Completion of Warrant Offering

Anglesey Mining has completed a £350,000 warrant subscription by Energold Minerals through the issuance of 46,070,817 non‑voting exchangeable warrants priced on a 5‑day VWAP of 0.7597p to 8 Dec 2025 (c.153% premium to the 4 Dec close of 0.30p); the warrants are exchangeable one‑for‑one into new ordinary shares for no further consideration and the cash proceeds will be used to shore up the company’s finances and meet certain payments. The company will convene an EGM by 31 Mar 2026 to approve a share consolidation to facilitate issuance under the warrants, has appointed two non‑executive directors (Brendan Cahill as an Energold representative and Jim Williams as independent), and is proceeding with a Debt Settlement Agreement that will transfer its Angmag and LIMH holdings to Energold subject to Swedish approvals. The transaction provides immediate liquidity but creates material potential dilution and an increased shareholder/board influence for Energold, with asset transfers and a consolidation planned to manage the post‑warrant capital structure.

Analysis

Anglesey Mining completed a £350,000 subscription from Energold Minerals by issuing 46,070,817 non-voting exchangeable warrants priced using a 5‑day VWAP of 0.7597 pence to 8 December 2025, which the company states represents a c.153% premium to the 4 December closing price of 0.30p. The Warrants are exchangeable one-for-one for new ordinary shares for no further consideration, and Anglesey says the cash proceeds will be used to support the company’s financial position and settle certain payments.

The company will convene an extraordinary general meeting before 31 March 2026 to seek shareholder approval for a share consolidation to facilitate issuance under the Warrants, and has appointed Brendan Cahill (Energold representative, non-independent) and Jim Williams (independent) to the board with immediate effect. A Debt Settlement Agreement that transfers Anglesey’s shareholdings in Angmag and LIMH to Energold is expected to take effect shortly subject to Swedish approvals, which is a material corporate restructuring and will change the company’s asset base if completed.

Immediate liquidity reduces short-term funding pressure, but the one-for-one exchangeability plus a planned consolidation creates clear dilution risk to existing holders and concentrates influence with Energold via board representation and asset transfers. Key catalysts are the EGM details (consolidation ratio) and Swedish approvals for the Debt Settlement; until those are resolved, valuation and upside remain uncertain despite the modest positive market-impact score signaled in the summary.

Key Decisions for Investors

• Re-assess position size and consider reducing exposure or implementing downside protection given the high dilution risk from 46,070,817 one-for-one warrants and the pending share consolidation
• Monitor the EGM notice closely for the proposed consolidation ratio and timing — wait for post-consolidation share count and issuance mechanics before adding to positions
• Track the progress of the Debt Settlement Agreement and Swedish approvals as completion will materially alter Anglesey’s asset base and investment thesis
• If retaining exposure, consider hedging near-term risk or staging any buys until the EGM outcome and asset-transfer announcements provide clarity