The exploration and development company reported a £3.7mln profit, compared to a loss of £0.3mln the previous year, thanks to its 12% stake in Labrador Iron Mines Holdings Ltd. It made no revenue from its own projects.
It reported a cash balance of £891,767 at March 31, which it will use for ongoing work on the Parys Mountain project and general corporate purposes.
A Preliminary Economic Assessment (PEA) of the Parys Mountain project on the island of Anglesey indicated that a major copper-zinc-lead mine can be developed there.
During the current financial year, Anglesey Mining will start work on a Feasibility Study at Parys Mountain and update the Pre-Feasibility Study on the Grängesberg iron ore project in Sweden.
“Both the Parys Mountain project and the Grängesberg project have all the hallmarks of long life, highly cash generative mine developments,” said recently appointed chief executive Jo Battershill. “At Parys Mountain, the natural sequence of events through to a decision to mine and financing will require a Feasibility Study, including the environmental baseline studies, which we aim to commence very shortly.
“The initial steps of the study will include infill drilling to convert inferred resources within the White Rock and Engine Zones into the higher confidence indicated category and geotechnical drilling to assist with mine optimisation planning together with the provision of bulk samples for confirmatory metallurgical testwork.
“The exploration upside at the project remains significant and we very much look forward to completing a review of the historical data over the next few months and pushing ahead with further exploratory programmes.
“I am very excited about the development opportunity here at Parys Mountain with a project that will generate significant employment on Anglesey and the greater region for a generation. All of the commodities available for extraction at Parys Mountain are critical to the supply chain for the global push of decarbonisation and electrification of the economy and will remain in strong demand over the coming decades.”
Anglesey is developing its 100% owned Parys Mountain copper-zinc-lead deposit in North Wales, UK with a 2020 reported resource of 5.2 million tonnes at 4.3% combined base metals in the Indicated category