Half yearly report for the six months to 30 September 2025

    Chairman's Statement and Management Report   During the half year period, we were pleased to publish a conceptual study of a high-density fluid hydro-power energy storage project at the mine. The findings of the conceptual study led to the commencement of a pre-feasibility study (PFS) in the energy storage scheme and we have published the proposed operational methodology and revenue streams associated with the project in terms of both Long Duration Energy Storge (LDES) and how that might be the catalyst for the commencement of mining of the Parys Mountain VMS mineral deposits. Our investigations show there is a positive business case for the energy project on a standalone basis, that the risks identified thus far can be reasonably overcome or mitigated. Elements of the energy storage project scope, for example: the de-watering and refitting of the Morris shaft for material and personnel hoisting, the dewatering of the workings emanating from the Morris shaft 280m below the surface, the upgrading of the power-line to site, the on-going environmental and social studies and the deployment of impact avoidance, mitigation and compensation strategies, are each synergistic with the first steps of establishing a modern underground mine on Parys Mountain. It is an essential and clear intent of the energy project that Anglesey Mining retains all the optionality that it currently has for the construction and commissioning of an underground mine, and that the hydro energy pumped storage project should not detract from those options over the medium and long term. In the period to the 30 th September 2025, we unfortunately had to announce the termination of our management rights and obligations over Grangesberg Iron AB (GIAB). Under a shareholders' agreement our 100% owned subsidiary, Angmag AB, and therefore Anglesey Mining, had management rights with the ability to appoint the majority of the Board of GIAB. The Agreement had an initial term of 10 years from 28 May 2014, extendable on a year-to-year basis, unless terminated on one year's notice. On 28 May 2024, Eurmag AB, which holds the remaining 50.2% of GIAB, gave notice of termination of the Agreement. As at 31 December 2024, GIAB had loans outstanding to its senior debt holder of approximately US$9.0 million. Despite the best efforts of the Company, revised terms and conditions for the senior debt could not be arrived at such that the Board of Anglesey Mining could then explore the raising of funds to facilitate a settlement of this debt and therefore management of GIAB reverted to Eurmag AB, GIAB's 50.2% shareholder, with Anglesey retaining its 49.8% ownership interest. Post the end of the half year period, on 5 December 2025 the Company announced that it had entered into a binding letter of intent with its largest shareholder and largest creditor Energold Minerals Inc. whereby Anglesey will eliminate approximately £4 million of debt in exchange for its interest in GIAB and holding of Labrador Iron Mines Holdings Limited, reducing total outstanding debt to approximately £100,000. Energold has also provided immediate funding to Anglesey of £350,000 through the purchase of non-voting exchangeable warrants. The Board believes that the restructuring of the Company's balance sheet, in addition to the investment of fresh funds by Energold, will place the Company in a materially stronger position from which to pursue its primary objective of advancing Parys Mountain. Finally, at the beginning of December 2025, we were delighted to welcome Brendan Cahill and Jim Williams to Anglesey's board.   Financial The group had no revenue for the period. The loss for the six months to 30 September 2025 was £334,699 (2024 comparative period £311,052) and expenditure on the mineral properties in the period was £50,955 compared to £125,479 in the same period in 2024. Net current liabilities as at 30 September 2025 were £370,085 compared to net current liabilities of £182,582 at 31 March 2025.     Andrew King Chairman 19 December 2025  

    Unaudited condensed consolidated income statement         Notes Unaudited six months ended 30 September 2025 Unaudited six months ended 30 September 2024 All operations are continuing                              £                            £     Revenue     -     -       Expenses     (236,591)   (213,575)     Equity-settled employee benefits     -     (4,230)     Investment income   883 2,169     Finance costs     (98,957)   (95,384)     Foreign exchange movement     (34)   (32)             Loss before tax     (334,699)   (311,052)               Taxation 8   -     -               Loss for the period 7   (334,699)   (311,052)               Loss per share             Basic - pence per share     (0.1)p   (0.1)p     Diluted - pence per share     (0.1)p   (0.1)p   Unaudited condensed consolidated statement of comprehensive income     Loss for the period     (334,699)   (311,052)   Other comprehensive income         Items that may subsequently be reclassified to profit or loss:       Change in fair value of investment 14   (449,562) 388,683   Foreign currency translation reserve   13,912 17,654             Total comprehensive (loss) for the period   (770,349) 95,285             All attributable to equity holders of the company   Unaudited condensed consolidated statement of financial position       Notes Unaudited 30 September 2025 31 March 2025                      £                £ Assets           Non-current assets           Mineral property exploration and evaluation   9 17,043,457 16,992,502     Property, plant and equipment   204,687 204,687     Investments 10 777,119 1,226,681     Deposit   129,727 128,857                 18,154,990 18,552,727     Current assets           Other receivables   35,358 36,988     Cash and cash equivalents   43,791 44,264                 79,149 81,252             Total assets   18,234,139 18,633,979           Liabilities           Current liabilities           Trade and other payables     (449,234)   (263,834)                   (449,234)   (263,834)               Net current liabilities     (370,085)   (182,582)               Non-current liabilities           Loans     (4,231,211)   (4,046,102)     Long term provision     (50,000)   (50,000)                   (4,281,211)   (4,096,102)             Total liabilities     (4,730,445)   (4,359,936)             Net assets   13,503,694 14,274,043           Equity           Share capital   11 10,359,056 10,359,056     Share premium   12,910,853 12,910,853     Currency translation reserve     (68,797)   (82,709)     Retained losses     (9,697,418)   (8,913,157)           Total shareholders' funds   13,503,694 14,274,043   All attributable to equity holders of the company   Unaudited condensed consolidated statement of cash flows         Notes Unaudited six months ended 30 September 2025 Unaudited six months ended 30 September 2024                                  £                            £ Operating activities           Loss for the period     (334,699)   (311,052)     Adjustments for:           Investment income     (883)   (2,169)     Finance costs   98,957 95,384     Share based payments charge     -   4,230     Foreign exchange movement   34 32         (236,591)   (213,575)   Movements in working capital           Decrease/(increase) in receivables   1,630 9,385     Increase in payables   182,627 4,041 Net cash used in operating activities     (52,334)   (200,149)           Investing activities           Investment income   13 3     Mineral property exploration and evaluation     (48,118)   (274,755) Net cash used in investing activities   (48,105)   (274,752)           Financing activities           Issue of share capital     -   567,750     Movements on loans   100,000   (29,207) Net cash generated from financing activities   100,000 538,543           Net increase in cash and cash equivalents   (439) 63,642   Cash and cash equivalents at start of period   44,264 219,685   Foreign exchange movement     (34)   (32)   Cash and cash equivalents at end of period   43,791 283,295 All attributable to equity holders of the company   Unaudited condensed consolidated statement of changes in group equity       Share capital £   Share premium £   Currency translation reserve £   Retained losses £   Total £ Equity at 1 April 2025 - audited 10,359,056 12,910,853   (82,709)   (8,913,157) 14,274,043 Total comprehensive        loss for the period:           Loss for the period   -     -     -     (334,699)   (334,699) Change in fair value of investment   -     -     -     (449,562)   (449,562) Exchange difference on      translation of foreign holding   -     -   13,912   -   13,912 Total comprehensive        loss for the period   -     -   13,912   (784,261)   (770,349) Shares issued   -     -     -     -     -   Share issue expenses   -     -     -     -     -   Equity-settled employee benefits   -     -     -     -     -   Equity at 30 September 2025 - unaudited 10,359,056 12,910,853   (68,797)   (9,697,418) 13,503,694 Comparative period           Equity at 1 April 2024 - audited 9,711,764 12,963,103   (89,589)   (8,097,527) 14,487,751 Total comprehensive        loss for the period:           Loss for the period   -     -     -     (311,052)   (311,052) Change in fair value of investment   -     -     -   388,683 388,683 Exchange difference on      translation of foreign holding   -     -   17,654   -   17,654 Total comprehensive        loss for the period   -     -   17,654 77,631 95,285 Shares issued 635,000   -     -     -   635,000 Share issue expenses   -     (67,250)   -     -     (67,250) Share issue expenses   -     -     -   4,230 4,230 Equity at 30 September 2024 - unaudited 10,346,764 12,895,853   (71,935)   (8,015,666) 15,155,016 All attributable to equity holders of the company Notes to the accounts 1.   Basis of preparation This half-yearly financial report comprises the unaudited condensed consolidated financial statements of the group for the six months ended 30 September 2025. It has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority, the requirements of IAS 34 - Interim financial reporting (as adopted by the UK) and using the going concern basis. The directors are not aware of any events or circumstances which would make this inappropriate. It does not constitute financial statements within the meaning of section 434 of the Companies Act 2006 and does not include all of the information and disclosures required for annual financial statements. It should be read in conjunction with the annual report and financial statements for the year ended 31 March 2025 which is available on request from the company or may be viewed at www.angleseymining.co.uk/accounts. The financial information contained in this report in respect of the year ended 31 March 2025 has been extracted from the report and financial statements for that year which have been filed with the Registrar of Companies. The report of the auditors on those accounts did not contain a statement under section 498(2) or (3) of the Companies Act 2006 and was not qualified. The half-yearly results for the current and comparative periods have not been audited or reviewed by the company's auditor.   2.   Significant accounting policies   The accounting policies applied in these unaudited condensed consolidated financial statements are consistent with those set out in the annual report and financial statements for the year ended 31 March 2025. There are no new standards, amendments to standards or interpretations that are expected to have a material impact on the group's results. The group has not applied certain new standards, amendments and interpretations to existing standards that have been issued but are not yet effective. They are either not expected to have a material effect on the consolidated financial statements or they are not currently relevant for the group.   3.   Risks and uncertainties The principal risks and uncertainties set out in the group's annual report and financial statements for the year ended 31 March 2025 remain the same for this half-yearly period. They can be summarised as: development risks in respect of mineral properties, especially in respect of permitting and metal prices; liquidity risks during development; and foreign exchange risks. More information is to be found in the 2025 annual report - see note 1 above.   4.   Statement of directors' responsibilities The directors confirm to the best of their knowledge that: (a) the unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of IAS 34 Interim financial reporting (as adopted by the UK); and (b) the interim management report includes a fair review of the information required by the FCA's Disclosure and Transparency Rules (4.2.7 R and 4.2.8 R). This report and financial statements were approved by the board on 19 December 2025 and authorised for issue on behalf of the board by Andrew King, interim chairman and Rob Marsden, chief executive officer.   5.   Activities   The group is engaged in mineral property development and currently has no turnover. There are no minority interests or exceptional items.   6.   Earnings per share The loss per share is computed by dividing the loss attributable to ordinary shareholders of £0.3 million by 484 million - the weighted average number of ordinary shares in issue during the period. The comparative figures were a loss to 30 September 2024 of £0.3m divided by 442 million shares. However where there are losses the effect of outstanding share options is not dilutive.   7.   Business and geographical segments There are no trading revenues. The cost of all activities charged in the income statement relates to exploration and evaluation of mining properties. The group's income statement and assets and liabilities are analysed as follows by geographical segments, which is the basis on which information is reported to the board. Income statement analysis               Unaudited six months ended 30 September 2025            UK Sweden - investment Canada - investment        Total               £           £           £           £   Expenses   (242,701) 6,110   -     (236,591)   Investment income 883   -     -   883   Finance costs   (92,235)   (6,722)   -     (98,957)   Exchange rate movements   -     (34)   -     (34)   Loss for the period   (334,053)   (646)   -     (334,699)               Unaudited six months ended 30 September 2024          UK Sweden - investment Canada - investment        Total             £           £           £           £ Expenses   (187,450)   (26,125)   -     (213,575) Equity settled employee benefits   (4,230)   -     -     (4,230) Investment income 2,169   -     -   2,169 Finance costs   (88,642)   (6,742)   -     (95,384) Exchange rate movements   -     (32)   -     (32) Loss for the period   (278,153)   (32,899)   -     (311,052) Assets and liabilities ` Unaudited 30 September 2025          UK Sweden investment Canada investment        Total             £               £           £           £ Non current assets 17,377,871 633,170 143,949 18,154,990 Current assets 77,977 1,172   -   79,149 Liabilities   (4,370,796)   (359,649)   -     (4,730,445)           Net assets 13,085,052 274,693 143,949 13,503,694               Audited 31 March 2025          UK Sweden investment Canada investment Total             £               £           £           £ Non current assets 17,326,046 633,170 593,511 18,552,727 Current assets 80,083 1,169   -   81,252 Liabilities   (3,993,161)   (366,775)   -     (4,359,936)           Net assets 13,412,968 267,564 593,511 14,274,043             8.   Deferred tax There is an unrecognised deferred tax asset of £1.6 million (31 March 2025 - £1.6m) which, in view of the group's results, is not considered to be recoverable in the short term. There are also capital allowances, including mineral extraction allowances, of £14.5 million (unchanged from 31 March 2025) unclaimed and available. No deferred tax asset is recognised in the condensed financial statements. 9.   Mineral property exploration and evaluation costs Mineral property exploration and evaluation costs incurred by the group are carried in the unaudited condensed consolidated financial statements at cost, less an impairment provision if appropriate. The recovery of these costs is dependent upon the successful development and operation of the Parys Mountain project which is itself conditional on financing being available to fund such development. During the period activities were limited and no drilling took place.   10.   Investments     Labrador   Grangesberg            Total               £             £             £       At 1 April 2024 771,564 633,170 1,404,734 Net change during the period   (178,053) -      (178,053) At 31 March 2025 593,511 633,170 1,226,681 Net change during the period   (449,562) -      (449,562) At Unaudited 30 September 2025 143,949 633,170 777,119 Labrador - Canada The group has an investment in Labrador Iron Mines Holdings Limited, (LIM) a Canadian company which is carried at fair value through other comprehensive income. The group's holding of 19,289,100 shares in LIM (12% of LIM's total issued shares) is valued at the closing price traded on the OTC Markets in the United States. In the directors' assessment this market is sufficiently active to give the best measure of fair value, which on 30 September 2025 was 1 US cent per share (2024 - 8 US cents). As at 19 December 2025 the share price was 2 US cents per share.   Grängesberg - Sweden The group has, through its Swedish subsidiary Angmag AB, a 49.8% ownership interest in Grängesberg Iron AB an unquoted Swedish company (GIAB) which holds rights over the Grängesberg iron ore deposits. The directors assessed the fair value of the investment in Grängesberg under IFRS 9 and consider the investment's value at 30 September 2025 to be £633,170.   11.   Share capital        Ordinary shares of 1p         Deferred shares of 4p   Total   Issued and fully paid   Nominal value £   Number        Nominal value £   Number   Nominal value £   At 31 March 2024 4,200,931 420,093,017 5,510,833 137,770,835 9,711,764   Issued in the period 647,292 64,729,238   -     -   647,292   At 31 March 2025 4,848,223 484,822,255 5,510,833 137,770,835 10,359,056   Issued in the period   -     -     -     -     -     At Unaudited 30 September 2025 4,848,223 484,822,255 5,510,833 137,770,835 10,359,056   The deferred shares are non-voting, have no entitlement to dividends and have negligible rights to return of capital on a winding up.   12.   Financial instruments   Group   Financial assets classified at fair value through other comprehensive income     Financial assets measured at amortised cost     Unaudited 30 September 2025   31 March 2025   Unaudited 30 September 2025   31 March 2025   £        £        £        £        Financial assets           Investments 777,119 1,048,628   -     -     Deposit   -     -   129,727 128,857   Other receivables   -     -   35,358 36,988   Cash and cash equivalents   -     -   43,791 44,264   777,119 1,048,628 208,876 210,109             Financial liabilities measured at amortised cost         Unaudited 30 September 2025   31 March 2025       £        £              Trade payables   (179,123)   (107,559)       Other payables   (270,111)   (156,275)       Loans   (4,231,211)   (4,046,102)         (4,680,445)   (4,309,936)                       Anglesey Mining plc   Directors Andrew King   Chairman Rob Marsden   Chief executive Douglas Hall   Non executive Brendan Cahill   Non executive Jim Williams   Non executive     Registered office address - Parys Mountain, Amlwch, Anglesey, LL68 9RE Phone 01407 831275        Email mail@angleseymining.co.uk Registrars   MUFG Corporate Markets, 29 Wellington Street, Leeds, LS1 4DL Share dealing phone 0371 664 0445     Helpline phone 0371 664 0300 Company registered number 01849957 Web site   www.angleseymining.co.uk            Shares listed     AIM - AYM