Anglesey Mining PLC - mining company with interests in projects in Wales, Sweden and Canada - Reports a widened pretax loss of GBP328,518 in its financial year ended March 31, from a GBP304,510 loss a year earlier. Swings to total comprehensive profit of GBP3.7 million in the same period from a GBP327,860 comprehensive loss, due to unrealised gains of GBP4.1 million relating to the change in fair value of its investments. Notes no revenue in its recent financial year, in line with financial 2020. Holds cash resources of GBP892,000 and assets worth GBP15.3 million at the end of March.
Seeks financing worth USD99 million, or around GBP72 million, to develop the Parys Mountain project on the island of Anglesey, North Wales. Says its preliminary economic assessment indicates potential for a major copper-zinc-lead mine at the Parys Mountain site, which would produce "very positive" financial returns. Plans to carry out further technical studies - including a diamond drilling programmes and collection of drill core samples - to increase investor confidence in the potential of the area. Also plans to collect further environmental base-line data to secure planning permission for mine at the site.
Current stock price: 4.10 pence, up 11% on Wednesday morning
Year-to-date change: down 37%
By Scarlett Butler; scarlettbutler@alliancenews.com
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Anglesey Mining (AYM)