change in fair value
of investment |
|
(2,453,226) |
- |
|
|
Foreign currency
translation reserve |
|
(5,799) |
8,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive (loss) for the period |
|
(2,757,080) |
(144,135) |
|
|
|
|
|
|
|
All attributable to equity holders of the company
Unaudited condensed consolidated
statement of financial position
|
|
Notes |
30
September 2021 |
31
March 2021 |
|
|
|
£ |
£ |
Assets |
|
|
|
|
Non-current
assets |
|
|
|
|
Mineral property
exploration and evaluation |
9 |
15,359,705 |
15,317,293 |
|
Property, plant
and equipment |
|
204,687 |
204,687 |
|
Investments |
10 |
1,710,438 |
4,163,664 |
|
Deposit |
|
123,822 |
123,787 |
|
|
|
|
|
|
|
|
17,398,652 |
19,809,431 |
|
|
|
|
|
|
Current
assets |
|
|
|
|
Other
receivables |
|
33,997 |
31,381 |
|
Cash and cash
equivalents |
|
713,918 |
891,767 |
|
|
|
|
|
|
|
|
747,915 |
923,148 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
18,146,567 |
20,732,579 |
|
|
|
|
|
Liabilities |
|
|
|
|
Current
liabilities |
|
|
|
|
Trade and other
payables |
|
(208,838) |
(126,228) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(208,838) |
(126,228) |
|
|
|
|
|
|
Net current
assets |
|
539,077 |
796,920 |
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
Loans |
|
(4,235,752) |
(4,147,294) |
|
Long term
provision |
|
(50,000) |
(50,000) |
|
|
|
|
|
|
|
|
(4,285,752) |
(4,197,294) |
|
|
|
|
|
Total liabilities |
|
(4,494,590) |
(4,323,522) |
|
|
|
|
|
|
|
|
|
|
Net assets |
|
13,651,977 |
16,409,057 |
|
|
|
|
|
Equity |
|
|
|
|
Share
capital |
11 |
7,765,591 |
7,765,591 |
|
Share
premium |
|
10,941,509 |
10,941,509 |
|
Currency
translation reserve |
|
(96,332) |
(90,533) |
|
Retained
losses |
|
(4,958,791) |
(2,207,510) |
|
|
|
|
|
|
|
|
|
|
Total
shareholders' funds |
|
13,651,977 |
16,409,057 |
|
|
|
|
|
All attributable to equity holders of the company
Unaudited condensed consolidated
statement of cash flows
|
|
Notes |
Unaudited six months ended 30 September 2021 |
Unaudited six months ended 30 September 2020 |
|
|
|
£ |
£ |
Operating activities |
|
|
|
|
Loss for the
period |
|
(298,055) |
(152,882) |
|
Adjustments
for: |
|
|
|
|
Investment
income |
|
(35) |
(50) |
|
Finance
costs |
|
82,826 |
84,460 |
|
Foreign exchange
movement |
|
(3) |
33 |
|
|
|
|
|
|
|
|
(215,267) |
(68,439) |
|
Movements in
working capital |
|
|
|
|
(Increase) in
receivables |
|
(2,498) |
(5,153) |
|
Increase in
payables |
|
76,038 |
27,862 |
|
|
|
|
|
Net
cash used in operating activities |
|
(141,727) |
(45,730) |
|
|
|
|
|
Investing activities |
|
|
|
|
Mineral property
exploration and evaluation |
|
(36,125) |
(21,811) |
|
Investment |
|
- |
(5,428) |
|
|
|
|
|
Net
cash used in investing activities |
(36,125) |
(27,239) |
|
|
|
|
|
Financing activities |
|
|
|
|
Issue of share
capital |
|
- |
184,000 |
|
|
|
|
|
Net
cash generated from financing activities |
|
- |
184,000 |
|
|
|
|
|
Net
(decrease)/increase in cash and cash equivalents |
(177,852) |
111,031 |
Cash
and cash equivalents at start of period |
|
891,767 |
95,311 |
Foreign exchange movement |
|
3 |
(33) |
|
|
|
|
|
Cash and cash equivalents at end of period |
|
713,918 |
206,309 |
All attributable to equity holders of the company
Unaudited condensed consolidated
statement of changes in group equity
|
Share
capital
£ |
Share
premium
£ |
Currency translation reserve
£ |
Retained losses
£ |
Total
£ |
Equity at 1 April 2021
- audited |
7,765,591 |
10,941,509 |
(90,533) |
(2,207,510) |
16,409,057 |
Total
comprehensive
loss for the period: |
|
|
|
|
|
Loss for the
period |
- |
- |
- |
(298,055) |
(298,055) |
Change in fair value
of investment |
- |
- |
- |
(2,453,226) |
(2,453,226) |
Exchange difference
on
translation of foreign holding |
- |
- |
(5,799) |
- |
(5,799) |
Total
comprehensive
loss for the period |
- |
- |
(5,799) |
(2,751,281) |
(2,757,080) |
|
|
|
|
|
|
Shares issued |
- |
-
|
- |
- |
- |
Share issue
expenses |
- |
- |
- |
- |
- |
|
|
|
|
|
|
Equity at
30 September 2021 - unaudited |
7,765,591 |
10,941,509 |
(96,332) |
(4,958,791) |
13,651,977 |
|
|
|
|
|
|
Comparative
period |
|
|
|
|
|
Equity at 1 April 2020
- audited |
7,380,591 |
10,258,309 |
(80,466) |
(5,932,498) |
11,625,936 |
|
|
|
|
|
|
Total
comprehensive
loss for the period: |
|
|
|
|
|
Exchange difference
on
translation of foreign holding |
- |
- |
8,747 |
- |
8,747 |
Loss for the
period |
- |
- |
- |
(152,882) |
(152,882) |
Total
comprehensive
loss for the period |
- |
- |
8,747 |
(152,882) |
(144,135) |
|
|
|
|
|
|
Shares issued |
125,000 |
75,000 |
- |
- |
200,000 |
Share issue
expenses |
- |
(16,000) |
- |
- |
(16,000) |
|
|
|
|
|
|
Equity at
30 September 2020 - unaudited |
7,505,591 |
10,317,309 |
(71,719) |
(6,085,380) |
11,665,801 |
All attributable to equity holders of the company
Notes to the accounts
1. Basis of preparation
This half-yearly financial report comprises the unaudited
condensed consolidated financial statements of the group for the
six months ended 30 September 2021.
It has been prepared in accordance with the Disclosure and
Transparency Rules of the Financial Conduct Authority, the
requirements of IAS 34 - Interim financial reporting (as adopted by
the UK) and using the going concern basis. The directors are not
aware of any events or circumstances which would make this
inappropriate. It does not constitute financial statements within
the meaning of section 434 of the Companies Act 2006 and does not
include all of the information and disclosures required for annual
financial statements. It should be read in conjunction with the
annual report and financial statements for the year ended
31 March 2021 which is available on
request from the company or may be viewed at
www.angleseymining.co.uk/accounts.
The financial information contained in this report in respect of
the year ended 31 March 2021 has been
extracted from the report and financial statements for that year
which have been filed with the Registrar of Companies. The report
of the auditors on those accounts did not contain a statement under
section 498(2) or (3) of the Companies Act 2006 and was not
qualified. The half-yearly results for the current and comparative
periods have not been audited or reviewed by the company’s
auditor.
2. Significant accounting policies
The accounting policies applied in these unaudited condensed
consolidated financial statements are consistent with those set out
in the annual report and financial statements for the year ended
31 March 2021.
The following changes to IFRS became effective during the period
but did not result in material changes to the financial
statements:
· Interest Rate Benchmark Reform - Phase 2
(Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)
· Covid 19-Related Rent Concessions beyond
30 June 2021 (Amendment to IFRS
16)
The group has not applied certain new standards, amendments and
interpretations to existing standards that have been issued but are
not yet effective. They are either not expected to have a material
effect on the consolidated financial statements or they are not
currently relevant for the group.
3. Risks and uncertainties
The principal risks and uncertainties set out in the group's
annual report and financial statements for the year ended
31 March 2021 remain the same for
this half-yearly period and for the period to 31 March 2022. They can be summarised as:
development risks in respect of mineral properties, especially in
respect of permitting and metal prices; liquidity risks during
development; and foreign exchange risks. More information is to be
found in the 2021 annual report – see note 1 above.
4. Statement of directors' responsibilities
The directors confirm to the best of their knowledge that:
(a) the unaudited condensed consolidated financial statements
have been prepared in accordance with the requirements of IAS 34
Interim financial reporting (as adopted by the UK); and
(b) the interim management report includes a fair review of the
information required by the FCA's Disclosure and Transparency Rules
(4.2.7 R and 4.2.8 R).
This report and financial statements were approved by the board
on 11 November 2021 and authorised
for issue on behalf of the board by Bill
Hooley, chief executive officer and Danesh Varma, finance director.
5. Activities
The group is engaged in mineral property development and
currently has no turnover. There are no minority interests or
exceptional items.
6. Earnings per share
The loss per share is computed by dividing the loss attributable
to ordinary shareholders of £0.298 million (loss to 30 September 2020 £0.153m), by 225,475,732 (2020
– 189,571,360) - the weighted average number of ordinary shares in
issue during the period. Where there are losses the effect of
outstanding share options is not dilutive.
7. Business and geographical segments
There are no trading revenues. The cost of all activities
charged in the income statement relates to exploration and
evaluation of mining properties. The group's income statement and
assets and liabilities are analysed as follows by geographical
segments, which is the basis on which information is reported to
the board.
Income statement analysis
|
|
|
|
|
|
|
Unaudited six months ended 30 September 2021 |
|
|
UK |
Sweden
- investment |
Canada
- investment |
Total |
|
|
£ |
£ |
£ |
£ |
|
Expenses |
(215,267) |
- |
- |
(215,267) |
|
Investment income |
35 |
- |
- |
35 |
|
Finance costs |
(77,117) |
(5,709) |
- |
(82,826) |
|
Exchange rate
movements |
- |
3 |
- |
3 |
|
|
|
|
|
|
|
Loss for the
period |
(292,349) |
(5,706) |
- |
(298,055) |
|
|
|
|
|
|
|
Unaudited six months ended 30 September 2020 |
|
UK |
Sweden
- investment |
Canada
- investment |
Total |
|
£ |
£ |
£ |
£ |
Expenses |
(68,439) |
- |
- |
(68,439) |
Investment income |
50 |
- |
- |
50 |
Finance costs |
(77,117) |
(7,343) |
- |
(84,460) |
Exchange rate
movements |
- |
(33) |
- |
(33) |
|
|
|
|
|
Loss for the
period |
(145,506) |
(7,376) |
- |
(152,882) |
Assets and liabilities
` |
30 September 2021 |
|
UK |
Sweden
investment |
Canada
investment |
Total |
|
£ |
£ |
£ |
£ |
Non current
assets |
15,688,214 |
110,157 |
1,600,281 |
17,398,652 |
Current assets |
746,801 |
1,114 |
- |
747,915 |
Liabilities |
(4,150,977) |
(343,613) |
- |
(4,494,590) |
|
|
|
|
|
Net
assets/(liabilities) |
12,284,038 |
(232,342) |
1,600,281 |
13,651,977 |
|
|
|
|
|
|
Audited 31 March 2021 |
|
UK |
Sweden
investment |
Canada
investment |
Total |
|
£ |
£ |
£ |
£ |
Non current
assets |
15,645,767 |
110,157 |
4,053,507 |
19,809,431 |
Current assets |
922,056 |
1,092 |
- |
923,148 |
Liabilities |
(3,991,250) |
(332,272) |
- |
(4,323,522) |
|
|
|
|
|
Net
assets/(liabilities) |
12,576,573 |
(221,023) |
4,053,507 |
16,409,057 |
|
|
|
|
|
8. Deferred tax
There is an unrecognised deferred tax asset of £1.3 million
(31 March 2021 - £1.3m) which, in
view of the group's results, is not considered to be recoverable in
the short term. There are also capital allowances, including
mineral extraction allowances, exceeding £12.8 million (unchanged
from 31 March 2021) unclaimed and
available. No deferred tax asset is recognised in the condensed
financial statements.
9. Mineral property exploration and evaluation costs
Mineral property exploration and evaluation costs incurred by
the group are carried in the unaudited condensed consolidated
financial statements at cost, less an impairment provision if
appropriate. The recovery of these costs is dependent upon the
successful development and operation of the Parys Mountain project
which is itself conditional on finance being available to fund such
development. During the period expenditure of £42,412 was
incurred (six months to 30 September
2020 - £27,827). There have been no indicators of impairment
during the period.
10. Investments
|
Labrador |
Grangesberg |
Total |
|
£ |
£ |
£ |
At 1 April
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 |
Net change during the
period |
(2,453,226) |
- |
(2,453,226) |
|
|
|
|
At 30 September
2021 |
1,600,281 |
110,157 |
1,710,438 |
|
|
|
|
Labrador – Canada
The group has an investment in Labrador Iron Mines Holdings
Limited, (LIM) a Canadian company which is carried at fair value
through other comprehensive income. The group’s holding of
19,289,100 shares in LIM (12% of LIM’s total issued shares) is
valued at the closing price traded on the OTC Markets in
the United States. In the
directors’ assessment this market is sufficiently active to give
the best measure of fair value, which on 30
September 2021 was 11.2 US cents per share, a significant
decline from its price at 31 March
2021 of 29 cents. At
8 November 2021 the price was
11.4 cents.
Grangesberg - Sweden
The group has, through its Swedish subsidiary Angmag AB, a 19.9%
ownership interest (31 March 21 –
19.9%) in Grangesberg Iron AB (GIAB - an unquoted Swedish company)
which holds rights over the Grangesberg iron ore deposits.
The directors assessed the fair value of the investment in GIAB
under IFRS 9 and consider the cost at the date of transition and
the investment’s value at the period 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. There are no accounts on which to base an
equivalent figure for 30 September
2021 but in the opinion of the directors it is unlikely to
be significantly different from the value at 31 March 2021.
11. Share capital
|
Ordinary shares of
1p |
Deferred shares of
4p |
Total |
|
Issued and
fully paid |
Nominal
value £ |
Number |
Nominal
value £ |
Number |
Nominal
value £ |
|
|
|
|
|
|
|
|
At 1 April 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 |
- |
- |
- |
|
|
|
|
|
|
|
|
At 1 April 2021 |
2,254,758 |
186,975,732 |
5,510,833 |
137,770,835 |
7,765,591 |
|
Issued in the
period |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
At 30 September
2021 |
2,254,758 |
186,975,732 |
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 9 October 2021 a placing of
22,595,000 new ordinary shares was made to several institutions,
representing approximately 10% of the company’s then current issued
share capital, at 3.4 pence per share
to raise a total of £768,230.
12. Financial instruments
Group |
Financial assets classified at fair value through
other comprehensive income |
Financial assets measured at amortised
cost |
|
30 September 2021 |
31 March 2021 |
30 September 2021 |
31 March 2021 |
|
£ |
£ |
£ |
£ |
Investments |
1,710,438 |
4,163,664 |
- |
- |
Deposit |
- |
- |
123,822 |
123,787 |
Other
receivables |
- |
- |
33,997 |
31,381 |
Cash and cash
equivalents |
- |
- |
713,918 |
891,767 |
|
- |
- |
|
|
|
1,710,438 |
4,163,664 |
871,737 |
1,046,935 |
|
|
|
|
|
|
Financial liabilities measured at amortised
cost |
|
|
|
30 September 2021 |
31 March 2021 |
|
|
|
£ |
£ |
|
|
Trade
payables |
(58,817) |
(4,366) |
|
|
Other
payables |
(150,021) |
(121,862) |
|
|
Loans |
(4,235,752) |
(4,147,294) |
|
|
|
|
|
|
|
|
(4,444,590) |
(4,273,522) |
|
|
|
|
|
|
|
13. Events after the reporting period
In October 2021 the sum of
£725,105 net of issuance costs of £43,125 was raised by the
issuance of 22,595,000 ordinary shares at a price of 3.4 pence each by means of a placing. These funds
are intended to be used for diamond drilling and environmental
studies at Parys Mountain and the commencement of a preliminary
economic assessment at the Grängesberg iron project.
14. Related party transactions
None.
Anglesey Mining plc
Directors
John
Kearney
Chairman
Bill
Hooley
Deputy chairman
Jo
Battershill
Chief executive
Danesh Varma
Finance director
Howard Miller
Non executive
Parys Mountain site: Parys Mountain, Amlwch, Anglesey, LL68
9RE Phone 01407 831275
London office: Level2, 39
Cheval Place, South Kensington,
London Phone 020 7036
0225
Registered office: Tower Bridge House, St. Katharine's Way,
London, E1W 1DD
Web site:
www.angleseymining.co.uk
E-mail:
mail@angleseymining.co.uk
Shares listed on the London Stock Exchange -
LSE:AYM
Company registration number 1849957
Share registrars: Link Group
www.linkgroup.eu
Share dealing at www.signalshares.com Helpline
phone 0371 664 0300
Calls are charged at the standard geographic rate and will vary
by provider. If you are outside the United Kingdom, please call +44 371 664 0300.
Calls outside the United Kingdom
will be charged at the applicable international rate. Lines are
open between 9.00am and 5.30pm,
Monday to Friday excluding public holidays in England and Wales.
For further information, please contact:
Jo Battershill, CEO + 44 (0)7540
366000
John Kearney, Chairman + 1 416
362 6686