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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Anglesey Mining Plc | LSE:AYM | London | Ordinary Share | GB0000320472 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.05 | -3.57% | 1.35 | 1.30 | 1.40 | 1.40 | 1.35 | 1.40 | 369,412 | 11:25:03 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Metal Mining Services | 0 | -961k | -0.0023 | -5.87 | 5.67M |
TIDMAYM Half yearly report for the six months to 30 September 2023 Chairman's Statement and Management Report During the reporting period significant advances were made at the company's key asset, Parys Mountain, with the following developments: · Submission of the Pre-Application Inquiry to the North Wales Mineral Planning Authority and hosting an on-site hearing for over 20 statutory consultee groups. · Further resource update work for the Morfa Dhu zone (White Rock and Engine Zone) with 93% of the contained resources now being in the Measured and Indicated categories. · Commencement of confirmatory metallurgical test work and pre-concentration trade-off with 340kg of Morfa Dhu material sent to Grinding Solutions Limited. Preliminary results were received subsequent to the end of the period with overall recoveries either in-line or better than those received from previous test work. · Detailing the planned drilling programme for the Northern Copper Zone, the first drilling of this high potential area since 1972. Drilling recommenced in October 2023 and the first hole was completed on 11 December at a depth of 635 metres. Visual logging of the core suggests two zones of sulphide mineralisation were intersected with the Northern Copper Zone interpreted to be between 351 - 540 metres and a second zone, potentially the Garth Daniel Zone, between 560 - 586 metres (all downhole depths). As expected, the interpreted Northern Copper Zone has varying levels of sulphide accumulation. The lower zone of sulphide accumulation between 560 - 586 metres demonstrates areas with very high levels of chalcopyrite. A first batch of samples will be dispatched to the assay laboratory prior to Christmas with results expected in Q1 2024. Progress at the 49.75% owned Grängesberg iron ore project in Sweden included ongoing discussions with potential development partners and the commencement of planning for the environmental baseline gap analysis with a locally based consulting group, as was recommended in the Pre-Feasibility Study Update. Board of Directors and Management Following the resignation of Jo Battershill and the results of the annual general meeting held in late October 2023 the company is actively engaged in the search for a new Chief Executive Officer and Non-Executive Chairman. We are very pleased that Jo Battershill has agreed to remain on the board as a non-executive director. Financial The group had no revenue for the period. The loss for the six months to 30 September 2023 was £604,787 (2022 comparative period £468,656) and expenditure on the mineral properties in the period was £174,748 compared to £320,887 in the same period in 2022. This reduction was primarily due to a cessation in Parys Mountain drilling activity. Net current assets as at 30 September 2023 were £711,635 compared to £86,781 as at 31 March 2023 with the increase being due to equity private placements in May and July 2023, which raised a total of £1.5 million to fund current operations. Summary We continue to firmly believe that Anglesey Mining is in a good position to advance its two key assets at Parys Mountain and Grängesberg over the next year. At Parys Mountain, drilling of the Northern Copper Zone is expected to generate strong results leading to the conversion of significant areas of the resource from the Inferred category through into the higher confidence Indicated category. From a development study perspective, it is important that the Northern Copper Zone is upgraded to the Indicated resource category as this will allow the incorporation of this zone into any potential mineral reserve. Metallurgical test work will also be required on the Northern Copper Zone to confirm the +93% recoveries demonstrated by the original test work completed in 1969 at the Lakefield Plant in Ontario, Canada. As suggested in the initial review of the Northern Copper Zone in 2022, we believe that the system could be significantly larger than currently modelled, although this will require additional drilling to test prospective areas. At Grängesberg, we continue to explore options to advance the project. This initially requires finalising some of the recommendations from the preliminary feasibility study update, including baseline studies for the environmental impact assessment and updating the mining reserve to include some improvements to the proposed mine plan. We are also exploring a number of options to optimise the ownership structure of Grängesberg Iron AB following our acquisition of an additional 29.8% stake in February 2023. Outlook Persistent global uncertainties and difficult financial markets have resulted in challenging conditions in which to operate. However, we continue to be encouraged by growing investor interest in Anglesey Mining which was demonstrated by the successful raising of £1.5 million during the reporting period. We believe that investors are finally recognising the progress made over the last two years after a period of relative inactivity. Over the course of the next year, we look forward to advancing the Parys Mountain project and to optimising the ownership and potential of the Grängesberg iron ore project. In closing, on behalf of the board of directors, I would like to thank our shareholders for their ongoing support, and to confirm that I remain very confident that the assets held by Anglesey Mining will deliver significant value as they continue to be progressed over the next year. Andrew King Interim Chairman 19 December 2023 Unaudited condensed consolidated income statement Notes Unaudited six months ended Unaudited six months ended 30 September 2023 30 September 2022 All operations £ £ are continuing Revenue - - Expenses (476,872) (388,972) Equity-settled (24,572) - employee benefits Investment 800 20 income Finance costs (104,296) (79,789) Foreign exchange 153 85 movement Loss (604,787) (468,656) before tax Taxation 8 - - Loss for 7 (604,787) (468,656) the period Loss per share Basic - pence (0.2)p (0.2)p per share Diluted - pence . (0.2)p (0.2)p per share Unaudited condensed consolidated statement of comprehensive income Loss for the period (604,787) (468,656) Other comprehensive income Items that may subsequently be reclassified to profit or loss: Change in fair value of investment (155,557) (176,428) Foreign currency translation reserve 8,021 4,967 Total comprehensive loss for the period (752,323) (640,117) All attributable to equity holders of the company Unaudited condensed consolidated statement of financial position Notes 30 September 31 March 2023 2023 £ £ Assets Non-current assets Mineral property 9 16,346,569 16,171,821 exploration and evaluation Property, plant and 204,687 204,687 equipment Investments 10 1,877,628 2,033,185 Deposit 124,586 124,586 18,553,470 18,534,279 Current assets Other receivables 53,354 49,635 Cash and cash 941,208 247,134 equivalents 994,562 296,769 Total assets 19,548,032 18,831,048 Liabilities Current liabilities Trade and other (282,927) (209,988) payables (282,927) (209,988) Net current assets 711,635 86,781 Non-current liabilities Loans (3,813,430) (4,194,721) Long term provision (50,000) (50,000) (3,863,430) (4,244,721) Total (4,146,357) (4,454,709) liabilities Net assets 15,401,675 14,376,339 Equity Share capital 11 9,711,764 8,463,039 Share premium 12,948,103 12,443,741 Currency translation (64,117) (72,138) reserve Retained losses (7,194,075) (6,458,303) Total 15,401,675 14,376,339 shareholders' funds All attributable to equity holders of the company Unaudited condensed consolidated statement of cash flows Notes Unaudited six months ended Unaudited six months ended 30 September 2023 30 September 2022 £ £ Operating activities Loss for the period (604,787) (468,656) Adjustments for: Investment income (800) (20) Finance costs 104,296 79,789 Equity-settled 24,572 - employee benefits Shares issued in lieu 50,000 - of salary Foreign exchange (153) (85) movement (426,872) (388,972) Movements in working capital
(Increase) in (3,719) (18,375) receivables Increase/(decrease) 58,774 (131,982) in payables Net cash (371,817) (539,329) used in operating activities Investing activities Investment income 800 - Mineral property (165,062) (355,542) exploration and evaluation Net cash (164,262) (355,542) used in investing activities Financing activities Issue of share 1,380,000 797,951 capital Loan repayment (150,000) (78,345) Net cash 1,230,000 719,606 generated from financing activities Net 693,921 (175,265) increase/(de crease) in cash and cash equivalents Cash and 247,134 922,177 cash equivalents at start of period Foreign 153 85 exchange movement Cash and 941,208 746,997 cash equivalents at end of period All attributable to equity holders of the company Unaudited condensed consolidated statement of changes in group equity Share Share Currency Retained Total capital premium translation losses £ £ £ reserve £ £ Equity at 1 April 8,463,039 12,443,741 (72,138) (6,458,303) 14,376,339 2023 - audited Total comprehensive loss for the period: Loss for the - - - (604,787) (604,787) period Change in fair - - - (155,557) (155,557) value of investment Exchange - - 8,021 - 8,021 difference on translation of foreign holding Total - - 8,021 (760,344) (752,323) comprehensive loss for the period Shares issued 1,248,725 624,362 - - 1,873,087 Share issue - (120,000) - - (120,000) expenses Equity at 9,711,764 12,948,103 (64,117) (7,194,075) 15,401,675 30 September 2023 - unaudited Comparative period Equity at 1 April 7,991,541 11,453,789 (84,926) (5,040,074) 14,320,330 2022 - audited Total comprehensive loss for the period: Loss for the - - - (468,656) (468,656) period Change in fair - - - (176,428) (176,428) value of investment Exchange - - 4,967 - 4,967 difference on translation of foreign holding Total - - 4,967 (645,084) (640,117) comprehensive loss for the period Shares issued 326,050 780,020 - - 1,106,070 Share issue - (80,965) - - (80,965) expenses Equity at 8,317,591 12,152,844 (79,959) (5,685,158) 14,705,318 30 September 2022 - unaudited All attributable to equity holders of the company Notes to the accounts 1. Basis of preparation This half-yearly financial report comprises the unaudited condensed consolidated financial statements of the group for the six months ended 30 September 2023. It has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority, the requirements of IAS 34 - Interim financial reporting (as adopted by the UK) and using the going concern basis. The directors are not aware of any events or circumstances which would make this inappropriate. It does not constitute financial statements within the meaning of section 434 of the Companies Act 2006 and does not include all of the information and disclosures required for annual financial statements. It should be read in conjunction with the annual report and financial statements for the year ended 31 March 2023 which is available on request from the company or may be viewed at www.angleseymining.co.uk/accounts. The financial information contained in this report in respect of the year ended 31 March 2023 has been extracted from the report and financial statements for that year which have been filed with the Registrar of Companies. The report of the auditors on those accounts did not contain a statement under section 498(2) or (3) of the Companies Act 2006 and was not qualified. The half-yearly results for the current and comparative periods have not been audited or reviewed by the company's auditor. 2. Significant accounting policies The accounting policies applied in these unaudited condensed consolidated financial statements are consistent with those set out in the annual report and financial statements for the year ended 31 March 2023. There are no new standards, amendments to standards or interpretations that are expected to have a material impact on the group's results. The group has not applied certain new standards, amendments and interpretations to existing standards that have been issued but are not yet effective. They are either not expected to have a material effect on the consolidated financial statements or they are not currently relevant for the group. 3. Risks and uncertainties The principal risks and uncertainties set out in the group's annual report and financial statements for the year ended 31 March 2023 remain the same for this half-yearly period. They can be summarised as: development risks in respect of mineral properties, especially in respect of permitting and metal prices; liquidity risks during development; and foreign exchange risks. More information is to be found in the 2023 annual report - see note 1 above. 4. Statement of directors' responsibilities The directors confirm to the best of their knowledge that: (a) the unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of IAS 34 Interim financial reporting (as adopted by the UK); and (b) the interim management report includes a fair review of the information required by the FCA's Disclosure and Transparency Rules (4.2.7 R and 4.2.8 R). This report and financial statements were approved by the board on 19 December 2023 and authorised for issue on behalf of the board by Andrew King, interim chairman and Jo Battershill, chief executive officer. 5. Activities The group is engaged in mineral property development and currently has no turnover. There are no minority interests or exceptional items. 6. Earnings per share The loss per share is computed by dividing the loss attributable to ordinary shareholders of £0.6 million by 406 million - the weighted average number of ordinary shares in issue during the period. The comparative figures were a loss to 30 September 2022 of £0.47m divided by 282 million shares. However where there are losses the effect of outstanding share options is not dilutive. 7. Business and geographical segments There are no trading revenues. The cost of all activities charged in the income statement relates to exploration and evaluation of mining properties. The group's income statement and assets and liabilities are analysed as follows by geographical segments, which is the basis on which information is reported to the board. Income statement analysis Unaudited six months ended 30 September 2023 UK Sweden - Canada - investment Total investment £ £ £ £ Expenses (476,872) - - (476,872) Equity settled (24,572) - - (24,572) employee benefits Investment 800 - - 800 income Finance costs (99,231) (5,065) - (104,296) Exchange rate - 153 - 153 movements Loss for the (599,875) (4,912) - (604,787) period Unaudited six months ended 30 September 2022 UK Sweden - Canada - investment Total investment £ £ £ £ Expenses (388,972) - - (388,972) Equity settled - - - - employee benefits Investment 20 - - 20 income Finance costs (74,356) (5,433) - (79,789) Exchange rate - 85 - 85 movements Loss for the (463,308) (5,348) - (468,656) period Assets and liabilities ` Unaudited 30 September 2023 UK Sweden investment Canada investment Total £ £ £ £ Non current 16,675,842 633,170 1,244,458 18,553,470 assets Current 993,244 1,318 - 994,562 assets Liabilities (3,821,291) (325,066) - (4,146,357) Net 13,847,795 309,422 1,244,458 15,401,675 assets/(liabil ities)
Audited 31 March 2023 UK Sweden investment Canada investment Total £ £ £ £ Non current 16,501,094 633,170 1,400,015 18,534,279 assets Current 295,560 1,209 - 296,769 assets Liabilities (4,122,208) (332,501) - (4,454,709) Net 12,674,446 301,878 1,400,015 14,376,339 assets/(liabil ities) 8. Deferred tax There is an unrecognised deferred tax asset of £1.6 million (31 March 2023 - £1.6m) which, in view of the group's results, is not considered to be recoverable in the short term. There are also capital allowances, including mineral extraction allowances, exceeding £13.7 million (unchanged from 31 March 2023) unclaimed and available. No deferred tax asset is recognised in the condensed financial statements. 9. Mineral property exploration and evaluation costs Mineral property exploration and evaluation costs incurred by the group are carried in the unaudited condensed consolidated financial statements at cost, less an impairment provision if appropriate. The recovery of these costs is dependent upon the successful development and operation of the Parys Mountain project which is itself conditional on finance being available to fund such development. During the period expenditure of £174,748 was incurred (six months to 30 September 2022 - £320,887). There have been no indicators of impairment during the period. 10. Investments Labrador Grangesberg Total £ £ £ At 1 April 2022 1,914,185 110,157 2,024,342 Net change during the period (514,170) 523,013 8,843 At 31 March 2023 1,400,015 633,170 2,033,185 Net change during the period (155,557) - (155,557) At 30 September 2023 1,244,458 633,170 1,877,628 Labrador - Canada The group has an investment in Labrador Iron Mines Holdings Limited, (LIM) a Canadian company which is carried at fair value through other comprehensive income. The group's holding of 19,289,100 shares in LIM (12% of LIM's total issued shares) is valued at the closing price traded on the OTC Markets in the United States. In the directors' assessment this market is sufficiently active to give the best measure of fair value, which on 30 September 2023 was 10 US cents per share. As at the 13 December 2023 the share price was 5.5 US cents per share. Grängesberg - Sweden The group has, through its Swedish subsidiary Angmag AB, a 49.75% ownership interest in Grängesberg Iron AB an unquoted Swedish company (GIAB) which holds rights over the Grängesberg iron ore deposits. Under a shareholders' agreement, Angmag has a reciprocal right of first refusal over the remaining 50.25% of the equity of GIAB, together with management direction of the activities of GIAB subject to certain restrictions. The shareholders' agreement has an initial term of 10 years from 28 May 2014, extendable on a year-to-year basis, unless terminated on one year's notice. The directors assessed the fair value of the investment in Grängesberg under IFRS 9 and consider the investment's value at 30 September 2023 to be £633,170. 11. Share capital Deferred shares of 4p Total Ordinary shares of 1p Issued and Nominal Number Nominal Number Nominal fully paid value £ value £ value £ At 1 April 2,480,708 248,070,732 5,510,833 137,770,835 7,991,541 2022 Issued in 471,498 47,149,816 - - 471,498 the period At 31 2,952,206 295,220,548 5,510,833 137,770,835 8,463,039 March 2023 Issued in 1,248,725 124,872,469 - - 1,248,725 the period At 30 4,200,931 420,093,017 5,510,833 137,770,835 9,711,764 September 2023 The deferred shares are non-voting, have no entitlement to dividends and have negligible rights to return of capital on a winding up. On 16 May 2023 a placing of 66,666,659 new ordinary shares was made at 1.5 pence per share to several institutions and two of the directors, to raise a total of £1,000,000. At the same time Juno converted part of its loan, at the issue price, into 14,589,149 new ordinary shares and a bonus payment of £50,000 was made in shares, again at the same price. On 31 July 2023 a placing of 33,333,329 new ordinary shares was made at 1.5 pence per share to several institutions, to raise a total of £500,000. At the same time Juno converted part of its loan, at the issue price, into 6,950,000 new ordinary shares. 12. Financial instruments Group Financial Financial assets assets classified at measured fair value at through other amortised comprehensive cost income 30 September 31 March 2023 30 31 March 2023 September 2023 2023 £ £ £ £ Financial assets Investments 1,877,628 2,033,185 - - Deposit - - 124,586 124,586 Other - - 53,354 49,635 receivables Cash and - - 941,208 247,134 cash equivalents 1,877,628 2,033,185 1,119,148 421,355 Financial liabilities measured at amortised cost 30 September 31 March 2023 2023 £ £ Trade (141,485) (94,796) payables Other (141,442) (115,192) payables Loans (3,813,430) (4,194,721) (4,096,357) (4,404,709) 13. Events after the reporting period At the AGM held on 27 October 2023 the chairman, John Kearney, was not re -elected to the board and consequently ceased to be chairman and a director from that date. Non-executive director Andrew King was appointed Interim Chairman in his place. Danesh Varma resigned as financial director on 14 November 2023. 14. Related party transactions Juno Limited Juno Limited (Juno) which is registered in Bermuda held approximately 20% of the company's issued ordinary share capital during the period. The group has an Investor Agreement with Juno under which Juno agreed to participate in any future equity financing, at the same price per share and on the same terms as other arm's-length participants, to maintain its percentage, with the subscription price to be satisfied by the conversion and consequent reduction of debt and the company agreed to pay Juno in cash ten percent of the net proceeds of such equity financing in further reduction of the debt. In addition, Juno has certain nomination and reporting rights, including the right to nominate two directors to the board, so long as Juno holds at least 20% of the company's outstanding shares and one director so long as Juno holds at least 10% of the company's outstanding shares. The family interests of Danesh Varma have a significant shareholding in Juno. Following the share issues of May and July 2023, 21,539,148 shares and 10,769,573 warrants over shares were issued to Juno and the consequently debt due to Juno was reduced by £323,087. In addition, cash repayments of £150,000 were made in the period. All this was in conformity with the Investor Agreement. Since the period end the company has been notified that Juno has sold 100% of its shareholding in the company. Grangesberg John Kearney and Danesh Varma, as nominees of the company, are directors of Grangesberg Iron AB. Danesh Varma has been associated with the Grängesberg project since 2007 when he became a director of Mikula Mining Limited, a company subsequently renamed Eurang Limited, previously involved in the Grängesberg project. He did not take part in the decision to enter into the Grängesberg project when this was approved by the board in 2014. The group has a liability to Eurang Limited, amounting to £325,066 as at 30 September 2023. There are no other contracts of significance in which any director has or had during the year a material interest. Anglesey Mining plc Directors Andrew KingInterim chairman Jo BattershillChief executive Namrata Verma Non executive Registered office address - Parys Mountain, Amlwch, Anglesey, LL68 9RE Phone 01407 831275 Email mail@angleseymining.co.uk London office Suite S1, The Old Church, 89B Quicks Road, Wimbledon, London SW19 1EX RegistrarsLink Group, 29 Wellington Street, Leeds, LS1 4DL Share dealing phone 0371 664 0445 Helpline phone 0371 664 0300 Company registered number 01849957 Web sitewww.angleseymining.co.uk Shares listed AIM - AYM For further information, please contact: Anglesey Mining plc Jo Battershill, Chief Executive - Tel: +44 (0)7540 366000 Davy Nominated Adviser & Joint Corporate Broker Brian Garrahy / Daragh O'Reilly - Tel: +353 1 679 6363 WH Ireland Joint Corporate Broker Katy Mitchell / Harry Ansell - Tel: +44 (0) 207 220 1666 LEI: 213800X8BO8EK2B4HQ71 This information was brought to you by Cision http://news.cision.com The following files are available for download: https://mb.cision.com/Main/22377/3896177/2503553.pdf Anglesey Interim report 2023
(END) Dow Jones Newswires
December 19, 2023 07:02 ET (12:02 GMT)
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