Anglesey Mining (LSE:AYM) — Corporate Presentation September 2026

0:00 Good afternoon, and welcome to the ANGLESEY MINING PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time via the q and a tab situated on the right hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Jim Williams, executive chairman. Good afternoon,

0:32 sir. Good afternoon, and thank you to all who have tuned in for today's inaugural webinar. We believe the timing of this webinar is pivotal for the company. I'm joined today by our recently appointed Chief Executive Officer, Andrew Fulton, who will shortly take you through our plans and ambitions for the company and in particular, our flagship Paris margin project located on the Isle Of Anglesey in North Wales. I joined the Anglesey board following the company's significant restructuring and recapitalization last December, bringing more than forty years experience as a mining and exploration geologist together with corporate experience, specifically with small and mid cap producers.

1:22 I've been a director of AYM and Toronto listed companies and also a cofounder and chief executive of AYM and Toronto listed company operational in Mexico, Mecicore, where we put a 1,000 tonne per day silver, lead and zinc mine into production. In this specific example, we produced concentrates which were sold via offtake agreements. The restructuring led by AYMAN, our long standing and significant shareholder with 24.4% of the company, eliminated some £4,000,000 worth of debt and marked the beginning of a significant transformation of the company. Since then, we have established a completely new board of directors with considerable technical, corporate, and legal expertise, And we have raised over £1,000,000 since last December to advance our 100 owned Paris Mountain project.

2:22 Paris Mountain is one of The UK's largest polymetallic projects containing copper, zinc, lead, silver, and gold with a mining history stretching back thousands of years. Importantly, we believe Paris Mountain represents a significant opportunity to support both The UK's critical minerals and growth mineral strategies through the potential domestic supply of strategically important metals while reducing reliance on overseas supply chains. We believe there is significant potential to advance Paris Mountain towards becoming a producing mine and create substantial value for ANGLESEY shareholders.

3:10 In our opinion, there's no better time to develop a new mine in The UK. With that, I'll hand over to Andrew to take you through the project, our plans and ambitions for Paris Mountain. Andrew? Thank you, Jim. It's lovely to be here. As Jim introduced me, I'm Andrew Fulton. I'm chief executive for ANGLESEY MINING. So we have you, and you have us. And we have a slide deck. And at the end of the slide deck, we'll be able to answer a few questions. As Lily said, there's a button to press on the screen. If you'd like to post anything, please keep them coming. If we can, we will answer them. If I can't, I'll explain why return to you as to when we might be able to address that. But in all likelihood, I think we'll be in a cover off for most of the points.

4:01 IJune just joined, as Jim mentioned in June, after thirty years of of of time in the industry, predominantly in operations, but I've opened, operated, turned around, and in some cases, closed mines. I came to ANGLESEY off the back of some recent time spent in The UK in mining and leading the mining the UK's Mining Association because I believe Paris Mountain deserves to be developed. As you heard from Jim, the the company has changed. We've moved out. We've got new leadership. What I'd like to do is to steadily take you through that story and explain how we're gonna move this forward. Obviously, just if you could all please note the customary disclaimer and forward looking statement, which is always important to make a note of, and it's all covered there in the screen. And for those that have accessed our presentation on the website, you should be able to read that in full should you wish.

5:05 So also on the website, this is currently in a very static position. But with time, we hope that these presentations will become a lot more interactive, and you'll you'll be able to press different sections of our presentation such that you can navigate it according to what you want to learn or what you want to see. But today, it's gonna be in pretty much one direction. We're gonna go through the slides, and I will look to cover how we've reset the company, how we're going to develop the assets and their consenting pathway, talk about the scale of the resource and potential upscale, and then look into some of the technical and economic foundations that underpin our development strategy. But now just back to that starting point, the company itself.

5:55 We've formed a new team. We've broken the inertia, and we're gonna be building some momentum to advance Paris Mountain.

6:06 I think first, it's worth looking at the focus of ANGLESEY MINING and the Paris Mountain asset. As Jim did actually mention, it is a 100% owned. It's The UK's largest, arguably the only polymetallic resource in The UK. It's well defined, and it's an advanced brownfield project. And by the name, yes, we are in North Wales. The second point is about that reset. The £4,000,000 of legacy debt that's been eliminated and the new leadership team that's been created alongside a management team with competence in mining, geology, finance, legal aspects, and capital market experience, notwithstanding each one of us having our own insights and appreciation of what it takes to do business, not only globally, but here in The UK.

6:55 And then thirdly, there's that point around forward looking strategy. And we've tried to simplify this, and I'm gonna come back to these three points on quite a regular basis. It's to develop a mind, grow the resource, and discover the district. And I'll go into the detail of what each one of those means. But it's also then important that I I I use this to structure the framework that means that any expenditure is tied to work that will reduce risk, increase confidence, and then generally create asset value and upside.

7:31 So to our board, it's not a single person entity or single person story, this. The has real depth across geology, mine development, operations, corporate leadership, finance, and capital markets, as we've mentioned twice, I think, already. Jim brings the geological, corporate, and financing experience. Brendan, situated in Canada alongside Taj, brings mining corporate development and public market experience. Alongside him, Taj, that entrepreneurial insight that he brings, capital raising, and a certain amount of strategic development and strategic thinking. Martin, who I believe is well known or already known to a number of the people on the call today and more recently as a result of some of the the recent news around Tungsten West, Martin brings financing and project funding experience with the added contribution, as I just mentioned, about The UK context and how that can be brought brought to light, not only for our side, but actually for The UK as a tapestry of opportunities to develop MINDS today.

8:33 Now this mix is delivered, brings technical credibility supported by broadly commercial discipline. So let's just, for a moment, again, reflect on what's been done. Yes. Debt's been eliminated, but how? One of our largest shareholders and continued support from AYMING PLC helped play an important role to the recapitalization and the restructuring that's undertaken. And I'm grateful for their support particularly, and it's been underpinned also by Brendan Cahill joining the board. But alongside that, I'm also, as are the board and and members of the team, really grateful to the existing shareholders that have seen us through this transition.

9:22 And I know you share with me the desire to see progress translated into value. So here, the focus is on systematic delivery. Again, repeating those words about reducing risk, reducing uncertainty, and creating border economic value for the asset as we look forward.

9:47 So that's great. Now that we've created a new asset, what's our pathway to development? Well, it's underpinned again by some pretty strong foundations. Our infrastructure is strong. This is not just an early stage greenfield exploration concept. By respecting our past, we appreciate that we've got a lot of good data. There's an independent PEA, extensive metallurgy metallurgical work that's been undertaken, extensive drilling, all built on the back of established infrastructure as well as that important underground previous development. Just to pick up a few points there, the 2021 PEA itself demonstrated a viable concern, not only in case c, but also in case a, which was the smaller start in line.

10:41 And that was using the assumptions back at that study time in 2021. Little later in the presentation, and I know this has created some quite some interest across shareholder view viewpoints, is what do the new commodity prices show, and how do they present present the company today? But we're gonna move on to that in a moment. I just wanted to cover off on these few foundation points. We, of course, do have the Moyes Shaft. Is approximately 300 meters deep with eight fifty meters of underground development that was used for bulk sampling in the past. And alongside that, we've got a combined resource of close to just over 16,000,000 tonnes. Now this inherited work is valuable. It's our job to respect it, and against that, to modern standards and prices, turn it into a financeable development case.

11:27 But one of the important things that we we do is we do that responsibly. Now we have, with the past work, an existing planning foundation, including permissions for underground development, but our approach can't just rely on those passive historic consents.

11:47 As exploration moves forward, we're seeing that they we're gonna progress a diff slightly different, more modern mine requiring appreciation of current and forward looking environmental and planning expectations to achieve best available technologies. Now we as a UK fraternity have access to those skills, that knowledge, and that resource and capability to deliver world class assets. And we have an opportunity to prove that here at at Paris Mountain, and that's part of how our permitting will be developed, be to do it responsibly. So this will be through structured engagement with the Isle of Anglesey County Council. Those conversations were already started when they determined the the previous submission, which will be updated.

12:39 The mineral planning authority for Wells, which guides the county council, and all the other statutory body and statutory consultees required to fulfill or complete a planning process. We're forming technical working groups, and alongside that, building planning performance agreements to see that we work through an efficient, transparent, and effective process with a working objective to deliver consent within approximately two years. Now that's an objective. That's not a guarantee. And I know that's all something that we want to pin pin an expectation on, and and being a responsible person and wanting to achieve the expectations that we set, we will do every level best to achieve that. But it all comes down to the quality of the submissions and the proper consultation that has to be undertaken to underpin that.

13:31 And responsible mining is, to me, about delivering to those expectations.

13:41 Okay. Now I know we look at markets and we look at assets, and we say, how do these compare? And we've developed a couple of peer peer comparisons to appreciate why we think currently, Paris Mountain asset is is is undervalued, under recognized in some cases, in others unknown or forgotten about. Well, the fact we're speaking today means we're coming forward to say we want to be recognized, we want to be seen, we want to be heard. But what are we comparing ourselves against? We think it's a very substantially discounted asset, and there's clearly a gap to be journeyed across to meet the expectations that are being set by others. And that's about resource confidence, consent progress, realistic engineering, credible funding.

14:30 We won't be making singular announcements. We want to achieve repeatable execution and explain and communicate those milestones. And with that, we'll see that the market will recognize us more for what we are, not what we've been historically known for and hence close that gap. Now the interesting part. And during the course of this, we will be bringing Jim in now. We're back on. Thank you. This guy here captures broadly the mining and geological strategy in those in those terms. To begin with, we have the three strategies, develop, grow, and discover. Develop a mine. Certainly, within the better defined White Rock and engine zone, there is an opportunity.

15:18 In growth, it's to improve the confidence that links those two the two assets of the Northern copper's two assets of the White Rock and engine zone with the Northern copper zone, and also how that mineralized system has the potential to be grown to the east. And then discovering is then to appreciate the wider systems of the region and through geotechnical and geochemical work, explore those regions across ANGLESEY. Now any mine plan as a mining engineer must remain flexible, and it will change. But it changes once we have confidence, always when it changes when we have new information. And there's certain areas in in this plan. You can see that there's the question marks. What are they telling us? What are we gonna go and seek to find out within those areas there?

16:07 Certainly, what we think is some fairly reasonable geological upside. Jim, do you wanna just pick up on those two points within the the center and the and the and the eastern portions? Yes. Thank you, Andrew. Putting my geological cap on, those those question marks indicate further exploration is required. Now on the Northern Copper Zone, it is open along strike in both directions and at depth. Now we've had reports going back prior to the jaw compliancy regulations from the late nineteen eighties and the early nineteen nineties suggest suggesting there could be up to 30,000,000 tons on the Northern Copper Zone. Now we're not saying that's the case, and that isn't that isn't historic by definition.

16:56 But certainly, knowing the geology, knowing how these volcanic massive sulfides occur, they don't occur as one singular globular of mineralization. We are well defined on the White Rock on the left hand side of the slide. That's been well drilled, that has a significant measured resource. If we drill that anymore, it will look like a tea bag. Let's concentrate all our efforts now, filling the gap to the right of the the White Rock zone, to the right of the White Rock zone, to the left of the northern copper zone, above the lower engine zone. We think there could be a continuation of significant mineralization in that obvious gap right now. But also, remember this is in two dimensions, you have to think in three dimensions, Come out of the page and go into the page for the lateral extensions in both ways. So the upside potential resource resource wise on this slide is very significant.

17:59 Thank you. Thanks, Jim. That's quite clearly well said. And whilst Jim was speaking, I was just having a look to the the the questions that are coming in and appreciate some of those, speaking about both the resource base, but also some of the structuring around that. We're gonna get to all those questions a little bit later on. As Jim said, this resource is already quite substantial and, in many cases, has been substantiated. The opportunity now is to improve the confidence in it and to understand how much larger that system can be.

18:41 So one of the key slides is that of the JORC resource statement. Now this is a combination of the information that was presented in the PEA, 2021 PEA, the updated MRE mineral resource estimate of 2023. There is still around 16,100,000 tonnes of mineralized ore containing around 1% copper and 1.3% zinc with other associated minerals of lead, silver, and gold. Now the white rock and engine zone resources have a strong measured and indicated component, which gives them an interesting focus for on around development.

19:29 But necessarily to subscribe the pathway, but it gives an initial direction as to where development could be first considered, certainly from a resource confidence perspective. The Northern Copper Zone, which is that large area that Jim was describing on the to the east with further upside, is still in the inferred stasis. It has considerable copper. It is copper dominant at about 1.3% copper with all of the additional payable metals, the zinc, the lead, the silver, and the gold. And that distinction is quite important, But we can't present at this time tons all tons as being equal. That requires our targeted modeling, which has been initiated. We currently have on-site a new geological team and undertaking that work right now.

20:18 And then drilling, which convert confidence to where there is the greatest development value. And from the modeling that we're doing now, we're gonna set up some new exploration targets and pursue those to gain answers, answers, not just to pose new questions. And to close the gap in the variation in between those different descriptions, bring inferred resource in the Northern Copper Zone to what's indicated, and where necessary, bring further confidence in the connections between the two, the White Rock Engine Zone and the Northern Copper Zone.

21:02 Now there's a couple more interesting geological slides coming up, and I hope that they do resonate with a number of you because all good assets are built on good geology. And that's coming from a mining engineer, I might say, respect to our our colleagues. This slide reflects more on the twenty twenty three recent drilling program where the holes that were were were undertaken broadly confirmed the mineralization of the Northern Copper Zone, but also, and quite pleasingly, the high grade polymetallic mineralization that lies beneath that in an in an area that's been named Garth Daniel. And this drilling and these these identified areas continue to support and demonstrate where there's higher value domains within the wider system, and that will steer our planning. We have the option to be quite diverse in in where we might take mining, whether it be to target one mineral set or another, but also in a polymetallic where there might be current upside based on commodities, for example, where we're seeing gold continuing to head, but also alongside that, the bulk movement and everything, particularly in copper, but in more recent times also in zinc.

22:17 And that's that's all gonna be underpinned by the further resource work that we've we've spoken about. So, yeah, looking for better definition, there will be meters, but those meters will be targeted. Jim mentioned this earlier about these mineralized zones. The overall strike of the known air is around 1,600 meters. We can believe that it could go to around 2,500 meters in in strike in the full mineralized zone, and those are those various different multiple extensions that we're gonna continue to look to link up. But our principle remains that that development led work comes first. So we need to understand where we're going to be targeting those drilling those drilling activities.

23:03 Prudent use of investor funds to get answers, not just to pose new questions.

23:12 Another slide representing the mineralized areas, but this here is to highlight on a south north cross section this mineral system is not just an isolated old body. There's some quite interesting, some might say complex mineralization here. I call it geological diversity. And what it does create to this mining engineer is planning optionality and allowing for a longer term exploration potential. And that planning optionality is exactly what I mentioned further. We have the opportunity to steer steer mining activity, scheduling planning to to to changes in commodity. And those are the best value options that we're currently looking at at the moment, and it'll all be pun underpinned by good geological knowledge, central scheduling and planning, and great technical insights.

24:07 Recognizing that we're already seventeen minutes into the the the slideshow and I or twenty twenty three minutes, sorry, into the slideshow, I'm gonna keep on cracking on. Where we want to go to next is move away from the geological percentage potential and actually start to look at some of the practical questions that are being posed to ourselves now. First, metallurgical work. This is really important. We understand how we take the the the ore that is extracted and ensure that we are able to produce marketable concentrates. The recent work that was undertaken has highlighted there's a great deal of upside with modern technologies to do some presorting and sure that we can actually remove waste swap before it goes into flotation plants. The study work is also highlighting how those concentrates will be presented to the various different markets and how that might determine which market area or region of the world that we want to target.

25:02 Preferentially would be to the European markets. So we have that proximity with the with The UK. We can't assume or even believe at this point in time that metal will necessarily be refined in The UK. That's certainly a great objective and something worth canvassing with the government. What we want to be cautious of is is is a dive straight into deep sea Asian county sales, country sales, which was attractive, will add on transportation costs and may well detract from our place within The UK strategic and critical mineral strategy. So it's about finding nearer nearer partners, but also making sure that our concentrate and our mix meets the expectations of some of those regions that do set slightly higher set stations than you see in other faraway deep sea sales.

25:53 Beautiful poly polymetallic, I mentioned earlier, is a diversity of metals. And with the the five metals available, we have that spread, and that steers our mine optimization work. There are tonnages that are produced, predominantly a combination of zinc and copper, but the other payable metals are still remaining extremely attractive. We have seen in recent times how commodities have moved quite mark markedly, and the direction which they're taking is clearly very attractive to an asset such as our ourselves. We know that the drivers of these particular metals are around electrification, grid networks, industrial industrial resilience, etcetera. And The UK minerals strategic and critical mineral strategies recognize that that value.

26:43 And we're tying ourselves into that strategy. There's a lot of questions about government funding. But what we need to see is that that strategy doesn't just lead it. We're still gonna make sure that this is an economical and commercially attractive project, and those decisions will be a combination of both serving serving the the the The UK's demand, but also seeing Paris Mountain being a profitable and a commercially viable concern. More recently, and there has been some conversation, and I see there's a question about this one, is the recent review of the 2021 PEA. This was not an independent PEA or feasibility study. This was an internal review of how have against inflation cost inflation, have commodity prices affected the value of this this asset?

27:31 And we're seeing as a comparison, we're seeing about a three times upside and stronger returns versus now versus the 2021 PEA. It's very very encouraging. That gives wind to our sails, but it mustn't be a false perception. Still, the project still requires a great deal of technical certainty. So now we want to replace that initial indexation with more detailed engineering works, resource definition, metallurgy, market evidence, and permitting certainty such that we are underpinning all the costs that will be required to extract every ton of ore, be as optimal and be as purposeful against, obviously, a more buoyant market, but then we don't start to see any cost creep, cost inflation that which attract from any early value that piece people have set on the asset. And as those study works are undertaken, we will look to communicate the outcomes of them.

28:34 Next, I want to move on to execution, and that's how we will convert this compelling resource into a into a derisk derisk project. Again, I'm gonna repeat some of the points that I've made earlier about growing the resource after we started to develop the mine, concentrating initially on the well appreciated White Rock and engine zone. It's requiring some further mine planning metallurgical work. Growing the resource in central area is the exploration and appreciation in the Northern Copper Zone. And it's lovely actually when you look at these pictures and you realize what a beautiful part of the country is. I have to sometimes pinch myself when I'm up there about what we're blessed with. But we're active, and these are the things that are happening up there today, particularly that last one, which is discovering the resource and appreciating through

29:21 modern geochemistry and geophysics how we might rank future targets. Now this funding isn't gonna be happening in stages, so with a certain amount of prioritization. And each decision that we take will make sure that we are able to fund the appropriate rate and the appropriate value order. In all likelihood, the further discovery work will follow because it sees the greater value, I believe, in actually the development stage, but concurrently adding to the resource base.

29:54 So in closing, and let's go on to the to the overall investment case. But it is about building this off a technical foundation and and appreciating, obviously, there is some clear, some substantial upside to be to be gotten. Again, 100% strategically as owned asset. We've removed the debt. We've completed the internal evaluation that brings us confidence and and a view on the scale of the opportunity. I'm personally passionate about advancing this project, and I'm very encouraged and support and supported by by the commitment that's been made by our shareholders, particularly, and other more sizable shareholders, but also everybody on the call today who's taking an interest in the asset and for the constructive engagement that we're also having with local stakeholders and those within the region and on a national level.

30:48 My and our commitment is certainly simple. It's to respect the past, build off that, do technical work properly, and deliver through a responsible program of developing the mine, growing the resource, and discovering the district. So thank you for your time for allowing me to pass this information over to you. Again, the the the the package is on the website, but I'll keep you, shareholders, stakeholders, those close to the asset, those a little further afield, informed and up to date with programs of work, milestones, and how we're progressing against those plans. When When we finalize something or or something significant occurs, we will certainly be putting formal releases out over in RNSs, but I also encourage you to keep an eye on social media and the other platforms through which we communicate.

31:39 But for now, we'll turn to questions. Lily will introduce the process, and I'm just gonna scan whatever new ones have come online because we have got a few. That's great. Thank you very much for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab situated on the right hand corner of your screen. Just while the company take a few moments to review those questions submitted today, I'd like to remind you that recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard. As you can see, we have received a number of questions throughout today's presentation. And, Andrew, could I just ask you to read out the questions and give responses where appropriate to do so? And I'll pick up from you at the end. Great. There's about 18 that have come through, maybe a couple more.

32:24 Some of them do cover similar subjects. What I want to assure everybody is if have missed a particular point that is very dear to you, do return to the materials that have been shared or published through IMC. I appreciate the resource that they're providing for us to talk to you directly, but also then to share share this information with you afterwards, is go through those questions and see how we might have written an answer to you also. We'll do the best to answer it verbally. And, also, if you don't feel that something has been asked answered correctly or we haven't got enough information, we've put the contact information on the screen now, and you can reach out to opposite line thereafter. So this this one here, which is about the evaluation a little bit earlier on, which was on page 11.

33:16 Presentation and the big mismatch in valuation between our peers or your peers and how you intend to close the gap. Can we say a few words? And if you can't do this and what can you do to do this that the previous team didn't? Well, Jim highlighted that there's been some considerable amount of restructuring, which is provided as a platform from which to operate off. Without that, we wouldn't have had a foothold or anywhere actually to have have presented a gap because effectively, there wouldn't have been a past mountain from which to develop. So appreciation for the early work to set up this set up the business.

34:10 But when we look at the gap and the comparison, I see it more as the opportunity. It sounds a bit of a cliche, but it is the opportunity of what we need to do to to close that gap. It doesn't say, by the way, that everybody deserves identical valuations. Everything will be slightly different. There are many moving parts to an asset. And always, there is no immediate promotional answer that I can say it's because of of of of the asset or the geology or the one or other. It's the combination. And And as we go through that combination of technical matters or economic or commercial matters, it's it's the gap will narrow as we reduce uncertainty.

34:57 A phrase I use to myself about the value of breaking things down into understandable parts and building the forward plan. But I am actually quite buoyed by some of the early indicators. Already in June, when we to the market to present the asset, we've seen the shares appreciate by around 30%. And at certain points, marketing around 60% higher than they previously did. And I'm appreciative of everybody that's got behind that. And And it's it's a a matter of public record that that the market suggests that there was a positive response. But share prices in these movements, do appreciate, can be short lived, and our approach needs to be built off certain discipline to remove the the legacy constraints, tick, being done, debt restructuring, divine the development work. Well, we've put those definitions forward.

35:53 Okay. Not all of the the plans have been fully laid out, but they will be promote you will be more informed once further funding comes forward, and we were able to make more definitive commitments to those time lines. But they are broadly to improve the resource confidence, to advance planning, environmental work. We're putting that right at the front because that's a absolute necessity in The UK and any other part of the world for responsible mining. And I think one of the other things that we've done now is we've simplified the the approach. Develop the mine, grow the resource, discover the district. Three fundamental steps forward. Each of them can work independently, but they're actually very intertwined that if we were to identify a new resource, then how does that shape and enhance our MINING development? And how does MINING development bring early revenue and early income to further expand the resource across the region?

36:51 And that recent short time success that we've seen is boring us to bring us confidence that we have your commitment to the work that we're undertaking. I want to just talk for a moment on that debt restructuring because there was a question here about where did that go. As some more long standing shareholders were aware, there were other assets that ANGLESEY MINING owned. They were outside of The UK. They were noncore. They did bring value in the past. However, they were becoming somewhat of a burden and a distraction from ANGLESEY to be able to concentrate on the Paris Mountain asset. And through restructuring through Enegold, Enegold have taken on those assets and assisted with the the debt relief positioning ANGLESEY MINING to focus fully in a fully funded position with no debt on the Paris Mountain asset.

37:48 So it's an absolute turning point for us to break away from that latency and that limitation to be able to move forward on this particular asset in the way in which other teams may not have done, but also were restrained too. Because there were and there is work that we're building off today, which was completed very recently that's buoying our success today and certainly is and they were unable to deliver because of those structures. So it's a combination of those efforts. It's places where we are today. There's a question also about funding. Funding is a key to success for ANGLESEY ANGLESEY MINING and cannot be achieved by continuous small equity placings. Are you confident you can get creative, hopefully overcoming the barrier of our small market cap and get grants or investments from government?

38:41 That's business quite nice to hear. It's great to see Martin Wood is also an NED at Tungsten West. Could an investment similar to the Tungsten West investment be possible? Well, the one thing that we do agree in is that small equity raises are not sustainable long term development model. There is no doubt that it's part of the forming the funding package. And over time, we want to match each of those pass packages with the most appropriate capital, certainly to minimize dilution or unnecessary dilution. We I'm sure you all appreciate dilution is a matter, of course, for these early periods and potentially further down the line, but it must always be purposeful. Regarding government support, we're assessing UK and Welsh government grant programs and general perception and appreciation and value of the Paris Mountain asset.

39:35 ANGLESEY MINING is listed as an asset within the critical mineral strategy and various different platforms into which the critical mineral strategy is underpinned, whether that be for law or assets or refining assets or manufacturing assets across The UK. Because the critical MINING strategy isn't just about mining, it's about the full value chain. We're also speaking to strategic investors, industry partners, and other means under which we might find nondilutive or less dilutive routes. But certainly in the near term, we're still working with with equity. And as the project grows, we need to find the right fit and mix for that. I'd say about government support also that it shouldn't be assumed until it's awarded.

40:24 The National Wealth Fund probably wouldn't be in a position to support us today or wouldn't be in a position to support us today, But they have heard from us, and they will continue to hear from us and appreciate the journey that we've gotta take. But at what point do we become the right kind of asset providing support and resilience to The UK's critical mineral strategy not just exporting low value concentrate to the rest of the world, but finding the right pathway to which that could then be seen as a real metal coming back into The UK and supporting that strategy. And I think that's something that would earn respect from those kind of funds. Now there's no doubt that Martin's project finance experience and his wider, you know, participation of these things in The UK is gonna be of great assistance to the board and the organization, but so is the wider board's capital market depth, knowledge, and experience, and it's all relative.

41:17 So it's it's a combination of near term smaller packages then going to larger ones, more strategic investors. And actually, the right point, I'm sure there will be opportunity to approach formally the National Wealth Fund and and others to support the asset. There's a question we've also had around certain grants, and I just wanted to turn to that one. So there was a question about, will ANGLESEY MINING apply for critical mineral funding or grants in The UK before the September 30 deadline? And that's quite important is what does that September 30 deadline mean? Is more specific to the £25,000,000 critical minerals accelerator.

42:05 And those first round applications close at the end of end of September. We've reviewed the scheme carefully, and I've spoken to Chris and the team at the Department of Minerals of Trade. And there there was was a webinar on it only a couple of days ago, which we've watched the the recording of, but we're also already fairly well briefed on it. We're we're closely aligned to the strategic aims of that of that fund, But we don't explicitly meet the central funding test, which whilst it's aimed at the variety of activities that support the critical mineral strategy of which extraction and innovative extraction is part of it. These are looking for pilot or precommercial demonstration projects, levels innovation levels six to eight.

42:54 Our current exploration program, design work, mine design, etcetera, itself doesn't fit within those. We are, though, speaking to a a number number of of partners that do have technologies and test facilities, and we will provide insight. We'll provide data to their activities and help to support them in securing their own grants. But that doesn't mean that we'll secure the grant ourselves. What that might do is help build a UK processing ecosystem and build relationships, but it doesn't mean that we're applying directly. So we're watching it. We're seeing who's a part of it. We'll aid aid and support and celebrate if they achieve that access to that that that grant funding, particularly if it's gonna be relevant to our future.

43:43 But right now, we don't meet that the the criteria of that. What other ones are there in other parts of the world? I haven't really gone out a lot further than The UK, but I think there are some available from The US. And there are some interested parties in The US that are asking us, you know, what are we doing with the asset, etcetera. Etcetera. But for now, we've been talking more domestically and looking at what's The UK's mineral strategies are supporting in terms of of of funding. Then there's a couple of questions. I think there was about three. There might be a few more that have come on, which are around when are we gonna release a new PEA? What about the pre feasibility study, MOE feasibility study, bankable feasibility study? Well, those two are are pretty much the same.

44:33 And I think I can answer those as a whole. And you've also talked about, you know, what about the funding and and and what phasing? Well, I spoke about the phasing of funding. It wouldn't be doing entirely little packages, but it would be done in adequate packages that would be supporting any particular technical work that we see as being valid, credible, bringing upside, and doesn't unnecessarily dilute, but brings tangible outcomes that would then be encouraging to the market. But it's also we need to be sensible that we're not just going to be hitting declared statements for the sake of hitting them. What I'd like to see is we will be doing is to build a prefeasibility level or feasibility level equivalent body of work that will support our planning because a lot of this technical work is also required for the consenting process for future project funding and the next development decisions.

45:32 So it's about putting that body of work together. We're gonna build that over over the next eighteen months or so. We'll see a point in time in the future when we will then have that third party review. And if we need to declare it as a as a as a full prefeasibility study, we will do. The next phase, which is often decline described as a bankable feasibility study, would follow later. And it's not a part of the immediate next study because there's certain certain information that we need to gather first. We can't we can't skip, and we've gotta do this in the right order. And some of my priorities today are around the planning and consenting process. So those that align both to development and planning will be given priority. Alongside that, to grow the resource and approach the MRE, we will look to update the MRE following next year's drilling program.

46:24 Again, that's about that building confidence. So there will be a timetable. And once that those scopes have been completed and our sequencing and funding is in place, then we'll be in a position to be more open about that timing as about when they would be undertaken and when you can expect to be able to see those. Alright. That was a number on MOEs and PEAs. Then there's a question about dewatering. People are aware that we have a 300 meter shaft, a band 800 meters of development. We've got some good photographs, which I think we can put on our website showing some of the front end loaders and the work that was being undertaken there, which are very insightful. But you can't get out to can't get in there anymore because it is flooded. It's flooded up to or flooded. It's full water of up to 30 meters from the column, and we'll need dewatering should we wish to reaccess.

47:21 But the dewatering of the shaft itself doesn't necessarily trigger the commencement of mining because also within the plan, we have the initial access to ore being through the portals and the declines. The shaft dewatering will be initiated based on either we need as a path of mining, but more importantly, led to what information will be be valuably sourced from those developments. For example, early dewatering, in my view, in our view, can be provided for access for geotechnical and hydrological investigation, further bulk sampling for metallurgical test work, but also, and importantly, testing for the potential of acid mine drainage, which should be a part of our our consenting process to understand the impact of that and how we would mitigate it and how that would be be affected by ongoing mining and long term mining.

48:16 So early access to ore could be achieved for a portal led development with the shaft then following, but the shaft dewatering program itself can occur before to necessitate the work work we need to undertake for permitting, what and water management design design treatment designs and the safe execution of the mine. So we will need to, and we'll provide a timetable to when those elements will happen once they're further defined, particularly around that funding opportunity. We had a few more that came in during the day. John, I answered about funding. I hope if there's anything further you have to add to that, I think we covered that. Paul, you asked a question about the internal assessment.

49:08 We also talked about, okay. So we've got an asset that's credible. Given the current current market capitalization. What financing structure do you envisage? I hope that I explained that that well, I won't be able to explicitly say how much dilution, but the important word is no unnecessary dilution. And as the the asset scale grows, we'll be able to attract a more strategic investment. And I talked about those concentrates. Obviously, those people will be attracted by those concentrates. We'll be able to come up with some sort of offtakes, etcetera. And all of those are in the are in the mix. John, you've asked a question about what's more important, zinc or copper, to the UK government. I think right now the buzzword is all about copper, but zinc fits on the the critical minerals list. So why is zinc more important than copper? Well, it's because of the way in which we source the two.

49:58 Is fairly available, freely available from, say, certain jurisdictions, South America, US, and parts of Africa, where we've got long standing relationships and long standing supply chains. Zinc has a few other opaque sources, and it can't fully be achieved from from from regions of of of confidence. And that's why it's not starting to fit within the the critical minerals list. But where we're seeing both metals moving, both make significant significant contributions both by their the way in which they they present themselves mineralized in the mineralized zones, but also how they present themselves in terms of movement in commodity prices. Copper leading leading zinc following, but in the asset development, we see potentially some greater zinc production just purely by the way the resource presents itself.

50:51 So the question wouldn't just be about is it more is zinc or copper more important to the government? Which of those two can create the greatest flexibilities and strategic advantage and economic advantage for the Paris Mountain asset? I just lost a bit of train on these. Are we in conversation with the government? Are we funding? Is there what stage? No particular stage at this point in time. We are in conversation. It's more exploratory. We talked about the dilution. You talked about has there been any interaction with National Wealth Fund? Spoke about that. And some questions are jumping in about. I do apologize.

51:43 That was from Simon. Paul, you asked about debt. Paul also I hope you don't downstate negative questions. You live locally. Well, that's encouraging that we have somebody who is close to the asset and therefore has a has a domestic local interest to it. I think one of the important things that I can say now is we have initiated a consultation program on our engagement plan. So we're going to ask consultees how they would like to be engaged, how they'd like to be communicated, what are their sort of their core issues they'd like us to be aware of, and then how often they would like to be communicated, etcetera. And it's a combination of structured communication, but also the informal drop drop in in centers and so forth, ensuring that everybody across the the local area has a right to be able to present their their their view.

52:40 Yep. So Paul was also asking about the the difference in the in the valuation. What particular milestone do we think will will will will close that gap? Well, since we're starting off a pretty low base, it's gonna be incremental, And we've seen the early movement in share price. It's been seen some some quite significant percentages. But what we want to see is continual creation of certainty, clarity of definition, and then a consistent and steady improvement in in valuation to close that gap systematically, not in singular announcements. And I think that's about regular communication to the market, transparency in everything that we're doing. Can a private investor get invest involved?

53:30 Yep. We'd we'd we'd love to make those opportunities available. Right now, I won't be able to describe exactly how things might be shaping up, but we'll watch that space. Debt's been cleared. Thank you. Yes. We're looking at other means of funding, whether it be voltage streamers and the likes. What we've gotta understand is how much metal we're gonna get out, the certainty of that, and that's the level of definition that they'd want to see. So there's a little bit more maturity in the met met the geological work and the network before we engage them directly, but, absolutely, we will be. Thanks, Karen, for the comments. What's the timeline to to market funding request? We we have two two means. We've got the the last raising.

54:16 There were some warrants attached to those, and those mature in in in in March. And, obviously, that's dependent on share pricing. And based on the certainty of that, we'll be looking to raise, you know, relatively around those times and and this side or other side of of Christmas. But, like, everybody is aware of of a business to this side. There will be a number of times in which we return, but we won't come as a surprise. And as money is is is is raised, it will be defined by certain milestones that would need to be achieved to demonstrate prudent prudent use of any funds that have been gained through the raises. And then a question about further listing. I think at this point in time, we're seeing a lot of our energy and time and interest being consumed in The UK, but, absolutely, all options are open in terms of how wide will we look to advertise and publicize this activity.

55:09 We wanna connect into this strategic position that we have within The UK. But if there are other interested investors and they need different platforms through risk to to get investment, then we'd be we'd be happy to offer that. But it'd be based on certainly conversation. It wouldn't be because something else is failing. It would be to enhance. There's a question about what's changed. I think we spoke about the the debt relief, but also the recognition for minerals, the largest shareholder and for their continuing support. And I will ask Jim towards the end if he might just want to reflect on that again. Now he's just gone off camera. What's the practical route to planning consent? I spoke about getting the communities local communities involved, and our current stakeholder engagement plan is out for consultation to see that it's ship shape fit for purpose. Everyone would turn up and tell people how they will be told or what they how I expect them to listen.

56:09 I want to be doing the listening. And, also, it's about no surprises. No surprises from both parties. Is there any development that the Paris Mountain will be undertaking? The local community will understand it. They'll be informed about it. They'll understand what mitigation might be required, and they will understand how they can get involved. We talked about the this question about the develop, grow, and discover. That's a repetitive framework that we we use, and it helps to shape, you know, what we might do in the near term to bring production certainty. The growth is to look at how we can grow that life of life of mine and bring certainty to the areas we've got inferred resource. And then the discover is appreciating the rich mineralized areas of of of our our nation. I mean, we're not shy of resource in The UK nor are we in North Wales and understanding where those might lie as as as targets.

57:06 There was a question about concentrates. I did say that it would be strategically preferential market for the concentrates would be European smelters and traders, and that links closer to the strategic intent of of of The UK's critical mineral strategy. But we must make sure we do that prudently and that we do it in a way that's actually of best value to the asset. But I would like to present this not as a UK refined the the the the construct we refined domestically, but let's say it regionally. And then I think a general question that I've seen comes through on a couple of points in terms of near term planning. I mean, that's when you're gonna release PAs, when you're gonna do what. Over the next twenty four twelve to twenty four months, what should you be looking for?

57:56 Us finalizing funded scopes of work, progressing planning and environmental consultation, seeing certainty developing that because in some cases, it has been a bit of a moving feast. So we want to log lock that that down down as tight as we can and get that across the line to build off the support we have, but to respect the fact that we are an underground mine. There will be impact, but it is if if measured, monitored, it can be mitigated and even enhanced. We'll be subscribing to I don't remember the exact definition because it's different between Wales and England, which is net biodiverse biodiversity net gain. It's a different phasing whether you're in England or or Wales, but they mean the same. And there is about having impact or meaningful impact to actually balance that this will be not only economically valued, but socially valuable and environmentally enhancing as opposed to detracting.

58:52 Part of that might be in some of the early cleanup that's necessary in in in the area, particularly the the waterways. Also, that you'll see further evidence of engagement with government. That's something that everybody's been asking for to make sure that we are in the minds of of decision makers. More importantly, and I think Kieran used the word great transparency, is continuing on that transparent reporting. And I'd like to think you might get fed up of hearing from us, but it will be because we have got something valuable and important to share with you. If we don't think it's valuable, we'll we'll save it, and we'll make sure that we are creating value from it. But also if there's any period of of silence, we'll make sure that there is a reason why that's the case. We'd like to think that we're gonna be fairly consistent in our news.

59:39 I'm gonna leave Jim about twenty seconds left. So I'm gonna hand over to Jim because I think I've said enough. You've heard enough for me. Maybe, Jim, you can just wrap up first. I can conclude. Andrew, thank you. That was a very detailed and concise presentation. Thank you. Look. I think Andrew's clearly demonstrated that this project is significantly undervalued in comparison with peers. We've only mentioned two peers on the slideshow. There's many more, but I think the overall consensus is it's well undervalued. Secondly, there's been never been a better time to build a new mine in The UK. We have a 100% owned asset in a geo geopolitically safe jurisdiction.

1:00:27 We own freehold land with mineral rights. And extending from that, we have additional leased land with mineral rights. We have a good resource base, which can clearly be expanded. We have an excellent grasp of metallurgical parameters based on, amongst other things, a 2,000 ton run of mine bulk sample collected in the late nineteen eighties, early nineteen nineties at the bottom of the shaft. We have a new and proactive board of directors to see this project through to fruition. Andrew's touched on the experience of each and one of us. We all either put MINDs in production or been involved with MIND production and every aspect of the game.

1:01:15 And finally, on that note, given the time frame, we hope to see you all in the next webinar. Thank you very much. That's great. Thank you for updating investors today. Can I please ask investors not to close this session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations? This may take a few moments to complete, and I'm sure be greatly valued by the company. On behalf of the management team, we'd like to thank you for attending today's presentation, and good afternoon to you all.