REG-Anglesey Mining Plc: Half yearly report for the six months to 30 September 2025
22/12/2025 07:02
Chairman’s Statement and Management Report
During the half year period, we were pleased to publish a conceptual study of
a high-density fluid hydro-power energy storage project at the mine.
The findings of the conceptual study led to the commencement of a
pre-feasibility study (PFS) in the energy storage scheme and we have published
the proposed operational methodology and revenue streams associated with the
project in terms of both Long Duration Energy Storge (LDES) and how that might
be the catalyst for the commencement of mining of the Parys Mountain VMS
mineral deposits.
Our investigations show there is a positive business case for the energy
project on a standalone basis, that the risks identified thus far can be
reasonably overcome or mitigated. Elements of the energy storage project
scope, for example: the de-watering and refitting of the Morris shaft for
material and personnel hoisting, the dewatering of the workings emanating from
the Morris shaft 280m below the surface, the upgrading of the power-line to
site, the on-going environmental and social studies and the deployment of
impact avoidance, mitigation and compensation strategies, are each synergistic
with the first steps of establishing a modern underground mine on Parys
Mountain.
It is an essential and clear intent of the energy project that Anglesey Mining
retains all the optionality that it currently has for the construction and
commissioning of an underground mine, and that the hydro energy pumped storage
project should not detract from those options over the medium and long term.
In the period to the 30 th September 2025, we unfortunately
had to announce the termination of our management rights and obligations over
Grangesberg Iron AB (GIAB). Under a shareholders’ agreement our 100% owned
subsidiary, Angmag AB, and therefore Anglesey Mining, had management rights
with the ability to appoint the majority of the Board of GIAB. The Agreement
had an initial term of 10 years from 28 May 2014, extendable on a year-to-year
basis, unless terminated on one year’s notice. On 28 May 2024, Eurmag AB,
which holds the remaining 50.2% of GIAB, gave notice of termination of the
Agreement.
As at 31 December 2024, GIAB had loans outstanding to its senior debt holder
of approximately US$9.0 million. Despite the best efforts of the Company,
revised terms and conditions for the senior debt could not be arrived at such
that the Board of Anglesey Mining could then explore the raising of funds to
facilitate a settlement of this debt and therefore management of GIAB reverted
to Eurmag AB, GIAB’s 50.2% shareholder, with Anglesey retaining its 49.8%
ownership interest.
Post the end of the half year period, on 5 December 2025 the Company announced
that it had entered into a binding letter of intent with its largest
shareholder and largest creditor Energold Minerals Inc. whereby Anglesey will
eliminate approximately £4 million of debt in exchange for its interest in
GIAB and holding of Labrador Iron Mines Holdings Limited, reducing total
outstanding debt to approximately £100,000.
Energold has also provided immediate funding to Anglesey of £350,000 through
the purchase of non-voting exchangeable warrants.
The Board believes that the restructuring of the Company’s balance sheet, in
addition to the investment of fresh funds by Energold, will place the Company
in a materially stronger position from which to pursue its primary objective
of advancing Parys Mountain.
Finally, at the beginning of December 2025, we were delighted to welcome
Brendan Cahill and Jim Williams to Anglesey’s board.
Financial
The group had no revenue for the period. The loss for the six months to 30
September 2025 was £334,699 (2024 comparative period £311,052) and
expenditure on the mineral properties in the period was £50,955 compared to
£125,479 in the same period in 2024.
Net current liabilities as at 30 September 2025 were £370,085 compared to net
current liabilities of £182,582 at 31 March 2025.
Andrew King
Chairman
19 December 2025
Unaudited condensed consolidated income statement
Notes Unaudited six months ended 30 September 2025 Unaudited six months ended 30 September 2024
All operations are continuing £ £
Revenue - -
Expenses (236,591) (213,575)
Equity-settled employee benefits - (4,230)
Investment income 883 2,169
Finance costs (98,957) (95,384)
Foreign exchange movement (34) (32)
Loss before tax (334,699) (311,052)
Taxation 8 - -
Loss for the period 7 (334,699) (311,052)
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 (334,699) (311,052)
Other comprehensive income
Items that may subsequently be reclassified to profit or loss:
Change in fair value of investment 14 (449,562) 388,683
Foreign currency translation reserve 13,912 17,654
Total comprehensive (loss) for the period (770,349) 95,285
All attributable to equity holders of the company
Unaudited condensed consolidated
statement of financial position
Notes Unaudited 30 September 2025 31 March 2025
£ £
Assets
Non-current assets
Mineral property exploration and evaluation 9 17,043,457 16,992,502
Property, plant and equipment 204,687 204,687
Investments 10 777,119 1,226,681
Deposit 129,727 128,857
18,154,990 18,552,727
Current assets
Other receivables 35,358 36,988
Cash and cash equivalents 43,791 44,264
79,149 81,252
Total assets 18,234,139 18,633,979
Liabilities
Current liabilities
Trade and other payables (449,234) (263,834)
(449,234) (263,834)
Net current liabilities (370,085) (182,582)
Non-current liabilities
Loans (4,231,211) (4,046,102)
Long term provision (50,000) (50,000)
(4,281,211) (4,096,102)
Total liabilities (4,730,445) (4,359,936)
Net assets 13,503,694 14,274,043
Equity
Share capital 11 10,359,056 10,359,056
Share premium 12,910,853 12,910,853
Currency translation reserve (68,797) (82,709)
Retained losses (9,697,418) (8,913,157)
Total shareholders' funds 13,503,694 14,274,043
All attributable to equity holders of the company
Unaudited condensed consolidated
statement of cash flows
Notes Unaudited six months ended 30 September 2025 Unaudited six months ended 30 September 2024
£ £
Operating activities
Loss for the period (334,699) (311,052)
Adjustments for:
Investment income (883) (2,169)
Finance costs 98,957 95,384
Share based payments charge - 4,230
Foreign exchange movement 34 32
(236,591) (213,575)
Movements in working capital
Decrease/(increase) in receivables 1,630 9,385
Increase in payables 182,627 4,041
Net cash used in operating activities (52,334) (200,149)
Investing activities
Investment income 13 3
Mineral property exploration and evaluation (48,118) (274,755)
Net cash used in investing activities (48,105) (274,752)
Financing activities
Issue of share capital - 567,750
Movements on loans 100,000 (29,207)
Net cash generated from financing activities 100,000 538,543
Net increase in cash and cash equivalents (439) 63,642
Cash and cash equivalents at start of period 44,264 219,685
Foreign exchange movement (34) (32)
Cash and cash equivalents at end of period 43,791 283,295
All attributable to equity holders of the company
Unaudited condensed
consolidated statement of changes in group equity
Share Share Currency translation reserve Retained losses Total
capital premium £ £ £
£ £
Equity at 1 April 2025 - audited 10,359,056 12,910,853 (82,709) (8,913,157) 14,274,043
Total comprehensive
loss for the period:
Loss for the period - - - (334,699) (334,699)
Change in fair value of investment - - - (449,562) (449,562)
Exchange difference on - - 13,912 - 13,912
translation of foreign holding
Total comprehensive - - 13,912 (784,261) (770,349)
loss for the period
Shares issued - - - - -
Share issue expenses - - - - -
Equity-settled employee benefits - - - - -
Equity at 10,359,056 12,910,853 (68,797) (9,697,418) 13,503,694
30 September 2025 - unaudited
Comparative period
Equity at 1 April 2024 - audited 9,711,764 12,963,103 (89,589) (8,097,527) 14,487,751
Total comprehensive
loss for the period:
Loss for the period - - - (311,052) (311,052)
Change in fair value of investment - - - 388,683 388,683
Exchange difference on - - 17,654 - 17,654
translation of foreign holding
Total comprehensive - - 17,654 77,631 95,285
loss for the period
Shares issued 635,000 - - - 635,000
Share issue expenses - (67,250) - - (67,250)
Share issue expenses - - - 4,230 4,230
Equity at 10,346,764 12,895,853 (71,935) (8,015,666) 15,155,016
30 September 2024 - unaudited
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 2025. 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 2025 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 2025 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 2025. There are no new
standards, amendments to standards or interpretations that are expected to
have a material impact on the group's results.
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 2025 remain the same for this
half-yearly period. 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 2025 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 19 December
2025 and authorised for issue on behalf of the board by Andrew King, interim
chairman and Rob Marsden, chief executive officer.
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 £0.3 million by 484 million - the weighted average number of
ordinary shares in issue during the period. The comparative figures were a
loss to 30 September 2024 of £0.3m divided by 442 million shares. However
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 2025
UK Sweden - investment Canada - investment Total
£ £ £ £
Expenses (242,701) 6,110 - (236,591)
Investment income 883 - - 883
Finance costs (92,235) (6,722) - (98,957)
Exchange rate movements - (34) - (34)
Loss for the period (334,053) (646) - (334,699)
Unaudited six months ended 30 September 2024
UK Sweden - investment Canada - investment Total
£ £ £ £
Expenses (187,450) (26,125) - (213,575)
Equity settled employee benefits (4,230) - - (4,230)
Investment income 2,169 - - 2,169
Finance costs (88,642) (6,742) - (95,384)
Exchange rate movements - (32) - (32)
Loss for the period (278,153) (32,899) - (311,052)
Assets and liabilities
` Unaudited 30 September 2025
UK Sweden investment Canada investment Total
£ £ £ £
Non current assets 17,377,871 633,170 143,949 18,154,990
Current assets 77,977 1,172 - 79,149
Liabilities (4,370,796) (359,649) - (4,730,445)
Net assets 13,085,052 274,693 143,949 13,503,694
Audited 31 March 2025
UK Sweden investment Canada investment Total
£ £ £ £
Non current assets 17,326,046 633,170 593,511 18,552,727
Current assets 80,083 1,169 - 81,252
Liabilities (3,993,161) (366,775) - (4,359,936)
Net assets 13,412,968 267,564 593,511 14,274,043
8. Deferred tax
There is an unrecognised deferred tax asset of £1.6 million (31 March 2025 -
£1.6m) 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, of £14.5 million (unchanged from 31 March
2025) 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 financing being available to fund such
development. During the period activities were limited and no drilling took
place.
10. Investments
Labrador Grangesberg Total
£ £ £
At 1 April 2024 771,564 633,170 1,404,734
Net change during the period (178,053) - (178,053)
At 31 March 2025 593,511 633,170 1,226,681
Net change during the period (449,562) - (449,562)
At Unaudited 30 September 2025 143,949 633,170 777,119
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 2025 was 1 US cent per share (2024 – 8 US cents). As at 19
December 2025 the share price was 2 US cents per share.
Grängesberg - Sweden
The group has, through its Swedish subsidiary Angmag AB, a 49.8% ownership
interest in Grängesberg Iron AB an unquoted Swedish company (GIAB) which
holds rights over the Grängesberg iron ore deposits.
The directors assessed the fair value of the investment in Grängesberg under
IFRS 9 and consider the investment’s value at 30 September 2025 to be
£633,170.
11. Share capital
Ordinary shares of 1p Deferred shares of 4p Total
Issued and Nominal Number Nominal Number Nominal
fully paid value £ value £ value £
At 31 March 2024 4,200,931 420,093,017 5,510,833 137,770,835 9,711,764
Issued in the period 647,292 64,729,238 - - 647,292
At 31 March 2025 4,848,223 484,822,255 5,510,833 137,770,835 10,359,056
Issued in the period - - - - -
At Unaudited 30 September 2025 4,848,223 484,822,255 5,510,833 137,770,835 10,359,056
The deferred shares are non-voting, have no entitlement to dividends and have
negligible rights to return of capital on a winding up.
12. Financial instruments
Group Financial assets classified at fair value through other comprehensive income Financial assets measured at amortised cost
Unaudited 30 September 2025 31 March 2025 Unaudited 30 September 2025 31 March 2025
£ £ £ £
Financial assets
Investments 777,119 1,048,628 - -
Deposit - - 129,727 128,857
Other receivables - - 35,358 36,988
Cash and cash equivalents - - 43,791 44,264
777,119 1,048,628 208,876 210,109
Financial liabilities measured at amortised cost
Unaudited 30 September 2025 31 March 2025
£ £
Trade payables (179,123) (107,559)
Other payables (270,111) (156,275)
Loans (4,231,211) (4,046,102)
(4,680,445) (4,309,936)
Anglesey Mining plc
Directors
Andrew King Chairman
Rob Marsden Chief executive
Douglas Hall Non executive
Brendan Cahill Non executive
Jim Williams Non executive
Registered office address - Parys Mountain, Amlwch, Anglesey, LL68 9RE
Phone 01407 831275 Email
mail@angleseymining.co.uk
Registrars MUFG Corporate Markets, 29 Wellington Street,
Leeds, LS1 4DL
Share dealing phone 0371 664 0445 Helpline phone
0371 664 0300
Company registered number 01849957
Web site www.angleseymining.co.uk
Shares listed AIM - AYM
Copyright (c) 2025 PR Newswire Association,LLC. All Rights ReservedRecent news on Anglesey Mining
See all newsREG-Anglesey Mining Plc: Exercising of Energold Warrants
AnnouncementREG-Anglesey Mining Plc: Completion of £4 million Debt Settlement Agreement
AnnouncementREG - AIM - AIM Notice - 13/02/2026
AnnouncementREG-Anglesey Mining Plc: Result of Annual General Meeting - Capital Reorganisation Approved
AnnouncementREG-Anglesey Mining Plc: Proposed Capital Reorganisation, Proposed Amendment to the Articles of Association and Notice of AGM.
Announcement