Anglesey Mining (LON:AYM), which is developing the Parys mountain project in Wales, says the long term outlook for lead and zinc remains favourable, but it is a difficult time for the junior resource sector.
In its annual report for the year to end March, it noted that Parys will benefit from any improvement in the price of zinc, which will form a major part of the projected revenue stream, especially in the early years of production.
This would be followed by increasing proportions of lead and copper as mine development advances.
Operations there over the year were kept at a low level due to limited available funding, while management focused on studying the optimisation of mine development, it said.
At the Grangesberg iron project in Sweden, which was a focus, the ever more depressed iron ore market led the firm to decide not to exercise its option over a 51% interest which has now been replaced with a right of first refusal over that interest.
In Canada the operations of Labrador Iron Mines (LIM), in which Anglesey holds a 15% interest, remained suspended during 2014 due to the iron ore price.
The pre-tax loss for the year was £1.73mln, reduced from a loss of £7.17mln in 2014.
Anglesey shares fell sharply on the day to stand at 1.125p.