Business
Half yearly report for the six months to 30 S...
Anglesey Mining plc reported a loss of £334,699 for the six months ended 30 September 2025, compared to a loss of £311,052 in the prior year, with no revenue generated in either period. The company has advanced its conceptual study for a high-density fluid hydro-power energy storage project at Parys Mountain, which shows a positive standalone business case and is synergistic with potential mining operations. Significant developments include the termination of management rights over Grangesberg Iron AB, a debt reduction of approximately £4 million through an exchange of its interest in GIAB and Labrador Iron Mines Holdings Limited for debt elimination with Energold Minerals Inc., and Energold's provision of £350,000 in funding through warrants. Net current liabilities increased to £370,085 from £182,582. Disclaimer*
About this update from Anglesey Mining Plc
[{"type":"text","content":"\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Chairman’s Statement and Management Report\n \n \n \n During the half year period, we were pleased to publish a conceptual study of a high-density fluid hydro-power energy storage project at the mine. \n \n \n The findings of the conceptual study led to the commencement of a pre-feasibility study (PFS) in the energy storage scheme and we have published the proposed operational methodology and revenue streams associated with the project in terms of both Long Duration Energy Storge (LDES) and how that might be the catalyst for the commencement of mining of the Parys Mountain VMS mineral deposits.\n \n \n Our investigations show there is a positive business case for the energy project on a standalone basis, that the risks identified thus far can be reasonably overcome or mitigated. Elements of the energy storage project scope, for example: the de-watering and refitting of the Morris shaft for material and personnel hoisting, the dewatering of the workings emanating from the Morris shaft 280m below the surface, the upgrading of the power-line to site, the on-going environmental and social studies and the deployment of impact avoidance, mitigation and compensation strategies, are each synergistic with the first steps of establishing a modern underground mine on Parys Mountain.\n \n \n It is an essential and clear intent of the energy project that Anglesey Mining retains all the optionality that it currently has for the construction and commissioning of an underground mine, and that the hydro energy pumped storage project should not detract from those options over the medium and long term.\n \n \n In the period to the 30\n th\n September 2025, we unfortunately had to announce the termination of our management rights and obligations over Grangesberg Iron AB (GIAB). Under a shareholders’ agreement our 100% owned subsidiary, Angmag AB, and therefore Anglesey Mining, had management rights with the ability to appoint the majority of the Board of GIAB. The Agreement had an initial term of 10 years from 28 May 2014, extendable on a year-to-year basis, unless terminated on one year’s notice. On 28 May 2024, Eurmag AB, which holds the remaining 50.2% of GIAB, gave notice of termination of the Agreement.\n \n \n As at 31 December 2024, GIAB had loans outsta...