Business
Final Results and project update
Final Results and project update.
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n \n \n 7 September 2022 \n AIM: AYM\n \n Anglesey Mining plc\n (“Anglesey” or “the Company”)\n Anglesey Mining Financial Results and Corporate Update\n Anglesey Mining plc, the UK minerals development company, is pleased to announce the release of its full year financial results for the year ending 31 March 2022, and provide an update for investors on current activities at the Company’s Parys Mountain Cu-Zn-Pb-Ag-Au and Grängesberg iron ore projects.\n Financial and Operating Results\n \n Comprehensive loss of £2.8m in the financial year ended 31 March 2022 compared to the prior year comprehensive profit of £3.7m, with the variance primarily attributable to the mark-to-market valuation of the Company’s 12% holding in Labrador Iron Mine Holdings Limited\n Successful fund raising of £0.86m subsequent to the end of the financial period\n Completion of key operating milestones during the period, including the completion of the first drilling programme at Parys Mountain for 12-years and the commencement of the Pre-Feasibility Study on the Grängesberg Iron Ore Project in Sweden\n During the current financial year, the Company will continue to advance the technical aspects of the Parys Mountain studies and permitting activities. At the Grängesberg Iron Ore Project, the Company will be completing the next round of technical work on the resource and reserve estimates to enable the Bankable Feasibility Study to start\n \n \n Jo Battershill, the CEO & Managing Director of Anglesey Mining, commented: “The activities of the last 12 months continue to demonstrate that Anglesey Mining has two potentially long life, highly cash generative mine developments. At Parys Mountain, the first drilling in over a decade was successful in infill drilling areas of White Rock that were previously in the Inferred category and will provide a bulk sample to be used in the upcoming pre-concentration and flotation testwork. The initial design work for the Tailings Management Facility has also commenced along with many aspects of the environmental baseline studies, which we will continue to advance over the coming months. The Board continues to believe permitting of the project will help to close the valuation gap between our share price and the potential NPV of Parys Mountain. \n Recent work on evaluating the prospectivity of the large No...