Alexander Mining plc 
Annual Report & Accounts 2011
Commercialising breakthrough 
mineral processing technology Alexander Mining plc 
Annual Report & Accounts 2011
Company Overview
3
About Us
Alexander Mining plc is a mining and 
mineral processing technology company
with a reputation for strong technical
management, allied with financial 
markets expertise and experience.
It is quoted on AIM and the 
TSX Venture Exchange.
Company Overview
01 Highlights
02 Our Focus
04 Chairman’s statement
06 CEO’s Business Review 
11 Our processing technology
Corporate Governance
16 Directors and Advisors
18 Corporate and social responsibility
20 Directors’ report
23 Independent auditor’s report
Financial Statements
24 Consolidated income statement
24 Consolidated statement of
comprehensive income
25 Consolidated balance sheet
26 Company balance sheet
27 Consolidated statement of cash flows
27 Company statement of cash flows
28 Consolidated statement of 
changes in equity
29 Company statement of 
changes in equity
30 Notes to the financial statements
45 Notice of Annual General Meeting Alexander Mining plc 
Annual Report & Accounts 2011
Company Overview
01
Highlights
� In South Africa - AmmLeach
®
copper/cobalt demonstration pilot plant
established in collaboration with 
MC Process (Pty) Ltd. in Johannesburg.
� Pilot plant to be used for testing bulk
representative samples from the
Democratic Republic of Congo (‘DRC’)
and elsewhere.
� First AmmLeach
®
plant in the world to
showcase process in two circuits through
to copper and cobalt cathode metal,
compared with majority of DRC cobalt
currently produced as an intermediate
product.
� In the DRC - Patent for a Method of
Ammoniacal Leaching granted and
important progress with copper/cobalt
opportunities.
� In Australia - Method for Leaching of a
Copper-containing Ore patent granted plus
favourable testwork for Altona Mining on
samples from its Roseby copper project.
� In Turkey - Red Crescent Resources to
investigate AmmLeach
®
technology for
copper and zinc projects. 
� In Guatemala - AmmLeach
®
second 
stage testwork discussions with 
Firestone Ventures. Alexander Mining plc 
Annual Report & Accounts 2011
Company Overview
02
Our Focus
The Company’s activities are directed towards the objective of
becoming a highly profitable and diversified mining technology
company - worldwide. This will be achieved from the 
commercialisation of its proprietary MetaLeach
®
mineral 
processing technologies.
Copper
Zinc
Copper & Copper-Cobalt
USA
  
  Positive zinc oxide AmmLeach
®
testwork for Firestone Ventures 
in Nevada.
Guatemala
  
  Positive zinc oxide AmmLeach
®
testwork for Firestone Ventures.
Peru
  
Positive zinc oxide AmmLeach
®
testwork for Rio Cristal.
Mexico
  
Attractive zinc and copper
opportunities identified and 
investigated.
Chile
  
Copper opportunities. Alexander Mining plc 
Annual Report & Accounts 2011
Company Overview
03
Our Focus
continued
Key base metals regions 
for volume and growth.
�DRC Copperbelt
� Central and South America 
copper and zinc provinces
� Mining companies with high-acid-
consuming copper, copper-cobalt and 
zinc carbonate/oxide operations
� Companies with undeveloped deposits
Democratic Republic of Congo
  
Important AmmLeach
®
copper/cobalt opportunities.
Patent granted.
Turkey
  
  Red Crescent Resources to
investigate AmmLeach
®
for zinc
and copper projects.
Australia
  
AmmLeach
®
copper 
patent granted.  
Favourable testwork for 
Altona Mining.
South Africa
  
Patent granted.
Demonstration pilot plant. Alexander Mining plc 
Annual Report & Accounts 2011
Company Overview
04
Chairman’s Statement
I am pleased to report that since my statement in last year’s annual
report, Alexander has made steady progress in advancing its plan 
to commercialise its proprietary breakthrough AmmLeach
®
mineral
processing technology. 
Alexander’s technology is applicable to the extraction of several
important base metals from high-acid-consuming ores in many parts 
of the world. During the year, we have continued to test samples from 
a growing number of projects and engage in discussions with various
companies and groups about commercial adoption of the technology.
Because of confidentiality agreements, disclosure has been restricted 
to those opportunities where we are able to put the news into the public
domain. However, we can say that based on this work and coupled with
what has been announced, the geographic spread has expanded further
to potentially significant countries and regions of the world. 
Importantly, the diversification is not just geographic but also by metal,
covering a range of mineral types. To date, we have tested dozens of
different samples, which has enabled us to create an invaluable database
of know-how and intellectual property. Although some initiatives have
advanced less rapidly than we would have liked, due to factors beyond
our control, our belief in the fundamental ability of AmmLeach
®
to
transform the extraction process efficiencies and economics for many
base metals is unshakeable. 
T wo countries with major potential and where we have announced
significant initiatives are Australia and Turkey, the former mainly for copper
and the latter for copper and zinc. In Turkey, we announced Red Crescent
Resources Limited’s (‘RCR’) intention to investigate the use of
AmmLeach
®
technology for the primary recovery of copper and zinc from
the oxide mineralisation at several of its base metals projects in Turkey. 
At RCR’s Hakkari Zinc flagship project in far south-east Turkey, the use 
of AmmLeach
®
as part of a full feasibility study on an optimised process
engineering solution for primary zinc metal production is planned. Also,
at RCR’s Sivas copper project in north-east central Turkey, RCR hopes 
to deliver early production through the potential application of
Alexander’s proprietary oxide (AmmLeach
®
) and sulphide (HyperLeach
®
)
technologies via technical collaboration. 
In Queensland, Australia, we have carried out preliminary amenability
testwork for Altona Mining Limited (‘Altona’) to investigate the use of
AmmLeach
®
technology for copper recovery at its Roseby Project.
Encouraging results have been obtained and reported to Altona, with the
next stage pending discussions with Altona. We believe that Queensland
holds considerable potential for the application of AmmLeach
®
technology for copper and other base metals.
Moving to Latin America, we have investigated the application of
AmmLeach
®
technology for the owners of several copper and/or zinc
oxide deposits. An ongoing relationship with Firestone Ventures Inc.
(‘Firestone’), after favourable initial testwork and scoping studies, has led
Firestone to select the AmmLeach
®
process for its T orlon Hill Zinc-Lead-
Silver Oxide Project in Guatemala. Firestone is in discussions with
Alexander on proposals, dependent upon Firestone funding, for further
bench-scale work, column testing and a demonstration test plant
designed to test further the application of the AmmLeach
®
process to
feasibility study standard. This follows on from Firestone’s extensive
preliminary metallurgical testwork on the T orlon Hill deposit using a variety
of alternative processing methods. We are delighted that Firestone has
selected AmmLeach
®
as its preferred processing method at T orlon Hill,
as well as for other potential Guatemala sources of feedstock. We greatly
look forward to working with Firestone to advance its projects.
In the Copperbelt of the Democratic Republic of the Congo (‘DRC’), 
one of the most important copper/cobalt AmmLeach
®
target regions, 
we have made a concerted effort to advance the adoption of our
technology. In particular, this included the joint venture partnership
agreement announced with Anvil Mining Limited (‘Anvil’) on its Mutoshi
copper and cobalt project (‘Mutoshi’) in the Kolwezi region, DRC.
Progress with this opportunity stalled in late 2011 as Anvil became
subject to a takeover bid, now completed successfully, by Minmetals
Resources Limited. We look forward to discussing the Mutoshi project
with the new owners to ascertain their intentions.
We also undertook AmmLeach
®
testwork for Tiger Resources Limited
(‘Tiger’) on ore from its Kipoi copper/cobalt project in the DRC. This was
to investigate the use of AmmLeach
®
for processing material from the
Kipoi Central Stage 1 Pit, which contains approximately 4,500t of cobalt.
In addition, Alexander completed detailed pilot plant design engineering
for the project and submitted this work to Tiger. We await news of Tiger’s
intentions for the project.
“Our business objective is clear - to capitalise
on our breakthrough AmmLeach
®
mineral
processing technology.”
Matt Sutcliffe 
Executive Chairman Alexander Mining plc 
Annual Report & Accounts 2011
Company Overview
05
Chairman’s Statement
continued
Separately in the Copperbelt, Alexander has carried out detailed
investigations of other opportunities. This has included collecting
samples for testing, under our supervision, at the premises of 
MC Process (Pty) Ltd. (‘MC Process’) in Johannesburg. MC Process is
our partner of choice for Africa and a specialist in the design and
manufacture of minerals processing equipment, especially solvent
extraction plants. MC Process has considerable experience in the
Copperbelt and other countries in Africa and has been working closely
with us to investigate attractive opportunities. The testwork results have
been excellent and, as part of our collaboration with MC Process, we
have jointly moved to establish a demonstration pilot plant at 
MC Process’s premises for bigger representative samples which have
been delivered from the DRC. The results from the plant will be
invaluable for design and scale up to a full size commercial plant. 
In addition, the plant will be an excellent showcase for our
commercialisation activities.
We have continued to protect rigorously our intellectual property (‘IP’). 
A major milestone in the protection of the Company’s AmmLeach
® 
IP
was reached when Alexander’s MetaLeach Limited (‘MetaLeach’)
subsidiary was granted a Standard Patent in Australia for a Method for
Leaching of a Copper-containing Ore. This was particularly noteworthy
given Australia’s robust patenting regime and status as having one of 
the world’s biggest mining industries, with significant potential for our
AmmLeach
®
technology. Our first patent for a Method for Ammoniacal
Leaching was granted in the Republic of South Africa in 2010 and
Alexander recently announced that it had received notification from the
Ministry of Industry of the DRC that MetaLeach had been granted the
same patent in the DRC. We expect regular news flow about our suite 
of patents as our other specific applications progress through the 
various stages of the patenting process.
We announced early last year the sale of our wholly owned subsidiary
Alexander Gold Group Limited, including the former Leon copper project.
The terms of the sale were for a down payment of US$400,000 plus 18
monthly payments of US$100,000, commencing March 2011. According
to the schedule, the last payment due will be in August 2012. As well as
making an important contribution to our overheads, a recent meeting
with the Argentinean purchasers confirmed their intention to bring the
project into production using our AmmLeach
®
technology under licence.
This would be particularly gratifying as this is where AmmLeach
®
was
pioneered. Although the terms of using AmmLeach
®
are subject to
discussion and finalisation, we have already agreed the principle of
granting a licence in exchange for a gross sales royalty and to provide
any necessary technical assistance with the project development. 
Outlook
The world economy and financial markets have been highly volatile.
Market turmoil in the second half of 2011, due to the, as yet, unresolved
European sovereign debt crisis, impacted negatively upon base metals
prices. However, the fallout was not as bad as many had feared and the
better start to global-stock markets in 2012 has seen base metals prices
in general recover notably from the August 2011 lows. The reality is that,
outside of the troubled Euro Zone, global growth has held up well, as
usual fuelled by China, India and Brazil which are the key regions for
growth in base metals demand. 
We look forward to healthy base metals prices in the foreseeable future.
Moreover, given general industry expectations that the demand for the
main base metals, including copper and zinc, will grow significantly   in the
next few decades, we believe that the environment in the global mining
industry for the commercial adoption of our technology will be excellent
and ultimately provide significant returns to shareholders. 
As always, I would like to mark my grateful appreciation for the
continued hard work and dedication of Alexander’s employees,
consultants and directors.
Matt Sutcliffe
Executive Chairman
8 May 2012 Alexander Mining plc 
Annual Report & Accounts 2011
Company Overview
06
CEO’s Business Review
Introduction
We have spent the last year diligently working towards the objective of
securing commercial adoption of our AmmLeach
®
technology. Good
progress has been made. Although we have yet to announce our first
specific agreement detailing commercial adoption terms, we remain
confident about securing such an outcome. We have continued doing a
variety of amenability testwork programmes on third party samples from
a growing number of deposits in many mining countries of the world.
Some of these have been announced but due to confidentiality
agreements, many have not. Newly announced countries hosting
potentially amenable deposits are Turkey and Australia. The majority 
of deposits tested are for copper, copper-cobalt and zinc recovery.
It remains the case that the excellent prospects for the Company’s
proprietary leaching technologies are supported by the favourable
fundamentals of the global mining industry. The commodity super cycle,
which started in the early part of the last decade, may have matured but
base metals prices are still at attractive real levels. The outlook remains
positive, with the global mining industry under enormous pressure to
replace its ore reserves just to maintain the status quo, let alone satisfy
increased base metals demand. This demand is based on growing per
capita consumption in the world’s developing countries. Accordingly, the
role of technology in improving exploitation options and economics, and
in particular in the field of mineral processing, is we believe one of
growing importance to the industry.
Our focus has been on securing agreements with third parties that 
will eventually lead to the establishment of pilot plants to demonstrate
AmmLeach
®
recovering the three most prospective metals of copper,
cobalt and zinc. This would be the pre-cursor to a decision to commit 
to using the AmmLeach
®
process in new mines on commercial terms 
to be agreed.
Alexander has adopted a flexible dual approach to the commercialisation
of its technology. We will consider either issuing a licence in exchange for
royalties/and or fees and/or minority equity interests in projects. As a
result, we have had, and continue to have, discussions with multinational,
major, intermediate and junior companies about using the Company’s
leaching technology, principally for copper, copper/cobalt and zinc. 
Progress announced in the last year is described below. 
Red Crescent Resources - Turkey
Alexander will collaborate with Red Crescent Resources Limited (‘RCR’)
to investigate the use of AmmLeach
®
technology for the primary recovery
of copper and zinc from the oxide mineralisation at several of RCR’s base
metals projects in Turkey. In Turkey, RCR is targeting historically
inaccessible areas for application of modern mining and exploration
techniques and technology to develop the full potential of known metal
and mineral assets that exhibit strong scalability and high grade.
At RCR’s Hakkari Zinc flagship project in far south-east Turkey, a full
feasibility study on an optimised process engineering solution utilising
AmmLeach
®
for primary zinc metal production is planned. Furthermore,
RCR has identified secondary potential which it believes to be in excess
of 1.5 million tonnes of lower grade non-Direct Shippable Ore (‘DSO’)
reject zinc material dumped regionally in Hakkari over the past 10 years
by small scale miners. RCR believes this may be a major potential
opportunity for low cost processing using AmmLeach
®
. An early concept
engineering study for the gathering and processing of this mineralised
material is planned.
RCR’s other flagship project is the SIVAS Copper project in north-east
central Turkey. Sivas has promising potential for the development of a
resource base in excess of 150M tonnes grading +1% copper equivalent
(with possible nickel and gold credits). The plan is to deliver early
production through investigating the potential application of Alexander’s
proprietary oxide (AmmLeach
®
) and sulphide (HyperLeach
®
)
technologies via a technical cooperation. 
“The outstanding prospects for the Company’s
proprietary leaching technologies are supported
by the mining industry’s inexorable pressure to
replenish its ore reserves.”
Martin Rosser
Chief Executive Officer Alexander Mining plc 
Annual Report & Accounts 2011
Company Overview
07
CEO’s Business Review
continued
MetaLeach
®
will revolutionise the
extraction processes for many base 
metals deposits by reducing costs,
enhancing operating margins and
increasing production. Alexander Mining plc 
Annual Report & Accounts 2011
Company Overview
08
CEO’s Business Review
continued
One of the key benefits of the
AmmLeach
®
process is that, unlike some
new technologies, it requires no special
purpose built equipment. 
The process utilises ammonia based
chemistry to selectively extract metals
from ores under ambient temperature 
and pressure conditions. Alexander Mining plc 
Annual Report & Accounts 2011
Company Overview
09
CEO’s Business Review
continued
DRC - toll treating plant
Along with announced opportunities in the DRC, other parties have been
in discussions about using AmmLeach
®
in the Copperbelt due to the
potentially large capital and operating cost savings. Accordingly, an
AmmLeach
®
plant operating in the region would be ideally placed for
capitalising on the huge strategic opportunity due to the superabundance
of high-acid-consuming carbonate copper-cobalt deposits. 
Alexander has been investigating the feasibility of establishing an
AmmLeach
®
toll treatment plant in a favourable Copperbelt location. 
MC Process Collaboration
Alexander has, in partnership with MC Process of South Africa,
completed construction of an AmmLeach
®
copper/cobalt demonstration
pilot plant in Johannesburg, and has commenced commissioning the
plant using bulk ore samples from the DRC.
MC Process is Alexander’s partner of choice for AmmLeach
®
plant
design and engineering in Africa and it is dedicated to the design and
manufacture of minerals processing equipment, especially solvent
extraction electro-winning (‘SX-EW’) plants. Moreover, it has considerable
experience with designing and establishing SX-EW plants in the DRC
and other countries in Africa.
As part of Alexander’s initiatives in the DRC, we have collected a
significant range of copper and cobalt mineralisation samples from the
DRC for initial laboratory amenability testing. The testwork results have
been highly encouraging and jointly we have now established a pilot plant
at MC Process’s premises. Initially, the plant will be used for testing larger
bulk representative samples which have been delivered from the DRC,
but will be capable of treating other base metal deposit types.
The AmmLeach
®
copper/cobalt process has particular relevance to the
DRC which accounts for around 53% of world mine production in 2011
and 45% of world reserves (source: U.S. Geological Survey January
2012). Moreover, the majority of cobalt currently produced in the DRC is
as an intermediate product. The AmmLeach
®
copper/cobalt process is
simpler and requires fewer unit processes to produce copper and cobalt
metal cathode, resulting in significantly reduced capital and operating
costs compared to the conventional acid/SO
2
process. Given the
inherent high costs associated with operating within the DRC using
conventional technology, AmmLeach
®
has the potential to enable the
processing of a significantly greater number of deposits that have to 
date been considered marginal or uneconomic to develop.
Furthermore, the AmmLeach
®
process may economically treat high
carbonate and acid consuming ore bodies that are prevalent in the DRC
and which may not be economically treated using acid leaching; and is
also ideally suited to heap leaching 'lower’ grade ore bodies.
The results from the pilot plant will be invaluable for design and scale 
up to a full size commercial plant.
The pilot plant will be the first in Africa to showcase Alexander’s
innovative AmmLeach
®
technology producing both copper and cobalt
metal from two circuits in the one plant. It will be integral to Alexander’s
business development plans for the DRC Copperbelt and also for testing
material from copper and cobalt projects in other parts of Africa and the
world. The ability for third parties to see the AmmLeach
®
process
working will be invaluable for its commercialisation.
Altona Mining - Australia
Late last year, Altona Mining Limited (‘Altona’) engaged Alexander 
to investigate the use of AmmLeach
®
technology for the recovery of
copper from the oxide ore zone at its Little Eva deposit, part of its major
Roseby Project, in northwest Queensland, Australia. Roseby is one of
the largest copper resources in Australia and a Definitive Feasibility
Study was completed in 2009. Permitting is nearing completion and
Altona is optimising the study to target copper production up to 40,000
tonnes per annum. 
Subsequently, the scope of the AmmLeach
® 
testwork was expanded to
include representative samples from the nearby Blackard deposit, also
part of the Roseby Project. Four samples were selected by Altona to be
tested from different mineralisation zones at Blackard (3) and Little Eva (1). 
The Blackard deposit currently has a resource of 46.3Mt at 0.63%
copper (291,000t contained copper), of which a significant portion
(~60%) is in what is called the Native Copper zone. AmmLeach
®
results
for the various mineralisation zones showed that this material was the
most amenable, with highly encouraging copper recoveries into solution
of >80%. Alexander and Altona are now discussing the recommended
next stage of testwork for this zone. 
Firestone Ventures - Guatemala
Firestone Ventures Inc. (‘Firestone’) has decided to advance 
investigating the use of AmmLeach
®
at its Torlon Hill zinc project in
Guatemala. Firestone is in discussions with Alexander on proposals for
further bench-scale work, column testing and a demonstration test plant
designed to test further the application of the AmmLeach
®
process. 
This follows on from Firestone’s extensive preliminary metallurgical
testwork on the Torlon Hill deposit using a variety of methods. In June
2011, the summary findings of a study ('Study’) by consultant David Lunt
of Stirling Process Engineering (‘tirling’) investigating the use of
AmmLeach
®
for processing material from Firestone’s Torlon Hill property
were announced. 
The Study supported a conceptual flow sheet using the AmmLeach
®
process in a heap leaching, solvent extraction and steam stripping
process to produce a zinc oxide product. In addition, the adoption of
heap leaching would eliminate the need for milling, agitation leaching
equipment and solid-liquid separation. As a result, significant cost
savings should be possible using AmmLeach
®
, especially since 
no on-site acid plant is required.  Alexander Mining plc 
Annual Report & Accounts 2011
Company Overview
10
CEO’s Business Review
continued
Tiger Resources - DRC
Alexander has undertaken AmmLeach
®
testwork for Tiger Resources
Limited (‘Tiger’) on ore from Tiger’s Kipoi copper/cobalt project in the
Copperbelt of the DRC. In addition, Alexander has completed detailed
pilot plant design engineering for the project which it has presented 
to Tiger. 
Tiger began producing copper at its Kipoi mine in April 2011. The Kipoi
Central high grade zone also includes a significant cobalt mineral
resource and the focus of the testwork was to investigate using
AmmLeach
®
to recover cobalt from this material. Currently, Tiger has 
not yet informed Alexander on whether it wants to pursue the use of
AmmLeach
®
at Kipoi.
Anvil Mining - DRC
Early last year, Alexander signed a joint venture agreement (‘JV’) with
Anvil to build and operate a pilot plant using AmmLeach
®
to treat
150,000 tonnes of cobalt ore at Anvil’s Mutoshi deposit in the Kolwezi
region of the Katanga province in the DRC. The Mutoshi Project lies
10km east of Kolwezi in the Katanga Province and is owned by Société
Minière de Kolwezi sprl ('SMK’), an exploration and mining joint venture
between Anvil (70%), and La Générale Des Carrières et des Mines
(‘Gécamines’), the DRC state-owned mining company (30%). Laboratory
amenability testwork using AmmLeach
®
showed that high recoveries
should be achievable. 
Because Anvil became subject to a takeover bid from Minmetals
Resources Limited late last year, now completed successfully, progress
with this opportunity stalled pending clarity of the outcome. We look
forward to discussing the Mutoshi project with the new owners and
establishing their intentions.
Argentina
The likelihood of seeing the AmmLeach
®
process being used at
Alexander’s former Leon copper project in northern Argentina has
strengthened. In recent discussions with the Argentinean purchasers of 
the project, they confirmed their intention to bring the mine into production
using AmmLeach
®
under licence. This would be highly attractive for both
parties as this is the ore body on which AmmLeach
®
was developed.
Whilst the terms for using AmmLeach
®
have yet to be finalised, the
principle of granting a licence in exchange for a gross sales royalty was
part of the original sales agreement. Alexander looks forward to providing
any necessary technical assistance with the project development. 
Intellectual Property
MetaLeach
®
has a portfolio of Australian and international patents and
patent applications to protect its technologies and data. The strategy for
protection is the development of unique intellectual property and
patenting key aspects of its AmmLeach
®
and HyperLeach
®
inventions 
in a number of countries. This strategy has been implemented through
our patent attorneys Wrays in Australia, and is designed to allow the
Company to protect the commercialisation of its technologies in key
countries of interest. 
Importantly and recently, we have been granted a Standard Patent 
in Australia for a Method for Leaching of a Copper-containing Ore.
As mentioned in the Chairman’s Statement, this is especially significant
because of Australia’s robust patenting regime. In addition, we recently
announced we had been granted a patent for Method for Ammoniacal
Leaching in the DRC, which follows on from its granting in the Republic
of South Africa in 2010. Now that our patenting process has been in
place for several years, we are optimistic about a successful outcome 
for many of our other patents pending. 
HyperLeach
®
process
Notwithstanding that we have focussed all our commercialisation 
efforts on the AmmLeach
®
process, the HyperLeach
®
process (patents
pending), although less advanced, has significant potential. HyperLeach
®
is a proprietary process developed by MetaLeach for the extraction of
metals, especially copper, zinc, nickel, cobalt, molybdenum and rhenium
from sulphide ore deposits and concentrates. The process utilises
chlorine based chemistry to solubilise metals from ores under ambient
temperature and pressure conditions. The HyperLeach
®
process can be
operated as either heap leach or tank leach.
Great promise has been shown on molybdenum–rhenium sulphide 
ores with low reagent consumption making heap leaching of such ores
economically feasible for the first time. Preliminary tank leaching of
flotation tailings has also been conducted with considerable success.
HyperLeach
®
can be used as a pre-treatment for AmmLeach
®
to provide
the best of both processes. HyperLeach
®
solubilises and mobilises
target metals from sulphides with AmmLeach
®
leaching the target metals
selectively. This combination allows processing of a whole ore body from
the oxide cap through the transition zone to the sulphide basement.
Business Risks
Inherent risk diversification is offered both geographically and by metal.
When compared with conventional exploration-driven mining companies,
the business risks differ markedly. The stages at which MetaLeach
technology is of interest to a potential user is from the project feasibility
study stage, through to existing mining operations. As such, the inherent
technical risks of the mining industry in discovering a potential new mine
do not apply as a deposit has already been found. Further business risks
are referred to in the Directors’ Report under Risk Management on 
page 20.
Martin Rosser
Chief Executive Officer Alexander Mining plc 
Annual Report & Accounts 2011
Company Overview
11
Our Processing Technology 
MetaLeach
®
Commercialisation will be achieved 
by licensing our IP , partnerships in
producing mines and equity interests 
in advanced projects. Alexander Mining plc 
Annual Report & Accounts 2011
Company Overview
12
Our Processing Technology 
MetaLeach
®
MetaLeach
®
owns the intellectual property
to two ambient temperature and pressure
hydrometallurgical technologies, namely
AmmLeach
®
and HyperLeach
®
. MetaLeach
®
MetaLeach Limited is Alexander’s subsidiary for the commercialisation of
its proprietary hydrometallurgical mineral processing technologies. These
technologies have the potential to revolutionise the extraction processes
for many base metals deposits, reducing costs, and/or improving
recoveries, and hence enhancing operating margins at the mine site. 
In addition, in many cases the technologies will enable the treatment 
of base metals deposits which hitherto have not been possible to treat. 
The technologies are especially suitable for high-acid-consuming
carbonate hosted ores.
MetaLeach
®
owns the intellectual property to two ambient temperature,
ambient pressure hydrometallurgical technologies, namely AmmLeach
®
(patents granted and pending) and HyperLeach
®
(patents pending).
These technologies are environmentally friendly, cost effective processes
for the extraction of base metals from amenable ore deposits and
concentrates allowing the production of high value products at the mine
site (i.e. metal powder or sheets). These technologies were developed as
a result of the Company’s work at its Leon copper project in Argentina
and subsequent research and development undertaken by MetaLeach’s
consultant Dr. Nicholas Welham.
Commercialisation of AmmLeach
®
The following metal ores are particular targets for the commercialisation
of the AmmLeach
®
process:
� Copper and Copper/Cobalt oxide deposits
� Zinc oxide deposits
� Gold/Copper oxide and Silver/Zinc oxide (alkali leaching)
� Molybdenum oxide
Geographic diversification is offered as the countries with the most
prospective geology for hosting high-acid-consuming copper (Cu) 
and zinc (Zn) oxides are Chile (Cu), Peru (Cu, Zn), Mexico (Cu, Zn),
Central America (Zn), USA (Cu, Zn), Democratic Republic of the Congo
(Cu, Cu/Co), Zambia (Cu, Zn), Turkey (Zn, Cu) and Australia (Cu).
Of these, the copper process has already been demonstrated at pilot
plant scale for heap leaching and at bench scale for agitated leaching.
The cobalt (or copper and cobalt oxide ore) process has been bench
scale tested successfully for both heap and agitated leaching. 
Further development of the zinc process has led to a new solvent
extraction process for zinc from ammoniacal solutions, for which patents
are pending. This patent application is for the recovery of zinc from ores
which do not require pre-treatment before ammoniacal leaching. 
A patent covering a process allowing selective leaching of zinc from
sideritic zinc ores has also been applied for.
Because of the tailored pre-treatment step, almost any ore type 
is amenable to the AmmLeach
®
process. Thus far, it has been
demonstrated on predominantly oxide ores but some sulphides have
also been shown to leach after appropriate pre-treatment. This advance
allows the treatment of mixed oxide-sulphide ores which are often
present in the transition from weathered to un-weathered ore. As a
project proceeds, the AmmLeach
®
process can be modified to cope
with the changing mineralogy from oxide to sulphide without substantial
capital expenditure.
Polymetallic ores can also be processed by AmmLeach
®
with separation
achieved using solvent extraction to separate metals and produce
multiple revenue streams. The minimisation of ammonia transfer allows
these metals to be recovered directly from their strip solution by
precipitation, crystallisation or electrowinning.
The alkaline conditions used in the AmmLeach
®
process allow precious
metals to be recovered from the base metal depleted heap using a
secondary leach step. The heap can simply be washed to recover
ammonia and subjected to standard alkaline cyanidation to recover gold
and silver. The incorporation of precious metals recovery within the
AmmLeach
®
process is being investigated and preliminary work on the
leaching of cyanide consuming metals prior to precious metal leaching
with cyanide looks highly promising.
Alexander Mining plc 
Annual Report & Accounts 2011
Company Overview
13
Our Processing Technology 
MetaLeach
® Alexander Mining plc 
Annual Report & Accounts 2011
Company Overview
14
Our Processing Technology 
AmmLeach
®
The AmmLeach
®
Process
The AmmLeach
®
process (patents pending) is a proprietary process
developed by MetaLeach Limited for the extraction of base metals,
especially copper, zinc, nickel and cobalt from ore deposits and
concentrates. The process utilises ammonia based chemistry to
selectively extract metals from ores under ambient temperature and
pressure conditions. The target ores will typically be high-acid-
consuming. AmmLeach
®
is a viable alternative to acid leach processes
as it is far more selective for valuable metals whilst rejecting unwanted
metals. This selectivity offers a considerable number of technical and
economic benefits through simplification of the flowsheet.
The technology consists of the same three major stages as acid
processes i.e. leaching, solvent extraction (SX) and electrowinning (EW).
The leaching occurs in two steps, an ore specific pre-treatment which
converts the metals into a soluble form and the main leaching step,
which uses recycled raffinate from the solvent extraction stage. Solvent
extraction is used to separate and concentrate the metals, whilst also
changing from ammoniacal media to acid sulphate media from which
metals can be directly electrowon using industry standard unit
operations. One of the key benefits of the AmmLeach
®
process is that,
unlike some new technologies, it requires no special purpose built
equipment. The AmmLeach
®
process can directly replace acid leaching
in an existing operation.
AmmLeach
®
technology is suitable for both low grade heap leaching 
and higher grade tank leaching; the choice is dictated by the grade and
deposit economics. Polymetallic deposits can be readily handled using
standard solvent extraction and solution purification techniques.
The difference from acid leaching is that the leaching is conducted in
moderately alkaline solution with ammonia present to selectively leach
base metals. The use of alkaline conditions allows the use of AmmLeach
®
on high carbonate ores where acid consumption would be prohibitive.
The AmmLeach
®
process has an extremely high selectivity for the target
metal over iron, aluminium and manganese, which are insoluble under
AmmLeach
®
conditions. Calcium and magnesium solubilities are also
significantly suppressed by the presence of carbonate and extremely low
sulphate levels in the leaching solutions. These features ensure that there
are no potential problems due to jarosite or gypsum precipitation
reducing permeability in the heap or scaling problems in the solvent
extraction plant. Additionally, silica is also insoluble in the AmmLeach
®
process, removing problems associated with formation of unfilterable
precipitates within an acid leach plant during pH adjustment and the
need to handle high viscosity solutions. Ammonia, unlike acid, doesn’t
react with aluminosilicates and ferrosilicates, whose products can cause
drainage and permeability problems in heaps.
Compared with previous ammoniacal processes, almost any ore
mineralogy can be treated as the pre-treatment step is specific to each
Comparison of AmmLeach
®
with acid leaching of copper
Parameter Acid AmmLeach
®
Mineralogy Oxides, carbonates, silicates, some sulphides Almost any – dependent upon pre-treatment stage
Selectivity Low: iron, manganese, calcium and silica are likely problems High: no iron, manganese, calcium or silica dissolution
Rate of extraction Limited by acid strength and diffusion Ammonia concentration in leach solution matched to leaching rate
Recovery 80% of leachable metal >80% in ~130 days
Heap lifetime 55-480 days ~80-130 days
Sulphate precipitation Reduced permeability in heap, break down of clays and plant Calcium and iron solubilities too low for precipitation, also low sulphate
scaling due to precipitation of gypsum and jarosite levels in leach solution
Leachant consumption Depends upon carbonate content but 30 to over 100kg/t Depends on concentration used but range of 3-5kg/t measured at Leon
reported for operating heaps
Safety Large volumes of concentrated acid required On demand systems using hydrolysis of urea to minimise on-site risks
Precious metals Heap to be neutralised before cyanidation Neutralisation not required, potential for simultaneous recovery using 
thiosulphate or sequential leaching using cyanide
Decommissioning Heap requires washing, neutralisation and long term monitoring Heap can be washed and left, residual ammonia acts as fertiliser for 
to avoid acid mine drainage (AMD) vegetation regrowth, minimal likelihood of AMD
Hydrometallurgically recovered metals are much more attractive to mine
owners than the production of concentrates from sulphide ores as it
results in the production of high value metals at the mine site.
One of the key benefits of the AmmLeach
®
process is that, unlike some
new technologies, it requires no special purpose built equipment. 
The process utilises ammonia based chemistry to selectively extract
metals from ores under ambient temperature and pressure conditions.
AmmLeach
®
has the potential to transform the extraction process
efficiencies and economics for many base metals but especially 
copper, cobalt and zinc. Alexander Mining plc 
Annual Report & Accounts 2011
Company Overview
15
Our Processing Technology 
AmmLeach
®
ore body. The whole AmmLeach
®
process is tailored to individual ore
bodies and consequently has substantially lower ammonia losses than
earlier processes. In theory, all the ammonia can be recovered, however
in practice small losses do occur. 
Decommissioning of the heap is extremely simple as no neutralisation is
necessary and the potential for acid mine drainage is virtually eliminated.
After final leaching the heap is simply washed to recover ammonia and
then left to revegetate, with the residual ammonia acting as a fertiliser.
The alkaline residue allows immediate application of cyanide leaching of
gold and silver in ores where there is an economic precious metal
content after removal of high cyanide consuming metals such as copper.
Copper
Copper is the world’s most important base metal by value and its price is
a bellwether of world industrial production. Approximately 20% of global
mined copper production is produced from oxide ores using solvent
extraction-electrowinning (SX-EW) hydrometallurgy. The Company
believes that its leaching technology has the potential to increase
significantly the share of global copper produced using
hydrometallurgical processes. Hydrometallurgically recovered copper is
much more attractive to mine owners than the production of
concentrates from sulphide ores as it results in the production of high
value cathodes at the mine. When sold these realise almost 100% of the
copper content, compared to concentrates where owners may receive
as little as 60% of the copper value.
The capability of tailoring the rate of recovery is an important feature of
the AmmLeach
®
process and allows the plant to operate more flexibly
with the rate of leaching matched to the operating capacity of the solvent
extraction plant.
Zinc
The vast majority (~95%) of world zinc metal production uses smelting 
to recover and refine zinc metal out of zinc-containing feed material such
as zinc concentrates or zinc oxides. Development of a new
hydrometallurgical process route for zinc oxides has the potential 
to simplify zinc refining.
MetaLeach
®
has developed a novel (patents applied for) process for the
solvent extraction of zinc from ammoniacal solutions. Testwork has
shown that zinc can be efficiently extracted using commercially available
reagents in a single stage and stripped with acid solutions, with better
efficiency and greater selectivity than has previously been reported.
The general flow sheet for the zinc process is straightforward and
consists of leaching, purification and recovery stages. The nature of the
leach stage depends upon a number of factors, notably the grade of ore
and leaching kinetics. High grade, fast leaching ore would be readily
accommodated by an agitated tank leach, whilst low grade, slow
leaching ores would be better suited to heap leaching. Depending upon
the product desired, there may be no need for a solution purification
stage, further simplifying the overall process flow sheet.
A wide range of different oxide zinc mineralogies can potentially be
treated by AmmLeach
®
, including those with significant hemimorphite
content which presently can only be treated using acid. In AmmLeach
®
solutions, the leaching can be extremely rapid provided the conditions are
appropriately matched to the ore. The acid route requires ore containing
>10% zinc to be economically viable. The codissolution of silica and iron
in the acid results in a very complex flow sheet, as typified by that used at
the Skorpion mine in Namibia. The tailings from Skorpion are reportedly
>4% Zn showing that acid leaching can be extremely inefficient.
Copper process economics
An analysis of the economics of the AmmLeach
®
process compared
with conventional acid leaching for high-acid-consuming copper ores is
dependent upon a multitude of parameters specific to the mineralogy of
the deposit and its location. Suffice it to say that the capital and operating
cost savings can be major, particularly for high-acid-consuming ore
bodies located in remote locations with long transport distances. This is
because the safe supply of sulphuric acid is logistically difficult and
expensive as the transport costs of bulk chemicals in-country to site 
can be as much again as, or more than, the free-on-board cost.
In many instances, economics will dictate that the mine will have to build 
an expensive sulphur burning sulphuric acid plant for the supply of acid. 
In addition, to regulate supply variations and for acid plant maintenance,
acid storage tanks for around one month’s consumption, whether the mine
makes its own or buys in acid, will be required, significantly adding to the
capital cost. As well as a substantial capital cost saving, this is where
AmmLeach
®
has a major operating cost advantage too, due to the order of
magnitude difference in reagent consumption per tonne of ore processed.
For example, for even a moderately high-acid-consuming ore, ten to
fifteen times as much acid (50kg/t) as ammonia will be consumed. This is
due to the fundamental difference between the two leaching processes
in that whereas acid is consumed by gangue minerals during leaching,
ammonia is not. The reagent is can be recycled and only relatively small
losses of ammonia need to be made up.
Capital costs comparisons for the AmmLeach
®
technology and
conventional acid leaching assume that certain aspects are common to
both leach systems i.e. mining, mine infrastructure, mine waste disposal,
process plant residue disposal, project buildings (administration,
laboratories, workshop, warehouse etc), site access roads, the power
transmission line and the water supply line. Hence any comparison is
limited to the process plant itself.
Typically for copper only oxide ores, process plant capital costs for
AmmLeach
®
and acid heap leach operations of the same size are 
similar as, excluding reagent production and storage/handling costs 
on site, essentially the same equipment is used for both processes.
However, importantly, where economics dictate that sulphuric acid is
made on site, there can be a major differential associated with reagents
and, in particular, the differential costs of ammonia and sulphuric acid. 
The AmmLeach
®
process can achieve much higher copper solution
concentrations in the pregnant leach solution (PLS) than are typically
seen in acid plants. Typical copper concentrations for an acid leaching
operation are of the order of 1-2g copper (Cu)/L compared to PLS
concentrations for the AmmLeach
®
process of 6-12g Cu/L. This,
coupled to the much greater copper transfer between aqueous and
organic, allows the efficient handling of high copper tenors in PLS (in
acid plants this would necessitate larger volume mixer-settlers due to 
the higher volume of PLS and lower transfer between aqueous and
organic phases); i.e. more metal produced per unit capacity of plant 
than in a corresponding acid leach-SX-EW plant.
Moreover, in ores where cobalt is a valuable by/co-product (e.g. DRC
and Zambia), AmmLeach
®
offers additional significant capital and
operating cost savings. This is because in the case of the acid leach
circuit the cobalt recovery circuit is complex in that the main leach
solubilises a range of metals. The raffinate bleed will therefore contain
unextracted copper, iron (both ferrous and ferric), manganese and
aluminium. Other species may also be present and these will need to be
examined and potentially dealt with as well. Such metals include nickel
and cadmium. For the production of metal a multiplicity of unit
operations are required ahead of cobalt metal production. 
In the case of the alkaline leach circuit, the requirements for purification
ahead of final cobalt recovery are much less complex. The leach itself is
highly selective for copper and cobalt since not all metals will produce
ammines. In this respect there is negligible iron and manganese present
in the liquor. A number of possibilities exist for recovery of cobalt from
the ammoniacal solution. Alexander Mining plc 
Annual Report & Accounts 2011
Corporate Governance
16
Directors and Advisors
Company Secretary
T A Cross
Directors
M L Sutcliffe
M L Rosser
J S Bunyan
R O Davey
E M Morfett
Registrars
Capita Registrars, 
Northern House, Woodsome Park
Fenay Bridge, Huddersfield 
West Yorkshire, HD8 0LA
Auditors 
PKF (UK) LLP
Farringdon Place
20 Farringdon Road
London, EC1M 3AP
Nominated Adviser and Broker
RFC Ambrian Limited
Old Change House
128 Queen Victoria Street
London, EC4V 4BJ
Joint Broker
XCAP Securities plc
24 Cornhill
London, EC3V 3ND
Registered office
1st Floor, 35 Piccadilly
London, W1J 0DW
United Kingdom
Matt Sutcliffe
Executive Chairman
Martin Rosser
Chief Executive Officer
James Bunyan
Non-Executive Director
Roger Davey
Non-Executive Director
Emil Morfett
Non-Executive Director Alexander Mining plc 
Annual Report & Accounts 2011
Corporate Governance
17
Directors and Advisors
continued
Matt Sutcliffe Executive Chairman
Matt Sutcliffe graduated from the University of Nottingham in 1990 with 
a PhD in mining engineering. He is also a chartered engineer and worked
as a mining engineer in underground nickel mines from 1990 to 1994
with Inco Limited, within its Manitoba division. He has additional
experience in operating gold and coal mines gained whilst working 
with Gencor and British Coal. 
For 10 years before founding the Company, he worked in the City of
London as a mining analyst and corporate financier specialising in the
resources sector. During this time he was a mining analyst at T Hoare &
Co, head of mining at Williams de Broe and a director of corporate
finance at Evolution Beeson Gregory (now Evolution Securities). 
At Evolution Beeson Gregory, he advised a large number of public
natural resources companies, as well as arranging a number of equity
listings for junior and mid-tier mining and oil and gas companies on AIM.
Whilst at both Williams de Broe and Evolution Beeson Gregory, he was
recognised as one of the industry pioneers for listing mining companies
on AIM.
Martin Rosser Chief Executive Officer
Martin Rosser is a chartered mining engineer who has 30 years’ practical
industry and financial markets experience since graduating with a degree
in mining engineering from the Camborne School of Mines in 1981. 
Initially, he spent five years working as a mining engineer in Australia,
both on underground and surface gold mines, including time with
Western Mining Corporation at Central Norseman. In 1987, he returned
to the UK and worked as a mining analyst with two City stockbrokers. 
He then joined the FSA authorised and regulated natural resources
industry specialist firm of David Williamson Associates Limited in 1989 
as a founder employee, and subsequently Managing Director. During this
time, until joining Alexander in June 2005, he provided extensive
corporate finance advisory and arranger services to the firm’s worldwide
natural resources industry clients. 
From 2002, until its takeover by Lonmin plc in January 2007, he was 
a non-executive director of TSX listed AfriOre Limited.
Roger Davey Non-Executive Director
Roger Davey is a chartered mining engineer and a graduate of the
Camborne School of Mines, with over 30 years’ experience in the mining
industry. For 13 years, until the end of 2010, he was an Assistant Director
and the Senior Mining Engineer at N M Rothschild (London) in the Mining
and Metals project finance team, where he had responsibility for the
assessment of the technical risks associated with project loans. 
Mr Davey was appointed to the board of Alexander in August 2006. 
 Prior to this, his experience covered the financing, development and
operation of both underground and surface mining operations in gold
and base metals at senior management and director level in South
America, Africa and the United Kingdom. This includes, from 1994 –
1997, being the General Manager of Minorco (AngloGold) subsidiaries 
in Argentina, where he was responsible for the development of the
US$270m Cerro Vanguardia gold-silver mine.
Emil Morfett Non-Executive Director
Emil Morfett, who joined the board in 2007, has over 30 years’ of
relevant, experience, with eight years in the mining industry and twenty
years in mining finance. He graduated with a B.Sc. in geology from the
University of London and worked for Rio Tinto in Saudi Arabia. 
As a mature student, he completed an M.Sc. in mineral exploration 
at Queens University, Ontario, Canada. 
He then worked in Johannesburg for Goldfields of South Africa. In 1987,
he moved to London to work as a mining analyst. In 1993 he became
the Global Head of Mining Research at Bank Paribas and left in 1997 
to become Vice President and Head of Mining Research for J P Morgan 
in London. 
In 2001, he founded his own consulting business (Millstone Grit Limited,
of which he is Managing Director), providing both equity and debt
focused mining research and strategic advice. He continues to provide
independent, bespoke research and financial analysis of mining
companies and projects to select hedge funds, merchant banks and
mining companies. 
James Bunyan Non-Executive Director
James Bunyan, who joined the board in April 2005, holds an MBA 
from Warwick University and a BSc in Biochemistry from Heriot-Watt. 
He specialises in corporate development with international business
development across a broad range of industrial and commercial 
sectors worldwide. 
He has proven business skills in strategic business planning, mergers,
acquisitions, disposals, turnarounds and fundraising, with particular
experience in mining. He was for five years a director of Tiberon Minerals
Ltd, which developed the Nui Phao deposit in Vietnam from an
exploration concept to one of the largest tungsten polymetallic 
deposits in the world. Alexander Mining plc 
Annual Report & Accounts 2011
Corporate Governance
18
Corporate and Social Responsibility
The Group’s core values are: 
� To be a good corporate citizen, demonstrating integrity in each
business and community in which we operate
� To be open and honest in all our dealings, while respecting
commercial and personal confidentiality
� To be objective, consistent and fair with all our stakeholders
� To respect the dignity and wellbeing of all our stakeholders and 
all those with whom we are involved 
� To operate professionally in a performance-orientated culture 
and be committed to continuous improvement 
Our Stakeholders 
We are committed to developing mutually beneficial partnerships 
with our stakeholders throughout the life cycle of our activities and
operations. Our principal stakeholders include our shareholders;
employees, their families, and employee representatives; the
communities in which we operate; our business partners and local 
and national governments.
Environmental Policy 
The Group is aware of the potential impact that its operations may have
on the environment. It will ensure that all of its activities and operations
incur the minimum environmental impact possible. 
The Group intends to meet or exceed international standards of
excellence with regard to environmental matters. Our operations and
activities will be in compliance with applicable laws and regulations. 
We will adopt and adhere to standards that are protective of both human
health and the environment. For our operations we will develop and
implement closure and reclamation plans that provide for long-term
environmental stability and suitable post-mining beneficial land-uses 
at all relevant sites. 
Each employee (including contractors) will be held accountable for
ensuring that those employees, equipment, facilities and resources within
their area of responsibility are managed to comply with this policy and to
minimise environmental risk. 
Ethical Policy 
The Group is committed to comply with all laws, regulations, standards
and international conventions which apply to our businesses and to our
relationships with our stakeholders. Where laws and regulations are non-
existent or inadequate, we will maintain the highest reasonable standards
appropriate. We will in an accurate, timely and verifiable manner,
consistently disclose material information about the Group and its
performance. This will be readily understandable by appropriate
regulators, our stakeholders and the public.
The Group complies and will continue to comply to the fullest extent with
current and future anti-bribery legislation.
We will endeavour to ensure that no employee acts in a manner that
would in any way contravene these principles. The Group will take the
appropriate disciplinary action concerning any contravention. 
Community Policy 
The Group’s aim is to have a positive impact on the people, cultures 
and communities in which it operates. It will be respectful of local and
indigenous people, their values, traditions, culture and the environment.
The Group will also strive to ensure that surrounding communities are
informed of, and where possible, involved in, developments which affect
them, throughout the life cycle of our operations. It will undertake social
investment initiatives in the areas of need where we can make a practical
and meaningful contribution.
Labour Policy 
The Group is committed to upholding fundamental human rights and,
accordingly, we seek to ensure the implementation of fair employment
practices. The Group will also commit to creating workplaces free of
harassment and unfair discrimination. 
Health & Safety Policy 
The Group is committed to complying with all relevant occupational
health and safety laws, regulations and standards. In the absence
thereof, standards reflecting best practice will be adopted. Alexander Mining plc 
Annual Report & Accounts 2011
Corporate Governance
19
Corporate and Social Responsibility
continued
Corporate governance
Code of best practice
The listing rules of the Financial Services Authority incorporate the UK
Corporate Governance Code, which sets out the principles of Good
Governance, and the Code of Best Practice for listed companies. 
The Board intends that, so far as is relevant for a company of its size and
stage of development, it will comply with the UK Corporate Governance
Code. The Board has established appropriately constituted Audit and
Remuneration Committees with formally delegated responsibilities.
The Board of Directors
The Board of Directors currently comprises five members, two executive
directors and three non-executive directors. The Board has a wealth of
both corporate finance and mining experience, from exploration,
development and through to production. The structure of the Board
ensures that no one individual or group dominates the decision 
making process.
Board meetings are held regularly to provide effective leadership and
overall management of the Group’s affairs through the schedule of
matters reserved for Board decisions. This includes the approval of the
budget and business plan, major capital expenditure, acquisitions and
disposals, risk management policies and the approval of financial
statements. All directors have access to the advice and services of the
Company’s solicitors and the Company Secretary, who is responsible for
ensuring that all Board procedures are followed. Any director may take
independent professional advice at the Company’s expense in the
furtherance of their duties.
The Audit Committee
The Audit Committee, which meets not less than twice a year, considers
the Group’s financial reporting (including accounting policies) and internal
financial controls. The Audit Committee, which comprises Mr E Morfett
(Chairman), Mr R Davey and Mr T Cross, receives reports from
management and external auditors to enable it to fulfil its responsibility
for ensuring that the financial performance of the Group is properly
monitored and reported on. In addition, it keeps under review the scope,
cost and results of the external audit, and the independence and
objectivity of the external auditors.
The Remuneration Committee
The Remuneration Committee, which meets when necessary, 
is responsible for making recommendations to the Board on directors’
and senior executives’ remuneration. The committee comprises 
Mr R Davey (Chairman) and Mr J Bunyan. Non-executive directors’
remuneration and conditions are considered and agreed by the Board.
Financial packages for executive directors are established by reference 
to those prevailing in the employment market for executives of equivalent
status both in terms of level of responsibility of the position and their
achievement of recognised job qualifications and skills. The Committee
will also have regard to the terms which may be required to attract the
equivalent experienced executive to join the Board from another company.
Internal Controls
The directors acknowledge their responsibility for the Group’s systems 
of internal controls and for reviewing their effectiveness. These internal
controls are designed to safeguard the assets of the Group and to
ensure the reliability of financial information for both internal use and
external publication. Whilst the directors acknowledge that no internal
control system can provide absolute assurance against material
misstatement or loss, they have reviewed the controls that are in place
and are taking the appropriate action to ensure that the systems
continue to develop in accordance with the growth of the Group.
Relations with Shareholders
The Board attaches great importance to maintaining good relations 
with its shareholders. Extensive information about the Group’s activities
is included in the Annual Report and Accounts and Interim Reports,
which are sent to all shareholders. Market sensitive information is
regularly released to all shareholders concurrently in accordance with
stock exchange rules. The Annual General Meeting provides an
opportunity for all shareholders to communicate with and to question the
Board on any aspect of the Group’s activities. The Company maintains 
a corporate website where information on the Group is regularly updated
and all announcements are posted as they are released. The Company
welcomes communication from both its private and institutional
shareholders.
Share dealing
The Company has adopted a share dealing code for directors and
relevant employees in accordance with the AIM Market of the London
Stock Exchange and TSX Venture Exchange (TSXV) Rules and will take
proper steps to ensure compliance by the directors and those employees. Alexander Mining plc 
Annual Report & Accounts 2011
Corporate Governance
20
Directors’ report
The directors present their report and the audited consolidated
financial statements for the year ended 31 December 2011.
Principal activities
The principal activities of the Group are the commercialisation of the
Group’s proprietary mineral processing technologies, either through
licensing to third parties and/or the acquisition of equity stakes in
amenable deposits.
Business Review
A review of the business and the future developments of the Group 
is set out on pages 6 to 15.
Results
The Group made a consolidated net loss for the year of £193,000 (2010:
£210,000). The directors do not recommend the payment of a dividend
(2010: nil).
Research and development
The Group, through its wholly owned subsidiary MetaLeach Limited, 
is involved in the ongoing research and development of its proprietary
mineral processing technologies, AmmLeach
®
and HyperLeach
®
. Further
details thereof are set out in the Business Review on pages 6 to 15.
Risk Management
The successful commercialisation of the Group’s proprietary mineral
processing technologies is subject to a number of risks, both in relation
to third party licensing opportunities and the acquisition of equity
interests in amenable deposits for the Group. In addition, like all
businesses, the Group is exposed to financial risks. The Board adopts 
a prudent approach to minimise these risks as far as practicable,
consistent with the corporate objectives of the Group. These risks are
summarised below, together with the disclosures set out in note 19 to
the Financial Statements.
Development risks
The Group’s strategy to commercialise its proprietary leaching
technologies, either through third party licensing agreements or direct
equity interests in amenable deposits, is subject to specific technical
risks relating to the technologies and wider technical risks relevant to 
the mining industry as a whole.
There is a risk that the Group will be unable to negotiate suitable
licensing arrangements with third parties for the use of the leaching
technologies. The Group may also be unable to negotiate the acquisition
of equity interests in amenable deposits at commercially attractive prices,
or finance the acquisition thereof.
The Group’s proprietary leaching technologies have not yet been applied
on an industrial scale. The results of testwork performed to date, both in
the laboratory and at pilot plant scale, may not be reproducible at an
industrial scale in an economically efficient manner.
The Group mitigates the developmental risk for the commercialisation of
the technologies by holding discussions with a wide range of companies
representing a number of target projects and mines with a diversification
of both metals and countries.
Loss of key personnel from the Group
The commercialisation of the Group’s leaching technologies is
dependent upon the continuing application of skills provided by highly
qualified and experienced employees and consultants. There is a risk
that the Group’s management, employees and consultants will be
targeted by competitors. The loss of key employees and consultants
may adversely affect the ability of the Group to achieve its objectives.
The Group mitigates this risk by ensuring that all key employees and
consultants are rewarded appropriately and participate in the Group’s
share option scheme, further details of which are set out in note 21 to 
the Financial Statements.
Intellectual property risk
The Group’s success depends in part on its ability to obtain and maintain
protection for its intellectual property, so that it can ensure that royalties
or licence fees are payable for the use of its proprietary leaching
technologies. The Group has applied for patents covering its leaching
technologies. Although some have been granted, there is a risk that
other patents may not be granted and the Group may not be able to
exclude competitors from developing similar technologies.
However, the Group actively manages its intellectual property rights
portfolio, which includes significant proprietary know how in addition to
the patent pending innovations. When dealing with potential clients, the
Group ensures that confidentiality agreements are signed acknowledging
the full range of the Group’s intellectual property. In addition, contracts
are in place with all relevant employees, consultants, contractors and
advisers to ensure that all intellectual property rights arising in the course
of their work on behalf of the Group vest with the Group, and that such
intellectual property can only be used for the benefit of the Group.
Environmental risk
The Group is subject to environmental regulations at its remaining
property in Peru. A breach of such regulations may result in the
imposition of fines, penalties and other adverse effects on activities.
Currency exchange risk
The Group reports its financial results in Sterling, while a proportion of
the Group’s costs and revenues are incurred in US Dollars, Australian
Dollars, New Zealand Dollars or the Peruvian Nuevo Soles. Accordingly,
movements in the Sterling exchange rate with these currencies could
have a detrimental effect on the Group’s results or financial condition.
Liquidity risk
The Group has to date relied upon shareholder funding of its activities.
Development of mineral properties, the acquisition of new opportunities, 
or the recovery of royalty/licencing income from third party assets, may be
dependent upon the Group’s ability to obtain further financing through joint
ventures, equity or debt financing or other means. Although the Group has
been successful in the past in obtaining equity financing, there can be no
assurance that the Group will be able to obtain adequate financing in the
future or that the terms of such financing will be favourable.
Credit risk
The Group’s credit risk relates mainly to the remaining instalment
payments for the sale of its subsidiary, Alexander Gold Group, finalised
on 28 February 2011. This risk has been mitigated as far as possible by
the receipt of mortgage security over properties of the buyers.
Commodity price risk
The Group’s proprietary leaching technologies have the potential to
reduce costs and enhance margins at the mine site. The level of interest
from mining companies in commercialisation of the Group’s proprietary
leaching technologies may be affected, for better or worse, by future
movements in global metal prices. Alexander Mining plc 
Annual Report & Accounts 2011
Corporate Governance
21
Directors’ report
continued
Going concern
Based on a review of the Group’s budgets and cash flow forecasts, the directors have identified that if current and near-term corporate development
opportunities are unsuccessful in providing adequate funding then the Company will need to raise finance within the next twelve months in order to
continue its operations and to meet its commitments
In common with many mining, exploration and intellectual property development companies, the Company needs to raise finance for its activities 
in discrete tranches to finance its activities for limited periods. The Directors are confident that the Company currently has a range of corporate
development opportunities which could include significant funding outcomes and moreover that, if necessary, any further funding can be raised as 
and when required. On this basis, they have concluded that it is appropriate to draw up the financial statements on the going concern basis. However,
there can be no certainty that either development opportunities or alternative funding will be secured in the necessary timescales and this indicates the
existence of a material uncertainty that may cast significant doubt on the ability of the company and the group to continue as a going concern. 
The financial statements do not include any adjustments, particularly in respect of fixed assets, investments, receivables and provisions for winding 
up which could be necessary if the Company and Group ceased to be a going concern.
Directors
The directors of the Company who held office during the year and their beneficial interests 
in the shares of the Company at the year-end were as follows:
Shares Shares
held at held at
31 December 31 December
2011 2010
Number Number
M L Sutcliffe Executive Chairman 10,906,000 10,906,000
M L Rosser Chief Executive Officer - -
J S Bunyan Non-Executive Deputy Chairman - -
R O Davey Non-Executive - -
E M Morfett Non-Executive - -
10,906,000 10,906,000
In accordance with the Company’s Articles of Association, Mr M L Rosser will retire by rotation at the Annual General Meeting and, being eligible,
offers himself for re-election.
Other than their service contracts, no director has a material interest in a contract with the Company. Details of directors’ remuneration are set out 
in note 6 to the financial statements.
During the year, directors’ and officers’ liability insurance was maintained for directors and other officers of the Group as permitted by the 
Companies Act 2006.
The directors’ interests in share options are as follows:
Options held at Current
31 December exercise price First date of Final date of
2010 (pence) Date of grant exercise exercise
M L Sutcliffe 1,000,000 10p 23 Mar 2005 23 Mar 2007 22 Mar 2015
M L Sutcliffe 150,000 10p 15 July 2009 15 July 2010 14 July 2019
M L Rosser 500,000 10p 31 May 2005 31 May 2007 30 May 2015
M L Rosser 250,000 10p 1 Aug 2006 1 Aug 2008 31 Jul 2016
M L Rosser 500,000 10p 20 Dec 2007 20 Dec 2009 19 Dec 2017
M L Rosser 1,000,000 10p 12 Jun 2008 12 Jun 2009 11 Jun 2018
M L Rosser 150,000 10p 15 July 2009 15 July 2010 14 July 2019
J S Bunyan 250,000 10p 23 Mar 2005 23 Mar 2007 22 Mar 2015
J S Bunyan 250,000 10p 12 Jun 2008 12 Jun 2009 11 Jun 2018
J S Bunyan 150,000 10p 15 July 2009 15 July 2010 14 July 2019
R O Davey 250,000 10p 1 Aug 2006 1 Aug 2008 31 Jul 2016
R O Davey 250,000 10p 12 Jun 2008 12 Jun 2009 11 Jun 2018
R O Davey 150,000 10p 15 July 2009 15 July 2010 14 July 2019
E M Morfett 250,000 10p 28 Nov 2007 28 Nov 2009 27 Nov 2017
E M Morfett 250,000 10p 12 Jun 2008 12 Jun 2009 11 Jun 2018
E M Morfett 150,000 10p 15 July 2009 15 July 2010 14 July 2019
T otal 5,500,000
No options held by directors were exercised or lapsed during the period. Alexander Mining plc 
Annual Report & Accounts 2011
Corporate Governance
22
Directors’ report
continued
Substantial shareholders
Details of the Company’s substantial shareholders are set out on the
Company’s website at www.alexandermining.com.
Payment of suppliers
The Group’s policy on the payment of suppliers is to settle the terms 
of the payments with those suppliers when agreeing the terms of each
transaction, ensure that those suppliers are made aware of the terms 
of payment and abide by the terms of payment.
At the year-end there were 20 days’ (2010: 32 days) purchases in Group
trade payables.
Political and charitable contributions
The Group has made no political or charitable donations in the year
(2010: nil).
Share capital and share options
Details of the share capital of the Company at 31 December 2011 are 
set out in note 15 to the financial statements. Details of the share options
outstanding at 31 December 2011 are set out in note 21 to the financial
statements.
Stock Exchanges
The Company’s shares are quoted on the AIM market of the London
Stock Exchange (symbol AXM) and on the TSX Venture Exchange
(symbol AXD).
In respect of the TSX Venture Exchange, the Company is a designated
foreign issuer as defined in National Instrument 71-102 of the Canadian
Securities Regulators and therefore remains subject to the regulatory
requirements of the AIM market and UK Listing Authorities.
Annual General Meeting
The Notice convening the Company’s Annual General Meeting, to be
held on 14 June 2012, is set out in pages 45 to 46 of this report. Full
details of the resolutions proposed at that meeting may be found in the
Notice.
Corporate governance statement
A report on corporate governance and compliance with provisions of 
the UK Corporate Governance Code is set out on page 19.
Provision of information to auditor
In the case of each of the directors who are directors of the Company 
at the date when this report is approved:
� So far as they are individually aware, there is no relevant audit
information of which the Company’s auditor is unaware; and
� Each of the directors has taken all the steps that they ought to 
have taken as a director to make themself aware of any relevant
audit information and to establish that the Company’s auditor is
aware of the information.
Auditor
PKF (UK) LLP has confirmed their willingness to continue in office, 
and a resolution concerning their re-appointment and remuneration 
will be proposed at the Annual General Meeting.
Statement of directors’ responsibilities
The directors are responsible for preparing the directors’ report and the
financial statements in accordance with applicable law and regulations. 
Company law requires the directors to prepare financial statements for
each financial year. Under that law the directors have, as required by the
AIM Rules of the London Stock Exchange, elected to prepare the group
financial statements in accordance with International Financial Reporting
Standards as adopted by the European Union and have also elected to
prepare the parent company financial statements in accordance with
those standards. Under company law the directors must not approve the
financial statements unless they are satisfied that they give a true and fair
view of the state of affairs of the company and the group and of the
profit or loss of the group for that period. In preparing these financial
statements the directors are required to:
� select suitable accounting policies and then apply them consistently;
� make judgments and accounting estimates that are reasonable 
and prudent;
� state whether the financial statements have been prepared in
accordance with IFRSs as adopted by the European Union; and
� prepare the financial statements on the going concern basis unless 
it is inappropriate to presume that the company and the group will
continue in business.
The directors are responsible for keeping adequate accounting records
that are sufficient to show and explain the company’s transactions, to
disclose with reasonable accuracy at any time the financial position of
the company and to enable them to ensure that the financial statements
comply with the Companies Act 2006. They are also responsible for
safeguarding the assets of the company and the group and hence for
taking reasonable steps for the prevention and detection of fraud and
other irregularities. 
The directors are responsible for the maintenance and integrity of the
corporate and financial information included on the company’s website.
Legislation in the United Kingdom governing the preparation and
dissemination of the financial statements and other information included
in annual reports may differ from legislation in other jurisdictions.
By Order of the Board,
Terence Cross
Company Secretary
8 May 2012 Alexander Mining plc 
Annual Report & Accounts 2011
Corporate Governance
23
Independent auditor’s report
to the members of Alexander Mining plc
We have audited the financial statements of Alexander Mining plc for the
year ended 31 December 2011 which comprise the consolidated income
statement, the consolidated statement of comprehensive income, the
consolidated and company balance sheets, the consolidated and
company statements of cash flows, the consolidated and company
statements of changes in equity and the related notes. The financial
reporting framework that has been applied in their preparation is
applicable law and International Financial Reporting Standards (IFRSs) 
as adopted by the European Union and, as regards the parent company
financial statements, as applied in accordance with the provisions of the
Companies Act 2006.
This report is made solely to the company’s members, as a body, in
accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our
audit work has been undertaken so that we might state to the company’s
members those matters we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the
company and the company’s members as a body, for our audit work, 
for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the statement of directors’ responsibilities, 
the directors are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view. 
Our responsibility is to audit and express an opinion on the financial
statements in accordance with applicable law and International Standards
on Auditing (UK and Ireland). Those standards require us to comply with
the Auditing Practices Board’s Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures
in the financial statements sufficient to give reasonable assurance that
the financial statements are free from material misstatement, whether
caused by fraud or error. This includes an assessment of: whether the
accounting policies are appropriate to the group’s and the parent
company’s circumstances and have been consistently applied and
adequately disclosed; the reasonableness of significant accounting
estimates made by the directors; and the overall presentation of the
financial statements. In addition, we read all the financial and non-
financial information in the annual report to identify material
inconsistencies with the audited financial statements. If we become
aware of any apparent material misstatements or inconsistencies 
we consider the implications for our report.
Opinion on financial statements
In our opinion:
� the financial statements give a true and fair view of the state of the
group’s and the parent company’s affairs as at 31 December 2011
and of the group’s loss for the year then ended;
� the group financial statements have been properly prepared in
accordance with IFRSs as adopted by the European Union;
� the parent company financial statements have been properly
prepared in accordance with IFRSs as adopted by the European
Union as applied in accordance with the provisions of the
Companies Act 2006; and
� the financial statements have been prepared in accordance 
with the requirements of the Companies Act 2006.
Separate opinion in relation to IFRSs as issued by the IASB
As explained in note 2(a) to the group financial statements the group, 
in addition to applying IFRSs as adopted by the European Union, has
also applied IFRSs as issued by the International Accounting Standards
Board (IASB).
In our opinion the group financial statements comply with IFRSs 
as issued by the IASB.
Emphasis of matter - going concern
In forming our opinion, which is not modified, we have considered the
adequacy of the disclosures made in note 2(a) to the financial statements
concerning the requirement of the company to raise further finance
within the next twelve months in order to continue its operations and 
to meet its commitments. If the company is unable to secure such
additional funding, this may have a consequential impact on the
company’s and the group’s ability to continue as a going concern. 
The outcome of any corporate developments or fundraising cannot
presently be determined, and no adjustments to asset carrying values
that may be necessary should the company be unsuccessful have been
recognised in the financial statements. These conditions, along with the
other matters explained in note 2(a) to the financial statements, indicate
the existence of a material uncertainty which may cast significant doubt
about the company’s ability to continue as a going concern. 
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the directors’ report for the
financial year for which the financial statements are prepared is
consistent with the financial statements. 
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where 
the Companies Act 2006 requires us to report to you if, in our opinion:
� adequate accounting records have not been kept by the 
parent company, or returns adequate for our audit have not 
been received from branches not visited by us; or
� the parent company financial statements are not in agreement 
with the accounting records and returns; or 
� certain disclosures of directors’ remuneration specified by law 
are not made; or
� we have not received all the information and explanations we 
require for our audit.
Jason Homewood (Senior statutory auditor)
for and on behalf of PKF (UK) LLP , Statutory auditor
London, UK
8 May 2012 Alexander Mining plc 
Annual Report & Accounts 2011
Financial Statements
24
Consolidated income statement
For the year ended 31 December 2011
2011 2010
notes £’000 £’000
Continuing operations
Revenue 20 220
Cost of sales - (4)
Gross profit 20 216
Administrative expenses (1,386) (1,361)
Research and development expenses (464) (369)
Operating loss 4 (1,830) (1,514)
Profit on sale of investment 11b - 370
Finance income 7 150 50
Loss before taxation (1,680) (1,094)
Income tax expense 8 - -
Loss for the year from continuing operations (1,680) (1,094)
Profit for the year from discontinued operations 12 1,487 884
Loss for the year (193) (210)
Basic and diluted profit/(loss) per share (pence):
from continuing operations 9 (1.24)p (0.81)p
from continuing and discontinued operations 9 (0.14)p (0.16)p
from discontinued operations 9 1.10p 0.65p
All components of profit or loss for the year are attributable to equity holders of the parent.
Consolidated statement of comprehensive income
For the year ended 31 December 2011
2011 2010
£’000 £’000
Loss for the year (193) (210)
Other comprehensive income:
Exchange differences realised on disposal of subsidiary (1,403) -
Exchange differences on translating foreign operations - (5)
Previously recognised gain on investment transferred to the income statement - (102)
Total comprehensive loss for the year attributable to equity holders of the parent (1,596) (317) Alexander Mining plc 
Annual Report & Accounts 2011
Financial Statements
25
Consolidated balance sheet
As at 31 December 2011
2011 2010
notes £’000 £’000
Assets
Property, plant & equipment 10 29 -
Total non-current assets 29 -
Trade and other receivables 13 661 115
Cash and cash equivalents 14 1,257 2,357
1,918 2,472
Assets classified as held for sale 12 - 1,213
Total current assets 1,918 3,685
Total assets 1,947 3,685
Equity attributable to owners of the parent
Issued share capital 15 13,599 13,549
Share premium 15 11,850 11,850
Merger reserve 16 - (2,487)
Share option reserve 16 535 563
Translation reserve 16 (60) 1,343
Accumulated losses (24,100) (21,485)
Total equity 1,824 3,333
Liabilities
Current liabilities
Trade and other payables 17 123 279
Liabilities classified as held for sale 12 - 73
Total current liabilities 123 352
Total liabilities 123 352
Total equity and liabilities 1,947 3,685
These financial statements were approved by the Board of Directors and authorised for issue on 8 May 2012 and were signed on their behalf by:
M L Rosser
Director Alexander Mining plc 
Annual Report & Accounts 2011
Financial Statements
26
Company balance sheet
Company number 5357433 in England and Wales
As at 31 December 2011
2011 2010
notes £’000 £’000
Assets
Property, plant and equipment 10 29 -
Total non-current assets 29 -
Trade and other receivables 13 646 68
Cash and cash equivalents 14 1,256 2,356
1,902 2,424
Non-current assets classified as held for sale 12 - 1,140
Total current assets 1,902 3,564
Total assets 1,931 3,564
Equity attributable to owners of the parent
Issued share capital 15 13,599 13,549
Share premium 15 11,850 11,850
Share option reserve 16 535 563
Accumulated losses 16 (24,163) (22,672)
Total equity 1,821 3,290
Liabilities
Trade and other payables 17 110 274
Total current liabilities 110 274
Total equity and liabilities 1,931 3,564
These financial statements were approved by the Board of Directors and authorised for issue on 8 May 2012 and were signed on their behalf by:
M L Rosser
Director Alexander Mining plc 
Annual Report & Accounts 2011
Financial Statements
27
Consolidated statement of cash flows
For the year ended 31 December 2011
2011 2010
notes £’000 £’000
Cash flows from operating activities
Operating loss – continuing operations (1,830) (1,514)
Discontinued operations – costs of selling subsidiary - (204)
Depreciation and amortisation charge 8 1
Decrease / (increase) in trade and other receivables 60 (5)
(Decrease) / increase in trade and other payables (229) 78
Expenses settled through issue of equity 50 -
Share option charge 37 52
Net cash outflow from operating activities (1,904) (1,592)
Cash flows from investing activities
Interest received 5 10
Acquisition of property, plant and equipment (37) -
Proceeds from sale of investment - 470
Proceeds from sale of subsidiary 736 -
Net cash inflow from investing activities 704 480
Net decrease in cash and cash equivalents (1,200) (1,112)
Cash and cash equivalents at beginning of period 2,454 3,540
Exchange differences 3 26
Cash and cash equivalents at end of period 14 1,257 2,454
Company statement of cash flows
For the year ended 31 December 2011
2011 2010
notes £’000 £’000
Cash flows from operating activities
Operating loss (1,176) (1,328)
Depreciation and amortisation charge 8
(Increase) / decrease in trade and other receivables (44) 29
(Decrease) / increase in trade and other payables (164) 180
Shares issued in payment of expenses 50 -
Share option charge 37 52
Inter-company recharges (10) -
Net cash outflow from operating activities (1,299) (1,067)
Cash flows from investing activities
Amounts remitted to subsidiary companies (607) (469)
Interest received 5 10
Proceeds from sale of investment - 470
Proceeds from sale of subsidiary 833 -
Acquisition of property, plant and equipment (37) -
Net cash inflow from investing activities 194 11
Net decrease in cash and cash equivalents (1,105) (1,056)
Cash and cash equivalents at beginning of period 2,356 3,388
Exchange differences 5 24
Cash and cash equivalents at end of period 14 1,256 2,356 Alexander Mining plc 
Annual Report & Accounts 2011
Financial Statements
28
Consolidated statement of changes in equity
For the year ended 31 December 2011
Share
Share Share Merger option Translation Fair value Accumulated Total
capital premium reserve reserve reserve reserve losses equity
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2010 13,549 11,850 (2,487) 515 1,348 102 (21,279) 3,598
Accumulated loss for period ------ (210) (210)
Exchange difference on translating 
foreign operations ---- (5) - - (5)
Realisation of investment ----- (102) - (102)
Total comprehensive income for the period 
attributable to equity holders of the parent---- (5) (102) (210) (317)
Share option costs - - - 52--- 52
Share options cancelled - - - (4) - - 4 -
At 31 December 2010 13,549 11,850 (2,487) 563 1,343 - (21,485) 3,333
Accumulated loss for period ------ (193) (193)
Exchange difference on translating
foreign operations --------
Realisation of foreign exchange gains 
upon sale of subsidiary ---- (1,403) - - (1,403)
Total comprehensive income for the period 
attributable to equity holders of the parent---- (1,403) - (193) (1,596)
Share option costs - - - 37--- 37
Share options cancelled - - - (65) - - 65 -
Transfer from merger reserve - - 2,487--- (2,487) -
Shares issued 50------ 50
At 31 December 2011 13,599 11,850 - 535 (60) - (24,100) 1,824 Alexander Mining plc 
Annual Report & Accounts 2011
Financial Statements
29
Company statement of changes in equity
For the year ended 31 December 2011
Share
Share Share option Fair value Accumulated Total
capital premium reserve reserve losses equity
£’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2010 13,549 11,850 515 102 (22,423) 3,593
Accumulated loss for period ---- (253) (253)
Realisation of investment - - - (102) - (102)
Total comprehensive income for the period 
attributable to equity holders of the parent - - - (102) (253) (355)
Share option costs - - 52 - - 52
Share options cancelled - - (4) - 4 -
At 31 December 2010 13,549 11,850 563 - (22,672) 3,290
Accumulated loss for period ---- (1,556) (1,556)
Total comprehensive income for the period 
attributable to equity holders of the parent ---- (1,556) (1,556)
Share option costs - - 37 - - 37
Share options cancelled - - (65) - 65 -
Shares issued 50 - - - 50
At 31 December 2011 13,599 11,850 535 - (24,163) 1,821 Alexander Mining plc 
Annual Report & Accounts 2011
Financial Statements
30
Notes to the financial statements
For the year ended 31 December 2011
1 General Information
Alexander Mining plc (the ‘Company’) is a public limited company incorporated and domiciled in England and its shares are traded on the AIM Market
of the London Stock Exchange and on the TSX Venture Exchange (TSXV). Alexander Mining plc is a holding company of a group of companies (the
‘Group’), the principal activities of which are the commercialisation of the Group’s proprietary mineral processing technologies, either through licensing
to third parties and/or the acquisition of equity stakes in amenable deposits. These consolidated financial statements were approved for issue by the
Board of Directors on 8 May 2012.
2 Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been applied
consistently to all the years presented, unless otherwise stated.
a) Basis of preparation
The financial statements have been prepared in accordance with International Financial Reporting Standards (‘IFRS’) in force at the reporting date and
their interpretations issued by the International Accounting Standards Board (‘IASB’) as adopted for use within the European Union and with IFRS and
their interpretations issued by the IASB. 
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect 
the application of policies and reported amounts in the financial statements. The areas involving a higher degree of judgement or complexity, or areas
where assumptions or estimates are significant to the financial statements, are disclosed in note 2 p).
A separate income statement for the parent company has not been presented, as permitted by section 408 of the Companies Act 2006.
The financial statements are prepared in accordance with IFRS and interpretations in force at the reporting date. The Company has not adopted any
standards or interpretations in advance of the required implementation dates. 
Going Concern
Based on a review of the Group’s budgets and cash flow forecasts, the directors have identified that if current and near-term corporate development
opportunities are unsuccessful in providing adequate funding then the Company will need to raise finance within the next twelve months in order to
continue its operations and to meet its commitments
In common with many mining, exploration and intellectual property development companies, the Company needs to raise finance for its activities 
in discrete tranches to finance its activities for limited periods. The Directors are confident that the Company currently has a range of corporate
development opportunities which could include significant funding outcomes and moreover that, if necessary, any further funding can be raised as 
and when required. On this basis, they have concluded that it is appropriate to draw up the financial statements on the going concern basis. However,
there can be no certainty that either development opportunities or alternative funding will be secured in the necessary timescales and this indicates the
existence of a material uncertainty that may cast significant doubt on the ability of the company and the group to continue as a going concern. 
The financial statements do not include any adjustments, particularly in respect of fixed assets, investments, receivables and provisions for winding 
up which could be necessary if the Company and Group ceased to be a going concern.
Standards, Amendments and Interpretations issued but not yet effective
No Standards and Interpretations that have been issued but are not yet effective, and that are available for early application, have been applied by 
the group in these financial statements. There are no Standards or Interpretations issued, but not yet effective, which are expected to have a material
effect on the financial statements in the future.
b) Basis of consolidation
i) Subsidiaries
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries)
made up to 31 December each year. Control is recognised where the Company has the power to govern the financial and operating policies of an
investee entity so as to obtain benefits from its activities. Where necessary, adjustments are made to the financial statements of subsidiaries to bring 
the accounting policies into line with those used by the Group.
ii) Transactions eliminated on consolidation
Intra-group balances and any unrealised gains and losses or income and expenses arising from intra-group transactions are eliminated in preparing 
the consolidated financial statements.
iii) Business combinations
Business combinations made prior to 1 January 2006 were accounted for in accordance with the relevant UK GAAP at the time. The transitional
requirements of IFRS 1 allowed prospective application for all business combinations subsequent to the transition date (1 January 2006). Accordingly
such combinations were not re-stated in accordance with that standard. Reserve amounts resulting from such transactions have been released in the
year as the related subsidiary companies have been disposed of.
For subsequent business combinations, the assets, liabilities and contingent liabilities of a subsidiary are measured at their fair value at the date of
acquisition. Any excess of the cost of the acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill, which is
subsequently tested for impairment rather than amortised. If the cost of the acquisition is less than the fair value of net assets of the subsidiary
acquired, the difference is recognised directly in the income statement.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date 
of acquisition or up to the effective date of disposal, as appropriate. Alexander Mining plc 
Annual Report & Accounts 2011
Financial Statements
31
Notes to the financial statements
For the year ended 31 December 2011
c) Foreign currency
The Company’s functional and presentational currency is Sterling rounded to the nearest thousand and is the currency of the primary economic
environment in which the Company operates.
i) Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies at the balance sheet date are translated to Sterling at the foreign exchange rate ruling at that date. Foreign
exchange differences arising on translation are recognised in the income statement.
ii) Financial statements of foreign operations
On consolidation, the assets and liabilities of the Group’s overseas operations that do not have a Sterling functional currency are translated at
exchange rates prevailing at the balance sheet date. Income and expense items are translated at the average exchange rate for the period. 
Exchange differences arising are recognised in other comprehensive income through the Group’s translation reserve. Such translation differences 
are recognised in the income statement in the period in which the operation is disposed of.
iii) Net investment in foreign operations
Exchange differences arising from the translation of the net investment in foreign operations are recognised in other comprehensive income 
through the Group’s translation reserve. They are released into the income statement upon disposal of the foreign operation.
d) Property, plant and equipment
i) Owned assets
Items of property, plant and equipment are stated at cost less accumulated depreciation (see below) and impairment losses (see note 2e) below).
ii) Subsequent costs
The Group recognises in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost 
is incurred if it is probable that the future economic benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably. All other costs are recognised in the income statement as an expense as incurred.
iii) Depreciation
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each item of property, plant and equipment.
Land is not depreciated. The estimated useful lives of all other categories of assets are three years.
The residual value is assessed annually. Gains and losses on disposal are determined by comparing proceeds with carrying amount and are included
in the income statement.
e) Impairment
i) Whenever events or changes in circumstance indicate that the carrying amount of an asset may not be recoverable the asset is reviewed for
impairment. An asset’s carrying value is written down to its estimated recoverable amount (being the higher of the fair value less costs to sell
and value in use) if that is less than the asset’s carrying amount.
ii) Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised
estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been
determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss 
is recognised in profit or loss for the period.
f) Disposal groups and non-current assets held for sale
Disposal groups and non-current assets held for sale are measured at the lower of carrying amount and fair value less costs to sell.
Disposal groups and non-current assets are classified as held for sale if their carrying amount will be recovered through a sale transaction rather 
than through continuing use.
This is the case, when the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and
customary for sales of such assets or disposal groups and the sale is considered to be highly probable.
A sale is considered to be highly probable if the appropriate level of management is committed to a plan to sell the asset or disposal group, and an
active programme to locate a buyer and complete the plan has been initiated. Further, the asset or disposal group has been actively marketed for sale
at a price that is reasonable in relation to its current fair value. In addition, the sale is expected to qualify for recognition as a completed sale within
one-year from the date that it is classified as held for sale.
g) Financial instruments
i) Investments
Equity financial instruments held by the Group, other than investments in subsidiaries, are classified as being available-for-sale and are stated at fair
value, with any resultant gain or loss recognised in other comprehensive income, except for impairment losses. When these investments are sold the
cumulative gain or loss previously recognised in other comprehensive income is recognised in the income statement.
Investments in subsidiary undertakings are stated at cost less provision for impairment.
ii) Trade and other receivables
Trade and other receivables are not interest bearing and are stated at amortised cost. Alexander Mining plc 
Annual Report & Accounts 2011
Section Running Head
32
Notes to the financial statements
For the year ended 31 December 2011
iii) Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities 
of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.
iv) Trade and other payables
Trade and other payables are not interest bearing and are stated at amortised cost.
h) Share based payment transactions
Directors, senior executives and consultants of the Group have been granted options to subscribe for ordinary shares. All options are equity settled. 
The fair value of services received in return for share options granted is measured by reference to the fair value of the share options granted, at date of
grant, and this is expensed on a straight line basis over the estimated vesting period. This estimate is determined using an appropriate valuation model
considering the effects of the vesting conditions, expected exercise period and the payment of dividends by the Company.
Shares issued in settlement of expenses are recognised at the fair value of the services received.
i) Operating lease payments
Payments made under operating leases are recognised on a straight-line basis over the term of the lease.
j) Share capital
The Company’s ordinary shares are classified as equity.
k) Provisions
Provisions are recognised when the Group has a legal or constructive obligation as a result of past events, it is more likely than not that an outflow 
-of resources will be required to settle the obligation and the amount can be reliably estimated.
l) Revenue
Revenue comprises the fair value of the consideration received or receivable for the provision of services to or from external customers (net of value
added tax and other sales taxes).
Sale of testwork services
The group sells services to other mining companies. These services are generally provided on fixed-price contracts, with contract terms usually less
than one year. Revenue is recognised under the percentage-of-completion method, based on the services performed to date as a percentage of the
total services to be performed.
Royalty income
Royalty income is recognised on an accruals basis in accordance with the substance of the relevant agreements.
m) Research and development costs
Research costs are recognised in the income statement as an expense as incurred. Development costs are recognised in the income statement as 
an expense as incurred unless the development project meets specific criteria for deferral and amortisation. No development costs have been deferred
to date because there is insufficient information at the balance sheet date to quantify the expected future economic benefits from the proprietary
leaching technologies.
n) T axation
The charge for taxation is based on the profit or loss for the year and takes into account deferred tax. Deferred tax is the tax expected to be payable 
or recoverable on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax
bases used in the computation of taxable profit or loss, and is accounted for using the balance sheet method.Deferred tax assets are only recognised
to the extent that it is probable that future taxable profit will be available in the foreseeable future against which the temporary differences can 
be utilised.
o) Segment information
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker.
The Chief Operating Decision Maker, responsible for allocating resources and assessing performance of the operating segments, has been identified
as the Board of Directors.
p) Critical accounting estimates and judgements
The preparation of financial statements under the principles of IFRS requires management to make judgements, estimates and assumptions that affect
the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based
on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of
making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from
these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which
the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and
future periods. Alexander Mining plc 
Annual Report & Accounts 2011
Section Running Head
33
Notes to the financial statements
For the year ended 31 December 2011
Information about such judgements and estimates is contained in the accounting policies and/or the notes to the financial statements and the key
areas are summarised below. Areas of judgement that have the most significant effect on the amounts recognised in the financial statements are:
� Impairment of assets - note 2(e). 
� Estimation of share based payment costs - notes 2(h) and 21.
3 Segmental information
The following information is given about the Group’s reportable segments:
The Chief Operating Decision Maker is the Board of Directors. The Board reviews the Group’s internal reporting in order to assess performance 
of the business. Management has determined the operating segment based on the reports reviewed by the Board.
The Board considers that, since the sale of Argentina Gold Group Limited, there remains only one operating segment. This incorporates similar
activities and services, namely Head Office, including the development and management of intellectual property rights. The results and assets of
Peruvian operations are deemed to be immaterial and are included within the remaining single segment. The analysis has been prepared on the 
basis that prevailed and was reported to the Board until 31 December 2011.
As the group is in the early stages of developing and licensing a new product, the Board assesses the performance of the business based on 
the segment’s Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA), and overall loss before tax.
The Head Office and Intellectual Property segment recognises all costs and revenues. This segment is not further sub-divided to different geographical
regions due to its knowledge and services being offered to a broad geographical spread of clients, often indirectly through multinational groups.
As the company has only a single activity and there is also only one geographical segment, the disclosures for this segment have already been 
given in these financial statements.
Segmental disclosures for the year ended 31 December 2010 were as follows:
Head Office and Argentina 
Intellectual Property and Peru Group total
2010 2010 2010
£’000 £’000 £’000
External and total segment revenues 220 - 220
EBITDA (1,060) (206) (1,266)
Interest revenue 91 10
Depreciation and amortisation - (1) (1)
Loss before tax for trading segment (1,051) (206) (1,257)
Reconciliations
2010 2010 2010
(i) Group loss before tax £’000 £’000 £’000
Loss before tax for trading segments (1,051) (206) (1,257)
Share option charges (52) - (52)
Loss before tax (1,103) (206) (1,309)
Reversal of previously recognised impairment (note 13) - 1,099 1,099
Loss for the year (1,103) 893 (210)
2010 2010 2010
(ii) Group assets £’000 £’000 £’000
Assets not allocated for internal reporting:
Non-current assets ---
Group other receivables 115 1,116 1,231
Group cash and cash equivalents 2,357 97 2,454
Group total assets 2,472 1,213 3,685
(iii) Major customers 2010
During the year two customers each accounted for more than 10% of the Group’s revenues. These revenues are all attributable to the Head Office 
and Intellectual Property segment. They derive from sales of consultancy services and mineral processing test-work services, all related to the Group’s
intellectual property.
2010
£’000 %
Customer 1 146 66%
Customer 2 34 15%
180 81% Alexander Mining plc 
Annual Report & Accounts 2011
Financial Statements
34
Notes to the financial statements
For the year ended 31 December 2011
4 Operating loss
Operating loss is stated after charging/(crediting):
2011 2010
£’000 £’000
Depreciation 8 -
Exchange gain on foreign currency (3) (40)
Operating lease expense 33 38
Share option charge (note 21) 37 52
Shares issued in payment of expenses 50 -
Research and development expenses 464 369
5 Auditor’s remuneration
2011 2010
£’000 £’000
Fees payable to the Group’s auditor for the audit of the Group’s annual financial statements 19 20
Fees payable to the Group’s auditor and its associates for other services:
The audit of the Group’s subsidiaries pursuant to legislation - 4
Other services pursuant to legislation - 9
Tax services 5 4
Other services - 2
24 39
6 Staff costs and directors’ emoluments
Directors’ remuneration is set out below:
Other
Annual salary Fees benefits Total
£’000 £’000 £’000 £’000
2011
M L Sutcliffe 186 - 6 192
M L Rosser 125 - 2 127
R O Davey -25 - 25
J S Bunyan -40 1 41
E M Morfett -25 - 25
311 90 9 410
2010
M L Sutcliffe 174 - 5 179
M L Rosser 124 - 2 126
R O Davey -25 - 25
J S Bunyan -40 1 41
E M Morfett -25 - 25
298 90 8 396
The aggregate staff costs for the year were as follows: 
2011 2010
£’000 £’000
Directors’ remuneration 410 396
Other staff wages and salaries 248 332
Social security costs 28 40
Share based payments 37 52
723 820
On average, excluding non-executive directors, the group employed 3 technical staff members (2010: 4) and 2 administration staff (2010: 3). Alexander Mining plc 
Annual Report & Accounts 2011
Financial Statements
35
Notes to the financial statements
For the year ended 31 December 2011
7 Investment income
2011 2010
£’000 £’000
Unwinding of discount on other receivables 142 -
Interest on short term bank deposits – continuing operations 5 10
Exchange differences on foreign currency – continuing operations 3 40
150 50
8 Income taxes
No liability to income taxes arises in the period.
The current tax charge for the period differs from the credit resulting from the loss before tax at the standard rate of corporation tax in the UK. 
The differences are explained below:
2011 2010
£’000 £’000
Loss before tax (1,680) (1,094)
Current tax at 26% (2010: 28%) (437) (306)
Effects of:
Expenses not deductible for tax purposes 120 64
Qualifying depreciation in excess of capital allowances on which no deferred tax has been provided - (1)
Unrelieved tax losses arising in the period 317 243
Income tax expense - -
Unrecognised deferred tax assets
2011 2010
£’000 £’000
Cumulative tax losses 1,569 1,491
Unrelieved exploration expenditure arising in overseas subsidiaries 165 152
Accelerated capital allowances 4 3
Unrecognised deferred tax asset at end of period 1,738 1,646
Deferred tax assets carried forward have not been recognised in the accounts because there is currently insufficient evidence of the timing of suitable
future taxable profits against which they can be recovered.
9 Loss per share
The calculation of loss per share is based on the weighted average number of shares in issue in the year to 31 December 2011 of 135,797,501 
(31 December 2010: 135,486,542) and computed on the respective profit and loss figures as follows:
2011 2010
£’000 Per share £’000 Per share
(Loss) - continuing operations (1,680) (1.24)p (1,094) (0.81p)
(Loss) - continuing and discontinued operations (193) (0.14)p (210) (0.16p)
Profit - discontinued operations 1,487 1.10p 884 0.65p
There is no difference between the diluted loss per share and the basic loss per share presented. Share options granted to employees could 
potentially dilute basic earnings per share in the future, but were not included in the calculation of diluted earnings per share as they are anti-dilutive 
for the period presented. Alexander Mining plc 
Annual Report & Accounts 2011
Financial Statements
36
Notes to the financial statements
For the year ended 31 December 2011
10 Property, plant & equipment
The Group
Office
equipment Leasehold Motor
and furniture improvements vehicles Total
£’000 £’000 £’000 £’000
Cost
As at 1 January 2010 47 35 - 82
Disposals (2) - - (2)
As at 31 December 2010 45 35 - 80
Additions 2 - 35 37
Disposals (10) - - (10)
As at 31 December 2011 37 35 35 107
Depreciation
As at 1 January 2010 (46) (35) - (81)
Disposals 1- - 1
As at 31 December 2010 (45) (35) - (80)
Charged in year (1) - (7) (8)
Disposals 10 - - 10
As at 31 December 2011 (36) (35) (7) (78)
Net book value
As at 31 December 2011 1 - 28 29
As at 31 December 2010 - ---
As at 1 January 2010 1- - 1
The Company
Office
equipment Leasehold Motor
and furniture improvements vehicles Total
£’000 £’000 £’000 £’000
Cost
As at 1 January 2010 and 1 January 2011 45 35 - 80
Additions 2 - 35 37
Disposals (10) - - (10)
As at 31 December 2011 37 35 35 107
Depreciation
As at 1 January 2010 and 1 January 2011 (45) (35) - (80)
As at 1 January 2010 and 1 January 2011 (45) (35) - (80)
Charged in year (1) - (7) (8)
Disposals 10 - - 10
As at 31 December 2011 (36) (35) (7) (78)
Net book value
As at 31 December 2011 1 - 28 29
As at 31 December 2010 - ---
As at 1 January 2010 - --- Alexander Mining plc 
Annual Report & Accounts 2011
Financial Statements
37
Notes to the financial statements
For the year ended 31 December 2011
11 Investments
Group Company
2011 2010 2011 2010
£’000 £’000 £’000 £’000
Subsidiary undertakings (a) - - - -
- - - -
(a) Company subsidiary undertakings
As at 31 December 2011, the Group owned interests in the following subsidiary undertakings, which are included in the consolidated 
financial statements:
Name Holding Business Activity Country of Incorporation
MetaLeach Limited 100% Leaching technology development British Virgin Islands
Molinetes (BVI) Limited 100% Investment holding British Virgin Islands
Compania Minera Molinetes SAC 
1
100% Exploration Peru
Alexander Mining Katanga s.p.r.l. 100% Dormant Democratic Republic of Congo
Alexander Mining Technologies Limited 100% Dormant British Virgin Islands
1 Owned by Molinetes (BVI) Limited.
The Company’s subsidiary, Alexander Gold Group Limited, was sold on 28 February 2011 – see note 12 for further details.
(b) Available for sale investments
During 2005, the Company acquired an interest in 1,165,000 ordinary shares of AU$0.20 each in Mariana Resources Limited, a company registered in New
South Wales, Australia, for a total cost of £99,957. Mariana Resources Limited’s shares are traded on the AIM Market of the London Stock Exchange plc.
During 2010, this investment was sold for the cash sum of £469,896, yielding a profit on disposal of £369,939. Of this profit, £102,170 was held 
in a fair value reserve at 31 December 2009. The fair value reserve was transferred to the 2010 income statement upon disposal of the investment.
12 Disposal group – discontinued operations
On 28 February 2011, the Company completed, as planned, the sale of its entire interest in its subsidiary, Alexander Gold Group Limited, for the 
sum of US$2,200,000. US$400,000 was received on execution of the legally binding sale and purchase agreement and 18 monthly payments of
US$100,000 each became due, commencing in March 2011.
Given the stage of negotiations at 31 December 2010, the directors used the proposed transaction as the ‘best’ indicator of the fair value of the
disposal group and discounted the expected proceeds to arrive at a fair value of £1,140,000 after deducting expected costs to sell. Previously
impaired assets of the disposal group had impairments reversed to give a carrying value equal to that fair value amount. 
At 1 January 2010 no carrying value had been brought forward for the investment in Alexander Gold Group within the Company’s balance sheet.
Previously recognised impairments for this investment were therefore reversed to give a carrying value of £1,140,000 and the investment was 
classified as a non-current asset available for sale.
A discount rate of 25% per annum was applied in arriving at the fair value of the disposal group, mainly in recognition of the risks implicit in the
anticipated collection of future instalment payments. In addition to a small discount for the time value of money, the discount related principally 
to country / political risk, the risk that foreign exchange controls may restrict future remittances, as well as counter-party in-country credit risks. 
The same discount rate of 25% per annum was also applied to the consideration receivable for Alexander Gold Group Limited upon initial 
recognition on 28 February 2011. The discounted balances are included in trade and other receivables (note 13).
A net profit for the year attributed to the discontinued business amounted to £1,487,000 (2010: £884,000), comprised as follows:
2011 2010
Discontinued operation £’000 £’000
Impairment reversal - 1,099
Administrative expenses - (182)
Exploration and development expenses - (23)
Profit on disposal of property, plant and equipment - -
Investment income - 1
Finance cost - (11)
Gain on disposal of discontinued operation 84 -
Realisation of translation reserve transferred to Income Statement on disposal of the subsidiary (IAS 21) 1,403 -
Profit for the year on discontinued operation 1,487 884
Other comprehensive income relating to the disposal group
The cumulative amount transferred to translation reserve in respect of the disposal group amounted to a credit of £1,403,000 at 31 December 2010.
This translation reserve was realised by its transfer to the Income Statement on disposal of the subsidiary during the year ended 31 December 2011. Alexander Mining plc 
Annual Report & Accounts 2011
Financial Statements
38
Notes to the financial statements
For the year ended 31 December 2011
The assets and liabilities of the disposal group / discontinued business for the period ended 31 December 2010, comprised of:
2010
£’000
Current assets
Other receivables 1,116
Cash at bank 97
Total assets of disposal group 1,213
Current liabilities
Trade and other payables 18
Environmental provision 55
Total liabilities of disposal group 73
Cash flows of the disposal group
2010
£’000
Net cash outflow from operating activities (238)
Net cash flow from investing activities 1
Net cash flow from financing activities 197
Net decrease in cash and cash equivalents (40)
Cash and cash equivalents at beginning of period 148
Exchange differences (11)
Cash and cash equivalents at end of period 97
13 Trade and other receivables 
Group Company
2011 2010 2011 2010
£’000 £’000 £’000 £’000
Current assets
Trade receivables 15 44 - -
Other receivables 595 28 595 27
Other taxes and social security 4 6 4 6
Prepayments and accrued income 47 37 47 35
661 115 646 68
Other receivables includes £534,000 (2010: nil) in respect of the remaining instalments due from the sale of the Company’s subsidiary, Alexander Gold
Group Limited. Amounts due to the Company from its subsidiary companies have been fully provided for as detailed in note 24.
14 Cash and cash equivalents
Cash and cash equivalents consist of cash on hand and demand deposits and short term fixed term deposits. Cash and cash equivalents included 
in the cash flow statement comprise the following balance sheet amounts:
Group Company
2011 2010 2011 2010
£’000 £’000 £’000 £’000
Cash on hand and demand deposits 1,257 2,357 1,256 2,356
Continuing operations 1,257 2,357 1,256 2,356
Disposal group cash and demand deposits (note 12) - 97 - -
1,257 2,454 1,256 2,356
15 Share capital
2011 2010
Number £’000 Number £’000
Authorised
Ordinary shares of 10p each 240,000,000 24,000 240,000,000 24,000
Allotted, called up and fully paid
Ordinary shares of 10p each 135,986,542 13,599 135,486,542 13,549
Details of share options issued during the year and outstanding at 31 December 2011 are set out in note 21.  Alexander Mining plc 
Annual Report & Accounts 2011
Financial Statements
39
Notes to the financial statements
For the year ended 31 December 2011
Changes in issued Share Capital and Share Premium:
For the year ended 31 December 2011
Number of Nominal Share
shares value Premium T otal
£££
At 31 December 2010 135,486,542 13,548,654 11,849,590 25,398,244
Shares issued at 10p each – in settlement of expenses, on 18 May 2011 500,000 50,000 - 50,000
At 31 December 2011 135,986,542 13,598,654 11,849,590 25,448,244
All of the above shares were issued to finance the ordinary activities of the Group.
Shares issued in settlement of expenses have been recognised at the fair value of the services received.
16 Capital and reserves
The Consolidated and Company statements of changes in equity are set out on pages 28 and 29 of this report.
� The merger reserve at 31 December 2010 arose from the Company’s acquisition of Alexander Gold Group Limited on 22 March 2005. 
The merger reserve balance was transferred to accumulated losses upon the sale of Alexander Gold Group on 28 February 2011.
� The share option reserve includes an expense based on the fair value of share options issued since 7 November 2002 that had not vested 
by 1 January 2006. Details of share options issued during the period and outstanding at 31 December 2011 are set out in note 21.
� The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations 
that do not have a Sterling functional currency. That part of the reserve that related to the operations of Alexander Gold Group Limited was
transferred to the Income Statement upon the sale of that subsidiary on 28 February 2011.
The Company has taken advantage of the exemption permitted by Section 408 of the Companies Act 2006 and has not presented 
its own income statement.
17 Trade and other payables
Group Company
2011 2010 2011 2010
£’000 £’000 £’000 £’000
Trade payables 36 67 36 67
Other payables - 32 - 32
Other taxes and social security 9 - 9 -
Accruals and deferred income 78 180 65 175
123 279 110 274
18 Provisions
Group
2011 2010
Environmental provision £’000 £’000
At 1 January - 53
Exchange difference - 2
Provision classified as held for sale - (55)
At 31 December - -
The 2010 environmental provision represented the directors’ estimate of rehabilitation costs for the Group’s Leon project site in Argentina. 
The project was that of Alexander Gold Group Limited, which subsidiary was sold on 28 February 2011. The Group has no further environmental
rehabilitation liabilities. Alexander Mining plc 
Annual Report & Accounts 2011
Financial Statements
40
Notes to the financial statements
For the year ended 31 December 2011
19 Financial risk management
The Group’s and Company’s principal financial assets comprise cash and cash equivalents, trade receivables, other receivables and available for sale
financial assets. In addition, the Company’s financial assets include amounts due from subsidiaries. The Group’s and Company’s financial liabilities
comprise: trade payables; other payables; and accrued expenses.
All of the Group’s and Company’s financial liabilities are measured at amortised cost. With the exception of available for sale financial assets, 
which are recorded at fair value, all of the Group’s and Company’s financial assets are classified as loans and receivables.
The Board of Directors determines, as required, the degree to which it is appropriate to use financial instruments, commodity contracts or other
hedging contracts or techniques to mitigate financial risks. The main risks for which such instruments may be appropriate are interest rate risk, liquidity
risk and foreign currency risk, each of which is discussed below. All non-routine transactions require Board approval. During 2011 the Group has not
used derivative financial instruments.
The Board consider that the risk components detailed below apply to both Group and Company. Financial risks are managed at Group rather than
Company level.
Credit risk
Credit risk refers to the risk that the Group’s financial assets will be impaired by the default of a third party. The Company’s primary exposure is to
credit risk on the debtor of £534,000 (2010 £1,116,000) referred to in note 13, in respect of the sale of its subsidiary, Alexander Gold Group Limited.
The Group is further exposed to credit risk on its cash and cash equivalents as set out in note 14, with additional risk attached to other receivables set
out in note 13. Credit risk is managed by ensuring that surplus funds are deposited only with well-established financial institutions of high quality credit
standing. The majority of receivables risk is mitigated by the holding of mortgage charges over fixed properties to secure payment of the £534,000
receivable due from the buyers of the Group’s Argentinean subsidiary.
At 31 December 2011 the Group had no significant trade receivables. The Group’s focus on commercialising its technologies may result in significant
trade receivables during 2012, the credit risk on which will be managed by assessing the credit quality of each customer, taking into account its
financial position and any other relevant factors.
Foreign currency risk
Foreign currency risk refers to the risk that the value of a financial commitment, recognised asset or liability will fluctuate due to changes in foreign
currency rates. The Group reports its financial results in Sterling and is therefore exposed to foreign currency risk as a result of financial assets, future
transactions and investments in foreign companies denominated in currencies other than Sterling.
Exchange gains and losses on financial assets or future transactions are recognised directly in profit or loss. A proportion of the Group’s costs are
incurred in US Dollars, Australian Dollars, New Zealand Dollars, Euros and Peruvian Nuevo Soles. Accordingly, movements in the Sterling exchange
rate against these currencies could have a detrimental effect on the Group’s results and financial condition.
Foreign exchange risk is managed by maintaining some cash deposits in currencies other than Sterling. The table below shows the currency profiles 
of cash and cash equivalents:
2011 2010
£’000 £’000
Sterling 515 1,859
US Dollars 662 492
Australian Dollars 78 44
New Zealand Dollars 2 33
Euros - 8
Argentinean Pesos - 18
1,257 2,454
The Group has assets located in Peru (which is considered to have a Peruvian Nuevo Soles functional currency). Exchange gains and losses resulting
from currency fluctuations on such assets are recognised in other comprehensive income within the translation reserve. At 31 December 2011,
movements of up to 5% in the Sterling: US dollar and Sterling: other currencies exchange rates are not considered to have a material effect on the
Group’s balance sheet. The impact of a 5% movement has been selected as this is considered reasonable given the current level of exchange rates
and the volatility observed on a historical basis. The Group does not hedge its exposure to investments in foreign companies denominated in
currencies other than Sterling. Alexander Mining plc 
Annual Report & Accounts 2011
Financial Statements
41
Notes to the financial statements
For the year ended 31 December 2011
The table below shows an analysis of net monetary assets and liabilities by functional currency of the Group:
Peruvian
Sterling US Dollars Nuevo Soles T otal
2011 £’000 £’000 £’000 £’000
Balances denominated in
Sterling 495-- 495
US Dollars 1,224 - 1 1,225
Australian Dollars 72-- 72
New Zealand Dollars 2-- 2
Other currencies 1-- 1
1,794 - 1 1,795
Peruvian
Sterling US Dollars Nuevo Soles Total
2010 £’000 £’000 £’000 £’000
Balances denominated in
Sterling 1,800 - - 1,800
US Dollars 1,663 (67) 1 1,597
Canadian Dollars (106) - - (106)
New Zealand Dollars 33-- 33
Argentinean Pesos -36 - 36
Other currencies 14-- 14
3,404 (31) 1 3,374
Commodity price risk
Commodity price risk is the risk that the Group’s future earnings will be adversely impacted by changes in the market prices of commodities. 
The Group is exposed to commodity price risk as its future revenues may be determined by reference to market prices of metals.
In addition to any new projects acquired by the Group, future revenue streams may include royalties from the development of third party assets. 
The Group’s revenue from such royalty streams will be dependent on future commodity prices, both in terms of the absolute value of the royalty 
and the commodity price required for the successful economic development of such assets.
The Group manages commodity price risk by considering the impact of fluctuations in commodity prices on the value of the Group’s intellectual
property and the potential value of third party assets on which the Group is negotiating future royalty agreements
Liquidity risk
Liquidity risk relates to the ability of the Group to meet future obligations and financial liabilities. The Group monitors its risk to a shortage of funds
using cash flow models, which consider existing financial assets, liabilities and projected cash inflows and outflows from operations.
The table below sets out the maturity profile of financial liabilities at 31 December
Group Company
2011 2010 2011 2010
£’000 £’000 £’000 £’000
Due in less than one month 84 246 71 211
Due between one and three months 6 38 6 38
Due between three months and one year 24 28 24 25
114 312 101 274
To date the Group has relied upon shareholder funding of its activities. Development of mineral properties, the acquisition of new opportunities, 
or the recovery of royalty income from third party assets, may be dependent upon the Group’s ability to obtain further financing through joint ventures,
equity or debt financing, corporate developments or other means. Although the Group has been successful in the past in obtaining equity financing
there can be no assurance that the Group will be able to obtain adequate financing in the future or that the terms of such financing will be favourable.
Based on a review of the Group’s budgets and cash flow forecasts, the directors have identified that if current and near-term corporate development
opportunities are unsuccessful in providing adequate funding then the Company will need to raise finance within the next twelve months in order to
continue its operations and to meet its commitments.
In common with many mining, exploration and intellectual property development companies, the Company needs to raise finance for its activities 
in discrete tranches to finance its activities for limited periods. The Directors are confident that the Company currently has a range of corporate
development opportunities which could include significant funding outcomes and moreover that, if necessary, any further funding can be raised 
as and when required.  Alexander Mining plc 
Annual Report & Accounts 2011
Financial Statements
42
Notes to the financial statements
For the year ended 31 December 2011
Interest rate risk profile of financial assets
Interest rate risk is the risk that the value of a financial instrument or cash flows associated with the instrument will fluctuate due to changes in market
interest rates. Interest rate risk arises from interest bearing financial assets and liabilities that the Group uses. Interest bearing assets comprise cash
and cash equivalents. It is the Group’s policy to settle trade payables within the credit terms allowed and the Group does not therefore incur interest 
on overdue balances.
At 31 December 2011 the Group had Sterling denominated short term deposits which attracted interest as follows:
2011 2010
Deposit Interest rate Deposit Interest rate
£’000 £’000
Sterling deposits 311 0.50% 1,282 0.50%
The value of the Group’s assets at 31 December 2011 and the result for the period would not be materially affected by changes in interest rates.
Fair values of financial assets and liabilities
It is the directors’ opinion that the carrying values of the Group’s and the Company’s financial assets and liabilities as at 31 December 2011 
and 31 December 2010 are not materially different from their fair values. They have therefore not been shown separately.
20 Capital management
The Group’s objective when managing capital is to safeguard the entity’s ability to continue as a going concern, and develop its activities to provide
returns for shareholders and benefits for other stakeholders.
The Group’s capital structure comprises all components of equity (i.e. ordinary share capital, share premium, retained earnings and other reserves). 
At 31 December 2011 the Group had no debt. When considering the future capital requirements of the Group and the potential to fund specific 
project development via debt the directors consider the risk characteristics of all of the underlying assets in assessing the optimal capital structure. 
21 Share based payments
The Group operates an Executive Share Option Plan, under which directors, senior executives and consultants have been granted options to
subscribe for ordinary shares. All options are share settled. The number and weighted average exercise prices of share options are as follows:
2011 2010
Weighted Weighted
average average
exercise Number exercise Number
price of options price of options
Outstanding at the beginning of the period 10.1p 9,975,000 10.0p 10,091,665
Granted during the period 10.0p 1,250,000 12.4p 350,000
Cancelled during the period 10.0p (1,050,000) 10.0p (466,665)
Outstanding at the end of the period 10.1p 10,175,000 10.1p 9,975,000
Exercisable at the end of the period 10.1p 7,861,665 10.1p 6,874,995
Share options outstanding at 31 December 2011 had a weighted average exercise price of 10.1 pence (2010: 10.1 pence) and a weighted average
contractual life of 6.4 years (2010: 6.6 years). To date no share options have been exercised. There are no market based vesting conditions attaching
to any share options outstanding at 31 December 2011. Alexander Mining plc 
Annual Report & Accounts 2011
Financial Statements
43
Notes to the financial statements
For the year ended 31 December 2011
At 31 December 2011 the total number of options over ordinary shares outstanding was as follows:
Exercise period Weighted
average
exercise
Vested: Number price
Exercisable until 2015 2,250,000 10.0p
Exercisable until 2016 525,000 10.0p
Exercisable until 2017 750,000 10.0p
Exercisable until 2018 2,300,000 10.0p
Exercisable until 2019 1,833,332 10.0p
Exercisable until 2020 203,333 12.2p
Exercisable at the period end 7,861,665 10.1p
Not yet vested:
Exercisable between 2012 and 2019 916,668 10.0p
Exercisable between 2012 and 2020 146,667 12.7p
Exercisable between 2012 and 2021 1,250,000 10.0p
10,175,000 10.1p
The fair value of services received in return for share options granted is measured by reference to the fair value of the share options granted. 
This estimate is based on a Black-Scholes model which is considered most appropriate considering the effects of the vesting conditions, 
expected exercise period and the payment of dividends by the Company.
The following inputs were used in the calculation of the fair value of the share options granted during the period:
9 June 23 August 
Date of Grant 2011 2011
Fair value (p) 
1
2.0p 1.3p
Share price (p) 7.9p 5.6p
Exercise price (p) 10.0p 10.0p
Expected volatility 
2
48% 58%
Option life 3 years 3 years
Expected dividends 0.0% 0.0%
Risk-free rate of return 0.5% 0.5%
1 The fair value of options awarded on 9 June 2011 was 2.0p per share and for those awarded on 23 August 2011 the fair value was 1.3p per share. 
2 Volatility for options granted was estimated based on the Company’s daily closing share price during the 12 months prior to the issue of the 
share options.
22 Commitments
Future commitments for the Group under non-cancellable operating leases are as follows:
2011 2010
£’000 £’000
Payable within one year 33 37
Payable between one and two years - 37
33 74
The Group does not sub-lease any of its leased premises. Payments under operating leases recognised in operating loss in the period 
are set out in note 4. Alexander Mining plc 
Annual Report & Accounts 2011
Financial Statements
44
Notes to the financial statements
For the year ended 31 December 2011
23 Contingent liabilities
There were no contingent liabilities at 31 December 2011 or 31 December 2010.
24 Related parties
The Group’s investments in subsidiaries have been disclosed in note 11. 
During the period, Alexander Mining plc entered into the following transactions with other group companies:
Sale of goods and services Amounts owed by group companies
Increase/
At (decrease) Provisions At
1 January in period in period 31 December
2011 2010 2011 2011
£’000 £’000 £’000 £’000 £’000 £’000
Molinetes BVI Limited - - - 10 (10) -
MetaLeach Limited 10 - - 607 (607) -
10 - - 617 (617) -
Amounts owed by related parties are unsecured, interest-free, and have no fixed terms of repayment. The balances will be settled in cash. 
No guarantees have been given or received.
Details of directors’ emoluments are set out in note 6. Compensation for key management personnel was as follows:
2011 2010
£’000 £’000
Short-term employee benefits 617 671
National Insurance contributions 25 25
Other benefits 9 8
Share-based payments 35 50
686 753
During the period, Metaleach Limited paid £15,000 (2010: nil) to consulting metallurgist Dr Katherine Mallat in respect of AmmLeach
®
testwork
supervision. Dr Mallat is the spouse of Garry Johnston, a senior Group employee. Alexander Mining plc 
Annual Report & Accounts 2011 45
Notice of Annual General Meeting
(incorporated and registered in England and Wales under number 5357433)
Notice is hereby given that the Annual General Meeting of Alexander
Mining plc will be held at the East India Club, 16 St James’s Square,
London, SW1Y 4LH at 10:30am on Thursday 14th June 2012 in order 
to consider and, if thought fit, pass resolutions 1 to 4 as ordinary
resolutions and resolution 5 as a special resolution:
Ordinary Resolutions
1 To receive, consider and adopt the Directors’ Report and Accounts
for the year ended 31st December 2011, together with the Auditor’s
report thereon.
2 To re-elect as a director Mr M L Rosser who retires by rotation 
in accordance with Article 93 of the Company’s Articles of
Association and who, being eligible, offers himself for re-election.
3 To re-appoint PKF (UK) LLP of Farringdon Place, 20 Farringdon
Road, London EC1M 3AP , as auditors of the Company and to
authorise the Directors to determine their remuneration.
4 That the Directors be generally and unconditionally authorised
pursuant to Section 551 of the Companies Act 2006 (the ‘2006 Act’)
to allot shares in the Company or grant rights to subscribe for or to
convert any security into shares in the Company (‘Rights’) up to an
aggregate nominal amount of £6,000,000 provided that this authority
shall, unless previously revoked or varied by the Company in general
meeting, expire at the conclusion of the next Annual General
Meeting of the Company following the date of the passing of this
resolution or (if earlier) 12 months from the date of passing this
resolution, but so that the directors may before such expiry make an
offer or agreement which would or might require relevant securities
to be allotted after such expiry and the directors may allot relevant
securities in pursuance of that offer or agreement as if the authority
hereby conferred had not expired.
This authority is in substitution for all previous authorities conferred on
the Directors in accordance with Section 80 of the Companies Act 1985,
or Section 551 of the 2006 Act.
Special Resolution
5 That, subject to the passing of Resolution 4, the Directors be given
the general power to allot equity securities (as defined by Section
560 of the 2006 Act) for cash, either pursuant to the authority
conferred by Resolution 4 or by way of a sale of treasury shares, 
as if Section 561(1) of the 2006 Act did not apply to any such
allotment, provided that this power shall be limited to:
5.1 the allotment of equity securities in connection with an offer by way
of a rights issue:
5.1.1 to the holders of ordinary shares in proportion (as nearly 
as may be practicable) to their respective holdings; and
5.1.2 to holders of other equity securities as required by the rights 
of those securities or as the Directors otherwise consider
necessary, but subject to such exclusions or other
arrangements as the Board may deem necessary or expedient
in relation to treasury shares, fractional entitlements, record
dates, legal or practical problems in or under the laws of any
territory or the requirements of any regulatory body or stock
exchange; and
5.2 the allotment (otherwise than pursuant to paragraph 5.1 above) of
equity securities up to an aggregate nominal amount of £6,000,000.
The power granted by this resolution will unless renewed, varied or
revoked by the Company, expire at the conclusion of the next Annual
General Meeting of the Company following the date of the passing of
this resolution or (if earlier) 12 months from the date of passing this
resolution, save that the Company may, before such expiry make
offers or agreements which would or might require equity securities 
to be allotted after such expiry and the Directors may allot equity
securities in pursuance of any such offer or agreement notwithstanding
that the power conferred by this resolution has expired.
This resolution revokes and replaces all unexercised powers
previously granted to the Directors to allot equity securities as if
either section 89(1) of the Companies Act 1985 or section 561(1) 
of the 2006 Act did not apply, but without prejudice to any allotment
of equity securities already made or agreed to be made pursuant to
such authorities.
The Board of Alexander Mining plc recommends that shareholders 
vote in favour of all the proposed resolutions.
Members or their appointed Proxies are entitled to ask questions of the
Board at the Annual General Meeting. The Board will answer any such
questions unless (i) to do so would interfere unduly with the conduct of
the meeting or involve the disclosure of confidential information; or (ii) the
answer has already been given on the Company’s website; or (iii) to
answer such questions is contrary to the Company’s best interest or the
good order of the meeting.
By order of the Board,
T A Cross
Company Secretary 
8 May 2012
Registered Office:
1st Floor, 35 Piccadilly, London, W1J 0DW  Alexander Mining plc 
Annual Report & Accounts 2011 46
Notes to the Notice of Annual General Meeting
1 A member of the Company entitled to attend and vote at this
meeting is entitled to appoint one or more proxies to exercise all or
any of the member’s rights to attend, speak and vote at the meeting,
using the attached Form of Proxy. A proxy need not also be a
member. If a member appoints more than one proxy to attend the
meeting, each proxy must be appointed to exercise the rights
attached to a different share or shares held by the member. If a
member wishes to appoint more than one proxy and so requires
additional proxy forms, the member should contact Capita
Registrars on 0871 664 0300 (calls cost 10p per minute plus network
extras, lines are open 8.30am – 5.30pm Mon - Fri). Completion and
return of a Form of Proxy will not preclude a member from attending
and voting at the meeting should the member so decide.
2 To be valid, the Form of Proxy and any power of attorney or other
authority under which it is signed (or a notarially certified copy of
such authority) must be completed and returned so as to reach: 
(i) the Company’s Registrars in accordance with the reply paid details
or (ii) by hand to Capita Registrars, PXS, 34 Beckenham Road,
Beckenham, Kent, BR3 4TU not less than 48 hours before the time
appointed for the Annual General Meeting or any adjournment
thereof.
3 A corporation which is a member can appoint one or more corporate
representatives who may exercise on its behalf all of its powers as a
member, provided that they do not do so in respect of the same
shares.
4 The Company, pursuant to resolution 41(1) of the Uncertificated
Securities Regulations 2001, specifies that only those shareholders
registered in the register of members of the Company at 6:00p.m. on
12th June 2012 (or, if the meeting is adjourned, at 6:00p.m. on the
day two days prior to the adjourned meeting) be entitled to attend
and vote at the Annual General Meeting (and for the purpose of
determining the number of votes a member may cast). Changes to
the register of members after the relevant time shall be disregarded
in determining the rights of any person to attend and vote at the
meeting.
5 If the Chairman, as a result of any proxy appointments, is given
discretion as to how the votes the subject of those proxies are cast
and the voting rights in respect of those discretionary proxies, when
added to the interests in the Company’s securities already held by
the Chairman, result in the Chairman holding such number of voting
rights that he has a notifiable obligation under the Disclosure and
Transparency Rules, the Chairman will make the necessary
notifications to the Company and the Financial Services Authority. 
As a result, any member holding 3% or more of the voting rights in
the Company who grants the Chairman a discretionary proxy in
respect of some or all of those voting rights and so would otherwise
have a notification obligation under the Disclosure and Transparency
Rules, need not make a separate notification to the Company and
the Financial Services Authority.
6 The following documents will be available for inspection during
normal business hours on any week day at the Company’s
registered office up until the date of the Annual General Meeting and
at the place of the meeting from 30 minutes before the start of the
meeting on 14th June 2012 until the end of the meeting:
i) a copy of the Memorandum and Articles of Association 
of the Company; 
ii) the contracts of service and letters of appointment between
the Company or its subsidiary undertakings and its Directors.
7 To appoint proxies or give/amend an instruction to an appointed
proxy via the CREST system, the CREST message must be received
by the issuer’s agent (ID: RA10) by 6:00p.m. on 12th June 2012 and
time of receipt will be taken as the time (as determined by the
timestamp applied by the CREST Applications Host) that the issuer’s
agent is able to retrieve the message. CREST Personal Members or
other CREST Sponsored Members, and CREST Members who have
appointed voting service providers, should refer to their
sponsor/voting service provider for advice on appointing proxies via
CREST. Regulation 35 of the Uncertificated Securities Regulations
2001 will apply to all proxy appointments sent by CREST. 
For information on CREST procedures and system timings, 
please refer to the CREST Manual. Proxy Form for use by holders of ordinary shares at the Annual General Meeting (the ‘AGM’) to be held on Thursday 14th June 2012.
Please read the Notice of the Meeting and the accompanying explanatory notes to this Proxy Form carefully before completing this Proxy Form.
I/We (block capitals please)
of
being a member/members of Alexander Mining plc, appoint the Chairman of the AGM or (see Explanatory Note 2)*
as my/our proxy to exercise all or any of my/our rights to attend, speak and vote in respect of my/our voting entitlement on my/our 
behalf as indicated below at the AGM and at any adjournment thereof (see Explanatory Notes 3, 4 and 5).
Please tick here if this proxy appointment is one of multiple appointments being made.
* For the appointment of more than one proxy, please refer to Explanatory Note 4 Please clearly mark the boxes below to instruct 
your proxy how to vote.
Resolutions For Against Vote withheld Discretionary
Ordinary Resolutions
1 Adoption of Report and Accounts
2 Re-election of Mr M L Rosser
3 Re-appointment of PKF (UK) LLP
4 Authority to allot new shares
Special Resolution
5 Dis-application of pre-emption rights
Signature (see Explanatory Note 6) Date
Explanatory Notes to the Proxy Form:
1 As a member of the Company you are entitled to appoint a proxy to exercise all or any of your rights to attend, speak and vote at the AGM on your behalf. Y ou should
appoint a proxy using the procedure set out in these Explanatory Notes.
2 A proxy need not be a member of the Company but must attend the meeting to represent you. If you wish to appoint as a proxy a person other than the Chairman of the
AGM, please delete the words ‘the Chairman of the AGM’ and insert the full name of the other person in the box provided on this Proxy Form. If you sign and return this
Proxy Form with no name inserted in the box, the Chairman of the AGM will be deemed to be your proxy. If the proxy is being appointed in relation to less than your full
voting entitlement, please enter in the box next to the proxy holder’s name the number of shares in relation to which they are authorised to act as your proxy. If left blank
your proxy will be deemed to be authorised in respect of your full voting entitlement (or if this Proxy Form has been issued in respect of a designated account for a
shareholder, the full voting entitlement for that designated account).
3 The completion and return of this Proxy Form will not prevent you from attending in person and voting at the AGM should you subsequently decide to do so. However, 
if you have appointed a proxy and attend the meeting in person, your proxy appointment will automatically be terminated.
4 Y ou are entitled to appoint more than one proxy provided that each proxy is appointed to exercise rights attached to a different share or shares held by you. Y ou may not
appoint more than one proxy to exercise rights attached to any one share. T o appoint more than one proxy please use a photocopy of this form or contact Capita
Registrars on 0871 664 0300 (calls cost 10p per minute plus network extras, lines are open 8.30am – 5.30pm Mon - Fri). Please indicate in the box next to the proxy
holder’s name the number of shares in relation to which they are authorised to act as your proxy. Please also indicate by ticking the box provided, if the proxy instruction 
is one of multiple instructions being given. All forms must be signed and should be returned together in the same envelope.
5 If you wish your proxy to cast all of your votes for or against a resolution you should insert an ‘X’ in the appropriate box. If you wish your proxy to cast only certain votes for
and certain votes against, insert the relevant number of shares in the appropriate box. The ‘Vote Withheld’ option is provided to enable you to instruct your proxy to abstain
from voting on a particular resolution. A ‘Vote Withheld’ is not a vote in law and will not be counted in the calculation of the proportion of the votes ‘For’ or ‘Against’ a
resolution. The ‘Discretionary’ option is provided to enable you to give discretion to your proxy to vote or abstain from voting on a particular resolution as he or she thinks
fit. In the absence of instructions, your proxy may vote or abstain from voting as he or she thinks fit on the specified resolutions and, unless instructed otherwise, may also
vote or abstain from voting as he or she thinks fit on any other business (including on a motion to amend a resolution, to propose a new resolution or to adjourn the AGM)
which may properly come before the AGM.
6 This Proxy Form must be signed by the member or his/her attorney. Where the member is a corporation, the Proxy Form must be executed under its common seal 
or signed by a duly authorised representative of the corporation, stating their capacity (e.g. director, secretary). In the case of joint holders, any one holder may sign this
Proxy Form. The vote of the senior joint holder (whether in person or by proxy) will be taken to the exclusion of all others, seniority being determined by the order in which
the names stand in the register of members in respect of the joint holding.
7 T o be valid, the Form of Proxy and any power of attorney or other authority under which it is signed (or a notarially certified copy of such authority) must be completed and
returned so as to reach (i) the Company’s Registrars in accordance with the reply paid details, (ii) or by hand to Capita Registrars, PXS, 34 Beckenham Road, Beckenham,
Kent, BR3 4TU, not less than 48 hours before the time appointed for the meeting.
8 Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, entitlement to attend and vote at the AGM and the number of votes which may be cast
thereat will be determined by reference to the register of members of the Company at 6pm. on the day which is two days before the day of the AGM or adjourned
meeting. Changes to entries on the register of members after that time shall be disregarded in determining the rights of any person to attend and vote at the meeting.
9 All alterations made to this Proxy Form must be initialled by the signatory.
10 If you submit more than one valid proxy appointment in respect of the same share or shares, the appointment received last before the latest time for the receipt of proxies
will take precedence. If the Company is unable to determine which was received last, none of the proxy appointments in respect of that share or shares shall be valid.
11 Shares held in uncertificated form (i.e. in CREST) may be voted through the CREST Proxy Voting Service in accordance with the procedures set out in the CREST manual.
Alexander Mining plc 
Annual Report & Accounts 2011
Form of Proxy BUSINESS REPLY
Licence No. RSBH-UXKS-LRBC
PXS
34 Beckenham Road
Beckenham
BR3 4TU
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+44 (0)20 7324 2668 / www.effektiv.co.uk Alexander Mining plc 
Annual Report & Accounts 2011
Alexander Mining plc
1st Floor 35 Piccadilly
London W1J 0DW
United Kingdom
T: +44 (0) 20 7292 1300
F: +44 (0) 20 7292 1313
www.alexandermining.com
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