Anglesey Mining PLC Final Results for year ended 31 March 2018

 
TIDMAYM 
 
Anglesey Mining plc 
 
A UK mining company listed on the London Stock Exchange 
 
Projects: 
 
100% of the Parys Mountain underground zinc-copper-lead-silver-gold deposit in 
North Wales, UK where an updated Scoping Study was completed in 2017. The 
results of this Study are positive and provide a route to develop the project 
through to production. 
 
12% of Labrador Iron Mines Holdings Limited which holds direct shipping iron 
ore deposits in Labrador and Quebec. 
 
A 6% interest in, and management rights to, the Grangesberg Iron project in 
Sweden, together with a right of first refusal to increase its interest to 57%. 
 
Chairman's statement 
 
To Anglesey Shareholders 
 
The improvement in base metal prices, which began in 2016, continued in 2017 
and into 2018. The zinc price increased from US$1.00 per pound in January 2017 
to a 10-year high of US$1.63 per pound in February 2018. From January 2016, the 
zinc price more than doubled making it one of the better performing metals over 
the two-year period. Expectations of an increase in the supply of zinc 
concentrates towards the end of 2018 have led to the recent decline in the zinc 
price to the $1.15 per pound range. 
 
The price of copper increased substantially in the second half of 2017 and 
ended the year at US$3.25 per pound, a 30% increase from the end of 2016. Lead 
also performed well in 2017, rising from US$0.92 per pound in January 2017 to 
US$1.22 per pound in January 2018. Although all metal prices softened in mid 
-summer 2018 in response to global geopolitical uncertainty, there is a strong 
expectation of a continued positive outlook for base metals, particularly for 
zinc and copper. 
 
Parys Mountain - 2017 Scoping Study 
 
In July 2017 a new Scoping Study on the Parys Mountain copper-lead-zinc project 
in North Wales, was prepared by Micon International Limited (Micon) and 
Fairport Engineering Ltd. The Scoping Study envisages a mining rate of 1,000 
tonnes per day, to produce an average annual output of 14,000 tonnes of zinc 
concentrate at 57% Zn, 7,200 tonnes of lead concentrate at 52% Pb and 4,000 
tonnes of copper concentrate at 25% Cu, over an initial mine life of eight 
years. 
 
The Scoping Study demonstrates a viable mine development and a healthy 
financial rate of return. For example, using assumptions of longer term metal 
price projections of $1.35 per pound for zinc and $3.00 per pound for copper, 
and using an 8% discount rate, to reflect the relatively low political risk in 
the UK, the indicated NPV would be $52 million or GBP42 million, with an IRR of 
30%. 
 
Path towards Production 
 
Following completion of the positive 2017 Scoping Study, Anglesey has been 
working to progress the Parys Mountain project towards production. We have 
previously described four key steps in the development of the project which 
are: the conversion of the Scoping Study to a Definitive Feasibility Study, the 
commencement of an Environmental Impact Assessment, the recruitment of key 
corporate staff and securing project finance. Whilst a Definitive Feasibility 
Study to develop the project to a suitable status for bank debt financing might 
be the ideal course, the Parys Mountain project is not yet at the stage to 
undertake a Definitive Feasibility Study. 
 
A Definitive Feasibility Study can be defined as a comprehensive technical and 
economic study to demonstrate that development of a mine is reasonably 
justified. The results of the study may serve as the basis for a decision by a 
financial institution to finance the development of the project. However, a 
Preliminary Feasibility Study is an intermediate step in the engineering 
process to evaluate the technical and economic viability of a mining project, 
occurring between a Scoping Study and a DFS. 
 
The 2017 Scoping Study recommended further work as interim steps towards 
undertaking a PFS, including more detailed mine planning and design, more 
engineering studies, additional metallurgical test work and a review of 
tailings management and environmental and planning permissions, all of which 
will require new and further financing. During the year the Scoping Study has 
been subject to detailed examination and review with the aim of enhancing the 
economics of the project to attract the capital financing necessary to achieve 
our target of getting the Parys Mountain Mine into production at the earliest 
date possible. 
 
Optimisation Studies 
 
The 2017 Scoping Study was based on mining only the 2.1 million tonnes of 
indicated resources reported by Micon in 2012. Micon had reported a further 4.1 
million tonnes of inferred resources which were not incorporated into the 
Scoping Study. Of the inferred resources currently estimated, the Engine Zone, 
which lies at depths up to 600m, is of higher grade in most areas. 
 
Development of even half of these inferred resources, which were not included 
in the Scoping Study, would significantly increase the projected life of the 
Parys Mountain mine from the initial eight years to perhaps double the 
projected mine-life to 15 or 18 years with potential positive outcomes on the 
project economics. 
 
Anglesey is working on a revised mine model with the objective of incorporating 
some of the inferred resources, including part of the higher-grade Engine Zone 
inferred resources, into the earlier years of the mine plan and thereby 
increasing the project life of the mine to at least 10 years. In parallel, the 
cut-off grade used to determine the resources included in the Scoping Study can 
be tested to determine if this cut-off grade can be lowered to increase the 
mineable tonnage and thereby further extend the projected mine life. 
 
The Scoping Study also recommended further metallurgical investigation to 
improve recoveries and minimise metal losses from the DMS plant, particularly 
for gold and silver via the gravity concentration circuit. The proposed 
metallurgical work would help to confirm the design and selection of key 
process items such as the grinding circuit and the flotation cells and finalise 
the process flow sheet and mass balance before carrying out any detailed 
engineering works. A preliminary proposal for additional laboratory test work, 
with an estimated cost of GBP100,000, has been obtained which requires 
representative samples of the ore which currently may not be available. The 
recommended metallurgical review will be carried out to the extent possible 
using existing data and technical information. 
 
Environmental Studies 
 
Completion of a feasibility study requires an evaluation of the planning and 
environmental aspects of the proposed development. An external review of the 
planning permissions and associated licence requirements has confirmed that the 
planning permissions previously granted remain valid and in force and that 
development and operation of the Parys Mountain Mine will require various 
environmental assessments and permits granted by Natural Resources Wales. It is 
proposed that some further environmental baseline and investigative work be 
carried out to bring the database up to date and to comply with the current 
level of requirements. 
 
Financing and Marketing 
 
Based on the positive results of the Scoping Study, we have commenced 
discussions with potential financiers for the development of the Parys Mountain 
project. It is expected that this development will occur in stepped 
progressions, to be followed by sequential financings to move towards mine 
construction. 
 
The Parys Mountain Mine will produce three separate marketable concentrates for 
each of the base metals to be mined: zinc, lead and copper. In addition, a 
small quantity of gravity concentrate containing silver and gold will be 
produced. The concentrates are likely be sold to one or more of the smelting 
and refining operations in Europe. Anglesey has also commenced preliminary 
discussions with potential end-purchasers of the concentrates with a view to 
entering long-term supply contracts  provided these can be linked to investment 
or other funding or commercial arrangements as part of the financing for the 
development of the project. 
 
Iron Ore 
 
The group's investments in Grangesberg Iron and in Labrador Iron are heavily 
dependent on the future price of iron ore. In 2017 the price of 62% Fe iron ore 
ranged from US$55 to US$97, while averaging US$71 per tonne, and during the 
first six months of 2018 ranged from US$65 to US$80 per tonne. Over the past 
two years there has been a substantial shift in the iron ore market favouring 
higher grade quality (+65% Fe) product, with premiums paid for 65% Fe exceeding 
30% of the 62% Fe spot price. As a result, high grade iron ore products are 
currently commanding high premiums to this spot price while sub-commodity 
grades (<60% Fe) with high impurities are suffering increasing penalties, 
resulting in a widening divergence in actual market sale prices. These market 
conditions and the resultant strong premium for 65% Fe products are expected 
to continue in the medium term based on the current global project pipeline, to 
the potential benefit of our projects. 
 
Grangesberg Iron 
 
Anglesey continues to manage the Grangesberg iron ore project in Sweden. The 
high-quality product expected to be produced from Grangesberg, together with 
the potential for sales within Sweden's domestic markets, make Grangesberg more 
attractive than many other undeveloped iron ore projects. Although Grangesberg 
will benefit from extensive existing infrastructure the project will still 
require high levels of capital expenditure. Together with the other 
shareholders and stakeholders in Grangesberg we continue to evaluate all 
options to develop a viable way forward for the project. 
 
Labrador Iron 
 
The group holds a 12% interest in Labrador Iron Mines Holdings Limited (LIM) 
which owns extensive iron ore resources and facilities in its Schefferville 
Projects in Labrador and Quebec, Canada. LIM has not undertaken mining 
operations since 2013, primarily due to the low iron ore price environment, but 

maintains its iron ore assets on a stand-by care and maintenance basis and, 
subject to securing financing, is positioned to resume mining operations as 
soon as economic conditions warrant. 
 
Outlook 
 
The 2017 Scoping Study demonstrated a viable mine development at Parys Mountain 
with a healthy financial rate of return. The outlook for metal prices, 
particularly zinc, copper and lead, which form the basis of the Parys Mountain 
revenue, remains very positive. 
 
Our objective is to phase the development and financing of Parys Mountain in 
logical, sequential and parallel steps by undertaking the various optimisations 
studies and programmes, completing a prefeasibility or feasibility study and 
progressing Parys Mountain towards production as quickly as the necessary 
financing and technical timelines allow. 
 
As well as maintaining a watching brief on the iron ore projects in Canada and 
Sweden, Anglesey also plans to pursue new opportunities for mineral exploration 
and development projects, in the context of the current resource cycle, with a 
focus on advanced copper exploration or development projects. We plan to 
enhance our board and small management team by recruiting experienced 
executives to help execute our plans and deliver our objectives. 
 
We believe that given the world's continuing demand for metals and the shortage 
of attractive advanced projects, the strong technical base and political 
stability associated with all of Anglesey's projects, particularly Parys 
Mountain, finance for project development will become available. 
 
Once again, I would like to thank all our shareholders for their patience and 
continuing support. 
 
John F. Kearney 
 
Chairman 
 
31 July 2018 
 
Strategic report - operations 
 
Principal activities and business review 
 
Anglesey Mining is engaged primarily in the evaluating and developing its 
wholly owned Parys Mountain zinc, lead, copper project in North Wales. In 2017 
a new Scoping Study demonstrated a viable mine development and a healthy 
financial rate of return. Site activities during the year have continued to be 
limited to care and maintenance, though the Scoping Study has been subject to 
detailed examination and review with the aim of further optimising the 
development of the Parys Mountain project. 
 
In addition, under various agreements the group participates in the management 
of the Grangesberg iron ore property in Sweden in which it has a 6% holding and 
a right of first refusal to acquire a further 51% ownership interest. The group 
also has a 12% holding in the Labrador Iron Mines in eastern Canada, currently 
in care and maintenance. 
 
The group's objective is to phase the development and financing of the Parys 
Mountain project by undertaking various optimisation programmes, completing a 
prefeasibility or feasibility study and progressing the Parys Mountain Mine 
towards production. 
 
Parys Mountain 
 
The Parys Mountain property hosts a significant polymetallic zinc, copper, 
lead, silver and gold deposit. The site has a head frame, a 300m deep 
production shaft and planning permission for operations. The group has freehold 
ownership of the minerals and surface land. Infrastructure is good, political 
risk is low and the project enjoys the support of local people and government. 
 
An independent JORC resource estimate completed in 2012 by Micon International 
Limited reported a resource of 2.1 million tonnes at 6.9% combined base metals 
in the indicated category and 4.1 million tonnes at 5.0% combined base metals 
in the inferred category, with substantial exploration potential. 
 
In July 2017 a new Scoping Study using the 2012 resource estimate was prepared 
by Micon and Fairport Engineering Ltd. The Scoping Study demonstrates a viable 
development mining 1,000 tpd to produce lead, zinc and copper concentrates and 
yielding a healthy financial rate of return. 
 
Development Plan 
 
During the period 2006-2010 Anglesey Mining carried out a detailed drilling 
programme on the White Rock Zone which lies adjacent to the existing 300m deep 
Morris Shaft and largely overlies the deeper Engine Zone deposits, but which 
extends to surface. As a result of this drilling the 2012 resource estimate by 
Micon included both the White Rock Zone and the Engine Zone. 
 
A new mining plan based on a surface decline to access the White Rock zone was 
prepared. It proposed that a decline would be developed by mining contractors 
and would be used as the initial means of access to the resource for 
development and mining. During the initial production phase from the White Rock 
zone the decline would continue to be driven to reach the current bottom of the 
Morris Shaft and beyond. The shaft would then be dewatered and deepened by 
approximately 150 metres and recommissioned as a hoisting shaft for the remnant 
White Rock ore and for the deeper and more valuable Engine Zone ore. Mining 
would be carried out initially from the main decline using rubber-tyred 
equipment including drill jumbos, load-haul-dump machines and trucks to remove 
development waste to surface and production ore to the planned adjacent 
processing plant. The existing hoist and headframe would be refurbished and 
used to bring ore to the surface for delivery to the processing plant through 
the deepened shaft. 
 
The 2017 Scoping Study concluded that the preferred development option for 
Parys Mountain is a 1,000 tpd mine and plant with a Dense Media Separation 
(DMS) section and that after an initial ramp-up period, the higher production 
level can be maintained. This would result in a mine life of approximately 
eight years based only on the indicated resources. 
 
Metal Production 
 
The proposed processing plant will consist of crushing and grinding followed by 
conventional three stage flotation to produce copper, zinc and lead 
concentrates to be shipped to smelters in Europe. Metallurgical performance and 
recovery is based on the large volume of information available from test work 
on Parys Mountain ores over the years. Total base metal recovery to each of the 
three copper, zinc and lead concentrates is forecast to be 89.8% and taking 
into account the DMS losses overall recovery will be approximately 85.7%. 
Significant amounts of silver and gold will report to each of the concentrates. 
Some free gold will be recovered by gravity methods and will be sold as Welsh 
gold. 
 
Smelter payment terms and penalties have been based on indicative treatment 
charges currently prevailing from European smelters. 
 
On average 14,000 tonnes of zinc concentrate at 57% Zn, 7,200 tonnes of lead 
concentrate at 52% Pb and 4,000 tonnes of copper concentrate at 25% Cu, will be 
produced annually. These figures will vary somewhat during the life of the mine 
as mine feed varies depending upon the particular ore bodies being mined at any 
time. Life of mine average annual metal production into concentrates is 
forecast at 17.6 million pounds of zinc, 8.3 million pounds of lead and 2.2 
million pounds of copper. 
 
Using estimated shipping costs, smelter terms and penalties, the overall NSR 
for the three concentrates, including the precious metals, is expected to total 
in excess of $270 million at the metal prices used for the base case. This 
would represent net smelter revenue of approximately 72% of the metal value in 
concentrates delivered to the smelters. 
 
Project Financial Results 
 
The pre-production capital cost of the base case including mining, DMS, 
concentrator and infrastructure is estimated at $56 million, including a $4 
million contingency. The initial capital cost for mine development is estimated 
to be $16 million, the concentrator $29.5 million including $3 million for the 
DMS plant, and infrastructure $10 million. Operating costs were developed by 
Micon and Fairport based on current knowledge and experience which at the 
higher levels of production are forecast at around $47 per tonne of ore 
treated. 
 
The base case yields a pre-tax net present value of $33 million, or GBP26 
million, at a conservative 10 per cent discount rate, using metal prices of 
$1.25 per pound for zinc, $1.00 per pound for lead, $2.50 per pound for copper, 
$17.50 per ounce for silver and $1,275 per ounce for gold and at an exchange 
rate of GBP1.00 = $US1.25. With an estimated pre-production capital cost of $56 
million, or GBP45 million, this results in an indicated internal rate of return 
(IRR) of 26%. 
 
At an 8% discount rate, used to reflect the relatively low risks of the project 
given its advanced level of development and low political risk in the UK, the 
NPV8 would be enhanced to $40 million, or GBP32 million, for the base case metal 
price scenario. The project is sensitive to metal prices and exchange rates. 
Using metal price projections of $1.35 per pound for zinc and $3.00 per pound 
for copper the NPV10 would be $43 million, or GBP35 million and the NPV8 $52 
million, or GBP42 million, with an IRR of 30%. 
 
The pre-tax net present values, at 10% and 8% discount rates, and internal 
rates of return, are illustrated in the table below, all at a sterling:US 
dollar exchange rate of GBP1.00 = $US1.25. 
 
Metal Prices                                 Pre-Tax Cash Flows 
 
Zinc     Lead US$ Copper   Silver   Gold     Undiscounted  NPV10%   NPV8%   IRR 
US$/lb   /lb      US$/lb   US$/oz   US$/oz        $M         $M      $M      % 
 
1.25     1.00     2.50     17.50    1,275        91.2       33.2    40.2    26 
 
1.35     1.00     3.00     17.50    1,275       110.8       43.5    52.3    30 
 
Mineral Resources and Exploration Potential 
 
The 2017 Scoping Study utilises the Micon 2012 JORC Code compliant resource 
estimate of 2.1 million tonnes at 6.9% combined base metals in the indicated 
category. Micon had also reported a further 4.1 million tonnes at 5.0% combined 
base metals in the inferred category. These inferred mineral resources are not 
included in the Scoping Study but if utilised would significantly extend the 
projected operating life of the mine with a consequential increase in the 
resultant estimated valuation. 
 

While the inclusion of inferred resources does not meet the strict criteria for 
feasibility studies used by banks for loan evaluation, given the detailed 
geological knowledge of Parys Mountain now available it would be acceptable to 
utilise some of this inferred resource for comparative financial modelling. To 
evaluate potential optimisation of the project some additional mine planning 
and scheduling will be carried out on the inferred resource and the results 
input to the financial model. 
 
As reported in 2012, the resource estimate was made using a gross metal product 
value cut-off of $80 per tonne. The 2017 Scoping Study estimated the cash 
operating cost, prior to royalties and taxes, at $47 per tonne. Use of a lower 
cut-off grade would increase the tonnes in the indicated category, but with 
some reduction in grade, and increase the projected mine life. Further 
optimisation studies are required to determine the optimum cut-off grade that 
would provide the maximum increased return. These studies are being carried out 
initially on the base financial model, i.e. using the indicated resources only, 
and this will be followed by the extended resources using some of the inferred 
resources as detailed previously. These optimisation studies are of necessity 
an on-going process. As more detailed mine costings are developed, and as the 
increased tonnage potentially changes not just mine life but also the grade of 
ore processed, a series of iterations will be required to reach that optimum 
forecast result. 
 
In addition to the indicated and inferred resources reported by Micon, the 
Parys Mountain area, over which the group holds the mineral rights, contains 
numerous indications of mineralisation across several kilometres many of which 
have been disclosed in earlier releases and reports. As most of these 
indications have been encountered in drilling at some depth, further 
exploration would be more effective from underground locations once mining 
operations commence. 
 
Further work on Parys Mountain 
 
The Scoping Study recommended further work to optimise and enhance the project 
as the next step ahead of mine development, including more detailed mine and 
stope design, underground geotechnical studies, additional infill drilling, 
more detailed engineering studies, additional metallurgical test work including 
work to improve recovery of specific metals to their own concentrate, and 
review of tailings management and paste fill processes. Several opportunities 
for cost reduction or productivity improvement have been identified. 
 
Metallurgical Studies 
 
Fairport has recommended that additional metallurgical testwork be carried out 
to increase confidence in a number of key areas including the performance of 
the DMS plant, regrind work in the lead circuit to improve concentrate quality, 
in the paste backfill section to confirm geotechnical characteristics, and in 
improving the overall water balance to reduce operating costs and discharge 
requirements. There is insufficient ore of a representative nature currently 
available to carry out all of this programme. 
 
Environmental Studies 
 
A conditional planning permission was issued by Gwynedd County Council in 1988 
for 'the development of a mining and milling complex for the extraction and 
processing of metalliferous ores and disposal of waste rock and slurry at Parys 
Mountain, Amlwch, Gwynedd. In 1991 a second planning permission was granted to 
develop a 'Mine portal and spiral decline to access upper levels of the ore 
body to provide a second means of egress'. Both these planning permissions 
remain in force. 
 
In the United Kingdom, industrial and other development proposals, including 
mineral development projects, are subject to two different processes: a) a 
planning process through which a planning authority grants permission for a 
specific development and, b) the environmental permitting process through which 
permission is granted (in this case by Natural Resources Wales) for the 
operation of an installation or activity that could have an environmental 
impact. 
 
For planning purposes Parys Mountain is currently considered a dormant site 
which cannot commence permitted activity until the mineral planning authority 
has agreed conditions. An application may need to be accompanied by an 
environmental statement under the Environmental Impact Assessment (EIA) 
Regulations. The regulations specify what type of developments should be 
subject to EIA. Underground mineral workings require an EIA only if the 
development is likely to have significant effects on the environment. The 
planning authority may require an EIA as part of the review process and has the 
responsibility for deciding if an EIA is required. 
 
Several environmental studies have been undertaken within the Parys Mountain 
area, dating back prior to 1988, when the first planning permission for a new 
mine was obtained by Anglesey. Baseline monitoring of environmental conditions 
was carried out at various times in the 1980s and 1990s. There has also been an 
extensive monitoring programme for water quality carried out by the Environment 
Agency to assess the impacts of historic mining activities in the area. 
 
It is now proposed that some further environmental baseline and investigative 
work be carried out to bring the database up to date and to comply with the now 
current level of regulations. During the year a report was prepared on the 
details of the work that will be needed to meet these requirements and planning 
for commencement of this work is advanced. It is stressed that the original 
planning permissions that have been in place for a number of years remain 
intact. 
 
Grangesberg Iron AB 
 
The Grangesberg iron ore mine is situated in the mineral-rich Bergslagen 
district of central Sweden about 200 kilometres north-west of Stockholm. Until 
its closure in 1989 due to prevailing market conditions, Grangesberg had mined 
in excess of 150 million tonnes of iron ore. 
 
The group holds a direct 6% interest in Grangesberg Iron AB (GIAB) and, until 
June 2021, a right of first refusal over 51% of the share capital of GIAB. This 
right has been granted in exchange for the group continuing to co-manage GIAB 
on a cost recovery basis. The group also has shareholder and cooperation 
agreements such that it holds operatorship of GIAB subject to certain 
conditions and appoints three out of five directors to the board of GIAB. 
 
GIAB is a private Swedish company founded in 2007 which in 2014 completed (with 
assistance from the group) a financial and capital restructuring of the mine. 
GIAB holds a 25-year exploitation permit covering the previously mined 
Grangesberg underground mining operations granted by the Swedish Mining 
Inspectorate in May 2013. 
 
In September 2014 an NI 43-101 Technical Report was prepared by Roscoe Postle 
Associates Inc showing a compliant resource estimate for the Grangesberg Mine 
of 115.2 million tonnes at 40.2% Fe in the indicated category and 33.1 million 
tonnes at 45.2% Fe in the inferred category. RPA concluded that the Grängesberg 
iron ore deposit hosts a significant iron resource that has excellent potential 
for expansion at depth. 
 
Over the past two years there has been a substantial shift in the iron ore 
market favouring higher grade quality (+65% Fe) product, with premiums paid for 
65% Fe exceeding 30% of the reported 62% reported spot price. The high-quality 
product expected to be produced from Grangesberg would attract such premium 
pricing and, together with the potential for sales within Sweden's domestic 
markets, make Grangesberg more attractive than many other undeveloped iron ore 
projects. Although Grangesberg benefits from extensive existing infrastructure, 
development of the project will still require high levels of capital 
expenditure. 
 
Labrador Iron 
 
The group has an investment holding of 12% (2017 - 12%) in Labrador Iron Mines 
Holdings Limited. LIM owns extensive iron ore resources and facilities in its 
exploration properties in Labrador and in Quebec, Canada, one of the major iron 
ore producing regions in the world. 
 
In the three-year period of 2011 to 2013 LIM produced a total of 3.6 million 
dry metric tonnes of iron ore, all of which was sold in 23 cape-size shipments 
into the China spot market. LIM has not undertaken mining operations since 
2013, primarily due to the low iron ore price environment, but maintains its 
properties on a stand-by care and maintenance basis and, subject to securing 
financing, is positioned to resume mining operations as soon as economic 
conditions warrant. 
 
Other activities 
 
The directors continue to seek out new properties suitable for development 
within a relatively short time frame and within the financing capability likely 
to be available to the group. The directors have identified copper projects as 
the most potentially attractive and the group is currently evaluating a number 
of early stage opportunities. 
 
Performance 
 
The directors expect to be judged by results of project development and/or 
exploration and by their success in creating long term value for shareholders. 
The group holds shares in mineral companies and has interests in exploration 
and evaluation properties and, until economically recoverable reserves can be 
identified, there are no standardised performance indicators which can usefully 
be employed to gauge the performance of the group, other than the market price 
of the company's shares. 
 
The chief external factors affecting the ability of the group to move forward 
are primarily the demand for metals and minerals, levels of metal prices and 
exchange rates; these and other factors are dealt with in the risks and 
uncertainties section below. 
 
Financial results and position 
 
The group has no revenues from the operation of its properties. The loss for 
the year ended 31 March 2018 after tax was GBP278,189 compared to a loss of GBP 
307,968 in the 2017 fiscal year. The administrative and other costs excluding 

investment income and finance charges were GBP109,677 compared to GBP141,022 in the 
previous year. 
 
During the year there were no additions to fixed assets (2017 - nil) and GBP 
100,319 (2017 - GBP84,196) was capitalised in respect of the Parys Mountain 
property as mineral property exploration and evaluation. 
 
At 31 March 2018 the group held mineral property exploration and evaluation 
assets with a carrying value of GBP15.0 million. These carrying values are 
supported by the results of the 2017 Scoping Study may not reflect the 
realizable value of the properties if they were offered for sale at this time. 
 
The group's cash balance at 31 March 2018 was GBP137,113 (2017 - GBP392,293) the 
reduction being due to ongoing operating and capital expenses. The foreign 
exchange loss of GBP42 (2017 - gain GBP178) shown in the income statement arises on 
cash balances held in Swedish Krona (in 2017 there was also a Canadian dollar 
balance). 
 
At 31 March 2018 the company had 177,608,051 ordinary shares in issue, 
unchanged from the previous year. 
 
Financial instruments 
 
The group's use of financial instruments is described in note 24. 
 
Employment, community and donations 
 
The group is an equal opportunity employer in all respects and aims for high 
standards from and for its employees. At 31 March 2018 the company had five 
male directors; there were no female directors or employees. It also aims to be 
a valued and responsible member of the communities which it operates in or 
affects. There are no social, community or human rights issues which require 
the provision of further information in this report. 
 
Environment 
 
The group currently has no operations and consequently its effect on the 
environment is very slight, being limited to the operation of two small 
offices, where recycling and energy usage minimisation are encouraged. It is 
not practical or useful to quantify the effects of these measures. 
 
Risks and uncertainties 
 
The directors have carried out a robust assessment of the principal risks 
facing the group, including those that would threaten its business model, 
future performance, solvency or liquidity. In conducting its business the group 
faces a number of risks and uncertainties some of which have been described 
above in regard to particular projects. The board believes the principal risks 
facing the group are adequately disclosed in these financial statements and 
that there are no other risks of comparable magnitude which need to be 
disclosed. In reviewing the risks facing the group, the board considers it is 
sufficiently close to the group's operations and aware of its activities to be 
able to adequately monitor risk without the establishment of any formal 
process. The group may become subject to risks against which it cannot insure 
or against which it may elect not to insure because of high premium costs or 
other reasons. However, there are also risks and uncertainties of a nature 
common to all mineral projects and these are summarised below. 
 
General mining risks 
 
Actual results relating to, amongst other things, mineral reserves, mineral 
resources, results of exploration, capital costs, mining production costs and 
reclamation and post closure costs, could differ materially from those 
currently anticipated by reason of factors such as changes in general economic 
conditions and conditions in the financial markets, changes in demand and 
prices for minerals that the group expects to produce, legislative, 
environmental and other judicial, regulatory, political and competitive 
developments in areas in which the group operates, technological and 
operational difficulties encountered in connection with the group's activities, 
labour relations, costs and changing foreign exchange rates and other matters. 
 
The mining industry is competitive in all of its phases. There is competition 
within the mining industry for the discovery and acquisition of properties 
considered to have commercial potential. The group faces competition from other 
mining companies in connection with the acquisition and retention of 
properties, mineral claims, leases and other mineral interests as well as for 
the recruitment and retention of qualified employees and other personnel. 
 
Development and liquidity risk 
 
At March 31, 2018, the group had limited working capital and had not achieved 
profitable operations and will need to generate additional financial resources 
to fund its planned optimization and development programmes at Parys Mountain. 
The group has relied primarily on equity financings to fund its working capital 
requirements and on previous occasions has also relied on its largest 
shareholder, Juno Limited, for financial support and may be required to do so 
in the future to ensure the group will have adequate funds for its current 
activities. There is a risk that additional funding may not be available on a 
timely basis or on acceptable terms. Development of the Parys Mountain project 
will be dependent on raising further funds from various sources. 
 
Exploration and development risk 
 
Exploration for minerals and development of mining operations involve risks, 
many of which are outside the group's control. Current operations are in 
politically stable environments and hence unlikely to be subject to 
expropriation but exploration by its nature is subject to uncertainties and 
unforeseen or unwanted results are always possible. 
 
Metal price risks 
 
The prices of metals fluctuate widely and are affected by many factors outside 
the group's control. The relative prices of metals and future expectations for 
such prices have a significant impact on the market sentiment for investment in 
mining and mineral exploration companies. Metal price fluctuations may be 
either exacerbated or mitigated by currency fluctuations which affect the 
amount which might be received in sterling. 
 
Foreign exchange risk 
 
LIM is a Canadian company; Angmag AB and GIAB are Swedish companies. 
Accordingly, the value of the holdings in these companies is affected by 
exchange rate risks. Operations at Parys Mountain are in the UK and exchange 
rate risks are minor. Most of the cash balance at the year end was held in 
sterling - see notes 17 and 24. 
 
Permitting, environment and social risk 
 
The group holds planning permissions for the development of the Parys Mountain 
property but further consents will be required to carry out proposed activities 
and these may be subject to various operational conditions and reclamation 
requirements. 
 
Employee and personnel risk 
 
The group is dependent on the services of a small number of key executives 
specifically the chairman, chief executive and finance director. The loss of 
these persons or the group's inability to attract and retain additional highly 
skilled and experienced employees for any areas in which the group might engage 
may adversely affect its business or future operations. 
 
This report was approved by the board of directors on 31 July 2018 and signed 
on its behalf by: 
 
Bill Hooley 
 
Chief executive officer 
 
Directors report 
 
The directors are pleased to submit their report and the audited accounts for 
the year ended 31 March 2018. 
 
The corporate governance statement which follows forms part of this report. The 
principal activities of the group and other information is set out in the 
strategic report section preceding this report. Certain matters relating to 
financial performance, risk exposure and management, and future developments 
which are required to be disclosed in the directors report have instead been 
included within the strategic report. 
 
Directors 
 
The names of the directors are shown in the directors' remuneration report and 
biographical details are shown on the inside rear cover. All directors remain 
in office. It is the company's procedure to submit re-election resolutions for 
all directors at the annual general meeting. The company maintains a directors' 
and officers' liability policy on normal commercial terms which includes third 
party indemnity provisions. The powers of the directors are described in the 
Corporate Governance Report. 
 
With regard to the appointment and replacement of directors, the company is 
governed by its Articles, the Corporate Governance Code, the Companies Act and 
related legislation. The Articles themselves may be amended by special 
resolution of the shareholders. Under the Articles, any director appointed by 
the board during the year must retire at the AGM following his appointment. In 
addition, the Articles require that one-third of the remaining directors retire 
by rotation at each general meeting and seek re-appointment. However it is now 
the company's practice to submit re-election resolutions for all directors at 
each AGM. 
 
Directors' interests in material contracts 
 
Juno Limited (Juno), which is registered in Bermuda, holds 32.6% of the 
company's ordinary share capital. The company has a controlling shareholder 
agreement and working capital agreement with Juno. Advances made under the 
working capital agreement are shown in note 19. Apart from these advances and 
interest charges there were no transactions between the group and Juno or its 
group during the year. An independent committee reviews and approves any 
transactions and potential transactions with Juno. Danesh Varma is a director 
and, through his family interests, a significant shareholder of Juno. 
 
Bill Hooley and Danesh Varma are directors of Grangesberg Iron AB and of the 
special purpose vehicle Eurmag AB. Danesh Varma has been associated with the 
Grangesberg project since 2007 when he became a director of Mikula Mining 
Limited, a company subsequently renamed Eurang Limited, previously involved in 
the Grangesberg project. He did not take part in the decision to enter into the 
Grangesberg project when this was approved by the board. The group has a 
liability to Eurmag AB, a subsidiary of Eurang, amounting to GBP280,835 at the 
year end (2017 - GBP297,570). See also note 25. 
 

There are no other contracts of significance in which any director has or had 
during the year a material interest. 
 
Substantial shareholders 
 
At 20 July 2018 the following shareholder had advised the company of an 
interest in the issued ordinary share capital: 
Juno Limited notified an interest in 57,924,248 shares representing 32.6% of 
the issued ordinary shares. 
 
Shares 
 
Allotment authorities and disapplication of pre-emption rights 
 
The directors would usually wish to allot any new share capital on a 
pre-emptive basis, however in the light of the group's potential requirement to 
raise further funds for the acquisition of new mineral ventures, other 
activities and working capital, they believe that it is appropriate to have a 
larger amount available for issue at their discretion without pre-emption than 
is normal or recommended for larger listed companies. At this year's annual 
general meeting, the directors will seek a renewal and replacement of the 
company's existing share allotment authorities. 
 
The authority sought in resolution 11 of the notice of the AGM is to enable the 
directors to allot new shares and grant rights to subscribe for, or convert 
other securities into shares, up to a nominal value of GBP590,000 (59,000,000 
ordinary shares) which is approximately one third of the total issued ordinary 
share capital of the company as at 20 July 2018. The directors will consider 
issuing shares if they believe it would be appropriate to do so in respect of 
business opportunities that arise consistent with the company's strategic 
objectives. The directors have no present intention of exercising this general 
authority, other than in connection with the potential issue of shares pursuant 
to the company's employee share and incentive plans. 
 
The purpose of resolution 12 is to authorise the directors to allot new shares 
pursuant to the general authority given by resolution 11 in connection with a 
pre-emptive offer or offers to holders of other equity securities if required 
by the rights of those securities or as the board otherwise considers 
necessary, or otherwise up to an aggregate nominal amount of GBP440,000 
(44,000,000 ordinary shares). This aggregate nominal amount represents 
approximately 25% of the issued ordinary share capital of the company at 20 
July 2018. Whilst such authority is in excess of the 5% of existing issued 
ordinary share capital which is commonly accepted and recommended for larger 
listed companies, it will provide additional flexibility which the directors 
believe is in the best interests of the group in its present circumstances. The 
authority sought under resolution 12 will expire on 31 December 2018. The 
directors intend to seek renewal of this authority at future annual general 
meetings. 
 
Rights and obligations attaching to shares 
 
The rights and obligations attaching to the ordinary and deferred shares are 
set out in the Articles of Association. Details of the issued share capital are 
shown in note 21. Details of employee share schemes are set out in the 
Directors Remuneration Report and in note 22. 
 
Each ordinary share carries the right to one vote at general meetings of the 
company. Holders of deferred shares, which are of negligible value, are not 
entitled to attend, speak or vote at any general meeting of the company, nor 
are they entitled to receive notice of general meetings. 
 
Subject to the provisions of the Companies Act 2006, the rights attached to any 
class may be varied with the consent of the holders of three-quarters in 
nominal value of the issued shares of the class or with the sanction of an 
extraordinary resolution passed at a separate general meeting of the holders of 
the shares of the class. 
 
There are no restrictions on the transfer of the company's shares. 
 
Voting rights 
 
Votes may be exercised at general meetings in relation to the business being 
transacted either in person, by proxy or, in relation to corporate members, by 
corporate representative. The Articles provide that forms of proxy shall be 
submitted not less than 48 hours (excluding any part of a day that is not a 
working day) before the time appointed for holding the meeting or adjourned 
meeting. 
 
No member shall be entitled to vote at any meeting unless all monies presently 
payable in respect of their shares have been paid. Furthermore, no member shall 
be entitled to attend or vote at any meeting if he has been served with a 
notice after failing to provide the company with information concerning 
interests in his shares. 
 
Significant agreements and change of control 
 
There are no agreements between the company and its directors or employees that 
provide for compensation for loss of office or employment that may occur 
because of a takeover bid. The company's share plans contain provisions 
relating to a change of control. Outstanding awards and options would normally 
vest and become exercisable on a change of control, subject to the satisfaction 
of any performance conditions. 
 
Dividend 
 
The group has no revenues and the directors are unable to recommend a dividend 
(2017 - nil). 
 
Going concern 
 
The directors have considered the business activities of the group as well as 
its principal risks and uncertainties as set out in this report. When doing so 
they have carefully applied the guidance given in the Financial Reporting 
Council's documents 'Going concern and liquidity risk: Guidance for directors 
of UK companies 2009' and 'Guidance on Risk Management, Internal Control and 
Related Financial and Business Reporting' issued in September 2014. 
 
The financial statements are prepared on a going concern basis. The validity of 
the going concern basis is dependent on finance being available for the 
continuing working capital requirements of the group for the foreseeable 
future, being a period of at least twelve months from the date of approval of 
the accounts. During the year the group depleted its working capital. At 31 
March 2018, the group had cash and cash equivalent reserves of GBP137,000 and net 
assets of GBP12 million and will need to generate additional financial resources 
to fund its planned optimization and development programmes. Based on the 
current cash reserves and committed support from its largest shareholder, Juno 
Limited, the group has sufficient finance available for the continuing working 
capital requirements of the group on a status quo basis for at least twelve 
months from the date of the financial statements. 
 
The group will need to generate additional financial resources to meet its 
planned business objectives, progress the ongoing development of the Parys 
Mountain project and continue as a going concern. The plans to phase the 
development of the project by undertaking the various optimisation programmes 
and completing a prefeasibility or feasibility study to progress the Parys 
Mountain Mine towards production require interim funding to finance the further 
studies and optimisation programmes and, in the longer term, senior financing 
to fund the capital and development costs to put the Parys Mountain Mine into 
production. 
 
The group has relied primarily on equity financings to fund its working capital 
requirements and on previous occasions the group has relied on its largest 
shareholder, Juno Limited, for financial support and may be required to do so 
in the future to ensure the group will have adequate funds for its current 
activities and to continue as a going concern. 
 
The directors recognise that the continuing operations of the group are 
dependent upon its ability to raise adequate financing and that there is a risk 
that additional funding may not be available on a timely basis or on acceptable 
terms. The directors are actively pursuing various financing options with 
certain shareholders and financial institutions regarding proposals for 
financing and have engaged in discussions with a range of investors, including 
a number of private equity funds. Whilst these discussions are not finalised 
the directors have reasonable expectations that these financing discussions 
will be successful and therefore the financial statements have been prepared on 
the going concern basis. However, given the limited financial resources 
currently available, and that there is no guarantee that such funding will be 
available in the short term, there is a risk that the group will not have 
sufficient financial resources to fund its short-term project funding 
requirements, and therefore there exists a material uncertainty concerning the 
ability of the group and the company to continue as a going concern. 
 
Greenhouse gas emissions 
 
The group does not itself undertake any activities or processes which lead to 
the production of greenhouse gases. The extent to which its administrative and 
management functions result in greenhouse gas emissions is slight and the 
directors do not believe that any useful purpose would be served by attempting 
to quantify the amounts of these emissions. 
 
Report on payments to governments 
 
The group is required to disclose payments made to governments in countries 
where exploration or extraction activities are undertaken and hereby reports 
that any such payments made in the year were below the minimum disclosable 
level. 
 
Post balance sheet events 
 
There are no post balance sheet events to report. 
 
Statement of directors' responsibilities 
 
The directors are responsible for preparing the annual report and the financial 
statements. The directors are required to prepare the financial statements for 
the group in accordance with International Financial Reporting Standards as 
adopted by the European Union ("IFRS") and have also elected to prepare 
financial statements for the company in accordance with IFRS. Company law 
requires the directors to prepare group and parent company financial statements 
for each financial year. Under that law they are required to the prepare the 
financial statements in accordance with IFRS, the Companies Act 2006 and, in 

relation to the group financial statements, Article 4 of the IAS Regulation. 
 
Under company law the directors must not approve the financial statements 
unless they are satisfied that they give a true and fair view of the state of 
affairs of the group and parent company financial statements and of their 
profit and loss for that period. 
 
In preparing the financial statements the directors are required to: 
 
  * select suitable accounting policies and then apply them consistently; 
  * make judgements and estimates that are reasonable and prudent; 
  * state that the financial statements comply with IFRSs as adopted by the 
    European Union; and 
  * prepare the financial statements on the going concern basis unless it is 
    inappropriate to presume that the group and the parent company will 
    continue in business. 
 
The directors confirm that they consider the annual report and accounts, taken 
as a whole, is fair, balanced and understandable and provides the information 
necessary for shareholders to assess the company and group's performance, 
business model and strategy. 
 
The directors are responsible for keeping adequate accounting records that are 
sufficient to show and explain the parent company's transactions and disclose 
with reasonable accuracy at any time the financial position of the parent 
company and the group and enable them to ensure that the financial statements 
comply with the Companies Act 2006. They are also responsible for safeguarding 
the assets of the parent company and the group and hence for taking reasonable 
steps for the prevention and detection of fraud and other irregularities. 
 
Under applicable law and regulations the, the directors are also responsible 
for preparing a Strategic Report, Directors' Report, Remuneration Report and 
Corporate Governance Statement that comply with that law and those regulations. 
 
The directors are responsible for the maintenance and integrity of the group 
website. Legislation in the United Kingdom governing the preparation and 
dissemination of financial statements may differ from legislation in other 
jurisdictions. 
 
Each of the directors, whose names and functions are listed on the inside rear 
cover, confirm that, to the best of their knowledge: 
 
  * the group financial statements, which have been prepared in accordance with 
    IFRSs as adopted by the EU, give a true and fair view of the assets, 
    liabilities, financial position and loss of the group; and 
  * the Strategic and Directors' Reports include a fair review of the 
    development and performance of the business and the position of the group, 
    together with a description of the principal risks and uncertainties that 
    it faces. 
 
Auditor 
 
Each of the directors in office at the date of approval of the annual report 
confirms that so far as they are aware there is no relevant audit information 
of which the company's auditor is unaware and that each director has taken all 
of the steps which they ought to have taken as a director in order to make 
themselves aware of that information and to establish that the company's 
auditor is aware of that information. This confirmation is given and should be 
interpreted in accordance with the provisions of s418 of the Companies Act 
2006. 
 
During the year the company invited tenders from three firms including Mazars 
in respect of the audit and decided to retain Mazars as auditor, consequently a 
resolution to reappoint Mazars LLP as auditor and to authorise the directors to 
fix their remuneration will be proposed at the annual general meeting. 
 
This report was approved by the board of directors on 31 July 2018 and signed 
on its behalf by: 
 
Danesh Varma 
 
Company Secretary 
 
Independent auditor's report to the members of Anglesey Mining plc 
 
Opinion 
 
We have audited the financial statements of Anglesey Mining plc (the 'parent 
company') and its subsidiaries (the 'group') for the year ended 31 March 2018 
which comprise the Group Income Statement, the Group Statement of Comprehensive 
Income, the Group and Company Statements of Financial Position, the Group and 
Company Statements of Changes in Equity, the Group and Company Statements of 
Cash Flows and notes to the financial statements, including a summary of 
significant accounting policies. The financial reporting framework that has 
been applied in their preparation is applicable law and International Financial 
Reporting Standards (IFRSs) as adopted by the European Union and, as regards 
the parent company financial statements, as applied in accordance with the 
provisions of the Companies Act 2006. 
 
In our opinion: 
 
  * the financial statements give a true and fair view of the state of the 
    group's and of the parent company's affairs as at 31 March 2018 and of the 
    group's loss for the year then ended; 
  * the group financial statements have been properly prepared in accordance 
    with IFRSs as adopted by the European Union; 
  * the parent company financial statements have been properly prepared in 
    accordance with IFRSs as adopted by the European Union and as applied in 
    accordance with the provisions of the Companies Act 2006; and 
  * the financial statements have been prepared in accordance with the 
    requirements of the Companies Act 2006 and, as regards the group financial 
    statements, Article 4 of the IAS regulation. 
 
Basis for opinion 
 
We conducted our audit in accordance with International Standards on Auditing 
(UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards 
are further described in the Auditor's responsibilities for the audit of the 
financial statements section of our report. We are independent of the company 
in accordance with the ethical requirements that are relevant to our audit of 
the financial statements in the UK, including the FRC's Ethical Standard, as 
applied to listed entities and public interest entities and we have fulfilled 
our other ethical responsibilities in accordance with these requirements. We 
believe that the audit evidence we have obtained is sufficient and appropriate 
to provide a basis for our opinion. 
 
Material uncertainty related to going concern 
 
We draw attention to Note 2 in the financial statements concerning the 
applicability of the going concern basis of preparation.  As detailed in the 
financial statements and the Strategic Report, the parent company and group are 
not generating revenue. Its business model requires generation of additional 
financial resources to meet its planned business objectives and to progress the 
ongoing development of the Parys Mountain project. 
 
At 31 March 2018 the group and parent company had net assets of GBP12m and GBP11m 
respectively and cash and cash equivalent reserves of GBP137k and GBP133k. During 
the year, the group has depleted their remaining cash balance and will need to 
generate additional financial resources to fund its planned optimization and 
development programs. The group is reliant on equity financings or further 
support from the major shareholder, Juno Limited. 
 
In Note 2, the directors explain that to date they have successfully raised 
funds to finance ongoing expenditure and that they are in the process of 
securing additional funding sufficient to finance the next steps in order to 
progress the development of the Parys Mountain project.  As the directors are 
confident that the group will raise the additional funding, they have prepared 
the accounts on the going concern basis. However, until the group secures 
sufficient investment to fund the short-term project funding requirements as 
described in Note 2, there is a material uncertainty that casts a significant 
doubt about the group's and parent company's ability to continue as a going 
concern. 
 
Our opinion is not modified in respect of this matter. 
 
Conclusions relating to principal risks, going concern and viability statement 
 
Other than as above under 'Material uncertainty related to going concern', we 
have nothing to report in respect of the following information in the annual 
report, in relation to which the ISAs (UK) require us to report to you whether 
we have anything material to add or draw attention to: 
 
  * the disclosures in the annual report set out on pages 8 and 9 that describe 
    the principal risks and explain how they are being managed or mitigated; 
  * the directors' confirmation set out on page 8 in the annual report that 
    they have carried out a robust assessment of the principal risks facing the 
    group, including those that would threaten its business model, future 
    performance, solvency or liquidity; 
  * the directors' statement set out on page 11 in the financial statements 
    about whether the directors considered it appropriate to adopt the going 
    concern basis of accounting in repairing the financial statements and the 
    directors' identification of any material uncertainties to the group and 
    the parent company's ability to continue to do so over a period of at least 
    twelve months from the date of approval of the financial statements; 
  * whether the directors' statement relating to going concern required under 
    the Listing Rules in accordance with Listing Rule 9.8.6R(3) is materially 
    inconsistent with our knowledge obtained in the audit; or 
  * the directors' explanation set out on page 11 in the annual report as to 
    how they have assessed the prospects of the group, over what period they 
    have done so and why they consider that period to be appropriate, and their 
    statement as to whether they have a reasonable expectation that the group 
    will be able to continue in operation and meet its liabilities as they fall 
    due over the period of their assessment, including any related disclosures 
    drawing attention to any necessary qualifications or assumptions. 
 
Key audit matters 
 
Key audit matters are those matters that, in our professional judgement, were 
of most significance in our audit of the financial statements of the current 

period and include the most significant assessed risks of material misstatement 
(whether or not due to fraud) we identified, including those which had the 
greatest effect on: the overall audit strategy, the allocation of resources in 
the audit; and directing the efforts of the engagement team. These matters were 
addressed in the context of our audit of the financial statements as a whole, 
and in forming our opinion thereon, and we do not provide a separate opinion on 
these matters. 
 
Key audit matter                          Our response 
 
Impairment of exploration and evaluation  Our audit procedures included, but were 
asset (group and company)                 not limited to: 
The group has rights to explore and mine  -       Review of the new scoping study 
the Parys Mountain site for a number of   report, consideration of the 
years and have recently completed a       independence and qualifications of 
further scoping study reaffirming the     experts used by management to perform 
facts from old reports. As indicated in   these studies; 
the new study reports, there are further  -       Challenge the consistency of 
studies required to optimise and enhance  management's assumptions and forward 
the project ahead of development.         looking information included in the 
There is a risk that accounting criteria  impairment model; 
associated with the capitalisation of     -       Performing a sensitivity 
exploration and evaluation expenditure    analysis on key assumptions used by the 
may no longer be appropriate and that     management in their assessment; 
capitalised costs exceed the value in     -       An arithmetic review of the 
use.                                      impairment model prepared by 
Any assessment of the value in use is     management; and 
highly judgemental based on a combination -       Assessment of adequacy and 
of independent experts studies and        completeness of the relevant financial 
directors' assessment of long term metal  statement disclosures. 
commodity prices, the estimated mineral 
deposits, costs associated with mineral   Based on the work performed above, no 
extraction and sale, discount rates ,     impairment to the exploration and 
exchange rate factors and group's ability evaluation asset was noted. 
to raise finances. 
 
Impairment of investment in subsidiary    Our audit procedures included, but were 
(company)                                 not limited to: 
The cost of the investment in and loan 
due from the subsidiary, Parys Mountain   -       Consideration of the results of 
Mines Limited, held in the balance sheet  the impairment review of the underlying 
of the  company, is supported by the      exploration and evaluation asset held 
future cash flows associated with the     within the subsidiary; and 
recovery of the exploration and           -       Assessment of  the completeness 
evaluation assets following the           and accuracy of the disclosures in the 
development of the Parys Mountain site    financial statements, using our 
held by Parys Mountain Mines Limited. If  financial reporting advisory team where 
there were impairment in the exploration  necessary 
and evaluation assets included above, 
this would have a direct impact on the    Based on the work performed, no 
carrying value of the investment in and   impairment to the investment in 
the loan due from the subsidiary.         subsidiary undertakings was noted. 
Under the accounting policy included in 
Note 2 of the financial statements, 
investments are held at cost less 
accumulated impairments therefore there 
is a risk that the investment in 
subsidiary undertaking is impaired as a 
result of indicators within the 
underlying assets of the subsidiary, the 
exploration and evaluation asset 
discussed above. 
 
Our application of materiality 
 
We apply the concept of materiality in planning and performing our audit, in 
evaluating the effect of identified misstatements on the financial statements, 
and in forming our audit opinion. The level of materiality we set is based on 
our assessment of the magnitude of misstatements that, individually or in 
aggregate, could reasonably be expected to have influence on the economic 
decisions of the users of the financial statements. 
 
We established materiality based on: 
 
  * For the consolidated accounts, group's net assets represents shareholder 
    funds and we have determined it to be the principal benchmark within the 
    financial statements relevant to shareholders, as the group is pre revenue 
    and pre-production phase. We determined the financial statement materiality 
    and the performance materiality for the consolidated financial statements 
    as a whole to be GBP360,000 (representing approximately 3% of the group's net 
    assets) and GBP270,000 (representing 70% of financial statement materiality) 
    respectively. A specific materiality of GBP80,000 is used for the audit of 
    Income statement areas 
  * For the parent statutory accounts, net assets is considered most 
    appropriate as the parent company is not meant to be trading and mainly 
    holds investment in subsidiaries. We determined the financial statement 
    materiality for the parent company's financial statement as a whole to be GBP 
    217,000 (representing approximatively 3% of the net assets) and GBP163,000 
    (representing 70% of financial statement materiality) respectively. 
 
We agreed with the Audit Committee that we would report to that committee all 
identified corrected and uncorrected audit differences in excess of GBP11,000 for 
the group and in excess of GBP7,000 for the parent company (representing 3% of 
financial statement materiality) together with differences below that threshold 
that, in our view, warranted reporting on qualitative grounds. 
 
The range of performance materiality used within the components for the 
purposes of the group audit was GBP3,000 to GBP224,000. 
 
An overview of the scope of our audit 
 
We tailored the scope of our audit to ensure that we performed sufficient work 
to be able to give an opinion on the financial statements as a whole, taking 
into account the group's and parent company's accounting processes and 
controls, and the industry in which it operates. We used the outputs of a risk 
assessment, our understanding of the group and the parent company, and we also 
considered qualitative factors in order to ensure that we obtained sufficient 
coverage across all financial statement line items. 
 
Our audit involved obtaining evidence about the amounts and disclosures in the 
financial statements sufficient to give reasonable assurance that the financial 
statements are free from material misstatement, whether caused by fraud or 
error. The risks of material misstatement that had the greatest effect on our 
audit, including the allocation of our resources and effort, are discussed 
under "Key audit matters" within this report. 
 
The legal entities within the group account for 100% of the group's operating 
loss, 100% of net assets and 100% of total assets, all of which were subject to 
full scope audits for the year ended 31 March 2018. The audit of all the 
entities within the group was undertaken by the group audit team. 
 
Other information 
 
The directors are responsible for the other information. The other information 
comprises the information included in the annual report other than the 
financial statements and our auditor's report thereon. Our opinion on the 
financial statements does not cover the other information and, except to the 
extent otherwise explicitly stated in our report, we do not express any form of 
assurance conclusion thereon. 
 
In connection with our audit of the financial statements, our responsibility is 
to read the other information and, in doing so, consider whether the other 
information is materially inconsistent with the financial statements or our 
knowledge obtained in the audit or otherwise appears to be materially 
misstated. If we identify such material inconsistencies or apparent material 
misstatements, we are required to determine whether there is a material 
misstatement in the financial statements or a material misstatement of the 
other information. If, based on the work we have performed, we conclude that 
there is a material misstatement of this other information, we are required to 
report that fact. 
 
We have nothing to report in this regard. 
 
In this context, we also have nothing to report in regard to our responsibility 
to specifically address the following items in the other information and to 
report as uncorrected material misstatements of the other information where we 
conclude that those items meet the following conditions: 
 
  * Fair, balanced and understandable set out on page 12 - the statement given 
    by the directors that they consider the annual report and financial 
    statements taken as a whole is fair, balanced and understandable and 
    provides the information necessary for shareholders to assess the group's 
    performance, business model and strategy, is materially inconsistent with 
    our knowledge obtained in the audit; or 
  * Audit committee reporting set out on page 21 - the section describing the 
    work of the audit committee does not appropriately address matters 
    communicated by us to the audit committee; or 
  * Directors' statement of compliance with the UK Corporate Governance Code 
    set out on page 20 - the parts of the directors' statement required under 
    the Listing Rules relating to the company's compliance with the UK 
    Corporate Governance Code containing provisions specified for review by the 
    auditor in accordance with Listing Rule 9.8.10R(2) do not properly disclose 
    a departure from a relevant provision of the UK Corporate Governance Code. 
 
Opinions on other matters prescribed by the Companies Act 2006 
 
In our opinion, the part of the directors' remuneration report to be audited 
has been properly prepared in accordance with the Companies Act 2006. 
 
In our opinion, based on the work undertaken in the course of the audit: 
 

  * the information given in the Strategic Report and the Directors' Report for 
    the financial year for which the financial statements are prepared is 
    consistent with the financial statements and those reports have been 
    prepared in accordance with applicable legal requirements; 
  * the information about internal control and risk management systems in 
    relation to financial reporting processes and about share capital 
    structures, given in compliance with rules 7.2.5 and 7.2.6 in the 
    Disclosure Rules and Transparency Rules sourcebook made by the Financial 
    Conduct Authority (the FCA Rules), is consistent with the financial 
    statements and has been prepared in accordance with applicable legal 
    requirements; and 
  * information about the company's corporate governance code and practices and 
    about its administrative, management and supervisory bodies and their 
    committees complies with rules 7.2.2, 7.2.3 and 7.2.7 of the FCA Rules. 
 
Matters on which we are required to report by exception 
 
In light of the knowledge and understanding of the group and the parent company 
and its environment obtained in the course of the audit, we have not identified 
material misstatements in: 
 
  * the Strategic Report or the Directors' Report; or 
  * the information about internal control and risk management systems in 
    relation to financial reporting processes and about share capital 
    structures, given in compliance with rules 7.2.5 and 7.2.6 of the FCA 
    Rules. 
 
We have nothing to report in respect of the following matters in relation to 
which the Companies Act 2006 requires us to report to you if, in our opinion: 
 
  * adequate accounting records have not been kept by the parent company, or 
    returns adequate for our audit have not been received from branches not 
    visited by us; or 
  * the parent company financial statements are not in agreement with the 
    accounting records and returns; or 
  * certain disclosures of directors' remuneration specified by law are not 
    made; or 
  * we have not received all the information and explanations we require for 
    our audit; or 
  * a corporate governance statement has not been prepared by the parent 
    company. 
 
Responsibilities of Directors 
 
As explained more fully in the directors' responsibilities statement set out on 
page 12, the directors are responsible for the preparation of the financial 
statements and for being satisfied that they give a true and fair view, and for 
such internal control as the directors determine is necessary to enable the 
preparation of financial statements that are free from material misstatement, 
whether due to fraud or error. 
 
In preparing the financial statements, the directors are responsible for 
assessing the group's and the parent company's ability to continue as a going 
concern, disclosing, as applicable, matters related to going concern and using 
the going concern basis of accounting unless the directors either intend to 
liquidate the group or the parent company or to cease operations, or have no 
realistic alternative but to do so. 
 
Auditor's responsibilities for the audit of the financial statements 
 
Our objectives are to obtain reasonable assurance about whether the financial 
statements as a whole are free from material misstatement, whether due to fraud 
or error, and to issue an auditor's report that includes our opinion. 
Reasonable assurance is a high level of assurance, but is not a guarantee that 
an audit conducted in accordance with ISAs (UK) will always detect a material 
misstatement when it exists. Misstatements can arise from fraud or error and 
are considered material if, individually or in the aggregate, they could 
reasonably be expected to influence the economic decisions of users taken on 
the basis of these financial statements. 
 
A further description of our responsibilities for the audit of the financial 
statements is located on the Financial Reporting Council's website at 
www.frc.org.uk/auditorsresponsibilities. This description forms part of our 
auditor's report. 
 
Other matters which we are required to address 
 
Following the recommendation of the audit committee, we were reappointed by the 
Board of Directors on 21 February 2018 to audit the financial statements for 
the year ended 31 March 2018 and subsequent financial periods. The period of 
total uninterrupted engagement since reappointment is 1 year, covering the year 
ended 31 March 2018. 
 
The non-audit services prohibited by the FRC's Ethical Standard were not 
provided to the group or the parent company and we remain independent of the 
group and the parent company in conducting our audit. 
 
Our audit opinion is consistent with the additional report to the audit 
committee. 
 
Use of the audit report 
 
This report is made solely to the company's members as a body in accordance 
with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been 
undertaken so that we might state to the company's members those matters we are 
required to state to them in an auditor's report and for no other purpose. To 
the fullest extent permitted by law, we do not accept or assume responsibility 
to anyone other than the company and the company's members as a body for our 
audit work, for this report, or for the opinions we have formed. 
 
Robert Neate (Senior Statutory Auditor) 
 
for and on behalf of Mazars LLP 
 
Chartered Accountants and Statutory Auditor 
 
Tower Bridge House, St. Katharine's Way, London, E1W 1DD 
 
31 July 2018 
 
Group income statement 
 
All attributable to equity holders of the company 
 
                                     Notes   Year ended 31 March 2018  Year ended 31 
                                                                          March 2017 
 
All operations are continuing 
                                                       GBP                    GBP 
 
   Revenue                                                         -              - 
 
   Expenses                                                 (109,677)      (141,022) 
 
   Equity-settled employee benefits   22                      (9,324)        (9,479) 
 
   Investment income                  6                           121            146 
 
   Finance costs                      7                     (159,267)      (157,791) 
 
   Foreign exchange movement                                     (42)            178 
 
 Loss before tax                      4                     (278,189)      (307,968) 
 
   Taxation                           8                            -              - 
 
 Loss for the period                                        (278,189)      (307,968) 
 
   Loss per share 
 
   Basic - pence per share            9                        (0.2)p         (0.2)p 
 
   Diluted - pence per share          9                        (0.2)p         (0.2)p 
 
 
Group statement of comprehensive income 
 
 Loss for the period                            (278,189)      (307,968) 
 
 Other comprehensive income 
 
 Items that may subsequently be 
 reclassified to profit or loss: 
 
  Exchange difference on                           31,489       (35,053) 
      translation of foreign 
 holding 
 
 Total comprehensive loss for the period        (246,700)      (343,021) 
 
 
Group statement of financial position 
 
                                            31 March 2018  31 March 2017 
 
                                     Notes 
                                                 GBP              GBP 
 
Assets 
 
   Non-current assets 
 
   Mineral property exploration and   10       15,111,141     15,010,822 
  evaluation 
 
   Property, plant and equipment      11          204,687        204,687 
 
   Investments                        14           86,660         86,660 
 
   Deposit                            15          123,227        123,118 
 
                                               15,525,715     15,425,287 
 
   Current assets 
 
   Other receivables                  16           19,790         23,603 
 
   Cash and cash equivalents          17          137,113        392,293 
 
                                                  156,903        415,896 
 
 Total assets                                  15,682,618     15,841,183 
 
Liabilities 
 
   Current liabilities 
 
   Trade and other payables           18         (65,870)      (114,557) 
 
                                                 (65,870)      (114,557) 
 
   Net current assets                              91,033        301,339 
 
   Non-current liabilities 
 
   Loans                              19      (3,543,236)    (3,415,738) 
 
   Long term provision                20         (50,000)       (50,000) 
 
                                              (3,593,236)    (3,465,738) 
 
 Total liabilities                            (3,659,106)    (3,580,295) 
 
 Net assets                                    12,023,512     12,260,888 
 
Equity 
 
   Share capital                      21        7,286,914      7,286,914 
 
   Share premium                               10,171,986     10,171,986 
 
   Currency translation reserve                  (42,021)       (73,510) 
 
   Retained losses                            (5,393,367)    (5,124,502) 
 
Total shareholders' funds                      12,023,512     12,260,888 
 
 
The financial statements of Anglesey Mining plc which include the notes to the 
accounts on pages 33 to 48 were 
approved by the board of directors, authorised for issue on 31 July 2018 and 
signed on its behalf by: 
 
John F. Kearney,    Chairman 
 
Danesh Varma,    Finance Director 
 
Company statement of financial position 
 
                                             31 March     31 March 
                                               2018         2017 
 
                                     Notes          GBP            GBP 
 
 Assets 
 
   Non-current assets 
 
   Investments                        13     14,325,116   14,228,552 
 
                                             14,325,116   14,228,552 
 
   Current assets 
 

   Other receivables                  16          5,772       12,759 
 
   Cash and cash equivalents          17        132,589      388,880 
 
                                                138,361      401,639 
 
 Total assets                                14,463,477   14,630,191 
 
 Liabilities 
 
   Current liabilities 
 
   Trade and other payables           18       (54,121)    (107,571) 
 
                                               (54,121)    (107,571) 
 
   Net current assets                            84,240      294,068 
 
   Non-current liabilities 
 
   Loan                               19    (3,262,401)  (3,118,168) 
 
                                            (3,262,401)  (3,118,168) 
 
   Total liabilities                        (3,316,522)  (3,225,739) 
 
 Net assets                                  11,146,955   11,404,452 
 
 Equity 
 
   Share capital                      21      7,286,914    7,286,914 
 
   Share premium                             10,171,986   10,171,986 
 
   Retained losses                          (6,311,945)  (6,054,448) 
 
 Shareholders' equity                        11,146,955   11,404,452 
 
 
The company reported a loss for the year ended 31 March 2018 of GBP266,821 (2017 
- GBP295,855). The financial statements 
of Anglesey Mining plc registered number 1849957 which include the notes to the 
accounts were approved by the 
board of directors and authorised for issue on 31 July 2018 and signed on its 
behalf by: 
 
John F. Kearney,    Chairman 
 
Danesh Varma,     Finance Director 
 
Statements of changes in equity 
 
All attributable to equity holders of the company. 
 
   Group                               Share      Share     Currency    Retained     Total 
                                     capital    premium   translation   losses 
                                                           reserve 
 
                                          GBP          GBP          GBP           GBP           GBP 
 
   Equity at 1 April 2016            7,116,914  9,848,949    (38,457)             12,101,393 
                                                                      (4,826,013) 
 
   Total comprehensive loss for the 
  year: 
 
   Loss for the year                        -          -           -    (307,968)  (307,968) 
 
   Exchange difference on                   -          -     (35,053)          -    (35,053) 
        translation of foreign 
  holding 
 
   Total comprehensive loss for the         -          -     (35,053)   (307,968)  (343,021) 
  year 
 
   Transactions with owners: 
 
   Shares issued                       170,000    365,200          -           -     535,200 
 
   Share issue expenses                     -    (42,163)          -           -    (42,163) 
 
   Equity-settled employee benefits         -          -           -        9,479      9,479 
 
   Equity at 31 March 2017           7,286,914 10,171,986    (73,510)             12,260,888 
                                                                      (5,124,502) 
 
   Total comprehensive loss for the 
  year: 
 
   Loss for the year                        -          -           -    (278,189)  (278,189) 
 
   Exchange difference on                   -          -       31,489          -      31,489 
       translation of foreign 
  holding 
 
   Total comprehensive income/(loss)        -          -       31,489   (278,189)  (246,700) 
  for the year 
 
   Transactions with owners: 
 
   Equity-settled employee benefits         -          -           -        9,324      9,324 
 
   Equity at 31 March 2018           7,286,914 10,171,986    (42,021)             12,023,512 
                                                                      (5,393,367) 
 
   Company                                        Share      Share      Retained     Total 
                                                capital     premium     losses 
 
                                                     GBP          GBP           GBP           GBP 
 
   Equity at 1 April 2016                       7,116,914   9,848,949             11,197,791 
                                                                      (5,768,072) 
 
   Total comprehensive loss for the 
  year: 
 
   Loss for the year                                   -           -    (295,855)  (295,855) 
 
   Total comprehensive loss for the                    -           -    (295,855)  (295,855) 
  year 
 
   Transactions with owners: 
 
   Shares issued                                  170,000     365,200          -     535,200 
 
   Share issue expenses                                -     (42,163)          -    (42,163) 
 
   Equity-settled employee benefits                    -           -        9,479      9,479 
 
   Equity at 31 March 2017                      7,286,914  10,171,986             11,404,452 
                                                                      (6,054,448) 
 
   Total comprehensive loss for the 
  year: 
 
   Loss for the year                                   -           -    (266,821)  (266,821) 
 
   Total comprehensive loss for the                    -           -    (266,821)  (266,821) 
  year 
 
   Transactions with owners: 
 
   Equity-settled employee benefits                    -           -        9,324      9,324 
 
   Equity at 31 March 2018                      7,286,914  10,171,986             11,146,955 
                                                                      (6,311,945) 
 
 
Group statement of cash flows 
 
                                    Notes   Year ended 31 March 2018  Year ended 31 
                                                                         March 2017 
 
 
                                                      GBP                    GBP 
 
Operating activities 
 
   Loss for the period                                     (278,189)      (307,968) 
 
   Adjustments for: 
 
   Investment income                  6                        (121)          (146) 
 
   Finance costs                      7                      159,267        157,791 
 
   Equity-settled employee benefits  22                        9,324          9,479 
 
   Foreign exchange movement                                      42          (178) 
 
                                                           (109,677)      (141,022) 
 
  Movements in working capital 
 
   Decrease in receivables                                     3,813          9,156 
 
   Decrease in payables                                     (53,730)        (9,632) 
 
Net cash used in operating                                 (159,594)      (141,498) 
activities 
 
Investing activities 
 
   Investment income                                              12            106 
 
   Mineral property exploration and                         (95,556)       (96,034) 
  evaluation 
 
Net cash used in investing activities                       (95,544)       (95,928) 
 
Financing activities 
 
   Loans                                                          -         125,000 
 
   Share issue proceeds net of                                    -         493,037 
  expenses 
 
Net cash generated from financing                                 -         618,037 
activities 
 
Net (decrease)/increase in cash and cash                   (255,138)        380,611 
equivalents 
 
 Cash and cash equivalents at start                          392,293         11,504 
of period 
 
 Foreign exchange movement                                      (42)            178 
 
 Cash and cash equivalents at end    17                      137,113        392,293 
of period 
 
 
Company statement of cash flows 
 
                                     Notes   Year ended   Year ended 
                                               31 March     31 March 
                                                   2018         2017 
 
                                                    GBP            GBP 
 
Operating activities 
 
   Loss for the period                23      (266,821)    (295,855) 
 
   Adjustments for: 
 
   Equity-settled employee benefits               9,324        9,479 
 
   Finance costs                                144,234      140,967 
 
                                              (113,263)    (145,409) 
 
  Movements in working capital 
 
   Decrease in receivables                        6,987        2,674 
 
   Decrease in payables                        (53,451)      (9,864) 
 
Net cash used in operating                    (159,727)    (152,599) 
activities 
 
Investing activities 
 
   Investments and long term loans             (96,564)     (84,425) 
 
Net cash used in investing                     (96,564)     (84,425) 
activities 
 
Financing activities 
 
   Loans                                             -       125,000 
 
   Share issues net of expenses                      -       493,037 
 
Net cash generated from financing                    -       618,037 
activities 
 
Net (decrease)/increase in cash and           (256,291)      381,013 
cash equivalents 
 
 Cash and cash equivalents at start             388,880        7,867 
of period 
 
 Cash and cash equivalents at end     17        132,589      388,880 
of period 
 
 
Notes to the financial statements 
 
1    General information 
 
Anglesey Mining plc is domiciled and incorporated in England and Wales under 
the Companies Act. The nature of the group's operations and its principal 
activities are set out in note 3 and in the strategic report. The registered 
office address is as shown on the rear cover. 
 
These financial statements are presented in pounds sterling because that is the 
currency of the primary economic environment in which the group has been 
operating. Foreign operations are included in accordance with the policies set 
out in note 2. 
 
2    Significant accounting policies 
 
Basis of Accounting 
 
The group and company financial statements have been prepared in accordance 
with International Financial Reporting Standards (IFRS) as adopted by the 
European Union and therefore the group financial statements comply with Article 

4 of the EU IAS Regulation. 
 
The financial statements have been prepared on the historical cost basis except 
for the fair valuation of certain financial assets. The principal accounting 
policies adopted are set out below. 
 
Going concern 
 
The directors have considered the business activities of the group as well as 
its principal risks and uncertainties as set out in this report. When doing so 
they have carefully applied the guidance given in the Financial Reporting 
Council's documents 'Going concern and liquidity risk: Guidance for directors 
of UK companies 2009' and 'Guidance on Risk Management, Internal Control and 
Related Financial and Business Reporting' issued in September 2014. 
 
The financial statements are prepared on a going concern basis. The validity of 
the going concern basis is dependent on finance being available for the 
continuing working capital requirements of the group for the foreseeable 
future, being a period of at least twelve months from the date of approval of 
the accounts. During the year the group depleted its working capital. At 31 
March 2018, the group had cash and cash equivalent reserves of GBP137,000 and net 
assets of GBP12 million and will need to generate additional financial resources 
to fund its planned optimization and development programmes. Based on the 
current cash reserves and committed support from its largest shareholder, Juno 
Limited, the group has sufficient finance available for the continuing working 
capital requirements of the group on a status quo basis for at least twelve 
months from the date of the financial statements. 
 
The group will need to generate additional financial resources to meet its 
planned business objectives, progress the ongoing development of the Parys 
Mountain project and continue as a going concern. The plans to phase the 
development of the project by undertaking the various optimisation programmes 
and completing a prefeasibility or feasibility study to progress the Parys 
Mountain Mine towards production require interim funding to finance the further 
studies and optimisation programmes and, in the longer term, senior financing 
to fund the capital and development costs to put the Parys Mountain Mine into 
production. 
 
The group has relied primarily on equity financings to fund its working capital 
requirements and on previous occasions the group has relied on its largest 
shareholder, Juno Limited, for financial support and may be required to do so 
in the future to ensure the group will have adequate funds for its current 
activities and to continue as a going concern. 
 
The directors recognise that the continuing operations of the group are 
dependent upon its ability to raise adequate financing and that there is a risk 
that additional funding may not be available on a timely basis or on acceptable 
terms. The directors are actively pursuing various financing options with 
certain shareholders and financial institutions regarding proposals for 
financing and have engaged in discussions with a range of investors, including 
a number of private equity funds. Whilst these discussions are not finalised 
the directors have reasonable expectations that these financing discussions 
will be successful and therefore the financial statements have been prepared on 
the going concern basis. However, given the limited financial resources 
currently available, and that there is no guarantee that such funding will be 
available in the short term, there is a risk that the group will not have 
sufficient financial resources to fund its short-term project funding 
requirements, and therefore there exists a material uncertainty concerning the 
ability of the group and the company to continue as a going concern. 
 
Basis of consolidation 
 
The consolidated financial statements incorporate the financial statements of 
the company and entities controlled by the company (its subsidiaries) made up 
to 31 March each year. Control is achieved where the company has the power to 
govern the financial and operating policies of an investee entity so as to 
obtain benefits from its activities. 
 
On acquisition, the assets and liabilities and contingent liabilities of a 
subsidiary are measured at their fair values at the date of acquisition. Any 
excess of the cost of acquisition over the fair values of the identifiable net 
assets acquired is recognised as goodwill. Any deficiency of the cost of 
acquisition below the fair values of the identifiable net assets acquired (i.e. 
discount on acquisition) is credited to the income statement in the period of 
acquisition. The results of subsidiaries acquired or disposed of during the 
year are included in the group income statement from the effective date of 
acquisition or up to the effective date of disposal, as appropriate. 
 
Where necessary, adjustments are made to the financial statements of 
subsidiaries to bring the accounting policies used into line with those used by 
the group. All intra-group transactions, balances, income and expenses are 
eliminated on consolidation. 
 
Revenue recognition 
 
Interest income is accrued on a time basis, by reference to the principal 
outstanding and at the effective interest rate applicable, which is the rate 
that exactly discounts estimated future cash receipts through the expected life 
of the financial asset to that asset's net carrying amount. 
 
Foreign currencies 
 
Transactions in currencies other than pounds sterling are recorded at the rates 
of exchange prevailing on the dates of the transactions. At the end of each 
reporting period, monetary assets and liabilities that are denominated in 
foreign currencies are retranslated at the rates prevailing on the period end 
date. Non-monetary assets and liabilities carried at fair value that are 
denominated in foreign currencies are translated at the rates prevailing at the 
date when the fair value was determined. Gains and losses arising on 
retranslation are included in net profit or loss for the period. 
 
On consolidation, the assets and liabilities of the group's overseas operations 
are translated at exchange rates prevailing on the period end date. Exchange 
differences arising, if any, are classified as items of other comprehensive 
income and transferred to the group's translation reserve within equity. 
 
Such translation differences are reclassified to profit or loss, and recognised 
as income or as expense, in the period in which there is a disposition of the 
operation. 
 
Segmental analysis 
 
Operating segments are identified on the basis of internal reports about 
components of the group that are regularly reviewed by the chief operating 
decision-maker. 
 
Retirement benefit costs 
 
Payments to defined contribution retirement benefit schemes are charged as an 
expense as they fall due. There are no defined benefit retirement schemes. 
 
Equity-settled employee benefits 
 
The group provides equity-settled benefits to certain employees. Equity-settled 
employee benefits are measured at fair value at the date of grant. The fair 
value determined at the grant date is expensed on a straight-line basis over 
the vesting period, based on the group's estimate of shares that will 
eventually vest and adjusted for the effect of non-market based vesting 
conditions. 
 
Fair value is measured by use of a Black-Scholes model. 
 
Taxation 
 
Deferred tax is the tax expected to be payable or recoverable on differences 
between the carrying amounts of assets and liabilities in the financial 
statements and the corresponding tax bases used in the computation of taxable 
profit, and is accounted for using the period end liability method. Deferred 
tax liabilities are generally recognised for all taxable temporary differences 
and deferred tax assets are recognised to the extent that it is probable that 
taxable profits will be available against which deductible temporary 
differences can be utilised. Such assets and liabilities are not recognised if 
the temporary difference arises from goodwill or from the initial recognition 
(other than in a business combination) of other assets and liabilities in a 
transaction that affects neither the tax profit nor the accounting profit. 
 
Deferred tax liabilities are recognised for taxable temporary differences 
arising on investments in subsidiaries and associates, and interests in joint 
ventures, except where the group is able to control the reversal of the 
temporary difference and it is probable that the temporary difference will not 
reverse in the foreseeable future. 
 
The carrying amount of any deferred tax assets is reviewed at each period end 
date and reduced to the extent that it is no longer probable that sufficient 
taxable profits will be available to allow all or part of the asset to be 
recovered. 
 
Deferred tax is calculated at the tax rates that are expected to apply in the 
period when the liability is settled or the asset is realised. Deferred tax is 
charged or credited in the income statement, except when it relates to items 
charged or credited directly to equity, in which case the deferred tax is also 
dealt with in equity. 
 
The charge for current tax is based on the results for the year as adjusted for 
items which are non-taxable or disallowed. It is calculated using rates that 
have been enacted or substantively enacted by the balance sheet date. 
 
Property, plant and equipment 
 
The group's freehold land is stated in the statement of financial position at 
cost. The directors consider that the residual value of buildings, based on 
prices prevailing at the date of acquisition and at each subsequent reporting 
date as if the asset were already of the age and in the condition expected at 
the end of its useful life, is such that any depreciation would not be 
material. 
 
Plant and office equipment are stated in the statement of financial position at 
cost, less depreciation. Depreciation is charged on a straight line basis at 
the annual rate of 25%. Residual values and the useful lives of these assets 
are also reviewed annually. 
 
Intangible assets - mineral property exploration and evaluation costs 
 

Intangible assets are stated in the statement of financial position at cost, 
less accumulated amortisation and provisions for impairment. 
 
Costs incurred prior to obtaining the legal rights to explore a mineral 
property are expensed immediately to the income statement. Mineral property 
exploration and evaluation costs are capitalised until the results of the 
projects, which are usually based on geographical areas, are known; these 
include an allocation of administrative and management costs as determined 
appropriate to the project by management. 
 
Where a project is successful, the related exploration costs are amortised over 
the life of the estimated mineral reserve on a unit of production basis. Where 
a project is terminated, the related exploration costs are expensed 
immediately. Where no internally-generated intangible asset can be recognised, 
development expenditure is recognised as an expense in the period in which it 
is incurred. 
 
Impairment of tangible and intangible assets 
 
The values of mineral properties are reviewed annually for indications of 
impairment and when these are present a review to determine whether there has 
been any impairment is carried out. They are written down when any impairment 
in their value has occurred and are written off when abandoned. Where a 
provision is made or reversed it is dealt with in the income statement in the 
period in which it arises. 
 
Investments 
 
Investments in subsidiaries are shown at cost less provisions for impairment in 
value. Income from investments in subsidiaries together with any related 
withholding tax is recognised in the income statement in the period to which it 
relates. 
 
Investments which are not subsidiaries are shown at cost unless there is a 
practical method of determining a reliable fair value, in which case that fair 
value is used. 
 
Impairment of investment 
 
Financial assets are assessed for indicators of impairment at the end of each 
reporting period. Financial assets are considered to be impaired when there is 
objective evidence that, as a result of one or more events that occurred after 
the initial recognition of the financial asset, the estimated future cash flows 
of the investment have been affected. 
 
For financial assets carried at amortised cost, the amount of the impairment 
loss recognised is the difference between the asset's carrying amount and the 
present value of estimated future cash flows, discounted at the financial 
asset's original effective interest rate. 
 
For an equity instrument that does not have a quoted price in an active market, 
and that is not carried at fair value because its fair value cannot be reliably 
measured, the amount of the impairment loss is measured as the difference 
between the carrying amount of the financial asset and the present value of 
estimated future cash flows discounted at the current market rate of return for 
a similar financial asset. 
 
Provisions 
 
Provisions are recognised when the group has a present obligation as a result 
of a past event and it is probable that the group will be required to settle 
that obligation. Provisions are measured at the directors' best estimate of the 
expenditure required to settle that obligation at the end of the reporting 
period and are discounted to present value where the effect is material. 
 
Financial instruments 
 
Financial assets and liabilities are initially recognised and subsequently 
measured based on their classification as "loans and receivables", "available 
for sale financial assets" or "other financial liabilities". 
 
Loans and receivables are non-derivative financial assets with fixed or 
determinable payments that are not quoted in an active market. They are 
included in current assets, except where they mature more than 12 months after 
the period end date: these are classified as non-current assets. 
 
 (a)  Trade and other receivables. Trade and other receivables are measured at 
initial recognition at fair value and are subsequently measured at amortised 
cost using the effective interest rate method. Appropriate allowances for 
estimated irrecoverable amounts are recognised in the income statement when 
there is objective evidence that the asset is impaired. 
 
(b)  Cash and cash equivalents. The group considers all highly liquid 
investments which are readily convertible into known amounts of cash and have a 
maturity of three months or less when acquired to be cash equivalents. The 
management believes that the carrying amount of cash equivalents approximates 
fair value because of the short maturity of these financial instruments. 
 
 (c)  Available for sale financial assets.  Unlisted shares held by the group 
that are classified as being AFS are stated at cost on the basis that the 
shares are not quoted and a reliable fair value is not able to be estimated. 
Dividends on AFS equity instruments are recognised in profit or loss when the 
group's right to receive the dividends is established. The fair value of AFS 
monetary assets denominated in a foreign currency is determined in that foreign 
currency and translated at the spot rate at the balance sheet date. The foreign 
exchange gains and losses that are recognised in profit or loss are determined 
based on amortised cost of the monetary asset. Other foreign exchange gains and 
losses are recognised in other comprehensive income. 
 
(d)  Trade and other payables. Trade payables are not interest bearing and are 
initially recognised at fair value and subsequently measured at amortised cost 
using the effective interest rate method. 
 
(e)  Deposits. Deposits are recognised at fair value on initial recognition and 
are subsequently measured at amortised cost using the effective interest rate 
method. 
 
(f)  Loans. Loans are recognised at fair value on initial recognition and are 
subsequently measured at amortised cost using the effective interest rate 
method. 
 
Equity instruments 
 
Equity instruments issued by the company are recorded at the proceeds received, 
net of direct issue costs. 
 
Leases 
 
Leases are classified as finance leases whenever the terms of the lease 
transfer substantially all the risks and rewards of ownership to the lessee. 
All other leases are classified as operating leases. 
 
Mining lease payments are recognised as an operating expense in the income 
statement on a straight line basis over the lease term unless they relate to 
mineral property exploration and evaluation in which case they are capitalised. 
There are no finance leases or other operating leases. 
 
New accounting standards 
 
Standards, amendments and interpretations adopted in the current financial 
year: 
 
The adoption of the following standards, amendments and interpretations in the 
current year has not had a material impact on the financial statements of the 
group or the company: 
 
IAS 7 Statement of Cash Flows: Amendment in respect of the disclosure 
initiative 
 
IAS 12 Income Taxes: Amendment in relation to the recognition of deferred tax 
assets for unrealised losses 
 
Annual Improvements to IFRSs (2014 - 2016): Clarification of the scope of IFRS 
12 Disclosure of Interests in Other Entities. 
 
Standards, amendments and interpretations in issue but not yet effective: 
 
                                           Effective date 
 
IAS 19 Employee Benefits: Amendment in     1 January 2019. 
relation to plan amendment, curtailment or 
settlement. 
 
IAS 28 Investments in Associates and Joint 1 January 2018. 
Ventures: Amendment in relation to 
Long-term interests in Associates and 
Joint Ventures. 
 
IFRS 2 Share-based Payment: Amendment in   1 January 2019. 
relation to classification and measurement 
of share-based payment transactions. 
 
IFRS 9 Financial Instruments.              1 January 2018. 
 
IFRS 9 Financial Instruments: Amendment in 1 January 2019. 
relation to Prepayment features with 
negative compensation. 
 
IFRS 15 Revenue from Contracts with        1 January 2018. 
Customers. 
 
IFRS 16 Leases.                            1 January 2019. 
 
Annual Improvements to IFRSs (2014 -       1 January 2018. 
2016). 
 
Annual Improvements to IFRSs (2015 -       1 January 2019 pending 
2017).                                     endorsement. 
 
Conceptual Framework (Revised) and         1 January 2020 pending 
amendments to related references in IFRS   endorsement. 
Standards 
 
IFRIC 22 Foreign Currency Transactions and 1 January 2018. 
Advance Consideration. 
 
IFRIC 23 Uncertainty over Income Tax       1 January 2019 pending 
Treatments.                                endorsement. 
 
The directors' impact assessment indicates that the adoption of the above 
pronouncements (with the possible exception of IFRS16) will have no material 
impact on the financial statements in the period of initial application other 
than disclosure. The group is not yet generating any revenue consequently the 
implementation of IFRS15 will have no impact until revenues begin. The 
directors have not yet fully assessed the impact IFRS16 on these financial 
statements but believe that since the group is a lessee in respect of mineral 
leases only, the standard will not be applicable to the group's financial 
statements. IFRS 16 takes effect for financial years beginning after 1 January 
2019. 
 
There have been no other new or revised International Financial Reporting 
Standards, International Accounting Standards or Interpretations that are in 
effect since that last annual report that have a material impact on the 
financial statements. 
 
Judgements made in applying accounting policies and key sources of estimation 
uncertainty 
 
The following critical judgements have been made in the process of applying the 
group's accounting policies: 
 
(a) In determining the treatment of exploration and evaluation expenditures the 
directors are required to make estimates and assumptions as to future events 
and circumstances. There are uncertainties inherent in making such assumptions, 
especially with regard to: ore resources and the life of a mine; recovery 

rates; production costs; commodity prices and exchange rates. Assumptions that 
are valid at the time of estimation may change significantly as new information 
becomes available and changes in these assumptions may alter the economic 
status of a mining unit and result in resources or reserves being restated. 
Operation of a mine and the receipt of cashflows from it are dependent on 
finance being available to fund the development of the property. 
 
(b) In connection with possible impairment of assets the directors assess each 
potentially cash generating unit annually to determine whether any indication 
of impairment exists. The judgements made when doing so are similar to those 
set out above and are subject to the same uncertainties. See note 10 for 
further detail. 
 
Nature and purpose of equity reserves 
 
The share premium reserve represents the consideration that has been received 
in excess of the nominal value of shares on issue of new ordinary share 
capital, less any direct costs of issue. The currency translation reserve 
represents the variations on revaluation of overseas foreign subsidiaries and 
associates. The retained earnings reserve represents profits and losses 
retained in previous and the current period. 
 
3    Segmental information 
 
The group is engaged in the business of exploring and evaluating the 
wholly-owned Parys Mountain project in North Wales, managing its interest in 
the Grangesberg properties and has an investment in the Labrador iron project 
in eastern Canada. In the opinion of the directors, the group's activities 
comprise one class of business which is mine exploration, evaluation and 
development. The group reports geographical segments; these are the basis on 
which information is reported to the board. As yet there have been no site 
expenses incurred in respect of the group's interest in Grangesberg and 
management expenses are included in the UK total. 
 
Income statement 
analysis 
 
                                2018                                    2017 
 
                      UK    Sweden    Canada                  UK    Sweden   Canada     Total 
                                               Total 
 
 
                   GBP         GBP         GBP         GBP         GBP         GBP           GBP      GBP 
 
Expenses                        -         -                             -        - 
               (109,677)                     (109,677) (141,022)                    (141,022) 
 
Equity-settled   (9,324)        -         -    (9,324)   (9,479)        -        -    (9,479) 
employee 
benefits 
 
Investment           121        -         -        121       146        -        -        146 
income 
 
Finance costs             (15,033)        -                       (16,824)       - 
               (144,234)                     (159,267) (140,967)                    (157,791) 
 
Exchange rate       (16)      (26)        -       (42)       136        42       -        178 
loss 
 
Loss for the              (15,059)        -                       (16,782)       - 
year           (263,130)                     (278,189) (291,186)                    (307,968) 
 
 
 
 
Assets and 
liabilities 
 
                               31 March 2018                               31 March 2017 
 
                        UK     Sweden    Canada                     UK     Sweden    Canada       Total 
                                                   Total 
 
                          GBP                               GBP           GBP                               GBP 
                                GBP         GBP                                 GBP         GBP 
 
Non-current      15,439,055    86,659         1  15,525,715  15,338,627    86,659         1  15,425,287 
assets 
 
Current assets      155,792     1,111        -      156,903     414,655     1,241        -      415,896 
 
Liabilities                                  -                                           - 
                (3,378,271) (280,835)           (3,659,106) (3,282,725) (297,570)           (3,580,295) 
 
Net assets/      12,216,576                   1  12,023,512  12,470,557                   1  12,260,888 
liabilities                 (193,065)                                   (209,670) 
 
 
4    Loss before taxation 
 
The loss before taxation for the year has been arrived at after 
charging/(crediting): 
 
                                              2018         2017 
 
                                               GBP            GBP 
 
Fees payable to the group's auditor: 
 
      for the audit of the annual           22,000       22,000 
accounts 
 
      for the audit of subsidiaries'         3,000        3,000 
accounts 
 
      for other services - taxation             -         2,000 
compliance 
 
      for other services                        -           800 
 
Directors' remuneration                         -            - 
 
Foreign exchange movement                       42        (178) 
 
 
5    Staff costs 
 
The average monthly number of persons employed (including 
executive directors) was: 
 
                                                2018      2017 
 
Administrative                                     3         3 
 
                                                   3         3 
 
Their aggregate remuneration was:                GBP         GBP 
 
Wages and salaries                            16,425    12,630 
 
Social security costs                          1,422     1,325 
 
Other pension costs                               -         - 
 
                                              17,847    13,955 
 
 
The directors did not receive any remuneration during the year. Further details 
are provided in the directors' remuneration report together with information on 
share options. 
 
6    Investment income 
 
                                                    2018                       2017 
 
Loans and receivables 
                                           GBP                          GBP 
 
Interest on bank deposits                             12                          6 
 
Interest on site                                     109                        140 
re-instatement deposit 
 
                                                     121                        146 
 
 
7    Finance costs 
 
                                                    2018                       2017 
 
Loans and payables 
                                           GBP                          GBP 
 
Loan interest to Juno Limited                    144,234                    140,967 
 
Loan interest to Eurmag AB                        15,033                     16,824 
 
                                                 159,267                    157,791 
 
 
For both loans the interest shown is accrued and will be repaid together with 
the loan principal. 
 
8    Taxation 
 
Activity during the year has generated trading losses for taxation purposes 
which may be offset against investment income and other revenues. Accordingly 
no provision has been made for Corporation Tax. There is an unrecognised 
deferred tax asset at 31 March 2018 of GBP1.4 million (2017 - GBP1.3 million) 
which, in view of the group's trading results, is not considered by the 
directors to be recoverable in the short term. There are also capital 
allowances, including mineral extraction allowances, of GBP12.5 million unclaimed 
and available at 31 March 2018 (2017 - GBP12.5 million). No deferred tax asset is 
recognised in respect of these allowances. 
 
                                           2018             2017 
 
                                           GBP               GBP 
 
Current tax                                  -                - 
 
Deferred tax                                 -                - 
 
Total tax                                    -                - 
 
Domestic income tax is calculated at 19% of the estimated 
assessed profit for the year. 
 
In 2017 the rate used was 20%. 
 
Taxation for other jurisdictions is calculated at the rates 
prevailing in the relevant jurisdictions. 
 
The total charge for the year can be reconciled to the 
accounting profit or loss as follows: 
 
Loss for the year                     (278,189)        (307,968) 
 
Tax at the domestic income tax         (52,856)         (61,594) 
rate of 19% 
    (2017 - 20%) 
 
Tax effect of: 
 
Expenses that are not deductible             -                - 
          in determining taxable 
result: 
 
              Equity-settled              1,772            1,896 
employee benefits 
 
Unrecognised deferred tax on             51,084           59,698 
losses 
 
Total tax                                    -                - 
 
 
9    Earnings per ordinary share 
 
                                          2018             2017 
 
                                          GBP                GBP 
 
Earnings 
 
Loss for the year                    (278,189)        (307,968) 
 
Number of shares 
 
Weighted average number of         177,608,051      164,276,544 
ordinary shares for the purposes 
of basic earnings per share 
 
 
 
Shares deemed to be issued for no 
consideration in respect of 
employee options 
 
Weighted average number of         177,608,051      164,276,544 
ordinary shares 
 for the purposes of diluted 
earnings per share 
 
Basic earnings per share                (0.2)p           (0.2)p 
 
Diluted earnings per share              (0.2)p           (0.2)p 
 
 
As the group has a loss for the year ended 31 March 2018 the effect of the 
outstanding share options is anti-dilutive and diluted earnings are reported to 
be the same as basic earnings. 
 
10  Mineral property exploration and evaluation costs - group 
 
                                Parys 
                            Mountain 
 
Cost                            GBP 
 
At 31 March 2016           14,926,626 
 
Additions - site               60,886 
 
Additions - rentals &          23,310 
charges 
 
At 31 March 2017           15,010,822 
 
Additions - site               64,856 
 
Additions - rentals &          35,463 
charges 
 

At 31 March 2018           15,111,141 
 
Carrying amount 
 
Net book value 2018        15,111,141 
 
Net book value 2017        15,010,822 
 
 
Included in the additions are mining lease expenses of GBP11,208 (2017 - GBP 
16,366). 
 
Potential impairment of mineral property 
 
Accumulated exploration and evaluation expenditure in respect of the Parys 
Mountain property is carried in the financial statements at cost less any 
impairment provision, the need for which is reviewed each year. 
 
This year the directors carried out an impairment review with an effective date 
of 26 March 2018. The directors determined that value-in-use was the 
appropriate methodology for calculating the recoverable amount of the Parys 
project, as they consider the asset to be at the development stage from a 
project perspective, given the ongoing scoping study work, the existence of 
site infrastructure, the existing 300 metre shaft, 900 metres of horizontal 
underground development, completed metallurgical testing and current valid 
planning permission and as they are considering various options regarding 
developing the asset further which will lead to expected future cash inflows. 
 
In calculating the value in use, the directors have included the cash outflows 
that are expected to be incurred before the asset is ready for use. The 
calculation of the recoverable amount was based on the pre-tax discounted 
future cash flows from the development and operation of the project at a 
throughput of 1000 tonnes per day over the initial projected mine life of 9 
years during which time the indicated resources of 2.1 million tonnes would be 
mined. The financial model included an assumption of a two year delay before 
construction activities commence. There may be unexpected further delays due to 
adverse changes in future mineral prices or delays in respect of financing. 
 
The directors used past experience and an assessment of future conditions, 
together with external sources of information, to determine the assumptions 
which were adopted in the preparation of the financial model used to estimate 
the cashflows. 
 
Key assumptions 
 
  * Mine plan with development and mining of the indicated resources of 2.1 
    million tonnes only without inclusion of any of the 4.1 million tonnes of 
    inferred resources. 
  * Capital costs estimated at current costs when the expenditure is planned to 
    be incurred. Revenues and operating costs do not take into account any 
    inflation. 
  * Long-term estimates of metal prices were made by the directors and were as 
    follows: zinc 1.25 US$/lb; copper 2.50 US$/lb; lead 1.00 US$/lb; silver 
    US$17.50 per ounce and gold US$1275 per ounce. The exchange rate used was 
    US$1.35/GBP1.00 approximating the rate at the date of the impairment review. 
    The Scoping Study used a rate of US$1.25/GBP1.00. 
  * A discount rate of 10% was considered by the directors to be appropriate 
    and has been applied to the estimated future cashflows. The discount rate 
    was selected by considering the estimated cost of capital and the time 
    value of money, reviewing discount rates applied by other mining companies, 
    and finally considering the risks associated with the project due to its 
    location in the United Kingdom with excellent access to existing 
    infrastructure and readiness for development, which were considered to be 
    at the lower level, together with the directors' allowance for unforeseen 
    risks. 
 
These assumptions are unchanged from those used in the impairment assessment of 
the previous year, except that the exchange rate used in 2017 was US$1.25/GBP 
1.00. 
 
Sensitivities 
 
The sensitivity of the assumptions used in the cashflow model which would 
significantly affect the pre-tax discounted net present value of the projected 
Parys cashflows were tested. The sensitivities which follow are the variation 
expressed in percent of each specific assumption which would, on its own, 
reduce the calculated net present value to the carrying value of the intangible 
asset in the accounts: copper price -32%, zinc price -8%, lead price -20%, 
capital expenditure +12%, operating costs +10%, the discount rate +21% (that is 
a 21% increase in the discount rate applied, not an increase of 16 percentage 
points) and a reduction in tonnage mined of 10%. The effect of an increased 
delay before the commencement of project development would be to decrease the 
net present value by 10% (a decrease in rate, as earlier) for each year of 
delay. The directors consider the sensitivities resulting from the changes in 
assumptions stated above to be reasonably possible. 
 
Other than the typical mining industry risk factors already taken into 
consideration in the mine plan underlying the net present value calculation the 
directors are not aware of any other risks which it would be reasonable to 
consider when reviewing these sensitivities. 
 
There are significant inferred resources available to the project, the value of 
which is not included in the cash flow model as the inferred resources were not 
incorporated in the underlying mine plan. It is expected that a high proportion 
of these inferred resources will be converted to indicated resources, or 
probable reserves, once exploration drilling from underground takes place. 
Development and mining of these additional resources would increase the 
projected life of the mine. 
 
Conclusion 
 
Based on the above parameters the directors concluded that no impairment 
provision is necessary or appropriate to the carrying value of the exploration 
and evaluation expenditure in respect of the Parys Mountain project. However 
estimates of the net present value of any project, and particularly one like 
Parys Mountain, are always subject to many factors and wide margins of error. 
The directors believe that the estimates and calculations supporting their 
conclusions have been carefully considered and represent a fair representation 
of value in use of the property. 
 
11  Property, plant and equipment 
 
Group                   Freehold   Plant &    Office     Total 
                          land & equipment equipment 
                        property 
 
Cost                        GBP         GBP         GBP         GBP 
 
At 31 March 2016, 2017   204,687    17,434     5,487   227,608 
and 2018 
 
Depreciation 
 
At 31 March 2016, 2017        -     17,434     5,487    22,921 
and 2018 
 
Carrying amount 
 
At 31 March 2016, 2017   204,687        -         -    204,687 
and 2018 
 
 
 
Company                 Freehold   Plant &    Office     Total 
                          land & equipment equipment 
                        property 
 
Cost                        GBP         GBP         GBP         GBP 
 
At 31 March 2016, 2017        -     17,434     5,487    22,921 
and 2018 
 
Depreciation 
 
At 31 March 2016, 2017        -     17,434     5,487    22,921 
and 2018 
 
Carrying amount 
 
At 31 March 2016, 2017        -         -         -         - 
and 2018 
 
12  Subsidiaries - company 
 
The subsidiaries of the company at 31 March 2018 and 2017 were as follows: 
 
Name of company               Country of    Percentage Principal activity 
                              incorporation owned 
 
Parys Mountain Mines Limited1 England &     100%       Development of the 
                              Wales                    Parys Mountain 
                                                       mining property 
 
Parys Mountain Land Limited1  England &     100%       Holder of part of 
                              Wales                    the Parys Mountain 
                                                       property 
 
Parys Mountain Heritage       England &     100%       Holder of part of 
Limited1                      Wales                    the Parys Mountain 
                                                       property 
 
Labrador Iron plc2            Isle of Man   100%       Holder of the 
                                                       company's investment 
                                                       in Labrador Iron 
                                                       Mines Holdings 
                                                       Limited 
 
Angmag AB3                    Sweden        100%       Holder of the 
                                                       company's investment 
                                                       in GIAB 
 
Anglo Canadian Exploration    England &     100%       Dormant 
(Ace) Limited1                Wales 
 
Registered office addresses: 
 
1. - Parys Mountain, Amlwch, Anglesey, LL68 9RE 
 
2. - Fort Anne, Douglas, Isle of Man, IM1 5PD 
 
3. - Box 1703, 111 87 Stockholm, Sweden 
 
13  Investments - company 
 
                             Shares at          Capital           Total 
                                cost         contributions 
 
                                 GBP                 GBP                GBP 
 
At 1 April 2016                  104,025                         14,144,127 
                                             14,040,102 
 
Advanced                              -             84,425           84,425 
 
At 31 March 2017                 104,025        14,124,527       14,228,552 
 
Advanced                              -             96,564           96,564 
 
At 31 March 2018                 104,025        14,221,091       14,325,116 
 
The realisation of investments is dependent on finance being available for 
development and on a number 
of other factors. Interest is not charged on capital contributions. 
 
14 Investments - group 
 
                                Labrador  Grangesberg      Total 
 
                                       GBP       GBP               GBP 
 
 
At 1 April 2016                        1       86,659     86,660 
 
Addition during period               -            -          - 
 
At 31 March 2017                       1       86,659     86,660 
 
Addition during period               -            -          - 
 
At 31 March 2018                       1       86,659     86,660 
 
LIM 
 

The group's investment in LIM is now classified as 'unquoted'. Based on the 
difficulty of determining a fair market value the directors decided in 2015 to 
write down the value of the LIM shares to a nominal value of GBP1. 
 
Grangesberg 
 
The group has, through its Swedish subsidiary Angmag AB, a 6% ownership 
interest in GIAB, a Swedish company which holds rights over the Grangesberg 
iron ore deposits. This investment has been initially recognised and 
subsequently measured at cost, on the basis that the shares are not quoted and 
a reliable fair value is not able to be estimated. The group has until June 
2021 a right of first refusal over a further 51% of the equity of GIAB together 
with management direction of the activities of GIAB, subject to certain 
restrictions. The group has significant influence over certain relevant 
activities of GIAB however equity accounting has not been applied in respect of 
this influence as the directors consider this would not have any material 
affect. 
 
15  Deposit 
 
                                        Group 
 
                                  2018        2017 
 
                                  GBP           GBP 
 
Site re-instatement deposit 
                             123,227     123,118 
 
 
This deposit was required and made under the terms of a Section 106 Agreement 
with the Isle of Anglesey County Council which has granted planning permissions 
for mining at Parys Mountain. The deposit is refundable upon restoration of the 
permitted area to the satisfaction of the Planning Authority. The carrying 
value of the deposit approximates to its fair value. 
 
16  Other receivables 
 
                                        Group                    Company 
 
                                  2018        2017            2018       2017 
 
                                  GBP           GBP               GBP          GBP 
 
Other 
                             19,790      23,603        5,772        12,759 
 
 
The carrying value of the receivables approximates to their fair value. 
 
17  Cash and cash equivalents 
 
                                               Group                                    Company 
 
                                            2018            2017                    2018                 2017 
 
                                            GBP               GBP                       GBP                    GBP 
 
Held in sterling                      136,001                                132,589              388,880 
                                                  389,734 
 
Held in Canadian dollars 
                              1                   1,318              -                    - 
 
Held in US dollars                           417 
                                                  467                -                    - 
 
Held in Swedish krona                        694 
                                                  774                -                    - 
 
                                      137,113                                132,589              388,880 
                                                  392,293 
 
 
The carrying value of the cash approximates to its fair value. 
 
18  Trade and other payables 
 
                                        Group                    Company 
 
                                  2018        2017          2018        2017 
 
                                 GBP            GBP             GBP           GBP 
 
Trade payables 
                             (17,631)    (46,557)      (11,383)    (46,572) 
 
Other accruals 
                             (48,239)    (68,000)      (42,738)    (60,999) 
 
 
                             (65,870)    (114,557)     (54,121)    (107,571) 
 
 
The carrying value of the trade and other payables approximates to their fair 
value. 
 
19  Loans 
 
                                          Group                              Company 
 
                                     2018         2017                    2018              2017 
 
                                     GBP            GBP                       GBP                 GBP 
 
Loan from Juno Limited                                        (3,262,401)          (3,118,168) 
                              (3,262,401)  (3,118,168) 
 
Loan from Eurmag AB 
                              (280,835)    (297,570)       -                       - 
 
                                                              (3,262,401)          (3,118,168) 
                              (3,543,236)  (3,415,738) 
 
 
Juno: There has been no change in the loan principal during the year. The loan 
is provided under a working capital agreement, denominated in sterling, 
unsecured and carries interest at 10% per annum on the principal only. It is 
repayable from any future financing undertaken by the company, or on demand 
following a notice period of 367 days. The terms of the facility were approved 
by an independent committee of the board. The carrying value of the loan 
approximates to its fair value. 
 
Eurmag: There has been no change in the loan principal during the year. The 
loan arose in connection with the acquisition of the investment in Grangesberg. 
It is the subject of a letter agreement, denominated in Swedish Krona, is 
unsecured and carries interest at 6.5% per annum on the principal only. It is 
repayable from any future financing undertaken by the company, or on demand 
following a notice period of 367 days. The terms of the facility were approved 
by an independent committee of the board. The carrying value of the loan 
approximates to its fair value. 
 
Changes in liabilities arising from financing activities 
 
                        1 April      Cash    Non cash   31 March 
                         2017       flows   movements    2018 
 
                          GBP         GBP         GBP           GBP 
 
Loan from Juno                           - 
Limited               (3,118,168)           (144,233) (3,262,401) 
 
Loan from Eurmag AB                      -     16,735   (280,835) 
                      (297,570) 
 
                                         - 
                      (3,415,738)           (127,498) (3,543,236) 
 
 
The Juno loan relates to the group and company. The Eurmag loan relates to the 
group only. The non cash movements in loans represent accrued interest together 
with a foreign exchange gain of GBP31,722 in respect of the loan from Eurmag AB. 
 
20  Long term provision 
 
                                         Group 
 
                                   2018        2017 
 
                                   GBP           GBP 
 
Provision for site             (50,000)    (50,000) 
reinstatement 
 
 
The provision for site reinstatement covers the estimated costs of 
reinstatement at the Parys Mountain site of the work done and changes made by 
the group up to the date of the accounts. These costs would be payable on 
completion of mining activities (which is estimated to be more than 20 years 
after mining commences) or on earlier abandonment of the site. The provision 
has not been discounted because the impact of doing so is not material to the 
financial statements. There are significant uncertainties inherent in the 
assumptions made in estimating the amount of this provision, which include 
judgements of changes to the legal and regulatory framework, magnitude of 
possible contamination and the timing, extent and costs of required restoration 
and rehabilitation activity. 
 
21  Share capital 
 
                           Ordinary shares       Deferred shares      Total 
                                    of 1p                  of 4p 
 
Issued and             Nominal  Number       Nominal      Number    Nominal 
fully paid             value GBP               value GBP                value GBP 
 
At 31 March 2016     1,606,081 160,608,051 5,510,833 137,770,835  7,116,914 
 
Shares issued for      170,000  17,000,000        -           -     170,000 
cash 
 
At 31 March 2017 and 1,776,081 177,608,051 5,510,833 137,770,835  7,286,914 
       31 March 2018 
 
The deferred shares are non-voting, have no entitlement to dividends and have 
negligible rights to return of capital on a winding up. 
 
No shares were issued during the year. 
 
22  Equity-settled employee benefits 
 
The group has two share-based employee remuneration plans: the 2004 Unapproved 
share option plan which plan has now closed; (all the options outstanding in 
respect of this plan lapsed during the year and no options were granted or 
forfeited in the year) and the current 2014 Unapproved share option plan. The 
terms of these are very similar; each plan provides for a grant price equal to 
or above the average quoted market price of the ordinary shares for the three 
trading days prior to the date of grant. All options granted to date have 
carried a performance criterion, namely that the company's share price 
performance from the date of grant must exceed that of the companies in the top 
quartile of the FTSE 100 index. The vesting period for any options granted 
since 2004 has been one year. Options are forfeited if the employee leaves 
employment with the group before the options vest. 
 
                                         2018                            2017 
 
                            Options  Weighted   Remaining   Options  Weighted   Remaining 
                                      average contractual             average contractual 
                                     exercise     life in            exercise     life in 
                                     price in       years            price in       years 
                                        pence                           pence 
 
 Outstanding at beginning 8,000,000     11.72             4,500,000     19.27 
of period 
 
 Granted during the              -         -              3,500,000      2.00 
period 
 
 Forfeited during the            -         -                     -         - 
period 
 
 Exercised during the            -         -                     -         - 
period 
 

 Expired during the       3,800,000        -                     -         - 
period 
 
 Outstanding at the end   4,200,000      2.50         3.1 8,000,000     11.72         2.5 
of the period 
 
 Exercisable at the end   4,200,000      2.50         3.1 4,500,000     19.27         0.9 
of the period 
 
There were expenses in respect of equity-settled employee remuneration for the 
year ended 31 March 2018 of GBP9,324 (2017 - GBP9,479). This represents the 
remainder of the charge in relation to options granted in September 2016. 
 
A summary of options granted and outstanding, all of which are over ordinary 
shares of 1 pence, is as follows: 
 
 Scheme             Number  Nominal  Exercise   Exercisable   Exercisable 
                            value GBP   price            from         until 
 
 2004 Unapproved   700,000    7,000   5.00p   27 March 2010 27 March 2019 
 
 2014 Unapproved 3,500,000   35,000   2.00p    30 September  30 September 
                                                       2017          2021 
 
 Total           4,200,000   42,000 
 
23  Results attributable to Anglesey Mining plc 
 
The loss after taxation in the parent company amounted to GBP266,821  (2017 loss 
GBP295,855). The directors have taken advantage of the exemptions available under 
section 408 of the Companies Act 2006 and not presented an income statement for 
the company alone. 
 
24  Financial instruments 
 
Capital risk management 
 
There have been no changes during the year in the group's capital risk 
management policy. 
 
The group manages its capital to ensure that entities in the group will be able 
to continue as going concerns while optimising the debt and equity balance. The 
capital structure of the group consists of debt, which includes the borrowings 
disclosed in note 19, the cash and cash equivalents and equity comprising 
issued capital, reserves and retained earnings. 
 
The group does not enter into derivative or hedging transactions and it is the 
group's policy that no trading in financial instruments be undertaken. The main 
risks arising from the group's financial instruments are currency risk and 
interest rate risk. The board reviews and agrees policies for managing each of 
these risks and these are summarised below. 
 
Interest rate risk 
 
The amounts advanced under the Juno loans are at a fixed rate of interest of 
10% per annum and those from Eurmag are at a fixed rate of 6.5% per annum. As a 
result the group is not exposed to interest rate fluctuations. Interest 
received on cash balances is not material to the group's operations or results. 
 
The company (Anglesey Mining plc) is exposed to minimal interest rate risks. 
 
Liquidity risk 
 
The group has ensured continuity of funding through a mixture of issues of 
shares and the working capital agreement with Juno Limited. 
 
Trade creditors are payable on normal credit terms which are usually 30 days. 
The loans due to Juno and Angmag carry a notice period of 367 days. Juno, in 
keeping with its practice since drawdown commenced more than 10 years ago, has 
 
indicated that it has no current intention of demanding repayment. No such 
notice had been received by 20 July 2018 in respect of either of the loans and 
they are classified as having a maturity date between one and two years from 
the period end. 
 
Currency risk 
 
The presentational currency of the group and company is pounds sterling. The 
loan from Juno Limited is denominated in pounds sterling. As a result, the 
group has no currency exposure in respect of this loan. Currency risk in 
respect of the book value of the investment in LIM is no longer significant. 
 
In respect of the investment in Grangesberg in Sweden if the rate of exchange 
between the Swedish Krona and sterling were to weaken against sterling by 10% 
there would be a loss to the group of GBP8,686 (2017 - GBP9,138) and if it were to 
move in favour of sterling by a similar amount there would be a gain of GBP10,616 
(2017 - GBP11,168). Regarding liabilities denominated in Krona if the rate of 
exchange between the Swedish Krona and sterling were to weaken against sterling 
by 10% there would be a gain to the group of GBP25,530 (2017 - GBP27,052) and if it 
were to move in favour of sterling by a similar amount there would be a loss of 
GBP31,204 (2017 - GBP33,063). These gains or losses would be recorded in other 
comprehensive income. 
 
Potential exchange variations in respect of other foreign currencies are not 
material. 
 
Credit risk 
 
The directors consider that the entity has limited exposure to credit risk as 
the entity has immaterial receivable balances at the year-end on which a third 
party may default on its contractual obligations. The carrying amount of the 
group's financial assets represents its maximum exposure to credit risk. Cash 
is deposited with BBB or better rated banks. 
 
 Group                   Available for sale         Loans & 
                              assets              receivables 
 
                        31 March    31 March   31 March  31 March 
                         2018        2017       2018      2017 
 
                          GBP           GBP         GBP         GBP 
 
 Investments                    1           1        -        - 
 
 Deposit                       -           -    123,227   123,118 
 
 Other receivables             -           -     19,790    23,603 
 
 Cash and cash                 -           -    137,113   392,293 
equivalents 
 
                               -           - 
 
                                1           1   280,130   539,014 
 
                       Financial liabilities 
                       measured at amortised 
                               cost 
 
                        31 March    31 March 
                         2018        2017 
 
                          GBP           GBP 
 
 Trade payables          (17,631)    (46,557) 
 
 Other payables          (48,239)    (68,000) 
 
 Loans 
                      (3,543,236) (3,415,738) 
 
 
                      (3,609,106) (3,530,295) 
 
 
 
 
 Company 
 
                            Loans &        Financial liabilities 
                          receivables      measured at amortised 
                                                   cost 
 
                       31 March  31 March   31 March    31 March 
                        2018      2017       2018        2017 
 
                        GBP         GBP           GBP           GBP 
 
 Other receivables        5,772    12,759          -           - 
 
 Cash and cash          132,589   388,880          -           - 
equivalents 
 
 Trade payables              -         -     (11,383)    (46,572) 
 
 Other payables              -         -     (42,738)    (60,999) 
 
 Loan                        -         - 
                                          (3,262,401) (3,118,168) 
 
                        138,361   401,639 
                                          (3,316,522) (3,225,739) 
 
 
25  Related party transactions 
 
Transactions between Anglesey Mining plc and its subsidiaries are summarised in 
note 13. 
 
Juno Limited 
 
Juno Limited (Juno) which is registered in Bermuda holds 32.6% of the company's 
issued ordinary share capital. The group has the following agreements with 
Juno: (a) a controlling shareholder agreement dated September 1996 and (b) a 
consolidated working capital agreement of 12 June 2002. Interest payable to 
Juno is shown in note 7 and the balance due to Juno is shown in note 19. There 
were no transactions between the group and Juno or its group during the year. 
Danesh Varma is a director and, through his family interests, a significant 
shareholder of Juno. 
 
Grangesberg 
 
Bill Hooley and Danesh Varma are directors of Grangesberg Iron AB and of the 
special purpose vehicle Eurmag AB; Danesh Varma has been associated with the 
Grangesberg project since 2007 when he became a director of Mikula Mining 
Limited, a company subsequently renamed Eurang Limited, previously involved in 
the Grangesberg project. He did not take part in the decision to enter into the 
Grangesberg project when this was approved by the board. The group has a 
liability to Eurmag AB a subsidiary of Eurang amounting to GBP280,835 at the year 
end (2017 - GBP297,570) - see note 19. 
 
Key management personnel 
 
All key management personnel are directors and appropriate disclosure with 
respect to them is made in the directors' remuneration report. 
 
There are no other contracts of significance in which any director has or had 
during the year a material interest. 
 
26  Mineral holdings 
 
Parys 
 
(a) Most of the mineral resources delineated to date are under the western 
portion of Parys Mountain, the freehold and minerals of which are owned by the 
group. A royalty of 6% of net profits after deduction of capital allowances, as 
defined for tax purposes, from production of freehold minerals is payable. The 
mining rights over and under this area, and the leasehold area described in (b) 
below, are held in the Parys Mountain Mines Limited subsidiary. 
 
(b) Under a lease from Lord Anglesey dated December 2006, the subsidiary Parys 
Mountain Land Limited holds the eastern part of Parys Mountain, formerly known 
as the Mona Mine. An annual certain rent of GBP11,208 is payable for the year 
beginning 23 March 2017; the base part of this rent increases to GBP20,000 when 
extraction of minerals at Parys Mountain commences; this rental is 
index-linked. A royalty of 1.8% of net smelter returns from mineral sales is 
also payable. The lease may be terminated at 12 months' notice and otherwise 
expires in 2070. 
 
(c) Under a mining lease from the Crown dated December 1991 there is an annual 
lease payment of GBP5,000. A royalty of 4% of gross sales of gold and silver from 
the lease area is also payable. The lease may be terminated at 12 months' 
notice and otherwise expires in 2020. 
 
Lease payments 
 
All the group's leases may be terminated with 12 months' notice. If they are 
not so terminated, the minimum payments due in respect of the leases and 

royalty agreement are analysed as follows: within the year commencing 1 April 
2018 - GBP17,126; between 1 April 2019 and 31 March 2024 - GBP91,076. Thereafter 
the payments will continue at proportionate annual rates, in some cases with 
increases for inflation, for so long as the leases are retained or extended. 
 
27  Material non cash transactions 
 
There were no material non-cash transactions in the year. 
 
28  Commitments 
 
Other than commitments under leases (note 26) there is no capital expenditure 
authorised or contracted which is not provided for in these accounts (2017 - 
nil). 
 
29  Contingent liabilities 
 
There are no contingent liabilities (2017 - nil). 
 
30  Events after the period end 
 
There are no events after the period end to report. 
 
Notice of Annual General Meeting 
 
Notice is given that the 2018 annual general meeting of Anglesey Mining plc 
will be held at the offices of the company's lawyers, DLA Piper UK LLP, 3 Noble 
Street, London, EC2V 7EE on 20 September 2018 at 11.00 a.m. to consider and, if 
thought fit, to pass the following resolutions. Resolutions 1 to 11 will be 
proposed as ordinary resolutions and resolution 12 will be proposed as a 
special resolution: 
 
As ordinary business 
 
 1. To receive the annual accounts and directors' and auditor's reports for the 
    year ended 31 March 2018. 
 2. To approve the directors' remuneration report for the year ended 31 March 
    2018. 
 3. To approve the directors' remuneration policy in the directors' 
    remuneration report for the year ended 31 March 2018. 
 4. To reappoint John F. Kearney as a director. 
 5. To reappoint Bill Hooley as a director. 
 6. To reappoint David Lean as a director. 
 7. To reappoint Howard Miller as a director. 
 8. To reappoint Danesh Varma as a director. 
 9. To reappoint Mazars LLP as auditor. 
10. To authorise the directors to determine the remuneration of the auditor. 
 
As special business 
 
11. That, pursuant to section 551 of the Companies Act 2006 ("Act"), the 
directors be and are generally and unconditionally authorised to exercise all 
powers of the Company to allot shares in the Company or to grant rights to 
subscribe for or to convert any security into shares in the Company up to an 
aggregate nominal amount of GBP590,000, provided that (unless previously revoked, 
varied or renewed) this authority shall expire on 31 December 2019, save that 
the Company may make an offer or agreement before this authority expires which 
would or might require shares to be allotted or rights to subscribe for or to 
convert any security into shares to be granted after this authority expires and 
the directors may allot shares or grant such rights pursuant to any such offer 
or agreement as if this authority had not expired. 
 
This authority is in substitution for all existing authorities under section 
551 of the Act (which, to the extent unused at the date of this resolution, are 
revoked with immediate effect). 
 
12. That pursuant to section 570 of the Act, the directors be and are generally 
empowered to allot equity securities (within the meaning of section 560 of the 
Act) for cash pursuant to the authority granted under section 551 of the Act 
pursuant to resolution 11 above as if section 561(1) of the Act did not apply 
to any such allotment, provided that this power shall be limited to the 
allotment of equity securities: 
 
(a) in connection with an offer of equity securities (whether by way of a 
rights issue, open offer or otherwise) (i) to holders of ordinary shares in the 
capital of the company in proportion (as nearly as practicable) to the 
respective numbers of ordinary shares held by them; and (ii) to holders of 
other equity securities in the capital of the company, as required by the 
rights of those securities or, subject to such rights, as the directors 
otherwise consider necessary but subject to such exclusions or other 
arrangements as the directors may deem necessary or expedient in relation to 
treasury shares, fractional entitlements, record dates or any legal or 
practical problems under the laws of any territory or the requirements of any 
regulatory body or stock exchange; and 
 
(b) otherwise than pursuant to paragraph 12(a) above, up to an aggregate 
nominal amount of GBP440,000 
 
and (unless previously revoked, varied or renewed) this power shall expire on 
31 December 2019, save that the company may make an offer or agreement before 
this power expires which would or might require equity securities to be 
allotted for cash after this power expires and the directors may allot equity 
securities for cash pursuant to any such offer or agreement as if this power 
had not expired. This power is in substitution for all existing powers under 
section 570 of the Act which, to the extent effective at the date of this 
resolution, are revoked with immediate effect. 
 
By order of the board 
 
Danesh Varma 
 
Company secretary 
 
31 July 2018 
 
Notes to the notice of AGM 
 
Entitlement to attend and vote 
 
1.       The right to vote at the meeting is determined by reference to the 
register of members. Only those shareholders registered in the register of 
members of the Company as at the close of business on 17 September 2018 (or, if 
the meeting is adjourned, 48 hours (excluding any part of a day that is not a 
working day) before the date and time of the adjourned meeting) shall be 
entitled to attend and vote at the meeting in respect of the number of shares 
registered in their name at that time. Changes to entries in the register of 
members after that time shall be disregarded in determining the rights of any 
person to attend or vote (and the number of votes they may cast) at the 
meeting. 
 
Proxies 
 
2.       A shareholder is entitled to appoint another person as his or her 
proxy to exercise all or any of his or her rights to attend and to speak and 
vote at the meeting. A proxy need not be a member of the Company. A shareholder 
may appoint more than one proxy in relation to the meeting, provided that each 
proxy is appointed to exercise the rights attached to a different share or 
shares held by that shareholder. Failure to specify the number of shares each 
proxy appointment relates to or specifying a number which when taken together 
with the numbers of shares set out in the other proxy appointments is in excess 
of the number of shares held by the shareholder may result in the proxy 
appointment being invalid. A proxy may be appointed only in accordance with the 
procedures set out in note 3 and the notes to the proxy form. The appointment 
of a proxy will not preclude a shareholder from attending and voting in person 
at the meeting. 
 
3.       A form of proxy is enclosed. When appointing more than one proxy, 
complete a separate proxy form in relation to each appointment. Additional 
proxy forms may be obtained by contacting the Company's registrar Capita Asset 
Services, Proxies, The Registry, 34 Beckenham Road, Kent BR3 4TU or the proxy 
form may be photocopied. State clearly on each proxy form the number of shares 
in relation to which the proxy is appointed. To be valid, a proxy form must be 
received by post or (during normal business hours only) by hand at the offices 
of the Company's registrar, Capita Asset Services, Proxies, The Registry, 34 
Beckenham Road, Kent BR3 4TU, no later than 11.00 a.m. on 17 September 2018 
(or, if the meeting is adjourned, no later than 48 hours (excluding any part of 
a day that is not a working day) before the time of any adjourned meeting). 
 
Corporate representatives 
 
4.       A shareholder which is a corporation may authorise one or more persons 
to act as its representative(s) at the meeting. Each such representative may 
exercise (on behalf of the corporation) the same powers as the corporation 
could exercise if it were an individual shareholder, provided that (where there 
is more than one representative and the vote is otherwise than on a show of 
hands) they do not do so in relation to the same shares. 
 
Total voting rights 
 
5.       As at 20 July 2018 (being the last practicable date before the 
publication of this notice), the issued share capital consists of 177,608,051 
ordinary shares of GBP0.01 each, carrying one vote each and 21,529,451 Deferred A 
Shares and 116,241,384 Deferred B Shares which do not carry any rights to vote. 
Therefore, the total voting rights as at 20 July 2018 are 177,608,051. 
 
Nominated Persons 
 
6.       Where a copy of this notice is being received by a person who has been 
nominated to enjoy information rights under section 146 of the Companies Act 
2006 ("Act") ("Nominated Person"): 
(a) the Nominated Person may have a right under an agreement between him/her 
and the shareholder by whom he/she was nominated, to be appointed, or to have 
someone else appointed, as a proxy for the meeting; or 
(b) if the Nominated Person has no such right or does not wish to exercise such 
right, he/she may have a right under such an agreement to give instructions to 
the shareholder as to the exercise of voting rights. The statement of the 
rights of shareholders in relation to the appointment of proxies in note 2 does 
not apply to a Nominated Person. The rights described in such notes can only be 
exercised by shareholders of the Company. 
 
Shareholders' right to require circulation of resolutions to be proposed at the 
meeting 
 
7.       A shareholder or shareholders meeting the qualification criteria set 
out in note 10 below may require the Company to give shareholders notice of a 
resolution which may properly be proposed and is intended to be proposed at the 
meeting in accordance with section 338 of the Act. A resolution may properly be 
proposed unless (i) it would, if passed, be ineffective (whether by reason of 
inconsistency with any enactment or the Company's constitution or otherwise), 
(ii) it is defamatory of any person, or (iii) it is frivolous or vexatious. The 
business which may be dealt with at the meeting includes a resolution 
circulated pursuant to this right. Any such request must (i) identify the 

resolution of which notice is to be given, by either setting out the resolution 
in full or, if supporting a resolution requested by another shareholder, 
clearly identifying the resolution which is being supported (ii) comply with 
the requirements set out in note 11 below, and (iii) be received by the Company 
no later than six weeks before the meeting. 
 
Shareholders' right to have a matter of business dealt with at the meeting 
 
8.       A shareholder or shareholders meeting the qualification criteria set 
out in note 10 below may require the Company to include in the business to be 
dealt with at the meeting any matter (other than a proposed resolution) which 
may properly be included in the business in accordance with section 338A of the 
Act. A matter may properly be included unless (i) it is defamatory of any 
person, or (ii) it is frivolous or vexatious. Any such request must (i) 
identify the matter to be included in the business, by either setting out the 
matter in full or, if supporting a matter requested by another shareholder, 
clearly identifying the matter which is being supported (ii) set out the 
grounds for the request (iii) comply with the requirements set out in note 11 
below and (iv) be received by the Company no later than six weeks before the 
meeting. 
 
Website publication of audit concerns 
 
9.       A shareholder or shareholders who meet the qualification criteria set 
out in note 10 below may require the Company to publish on its website a 
statement setting out any matter that such shareholders propose to raise at the 
meeting relating to either the audit of the Company's accounts (including the 
auditors' report and the conduct of the audit) that are to be laid before the 
meeting or any circumstances connected with an auditor of the Company ceasing 
to hold office since the last annual general meeting of the Company in 
accordance with section 527 of the Act. Any such request must (i) identify the 
statement to which it relates, by either setting out the statement in full or, 
if supporting a statement requested by another shareholder, clearly identify 
the statement which is being supported (ii) comply with the requirements set 
out in note 11 below and (iii) be received by the Company at least one week 
before the meeting. Where the Company is required to publish such a statement 
on its website (i) it may not require the shareholders making the request to 
pay any expenses incurred by the Company in complying with the request (ii) it 
must forward the statement to the Company's auditors no later than the time 
when it makes the statement available on the website and (iii) the statement 
may be dealt with as part of the business of the meeting. 
 
Notes 7, 8 and 9 above: qualification criteria and methods of making requests 
 
10.     In order to require the Company (i) to circulate a resolution to be 
proposed at the meeting as set out in note 7, (ii) to include a matter in the 
business to be dealt with at the meeting as set out in note 8, or (iii) to 
publish audit concerns as set out in note 9, the relevant request must be made 
by (i) a shareholder or shareholders having a right to vote at the meeting and 
holding at least five per cent of the total voting rights of the Company or 
(ii) at least 100 shareholders having a right to vote at the meeting and 
holding, on average, at least GBP100 of paid up share capital. For information on 
voting rights, including the total voting rights of the Company, see note 5 
above and the website referred to in note 15 below. 
 
11.     Any request by a shareholder or shareholders to require the Company (i) 
to circulate a resolution to be proposed at the meeting as set out in note 7 
(ii) to include a matter in the business to be dealt with at the meeting as set 
out in note 8 or (iii) to publish audit concerns as set out in note 9 may be 
made either (a) in hard copy, by sending it to Anglesey Mining plc, Tower 
Bridge, St Katharine's Way, London E1W 1DD (marked for the attention of the 
Company Secretary); or (b) in electronic form, by sending an email to 
[e-mail]; and must state the full name(s) and address(es) of 
the shareholder(s) and (where the request is made in hard copy form) must be 
signed by the shareholder(s). 
 
Questions at the meeting 
 
12.     Shareholders have the right to ask questions at the meeting relating to 
the business being dealt with at the meeting in accordance with section 319A of 
the Act. The Company must answer any such question unless: (a) to do so would 
interfere unduly with the preparation for the meeting or would involve the 
disclosure of confidential information; (b) the answer has already been given 
on a website in the form of an answer to a question; or (c) it is undesirable 
in the interests of the Company or the good order of the meeting that the 
question be answered. 
 
Documents available for inspection 
 
13.     The following documents will be available for inspection during normal 
business hours at the registered office of the Company from the date of this 
notice until the time of the meeting. They will also be available for 
inspection at the place of the meeting from at least 15 minutes before the 
meeting until it ends: (a) copies of the service contracts of the executive 
directors, (b) copies of the letters of appointment of the non-executive 
directors and (c) the Articles of Association of the Company. 
 
Biographical details of directors 
 
14.     Biographical details of all those directors who are offering themselves 
for reappointment at the meeting are set out in the annual report and accounts. 
 
Website providing information about the meeting 
 
15.     The information required by section 311A of the Act to be published in 
advance of the meeting, which includes the matters set out in this notice and 
information relating to the voting rights of shareholders, is available at 
www.angleseymining.co.uk. 
 
Directors 
 
John F.      Irish, aged 67, chairman, is a mining executive with more than 40 
Kearney      years' experience in the mining industry and is chairman and CEO 
             of Labrador Iron Mines Holdings Limited. He is also chairman of 
             Canadian Zinc Corporation, Buchans Resources Limited, Xtierra plc 
             and Conquest Resources Limited. He is a director of the Mining 
             Association of Canada and has degrees in law and economics from 
             University College Dublin and an MBA from Trinity College Dublin. 
             He is a member of the nomination committee. He is resident in 
             Canada. 
 
Bill         aged 71, chief executive, is a mining engineering graduate from 
Hooley       the Royal School of Mines and has extensive experience in many 
             countries including the UK and Australia. He is vice-chairman and 
             a director of Labrador Iron Mines Holdings Limited and since May 
             2014 a director of Grangesberg Iron AB and Eurmag AB. He has been 
             a director of a number of other companies involved in the minerals 
             industry. He is a Fellow of the Australasian Institute of Mining 
             and Metallurgy. 
 
Danesh       Canadian, aged 68, finance director and company secretary is a 
Varma        chartered accountant and a member of the Chartered Institute of 
             Taxation. He is a director of Labrador Iron Mines Holdings Limited 
             and since May 2014 has been a director of Grangesberg Iron AB and 
             Eurmag AB. He is also chief financial officer of Buchans Resources 
             Limited, Xtierra Inc. and Conquest Resources Limited. 
 
David        Australian, aged 71, non-executive director, is a chartered 
Lean         accountant. He has over 30 years' experience in the commercial 
             aspects of the mining industry most of which was with major base 
             and precious metal mining houses. Currently he is involved in 
             trading mineral products. He is a member of the audit, 
             remuneration and nomination committees. 
 
Howard       aged 74, non-executive director, a lawyer with over 40 years' 
Miller       experience in the legal and mining finance sector in Africa, 
             Canada and the UK. He has extensive experience in the financing of 
             resource companies. He is a member of the remuneration, audit and 
             nomination committees and the senior independent director. 
 
Glossary 
 
AGM - the annual general meeting to be held on 20 September 2018 
 
DFS - Definitive Feasibility Study 
 
DMS - dense media separation, a process for the elimination of low-density 
waste from crushed ore 
 
EIA - environmental impact assessment 
 
GIAB - Grangesberg Iron AB, a privately owned Swedish company 
 
JORC - Australasian Joint Ore Reserves Committee - a set of minimum standards 
for public reporting and displaying information related to mineral properties 
 
IRR - internal rate of return 
 
LIM - Labrador Iron Mines Holdings Limited and its group of companies 
 
mtpa - million tonnes per annum 
 
NPV - net present value 
 
NSR - net smelter return 
 
PFS - Preliminary Feasibility Study 
 
tonne - metric tonne of 2,204.6 pounds avoirdupois 
 
SEK - Swedish Krona 
 
tpd - tonnes per day 
 
Anglesey Mining plc, Parys Mountain, Amlwch, Anglesey, LL68 9RE 
Phone [phone] 
[e-mail] 
 
London office 
Painters' Hall Chambers 
8 Little Trinity Lane, London, EC4V 2AN 
Phone [phone] 
 
Registrars 
Link Asset Services 
The Registry, 34 Beckenham Road, 
Beckenham, Kent BR3 4TU 
 
Share dealing phone [phone] 
Helpline phone [phone] 
Calls cost 12p per minute plus your phone company's access charge. If you are 
outside the United Kingdom, please call [phone]. 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 
 
Registered office 
Tower Bridge House, St. Katharine's Way, London, E1W 1DD 
 
www.angleseymining.co.uk 
 
Company registered number 01849957 
 

 
 
END 
 

(END) Dow Jones Newswires

July 31, 2018 11:31 ET (15:31 GMT)