Anglesey Mining plc
Half yearly report for the six months
to 30 September 2019
Chairman’s Statement and Management
Report
In late 2018 Anglesey signed a Project Development and
Cooperation Agreement with QME Mining Technical Services, a
division of QME Ltd an Irish mining contractor, to carry out an
agreed programme of design, engineering and optimisation studies
relating to the future development of the Parys Mountain zinc,
copper lead project, located on the island of Anglesey in
Wales and significant progress
continues to be made with very encouraging results.
As reported in our 2018 Annual Report, published in July 2019, QME first completed detailed reviews
of mine development capital and mine operating costs of the basic
mine plan, using their extensive experience in mine development in
Ireland and throughout
Europe, and identified the
potential for improvements in the development plans contained in
the Scoping Study completed by Micon International Limited and
Fairport Engineering Limited in 2017.
The QME studies indicated that the Parys Mountain project can be
improved if the potential mineable tonnage can be increased by
using a lower cut-off grade and generating a revised mine
development plan. More recent studies by QME have suggested that
there is significant potential for the inclusion of inferred
resources from other zones into an updated Scoping Study or
Feasibility Study
Higher tonnage available for
mining
The QME work suggests that at a production cut-off of
$48 per tonne, approximately 5.25
million tonnes in situ within the designed stoping blocks would be
available within the White Rock
and Engine Zones for consideration in a detailed life-of-mine
schedule. This 5.25 million tonnes is substantially higher than the
mineable tonnage of 2.1 million tonnes used in the 2017 Scoping
Study. It is important to note that QME made no changes to the
underlying resource estimates which were calculated by Micon in
2012. However, it does have to be noted that by reducing the
cut-off, the grade of material that would be delivered to the mill
would be lower overall than that used in the 2017 scoping
study.
Potential inclusion of inferred
resources in other zones
The revised production plan generated by QME was initially
limited to just the White Rock and
Upper Engine Zones, on the same basis as used by Micon in the 2017
Scoping Study. As an extension of this initial process, QME have
now reviewed all of the inferred resources originally reported by
Micon in deposits other than White
Rock and Upper Engine zones. These other areas are the Lower
Engine, Garth Daniel and Northern
Copper zones. These zones are located within an area of
approximately 1.3 km east-west and 370 metres north-south and lie
immediately to the northeast of the White
Rock and Engine zones, at depths from 180 metres to 620
metres below surface which is roughly consistent with though a
little deeper than the indicated resources in the Engine Zone.
QME reported that a first-pass estimation has identified 5.5
million tonnes of currently modelled inferred resources that could
be considered for inclusion in a second-pass of detailed design.
This 5.5 million tonnes is defined as the sum of the mining-scale
units associated with the ‘Lower Engine Zone’, the ‘Garth Daniel
Zone’ and the ‘Northern Copper Zone’, above a cut-off of
$48/t (Base-Case Prices), with no
mining factors applied, and represents 35% of the global inferred
resource, which at 0% cut-off had been previously estimated by
Micon as 15.6 million tonnes.
It should be noted that the cut-off used of $48/t has been derived from the break-even point
estimated for the White Rock and
Engine zones and therefore is an iterative guide only at this stage
and may not be totally applicable to these other zones.
The second pass of design work by QME is ongoing with completion
scheduled for the end of 2019. However, the same two-pass design
system was used on the White-Rock
and Engine Zones and resulted in conversion rate of 83.5% between
the first and second passes. Should the same conversion rate be
found then it is possible to envisage a total of approximately 4.6
million tonnes of inferred resources, undiluted, in the ‘Lower
Engine Zone’, the ‘Garth Daniel Zone’ and the ‘Northern Copper
Zone’, being considered for inclusion in a life-of-mine schedule.
The potential 4.6 million tonnes of inferred resources in these
additional zones would be in addition to the 5.25 million tonnes
previously estimated for the White
Rock and Engine Zones. That is to say a total of potentially
mineable resources in excess of 10 million tonnes, in all
categories, across five zones at Parys Mountain.
Longer potential mine life or higher
production rate
We have long believed that the potential for the Parys Mountain
site was far greater than that developed from the code-consistent
indicated resources. It is Anglesey’s opinion that the potentially
mineable mineralisation that has been identified by QME’ s work is
an indication of the overall prospectivity of the Parys Mountain
project and of the potential for demonstrating five deposits or
zones with combined resources in the range of 10 million
tonnes.
Whilst the inclusion of inferred material does not meet the
strict criteria for inclusion into reserve definitions under the
applicable codes and as generally accepted for feasibility studies
by banks for loan evaluation purposes, it is believed that for the
purposes of the current QME exercise such a process will give good
guidance for future development planning purposes. The inferred
resources are targets for future exploration drilling and it is
uncertain if future drilling will result in the deposits being
delineated as mineable resources.
To bring some if not all off this additional material to a
compliant level will require significant additional exploration, to
be followed by analysis and calculations by a certified Competent
Person. Some of that work can be carried out by surface diamond
drilling but much would be more efficiently explored by drilling
from underground locations sited closer to the target blocks.
Using the updated QME 2019 block model, there is an opportunity
to develop a new mineable block model for the White Rock and Engine zones by re-defining the
mining shapes and the stoping plan, followed by a new development
plan and schedule.
If a mining plan was developed using this lower cut-off grade,
then at a constant 1,000 tonnes per day mill throughput rate as
used in the 2017 Scoping Study, the project life for the
White Rock and Engine zones would
be significantly extended from the initial eight years indicated in
the Scoping Study to a mine life of approximately 18 years.
In addition, should we be able to positively report a total
compliant figure somewhere around this 10 million tonnes, and from
the QME work to date we are of the opinion that such a target is
well founded on the current drill intercepts, then the mine plan
including annual production rates and life of mine would be
significantly enhanced.
The economic trade-off between a longer mine life and reduced
head-grade will need to be further studied to determine what, if
any, would be the net financial benefit. It will then likely
require further studies to determine if there is an ‘optimum’
cut-off grade that maximises the financial returns.
Iron Ore
The iron ore market in the first half of 2019 was characterized
by significant supply disruptions, particularly in Brazil and Australia, which caused a rapid rise in the
iron ore price. After beginning 2019 at US$70 per tonne (62% Fe CFR China basis), the
price rose to a 5 year high of US$126/tonne in early July. The price has
subsequently come back to around US$90/tonne range, where it is expected to remain
for the balance of 2019.
The weaker price in the second half of 2019 is thought to be due
to a declining outlook for global steel demand resulting from
expectations of a slowing world economy due to the impact of
protectionist-oriented global trade tensions. As iron ore is the
main steelmaking ingredient, any decline in anticipated steel
production has a direct impact on iron ore demand.
The premium for higher grade material at 65% Fe and particularly
for 68% Fe continues to increase, which could ultimately be very
beneficial for the Grangesberg project and for Labrador’s Elizabeth
project.
Grangesberg - Sweden
Anglesey continues to manage the Grangesberg iron ore project in
Central Sweden. Site activities
have been kept at a low level but the continuing support of premium
iron prices for the premium product that Grangesberg would produce
have encouraged us to seek out alternative development strategies
to move the project forward.
We believe that the superior geographic location of the
Grangesberg deposit and its projected premium product specification
could enable such alternative approaches to be beneficial for the
group in the coming periods.
Labrador - Canada
The group continues to hold a 12% interest in Labrador Iron
Mines Holdings Limited (LIM) which owns extensive iron ore
resources and facilities in the Schefferville area of Labrador and Quebec in Canada.
LIM holds measured and indicated direct shipping mineral
resources of approximately 55 million tonnes at an average grade of
56.8%. In addition, LIM holds the Elizabeth Taconite Project, which
has current inferred mineral resource estimated of 620 million
tonnes at an average grade of 31.8% Fe. Elizabeth represents an
opportunity to develop a major new taconite operation in the
Schefferville region of the
Labrador Trough which would produce a high-grade saleable iron ore
product, which would attract premium prices in the current iron ore
market. These resources are kept on a stand-by care and maintenance
basis and subject to financing are positioned to resume operations
as soon as economic conditions warrant.
LIM’s former James Mine and the Silver Yards processing facility
have been in a progressive reclamation since the termination of
mining at the James Mine in 2014. LIM has now substantially
completed its environmental regulatory requirements, which
principally relate to rehabilitation of the former James Mine, the
Silver Yards processing site and related infrastructure. In the
summer of 2019, LIM conducted a field exploration program on 13 of
its mineral licences located in Labrador. This was the first exploration
program undertaken in a number of years.
Operations
As always, we have kept our corporate and operating costs at the
lowest level consistent with maintaining our assets in good order.
We will continue this policy going forward but there will
inevitably be some increase in costs as project development
activities increase. In the short term this will likely need to be
funded by additional but relatively small equity issues.
Financial results
The group had no revenue for the period. The loss for the six
months to 30 September 2019 was
£156,600 (2018 £137,117) and the expenditures on the mineral
property in the period were £26,527 compared to £25,755 in the
comparative period. Net current assets at 30
September 2019 were £110,724 compared to liabilities of
£61,312 at 31 March 2019. Further
funding will be required for continuing expenses as well as the
maintenance and development of the group’s mineral properties.
Completion of the QME Study will continue to be carried out at no
cost to Anglesey.
Outlook
Whilst there has been some short-term instability in commodity
prices during the second half of 2019, we still believe that
ultimately the fundaments of supply and demand will override the
near-term problems created by the China-US trade wars, and we also
remain encouraged by the ongoing support for iron ore prices.
The Agreement with QME has seen the development of a substantial
amount of work on mine planning and project optimisation on the
Parys Mountain project at no cost to Anglesey and at no dilution to
Anglesey’s current shareholders. The QME studies have indicated
that the Parys Mountain project can be greatly enhanced if the
potential mineable tonnage can be increased by using a lower
cut-off grade, by the upgrade and inclusion of inferred resources
and by generating a revised mine development plan.
We remain very positive about the prospects for the company as a
result of the latest QME studies. It should be emphasised that this
optimisation work will have to be supported by an updated scoping
study or pre-feasibility study. If eventually supported, then the
size and life of the Parys Mountain mine would be company changing.
We do recognise that much remains to be done and that additional
funds, and possibly industry partners, will be required to enable
the project to reach its true potential, but the possibilities are
there.
We continue to review the development opportunities for our iron
ore projects, albeit with inherent complexities resulting from the
fluctuating commodity price. We are also actively reviewing some
other opportunities for Anglesey in base metal projects in
favourable geopolitical environments and will advance these where
possible.
We would like to thank shareholders for their continued interest
in the company.
John F Kearney
Chairman
12th December 2019
Unaudited condensed consolidated
income statement
|
|
Notes |
Unaudited six months ended 30 September 2019 |
Unaudited six months ended 30 September 2018 |
All
operations are continuing |
|
£ |
£ |
|
Revenue |
|
- |
- |
|
Expenses |
|
(71,493) |
(57,477) |
|
Equity-settled
employee benefits |
|
- |
- |
|
Investment
income |
|
60 |
52 |
|
Finance
costs |
|
(85,190) |
(79,719) |
|
Foreign exchange
movement |
|
23 |
27 |
|
|
|
|
|
Loss before tax |
|
(156,600) |
(137,117) |
|
|
|
|
|
|
Taxation |
8 |
- |
- |
|
|
|
|
|
Loss for the period |
7 |
(156,600) |
(137,117) |
|
|
|
|
|
|
Loss per
share |
|
|
|
|
Basic - pence
per share |
|
(0.1)p |
(0.1)p |
|
Diluted - pence
per share |
|
(0.1)p |
(0.1)p |
|
|
|
|
|
Unaudited condensed consolidated
statement of comprehensive income
Loss for the period |
|
(156,600) |
(137,117) |
|
|
Other comprehensive
income |
|
|
|
|
|
Items
that may subsequently be reclassified to profit or loss: |
|
|
|
Exchange
difference on
translation of foreign holding |
|
(22,397) |
(21,265) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss for the period |
|
(178,997) |
(158,382) |
|
|
|
|
|
|
|
All attributable to equity holders of the company
Unaudited condensed consolidated
statement of financial position
|
|
Notes |
Unaudited 30 September 2019 |
Audited 31 March 2019 |
|
|
|
£ |
£ |
Assets |
|
|
|
|
Non-current
assets |
|
|
|
|
Mineral property
exploration and evaluation |
9 |
15,192,415 |
15,165,888 |
|
Property, plant
and equipment |
|
204,687 |
204,687 |
|
Investments |
10 |
97,795 |
97,795 |
|
Deposit |
|
123,521 |
123,460 |
|
|
|
|
|
|
|
|
15,618,418 |
15,591,830 |
|
|
|
|
|
|
Current
assets |
|
|
|
|
Other
receivables |
|
24,010 |
19,215 |
|
Cash and cash
equivalents |
|
161,595 |
6,012 |
|
|
|
|
|
|
|
|
185,605 |
25,227 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
15,804,023 |
15,617,057 |
|
|
|
|
|
Liabilities |
|
|
|
|
Current
liabilities |
|
|
|
|
Trade and other
payables |
|
(74,881) |
(86,539) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(74,881) |
(86,539) |
|
|
|
|
|
|
Net current
assets/(liabilities) |
|
110,724 |
(61,312) |
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
Loans |
|
(3,914,343) |
(3,706,722) |
|
Long term
provision |
|
(50,000) |
(50,000) |
|
|
|
|
|
|
|
|
(3,964,343) |
(3,756,722) |
|
|
|
|
|
Total liabilities |
|
(4,039,224) |
(3,843,261) |
|
|
|
|
|
|
|
|
|
|
Net assets |
|
11,764,799 |
11,773,796 |
|
|
|
|
|
Equity |
|
|
|
|
Share
capital |
11 |
7,380,591 |
7,286,914 |
|
Share
premium |
|
10,248,309 |
10,171,986 |
|
Currency
translation reserve |
|
(79,513) |
(57,116) |
|
Retained
losses |
|
(5,784,588) |
(5,627,988) |
|
|
|
|
|
|
|
|
|
|
Total
shareholders' funds |
|
11,764,799 |
11,773,796 |
|
|
|
|
|
All attributable to equity holders of the company
Unaudited condensed consolidated
statement of cash flows
|
|
Notes |
Unaudited six months ended 30 September 2019 |
Unaudited six months ended 30 September 2018 |
|
|
|
£ |
£ |
Operating activities |
|
|
|
|
Loss for the
period |
|
(156,600) |
(137,117) |
|
Adjustments
for: |
|
|
|
|
Investment
income |
|
(60) |
(52) |
|
Finance
costs |
|
85,190 |
79,719 |
|
Foreign exchange
movement |
|
(23) |
(27) |
|
|
|
|
|
|
|
|
(71,493) |
(57,477) |
|
Movements in
working capital |
|
|
|
|
(Increase)/decrease in receivables |
|
(4,733) |
1,812 |
|
(Decrease)/increase in payables |
|
(7,751) |
694 |
|
|
|
|
|
Net
cash used in operating activities |
|
(83,977) |
(54,971) |
|
|
|
|
|
Investing activities |
|
|
|
|
Mineral property
exploration and evaluation |
|
(30,487) |
(24,632) |
|
|
|
|
|
Net
cash used in investing activities |
(30,487) |
(24,632) |
|
|
|
|
|
Financing activities |
|
|
|
|
Issue of share
capital |
|
170,000 |
- |
|
Loan
received |
|
100,000 |
- |
|
Currency
translation changes |
|
24 |
- |
|
|
|
|
|
Net
cash generated from financing activities |
|
270,024 |
- |
|
|
|
|
|
Net
increase/(decrease) in cash and cash equivalents |
155,560 |
(79,603) |
Cash
and cash equivalents at start of period |
|
6,012 |
137,113 |
Foreign exchange movement |
|
23 |
27 |
|
|
|
|
|
Cash and cash equivalents at end of period |
|
161,595 |
57,537 |
|
|
|
|
|
All attributable to equity holders of the company
Unaudited condensed consolidated
statement of changes in group equity
|
Share
capital
£ |
Share
premium
£ |
Currency translation reserve
£ |
Retained losses
£ |
Total
£ |
Equity at 1 April 2019
- audited |
7,286,914 |
10,171,986 |
(57,116) |
(5,627,988) |
11,773,796 |
Total
comprehensive
income for the period: |
|
|
|
|
|
Exchange difference
on
translation of foreign holding |
- |
- |
(22,397) |
- |
(22,397) |
Loss for the
period |
- |
- |
- |
(156,600) |
(156,600) |
Total
comprehensive
income for the period |
- |
- |
(22,397) |
(156,600) |
(178,997) |
|
|
|
|
|
|
Shares issued |
93,677 |
106,323 |
- |
- |
200,000 |
Share issue
expenses |
- |
(30,000) |
- |
- |
(30,000) |
|
|
|
|
|
|
Equity at
30 September 2019 - unaudited |
7,380,591 |
10,248,309 |
(79,513) |
(5,784,588) |
11,764,799 |
|
|
|
|
|
|
Comparative
period |
|
|
|
|
|
Equity at 1 April 2018
- audited |
7,286,914 |
10,171,986 |
(42,021) |
(5,393,367) |
12,023,512 |
|
|
|
|
|
|
Total
comprehensive
income for the period: |
|
|
|
|
|
Exchange difference
on
translation of foreign holding |
- |
- |
(21,265) |
- |
(21,265) |
Loss for the
period |
- |
- |
- |
(137,117) |
(137,117) |
Total
comprehensive
income for the period |
- |
- |
(21,265) |
(137,117) |
(158,382) |
|
|
|
|
|
|
Equity at
30 September 2018 - unaudited |
7,286,914 |
10,171,986 |
(63,286) |
(5,530,484) |
11,865,130 |
All attributable to equity holders of the company
Notes to the accounts
1. Basis of preparation
This half-yearly financial report comprises the unaudited
condensed consolidated financial statements of the group for the
six months ended 30 September 2019.
It has been prepared in accordance with the Disclosure and
Transparency Rules of the Financial Conduct Authority, the
requirements of IAS 34 - Interim financial reporting (as adopted by
the European Union) and using the going concern basis. The
directors are not aware of any events or circumstances which would
make this inappropriate. It was approved by the board of directors
on 12 December 2019. It does not
constitute financial statements within the meaning of section 434
of the Companies Act 2006 and does not include all of the
information and disclosures required for annual financial
statements. It should be read in conjunction with the annual report
and financial statements for the year ended 31 March 2019 which is available on request from
the company or may be viewed at www.angleseymining.co.uk.
The financial information contained in this report in respect of
the year ended 31 March 2019 has been
extracted from the report and financial statements for that year
which have been filed with the Registrar of Companies. The report
of the auditors on those accounts did not contain a statement under
section 498(2) or (3) of the Companies Act 2006 and was not
qualified. The half-yearly results for the current and comparative
periods have not been audited or reviewed.
2. Significant accounting policies
The accounting policies applied in these unaudited condensed
consolidated financial statements are consistent with those set out
in the annual report and financial statements for the year ended
31 March 2019.
New accounting standards
Standards, amendments and
interpretations adopted in the current financial year:
The adoption of the following standards, amendments and
interpretations in the current financial year has not had a
material impact on the financial statements of the group or the
company. All financial assets which were classified as loans and
receivables and under IAS 39 are now classified as financial assets
at amortised cost under IFRS 9 with no changes in the measurement
of those financial assets. Financial assets which were classified
as available for sale under IAS 39 are now classified as financial
assets at FVOCI under IFRS9 and measured at fair value. The
directors’ assessment of fair value of these financial assets has
been disclosed in note 14. No separate transitional note is
presented because there are no adjustments as a result of the
transition to IFRS9.
IFRS 2 Share-based Payment: Amendment in relation to
classification and measurement of share-based payment
transactions
IFRS 9 Financial Instruments
IFRS 15 Revenue from Contracts with Customers, including the
subsequent clarifications
Annual Improvements to IFRSs (2014 -
2016)
IFRIC 22 Foreign Currency Transactions and Advance
Consideration
Standards, amendments and
interpretations in issue but not yet effective:
|
Effective date |
Amendments to IFRS 9 Financial
Instruments: Prepayment features with negative compensation |
1 January 2019 |
IFRS 16 Leases |
1 January 2019 |
Annual Improvements to IFRSs (2015 -
2017) |
1 January 2019 |
Amendment to IAS 19 Employee
Benefits: Plan amendment, curtailment or settlement |
1 January 2019 |
Amendment to IAS 28 Investments in
Associates and Joint Ventures: Amendment in relation to Long-term
interests in Associates and Joint Ventures. |
1 January 2019. |
IFRIC 23 Uncertainty over Income Tax
Treatments. |
1 January 2019. |
Amendments to IAS 1 and IAS 8:
Definition of Material |
Expected endorsement date to be 1
January 2020 |
Amendment to IFRS 3 Business
Combinations: Definition of a Business |
Expected endorsement date to be 1
January 2020 |
Conceptual Framework (Revised) and
amendments to related references in IFRS Standards |
Expected endorsement date to be 1
January 2020 |
IFRS 17 Insurance Contracts |
Expected endorsement date not
available |
The directors’ impact assessment indicates that the adoption of
the above pronouncements will have no material impact on the
financial statements in the period of initial application other
than disclosure. The directors have not yet fully assessed the
impact IFRS16 on these financial statements but believe that since
the group is a lessee in respect of mineral leases only, the
standard will not be applicable to the group’s financial
statements.
There have been no other new or revised International Financial
Reporting Standards, International Accounting Standards or
Interpretations that are in effect since that last annual report
that have a material impact on the financial statements.
3. Risks and uncertainties
The principal risks and uncertainties set out in the group's
annual report and financial statements for the year ended
31 March 2019 remain the same for
this half-yearly financial report and can be summarised as:
development risks in respect of mineral properties, especially in
respect of permitting and metal prices; liquidity risks during
development; and foreign exchange risks. More information is to be
found in the 2019 annual report – see note 1 above.
4. Statement of directors' responsibilities
The directors confirm to the best of their knowledge that: (a)
the unaudited condensed consolidated financial statements have been
prepared in accordance with the requirements of IAS 34 Interim
financial reporting (as adopted by the European Union); and (b) the
interim management report includes a fair review of the information
required by the FCA's Disclosure and Transparency Rules (4.2.7 R
and 4.2.8 R). This report and financial statements were approved by
the board on 12 December 2019 and
authorised for issue on behalf of the board by Bill Hooley, chief executive officer and
Danesh Varma, finance director.
5. Activities
The group is engaged in mineral property development and
currently has no turnover. There are no minority interests or
exceptional items.
6. Earnings per share
The loss per share is computed by dividing the loss attributable
to ordinary shareholders of £0.157 million (loss to 30 September 2018 £0.137m), by 184,569,825 (2018
– 177,608,051) - the weighted average number of ordinary shares in
issue during the period. Where there are losses the effect of
outstanding share options is not dilutive.
7. Business and geographical segments
There are no revenues. The cost of all activities charged in the
income statement relates to exploration and development of mining
properties. The group's income statement and assets and liabilities
are analysed as follows by geographical segments, which is the
basis on which information is reported to the board.
Income statement analysis
|
|
|
|
|
|
|
Unaudited six months ended 30 September 2019 |
|
|
UK |
Sweden
- investment |
Canada
- investment |
Total |
|
|
£ |
£ |
£ |
£ |
|
Expenses |
(71,493) |
- |
- |
(71,493) |
|
Investment income |
60 |
- |
- |
60 |
|
Finance costs |
(77,048) |
(8,142) |
- |
(85,190) |
|
Exchange rate
movements |
- |
23 |
- |
23 |
|
|
|
|
|
|
|
Loss for the
period |
(148,481) |
(8,119) |
- |
(156,600) |
|
|
|
|
|
|
|
Unaudited six months ended 30 September 2018 |
|
UK |
Sweden
- investment |
Canada
- investment |
Total |
|
£ |
£ |
£ |
£ |
Expenses |
(57,477) |
- |
- |
(57,477) |
Investment income |
52 |
- |
- |
52 |
Finance costs |
(72,117) |
(7,602) |
- |
(79,719) |
Exchange rate
movements |
- |
27 |
- |
27 |
|
|
|
|
|
Loss for the
period |
(129,542) |
(7,575) |
- |
(137,117) |
Assets and liabilities
` |
30 September 2019 |
|
UK |
Sweden
investment |
Canada
investment |
Total |
|
£ |
£ |
£ |
£ |
Non current
assets |
15,520,623 |
97,794 |
1 |
15,618,418 |
Current assets |
184,486 |
1,119 |
- |
185,605 |
Liabilities |
(3,708,564) |
(330,660) |
- |
(4,039,224) |
|
|
|
|
|
Net
assets/(liabilities) |
11,996,545 |
(231,747) |
1 |
11,764,799 |
|
|
|
|
|
|
Audited 31 March 2019 |
|
UK |
Sweden
investment |
Canada
investment |
Total |
|
£ |
£ |
£ |
£ |
Non current
assets |
15,494,035 |
97,794 |
1 |
15,591,830 |
Current assets |
24,149 |
1,078 |
- |
25,227 |
Liabilities |
(3,543,174) |
(300,087) |
-
|
(3,843,261) |
|
|
|
|
|
Net
assets/(liabilities) |
11,975,010 |
(201,215) |
1 |
11,773,796 |
8. Deferred tax
There is an unrecognised deferred tax asset of £1.3 million
(31 March 2019 - £1.3m) which, in
view of the group's results, is not considered to be recoverable in
the short term. There are also capital allowances, including
mineral extraction allowances, exceeding £12.5 million (unchanged
from 31 March 2019) unclaimed and
available. No deferred tax asset is recognised in the condensed
financial statements.
9. Mineral property exploration and evaluation costs
Mineral property exploration and evaluation costs incurred by
the group are carried in the unaudited condensed consolidated
financial statements at cost, less an impairment provision if
appropriate. The recovery of these costs is dependent upon the
successful development and operation of the Parys Mountain project
which is itself conditional on finance being available to fund such
development. During the period expenditure of £26,527 was incurred
(six months to 30 September 2018 -
£25,755). There have been no indicators of impairment during the
period.
10. Investments
|
Labrador |
Grangesberg |
Total |
|
£ |
£ |
£ |
At 1 April
2018 |
1 |
86,659 |
86,660 |
Change during the
period |
- |
11,135 |
11,135 |
At 31 March
2019 |
1 |
97,794 |
97,795 |
Change during the
period |
- |
- |
- |
|
|
|
|
At 30 September
2019 |
1 |
97,794 |
97,795 |
|
|
|
|
Labrador: The
group’s investment is classified as ‘unquoted’ and is held at a
nominal value of £1.
Grangesberg: The group has an 8.7% (unchanged from
31 March 2019) holding in Grangesberg
Iron AB (an unquoted Swedish company) and a right of first refusal
over shares amounting to a further 51% of that company. This
investment has been initially recognised and subsequently measured
at cost, on the basis that the shares are not quoted and a reliable
fair value is not able to be estimated.
11. Share capital
|
Ordinary shares of
1p |
Deferred shares of
4p |
Total |
|
Issued and
fully paid |
Nominal
value £ |
Number |
Nominal
value £ |
Number |
Nominal
value £ |
|
|
|
|
|
|
|
|
At 1 April 2019 |
1,776,081 |
177,608,051 |
5,510,833 |
137,770,835 |
7,286,914 |
|
Issued in the
period |
93,677 |
9,367,681 |
|
|
93,677 |
|
|
|
|
|
|
|
|
At 30 September
2019 |
1,869,758 |
186,975,732 |
5,510,833 |
137,770,835 |
7,380,591 |
|
|
|
|
|
|
|
|
12. Financial instruments
Group |
Financial assets classified at fair value through
other comprehensive income |
Financial assets measured at amortised
cost |
|
30 September 2019 |
31 March 2019 |
30 September 2019 |
31 March 2019 |
|
£ |
£ |
£ |
£ |
Investments |
97,795 |
97,795 |
- |
- |
Deposit |
- |
- |
123,521 |
123,460 |
Other
receivables |
- |
- |
24,010 |
19,215 |
Cash and cash
equivalents |
- |
- |
161,595 |
6,012 |
|
- |
- |
|
|
|
97,795 |
97,795 |
309,126 |
148,687 |
|
|
|
|
|
|
Financial liabilities measured at amortised
cost |
|
|
|
30 September 2019 |
31 March 2019 |
|
|
|
£ |
£ |
|
|
Trade
payables |
(21,202) |
(30,067) |
|
|
Other
payables |
(53,679) |
(56,472) |
|
|
Loans |
(3,914,343) |
(3,706,722) |
|
|
|
|
|
|
|
|
(3,989,224) |
(3,793,261) |
|
|
|
|
|
|
|
13. Events after the reporting period
None.
14. Related party transactions
None.
Anglesey Mining plc
Directors:
John
Kearney
Chairman
Bill
Hooley
Chief executive
Danesh Varma
Finance director
David
Lean
Non executive (retired 5 September
2019)
Howard Miller
Non executive
Parys Mountain site: Parys Mountain,
Amlwch, Anglesey, LL68 9RE Phone 01407 831275
London office: Painter's Hall Chambers, 8
Little Trinity Lane, London, EC4V
2AN Phone 020 7062 3782
Registered office: Tower Bridge
House, St. Katharine's Way, London, E1W 1DD
Web site:
www.angleseymining.co.uk
E-mail: mail@angleseymining.co.uk
Shares listed on the London Stock
Exchange -
LSE:AYM
Company registration number 1849957
Share registrars: Link Asset
Services www.linkassetservices.com
Share dealing phone 0871 664
0445 Helpline phone 0871 664 0300
Calls cost 12p per minute plus your
phone company’s access charge. If you are outside the United Kingdom, please call +44 371 664 0300.
Calls outside the United Kingdom
will be charged at the applicable international rate. Lines are
open between 9.00am and 5.30pm,
Monday to Friday excluding public holidays in England and Wales.