Anglesey Mining Plc - Half yearly report for the six months to 30 September 2025
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
It is an essential and clear intent of the energy project that
In the period to the 30
th
As at
Post the end of the half year period, on
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
Finally, at the beginning of
Financial
The group had no revenue for the period. The loss for the six months to
Net current liabilities as at
Chairman
Unaudited condensed consolidated income statement
Notes Unaudited six months Unaudited six months
ended 30 September 2025 ended 30 September 2024
All operations are £ £
continuing
Revenue - -
Expenses (236,591) (213,575)
Equity-settled employee - (4,230)
benefits
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 (770,349) 95,285 period
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 9 17,043,457 16,992,502
and evaluation
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 Unaudited six months
ended 30 September 2025 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 - 4,230
charge
Foreign exchange movement 34 32
(236,591) (213,575)
Movements in working
capital
Decrease/(increase) in 1,630 9,385
receivables
Increase in payables 182,627 4,041
Net cash used in operating (52,334) (200,149)
activities
Investing activities
Investment income 13 3
Mineral property
exploration and (48,118) (274,755)
evaluation
Net cash used in investing (48,105) (274,752)
activities
Financing activities
Issue of share capital - 567,750
Movements on loans 100,000 (29,207)
Net cash generated from 100,000 538,543
financing activities
Net increase in cash and cash (439) 63,642
equivalents
Cash and cash equivalents 44,264 219,685
at start of period
Foreign exchange movement (34) (32)
Cash and cash equivalents 43,791 283,295
at end of period
All attributable to equity holders of the company
Unaudited condensed consolidated statement of changes in group equity
Share Share Currency
capital premium translation Retained losses Total
£ £ reserve £ £
£
Equity at 1 April 10,359,056 12,910,853 (82,709) (8,913,157) 14,274,043
2025 - audited
Total
comprehensive
loss for the
period:
Loss for the - - - (334,699) (334,699)
period
Change in fair
value of - - - (449,562) (449,562)
investment
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
30 September 2025 10,359,056 12,910,853 (68,797) (9,697,418) 13,503,694
- unaudited
Comparative period
Equity at 1 April 9,711,764 12,963,103 (89,589) (8,097,527) 14,487,751
2024 - audited
Total
comprehensive
loss for the
period:
Loss for the - - - (311,052) (311,052)
period
Change in fair
value of - - - 388,683 388,683
investment
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 - (67,250) - - (67,250)
expenses
Share issue - - - 4,230 4,230
expenses
Equity at
30 September 2024 10,346,764 12,895,853 (71,935) (8,015,666) 15,155,016
- 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
The financial information contained in this report in respect of the year ended
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
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
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
(b) the interim management report includes a fair review of the information required by the
This report and financial statements were approved by the board on
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
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 - (34) - (34)
movements
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 (4,230) - - (4,230)
employee benefits
Investment income 2,169 - - 2,169
Finance costs (88,642) (6,742) - (95,384)
Exchange rate - (32) - (32)
movements
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 (
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
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 –
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
Grängesberg -
The group has, through its Swedish subsidiary
The directors assessed the fair value of the investment in Grängesberg under IFRS 9 and consider the investment’s value at
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 4,848,223 484,822,255 5,510,833 137,770,835 10,359,056
September 2025
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
Financial assets classified Financial assets measured at
Group at fair value through other amortised cost
comprehensive income
Unaudited 30 31 March 2025 Unaudited 30 31 March 2025
September 2025 September 2025
£ £ £ £
Financial assets
Investments 777,119 1,048,628 - -
Deposit - - 129,727 128,857
Other receivables - - 35,358 36,988
Cash and cash - - 43,791 44,264
equivalents
777,119 1,048,628 208,876 210,109
Financial liabilities
measured at amortised cost
Unaudited 30 31 March 2025
September 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)
Directors
Registered office address -
Phone 01407 831275 Email mail@angleseymining.co.uk
Registrars
MUFG Corporate Markets,
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
