Anglesey Mining PLC Annual Report and Notice of AGM 2019

 
TIDMAYM 
 
Anglesey Mining plc  -  Annual Report 2019 
 
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 a further optimisation study is 
currently underway. 
 
12% of Labrador Iron Mines Holdings Limited which holds direct shipping iron 
ore deposits in Labrador and Quebec. 
 
A 8.7% interest in, and management rights to, the Grangesberg Iron project in 
Sweden, together with a right of first refusal to increase its interest to 
58.8%. 
 
Chairman's statement 
 
To Anglesey Shareholders 
 
Metal prices are a key factor in the outlook for the mining and mineral 
exploration industry as a whole and for Anglesey Mining in particular. Despite 
the current geopolitical uncertainty caused by fears of trade wars and tariffs, 
there is a general expectation of a continued positive outlook for base metals, 
particularly for zinc and copper, and more recently for iron ore. 
 
The first half of 2018 saw a continued improvement in base metal prices which 
stalled mid-year as the optimism provided by shrinking metal inventories and 
generally declining mine production was overshadowed by the growing threat of a 
US-China trade war, tariffs, potential interest rate hikes in the US, 
uncertainty in Europe and a general slowdown in the global economy. These 
conditions caused most metal prices to retreat in the second half of 2018, 
before stabilizing towards year end 
 
After having risen consistently for almost two years, the prices of zinc and 
copper began falling in mid-2018. Prices softened throughout the second half of 
2018 and the first half of 2019 in response to the US/China trade conflict and 
concerns of slowing global economic growth. The zinc price improved through the 
first quarter of 2019, reaching a high of US$1.37 per pound (US$3,000/tonne) in 
mid-April, before weakening in the second quarter of 2019 as the opening of 
several large new zinc mines negatively impacted the price. 
 
The expectations for supply and demand fundamentals are positive for 2019. 
According to the International Lead and Zinc Study Group global demand for 
refined zinc metal is expected to rise in the second half of 2019 and the 
expectation is that global demand for refined zinc will exceed global supply, 
drawing down stocks. Meanwhile, global demand for lead increased slightly year 
on year as demand for batteries for the new vehicle market increased. 
 
Metal stocks on the LME remain below long-term average levels. With low or no 
copper mine production growth, the expansion of China's smelting capacity and 
its demand for imported concentrates and the recent reduction in copper 
concentrate treatment charges, the outlook for the remainder of 2019 is for the 
copper price to trend upwards. 
 
During the last year the substantial changes in the iron ore market favouring 
higher quality (+65% Fe) product has continued to result in very healthy 
premiums for higher grade product. Over the first half of 2019, the base price 
of 62% Fe jumped to a five year high of over US$120 per tonne, as a result of 
tailings dam failures affecting the Brazilian operations of Vale and a cyclone 
temporarily disrupting Australian production of both Rio and BHP. 
 
Parys Mountain - Moving steadily forward 
 
In 2017 a new Scoping Study on the Parys Mountain copper-lead-zinc project 
located on the island of Anglesey in North Wales, was prepared by Micon 
International Limited 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, annually over an 
initial mine life of eight years. 
 
The Scoping Study demonstrates a viable mine development and a healthy 
financial rate of return based on copper prices of $US2.50 per pound, zinc of 
$US1.25 per pound and lead of $US1.00 per pound, generating an overall net 
smelter return of $US270 million with an IRR of 28% and an NPV10 of $US43 
million. 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 NPV indicated would 
be $52 million, or GBP42 million, with an IRR of 30%. 
 
Following completion of the positive 2017 Scoping Study, Anglesey has been 
working to progress the Parys Mountain project towards production. The Study 
recommended further work as interim steps towards undertaking a feasibility 
study, 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. 
 
In late 2018, Anglesey entered into a Project Development and Cooperation 
Agreement with QME Mining Technical Services, a division of QME Ltd, to carry 
out an agreed programme of design, engineering and optimisation studies 
relating to the future development of Parys Mountain. The Agreement with QME 
will see the completion of a substantial part of the recommended further work 
on mine planning and design and project optimisation at no cost to Anglesey and 
at no dilution to Anglesey's current shareholders. 
 
The primary objective is to determine the optimum production plan for Parys 
Mountain, utilising all available and potential means of accessing both the 
indicated resources and inferred resources, at various "cut-off" grades. 
 
As part of its work QME is developing a revised mine model with the objective 
of incorporating more of the indicated resources and some of the inferred 
resources, including part of the higher-grade Engine Zone inferred resources, 
into the earlier years of the mine plan with the intention of bringing forward 
cashflows and increasing the projected life of the Parys Mountain mine to at 
least 10 years, with potential positive outcomes on the project economics. 
 
QME has undertaken a detailed review of various development and mining 
alternatives for Parys Mountain. In its preliminary work to date, QME has 
identified the potential for improvements in the development plans contained in 
the 2017 Scoping Study which 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. 
 
The QME studies have suggested that the project can be further improved if the 
potential mineable tonnage can be increased by using a lower cut-off grade and 
generating a revised mine development plan. This second stage of the process is 
ongoing with completion scheduled for the end of 2019. Subject to financing 
being available, this work would then form the basis for commissioning an 
updated scoping or preliminary feasibility study. 
 
Following delivery of the optimisation studies, and the subsequent completion 
of a feasibility study, QME will have the option to undertake at QME's 
investment, the mine development component of the Parys Mountain project, 
including decline and related underground development and shaft development, in 
consideration of which QME would earn a 30% undivided joint venture interest in 
the Parys Mountain project. If exercised this would significantly reduce the 
capital cost to the group for the development of the mine. 
 
Grangesberg Iron 
 
Anglesey continues to manage the Grangesberg iron ore project in Sweden, about 
200 kilometres north-west of Stockholm. Until its closure in 1989 due to then 
prevailing market conditions, the Grangesberg mine had produced in excess of 
150 million tonnes of iron ore. A Technical Report prepared by Roscoe Postle 
Associates Inc in 2014 estimated  a resource 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 and concluded that the Grangesberg deposit hosts a 
significant iron resource that has excellent potential for expansion at depth. 
 
The high-quality product that Grangesberg will be expected to produce, which 
would attract premium prices in the current iron ore market, together with the 
potential for sales within the adjacent European markets, make Grangesberg more 
attractive than many other undeveloped iron ore projects. 
 
Labrador Iron 
 
The group holds a 12% interest in Labrador Iron Mines Holdings Limited (LIM) 
which owns extensive iron ore resources in its Schefferville Projects in 
Labrador and in Quebec, Canada. LIM has not undertaken mining operations since 
2013 but maintains its iron ore assets on a stand-by care and maintenance 
basis. The Houston property, which is planned as LIM's next direct shipping 
mine project, is situated in Labrador about 25 km southeast of the town of 
Schefferville, and is estimated to contain a resource of 40.6 million tonnes 
grading 57.6% iron. Subject to securing financing, LIM plans to pursue 
development of the Houston Project and resume mining operations when economic 
conditions warrant. When in full production, the Houston deposits are expected 
to produce consistent saleable product of about 2 million tonnes per year, with 
an initial mine-life of 10 years. 
 
Outlook 
 
We remain confident that demand for metals will remain strong and the outlook 
for commodity prices will remain positive for the foreseeable future. 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 Parys Mountain revenue, remains 
very positive. 
 
We will also continue to review the commercial and development opportunities 
for our iron ore projects as the medium-term outlook for iron ore is also 
positive. 
 

Anglesey also plans to pursue new opportunities for mineral exploration and 
development projects, with a focus on advanced copper and other base metal 
exploration or development projects. 
 
I would like to thank the current directors for their ongoing diligence and 
support in moving the Parys Mountain mine project forward and again thank all 
our shareholders for their continued confidence and support. 
 
John F. Kearney 
 
Chairman 
 
30 July 2019 
 
Strategic report - operations 
 
Principal activities and business review 
 
Anglesey Mining is engaged primarily in the business of exploring and 
evaluating its wholly owned Parys Mountain zinc, lead, copper project in North 
Wales. In 2017 a new Scoping Study prepared by Micon International Limited and 
Fairport Engineering Ltd. demonstrated a viable mine development and a healthy 
financial rate of return. 
 
In late 2018 QME, an Irish contracting and consulting group commenced an 
optimisation project of this Scoping Study. Site activities during the year 
have continued to be limited to care and maintenance. 
 
In addition, under various agreements the group participates in the management 
of the Grangesberg iron ore property in Sweden in which it increased its 
holding to 9%, following a small investment in late 2018, and a right of first 
refusal to acquire a further 50% ownership interest. The group also has a 12% 
holding in the Labrador Iron Mines in eastern Canada, currently operating in 
care and maintenance. 
 
During 2019 the company made a private placement of approximately 9.4 million 
new shares to raise a gross sum of GBP200,000. 
 
The group's objective remains to phase the development and financing of the 
Parys Mountain project by undertaking various studies, 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 in the indicated category at 
6.9% combined base metals 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 International Limited and Fairport Engineering Ltd. The Scoping Study 
demonstrates a viable mine development mining 1000 tpd to produce lead, zinc 
and copper concentrates and yielding a healthy financial rate of return. 
 
Development Plan - 2017 Scoping Study 
 
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 
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 processing plant proposed in the 2017 Scoping Study 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. 
 
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, was projected 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% discount rate, using metal prices of $1.25 per 
pound for zinc, $1.00 per pound for lead, $2.50/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 Parys Mountain 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 $43.2 million, or GBP34.6 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 
 
QME Optimization Studies 
 
The 2017 Scoping Study recommended further work as interim steps towards 
undertaking a feasibility study, including more detailed mine planning and 
design, more detailed engineering studies, additional metallurgical test work 
and review of tailings management and environmental and planning permissions, 
all of which would normally require new and further financing. 
 
In late 2018 Anglesey announced that it had entered into a Project Development 
and Cooperation Agreement with QME Mining Technical Services, a division of QME 
Ltd, to carry out an agreed programme of engineering and optimisation studies 
relating to the future development of Parys Mountain. 
 
Summary of QME Work to-date. 
 
QME has made significant progress including detailed reviews of mine 
development capital and mine operating costs of the basic mine plan using their 
extensive experience in mine development throughout Europe. 
 
In its preliminary work to date, QME has identified the potential for 
improvements in the development plans contained in the 2017 Scoping Study. The 
QME preliminary work has indicated that, based on the projected life-of-mine 
operating cost, the NSR cut-off for both the 2012 Mineral Resource Estimate and 
the 2017 Scoping Study was too high and that the optimum case can be improved 
if the potential mineable tonnage can be increased using a lower NSR cut-off. 
 
QME developed a model to estimate the capital cost of contract mine development 
and also to estimate the mine operating costs for the life of mine during 
operations using either a contractor or direct hire labour with contractor 

management, as two separate cases. The purpose and benefit of using a 
contractor for initial mine development is to defer capital expenditure on 
mining equipment and also to ensure an efficient project start-up and mine 
ramp-up with trained and experienced mine development management and personnel. 
 
The QME review work completed to date has generated revised mine development 
capital and operating costs for a number of cases that now enables support for 
a lower cut-off. The Micon 2012 Mineral Resource Estimate generated an 
indicated resource of 2.1 million tonnes using 2012 metal prices and a cut-off 
of $60/t. This was the resource  used in the 2017 Scoping Study. 
 
By using a lower cut off and updated prices QME identified mineable material of 
approximately 5M tonnes at $48/t cut-off, with an indicated NSR of $93/t. This 
will then give an opportunity to develop a new mining plan by re-defining the 
mining shapes and the stoping plan, to be followed by a new development plan 
and schedule, which is expected to demonstrate a longer mine life. 
 
The 2017 Scoping Study was based on the initial development and production from 
the White Rock zone using a newly developed decline eventually leading to 
development of the deeper Engine Zone and then the rehabilitation and use of 
the Morris Shaft as a hoisting facility. The QME review examined whether 
different approaches to accessing the orebodies, particularly by early 
dewatering, rehabilitation and recommissioning of the Morris Shaft, could 
provide early access to the higher-grade Engine zone resources. 
 
QME estimated the cost of the shaft pump out and refurbishment in order to 
access the 280m level for exploration purposes. A similar exercise was carried 
out to estimate the cost of deepening the shaft from the current 300m level 
down to 450m to permit in-shaft hoisting of ore after initial production via 
the decline. It was confirmed that the shaft will need to be refurbished for 
ore hoisting purposes, but the potential utilisation of the shaft for early 
production would require additional tonnage above that contemplated in the 
original plan in the scoping study. 
 
It was originally envisaged that the QME Optimisation Study would be completed 
by the end of June 2019. The preliminary phase of the exercise has been 
completed. The QME studies have suggested that the project can be further 
improved if the mineable tonnage can be increased.  QME has suggested that 
additional studies are carried out and this second stage of the process remains 
ongoing. 
 
These additional studies will look at utilising some of the inferred resources 
into the mining plan, continuing review of cut-off grades and use of updated 
metal prices and it is expected that this will generate a significant increase 
of tonnage in the mineable tonnage in any future 2019 mining model. 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 is useful to include 
some of this inferred resource for comparative financial modelling. 
 
It is now expected that these additional studies will be completed by the end 
of 2019 and, subject to financing being available, would then form the basis 
for commissioning of an updated scoping study or preliminary feasibility study. 
 
Agreement with QME 
 
QME Limited is based in Navan, County Meath, Ireland from which it operates 
several divisions and provides a wide range of services in the fields of both 
mine development and mine operations to the local and international mining 
community. 
 
QME Mining Technical Services division undertakes contract mining projects and 
employs an 'in-house' team of highly experienced operations managers, 
underground supervisors, miners, fitters and electricians. QME has carried out 
both large- and small-scale underground mine development contracts, providing 
all technical evaluation and budgeting services, personnel, management, 
equipment and maintenance. 
 
Under the Development Co-Operation Agreement with QME, the Company has agreed 
to grant QME various rights and options relating to the future development of 
Parys Mountain. On completion of the optimisation study and delivery to 
Anglesey of the results thereof: 
 
 (i)           the Company will award QME, on an exclusive basis, contracts for 
the development of the decline and underground mine development, including 
rehabilitation of the shaft. This will be done on terms to be agreed following 
a decision by Anglesey to proceed with the development of Parys Mountain; 
 
 (ii)          In the event Anglesey and QME are not able to agree terms the 
Company may offer such contracts to third parties, subject to a right of first 
refusal in favour of QME, and subject to a payment by the Company to QME, upon 
the award of such contracts to a third-party, of a break-fee; and 
 
 (iii)         In addition, the Company will grant to QME the right and option, 
upon completion of a Prefeasibility Study ("PFS"), to undertake at QME's cost 
and investment, the mine development component of the Parys Mountain project, 
including decline and related underground development and shaft development, 
with a scope to be agreed, to the point of commencement of production, in 
consideration of which QME would earn a 30% undivided joint venture interest in 
the Parys Mountain project. 
 
Mineral Exploration Potential at Parys Mountain 
 
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 reports and releases. 
 
Grangesberg Iron AB 
 
The Grangesberg iron ore project 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, the Grangesberg mine 
had produced in excess of 150 million tonnes of iron ore. 
 
The group now holds a direct 8.7% interest in Grangesberg Iron AB (GIAB) and a 
right of first refusal over 50.1% 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 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. 
 
During the last year the substantial changes in the iron ore market favouring 
higher grade quality (+65% Fe) product has continued to result in very healthy 
premiums for higher grade product. Additionally, during this first half of 
2019, following production problems that have developed in Brazil as a result 
of a number of tailings dam failures, the base price of 62% Fe has increased 
significantly. 
 
The +67% Fe high-quality product expected to be produced from Grangesberg, 
together with the recent announcement by LKAB, Sweden's largest iron ore 
producer, that its flagship Kiruna project in northern Sweden will have a 
shorter life than originally planned, makes the interest in developing the 
Grangesberg project, albeit at significant capital cost much more likely and 
make Grangesberg more attractive than many other undeveloped iron ore 
projects. 
 
Labrador Iron 
 
The group has an investment holding of 12% (2018 -12%) in Labrador Iron Mines 
Holdings Limited. LIM owns extensive iron ore resources 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 that 
would be complementary to or provide synergies with the group's existing 
projects within the financing capability likely to be available to the group. 
The directors have identified copper and other VMS projects as the most 
potentially attractive and the group continues to evaluate a number of early 
stage opportunities. 
 
Performance 
 
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 and the market sentiment for investment in mining and mineral 
exploration companies. 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 2019 after tax was GBP234,621 compared to a loss of GBP 
278,189 in the 2018 fiscal year. The administrative and other costs excluding 
investment income and finance charges were GBP75,538 compared to GBP109,677 in the 
previous year. 
 
During the year there were no additions to fixed assets (2018 - nil) and GBP 
54,747 (2018 - GBP100,319) was capitalised in respect of the Parys Mountain 
property as mineral property exploration and evaluation. 
 
At 31 March 2019 the group held mineral property exploration and evaluation 
assets with a carrying value of GBP15.2 million. These carrying values are 
supported by the results of the 2017 Scoping Study and 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 2019 was GBP6,012 (2018 - GBP137,113) the 
reduction being due to ongoing operating and capital expenses. After year end a 
loan of GBP100,000 was received from Juno Limited and the group also made a 
placement for cash of new shares resulting in an inflow after fees of GBP180,000. 
 
At 31 March 2019 the company had 177,608,051 ordinary shares in issue, 
unchanged from the previous year. At 18 July 2019 there were 186,975,732 
ordinary shares in issue. 
 
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 2019 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 usage 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 
 
The group has relied on equity financing to fund its working capital 
requirements and will need to generate additional financial resources to fund 
future planned exploration programs. 
 
On previous occasions and during the year the group has relied upon 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. In the absence of support from Juno Limited the group would be 
dependent on the proceeds of share issues or other sources of funding. 
Developing the Parys project will be dependent on raising further funds from 
various sources. 
 
There is no assurance that the group will continue to obtain additional 
financial resources and/or achieve positive cash flows or profitability. 
 
Exploration and development 
 
Exploration for minerals and development of mining operations involve risks, 
many of which are outside the group's control. Exploration by its nature is 
subject to uncertainties and unforeseen or unwanted results are always 
possible. Mineral exploration and development is a speculative business, 
characterized by a number of significant risks including, among other things, 
unprofitable efforts resulting not only from the failure to discover mineral 
deposits but also from finding mineral deposits that, though present, are 
insufficient in quantity and quality to return a profit from production. 
 
Substantial expenditures are required to develop the mining and processing 
facilities and infrastructure at any mine site. No assurance can be given that 
a mineral deposit can be developed to justify commercial operations or that 
funds required for development can be obtained on a timely basis and at an 
acceptable cost. There can be no assurance that the group's current development 
programs will result in profitable mining operations.. 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 prices 
 
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 by the group in sterling. 
 
Foreign exchange 
 
LIM is a Canadian company; Angmag AB and GIAB are Swedish companies. 
Accordingly, the value of the group's 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 
 
The group holds planning permissions for the development of the Parys Mountain 
property but further environmental studies and assessments and various 
approvals and consents will be required to carry out proposed activities and 
these may be subject to various operational conditions and reclamation 
requirements. 
 
Employee and personnel 
 
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. 
 
Brexit 
 
In the event that the UK leaves the European Union, the directors believe that 
the effect on the specific operations of the group would not be material. 
 
This report was approved by the board of directors on 30 July 2019 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 2019. 
 
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 31.0% of the 
company's ordinary share capital. The company has a controlling shareholder 
agreement and working capital agreement with Juno and note 19 sets out 
movements under this working capital agreement. There was none during the year 
however GBP100,000 was advanced on 2 April 2019.  Apart from any 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 GBP300,087 at the 
year end (2018 - GBP280,835). 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 18 July 2019 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 31% 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 GBP620,000 (62,000,000 
ordinary shares) which is approximately one third of the total issued ordinary 
share capital of the company as at 18 July 2019. 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 GBP460,000 
(46,000,000 ordinary shares). This aggregate nominal amount represents 
approximately 25% of the issued ordinary share capital of the company at 18 
July 2019. 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 2020. The 
directors intend to seek renewal of this authority at future annual general 
meetings. 
 
Rights and obligations attached to shares 
 
The rights and obligations attached 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 
(2018 - 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 and at 31 
March 2019 had cash and cash equivalent reserves of GBP6,012 and net assets of GBP 
11.8 million. Immediately after the year end the group received GBP100,000 from 
Juno Limited under a long-running working capital agreement. A further GBP180,000 
net was received as a result of a placing of new shares in May 2019. Based on 
the current cash reserves and the committed support of Juno, 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 and its largest shareholder 
Juno Limited to fund its working capital requirements 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 
 
A loan of GBP100,000 was received from Juno Limited on 2 April 2019 under the 
terms of a working capital agreement. 
 
On 17 May 2019, 9,367,681 new ordinary shares, representing approximately 5.3% 
of the company's current issued share capital, were placed with an institution 
at a price of 2.135 pence per share to raise a total of GBP200,000 gross and GBP 
180,000 net. 
 
Otherwise there are no events after the period end 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 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, are 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 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. 
 
This report was approved by the board of directors on 30 July 2019 and signed 
on its behalf by: 
 
Danesh Varma 
 
Company Secretary 
 
Independent auditors 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 2019 
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 2019 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 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 and are in the process of getting the Parys Mountain 
mining project ready to move into development. Its business model requires 
generation of additional financial resources to progress the ongoing 
development of the Parys Mountain project. 
 
At 31 March 2019 the group and parent company had net current liabilities of GBP 
61k and GBP56k respectively and cash and cash equivalent reserves of GBP6k and GBP4k. 
Subsequent to the year end, the group has received a GBP100k loan from its major 
shareholder, Juno Limited and issued further shares with net proceeds of GBP180k. 
The group therefore has sufficient resources to support its on-going 
non-project related expenditure for the foreseeable future, however the current 
level of resources may not be sufficient to finance the short-term project 
needs. 
 
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, as described in Note 2, until 
the group secures sufficient investment for short-term funds required for the 
additional studies and ultimately for the production phase in the longer term, 
, a material uncertainty exists that may cast a significant doubt on the 
group's and parent company's ability to continue as a going concern. 
 
Our opinion is not modified in respect of this matter. 
 
The impact of uncertainties due to United Kingdom exiting the European Union on 
our audit 
 
The Directors' view on the impact of Brexit is disclosed on page 8. 
 
The terms on which the United Kingdom may withdraw from the European Union are 
not clear, and it is therefore not currently possible to evaluate all the 
potential implications to the group and parent company's trade, customers, 

suppliers and the wider economy. 
 
We considered the impact of Brexit on the group and parent company as part of 
our audit procedures, applying a standard firm wide approach in response to the 
uncertainty associated with the group and parent company's future prospects and 
performance. 
 
However, no audit should be expected to predict the unknowable factors or all 
possible implications for the group and parent company and this is particularly 
the case in relation to Brexit. 
 
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 7 and 8 that describe 
    the principal risks and explain how they are being managed or mitigated; 
  * the directors' confirmation set out on page 7 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 10 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 10 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. 
 
In addition to the matter described in the Material Uncertainty Related to 
Going Concern section, we summarise below other key audit matters in forming 
our audit opinion above, together with an overview of the principal audit 
procedures performed to address each matter and, where relevant, key 
observations arising from those procedures. 
 
These matters, together with our findings, were communicated to those charged 
with governance through our Audit Completion Report. 
 
Key audit matter                          Our response 
 
Impairment of exploration and evaluation  Our audit procedures included, but were 
asset (group)                             not limited to: 
The group's accounting policy in respect 
of its exploration and evaluation asset   Based on the work performed above, no 
is set out under "mineral property        impairment to the exploration and 
exploration and evaluation costs" and its evaluation asset was noted. 
accounting policy in respect of 
impairment is set out under "impairment 
of tangible and intangible assets" in 
Note 2 to the financial statements. 
The group has held rights to explore and 
mine the Parys Mountain site for a number 
of years and have completed a further 
scoping study in 2017 reaffirming the 
facts from old reports. As indicated in 
the study reports, there are still 
further studies to optimise and enhance 
the project ahead of development, some of 
which are currently underway. 
There is a risk that accounting criteria 
associated with the capitalisation of 
exploration and evaluation expenditure 
may no longer be appropriate and that 
capitalised costs exceed the value in 
use. 
Any assessment of the value in use is 
highly judgemental based on a combination 
of independent experts studies and 
directors' assessment of long term metal 
commodity prices, the estimated mineral 
deposits, costs associated with mineral 
extraction and sale, discount rates , 
exchange rate factors and the group's 
ability to raise finances. 
 
Impairment of investment in subsidiary    Our audit procedures included, but were 
(company)                                 not limited to: 
The group's accounting policies in 
respect of investments and impairment of 
investments are set out under             Based on the work performed, no 
"investments" and "impairment of          impairment to the investment in 
investments" in Note 2 to the financial   subsidiary undertakings was noted. 
statements 
The cost of the investment in and loan 
due from the subsidiary, Parys Mountain 
Mines Limited, held in the balance sheet 
of the  company, is supported by the 
future cash flows associated with the 
recovery of the exploration and 
evaluation assets following the 
development of the Parys Mountain site 
held by Parys Mountain Mines Limited. If 
there were impairment in the exploration 
and evaluation assets included above, 
this would have a direct impact on the 
carrying value of the investment in and 
the loan due from the subsidiary. 
Under the accounting policy 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 
 
The scope of our audit was influenced by our application of materiality. We set 
certain quantitative thresholds for materiality. These, together with 
qualitative considerations, helped us to determine the scope of our audit and 
the nature, timing and extent of our audit procedures on the individual 
financial statement line items and disclosures and in evaluating the effect of 
misstatements, both individually and on the financial statements as a whole. 
Based on our professional judgement, we determined materiality for the 
financial statements as a whole as follows: 
 
Group 
 
Overall  materiality         GBP353,000 
 
How we determined it         3% of group's net assets 
 
Rationale for benchmark      Group's net assets represents shareholders' 
applied                      funds and we have determined it to be the 
                             principal benchmark within the financial 
                             statements relevant to shareholders, as the 
                             group does not generate revenue and is in 
                             pre-production phase. 
 
Performance materiality &    Performance materiality is set as 75% of 
specific materiality         financial statement materiality being GBP 
                             265,000. 
                             Specific materiality of GBP80,000 is used for 
                             the audit of group income statement. 
 
Reporting threshold          3% of financial statement materiality being GBP 
                             11,000. 
 
Parent company 
 
Overall  materiality         GBP210,000 
 
How we determined it         75% of company's net assets 
 
Rationale for benchmark      Net assets is considered most appropriate as 
applied                      the parent company is none-trading and mainly 
                             holds investment in subsidiaries 
 
Performance materiality      Performance materiality is set at 75% of 
                             financial statement materiality being GBP 
                             158,000. 
 
Reporting threshold          3% of financial statement materiality being GBP 
                             6,000. 
 
The range of performance materiality used within the components for the 
purposes of the group audit was GBP3,000 to GBP222,000. 
 
An overview of the scope of our audit 
 
As part of designing our audit, we determined materiality and assessed the risk 
of material misstatement in the financial statements. In particular, we looked 
at where the directors made subjective judgements such as making assumptions on 
significant accounting estimates. 
 
We gained an understanding of the legal and regulatory framework applicable to 
the group and parent company, the structure of the group and the parent company 
and the industry in which it operates. We considered the risk of acts by the 
company which were contrary to the applicable laws and regulations including 
fraud. We designed our audit procedures to respond to those identified risks, 
including non-compliance with laws and regulations (irregularities) that are 
material to the financial statements. 
 
We focused on laws and regulations that could give rise to a material 
misstatement in the financial statements, including, but not limited to, the 
Companies Act 2006. We tailored the scope of our group audit to ensure that we 
performed sufficient work to be able to give an opinion on the financial 
statements as a whole. We used the outputs of a risk assessment, our 
understanding of the parent company and group's accounting processes and 

controls and its environment and considered qualitative factors in order to 
ensure that we obtained sufficient coverage across all financial statement line 
items. 
 
Our tests included, but were not limited to, 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 irregularities including fraud or error, review 
of minutes of directors' meetings in the year and enquiries of management. As a 
result of our procedures, we did not identify any Key Audit Matters relating to 
irregularities, including fraud. 
 
The primary responsibility for the prevention and detection of irregularities 
including fraud rests with both those charge with governance and management. As 
with any audit, there remained a risk of non-detection of irregularities, as 
these may involve collusion, forgery, intentional omissions, misrepresentations 
or the override of internal controls 
 
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. 
 
Our group audit scope included an audit of the group and parent financial 
statements of Anglesey Mining Plc. The legal entities within the group account 
for 100% of the group's operating loss, 100% of group's net assets and 100% of 
group's total assets. 
 
Based on our risk assessment, all entities within the group were subject to a 
full scope audit performed by the group audit team. At the parent level we also 
tested the consolidation process and carried out overall analytical procedures 
to confirm our conclusion that there were no additional risks of material 
misstatement of the aggregated financial information. 
 
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 11 - 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 20 - 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 19 - 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 and the part of the directors' 
    remuneration report to be audited 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 11, 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 2 years, covering the 
years ended 31 March 2018 and 31 March 2019. 
 
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 
 
30 July 2019 
 
Group income statement 
 
All attributable to equity holders of the company 
 
                                     Notes   Year ended 31 March 2019  Year ended 31 
                                                                          March 2018 
 
All operations are continuing 
                                                       GBP                    GBP 
 
   Revenue                                                         -              - 
 
   Expenses                                                  (75,538)      (109,677) 
 
   Equity-settled employee benefits   22                           -         (9,324) 
 
   Investment income                  6                           233            121 
 
   Finance costs                      7                     (159,336)      (159,267) 
 
   Foreign exchange movement                                       20           (42) 
 
 Loss before tax                      4                     (234,621)      (278,189) 
 
   Taxation                           8                            -              - 
 
 Loss for the period                                        (234,621)      (278,189) 
 
   Loss per share 
 
   Basic - pence per share            9                        (0.1)p         (0.2)p 
 
   Diluted - pence per share          9                        (0.1)p         (0.2)p 
 
 
Group statement of comprehensive income 
 
 Loss for the period                            (234,621)      (278,189) 
 
 Other comprehensive income 
 
 Items that may subsequently be 
 reclassified to profit or loss: 
 
  Exchange difference on                         (15,095)         31,489 
      translation of foreign 
 holding 
 
 Total comprehensive loss for the period        (249,716)      (246,700) 
 
 
Group statement of financial position 
 
                                            31 March 2019  31 March 2018 
 
                                     Notes 
                                                 GBP                   GBP 
 
Assets 
 
   Non-current assets 
 
   Mineral property exploration and   10       15,165,888     15,111,141 
  evaluation 
 
   Property, plant and equipment      11          204,687        204,687 
 
   Investments                        14           97,795         86,660 
 
   Deposit                            15          123,460        123,227 
 
                                               15,591,830     15,525,715 
 
   Current assets 
 
   Other receivables                  16           19,215         19,790 
 
   Cash and cash equivalents          17            6,012        137,113 
 
                                                   25,227        156,903 
 
 Total assets                                  15,617,057     15,682,618 
 
Liabilities 
 
   Current liabilities 
 
   Trade and other payables           18         (86,539)       (65,870) 
 
                                                 (86,539)       (65,870) 
 
   Net current (liabilities)/assets              (61,312)         91,033 
 
   Non-current liabilities 
 
   Loans                              19      (3,706,722)    (3,543,236) 
 
   Long term provision                20         (50,000)       (50,000) 
 
                                              (3,756,722)    (3,593,236) 
 
 Total liabilities                            (3,843,261)    (3,659,106) 
 
 Net assets                                    11,773,796     12,023,512 
 
Equity 
 
   Share capital                      21        7,286,914      7,286,914 
 
   Share premium                               10,171,986     10,171,986 
 
   Currency translation reserve                  (57,116)       (42,021) 
 
   Retained losses                            (5,627,988)    (5,393,367) 
 
Total shareholders' funds                      11,773,796     12,023,512 
 
 
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 30 July 2019 
and signed on its behalf by: 
 
John F. Kearney,    Chairman 
 
Danesh Varma,    Finance Director 
 
Company statement of financial position 
 
                                            31 March 2019  31 March 2018 
 
                                     Notes              GBP              GBP 
 
 Assets 
 
   Non-current assets 
 
   Investments                        13       14,389,142     14,325,116 
 
                                               14,389,142     14,325,116 
 
   Current assets 
 
   Other receivables                  16            6,705          5,772 
 
   Cash and cash equivalents          17            3,979        132,589 
 
                                                   10,684        138,361 
 
 Total assets                                  14,399,826     14,463,477 
 
 Liabilities 
 
   Current liabilities 
 
   Trade and other payables           18         (66,477)       (54,121) 
 
                                                 (66,477)       (54,121) 
 
   Net current (liabilities)/assets              (55,793)         84,240 
 
   Non-current liabilities 
 
   Loan                               19      (3,406,635)    (3,262,401) 
 
                                              (3,406,635)    (3,262,401) 
 
   Total liabilities                          (3,473,112)    (3,316,522) 
 
 Net assets                                    10,926,714     11,146,955 
 
 Equity 
 
   Share capital                      21        7,286,914      7,286,914 
 
   Share premium                               10,171,986     10,171,986 
 
   Retained losses                            (6,532,186)    (6,311,945) 
 
 Shareholders' equity                          10,926,714     11,146,955 
 
 
The company reported a loss for the year ended 31 March 2019 of GBP220,241 (2018 
- GBP266,821). 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 30 July 2019 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 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 loss for the         -          -       31,489   (278,189)  (246,700) 
  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) 
 
   Total comprehensive loss for the 
  year: 
 
   Loss for the year                        -          -           -    (234,621)  (234,621) 
 
   Exchange difference on                   -          -     (15,095)          -    (15,095) 
       translation of foreign 
  holding 
 
   Total comprehensive income/(loss)        -          -     (15,095)   (234,621)  (249,716) 
  for the year 
 
   Equity at 31 March 2019           7,286,914 10,171,986    (57,116)             11,773,796 
                                                                      (5,627,988) 
 
   Company                                        Share      Share      Retained     Total 
                                                capital     premium     losses 
 
                                                     GBP          GBP           GBP           GBP 
 
   Equity at 1 April 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) 
 
   Total comprehensive loss for the 
  year: 
 
   Loss for the year                                   -           -    (220,241)  (220,241) 
 
   Total comprehensive loss for the                    -           -    (220,241)  (220,241) 
  year 
 
   Equity at 31 March 2019                      7,286,914  10,171,986             10,926,714 
                                                                      (6,532,186) 
 
 
Group statement of cash flows 
 
                                    Notes   Year ended 31 March 2019  Year ended 31 
                                                                         March 2018 
 
 
                                                      GBP                     GBP 
 
Operating activities 
 
   Loss for the period                                     (234,621)      (278,189) 
 
   Adjustments for: 
 

   Investment income                  6                        (233)          (121) 
 
   Finance costs                      7                      159,336        159,267 
 
   Equity-settled employee benefits  22                           -           9,324 
 
   Management fee to associate                               (9,354)             - 
 
   Foreign exchange movement                                    (20)             42 
 
                                                            (84,892)      (109,677) 
 
  Movements in working capital 
 
   Decrease in receivables                                       374          3,813 
 
   Increase/(decrease) in payables                            15,345       (53,730) 
 
Net cash used in operating                                  (69,173)      (159,594) 
activities 
 
Investing activities 
 
   Investment income                                              -              12 
 
   Mineral property exploration and                         (49,476)       (95,556) 
  evaluation 
 
   Investment                                               (12,472)             - 
 
Net cash used in investing activities                       (61,948)       (95,544) 
 
Net (decrease) in cash and cash                            (131,121)      (255,138) 
equivalents 
 
 Cash and cash equivalents at start                          137,113        392,293 
of period 
 
 Foreign exchange movement                                        20           (42) 
 
 Cash and cash equivalents at end    17                        6,012        137,113 
of period 
 
 
Company statement of cash flows 
 
                                     Notes  Year ended 31  Year ended 31 
                                               March 2019     March 2018 
 
                                                     GBP              GBP 
 
Operating activities 
 
   Loss for the period                23        (220,241)      (266,821) 
 
   Adjustments for: 
 
   Equity-settled employee benefits                    -           9,324 
 
   Finance costs                                  144,234        144,234 
 
                                                 (76,007)      (113,263) 
 
  Movements in working capital 
 
   (Increase)/decrease in                           (933)          6,987 
  receivables 
 
   Increase/(decrease) in payables                 12,356       (53,451) 
 
Net cash used in operating                       (64,584)      (159,727) 
activities 
 
Investing activities 
 
   Investments and long term loans               (64,026)       (96,564) 
 
Net cash used in investing                       (64,026)       (96,564) 
activities 
 
Net (decrease) in cash and cash                 (128,610)      (256,291) 
equivalents 
 
 Cash and cash equivalents at start               132,589        388,880 
of period 
 
 Cash and cash equivalents at end     17            3,979        132,589 
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 and at 31 
March 2019 had cash and cash equivalent reserves of GBP6,012 and net assets of GBP 
11.8 million. Immediately after the year end the group received GBP100,000 from 
Juno Limited under a long-running working capital agreement. Further funds were 
received as a result of a placing of new shares to an institution in May 2019. 
Based on the current cash reserves and the committed support of Juno, 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 and its largest shareholder 
Juno Limited to fund its working capital requirements 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 disposal 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 and 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  -  Policy applicable from 1 April 2018 
 
Initial recognition 
 
All financial assets and liabilities are initially recognised on the trade 
date; this being the date that group becomes a party to the contractual 
provisions of the instrument. 
 
All financial instruments are initially recognised at fair value plus, in the 
case of financial assets and financial liabilities not held at fair value 
through profit or loss, directly attributable transaction costs. 
 
Classification and measurement 
 
Financial assets 
 
The classification of financial instruments depends on the purpose and 
management's intention for which the financial instruments were acquired and 
their characteristics. The group classifies its financial assets in one of the 
following categories: 
 
* Amortised cost 
 
* Fair value through other comprehensive income (FVOCI) 
 
Financial assets classified and measured at amortised cost 
 
Amortised cost financial instruments are non-derivative financial assets held 
within a business model, whose objective is to collect contractual cash flows, 
on specified dates that are solely payments of principal and interest on the 
principal amount outstanding. 
 
Such financial instruments are those that are subsequently measured at 
amortised cost using the effective interest rate method, less any allowance for 
impairment based on Expected Credit Loss (ECL). Amortised cost is calculated by 
taking into account any discount or premium on acquisition and fees and costs 
that are an integral part of the financial asset. 
 
Financial assets classified as amortised cost are other receivables, deposits 
and cash and cash equivalent. Carrying value of these financial assets at 
yearend are not material to the group. 
 
Financial assets classified and measured at fair value through other 
comprehensive income "FVOCI" 
 
FVOCI financial assets are those non-derivative financial assets held within a 
business model, whose objectives are both to sell the financial assets and to 
collect contractual cash flows, on specified dates, that are solely payments of 
principal and interest on the principal amount outstanding. 
 
Financial assets that are classified as FVOCI are measured at fair value. The 
changes in fair value are recognised directly in equity with three exceptions, 
which are recognised in profit and loss: 
 
* Interest, calculated using the effective interest method; 
 
* Impairment losses; and 
 
* Foreign exchange gains and losses on monetary financial assets. 
 
When the investment is disposed of, the cumulative gain or loss previously 
recognised in equity is recognised in the statement of comprehensive income. 
 
Financial assets classified as FVOCI are unlisted shares held by the group. 
The group has made the irrevocable election at initial recognition to classify 
these investments at FVOCI. Carrying value of these financial assets at yearend 

are not material to the group 
 
Financial liabilities 
 
The group classifies all financial liabilities as other financial liabilities 
measured at amortised cost. Financial liabilities are initially recognised at 
fair value, net of directly attributable transaction costs, and are 
subsequently measured at amortised cost using the effective interest method. 
 
Financial instruments  -  Policy Applicable before 1 April 2018 
 
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 financial year has not had a material impact on the financial 
statements of the group or the company. All financial assets which were 
classified as loans and receivables and under IAS 39 are now classified as 
financial assets at amortised cost under IFRS 9 with no changes in the 
measurement of those financial assets. Financial assets which were classified 
as available for sale under IAS 39 are now classified as financial assets at 
FVOCI under IFRS9 and measured at fair value. The directors' assessment of fair 
value of these financial assets has been disclosed in note 14. No separate 
transitional note is presented because there are no adjustments as a result of 
the transition to IFRS9. 
 
IFRS 2 Share-based Payment: Amendment in relation to classification and 
measurement of share-based payment transactions 
 
IFRS 9 Financial Instruments 
 
IFRS 15 Revenue from Contracts with Customers, including the subsequent 
clarifications 
 
Annual Improvements to IFRSs (2014 - 2016) 
 
IFRIC 22 Foreign Currency Transactions and Advance Consideration 
 
Standards, amendments and interpretations in issue but not yet effective are 
tabulated below. 
 
Standards, amendments and interpretations in issue but not yet effective: 
 
                                                     Effective date 
 
Amendments to IFRS 9 Financial Instruments:          1 January 2019 
Prepayment features with negative compensation 
 
IFRS 16 Leases                                       1 January 2019 
 
Annual Improvements to IFRSs (2015 - 2017)           1 January 2019 
 
Amendment to IAS 19 Employee Benefits: Plan          1 January 2019 
amendment, curtailment or settlement 
 
Amendment to IAS 28 Investments in Associates and    1 January 2019. 
Joint Ventures: Amendment in relation to Long-term 
interests in Associates and Joint Ventures. 
 
IFRIC 23 Uncertainty over Income Tax Treatments.     1 January 2019. 
 
Amendments to IAS 1 and IAS 8: Definition of         Expected endorsement 
Material                                             date to be 1 January 
                                                     2020 
 
Amendment to IFRS 3 Business Combinations:           Expected endorsement 
Definition of a Business                             date to be 1 January 
                                                     2020 
 
Conceptual Framework (Revised) and amendments to     Expected endorsement 
related references in IFRS Standards                 date to be 1 January 
                                                     2020 
 
IFRS 17 Insurance Contracts                          Expected endorsement 
                                                     date not available 
 
The directors' impact assessment indicates that the adoption of the above 
pronouncements will have no material impact on the financial statements in the 
period of initial application other than disclosure. 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. 
 
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 exploration and evaluation assets 
and the company's investment in and loan due from the subsidiary Parys Mountain 
Mines Limited, 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. 
 
(c) The directors applied assumptions and judgement in determining the fair 
value of investments classified and measured as financial assets at FVOCI. 
These financial assets disclosed in note 14 are unquoted investments in 
companies holding mining rights. The inputs in determining fair value are taken 
from observable markets where possible, but where this is not feasible, a 
degree of judgement has been applied in establishing fair values. Judgements 
include considerations of inputs such as exploration potential, available 
market information relating to current demand, prices, economic viability and 
future financing. See note 14 for further details. 
 
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 
 
                                2019                                    2018 
 
                      UK    Sweden    Canada                  UK    Sweden    Canada     Total 
                                               Total 
 
 
                   GBP         GBP         GBP         GBP         GBP         GBP         GBP         GBP 
 
Expenses        (75,538)        -         -   (75,538)                  -         - 
                                                       (109,677)                     (109,677) 
 
Equity-settled        -         -         -         -    (9,324)        -         -    (9,324) 
employee 
benefits 
 
Investment           233        -         -        233       121        -         -        121 
income 
 
Finance costs             (15,102)        -                       (15,033)        - 
               (144,234)                     (159,336) (144,234)                     (159,267) 
 
Exchange rate         -         20        -         20      (16)      (26)        -       (42) 
loss 
 
Loss for the              (15,082)        -                       (15,059)        - 
year           (219,539)                     (234,621) (263,130)                     (278,189) 
 
 
 
 
Assets and 
liabilities 
 
                               31 March 2019                               31 March 2018 
 
                        UK     Sweden    Canada                     UK     Sweden    Canada       Total 
                                                   Total 
 
                          GBP                               GBP           GBP                               GBP 
                                GBP         GBP                                 GBP         GBP 
 
Non-current      15,494,035    97,794         1  15,591,830  15,439,055    86,659         1  15,525,715 
assets 
 
Current assets       24,149     1,078        -       25,227     155,792     1,111        -      156,903 
 
Liabilities                                  -                                           - 
                (3,543,174) (300,087)           (3,843,261) (3,378,271) (280,835)           (3,659,106) 
 
Net assets/      11,975,010                   1  11,773,796  12,216,576                   1  12,023,512 
liabilities                 (201,215)                                   (193,065) 
 
 
4    Loss before taxation 
 
The loss before taxation for the year has been arrived at 
after charging/(crediting): 
 
                                             2019         2018 
 
                                              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                       -            - 
 
Directors' remuneration                        -            - 
 
Foreign exchange movement                    (20)           42 
 
 
5    Staff costs 
 
The average monthly number of persons employed (including 
executive directors) was: 
 
                                                2019      2018 
 
Administrative                                     3         3 
 
                                                   3         3 
 
Their aggregate remuneration was:                GBP         GBP 
 
Wages and salaries                            11,175    16,425 
 
Social security costs                            431     1,422 
 
Other pension costs                               -         - 
 
                                              11,606    17,847 
 
 
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 
 
                                                    2019                       2018 
 
Loans and receivables 
                                           GBP                          GBP 
 
Interest on bank deposits                             -                          12 
 
Interest on site                                     233                        109 
re-instatement deposit 
 
                                                     233                        121 
 
 
7    Finance costs 
 
                                                    2019                       2018 
 
Loans and payables 
                                           GBP                          GBP 
 
Loan interest to Juno Limited                    144,234                    144,234 
 
Loan interest to Eurmag AB                        15,102                     15,033 
 
                                                 159,336                    159,267 
 
 
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 2019 of GBP1.3 million (2018 - GBP1.4 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 GBP12.7 million unclaimed 
and available at 31 March 2019 (2018 - GBP12.5 million). No deferred tax asset is 
recognised in respect of these allowances. 
 
                                           2019             2018 
 
                                           GBP               GBP 
 
Current tax                                  -                - 
 
Deferred tax                                 -                - 
 
Total tax                                    -                - 
 
Domestic income tax is calculated at 19% (2018 - 19%)of the 
estimated assessed profit for the year. 
 
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                     (234,621)        (278,189) 
 
Tax at the domestic income tax         (44,578)         (52,856) 
rate of 19% 
 
Tax effect of: 
 
Expenses that are not deductible             -                - 
          in determining taxable 
result: 
 
              Equity-settled                 -             1,772 
employee benefits 
 
Unrecognised deferred tax on             44,578           51,084 
losses 
 
Total tax                                    -                - 
 
 
9    Earnings per ordinary share 
 
                                          2019             2018 
 
                                          GBP                GBP 
 
Earnings 
 
Loss for the year                    (234,621)        (278,189) 
 
Number of shares 
 
Weighted average number of         177,608,051      177,608,051 
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      177,608,051 
ordinary shares 
 for the purposes of diluted 
earnings per share 
 
Basic earnings per share                (0.1)p           (0.2)p 
 
Diluted earnings per share              (0.1)p           (0.2)p 
 
 
As the group has a loss for the year ended 31 March 2019 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 2017           15,010,822 
 
Additions - site               64,856 
 
Additions - rentals &          35,463 
charges 
 
At 31 March 2018           15,111,141 
 
Additions - site               29,726 
 
Additions - rentals &          25,021 
charges 
 
At 31 March 2019           15,165,888 
 
Carrying amount 
 
Net book value 2019        15,165,888 
 
Net book value 2018        15,111,141 
 
 
Included in the additions are mining lease expenses of GBP16,626  (2018 - GBP 
11,208). 
 
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 2019. 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 US$1.25/lb; copper US$2.50/lb; lead US$0.9/lb; silver 
    US$17.50 per ounce and gold US$1275 per ounce. The exchange rate used was 
    US$1.30/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 2018 was US$1.35/GBP1.00 
and the lead price was US$1.00/lb. 
 
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 -27%, zinc price -7%, lead price -18%, 
capital expenditure +10%, operating costs +10%, the discount rate +18% (that is 
an 18% increase in the discount rate applied, not an increase of that number of 
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 2017, 2018 and  204,687    17,434     5,487   227,608 
2019 
 
Depreciation 
 
At 31 March 2017, 2018 and       -     17,434     5,487    22,921 
2019 
 
Carrying amount 
 
At 31 March 2017, 2018 and  204,687        -         -    204,687 
2019 
 
 
 
Company                    Freehold   Plant &    Office     Total 
                             land & equipment equipment 
                           property 
 
Cost                           GBP         GBP         GBP         GBP 
 
At 31 March 2017, 2018 and       -     17,434     5,487    22,921 
2019 
 
Depreciation 
 
At 31 March 2017, 2018 and       -     17,434     5,487    22,921 
2019 
 
Carrying amount 
 
At 31 March 2017, 2018 and       -         -         -         - 
2019 
 
12  Subsidiaries - company 
 
The subsidiaries of the company at 31 March 2019 and 2018 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 2017                  104,025                         14,228,552 
                                             14,124,527 
 
Advanced                              -             96,564           96,564 
 
At 31 March 2018                 104,025        14,221,091       14,325,116 
 
Advanced                              -             64,026           64,026 
 
At 31 March 2019                 104,025        14,285,117       14,389,142 
 
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 2018 and 31 March           1       86,659     86,660 
2018 
 
Change during the period             -         11,135     11,135 
 
At 31 March 2019                       1       97,794     97,795 
 
LIM 
 
The directors consider the fair value of 12% investment in LIM for the purposes 
of these accounts to be GBP1. 
 
Grangesberg 
 
The group has, through its Swedish subsidiary Angmag AB, an 8.7% ownership 
interest in GIAB (2018 - 6%), a Swedish company which holds rights over the 
Grangesberg iron ore deposits. On transition to IFRS 9, the directors assessed 
the fair value of its investment in Grangesberg, and consider the cost at the 
date of transition and at year end to approximate its fair value at these 
dates. The group has until June 2021 a right of first refusal over a further 
50.1% of the equity of GIAB together with management direction of the 
activities of GIAB, subject to certain restrictions. 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 
 
                                  2019        2018 
 
                                  GBP           GBP 
 
Site re-instatement deposit 
                             123,460     123,227 
 
 
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 
 
                                   2019        2018            2019         2018 
 
                                   GBP           GBP               GBP            GBP 
 
Other 
                              19,215      19,790        6,705        5,772 
 
 
The carrying value of the receivables approximates to their fair value. 
 
17  Cash and cash equivalents 
 
                                                Group                                     Company 
 
                                          2019                2018                    2019                 2018 
 
                                          GBP                   GBP                       GBP                    GBP 
 
Held in sterling                                        136,001                    3,979            132,589 
                              4,933 
 
Held in Canadian dollars 
                                             1  1                      -                    - 
 
Held in US dollars                                             417 
                              417                                      -                    - 
 
Held in Swedish krona                                          694 
                                        661                            -                    - 
 
                                                        137,113                    3,979            132,589 
                              6,012 
 
 
The carrying value of the cash approximates to its fair value. 
 
18  Trade and other payables 
 
                                        Group                    Company 
 
                                  2019        2018          2019        2018 
 
                                  GBP           GBP             GBP           GBP 
 
Trade payables 
                             (30,067)    (17,631)      (24,477)    (11,383) 
 
Other accruals 
                             (56,472)    (48,239)      (42,000)    (42,738) 
 
 
                             (86,539)    (65,870)      (66,477)    (54,121) 
 
 
The carrying value of the trade and other payables approximates to their fair 
value. 
 
19  Loans 
 
                                          Group                               Company 
 
                                     2019         2018                    2019                 2018 
 
                                     GBP            GBP                       GBP                    GBP 
 
Loan from Juno Limited                                        (3,406,635)          (3,262,401) 
                              (3,406,635)  (3,262,401) 
 
Loan from Eurmag AB 
                              (300,087)    (280,835)       -                    - 
 
                                                              (3,406,635)          (3,262,401) 
                              (3,706,722)  (3,543,236) 
 
 
Juno: 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: 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 
                         2018       flows    movements     2019 
 
                          GBP          GBP          GBP           GBP 
 
Loan from Juno                            -   (144,234) 
Limited               (3,262,401)                       (3,406,635) 
 
Loan from Eurmag AB                       -    (19,252)   (300,087) 
                      (280,835) 
 
                                          -   (163,486) 
                      (3,543,236)                       (3,706,722) 
 
 
The Juno loan relates to the group and company and the non cash movement 
represents accrued interest. 
 
The Eurmag loan relates to the group only and its non-cash movement includes 
accrued interest, a non-cash management fee and foreign exchange changes. 
 
20  Long term provision 
 
                                         Group 
 
                                   2019        2018 
 
                                   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 2018 and 1,776,081 177,608,051 5,510,833 137,770,835  7,286,914 
       31 March 2019 
 
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 
 
During the year all the options remaining under the 2004 Unapproved share 
option plan lapsed and the plan is now terminated. The 2014 Unapproved share 
option plan is active and 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 2014 has been 
one year. Options are forfeited if the employee leaves employment with the 
group before the options vest. No options were granted, lapsed or forfeited in 
respect of the 2014 plan during the year. 
 
                                         2019                            2018 
 
                            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 4,200,000      2.50         3.1 8,000,000     11.72 
of period 
 
 Granted during the              -         -                     -         - 
period 
 
 Forfeited during the            -         -                     -         - 
period 
 
 Exercised during the            -         -                     -         - 
period 
 
 Expired during the         700,000        -              3,800,000        - 
period 
 
 Outstanding at the end   3,500,000      2.00         2.5 4,200,000      2.50         3.1 
of the period 
 
 Exercisable at the end   3,500,000      2.00         2.5 4,200,000      2.50         3.1 
of the period 
 
There were no expenses in respect of equity-settled employee remuneration for 
the year ended 31 March 2019  (2018 - GBP9,324). 
 
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 
 
 2014 Unapproved 3,500,000   35,000   2.00p    30 September  30 September 
                                                       2017          2021 
 
 
23  Results attributable to Anglesey Mining plc 
 
The loss after taxation in the parent company amounted to GBP220,241  (2018 loss 
GBP266,821). 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 18 July 2019 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 GBP8,925 (2018 - GBP8,686) and if it were to 
move in favour of sterling by a similar amount there would be a gain of GBP10,908 
(2018 - GBP10,616). 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 GBP27,281 (2018 - GBP25,530) and if it 
were to move in favour of sterling by a similar amount there would be a loss of 
GBP33,343 (2018 - GBP31,204). 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                    Financial assets       Financial assets 
                        classified at fair    measured at amortised 
                        value through other           cost 
                       comprehensive income 
 
                        31 March    31 March   31 March   31 March 
                         2019        2018        2019       2018 
 
                          GBP           GBP          GBP          GBP 
 
 Investments               97,795      86,660         -          - 
 
 Deposit                       -           -     123,460    123,227 
 
 Other receivables             -           -      19,215     19,790 
 
 Cash and cash                 -           -       6,012    137,113 
equivalents 
 
                               -           - 
 
                           97,795      86,660    148,687    280,130 
 
                       Financial liabilities 
                       measured at amortised 
                               cost 
 
                        31 March    31 March 
                         2019        2018 
 
                          GBP           GBP 
 
 Trade payables          (30,067)    (17,631) 
 
 Other payables          (56,472)    (48,239) 
 
 Loans 
                      (3,706,722) (3,543,236) 
 
 
                      (3,793,261) (3,609,106) 
 
 
 
 
 Company 
 
                        Financial assets   Financial liabilities 
                          measured at      measured at amortised 
                        amortised cost             cost 
 
                       31 March  31 March   31 March    31 March 
                        2019      2018       2019        2018 
 
                        GBP         GBP           GBP          GBP 
 
 Other receivables        6,705     5,772          -           - 
 
 Cash and cash            3,979   132,589          -           - 
equivalents 
 
 Trade payables              -         -     (24,477)    (11,383) 
 
 Other payables              -         -     (42,000)    (42,738) 
 
 Loan                        -         - 
                                          (3,406,635) (3,262,401) 
 
                         10,684   138,361 
                                          (3,473,112) (3,316,522) 
 
 
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 31% 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 GBP300,087 at the year 
end (2018 - GBP280,835) - see note 19. During the year the group subscribed GBP 
12,472 for new shares in GIAB; other GIAB shareholders also participated in the 
share issue consequently the group's shareholding percentage was unchanged. 
 
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 GBP16,626 is payable for the year 
beginning 23 March 2018; 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. Negotiations in respect of the renewal of 
this lease have been initiated. 
 
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 
2019 - GBP17,358 between 1 April 2020 and 31 March 2025 - GBP92,344. 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 (2018 - 
nil). 
 
29  Contingent liabilities 
 
There are no contingent liabilities (2018 - nil). 
 
30  Events after the period end 
 
A loan of GBP100,000 was received from Juno Limited on 2 April 2019 under the 
terms of a working capital agreement - see notes 19 and 25. 
 
On 17 May 2019, 9,367,681 new ordinary shares, representing approximately 5.3% 
of the company's current issued share capital, were placed with an institution 
at a price of 2.135 pence per share to raise a total of GBP200,000 gross and GBP 
180,000 net. 
 
Otherwise there are no events after the period end to report. 
 
Notice of annual general meeting 
 
Notice is given that the 2019 annual general meeting of Anglesey Mining plc 
will be held at the offices of the company's lawyers, DLA Piper UK LLP, 160 
Aldersgate Street, London, EC1A 4HT on 5 September 2019 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 2019. 

 2. To approve the directors' remuneration report for the year ended 31 March 
    2019. 
 3. To approve the directors' remuneration policy in the directors' 
    remuneration report for the year ended 31 March 2019. 
 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 GBP620,000, provided that (unless previously revoked, 
varied or renewed) this authority shall expire on 31 December 2020, 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 GBP460,000 
 
and (unless previously revoked, varied or renewed) this power shall expire on 
31 December 2020, 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 
 
30 July 2019 
 
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 2 September 2019 (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 2 September 2019 (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 18 July 2019 (being the last practicable date before the 
publication of this notice), the issued share capital consists of 186,975,732 
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 18 July 2019 are 186,975,732. 
 
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 biographies 
 
John F.      Irish, aged 68, 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 
             Buchans Resources Limited, Xtierra Inc. 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 72, 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 69, 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 72, 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 75, 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 5 September 2019 
 
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     1849957 
 
Shares listed at the London Stock Exchange - LSE:AYM 
 
 
 
END 
 

(END) Dow Jones Newswires

July 31, 2019 02:00 ET (06:00 GMT)