Anglesey Mining PLC (AIM:AYM) said it is making “significant progress” at its Parys Mountain copper-zinc-lead project and its iron ore projects in Sweden and Canada.
"At Parys Mountain, the ongoing work programmes including a mineral resource update for the White Rock and Engine Zones, additional metallurgical testwork and environmental studies will continue to advance the project through the production studies and permitting phases.
"Additionally, the initial review of the Northern Copper Zone suggests that the system could be significantly larger than currently modelled, although this will require additional drilling to test prospective areas.
At Grängesberg, in Sweden, advancing the project to a Bankable Feasibility Study remains the priority Anglesey said, adding that despite global uncertainties and weak financial markets, it is “encouraged by growing investor interest.”
"We also believe that the commodity price outlook remains positive due to the ongoing decarbonisation of the global economy, combined with renewed growth in China," it said with demand for commodities set to increase while supply remains low.
“Over the course of the next year, we look forward to advancing both Parys Mountain and Grängesberg through the planned work programmes and demonstrating the underlying values to both existing and potential shareholders.”
At the end of September 2022, the group said it had a cash position of £746,997 compared to £206,309 for the same period a year earlier. Losses over the six months were £469,000.