REG-Anglesey Mining Plc: Corporate Update

Anglesey MiningAnnouncement

15/08/2025 14:45

 

Trading Symbol

AIM:AYM

15th August 2025

Anglesey Mining plc

("Anglesey" or the "Company")

 

Corporate Update

 

Anglesey Mining plc (AIM:AYM), the UK minerals development company, provides
the following update on corporate activities.

Grängesberg Iron Ore Project

Anglesey has, through its Swedish subsidiary Angmag AB, a 49.8% ownership
interest in Grängesberg Iron AB (“GIAB”), a Swedish company which holds
rights over the Grängesberg iron ore deposits.

Under a shareholders’ agreement (the “Agreement”), 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 Rob Marsden, the Company’s nominated director on the
Board of GIAB, has tendered his resignation as a director of GIAB and such
resignation is expected to take effect shortly upon confirmation by the
Swedish Companies Registration Office (Bolagsverket). This decision has been
taken as the Company believes its management efforts and financial resources
are now best focused on the primary long-term goal of the development of the
Parys Mountain project in Anglesey.

Management control of GIAB therefore reverts to Eurmag AB. Anglesey retains
its 49.8% ownership interest in GIAB.

Labrador Iron Mines

Anglesey has a 11.9% holding in the OTC listed Labrador Iron Mines Holdings
Limited (“LIMH”), which through its 52% owned subsidiaries Labrador Iron
Mines Limited (“LIM”) and Schefferville Mines Inc. (“SMI”), is engaged
in the exploration and development of iron ore projects in the central part of
the Labrador Trough region, one of the major iron ore producing regions in the
world, situated in the Menihek area in the Province of Newfoundland and
Labrador and in the Province of Quebec, centred near the town of
Schefferville, Quebec.

Consistent with the current objective of focusing efforts on the Parys
Mountain project and in order to support the Company’s current financial
position, the Company is actively exploring a sale of its full interest in
LIMH and realising this investment. Further updates will be provided upon any
progress of this process.

Parys Mountain

The Company’s primary asset is the 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au
VMS deposit in Anglesey, North Wales. In recent months, the Company has
continued with its efforts to progress development activities at the site and
was pleased to have noted the approval of the Parys Mountain Mine
Environmental Impact Assessment (“EIA”) Scoping Report by Cyngor Sir Ynys
Môn/ Anglesey County Council in January 2025.

However, recognising the current financial resources of the Company, Anglesey
has also been actively identifying and pursuing other options to both realise
value from this asset and progress the development of the Parys Mountain
deposit. Most recently, this has focused on the partnership with RheEnergise
to explore the viability of Pumped Hydro Energy Storage at the Parys Mountain
site, through the rehabilitation of the Existing 300m Deep Morris Shaft and
the potential deployment of RheEnergise's innovative High-Density Hydro®
energy storage technology.

In April 2025, the Company was pleased to announce the publication of a
conceptual study for the high-density fluid hydro-power energy storage project
at Parys Mountain, with the results of the conceptual study indicating that
there is a positive business case for the project.

This was followed by the signing of a letter of intent between the parties in
July 2025 further detailing intended actions to be taken by Anglesey and
RheEnergise to further progress the project. The structure of how the project
is owned, managed and funded is not fixed at this time, so that a bespoke
structure can be arrived at that facilitates third party funding, once
identified. Anglesey will now continue to work with RheEnergise to try and
further advance the project, including exploration of such third party funding
sources.

Funding

As previously noted by the Company at the time of its last equity fundraising
in September 2024, the Company has continued to advance a number of
initiatives with a view to supporting its cash position. In addition to the
actions outlined in this announcement, such actions have also included, inter
alia, settlement of certain supplier amounts through the issue of equity,
while non-executive directors have continued to waive cash fees due to them.

However, the continued progress of the Company’s activities remains
contingent on its ability to raise further funds and the Board continues to
explore fundraising options in this regard.

Further announcements will be made as appropriate.

 

 

For further information, please contact:

Anglesey Mining plc

Rob Marsden, Chief Executive Officer – Tel: +44 (0)7531 475111

Andrew King, Chairman – Tel: +44 (0)7825 963700

 

Davy

Nominated Adviser & Joint Corporate Broker

Brian Garrahy / Daragh O’Reilly – Tel: +353 1 679 6363

 

Zeus Capital Limited

Joint Corporate Broker

Katy Mitchell / Harry Ansell – Tel: +44 (0)161 831 1512

 

LEI: 213800X8BO8EK2B4HQ71

 

About Anglesey Mining plc:

Anglesey Mining is traded on the AIM market of the London Stock Exchange and
currently has 484,822,255 ordinary shares in issue.

Anglesey is developing the 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au VMS
deposit in North Wales, UK with a reported resource of 5.3 million tonnes at
over 4.0% combined base metals in the Measured and Indicated categories and
10.8 million tonnes at over 2.5% combined base metals in the Inferred
category.

Anglesey also holds a 49.8% interest in the Grängesberg iron ore project in
Sweden and 11.9% of Labrador Iron Mines Holdings Limited, which through its
52% owned subsidiaries, is engaged in the exploration and development of
direct shipping iron ore deposits in Labrador and Quebec.

 



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