17th Sep 2026 16:46
(Alliance News) - Anglesey Mining PLC on Thursday reported a swing to profit during "a significant period of change".
Its stock rose 3.2% to 7.23 pence on Thursday afternoon in London.
The Anglesey, Wales-based mineral exploration and development company remained non-revenue-generating in the year ended March 31.
Total expenses increased to GBP505,848 from GBP450,086 the year before.
Pretax profit was GBP2.1 million, compared with a GBP656,504 loss for the previous year.
This included a GBP2.9 million gain on extinguishment of debt, after the firm reached a restructuring agreement with Energold Minerals Inc, under which Energold irrevocably released Anglesey from all obligations arising under the Energold loan and Juno investment agreements.
Anglesey's cash and equivalents totalled GBP629,594 at March 31, up from GBP44,264 one year prior.
"The year...marked a significant period of change for Anglesey," commented Executive Chair Jim Williams.
"Following the restructuring completed during the year, Anglesey's sole focus is now the advancement of the 100%-owned Parys Mountain Project. The project represents the United Kingdom's largest and most advanced undeveloped polymetallic mineral resource, containing copper, zinc, lead, silver and gold within a volcanogenic massive sulphide system.
"The strategic importance of these metals continues to grow, as in recent times, successive UK government initiatives have highlighted the importance of strengthening domestic capability in the supply of critical and strategically important minerals.
"Against this backdrop, Parys Mountain represents a rare opportunity to advance a substantial UK mineral project with an established resource base, long-standing planning permissions associated with historic mine development and significant potential for future expansion."
Going forward, Williams said the firm's main priority is advancing the Parys Mountain asset.
"While significant technical, regulatory and financing milestones remain to be achieved before any development decision can be taken, the board believes that the combination of an established resource base, substantial exploration upside and a focused development strategy provide a strong platform for creating long-term value for shareholders and other stakeholders," he added.
By Emma Curzon, Alliance News reporter
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