Anglesey Mining reports narrower half-year loss
By Josh White
Date: Wednesday 18 Dec 2024
(Sharecast News) - Anglesey Mining reported a reduced loss of £0.31m for the six months ended 30 September on Wednesday, narrowing from £0.6m in the prior year.
The AIM-traded company generated no revenue during the period, with spending on its mineral properties falling to £0.13m from £0.17m, reflecting a reduction in drilling activity at the Parys Mountain project.
It completed two equity placings during the half-year, raising £0.64m to support ongoing development work and general working capital.
As of the end of September, net current assets stood at £63,149, a marked improvement from net current liabilities of £135,745 at the end of March.
At its flagship Parys Mountain copper-zinc-lead-silver-gold deposit in North Wales, Anglesey reported positive assay results from its Northern Copper Zone (NCZ) drilling programme, which identified high-grade copper intersections within broad mineralised zones.
The results highlighted potential upside beyond the five-million-tonne resource outlined in the project's 2021 preliminary economic assessment.
A key milestone was achieved with the submission of the Parys Mountain Mine environmental impact assessment (EIA) scoping report in July.
The board said the document, part of the initial phase of the EIA process, outlined the project's potential environmental impacts.
Post-period responses to the scoping report were received from statutory and specialist consultees, aligning broadly with the company's expectations.
Formal feedback from the planning authority was now being awaited.
The addition of zinc to the UK critical minerals list was also noted as a significant positive for the Parys Mountain resource, which contains over 200,000 tonnes of zinc.
Governance changes included the May appointment of Rob Marsden as chief executive officer, and of Doug Hall as a non-executive director in December.
The company also accepted the resignations of Namrata Verma and Jo Battershill during the period.
Looking ahead, Anglesey said it was planning to advance the Parys Mountain planning application while seeking to optimise the ownership structure and value of its Grängesberg iron ore project in Sweden.
The company said it remained focussed on securing funding to support those efforts in a challenging market environment.
At 0850 GMT, shares in Anglesey Mining were down 13.51% at 0.8p.
Reporting by Josh White for Sharecast.com.
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