Anglesey Mining appoints new CEO to focus on turnaround, growth

(Alliance News) - Anglesey Mining PLC on Tuesday said it has hired Andrew Fulton as its next chief executive.

The UK-based mineral exploration and development company noted that Fulton is a chartered mining engineer.

His appointment follows an announcement earlier this month that Rob Marsden would be stepping down as CEO. At the same time, Andrew King stepped down as non-executive chair, while remaining a non-executive director, and Jim Williams took over as chair, to lead the process of appointing a CEO.

The company had attributed the changes to "the significant strategic and financial repositioning of Anglesey over the past six months".

On Tuesday, Anglesey said that Fulton "will focus on team formation and leadership, aligning technical, operational, and commercial capabilities with a strategic emphasis on due diligence, turnaround, and growth".

In parallel, the company said it has engaged Harwell, Oxfordshire-based Satellite Applications Catapult to carry out a preliminary geo-spatial analysis. The goal is to delineate volcanogenic massive sulphide extensions in and around the Anglesey's Parys Mountain site.

"This work is currently ongoing and is estimated to be completed within eight weeks," Anglesey said.

The company said it has completed the initial phase of a drone-operated aero-geophysical survey, with "encouraging" results similar to polymetallic mineralisation at Parys Mountain. These will be incorporated into a more detailed report from Satellite Applications Catapult.

Anglesey stressed that it has undergone a "pivotal" six-month period, with further GBP350,000 investment from its largest shareholder, Energold Minerals Inc, a GBP680,000 fundraise, and reduction of the company's debt, which is estimated at GBP100,000 as of Tuesday.

Chair Jim Williams commented: "Parys Mountain represents a significant copper deposit, along with other base and precious metals. With copper demand forecast to increase, there is no better time to work in parallel to expand the resource base and advance the development initiative to build a mine at Parys Mountain."

Williams continued: "We are essentially debt-free for the first time in a very long time, and maximum emphasis will now be placed on disseminating pertinent news out promptly to bring Anglesey to the forefront of the local and investor community. To support, we have appointed a financial & media relations agency, well-known within the sector."

Anglesey shares closed at 4.20 pence on Wednesday in London. The stock is down 49% over the past 12 months.

By Holly Munks, Alliance News reporter

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