Signing of Letter of Intent to Progress High-Density Fluid Hydro-Power Energy Storage Project

Anglesey Mining Announces Signing of Letter of Intent to Progress High-Density Fluid Hydro-Power Energy Storage Project

Anglesey Mining is pleased to announce that it has signed a Letter of Intent with RheEnergise Limited (“RheEnergise”) to further progress a high-density fluid hydro-power energy storage project at Parys Mountain.

Anglesey Mining is determined that the energy storage project be a force for good in the community and is delighted to have received in principle support for the scheme from the Amlwch Industrial Heritage Trust, Geo Môn and Menter Môn. Anglesey Mining is also grateful to the Anglesey Energy Island™ Programme, established by Isle of Anglesey County Council, for their practical advice and support.

The letter of intent sees the formation of a jointly owned special purpose vehicle (SPV) with the purpose of having the Parys Mountain site be the first commercial deployment of the High Density Hydro System. Anglesey Mining and RheEnergise have agreed to deploy resources into the SPV: financial, time, material, leases over land and IP and also to conduct a feasibility study over the project. If, as is expected, the study concludes that the project should go ahead, RheEnergise and Anglesey Mining will use their best endeavors to bring the Project to fruition.

Background

Anglesey Mining is focused on delivering a polymetallic underground mine at Parys Mountain. To that end, Anglesey Mining’s management is developing strategies to enable investment in the development of Parys Mountain to be incremental so far as practicable, thus allowing risks to be mitigated in stages before considering options for the next step of development.

A Pre-feasibility study (PFS) in the energy storage scheme is underway and part of that work has fed into a new illustrated presentation which provides potential investors with detailed information on the methodology and revenue streams associated with the proposed 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. The presentation can be viewed via this link: Parys HD Hydro Investor Presentation.pdf

It remains an essential and clear intent of this project that Anglesey Mining retains all the optionality that it currently has for the construction and commissioning of an underground mine. Also, that the hydro energy pumped storage project should not detract from those options over the medium and long term.

“ The signing of this Letter of Intent is an important next step in this project for both companies involved,” said Rob Marsden, Chief Executive of Anglesey Mining. “We are excited by the potential and synergies that this project brings together at many levels. Anglesey Mining is focused on delivering a polymetallic underground mine at Parys Mountain. Securing a source of consistent green power on Anglesey and establishing a presence back underground at Parys Mountain is key to the strategy of de-risking the incremental development of the mine and furtherance of the UK’s green power ambitions.”

Parys Mountain is the UK’s most advanced project for the primary mining of copper, lead, silver and zinc, which is on the Government’s critical minerals list.