On 3 September AIM-listed Angelsey Mining (AYM) released predictably horrid full year results to March 2021. This morning it has graced the market with an RNS entitled Financial Results and way Forward. Confused? I was……until I realised this morning’s missive didn’t include the full results!
The two companies have only two things in common. The first is that their balance sheets are thinner than an anorexic Ethiopian supermodel with a coke habit. The second is that in recent weeks their shares have absolutely flown.
Not content with leaving burying bad news on polling day to the likes of Purplebricks (PURP) or Versarien (VRS), this morning – election results day – AIM-listed Anglesey Mining (AYM) joined the fray with its Interims to September. They are truly horrid.
Back in late January as its shares were ramped to 3p on the back of preposterous speculation about the Parys Mountain deposit in North Wales I warned you that Anglesey Mining (AYM) was almost bankrupt and that it was placing ahoy. Today came the placing and an accompanying porky.
Well here’s a blast from the past! I used to hold a few shares in AIM-listed Anglesey Mining (AYM) some years ago. What caught my eye was the 18% share price drop on no news – the last we heard being its interims to September 2017, released back on 30 November 2017 when we were told us that now is the opportune moment to move forward with the development of the Parys Mountain base metal project. Blimey - after all these years! But what with?
Iron prices may be testing five-year lows and mining companies the world over may be agonising over how to continue with major iron ore projects. But Bill Hooley, chief executive of out-of-favour fully listed Anglesey Mining (AYM), argues the company has got the timing its opportunist foray into Swedish iron ore just right, as the fully-listed company digests the latest formal resource estimate for the country’s historic Grangesberg mine.