Report Out -11 Dec 2020 07:28
Share Issue and Financings
In August we reported on a private placing that raised £200,000. Associated with that placing was the issue of a matching number of warrants and I am pleased to report that these warrants have all now been exercised raising an additional £225,000, for a total of £425,000. The support shown by the new incoming investors has been most welcome and the Company’s share price has moved forward substantially from below 2p a share at the time of the placing. We believe that this demonstrates increasing support from the market and that investors are beginning to recognise the value and potential of Anglesey’s assets.
Parys Mountain
At the beginning of October, we awarded a contract to Micon International Limited (Micon) to prepare a Preliminary Economic Assessment Report (PEA) on the Parys Mountain copper, zinc, lead, gold and silver project located on the island of Anglesey in North Wales. This PEA follows on from the optimisation studies carried out by QME Mining Technical Services during the last two years and will utilise the outcomes from the QME studies, including capital and operating cost estimates as well as the up to 10 million tonnes of potentially mineable material identified by QME. We hope that the PEA will confirm a mining and production plan at a higher daily throughput and over a longer total production life than demonstrated in Micon’s 2017 Scoping Study. This should lead to improved financial forecasts for the Parys Mountain project from those generated in 2017.
Micon has made good progress with this PEA and we expect to be in a position to release details of Micon’s findings before or just after the Christmas break.
Sign In
Follow the stocks
