Alexander Mining plc 
Annual Report and Accounts 2012
Revolutionising the
hydrometallurgical extraction
of base metals at the mine
for the global mining industry Alexander Mining plc
Annual Report & Accounts 2012
MetaLeach
®
is our wholly owned
subsidiary and will revolutionise
the extraction processes for
many base metals deposits 
by reducing costs, enhancing
operating margins and
increasing production.
See page 5 for more information.
Our core technology has 
major economic, technical and
environmental benefits. Unlike
some new technologies, it
requires no special purpose 
built equipment. The proprietary
ammonia process selectively
extracts base metals from ores
under ambient temperature and
pressure conditions.
See page 6 for more information.
A proprietary process which
utilises chlorine based chemistry
for the extraction of metals,
especially copper, zinc, nickel,
cobalt, molybdenum and
rhenium from sulphide ore
deposits and concentrates. 
See page 8 for more information.


USA
GUATEMALA
MEXICO
CHILE
PERU
Alexander Mining plc is an AIM quoted mineral processing technology company with a reputation for strong
technical management, allied with financial markets expertise. Its core asset is its intellectual property:
Alexander has made important progress towards the
commercialisation of its proprietary AmmLeach
®
mineral
processing technology. The scope for major operating and
capital cost savings using our technology is of great interest
for use at existing and potential mines.
Review
1 Highlights
2 Chairman’s Statement
4 CEO’s Review of Activities
Governance
9 Directors
10 Corporate and social responsibility
12 Directors’ report 
16 Independent Auditor’s Report 
Financial Statements
17 Consolidated income statement
17 Consolidated statement of comprehensive income
18 Consolidated balance sheet
19 Company balance sheet
20 Consolidated statement of cash flows
21 Company statement of cash flows
22 Consolidated statement of changes in equity
22 Company statement of changes in equity
23 Notes to the financial statements
Shareholder Information
37 Notice of Annual General Meeting
38 Notes to the Notice of Annual General Meeting
39 Form of Proxy 
41 Directors and Advisers
Contents 1
Alexander Mining plc
Annual Report & Accounts 2012
2012 Highlights
 Important patents granted for our intellectual property,
encompassing a growing number of important mining
countries and base metals
 Notable progress towards commercialisation
 Good progress with Metalvalue on DRC and zinc
recycling opportunities
 Established excellent foothold in Turkey, a country with
significant potential for Alexander’s leaching technologies




TURKEY
Zinc
Copper
Copper & Copper-Cobalt
Patent granted
SOUTH AFRICA
MONGOLIA
DRC
ZAMBIA
AUSTRALIA
 2
Alexander Mining plc
Annual Report & Accounts 2012
Since my statement last year, Alexander
has made important progress towards
the commercialisation of its proprietary
AmmLeach
®
mineral processing
technology.
With the mining industry’s reinvigorated focus and in
this ‘age of austerity’, on costs and return on capital
employed, we have found that the scope for major
operating and capital cost savings using our
technology is of great interest for existing and potential
mines. Miners are now concentrating on wringing the
most out of their resources, largely as a result of
forceful pressure from investors unhappy with project
and mine costs blow-outs and disastrous acquisitions
at the top of the market.
Chairman’s Statement In mid-2012, in partnership with MC Process Pty Ltd of South
Africa, we announced the successful commissioning of an
AmmLeach
®
copper/cobalt demonstration plant in South 
Africa. This was the first AmmLeach
®
plant in the world with 
two circuits going through to copper and cobalt cathode metal.
Moreover, this was a major improvement when compared with
the majority of Democratic Republic of Congo’s (‘DRC’) cobalt,
which is currently produced as a concentrate requiring further
processing outside of the DRC. 
This success formed the background to achieving the notable
progress towards commercialisation last year. This included 
the Leaching Technology Licence Agreement (‘November 2012
Agreement’) signed with Metalvalue Limited (‘Metalvalue’). We
have worked with Metalvalue to progress the establishment of 
a commercial AmmLeach
®
copper/cobalt processing plant in 
the DRC, and to investigate the development of a European
plant for the recovery of zinc from electric arc furnace dust
(‘EAFD’). Regarding the DRC and EAFD Projects, Metalvalue 
is actively investigating the next steps, with Alexander’s
technical involvement, including financing and establishing
dedicated pilot plant(s).
Further to this excellent technical progress, a new agreement
with Metalvalue Capital Holdings (‘MCH’) (to which Metalvalue is
the technical consultant and is the investment vehicle managed
by Metalvalue Advisors SA) was signed, along the terms 
of the November 2012 Agreement, which has been terminated.
This is to reflect the closer understanding of the optimal way to
advance projects in the future. A major outcome of the revised
agreement for Alexander is a doubled gross sales royalty and,
given Alexander’s recently completed equity financing, the
benefit of minimised equity dilution.
We are devoting considerable attention to Turkey, a country
with significant potential for Alexander’s proprietary leaching
technologies. This initiative is supported by the appointment of
Alan Clegg to the Alexander board (see below) who is a resident
of Turkey and where he is especially well connected. We have
reported favourable AmmLeach
®
amenability testwork results
for the recovery of zinc from samples provided by Red Crescent
Resources Limited (‘RCR’) from its Hakkari Zinc Project in far
south-east Turkey. Importantly, the samples were of a zinc
oxide mineralisation type which occurs in several other
locations in the country. 
As a result of initial favourable interest, we have also decided 
to investigate opportunities with German universities, or similar
R&D establishments. The Board hopes that this could see
potential involvement in joint ventures for improvements to 
and research and development of our intellectual property 
(‘IP’), leading to the establishment of a pilot plant(s) in Germany.
In Australia, we hope that the opportunity with Altona Mining
Limited to investigate the use of AmmLeach
®
technology for
copper recovery at its Roseby Project will progress to the 
next stage.
We have also had favourable AmmLeach
®
amenability testwork
results for base metals projects in North Africa and Zambia.
Both are areas of the world holding attractive potential for
commercial adoption.
Underwriting our leaching technology IP is our portfolio of
patents, both granted and pending. The former having grown
significantly during the last year. We expect regular news flow
about our suite of patent applications as they progress through
the various stages of the patenting process.
Finances
We announced in March that Alexander had raised £751,000
gross through a placing of new ordinary shares to institutional
and other investors, and to certain directors and officers of 
the Company. We welcome the significant and strategically
important new shareholders the placing brought, including
those from Turkey, as well as experienced technology investors
in Germany and Switzerland. Subsequent to the revised
agreement with Metalvalue, we have also received from it a
subscription of £200,000 for Alexander shares. Our current cash
position, coupled with expectations for additional consultancy
and testwork revenue, is a sound working capital position from
which to grow the Company.
Outlook
Although the health of the world economy can hardly be said 
to be in the pink, equity markets have enjoyed an excellent start
to 2013. Hopes are high that healthy world economic growth is
within sight. Mining companies have battled these headwinds of
economic uncertainty satisfactorily. However, there now seems
to be an industry acceptance, based on investors’ demands, that
improving margins and a proper return on capital are paramount.
During the period of my review, base metals’ prices have been
volatile and range bound, albeit weakening recently. As I said in
my opening remarks, this is an environment which suits the
commercialisation of our technology given its potential significant
impact on many base metals mine economics. With the progress
and initiatives announced to date and those foreseeable, I am
highly confident in Alexander’s future. 
I am delighted that Alan Clegg has recently joined the board.
Alan has outstanding global mining industry experience,
including extensive worldwide involvement with feasibility
studies and mine development, which will be a major asset 
for the Company. 
Finally, I would like to express my appreciation for the continued
hard work and dedication of Alexander’s employees, consultants
and directors.
Matt Sutcliffe
Executive Chairman
22 May 2013
3
Alexander Mining plc
Annual Report & Accounts 2012 CEO’s Review of Activities
4
Alexander Mining plc
Annual Report & Accounts 2012
In Alexander’s investor relations’ corporate
presentation, the opening slide has the following
rhetorical question: Metal resources are finite, how
do we supply a growing world population with base
metals – build new mines; get more from existing
mines? The question is never more apposite. Mining
companies face a barrage of risks throughout the
mining cycle, from discovery, mining, through to
closure. As highlighted in the Chairman’s statement,
the mining industry is concentrating on wringing the
most out of its core, albeit wasting, asset – ore
reserves. We are excited by the outstanding
opportunity that this represents for our innovative
mineral processing technology.
Our efforts over the last year have continued towards the objective of
securing commercial adoption of our AmmLeach
®
technology. Good
progress has been made. The priority has been to secure 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 precursor 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, cash fees or minority equity interests in projects. As a result,
we have had, and continue to have, discussions with the gamut of
companies in the mining industry about using the Company's leaching
technology, principally for copper, copper/cobalt and zinc. 
I am pleased to report on the Company’s progress opposite. Metalvalue Licence Agreement
Alexander announced that it had signed a Leaching Technology
Licence Agreement with Metalvalue Limited (‘Metalvalue’) 
last year (the ‘November 2012 Agreement’). Since then, the
relationship with Metalvalue has been most fruitful and seen a
significant advancement towards the commercial adoption of
our breakthrough leaching technology for several substantial
opportunities. Further to this excellent technical progress, in
more detail below, a new agreement with Metalvalue Capital
Holdings and Alexander has been signed. This has resulted in 
a notably improved agreement, reflecting a closer understanding
of the optimal way to advance projects in the future. A
significant outcome is a doubled gross sales royalty of 2.0%
and, given Alexander’s recently completed equity financing, 
the benefit of minimised equity dilution. The full details of the
new agreement were set out in the announcement of mid May,
including a finance facility for a potential pilot plant in Australia.
Democratic Republic of the Congo
In order to investigate the feasibility of an AmmLeach
®
toll treatment plant to produce copper and cobalt, serving 
small scale miners on the Copperbelt, we collaborated with
Johannesburg based MC Process (Pty) Ltd to establish a 
small scale demonstration plant at its premises in South Africa. 
The demonstration plant was successfully commissioned and
produced its first copper and cobalt cathode metal in early 2012.
This was the first AmmLeach
®
plant in the world with two circuits
through to copper and cobalt cathode metal, compared with 
the majority of DRC cobalt currently produced as a concentrate
which requires further processing outside the DRC.
We were delighted with the results obtained as they were
material in securing interest and support from Metalvalue to
establish the first commercial scale AmmLeach
®
treatment 
plant in the DRC.
The DRC hosts world class copper deposits and also currently
supplies over half of the world’s annual cobalt mine production.
Alexander believes that its AmmLeach
®
process offers a clear
competitive advantage for the production of copper and cobalt
through to metal cathode in the DRC from high-acid-consuming
carbonate copper ores. In addition, the DRC Government has
emphasised its intent to see as much value added in country
from its mineral wealth by announcing a ban on the export of
metal concentrates. This is where we see a major opportunity 
for our leaching technology as it enables the mine owner to
produce metal at the mine.
Metalvalue is actively investigating, with Alexander’s technical
involvement and in conjunction with support from a leading
commodity trading company, the use of a suitable existing plant
in the DRC. This has entailed site visits and detailed analysis.
Metalvalue hopes to progress detailed negotiations for a plant 
to produce initially copper cathode metal and also to secure a
major supply of ore feed to the plant.  
5
Alexander Mining plc
Annual Report & Accounts 2012
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 metal deposits, reducing
costs, and/or improving recoveries, and hence
enhancing operating margins at the mine site. Being
capable of producing metal on-site greatly enhances
the mine gate economics compared to conventional
concentrators. 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 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 former 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
• Nickel laterite (saprolite) deposits
• Gold/copper oxide and silver/zinc oxide (alkali leaching)
• Molybdenum oxides
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 (Zn), Mexico (Zn), Central America (Zn), USA
(Cu), Democratic Republic of the Congo (Cu, Cu/Co),
Zambia (Cu), Turkey (Zn, Cu) and Australia (Cu). Turkey
We have taken a strong interest in the potential for our
technology in Turkey. The country has one of the fastest growing
economies in the world and yet, despite highly prospective
geology, has very modest domestic base metals production
which meets a small fraction of its needs. The government 
is highly supportive of addressing the matter and, in turn, 
the Company has already investigated several interesting
opportunities. These efforts have been bolstered by Alan Clegg
recently joining the Alexander board. Alan is a mining engineer, a
resident of Turkey and has considerable mining experience both
in production and project development.
During the year, we reported favourable AmmLeach
®
amenability
testwork results for the recovery of zinc from samples provided
by Red Crescent Resources Limited (‘RCR’) from its Hakkari
Zinc Project in far south-east Turkey. The samples were of a 
type of common zinc oxide/non sulphide mineralisation that
occurs in other parts of Turkey (and the world).
The Hakkari testwork showed that zinc recoveries of at least
80% should be possible once the pre-treatment and leaching
conditions are optimised. The completion of these amenability
tests has shown that AmmLeach
®
could be used for leaching
zinc from the Hakkari ore to produce either zinc metal or an
intermediate zinc oxide product. The findings of this testwork
and recommended next steps were reported to RCR for their
consideration.
Turkey is the world’s largest importer of iron scrap which is 
all recycled to produce steel. As a result the country produces
over 300,000 tonnes per annum of electric arc furnace dust
(‘EAFD’) as a waste product. Although some EAFD is being
recycled in Waelz kilns, a large quantity still poses a serious
environmental problem with high disposal costs, and the 
current technologies do not offer satisfactory solutions.
In conjunction with Metalvalue, we have investigated the
feasibility of an efficient and environmentally friendly solution
using our leaching technology for treating EAFD to recover 
its zinc content. Preliminary testwork has shown highly
encouraging results, and the next steps on developing a 
pilot plant are being considered. 
CEO’s Review of Activities continued
6
Alexander Mining plc
Annual Report & Accounts 2012
The AmmLeach
®
Process
The AmmLeach
®
process (patents granted and pending) 
is a proprietary process 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. Metals can be
directly electrowon using industry standard unit operations.
Unlike some new technologies, no special equipment is
needed. 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. 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. There 
are also no potential problems due to jarosite or gypsum
precipitation reducing permeability in the heap or scaling
problems in the solvent extraction plant. Additionally,
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 whole AmmLeach
®
process is tailored to individual ore bodies and consequently
has substantially lower ammonia losses. In theory, all the
ammonia can be recovered, however in practice small losses
do occur. 
Decommissioning of the heap is extremely simple 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. 
 7
Alexander Mining plc
Annual Report & Accounts 2012
Australia
Metalvalue has agreed in principle to make available to
Alexander a loan facility for co-financing a pilot plant in Australia
to demonstrate AmmLeach
®
. The conditions pertaining to this
loan facility, if Alexander elects to draw it down, were set out 
in an announcement made in mid May 2013. 
The pilot plant will have a nominal throughput of 1tpd of 
ore (e.g. copper or copper/cobalt) and with the capability to 
produce up to ~10kg/day of each cathode metal. This plant 
will complement the previous successful AmmLeach
®
pilot plant
work the Company carried out for copper in Argentina and, more
recently, for copper and cobalt in South Africa. The pilot plant
will be suitable for testing large samples from around the world
as part of the Company’s AmmLeach
®
commercialisation
activities. The pilot plant will be capable of operation in both
agitated and heap leach configurations and, with minor
modification, capable of use for HyperLeach
®
too.
Also in Australia, AmmLeach
®
amenability testwork yielded
favourable results for the recovery of copper from samples
provided by Altona Mining Limited from its Blackard deposit,
forming part of the Roseby Project in northwest Queensland,
Australia.
Germany
The Company has signed a Corporate and Investor Relations
Consultancy Agreement with General Research of Munich,
which builds on a strong level of interest already generated 
for our technology. The purpose of the agreement is to build 
an investor relations programme around General Research’s
contacts in Europe, especially in Germany. Importantly, it is 
also designed to investigate the opportunities with German
universities, or similar R&D establishments, for potential interest
in joint ventures with the Company for improvements to and
research and development of our intellectual property leading 
to the establishment of a pilot plant(s) in Germany.
Zambia
The highly prospective central African Copperbelt straddles the
DRC and Zambia and we have made initial investigation into
opportunities in the latter. This has included conducting some
AmmLeach
®
amenability testwork, with encouraging results. 
Other regions
Metalvalue’s contacts with mine owners and copper processors 
in south-east Asia have allowed Alexander to present its solutions
using AmmLeach
®
to enable securing direct copper cathode take-
off. Metalvalue expects to progress these projects in 2013.
In North Africa testwork on a zinc opportunity was undertaken,
again with very encouraging results.
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.
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 co dissolution of silica and 
iron in the acid results in a very complex flow sheet.
Recent work on Electric Arc Furnace Dust (EAFD) 
has been extremely encouraging with zinc recoveries 
of >80% producing solutions of >40g/L zinc with low
impurities. The market for zinc oxide is large and this 
can be produced directly from the leach solution.

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.
A scoping study indicated that it is possible to convert
an acid heap leach operation directly to an AmmLeach
®
with minimal capital expenditure.
 CEO’s Review of Activities continued
8
Alexander Mining plc
Annual Report & Accounts 2012
TITLE METALS/ORES COUNTRIES
Method for Ammoniacal Leaching General USA, DRC & South Africa
Method for Leaching Cobalt from Oxidised Cobalt Ores Co Australia & South Africa
Method for Leaching of a Copper-containing Ore Cu Australia
Method for Extracting Zinc from Aqueous Ammoniacal Solutions Zn Australia, USA & Mexico
Method for Leaching Zinc from a Zinc Ore Zn Australia
Method of Oxidative Leaching of Sulfide Ores and/or Concentrates Sulphide Australia, South Africa & Mongolia
Method of Oxidative Leaching of Molybdenum – Rhenium Sulfide Ores and/or Concentrates Mo, Re – sulphide Australia
Method of Leaching of Copper and Molybdenum Cu, Mo Australia
MetaLeach Limited Granted Patents
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 12.
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, and is designed to allow the Company 
to protect the commercialisation of its technologies in key
countries of interest. 
As well as the importance of being granted patents in Australia,
it is noteworthy that we have been granted in the USA a 
patent for a Method for Ammoniacal Leaching, which is the
overarching AmmLeach
®
patent in our intellectual property
portfolio. Along with Australia, the USA is a leading country 
for patent applications and is noted for its rigorous process in
determining the granting of patents. This patent encompasses
all possible application in the AmmLeach
®
patent family. 
Patent applications achieving the successful granting of a 
patent continue at a steady pace and are tabulated below.

HyperLeach
®
process
The HyperLeach
®
process (patents granted and 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.
Low grade nickel sulphide ores have also shown great
promise with high metal recoveries being achieved 
during agitated leaches. Preliminary work has indicated
that heap leaching may be possible for some ores. This
allows the treatment of ores which are too low grade to
process via the conventional, grind, float and smelt route.
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. Directors
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 Broë 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. During this time, 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 31 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 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.
Alan Clegg Non-Executive Director
Alan Clegg is a mining engineer with British
and South African citizenship and is a
resident of Turkey. He has over 35 years’
experience gained from working in mining
and minerals projects in more than 160
countries. This has been as team leader 
or a member of teams that have completed
feasibility studies and/or constructed over
sixty mining and mineral projects with a
combined value in excess of US$8bn over
the last twenty years. He was a founder,
Executive Manager and Chief Consulting
Engineer of the Mining Engineering
Consulting group within the TWP Holdings
Ltd practice, a major provider of engineering
design, procurement, construction
management and asset services largely
within the mining sector. The TWP Holdings
group was recently acquired and is now part
of the Worley Parsons Group, one of the
leading global providers of technical, project
and operational support services to the
mining and energy sectors.
He is a registered Professional Mining
Engineer (Pr.Eng), a registered Professional
Construction Project Manager (Pr.CPM) 
and a registered Project Management
Professional (PMP). He has professional
Fellowship status with the South African
Institute of Mining & Metallurgy (FSAIMM)
and the Institute of Quarrying (FIOQ).
9
Alexander Mining plc
Annual Report & Accounts 2012 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 have 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 and 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.
Corporate and social responsibility
10
Alexander Mining plc
Annual Report & Accounts 2012 Corporate governance
Code of best practice
The listing rules of the Financial Conduct 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 group 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 six members,
including two executive directors and four 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) and Mr R Davey,
receives reports from management and the external auditor 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 auditor.
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 Rules of the 
AIM Market of the London Stock Exchange and will take 
proper steps to ensure compliance by the directors and 
those employees.
11
Alexander Mining plc
Annual Report & Accounts 2012 Directors’ report
The directors present their report and the audited consolidated
financial statements for the year ended 31 December 2012.
Principal activities
The principal activity of the Group is 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 4 to 8.
Results
The Group made a consolidated net loss for the year of
£1,537,000 (2011: £193,000). The directors do not recommend
the payment of a dividend (2011: 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 on pages 
4 to 8.
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 18 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 20 
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.
12
Alexander Mining plc
Annual Report & Accounts 2012 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/licensing 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 has no material credit risk at the date of this report.
At 31 December 2012, the remaining instalment payments of
£101,000 for the sale of its subsidiary, Alexander Gold Group,
were secured by mortgage security over properties of the
buyers. Those remaining payments were settled in full on 
28 February 2013.
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.
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
2012 2011
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 200,000 -
11,106,000 10,906,000
In accordance with the Company’s Articles of Association, Mr M
L Sutcliffe and Mr R O Davey will retire by rotation at the Annual
General Meeting and, being eligible, will offer themselves for 
re-election.
Subsequent to the year-end, Mr A M Clegg was elected as a
non-executive director on 21 February 2013. Mr Clegg, having
been elected since the previous Annual General Meeting, will
retire at the Annual General Meeting in accordance with Article
88.1 of the Company’s Articles of Association and, being
eligible, will offer 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.
13
Alexander Mining plc
Annual Report & Accounts 2012 Alexander Mining plc
Annual Report & Accounts 2012
14
The directors’ interests in share options are as follows:
Options held at Current
31 December 2012 exercise price Date of grant First date of exercise Final date of 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
Total 5,500,000
No options held by directors were exercised or lapsed during the period.
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 25 days’ (2011: 20 days) purchases
in Group trade payables.
Political and charitable contributions
The Group has made no political or charitable donations in the
year (2011: nil).
Share capital and share options
Details of the share capital of the Company at 31 December
2012 are set out in note 16 to the financial statements. Details 
of the share options outstanding at 31 December 2012 are set
out in note 20 to the financial statements.
Stock Exchanges
The Company’s shares are quoted on the AIM market of the
London Stock Exchange (symbol AXM). The Company’s share
quotation on the TSX Venture Exchange (symbol AXD) was
voluntarily terminated on 10 January 2013.
Annual General Meeting
The Notice convening the Company’s Annual General Meeting,
to be held on 20 June 2013, is set out on pages 37 to 39 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 11.
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 have merged their business into BDO LLP and
accordingly have signed their auditor’s report in the name of the
merged firm. A resolution to re-appoint BDO LLP as auditor of
the company will be put to the Annual General Meeting. Alexander Mining plc
Annual Report & Accounts 2012
15
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 elected to prepare the group and company financial
statements in accordance with International Financial Reporting
Standards (IFRSs) as adopted by the European Union. 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 group and company and of the
profit or loss of the group for that period. The directors are also
required to prepare financial statements in accordance with the
rules of the London Stock Exchange for companies trading
securities on the Alternative Investment Market. 
In preparing these financial statements, the directors are
required to:
• select suitable accounting policies and then apply them
consistently;
• make judgements and accounting estimates that are
reasonable and prudent;
• state whether they have been prepared in accordance with
IFRSs as adopted by the European Union, subject to any
material departures disclosed and explained in the financial
statements; and
• prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the company will
continue in business.
The directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the company’s
transactions and disclose with reasonable accuracy at any time
the financial position of the company and enable them to ensure
that the financial statements comply with the requirements of
the Companies Act 2006. They are also responsible for
safeguarding the assets of the company and hence for taking
reasonable steps for the prevention and detection of fraud and
other irregularities.
Website publication
The directors are responsible for ensuring the annual report 
and the financial statements are made available on a website.
Financial statements are published on the company’s website 
in accordance with legislation in the United Kingdom governing
the preparation and dissemination of financial statements, which
may vary from legislation in other jurisdictions. The maintenance
and integrity of the company’s website is the responsibility of
the directors. The directors’ responsibility also extends to the
ongoing integrity of the financial statements contained therein.
By Order of the Board
Terence Cross
Company Secretary
22 May 2013 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 2012 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 auditors
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
A description of the scope of an audit of financial statements 
is provided on the Financial Reporting Council’s website at
www.frc.org.uk/auditscopeukprivate.  
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
2012 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 and 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 2a 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 and the group’s ability to continue as a going concern.
Opinion on other matters 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 BDO LLP , statutory auditor
London
United Kingdom
22 May 2013
BDO LLP is a limited liability partnership registered in England and Wales
(with registered number 0C305127).
16
Alexander Mining plc
Annual Report & Accounts 2012 Alexander Mining plc
Annual Report & Accounts 2012
17
notes 2012 2011
£’000 £’000
Continuing operations
Revenue 29 20
Cost of sales - -
Gross profit 29 20
Administrative expenses (1,140) (1,386)
Research and development expenses (459) (464)
Operating loss 4 (1,570) (1,830)
Finance income 7 50 150
Finance cost 8 (17) -
Loss before taxation (1,537) (1,680)
Income tax expense 9 - -
Loss for the year from continuing operations (1,537) (1,680)
Profit for the year from discontinued operations 13 - 1,487
Loss for the year (1,537) (193)
Basic and diluted (loss)/profit per share (pence):
from continuing operations 10 (1.13)p (1.24)p
from continuing and discontinued operations 10 (1.13)p (0.14)p
from discontinued operations 10 - 1.10p
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 2012
notes 2012 2011
£’000 £’000
Loss for the year (1,537) (193)
Other comprehensive income:
Exchange differences realised on disposal of subsidiary - (1,403)
Total comprehensive loss for the year attributable to equity holders of the parent (1,537) (1,596)
Consolidated income statement
For the year ended 31 December 2012 Consolidated balance sheet
As at 31 December 2012
notes 2012 2011
£’000 £’000
Assets
Property, plant and equipment 11 16 29
Total non-current assets 16 29
Trade and other receivables 14 169 661
Cash and cash equivalents 15 519 1,257
Total current assets 688 1,918
Total assets 704 1,947
Equity attributable to owners of the parent
Issued share capital 16 13,606 13,599
Share premium 16 12,043 11,850
Share option reserve 16 558 535
Translation reserve 16 (60) (60)
Accumulated losses (25,637) (24,100)
Total equity 510 1,824
Liabilities
Current liabilities
Trade and other payables 17 194 123
Total current liabilities 194 123
Total liabilities 194 123
Total equity and liabilities 704 1,947
These financial statements were approved by the Board of Directors and authorised for issue on 22 May 2013 
and were signed on their behalf by:
M L Rosser
Director
18
Alexander Mining plc
Annual Report & Accounts 2012 Alexander Mining plc
Annual Report & Accounts 2012
19
notes 2012 2011
£’000 £’000
Assets
Property, plant and equipment 11 16 29
Total non-current assets 16 29
Trade and other receivables 14 154 646
Cash and cash equivalents 15 518 1,256
Total current assets 672 1,902
Total assets 688 1,931
Equity attributable to owners of the parent
Issued share capital 16 13,606 13,599
Share premium 16 12,043 11,850
Share option reserve 16 558 535
Accumulated losses 16 (25,631) (24,163)
Total equity 576 1,821
Liabilities
Trade and other payables 17 112 110
Total current liabilities 112 110
Total liabilities 112 110
Total equity and liabilities 688 1,931
These financial statements were approved by the Board of Directors and authorised for issue on 22 May 2013 
and were signed on their behalf by:
M L Rosser
Director
Company balance sheet
As at 31 December 2012
Company number 5357433 in England and Wales Alexander Mining plc
Annual Report & Accounts 2012
20
notes 2012 2011
£’000 £’000
Cash flows from operating activities
Operating loss – continuing operations (1,570) (1,830)
Depreciation and amortisation charge 13 8
Decrease in trade and other receivables 60 60
Increase / (decrease) in trade and other payables 71 (229)
Expenses settled through issue of equity - 50
Share option charge 23 37
Net cash outflow from operating activities (1,403) (1,904)
Cash flows from investing activities
Interest received 17 5
Acquisition of property, plant and equipment - (37)
Proceeds from sale of subsidiary 465 736
Net cash inflow from investing activities 482 704
Cash flows from financing activities
Proceeds from the issue of share capital 200 -
Net cash inflow from financing activities 200 -
Net decrease in cash and cash equivalents (721) (1,200)
Cash and cash equivalents at beginning of period 1,257 2,454
Exchange differences (17) 3
Cash and cash equivalents at end of period 15 519 1,257
  
Consolidated statement of cash flows
For the year ended 31 December 2012 Alexander Mining plc
Annual Report & Accounts 2012
21
notes 2012 2011
£’000 £’000
Cash flows from operating activities
Operating loss (921) (1,176)
Depreciation and amortisation charge 13 8
Decrease / (increase) in trade and other receivables 60 (44)
Increase / (decrease) in trade and other payables 2 (164)
Shares issued in payment of expenses - 50
Share option charge 23 37
Inter-company recharges (10) (10)
Net cash outflow from operating activities (833) (1,299)
Cash flows from investing activities
Amounts remitted to subsidiary companies (570) (607)
Interest received 17 5
Proceeds from sale of subsidiary 465 833
Acquisition of property, plant and equipment - (37)
Net cash (outflow) / inflow from investing activities (88) 194
Cash flows from financing activities
Proceeds from the issue of share capital 200 -
Net cash inflow from financing activities 200 -
Net decrease in cash and cash equivalents (721) (1,105)
Cash and cash equivalents at beginning of period 1,256 2,356
Exchange differences (17) 5
Cash and cash equivalents at end of period 15 518 1,256
Company statement of cash flows
For the year ended 31 December 2012 Consolidated statement of changes in equity
For the year ended 31 December 2012
Share
Share Share Merger option Translation Accumulated Total
capital premium reserve reserve reserve losses equity
£’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2011 13,549 11,850 (2,487) 563 1,343 (21,485) 3,333
Accumulated loss for period ----- (193) (193)
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
Accumulated loss for period ----- (1,537) (1,537)
Total comprehensive income for the period 
attributable to equity holders of the parent ---- (1,537) (1,537)
Share option costs --- 23 -- 23
Shares issued 7 193 --- - 200
At 31 December 2012 13,606 12,043 - 558 (60) (25,637) 510
Company statement of changes in equity
For the year ended 31 December 2012
Share
Share Share option Accumulated Total
capital premium reserve losses equity
£’000 £’000 £’000 £’000 £’000
At 1 January 2011 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
Accumulated loss for period -- - (1,468) (1,468)
Total comprehensive income for the period 
attributable to equity holders of the parent -- - (1,468) (1,468)
Share option costs -- 23 - 23
Shares issued 7 193 -- 200
At 31 December 2012 13,606 12,043 558 (25,631) 576
22
Alexander Mining plc
Annual Report & Accounts 2012
Consolidated statement of changes in equity Notes to the financial statements
For the year ended 31 December 2012
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.
The Company’s share quotation on the TSX Venture Exchange
(symbol AXD) was voluntarily terminated on 10 January 2013.
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 22 May 2013.
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 (o).
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
were released in 2011 when the related subsidiary companies
were 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
23
Alexander Mining plc
Annual Report & Accounts 2012 Alexander Mining plc
Annual Report & Accounts 2012
24
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.
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) Financial instruments
i) Investments
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.
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.
g) 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.
h) Operating lease payments
Payments made under operating leases are recognised on 
a straight-line basis over the term of the lease.
Notes to the financial statements continued Alexander Mining plc
Annual Report & Accounts 2012
25
i) Share capital
The Company’s ordinary shares are classified as equity.
j) 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.
k) 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.
l) 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.
m) Taxation
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.
n) 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.
o) 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.
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. The area
of judgement that has the most significant effect on the amounts
recognised in the financial statements is:
• Estimation of share based payment costs – notes 2(g) 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 during 2011, 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 2012.
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. Alexander Mining plc
Annual Report & Accounts 2012
26
4  Operating loss
Operating loss is stated after charging/(crediting):
2012 2011
£’000 £’000
Depreciation 13 8
Exchange loss/(gain) on foreign currency 17 (3)
Operating lease expense 33 33
Share option charge (note 20) 23 37
Shares issued in payment of expenses - 50
Research and development expenses 459 464
5  Auditor’s remuneration
2012 2011
£’000 £’000
Fees payable to the Group’s auditor for the audit of the Group’s annual financial statements 19 19
Tax services 3 5
22 24
6  Staff costs and directors’ emoluments
Other
Directors’ remuneration is set out below: Annual salary Fees benefits Total
£’000 £’000 £’000 £’000
2012
M L Sutcliffe 191 -7 198
M L Rosser 127 -2 129
R O Davey - 25 - 25
J S Bunyan - 40 1 41
E M Morfett - 25 - 25
318 90 10 418
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
The aggregate staff costs for the year were as follows: 2012 2011
£’000 £’000
Directors’ remuneration 418 410
Other staff wages and salaries 296 248
Social security costs 26 28
Share based payments 23 37
763 723
On average, excluding non-executive directors, the group employed 3 technical staff members (2011: 3) and 2 administration staff (2011: 2).
Notes to the financial statements continued Alexander Mining plc
Annual Report & Accounts 2012
27
7  Finance income
2012 2011
£’000 £’000
Unwinding of discount on other receivables 33 142
Interest on short term bank deposits 1 5
Interest on receivable from sale of subsidiary 16 -
Exchange differences on foreign currency - 3
50 150
8  Finance cost
2012 2011
£’000 £’000
Exchange differences on foreign currency (17) -
9  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:
2012 2011
£’000 £’000
Loss before tax (1,538) (1,680)
Current tax at 24.5% (2011: 26%) (377) (437)
Effects of:
Expenses not deductible for tax purposes 162 120
Qualifying depreciation in excess of capital allowances on which no deferred tax has been provided 2 -
Unrelieved tax losses arising in the period 213 317
Income tax expense - -
2012 2011
£’000 £’000
Unrecognised deferred tax assets
Cumulative tax losses 1,448 1,569
Unrelieved exploration expenditure arising in overseas subsidiaries 165 165
Accelerated capital allowances 5 4
Unrecognised deferred tax asset at end of period 1,618 1,738
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.  Alexander Mining plc
Annual Report & Accounts 2012
28
10  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 2012 of
136,205,121 (31 December 2011: 135,797,501) and computed on the respective profit and loss figures as follows:
2012 2011
£’000 Per share £’000 Per share
(Loss) - continuing operations (1,537) (1.13)p (1,680) (1.24)p
(Loss) - continuing and discontinued operations (1,537) (1.13)p (193) (0.14)p
Profit - discontinued operations -- 1,487 1.10 p
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.
11  Property, plant and equipment
Office equipment Leasehold Motor
and furniture improvements vehicles Total
Company and Group £’000 £’000 £’000 £’000
Cost
As at 1 January 2011 45 35 - 80
Additions 2- 35 37
Disposals (10) -- (10)
As at 31 December 2011 37 35 35 107
As at 31 December 2012 37 35 35 107
Depreciation
As at 1 January 2011 (45) (35) - (80)
Charged in year (1) - (7) (8)
Disposals 10 -- 10
As at 31 December 2011 (36) (35) (7) (78)
Charged in year -- (13) (13)
As at 31 December 2012 (36) (35) (20) (91)
Net book value
As at 31 December 2012 1- 15 16
As at 31 December 2011 1- 28 29
As at 1 January 2011 -- --
Notes to the financial statements continued Alexander Mining plc
Annual Report & Accounts 2012
29
12  Investments
Group Company
2012 2011 2012 2011
£’000 £’000 £’000 £’000
Subsidiary undertakings (a) - - - -
(a) Company subsidiary undertakings
As at 31 December 2012, 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 13 for further details.
13  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.
Final payment of the consideration receivable was completed on 28 February 2013.
A net profit for the year attributed to the discontinued business amounted to Nil (2011: £1,487,000), comprised as follows:
2012 2011
£’000 £’000
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
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 2012
30
14  Trade and other receivables 
Group Company
2012 2011 2012 2011
£’000 £’000 £’000 £’000
Current assets
Trade receivables 15 15 - -
Other receivables 127 595 127 595
Other taxes and social security 2 4 2 4
Prepayments and accrued income 25 47 25 47
169 661 154 646
Other receivables includes £101,000 (2011: £534,000) in respect of the remaining instalments due from the sale of the Company’s
subsidiary, Alexander Gold Group Limited. The remaining instalments of £101,000 were paid by 28 February 2013. Amounts due to 
the Company from its subsidiary companies have been fully provided for as detailed in note 23.
15  Cash and cash equivalents
Cash and cash equivalents consist of cash on hand, demand deposits and short term deposits. Cash and cash equivalents included in
the cash flow statement comprise the following balance sheet amounts:
Group Company
2012 2011 2012 2011
£’000 £’000 £’000 £’000
Cash on hand and demand deposits 519 1,257 518 1,256
16  Share capital
2012 2011
Issued and fully paid ordinary shares with a nominal value of 0.1p (2011: 10.0p)
Number of shares 142,653,209 135,986,542
Nominal value (£) 142,654 13,598,654
Issued and fully paid deferred shares with a nominal value of 9.9p
Number of shares 135,986,542 -
Nominal value (£) 13,462,667 -
Details of share options issued during the year and outstanding at 31 December 2012 are set out in note 20. 
On 14 June 2012, at a General Meeting of the Company, shareholders approved capital restructure proposals whereby each of the
existing issued shares of 10p each in the capital of the Company were subdivided and converted into one new ordinary share of 0.1p
and one deferred share of 9.9p.
The new ordinary shares have the same rights and benefits of the previously existing ordinary shares. Each fully paid ordinary share
carries one vote per share and the right to dividends. The number of new ordinary shares in issue following the capital re-organisation
was unchanged from the number of existing ordinary shares in issue immediately prior to the capital re-organisation.
Notes to the financial statements continued Alexander Mining plc
Annual Report & Accounts 2012
31
The deferred shares will not be admitted to trading on AIM, have only very limited rights on a return of capital and are effectively
valueless and non-transferable. The Directors consider that the deferred shares have no effect on the respective economic interests 
of the shareholders. No share certificates have been issued for the deferred shares.
All Authorised Capital limitations were removed by way of the adoption of New Articles of Association at the General Meeting of the
Company held on 14 June 2012.
Changes in issued Share Capital and Share Premium:
For the year ended 31 December 2012
Number of shares Share Capital Share premium Total
Ordinary shares £’000 £’000 £’000 
Balance as at 1 January 2012 135,986,542 13,599 11,850 25,449
Transfer to deferred share capital on 14 June 2012 - (13,463) - (13,463)
Shares issued for cash - 17 December 2012 6,666,667 7 193 200
Balance at 31 December 2012 142,653,209 143 12,043 12,186
All of the above shares were issued to finance the ordinary activities of the Group.
Number of Deferred
deferred shares share capital
Deferred shares £’000
Balance at 1 January 2012 --
Transfer from ordinary share capital on 14 June 2012 135,986,542 13,463
Balance at 31 December 2012 135,986,542 13,463
Capital and reserves
The Consolidated and Company statements of changes in equity are set out on page 22 of this report.
• A 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 a credit 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 outstanding at 31 December 2012 are set out in note 20.
• 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
2012 2011 2012 2011
£’000 £’000 £’000 £’000
Trade payables 26 36 26 36
Other taxes and social security 22 9 22 9
Accruals and deferred income 146 78 64 65
194 123 112 110
Accruals and deferred income includes £83,000 (2011: nil) owed to directors of the Company (see note 23) Alexander Mining plc
Annual Report & Accounts 2012
32
18  Financial risk management 
The Group’s and Company’s principal financial assets comprise cash and cash equivalents, trade receivables and other receivables.
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. 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 2012 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 £101,000 (2011 £534,000) referred to in note 14, 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 15, with
additional risk attached to other receivables set out in note 14. 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 £101,000 receivable due from the buyers of the Group’s
Argentinean subsidiary.
At 31 December 2012 the Group had no significant trade receivables. The Group’s focus on commercialising its technologies may
result in significant trade receivables during 2013, 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:
2012 2011
£’000 £’000
Sterling 232 515
US Dollars 244 662
Australian Dollars 35 78
New Zealand Dollars 8 2
519 1,257
Notes to the financial statements continued Alexander Mining plc
Annual Report & Accounts 2012
33
The table below shows an analysis of net monetary assets and liabilities by the Sterling functional currency of the Group:
Total
2012 £’000
Balances denominated in
Sterling 169
US Dollars 360
Australian Dollars (10)
New Zealand Dollars (49)
Other currencies (2)
468
Total
2011 £’000
Balances denominated in
Sterling 496
US Dollars 1,224
Australian Dollars 72
New Zealand Dollars 2
Other currencies 1
1,795
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.
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
2012 2011 2012 2011
£’000 £’000 £’000 £’000
Due in less than one month 83 84 59 71
Due between one and three months 31 6 31 6
Due between three months and one year 81 24 23 24
195 114 113 101
To date the Group has relied upon shareholder funding of its activities. Development of intellectual property, 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 the Company needs to raise
finance within the next twelve months in order to continue its operations and to meet its commitments. Alexander Mining plc
Annual Report & Accounts 2012
34
18  Financial risk management continued
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. 
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 2012 the Group had Sterling denominated short term deposits which attracted interest as follows:
2012 2011
Deposit Interest rate Deposit Interest rate
£’000 £’000
Sterling deposits 2 0.50% 311 0.50%
The value of the Group’s assets at 31 December 2012 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
2012 and 31 December 2011 are not materially different from their fair values. They have therefore not been shown separately.
19  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 2012 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.
20  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:
2012 2011
Weighted Weighted
average Number of average Number of
exercise price options exercise price options
Outstanding at the beginning of the period 10.1p 10,175,000 10.1p 9,975,000
Granted during the period -- 10.0p 1,250,000
Cancelled during the period -- 10.0p (1,050,000)
Outstanding at the end of the period 10.1p 10,175,000 10.1p 10,175,000
Exercisable at the end of the period 10.1p 9,308,332 10.1p 7,861,665
Notes to the financial statements continued Alexander Mining plc
Annual Report & Accounts 2012
35
Share options outstanding at 31 December 2012 had a weighted average exercise price of 10.1 pence (2011: 10.1 pence) and a
weighted average contractual life of 5.4 years (2011: 6.4 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 2012.
At 31 December 2012 the total number of options over ordinary shares outstanding was as follows:
Weighted 
Exercise period average 
Number exercise price
Vested:
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 2,750,000 10.0p
Exercisable until 2020 316,666 12.3p
Exercisable until 2021 416,666 10.0p
Exercisable at the period end 9,308,332 10.1p
Not yet vested:
Exercisable between 2013 and 2020 33,334 13.5p
Exercisable between 2013 and 2021 833,334 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.
21  Commitments
Future commitments for the Group under non-cancellable operating leases are as follows:
2012 2011
£’000 £’000
Payable within one year 31 33
Payable between one and two years 37 -
68 33
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.
22  Contingent liabilities
There were no contingent liabilities at 31 December 2012 or 31 December 2011. Notes to the financial statements continued
23  Related parties
The Group's investments in subsidiaries have been disclosed in note 12. 
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
At At
2012 2011 1 January Increase Provisions 31 December
2012 in period in period 2012
£’000 £’000 £’000 £’000 £’000 £’000
Molinetes BVI Limited - -- 4 (4) -
MetaLeach Limited 10 10 - 576 (576) -
10 10 - 580 (580) -
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:
2012 2011
£’000 £’000
Short-term employee benefits 675 617
National Insurance contributions 23 25
Other benefits 10 9
Share-based payments 18 35
726 686
During the period, Metaleach Limited paid £29,000 (2011: £15,000) to consulting metallurgist Dr Katherine Mallat in respect of
AmmLeach
®
testwork supervision. Dr Mallat is the spouse of Garry Johnston, a senior Group employee.
During the period Alexander Mining plc received £12,000 (2011: £3,000) from Equest Limited in respect of office services provided to
Global Oil Shale Limited. Mr Matthew Sutcliffe is a director of both Alexander Mining plc and Global Oil Shale Limited.
At 31 December 2012, the following amounts were owed to directors of the company in respect of deferred payments of directors’
fees. These amounts are included in Trade and Other Payables (note 17):
Mr M L Sutcliffe £58,000 (2011: nil)
Mr M L Rosser £25,000 (2011: nil)
24  Post balance sheet events
On 10 January 2013 the Company voluntarily terminated its listing and share quotation on the TSX Venture Exchange.
On 28 January 2013 the Company issued 416,842 new ordinary 0.1p shares, at 4.75p per share, in payment for £19,800 of expenses.
On 2 April 2013 the Company issued for cash 18,775,000 new ordinary 0.1p shares at 4.0p per share, raising £751,000, for general
working capital purposes.
On 16 May 2013 the Company issued for cash 6,666,667 new ordinary 0.1p shares at 3.0p per share, raising £200,000, for general
working capital purposes.
On 16 May 2013 the Company issued 618,000 new ordinary 0.1p shares in payment of expenses.
36
Alexander Mining plc
Annual Report & Accounts 2012 Alexander Mining plc
Annual Report & Accounts 2012
37
Notice is hereby given that the Annual General Meeting of
Alexander Mining plc will be held at the offices of Northland
Capital Partners Limited, 60 Gresham Street, London EC2V
7BB, at 10:30am on Thursday 20th June 2013 in order to
consider and, if thought fit, pass resolutions 1 to 6 as ordinary
resolutions and resolution 7 as a special resolution:
Ordinary Resolutions
1 To receive, consider and adopt the Directors’ Report and
Accounts for the year ended 31st December 2012, together
with the Auditor’s report thereon.
2 To re-elect as a director Mr M L Sutcliffe 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-elect as a director Mr R O Davey 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.
4 To re-elect as a director Mr A M Clegg who, having been
elected since the previous Annual General Meeting, retires 
in accordance with Article 88.1 of the Company’s Articles 
of Association and who, being eligible, offers himself for 
re-election.
5 To re-appoint BDO LLP of Farringdon Place, 20 Farringdon
Road, London EC1M 3AP , as auditors of the Company and 
to authorise the Directors to determine their remuneration.
6 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 £100,000 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      
7 That, subject to the passing of Resolution 6, 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 6 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:
7.1 the allotment of equity securities in connection with an
offer by way of a rights issue:
7.1.1 to the holders of ordinary shares in proportion (as nearly
as may be practicable) to their respective holdings; and
7.1.2 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
7.2 the allotment (otherwise than pursuant to paragraph 7.1
above) of equity securities up to an aggregate nominal
amount of £100,000.
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
22 May 2013
Registered Office
1st Floor, 35 Piccadilly, London, W1J 0DW
Notice of Annual General Meeting
(incorporated and registered in England and Wales under number 5357433) Alexander Mining plc
Annual Report & Accounts 2012
38
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 18th June 2013 (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 20th June 2013
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 6:00pm
on 18th June 2013 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.
Notes to the Notice of Annual General Meeting Alexander Mining plc
Annual Report & Accounts 2012
39
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.
Signature 
(see Explanatory Note 6)
Date
Form of Proxy
Proxy Form for use by holders of ordinary shares at the Annual General
Meeting (the ‘AGM’) to be held on Thursday 20th June 2013.
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. You 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 You 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. You may not appoint
more than one proxy to exercise rights attached to any one share. To 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 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, (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.
RESOLUTIONS For Against Vote withheld Discretionary
ORDINARY RESOLUTIONS
1 Adoption of Report and Accounts
2 Re-election of Mr M L Sutcliffe
3 Re-election of Mr R O Davey
4 Re-election of Mr A M Clegg
5 Re-appointment of BDO LLP
6 Authority to allot new shares
SPECIAL RESOLUTION
7  Dis-application of pre-emption rights
Explanatory Notes to the Proxy Form:
(the ‘Company’) PXS
34 Beckenham Road
Beckenham 
Kent
BR3 4TU
Business Reply
Licence Number 
RSBH - UXKS - LRBC
Third fold and tuck in
Second fold
First fold
1 1 41
Alexander Mining plc
Annual Report & Accounts 2012
Directors and Advisers
Company Secretary
T A Cross
Directors
M L Sutcliffe
M L Rosser
J S Bunyan
A M Clegg
R O Davey
E M Morfett
Registrars
Capita Registrars
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
West Yorkshire
HD8 0LA
Auditor
BDO LLP
Farringdon Place
20 Farringdon Road
London EC1M 3AP
Nominated Adviser and Broker
Northland Capital Partners Limited
Fourth Floor
60 Gresham Street
London, EC2V 7BB
Registered office
1st Floor
35 Piccadilly
London W1J 0DW
United Kingdom
Company registration number: 5357433 Alexander Mining plc 
1st Floor, 35 Piccadilly
London, W1J 0DW 
United Kingdom
Telephone: +44 (0) 20 7292 1300
Fax: +44 (0) 20 7292 1313
info@alexandermining.com
www.alexandermining.com