TIDMAYM 
 
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 GBP156,600 (2018 GBP137,117) and the expenditures on the mineral 
property in the period were GBP26,527 compared to GBP25,755 in the comparative 
period. Net current assets at 30 September 2019 were GBP110,724 compared to 
liabilities of GBP61,312 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 Unaudited six months ended 
                                                    30 September 2019          30 September 2018 
 
All operations are continuing 
                                                       GBP                          GBP 
 
   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                         (22,397)       (21,265) 
      translation of foreign 
 holding 
 
 Total comprehensive loss for the               (178,997)      (158,382) 
period 
 
 
All attributable to equity holders of the company 
 
Unaudited condensed consolidated statement of financial position 
 
                                     Notes   Unaudited 30     Audited 31 
                                           September 2019     March 2019 
 
 
                                                 GBP              GBP 
 
Assets 
 
   Non-current assets 
 
   Mineral property exploration and   9        15,192,415     15,165,888 
  evaluation 
 
   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 Unaudited six months ended 
                                                    30 September 2019          30 September 2018 
 
 
                                                       GBP                          GBP 
 
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                                     (4,733)                      1,812 
  receivables 
 
   (Decrease)/increase in payables                            (7,751)                        694 
 
Net cash used in operating                                   (83,977)                   (54,971) 
activities 
 
Investing activities 
 
   Mineral property exploration and                          (30,487)                   (24,632) 
  evaluation 
 
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                             270,024                         - 
activities 
 
Net increase/(decrease) in cash and cash                      155,560                   (79,603) 
equivalents 
 
 Cash and cash equivalents at start                             6,012                    137,113 
of period 
 
 Foreign exchange movement                                         23                         27 
 
 Cash and cash equivalents at end                             161,595                     57,537 
of period 
 
 
All attributable to equity holders of the company 
 
Unaudited condensed consolidated statement of changes in group equity 
 
                           Share      Share     Currency    Retained     Total 
                          capital   premium   translation   losses        GBP 
                             GBP         GBP        reserve        GBP 
                                                   GBP 
 
Equity at 1 April 2019 - 7,286,914 10,171,986    (57,116)             11,773,796 
audited                                                   (5,627,988) 
 
Total comprehensive 
       income for the 
period: 
 
Exchange difference on          -          -     (22,397)          -    (22,397) 
     translation of 
foreign holding 
 
Loss for the period             -          -           -    (156,600)  (156,600) 
 
Total comprehensive             -          -     (22,397)   (156,600)  (178,997) 
       income for the 
period 
 
Shares issued               93,677    106,323          -           -     200,000 
 
Share issue expenses            -    (30,000)          -           -    (30,000) 
 
Equity at                7,380,591 10,248,309    (79,513)             11,764,799 
30 September 2019 -                                       (5,784,588) 
unaudited 
 
Comparative period 
 
Equity at 1 April 2018 - 7,286,914 10,171,986    (42,021)             12,023,512 
audited                                                   (5,393,367) 
 
Total comprehensive 
       income for the 
period: 
 
Exchange difference on          -          -     (21,265)          -    (21,265) 
     translation of 
foreign holding 
 
Loss for the period             -          -           -    (137,117)  (137,117) 
 
Total comprehensive             -          -     (21,265)   (137,117)  (158,382) 
       income for the 
period 
 
Equity at                7,286,914 10,171,986    (63,286)             11,865,130 
30 September 2018 -                                       (5,530,484) 
unaudited 
 
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:          1 January 2019 
Prepayment features with negative compensation 
 
IFRS 16 Leases                                       1 January 2019 
 
Annual Improvements to IFRSs (2015 - 2017)           1 January 2019 
 
Amendment to IAS 19 Employee Benefits: Plan          1 January 2019 
amendment, curtailment or settlement 
 
Amendment to IAS 28 Investments in Associates and    1 January 2019. 
Joint Ventures: Amendment in relation to Long-term 
interests in Associates and Joint Ventures. 
 
IFRIC 23 Uncertainty over Income Tax Treatments.     1 January 2019. 
 
Amendments to IAS 1 and IAS 8: Definition of         Expected endorsement 
Material                                             date to be 1 January 
                                                     2020 
 
Amendment to IFRS 3 Business Combinations:           Expected endorsement 
Definition of a Business                             date to be 1 January 
                                                     2020 
 
Conceptual Framework (Revised) and amendments to     Expected endorsement 
related references in IFRS Standards                 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 GBP0.157 million (loss to 30 September 2018 GBP0.137m), 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 -   Canada - 
                                     investment investment   Total 
 
 
                              GBP          GBP          GBP          GBP 
 
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 -   Canada - 
                                     investment investment   Total 
 
 
                              GBP          GBP          GBP          GBP 
 
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     Canada 
                                investment investment    Total 
 
                              GBP                                 GBP 
                                    GBP          GBP 
 
Non current assets   15,520,623     97,794          1  15,618,418 
 
Current assets          184,486      1,119         -      185,605 
 
Liabilities                      (330,660)         - 
                    (3,708,564)                       (4,039,224) 
 
Net assets/          11,996,545  (231,747)          1  11,764,799 
(liabilities) 
 
                                Audited 31 March 2019 
 
                            UK      Sweden     Canada       Total 
                                investment investment 
 
                              GBP                                 GBP 
                                    GBP          GBP 
 
Non current assets   15,494,035     97,794          1  15,591,830 
 
Current assets           24,149      1,078         -       25,227 
 
Liabilities                      (300,087)        - 
                    (3,543,174)                       (3,843,261) 
 
Net assets/          11,975,010  (201,215)          1  11,773,796 
(liabilities) 
 
8.  Deferred tax 
 
There is an unrecognised deferred tax asset of GBP1.3 million (31 March 2019 - GBP 
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 GBP12.5 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 GBP26,527 was incurred (six months 
to 30 September 2018 - GBP25,755). There have been no indicators of impairment 
during the period. 
 
10.  Investments 
 
                                Labrador  Grangesberg 
                                                       Total 
 
                                       GBP       GBP               GBP 
 
 
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 GBP1. 
 
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       Deferred shares      Total 
                                    of 1p                  of 4p 
 
Issued and             Nominal  Number       Nominal      Number    Nominal 
fully paid             value GBP               value GBP                value GBP 
 
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       Financial assets 
                        classified at fair    measured at amortised 
                        value through other           cost 
                       comprehensive income 
 
                           30       31 March      30      31 March 
                       September     2019     September     2019 
                         2019                    2019 
 
                          GBP           GBP          GBP         GBP 
 
 Investments               97,795      97,795         -          - 
 
 Deposit                       -           -     123,521    123,460 
 
 Other receivables             -           -      24,010     19,215 
 
 Cash and cash                 -           -     161,595      6,012 
equivalents 
 
                               -           - 
 
                           97,795      97,795    309,126    148,687 
 
                       Financial liabilities 
                       measured at amortised 
                               cost 
 
                           30       31 March 
                       September     2019 
                         2019 
 
                          GBP           GBP 
 
 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. 
 
 
 
END 
 

(END) Dow Jones Newswires

December 13, 2019 02:00 ET (07:00 GMT)

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