Further strong assays from Parys Mountain drilling

AIM: AYM

15^thJuly 2022

Anglesey Mining plc

(“Anglesey” or “the Company”)

Further strong assay results from Parys Mountain drilling

Anglesey Mining plc (AIM:AYM), the UK minerals development company, continues to advance work programmes at both its Parys Mountain Cu-Zn-Pb-Ag-Au VMS project on the Isle of Anglesey in North West Wales and its Grängesberg iron ore project in Sweden.

Following the announcement released by the Company on 14^th June regarding initial assay results, Anglesey is now pleased to announce that the second round of assay results have been received from an additional three holes of the recent infill drilling programme at Parys Mountain.

Parys Mountain Cu-Zn-Pb-Ag-Au Project

• All three holes recorded multiple broad intercepts and continue to highlight that the White Rock deposit is an extensive mineralised system.
• Significant intersections include:
  • 9.0m at 4.9% Zn, 3.1% Pb, 0.2% Cu, 24g/t Ag & 0.3g/t Au (WD-20 from 133.5m) including
    • 6.0m at 6.3% Zn, 4.0% Pb, 0.2% Cu, 25g/t Ag & 0.3g/t Au
  • 11.0m at 3.7% Zn, 2.3% Pb, 0.2% Cu, 27g/t Ag & 0.3g/t Au (WD-20 from 146.5m) including
    • 4.0m at 5.6% Zn, 3.8% Pb, 0.3% Cu, 43g/t Ag & 0.3g/t Au
  • 1.04m at 8.5% Zn, 5.3% Pb, 1.0% Cu, 27g/t Ag & 0.3g/t Au (WD-21 from 195m)
  • 12.74m at 3.7% Zn, 1.9% Pb, 0.2% Cu, 22g/t Ag & 0.6g/t Au (WD-21 from 204.5m)
  • 5.4m at 3.3% Zn, 1.8% Pb, 0.2% Cu, 53g/t Ag & 0.6g/t Au (WD-22 from 147.3m)
  • 12.8m at 3.0% Zn, 1.3% Pb, 0.2% Cu, 51g/t Ag & 0.5g/t Au (WD-22 from 167.9m) including
    • 4.2m at 5.6% Zn, 2.5% Pb, 0.4% Cu, 95g/t Ag & 0.8g/t Au
• The final two holes of the programme are being logged for additional data to assist with geotechnical domain modelling, which will be utilised in the underground mine design optimisation. Once logged, they will be sampled and dispatched for assaying.
• Over the next month, samples will be selected for the metallurgical testwork programme, which will include both Dense Media Separation and XRT ore sorting pre-concentration studies. Historical pre-concentration studies have demonstrated a 40% mass rejection of waste with only 3-5% metal losses.

Jo Battershill, Chief Executive of Anglesey Mining, commented: “The intention of this programme was to increase the amount of resources in the Indicated category for the White Rock deposit, which stood at 4.7Mt, or 79%, prior to commencing the drilling. Given the results, we are very confident that a significant portion of the currently Inferred material will be upgraded to Indicated. The importance of this should not be discounted given Inferred resources are not permitted to be included in reserve estimates.”

“The next stage of this programme is to conduct pre-concentration studies on representative samples from areas that are likely to be mined. The ability to selectively remove the unmineralized material would have significant economic ramifications for the development studies.”

“In other areas, we continue to progress the ecological surveys required for the environmental baseline work and we will soon commence the initial tailings management and design studies. Both of these aspects are critical to progressing Parys Mountain through the permitting phase. Meanwhile, work on planning the Northern Copper Zone infill drilling programme, scheduled for later in the year, is progressing. As part of this process, the team is currently reviewing the historical drilling and resource model with the aim of optimising the infill drilling in the zones closest to surface as these could have the most immediate impact on the mine design and production schedule.”

Drill hole details

Hole ID	Co-ordinates         (E)                    (N)		Elevation (m)	Azimuth (°)	Dip (°)	End of Hole (m)
AMC-26	43289	90287	115	248	-63	303
WD-16	43154	90228	98	126	-65	179.6
WD-17	43170	90198	103	126	-65	124
WD-18	43154	90304	96	126	-65	218
WD-19	43154	90304	96	123	-50	201
WD-20	43167	90334	96	116	-52	206.5
WD-21	43167	90334	96	126	-65	224.5
WD-22	43209	90385	94	115	-55	191
WD-23	43209	90383	94	140	-73	243
WD-24	43172	90194	102	90	-88	331.5

Reported Assays

The following tables report the assay results form Holes WD-20, WD-21 and WD-22. Assay results from other holes previously reported See Anglesey RNS dated 14 June 2022.

Hole Number	From	To	Sample Length	Assays
	(m)	(m)	(m)	Cu (%)	Zn  (%)	Pb (%)	Ag         (g/t)	Au (g/t)	ZnEq (%)*
WD-20	96.13	97.13	1.00	0.04	0.51	0.32	6.3	0.114	0.90%
WD-20	97.13	98.13	1.00	0.07	1.60	1.17	10.4	0.1	2.42%
WD-20	98.13	99.13	1.00	0.14	3.75	0.80	10.8	0.167	4.13%
WD-20	99.13	100.13	1.00	0.05	1.44	0.32	4.5	0.072	1.60%
WD-20	100.13	101.13	1.00	0.01	0.04	0.02	2.7	0.101	0.22%
WD-20	101.13	102.13	1.00	0.04	0.38	0.20	3.1	0.097	0.64%
WD-20	102.13	103.13	1.00	0.04	0.29	0.20	4.4	0.076	0.57%
WD-20	103.13	104.13	1.00	0.03	0.41	0.20	4	0.116	0.69%
WD-20	104.13	105.13	1.00	0.04	0.05	0.04	4.1	0.133	0.33%
WD-20	105.13	106.13	1.00	0.32	2.25	1.11	38	0.217	3.88%
WD-20	106.13	107.13	1.00	0.23	1.60	0.53	24.6	0.109	2.50%
WD-20	107.13	108.83	1.70	0.07	0.09	0.06	7.2	0.054	0.39%
WD-20	133.46	134.46	1.00	0.44	5.29	3.44	41.4	0.287	8.13%
WD-20	134.46	135.46	1.00	0.16	0.93	0.45	17.2	0.292	1.87%
WD-20	135.46	136.46	1.00	0.03	0.04	0.04	12	0.201	0.52%
WD-20	136.46	137.46	1.00	0.31	7.77	4.75	23.6	0.242	10.43%
WD-20	137.46	138.46	1.00	0.21	7.23	4.99	39	0.258	10.31%
WD-20	138.46	139.46	1.00	0.22	6.80	3.07	18	0.212	8.33%
WD-20	139.46	140.46	1.00	0.21	5.67	3.45	20.2	0.214	7.68%
WD-20	140.46	141.46	1.00	0.15	4.19	2.60	20.1	0.273	5.90%
WD-20	141.46	142.46	1.00	0.25	5.90	4.86	27.9	0.273	9.00%
WD-20	142.46	143.46	1.00	0.10	0.09	0.04	6.9	0.105	0.48%
WD-20	143.46	144.46	1.00	0.09	0.43	0.18	10.8	0.162	0.94%
WD-20	144.46	145.46	1.00	0.06	0.25	0.08	9.5	0.155	0.67%
WD-20	145.46	146.46	1.00	0.05	1.58	0.75	11.1	0.148	2.19%
WD-20	146.46	147.46	1.00	0.06	1.83	1.56	18.7	0.35	3.26%
WD-20	147.46	148.46	1.00	0.22	6.01	4.08	43	0.201	8.77%
WD-20	148.46	149.46	1.00	0.19	4.56	3.01	41.3	0.417	7.05%
WD-20	149.46	150.46	1.00	0.30	5.24	3.48	43.3	0.253	7.92%
WD-20	150.46	151.46	1.00	0.22	6.67	4.44	44.6	0.251	9.61%
WD-20	151.46	153.46	2.00	0.12	3.54	1.91	19.3	0.189	4.79%
WD-20	153.46	155.46	2.00	0.16	2.20	0.84	16.4	0.235	3.08%
WD-20	155.46	157.46	2.00	0.13	2.32	1.71	17	0.409	3.87%
WD-20	164.75	166.75	2.00	0.10	1.44	0.67	10.2	0.317	2.25%
WD-20	166.75	168.75	2.00	0.10	1.48	0.59	17	0.344	2.38%
WD-20	168.7	170.7	2.00	0.11	1.10	0.49	9.8	0.246	1.78%
WD-20	170.7	172.7	2.00	0.07	0.81	0.48	10	0.223	1.47%
WD-20	173.5	174.7	1.20	0.06	1.78	0.62	8.4	0.237	2.31%
WD-20	174.7	176.7	2.00	0.10	1.59	0.76	15.8	0.341	2.54%
WD-20	176.7	178.7	2.00	0.07	0.64	0.31	10.9	0.198	1.21%
WD-20	178.7	180.7	2.00	0.07	0.66	0.32	11.4	0.264	1.31%
WD-20	180.7	182.7	2.00	0.07	0.94	0.44	12	0.209	1.58%
WD-20	182.7	184.7	2.00	0.07	0.61	0.24	9.3	0.256	1.17%
WD-20	184.7	186.7	2.00	0.07	0.35	0.14	12.6	0.286	1.00%
WD-20	186.7	188.7	2.00	0.05	0.70	0.32	10.8	0.299	1.34%
WD-20	188.7	190.7	2.00	0.04	0.39	0.23	9.8	0.22	0.92%
WD-20	190.7	192.7	2.00	0.12	0.86	0.35	17.4	0.433	1.85%
WD-20	192.7	194.7	2.00	0.10	0.78	0.24	9	0.438	1.54%
WD-20	194.7	196.7	2.00	0.22	1.57	0.59	14.4	0.444	2.66%
WD-20	196.7	197.94	1.24	0.09	1.50	0.76	14.1	0.471	2.57%
Total			69.14m
WD-21	164.31	165.31	1.00	0.68	0.47	0.36	26.6	0.2	2.21%
WD-21	165.31	166.27	0.96	1.66	4.09	3.17	57.9	0.391	9.03%
WD-21	166.27	167.27	1.00	0.02	0.01	0.02	3	0.123	0.24%
WD-21	167.27	168.14	0.87	0.36	0.11	0.28	21	0.234	1.37%
WD-21	174.48	175.48	1.00	0.37	2.43	0.62	12.7	0.153	3.26%
WD-21	175.48	176.5	1.02	0.17	1.62	0.55	5.6	0.135	2.14%
WD-21	189.68	191.68	2.00	0.04	0.30	0.14	4.7	0.201	0.68%
WD-21	191.68	193.68	2.00	0.05	0.61	0.25	6.8	0.327	1.19%
WD-21	193.68	194.99	1.31	0.12	0.44	0.22	11.2	0.385	1.26%
WD-21	194.99	196.03	1.04	0.99	8.49	5.32	27	0.316	12.43%
WD-21	196.03	198.03	2.00	0.11	1.39	0.87	9	0.316	2.31%
WD-21	198.03	198.81	0.78	0.05	0.16	0.11	6.7	0.401	0.81%
WD-21	201.54	202.54	1.00	0.23	0.64	0.45	19.4	0.394	1.87%
WD-21	202.54	204.54	2.00	0.07	0.37	0.23	12.8	0.735	1.53%
WD-21	204.54	206.28	1.74	0.06	1.11	0.52	16.8	0.866	2.51%
WD-21	206.28	207.28	1.00	0.47	5.55	3.37	29.6	0.462	8.30%
WD-21	207.28	208.28	1.00	0.52	7.17	3.52	16.4	0.249	9.33%
WD-21	208.28	209.28	1.00	0.21	4.62	2.18	19.2	0.495	6.29%
WD-21	209.28	210.28	1.00	0.18	3.14	1.82	20.6	0.48	4.81%
WD-21	210.28	211.28	1.00	0.08	2.01	0.99	9.5	0.24	2.80%
WD-21	211.28	212.28	1.00	0.10	2.65	1.50	19.9	0.54	4.16%
WD-21	212.28	213.28	1.00	0.13	3.03	1.54	17.4	0.536	4.49%
WD-21	213.28	214.28	1.00	0.34	5.25	2.79	42.5	1.31	8.62%
WD-21	214.28	215.28	1.00	0.29	4.93	2.33	28.8	0.851	7.29%
WD-21	215.28	216.28	1.00	0.22	3.92	1.86	17.8	0.459	5.46%
WD-21	216.28	217.28	1.00	0.32	3.02	1.52	27.2	0.557	4.93%
WD-21	217.28	218.36	1.08	0.07	0.53	0.24	14	0.346	1.30%
Total			31.80m
WD-22	123.66	124.56	0.90	0.21	3.86	1.83	42.2	0.32	5.69%
WD-22	126.16	127.16	1.00	0.12	2.39	0.99	43.1	0.321	3.86%
WD-22	127.16	128.57	1.41	0.22	3.53	1.39	85.7	0.742	6.39%
WD-22	129.72	130.71	0.99	0.10	2.84	1.12	44	0.501	4.48%
WD-22	131.82	133.82	2.00	0.18	2.56	1.03	68	0.415	4.65%
WD-22	133.82	134.23	0.41	0.13	4.09	1.64	52.7	0.675	6.22%
WD-22	134.23	136.08	1.85	0.17	2.17	0.87	38.7	0.366	3.64%
WD-22	136.51	138.51	2.00	0.17	2.78	1.17	38.5	0.37	4.32%
WD-22	138.51	138.97	0.46	0.25	2.35	0.94	36.4	0.505	4.03%
WD-22	140.19	140.81	0.62	0.13	2.44	0.98	41	0.488	4.04%
WD-22	141.81	143	1.19	0.18	2.18	0.86	47.2	0.609	4.05%
WD-22	143.4	145.41	2.01	0.19	1.89	0.72	36	0.346	3.26%
WD-22	146	146.84	0.84	0.20	2.81	1.11	61	0.515	4.91%
WD-22	147.27	149	1.73	0.12	3.27	0.89	45.8	0.531	4.78%
WD-22	149	149.63	0.63	0.95	10.10	9.61	92.9	0.783	18.06%
WD-22	149.63	150.63	1.00	0.15	1.33	0.55	33.7	0.477	2.74%
WD-22	150.63	151.63	1.00	0.08	2.30	0.89	51.8	0.571	4.08%
WD-22	151.63	152.63	1.00	0.16	2.22	0.87	59.4	0.681	4.36%
WD-22	152.63	153.63	1.00	0.07	0.81	0.36	29.7	0.337	1.87%
WD-22	153.63	154.63	1.00	0.03	0.31	0.12	9.8	0.175	0.73%
WD-22	154.63	155	0.37	0.13	0.92	0.33	22.6	0.327	1.88%
WD-22	155	155.38	0.38	0.33	0.88	0.41	66.5	0.506	3.17%
WD-22	155.38	156.38	1.00	0.14	0.96	0.38	32.5	0.435	2.25%
WD-22	156.38	157.55	1.17	0.28	1.22	0.50	63.4	0.434	3.29%
WD-22	158.4	159.19	0.79	0.09	0.78	0.32	25.2	0.319	1.75%
WD-22	161.69	163.07	1.38	0.08	0.91	0.35	16.3	0.186	1.56%
WD-22	163.31	164.99	1.68	0.09	0.65	0.25	16.7	0.208	1.33%
WD-22	165.87	167.87	2.00	0.32	1.07	0.39	19.2	0.22	2.12%
WD-22	167.87	169.87	2.00	0.14	1.17	0.50	19.9	0.287	2.12%
WD-22	169.87	170.53	0.66	0.26	3.65	1.57	30.4	0.389	5.27%
WD-22	170.53	171.53	1.00	0.06	0.82	0.34	12.5	0.185	1.38%
WD-22	171.53	173	1.47	0.13	2.14	0.90	32.8	0.601	3.70%
WD-22	173	175	2.00	0.11	0.92	0.40	24	0.25	1.85%
WD-22	175	176.47	1.47	0.34	2.87	1.14	53.7	0.372	4.89%
WD-22	176.47	177.47	1.00	0.43	6.21	2.66	108	0.537	9.86%
WD-22	177.47	178.47	1.00	0.20	3.39	1.45	53.4	0.526	5.47%
WD-22	178.47	179.47	1.00	0.36	6.46	3.12	98.4	1.135	10.69%
WD-22	179.47	180.7	1.23	0.55	6.33	2.85	116	0.887	10.74%
Total			44.64m

*Zinc Equivalent (ZnEq %) = Zn grade % * Zn Recovery + (Cu grade % * Cu Recovery * (Cu price $/t / Zn price $/t)) + (Pb grade % * Pb Recovery * (Pb price $/t / Zn price $/t)) + (Ag grade g/t / 31.103 * Ag recovery * (Ag price $/oz / Zn price $/t)) + (Au grade g/t / 31.103 * Au recovery * (Au price $/oz / Zn price $/t))

Zn equivalent calculated using following commodity prices: Zn – US$1.25/lb, Cu – US$3.50/lb, Pb – US$1.00/lb, Ag – US$22.50/oz & Au – US$1750/oz

Zn Equivalent calculated using following recovery assumptions for White Rock deposit: Zn – 82%, Cu – 48%, Pb – 78%, Ag – 70% & Au -50%

Sample analysis and QA/QC

All samples generated from the drilling were dispatched to ALS Loughrea.

Samples were analysed for multi-element data analysis using their ME-ICP61 package, which includes Ag, Cu, Pb and Zn. The samples were also assayed for gold using their Au-AA23 analysis package. Overlimit assays were then analysed using their Ag-OG62, Cu-OG62, Pb-OG62, Zn-OG62 and ME-OG62 analysis packages.

For QA/QC purposes, Anglesey Mining used the industry standard of inserting 5% Certified Reference Material (CRM) samples, 2.5% Certified Blank Samples (Blanks) and 5% duplicate samples at source. The CRMs were sourced from Geostats Pty Ltd, Ore Research & Exploration Pty Ltd, OREAS and Natural Resources Canada.

Competent Person

The information in this announcement which relates to Drilling Results has been approved by Mrs. Liz de Klerk, M.Sc., Pr.Sci.Nat., MIMMM who is a professional registered with the South African Council for Natural Scientific Professionals (SACNASP: 400090/08) and independent consultant to the Company. Mrs. de Klerk is the Senior Geologist & Managing Director of Micon International Co Limited and has over 20 continuous years of exploration and mining experience in a variety of mineral deposit styles. Mrs. de Klerk has sufficient experience which is relevant to the style of exploration, mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves" (JORC Code). Mrs. de Klerk consents to inclusion in the announcement of the matters based on this information in the form and context in which it appears.

About Anglesey Mining plc

Anglesey Mining is traded on the AIM market of the London Stock Exchange and currently has 280,175,721 ordinary shares on issue.

Anglesey is developing its 100% owned Parys Mountain Cu-Zn-Pb-Ag-Au deposit in North Wales, UK with a 2020 reported resource of 5.2 million tonnes at 4.3% combined base metals in the Indicated category and 11.7 million tonnes at 2.8% combined base metals in the Inferred category. 

Anglesey holds an almost 20% interest in the Grangesberg Iron project in Sweden, together with management rights and a right of first refusal to increase its interest to 70%.  Anglesey also holds 12% of Labrador Iron Mines Holdings Limited, which through its 52% owned subsidiaries, is engaged in the exploration and development of direct shipping iron ore deposits in Labrador and Quebec.

 

For further information, please contact:

Anglesey Mining plc

Jo Battershill, Chief Executive – Tel: +44 (0)7540 366000

John Kearney, Chairman – Tel: +1 416 362 6686

Davy

Nominated Adviser & Joint Corporate Broker

Brian Garrahy / Lauren O’Sullivan – Tel: +353 1 679 6363

WH Ireland

Joint Corporate Broker

Katy Mitchell / Harry Ansell – Tel: +44 (0) 207 220 1666

Canaccord Genuity Limited

Joint Corporate Broker

James Asensio / Harry Rees – Tel: +44 (0) 20 7523 8000

Scout Advisory Limited

Investor Relations Consultant

Sean Wade – Tel: +44 (0) 7464 609025

LEI: 213800X8BO8EK2B4HQ71