Anglesey Mining plc aims to cancel £4 million of debt by transferring its iron ore interests in Sweden and Canada to its largest creditor, Energold Minerals Inc.
INVESTMENT
The North Wales explorer, which as at 31 August 2025 held £26,271, will then focus solely on the Parys Mountain polymetal project.
The move follows a binding letter of intent with drilling contractor Energold, owned by former Anglesey chairman John Kearney, which holds 22.5% of voting rights in Anglesey.
Mr Kearney worked at Anglesey for 30 years before shareholders voted him out of office as chairman in October 2023.
Energold holds 19% of Anglesey’s issued share capital and Mr Kearney has an additional beneficial interest of around 0.6%.
After transferring its interest in Grängesberg Iron AB (GIAB) and holding of Labrador Iron Mines Holdings Ltd (LIMH), Anglesey will be left with £100,000 debt which relates to property at Parys.
The company has also agreed to cancel the US$0.50m owed to it by GIAB.
Energold will additionally invest £350,000 in Anglesey by purchasing non-voting warrants, exchangeable for new ordinary shares, at no additional payment, on a one-for-one basis.
Energold president, Brendan Cahill, and geologist and mining executive Jim Williams will join Anglesey’s board as non-executive directors, on completion of the warrant offering.
Chairman Andrew King said that the agreement placed Anglesey on a “much firmer financial footing”.
“Our confidence in the future of Anglesey is shared by our largest shareholder, Energold, and we appreciate the support they have provided to the company as a strategic investor and now through this debt settlement agreement and their new investment through the warrant offering.
“On behalf of the board, I also welcome Brendan Cahill and Jim Williams as directors of the company.
“We look forward to working with them and leveraging their extensive experience and knowledge of the mining sector.”
The transfer of Anglesey’s assets in Sweden is subject to regulatory approval.
Anglesey shareholders will vote on a consolidation of the ordinary shares to support the warrant offering at an extraordinary general meeting due before 31 March 2026.
The company added that progress at Parys Mountain remained dependent on raising further funds.