Anglesey Mining plc reported it raised £225,000 from the exercise of warrants and managed to narrow losses during the first half of 2020 at its base and precious metals site on Parys Mountain in North Wales.
The fundraise follows a private placing in August of £200,000 to reach a total of £425,000.
In the company’s losses were £152,882 for H1 2020 compared with £156,600 during the same period in 2019.
Expenditure on the mineral property in the period were £27,827 (2019: £26,527), and net current assets at 30 September 2020 were £94,895 a rise from £13,572 at 31 March 2020.
Expenses fell to £68,439 (2019: £71,493) and cash and cash equivalents were at the end of H1 2020 £206,309 (2019: £161,59). Anglesey reported no revenue.
The company recently appointed minerals industry consultant Micon International Limited to conduct a preliminary economic assessment (PEA) at Parys Mountain. bit.ly/3gElxex
Anglesey Mining has projects include 100%-owned Parys Mountain (gold); Grangesberg Iron AB – Sweden (iron ore); 12% interest in Labrador – Canada (iron).
Optimisation studies recently completed by QME Mining Technical Services (QME) highlighted up to 10 million tonnes (Mt) of potentially mineable material at Parys Mountain. The project is also reported to have 2.1Mt at 6.9% combined base metals in the indicated category, and 4.1Mt at 5.0% in the inferred category.
Anglesey Mining has made two further cash investments into Grangesberg and now holds 20% of the company directly, together with a right of first refusal on a further 50% holding.
Chairman John F Kearney said that the company was encouraged by the positive commodity price outlook and increased investor interest over the last few months.
“We look forward to completion by Micon of the PEA on Parys Mountain, which should see that project move to the next development stage during 2021. We are also confident that both LIM’s Houston and GIAB’s Grangesberg iron ore projects will be advanced in the coming year.”
Anglesey Mining is still actively reviewing two other base metal projects.