Parys Mountain Investment Case

Anglesey Mining PLC

03 August 2026

 

3 August 2026

Anglesey Mining plc

("Anglesey" or the "Company")

Parys Mountain: A Historical Mining Asset and a Platform for the Future

Why a UK advanced brownfield copper project matters in a market defined by the UK's security of supply

Anglesey Mining plc (AIM: AYM), the UK-based mineral exploration and development company and the 100% owner of the Parys Mountain Cu-Zn-Pb-Ag-Au VMS project in Anglesey, North Wales, today outlines the investment case for Parys Mountain, the primary focus for Anglesey and one of the UK's most advanced brownfield mine development opportunities.

Parys Mountain is not merely an exploration project; it has been built on decades of investment in geology, engineering, metallurgy, infrastructure and permitting. Under renewed leadership, the Company's strategy is to build on those foundations, further reduce development risk and unlock the significant value already within the asset.

What defines Anglesey & Parys Mountain:

 

·    An advanced, well-established asset - over 70km of drilling across 359 diamond drill holes supports a JORC-compliant Mineral Resource exceeding 16 million tonnes (1.3 Mt Measured, 4.0 Mt Indicated and 10.8 Mt Inferred) of copper, zinc, lead, silver and gold - one of the UK's largest undeveloped polymetallic VMS deposits, open along strike and at depth, particularly within the Northern Copper Zone.

·    Metallurgically de-risked - multiple testwork phases, including continuous pilot-plant operation on approximately 2,000 tonnes of Run-of-Mine ("ROM") bulk sample, confirm that conventional differential flotation produces separate marketable copper, lead and zinc concentrates; modern technology offers further upside in recoveries and pre-concentration.

·    Infrastructure already in place - a 300m deep production shaft, approximately 1km of underground development, road access, grid electricity, water supply and proximity to the deep-water Port of Holyhead materially reduce future capital requirements and execution risk.

·    A recapitalised and restructured company in a stronger economic market - approximately £4 million debt eliminated over the past year and a complete refocus on Parys Mountain as the sole strategic asset. The Company has undertaken an internal review of the assumptions underpinning the 2021 Preliminary Economic Assessment ("PEA"), which indicates that stronger commodity prices have the potential to improve project economics despite inflationary pressures.

·    Strategically timed - the UK Government's Critical Minerals Strategy (the "Strategy"), published in November 2025, identifies zinc as a UK Critical Mineral and copper as a Growth Mineral, while targeting 10% of the UK's overall critical mineral demand to be met through domestic production by 2035. The Strategy specifically highlights copper-zinc exploration in Anglesey, while UK copper demand is forecast to almost double, reinforcing the strategic importance of secure domestic supplies

A Defined Resource with District-Scale Upside

Parys Mountain has been mined intermittently since the Early Bronze Age, with the key phase occurring in the 18^th Century when it became Europe's premier copper producer, a mine whose output was significant enough to influence the global copper price.  Parys Mountain copper was used to clad the hulls of the Royal Navy to deter organic growth. Decades of diamond drilling have defined one of the country's largest undeveloped polymetallic volcanogenic massive sulphide deposits, delivering an exceptional dataset and a strong platform for future resource growth. The resulting JORC-compliant Mineral Resource exceeds 16 million tonnes and carries significant copper, zinc, lead, silver and gold.

The resource provides the foundation for mine development while leaving considerable exploration upside. Mineralisation remains open along strike and at depth, particularly within the Northern Copper Zone, offering clear opportunities to increase both the scale and confidence of the Mineral Resource. Importantly, Anglesey controls the key mineral rights and land required for the future development of Parys Mountain, together with additional leased ground covering known resource and prospective exploration targets. This gives the Company control not only of today's Mineral Resource, but also significant potential for future resource growth and exploration success.

Advanced Metallurgical Understanding

Metallurgy is among the most significant technical risks in any polymetallic development project, and at Parys Mountain it has already been addressed extensively. Multiple phases of metallurgical testwork, including continuous operation of a pilot plant processing approximately 2,000 tonnes of ROM bulk sample, have demonstrated that Parys Mountain ores can be successfully processed using conventional differential flotation to produce separate copper, lead and zinc concentrates. The 2021 PEA was founded on this substantial body of metallurgical evidence.

More recent work has indicated the potential for further improvements in recoveries and in pre-concentration technologies. Modern processing technology therefore offers scope to improve on the performance achieved during the original testwork - value that has already been tested rather than value still to be discovered.

Existing Mine Infrastructure and Logistics

Parys Mountain already benefits from a 300m deep production shaft and approximately 1km of underground development - infrastructure that would cost many tens of millions of pounds and several years to recreate today and which significantly de-risks future development. Surface infrastructure is equally advanced: excellent road access, grid electricity, water supply and proximity to the deep-water Port of Holyhead provide the essential requirements for future mine development, substantially reducing both capital requirements and execution risk.

Improved Economics and a Simplified Balance Sheet

The Company has undertaken an internal review of the assumptions underpinning the 2021 PEA, which indicates that, despite increases in capital and operating costs, the current commodity price environment has the potential to improve the project's economic outlook compared with that reflected in the 2021 PEA. The corporate position has been simplified in parallel. Over the past year, the Company has transformed its balance sheet, eliminating approximately £4 million of debt while refocusing entirely on advancing Parys Mountain as its sole strategic asset.

Jurisdiction, Leadership and Shareholder Support

The UK combines political stability, regulatory clarity and secure mineral tenure with an increasingly supportive government policy environment. The Strategy, published in November 2025 and backed by up to £50 million of initial funding, targets 10% of UK critical mineral demand to be met through domestic production and a further 20% through recycling by 2035, up from around 6% today, while also seeking to reduce reliance on any single overseas supplier to no more than 60% for each critical mineral. Within this framework, zinc is recognised as a UK Critical Mineral, reflecting its strategic importance to industrial supply chains, while copper is designated a Growth Mineral - a category created for minerals that, although not formally classified as critical, are considered essential to the UK's future economic growth. UK copper demand is forecast to almost double by 2035, driven by electrification, grid investment and Artificial Intelligence ("AI") data-centre construction.

The Strategy expressly identifies copper and zinc exploration in Anglesey as one of the UK's important mineral interests. That policy shift has been sharpened by the use of export controls elsewhere in critical mineral supply chains, which has moved security of supply from a commercial consideration to a question of national industrial resilience. New mine developments across Scotland, Northern Ireland, Cornwall, Devon, North Yorkshire, County Durham and North Wales are rebuilding the UK's mining ecosystem - strengthening technical capability, regulatory experience, specialist supply chains and investor confidence.

The Company has assembled a refreshed Board and Executive team to fully dedicate to the advancement of Parys Mountain, including the recent appointment of James McFarlane as Principal Geologist, who brings extensive international experience across exploration, resource evaluation, mine development, operations, and project delivery, providing the technical and commercial capability required to unlock the value of Parys Mountain. The Company's largest shareholder, Energold Minerals Inc., continues to provide long-term support, reflecting confidence in both the asset and the Company's development strategy.

Commenting, Andrew Fulton, Anglesey's Chief Executive Officer, said:

"Parys Mountain has been drilled, sunk, developed and, critically, metallurgically tested. Decades of investment have already answered the questions that many projects at this stage are still funding: we know the geology, we own the ground, we have a shaft and underground development in place. Our task now is to build on those foundations rather than start from them.

"With a simplified balance sheet, a single strategic focus, substantially higher metal prices than in 2021 and modern processing technology offering further recovery upside, we believe there is greater upside in Parys Mountain than the market currently recognises. Parys Mountain supplied the world with copper previously, and it can contribute to UK supply again: with the Government now targeting a step-change in domestic critical mineral production, the strategic case for Parys Mountain to develop, grow and discover has never been stronger."

For further information, please visit the Company's website: www.angleseymining.co.uk

Qualified/Competent Person

Eur. Ing. Jim Williams, BSc, MSc, D.I.C., FIMMM, CEng., CGeol., the Executive Chairman of Anglesey Mining,  a "Competent Person" as defined in the AIM guidelines of the London Stock Exchange, and a "Qualified Person" as defined in the Canadian National Instrument 43-101 ("NI 43-101"), has reviewed and approved the information in this release.

-Ends-

For further information, please contact:

Anglesey Mining plc (via Yellow Jersey PR Limited)

Jim Williams, Executive Chairman

[e-mail]

Yellow Jersey PR Limited

Financial & Media Relations

Dominic Barretto/Shivantha Thambirajah

Tel: [phone]

 

END