Anglesey Mining PLC (LON:AYM) outlined the “significant progress” made at its Parys Mountain copper/zinc/lead project in Wales and its iron ore project in Sweden as it released its full-year results to end-March.
“The activities of the last 12 months continue to demonstrate that Anglesey Mining has two potentially long life, highly cash generative mine developments,” said chief executive Jo Battershill.
Pretax losses, before comprehension income from its 12% shareholding in Labrador Iron Mines, widened to £693,242 from £328,518 the previous year. It has no revenue yet.
It had cash resources of £922,177 as of end-March, but has subsequently raised £0.86mln.
During the period, it completed the first drilling programme at Parys Mountain for 12-years and started a pre-feasibility study on the Grängesberg iron ore project in Sweden.
“We expect to increase the level of activity at Parys Mountain over the next twelve months with respect to a number of the elements required for a project development,” said Battershill.
“We plan to ramp up permitting activities, including the completion of environmental and ecological studies around site, initial design work of the tailings management facility, which has already commenced, along with underground geotechnical domain modelling on the White Rock and Engine Zones.
It plans to conduct additional metallurgical testwork to identify the best pre-concentration method once final assay results from the completed drill programme are received.
Anglesey also proposes to start work on the large Northern Copper Zone, include reviewing the historical resource model and identifying areas that could be brought into the mine plan earlier than currently envisaged.
Elsewhere, the AIM-traded company announced the completion of its pre-feasibility study for Grängesberg in July.
READ: Anglesey Mining completes updated pre-feasibility study for Grängesberg, sets NPV at US$688mln
It said it plans to complete the next round of technical work on the project’s resource and reserve estimates to enable the start of a bankable feasibility study.