Futures higher amid U.S.-China trade talks progress - what’s moving markets
LONDON - Anglesey Mining plc reported a loss of £656,504 for the financial year ended March 31, 2025, an improvement from the £1,213,279 loss recorded in the previous year, according to the company’s annual report released Tuesday.
The UK-based mining development company secured a conditional equity financing facility of up to £2 million with American finance house Alumni Capital LP on September 25, which will require shareholders’ approval at a general meeting scheduled for October 23. The facility includes a 20-for-1 consolidation of existing ordinary shares.
Anglesey Mining, which focuses on developing mining projects in the UK and holds interests in Sweden and Canada, reported administrative costs of £450,086, down from £839,424 in the previous fiscal year. The company attributed the decrease to exceptional items that occurred in 2024.
The company’s strategy has shifted toward an incremental development approach for its wholly-owned Parys Mountain polymetallic deposit in North Wales. Management plans to utilize the existing underground mine as a pumped hydro energy storage facility, which they expect will attract third-party funding.
In August 2025, Anglesey relinquished management rights to the Grängesberg iron ore project in Sweden while maintaining its 49.8% ownership stake. The company also holds an 11.9% shareholding in Labrador Iron Mines Holdings Limited in Canada, which it intends to divest.
Cash balance stood at £44,264 as of March 31, 2025, compared to £219,685 at the end of the previous fiscal year. The company raised £635,000 through investor placings in June and September 2024, and borrowed an additional £100,000 in May 2025 for working capital purposes.
Anglesey Mining’s board underwent several changes during the year, with Rob Marsden’s appointment confirmed at the 2024 Annual General Meeting, while Jo Battershill, Namrata Verma, and Doug Hall saw changes in their director roles.
The information in this article is based on Anglesey Mining’s annual report statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.