Alexander Mining plc  
Annual Report & Accounts 2010 Company Overview
Alexander Mining plc 
Annual Report & Accounts 2010
3
Alexander Mining plc is an AIM and TSX
Venture Exchange quoted mining and mineral
processing technology company with a
reputation for strong technical management,
allied with financial markets’ expertise 
and experience.
The Company’s activities are directed 
towards the objective of becoming a low 
cost, highly profitable and diversified mining 
technology company.
This will be achieved from the
commercialisation of its proprietary mineral
processing technologies, partnerships in
producing mines and the acquisition of equity
positions in advanced projects.
Company Overview
01 Highlights
02 Chairman’s statement
04 CEO’s Review of activities
10 Our processing technology
Corporate Governance
12 Directors and Advisors
14 Corporate and social responsibility
16 Directors’ report
19 Independent auditor’s report
Financial Statements
20 Consolidated income statement
20 Consolidated statement of
comprehensive income
21 Consolidated balance sheet
22 Company balance sheet
23 Consolidated statement of cash flows
23 Company statement of cash flows
24 Consolidated statement of 
changes in equity
25 Company statement of 
changes in equity
26 Notes to the financial statements
41 Notice of Annual General Meeting Company Overview
Alexander Mining plc 
Annual Report & Accounts 2010
Highlights
01
> Important step towards
commercialisation with joint venture
partnership agreement with Anvil
Mining Limited on its Mutoshi copper
and cobalt project in the Democratic
Republic of the Congo.
> Positive testwork results, using
AmmLeach
®
on zinc oxide deposits, 
with Firestone Ventures and Rio Crystal
> Successful listing of Alexander Mining
shares on TSX Venture Exchange
> Disposal of Alexander Gold Group
Limited for US$2.2m 
> The global mining industry has enjoyed
another strong year, supported by
buoyant metals prices
> Healthy cash position of £2.45m 
at the year end Company Overview
Alexander Mining plc 
Annual Report & Accounts 2010
Chairman’s statement
02
Our business objective is clear; to capitalise on our breakthrough
AmmLeach
®
mineral processing technology. AmmLeach
®
has the
potential to transform the extraction process efficiencies and economics
for many base metals but especially copper, cobalt and zinc. We shall
grow the Company by securing royalty agreements in producing mines
and/or equity interests in advanced projects, in exchange for the use of
our technology.
In my last Chairman’s statement, I confidently forecasted that the
forthcoming year would bring significant progress in achieving our
business objective. I am delighted to report that this belief has been
amply rewarded, with several notable achievements.
Firstly, and most importantly, we announced in February 2011 a joint
venture partnership agreement with Anvil Mining Limited (‘Anvil’) on its
Mutoshi copper and cobalt project (‘Mutoshi’) in the Kolwezi region of
the ‘Copperbelt’ in Katanga province, Democratic Republic of the Congo
(DRC). This is significant as not only is Mutoshi a major project in its own
right but it is our first deal in one of the most important copper/cobalt
target regions for our proprietary leaching technology. Moreover, Anvil is
an excellent partner, being one of the most experienced and respected
mining companies active in the DRC.
The agreement is to build and operate a pilot plant using AmmLeach
®
to treat a total of 150,000 tonnes (‘t’) of cobalt ore for the production of
cobalt metal. The plant will also be able (with only minor modification) 
to process copper ores to produce copper cathode.
Apart from Mutoshi, there is huge upside for our technology because of
the magnitude of the copper/cobalt resources in the DRC Copperbelt. 
It is the world’s largest sediment-hosted stratabound copper province.
The carbonate geology has particularly high acid consumption which
makes it ideally suited to our AmmLeach
®
process. By conservative
estimates, the DRC Copperbelt contains over 190 million tonnes (“Mt”) 
of copper within at least fourteen giant deposits, each over 2Mt copper,
and yet is underexplored.
As well as the potential to make a satisfactory economic return as a
stand-alone exercise, the results from the pilot plant will form part of the
decision by Anvil to undertake a feasibility study for the development of 
a commercial-scale plant at Mutoshi.
Turning to the opportunities for using AmmLeach
®
on zinc oxide deposits,
we recently announced significant progress here too. AmmLeach
®
amenability test work done for Firestone Ventures Inc. (‘Firestone’) on its
T orlon Hill zinc oxide project (‘T orlon Hill’) in Guatemala, and Rio Cristal on
its Charlotte Bongará property produced favourable results.
The Torlon Hill testwork showed that potentially economic recoveries 
of zinc should be achievable. As a result, Firestone requested Alexander
submit a conceptual process flow sheet using AmmLeach
®
for Torlon Hill
and a plan for substantial additional next stage testwork.
Additionally, Alexander and Firestone have agreed to work together
collaboratively to identify and target other high acid-consuming,
carbonate-hosted zinc oxide opportunities in Firestone’s portfolio which
may be suitable for using AmmLeach
®
. This is an important step in
Alexander’s aim of demonstrating the commercial use of AmmLeach
®
for processing high grade zinc oxide deposits. Such deposits are
particularly found in North, Central and South America.
In addition to these important developments, the Company has
continued its extensive discussions with mining companies about the
use of its technology. These discussions have covered projects with a
range of base metals. In most cases, it has led to the signing of
confidentiality agreements and the AmmLeach
®
amenability testing of
copper, copper-cobalt, cobalt, zinc and nickel deposit samples. This has
brought meaningful testwork revenue to offset our administrative costs.
We have continued to devote resources to research and development 
at the University of Ballarat in Australia under the supervision of our
consultant, Dr. Nicholas Welham, for our leaching technologies. This has
focused on other ores, including saprolite nickel laterites, molybdenum
oxides, and mixed base/precious metals oxides (eg. gold/copper,
silver/zinc). The latter, if successful, would open up a major new avenue
of use for AmmLeach
®
as, hitherto, these ores have been highly
problematic to treat.
Our consultancy agreement with RPT Resources has been terminated
but it has been fruitful in identifying many project/corporate opportunities
potentially suitable for AmmLeach
®
. Alexander now has the right to
pursue these opportunities directly.
In tandem with our business development efforts, we have been diligent
with the protection of our intellectual property (‘IP’). A robust IP
protection model of patenting is on-going. This includes the filing of
supplementary patents as research and development work progresses.
Our first patent for ‘Method for Ammoniacal Leaching’ has been granted
in the Republic of South Africa and the patent is in turn, importantly, now
subject to import into the DRC. Our other specific applications are at
various stages of the patenting process.
“Our business objective is clear; to
capitalise on our breakthrough
AmmLeach
®
mineral processing
technology.”
Matt Sutcliffe 
Executive Chairman Company Overview
Alexander Mining plc 
Annual Report & Accounts 2010
Chairman’s statement
03
In January this year, we announced the listing and admission of the
Company’s ordinary shares for trading on the TSX Venture Exchange
(‘TSXV’) under the symbol ‘AXD’. This is an important step as North
American investors and commentators have both a considerable breadth
and depth of knowledge of and an interest in investing in the global
mining sector. The listing will broaden understanding of the potential of
our innovative proprietary mineral processing technology and increase
the profile of the Company with the aim of facilitating investment and
share trading by this investment community.
We have now completed the sale of our wholly owned subsidiary
Alexander Gold Group Limited (‘AGGL’), which was the holding company
for the Company’s Argentina assets, for a total consideration of 
US$2.2 million. An amount of US$400,000 was received on execution of
the legally binding sale and purchase agreement (‘SPA’), with 18 monthly
payments of US$100,000 each due commencing March 2011. Along
with the disposal of our investment in Mariana Resources, which realised
a profit of £370,000 (on a net consideration of £470,000), this has
bolstered our cash position, which was £2.45m at the end of 2010.
Outlook
The global mining industry has enjoyed another strong year, supported
by buoyant metals prices. This is despite the volatility in the global
economy and equity markets. The healthy fundamentals for base metals
mining companies, centred upon strong growth in demand for their core
products, should remain. Those developing countries which are the key
stimulants for growth in base metals demand, led by China, India and
Brazil, are still all enjoying strong economic expansion.
In this environment, we believe that the fundamental tenets of our
business plan are well founded and will amply reward shareholders. 
Our strong progress to date reinforces this belief and we look forward 
to the year ahead with enthusiasm and confidence.
Alexander’s significant progress to date would not be possible without
the hard work and dedication of its employees, consultants and
directors, and I would like to record my grateful appreciation.
Matt Sutcliffe
Executive Chairman
9 May 2011
“AmmLeach
®
has the potential to
transform the extraction process
efficiencies and economics for many 
base metals but especially copper, 
cobalt and zinc.” Company Overview
Alexander Mining plc 
Annual Report & Accounts 2010
CEO’s Review of activities
04
The outstanding prospects for the Company’s proprietary leaching
technologies are supported by the fundamentals of the global mining
industry, which is under inexorable pressure to replenish its ore reserves
just to maintain the status quo, let alone satisfy increased base metals
demand. This demand is based on growing per capita consumption in
the world’s developing countries.
I am delighted to report that Alexander’s wholly owned subsidiary,
MetaLeach Limited (‘MetaLeach
®
’) has made excellent progress towards
realising the major commercial use of its proprietary mineral processing
technology in the international mining industry.
In particular, the new joint venture with Anvil Mining on its Mutoshi
project in the DRC, and the collaborative relationship with Firestone
Ventures in Guatemala and Nevada, gives Alexander a clear route for the
establishment of pilot plants to demonstrate AmmLeach
®
working on
cobalt (and subsequently copper) and zinc oxide ores respectively. 
We are working on the design of a generic pilot plant which could be
converted at low cost to treat a range of different ores. Successful
outcomes from these pilot plants could lead to the decision to proceed
with the construction of new mines with treatment plants using
AmmLeach
®
on commercial terms to be agreed.
Separately, other work has continued, including testwork on third party
companies’ deposits, and covering a range of base metals, especially
copper, copper/cobalt and zinc. This has led to discussions with other
strategic partners for the Company and our technology.
At the corporate level, we have strengthened our equity capital markets’
profile and capabilities by obtaining a listing on the TSX Venture
Exchange, and appointing a new AIM nominated advisor/broker, and 
a joint UK broker, each with a strong mining research capability and
industry client base.
MetaLeach
®
MetaLeach is Alexander’s vehicle for the commercialisation of its
proprietary hydrometallurgical mineral processing technologies. 
These technologies have the potential to revolutionise the extraction
processes for many base metals deposits, reducing costs, and/or
improving recoveries, and hence enhancing operating margins at the
mine site. In addition, in many cases it 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 (patents pending)
ambient temperature, ambient pressure hydrometallurgical technologies,
namely AmmLeach
®
and HyperLeach
®
. These technologies are
environmentally friendly, cost effective processes for the extraction of
base metals from amenable ore deposits and concentrates allowing the
production of high value products at the mine site (i.e. metal powder or
sheets). These technologies were developed as a result of the
Company’s work at its Leon copper project in Argentina and subsequent
research and development undertaken by MetaLeach
®
’s consultant 
Dr. Nicholas Welham.
Commercialisation of AmmLeach
®
The following metals are particular targets for the AmmLeach
®
process:
• Copper and Copper/Cobalt oxide deposits
• Zinc oxides deposits (work underway)
• Nickel laterite (saprolite) deposits
• Gold/Copper oxides and Silver/Zinc oxides (alkali leaching)
• Molybdenum oxides – testing underway
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) and Australia (Cu).
Of these, the copper process has already been demonstrated at pilot
plant scale for heap leaching and at bench scale for agitated leaching.
The cobalt (or copper and cobalt oxide ore) process has been bench
scale tested successfully for both heap and agitated leaching.
Further development of the zinc process has led to a new solvent
extraction process for zinc from ammoniacal solutions, for which patents
are pending. This patent application is for the recovery of zinc from ores
which do not require pre-treatment before ammoniacal leaching. 
A patent covering a process allowing selective leaching of zinc from
sideritic zinc ores has also been applied for.
“The outstanding prospects for the
Company’s proprietary leaching
technologies are supported by the mining
industry's inexorable pressure to
replenish its ore reserves.”
Martin Rosser
Chief Executive Officer Company Overview
Alexander Mining plc 
Annual Report & Accounts 2010
CEO’s Review of activities
05
DEMAND FOR BASE METALS, INCLUDING
COPPER AND ZINC, IS FORECAST 
TO DOUBLE IN THE NEXT 15-20 YEARS.
METALEACH WILL REVOLUTIONISE THE EXTRACTION
PROCESSES FOR MANY BASE METALS DEPOSITS BY
REDUCING COSTS, ENHANCING OPERATING MARGINS
AND INCREASING PRODUCTION.
DEMAND
“MetaLeach Limited, our wholly owned
subsidiary company continues to develop
and commercialise our proprietary new
mineral processing technologies.” Company Overview
Alexander Mining plc 
Annual Report & Accounts 2010
CEO’s Review of activities
06
Because of the tailored pre-treatment step, almost any ore type is
amenable to the AmmLeach
®
process. Thus far, it has been
demonstrated on predominantly oxide ores but some sulphides have
also been shown to leach after appropriate pre-treatment. This advance
allows the treatment of mixed oxide-sulphide ores which are often
present in the transition from weathered to un-weathered ore. As a
project proceeds, the AmmLeach
®
process can be modified to cope 
with the changing mineralogy from oxide to sulphide without substantial
capital expenditure.
Polymetallic ores can also be processed by AmmLeach
®
with separation
achieved using solvent extraction to separate metals and produce
multiple revenue streams. The minimisation of ammonia transfer allows
these metals to be recovered directly from their strip solution by
precipitation, crystallisation or electrowinning.
The alkaline conditions used in the AmmLeach
®
process allow precious
metals to be recovered from the base metal depleted heap using a
secondary leach step. The heap can simply be washed to recover
ammonia and subjected to standard alkaline cyanidation to recover gold
and silver. The incorporation of precious metals recovery within the
AmmLeach
®
process is being investigated and preliminary work on the
leaching of cyanide consuming metals prior to precious metal leaching
with cyanide looks highly promising.
Business plan
A flexible dual approach to commercialisation has been adopted. This
encompasses the use of our technology in exchange for royalties/licence
fees and/or minority equity interests in projects. As a result, we have had,
and continue to have, discussions with multinational, major, intermediate
and junior companies about using the Company’s leaching technology,
principally for copper, copper/cobalt and zinc.
The important initial stage to potential commercialisation involves
amenability testing of third party ore samples. This testwork is carried 
out at the research and development facility at the University of Ballarat
in Australia and supervised by our consultant Dr Nicholas Welham and
commercial laboratories. Most of these discussions and testwork
programmes are subject to confidentiality agreements; however three
situations, with Anvil Mining (copper and cobalt), Firestone Ventures and
Rio Cristal (both zinc) have advanced to the stage where announcements
have been made.
Partnership with Anvil Mining
Alexander has signed a joint venture agreement (‘JV’) with Anvil to build
and operate a pilot plant to treat 150,000t of cobalt ore at its Mutoshi
deposit in the Kolwezi region of the Katanga province in the DRC.
The pilot plant will utilise AmmLeach
®
to process cobalt ore from a
cobalt rich zone at the Mutoshi deposit, for the production of cobalt
metal. Under the terms of the JV , the construction and development of
the Pilot Plant is conditional upon Alexander obtaining financing. 
The JV will be managed by a joint operating committee; with technical
specialists from both Alexander and Anvil working closely together. The
construction programme for the pilot plant is to be produced and agreed
by the joint operating committee.
The Mutoshi Project lies 10km east of Kolwezi in the Katanga Province
and is owned by Société Minière de Kolwezi sprl (‘SMK’), an exploration
and mining joint venture between Anvil (70%), and La Générale Des
Carrières et des Mines (Gécamines), the DRC state-owned mining
company (30%). Laboratory amenability testwork using AmmLeach
®
has shown high recoveries should be achievable.
Anvil will be responsible for supplying a minimum of 150,000t of cobalt
ore to the pilot plant, as well as providing access and infrastructure
support for construction of the pilot plant. Revenue generated from the
sale of cobalt produced from the pilot plant shall be used first, to repay
Alexander’s capital and operating costs; second, to repay costs incurred
by Anvil; and third, any remaining revenue is to be distributed equally
between Alexander and Anvil.
“An AmmLeach
®
demonstration plant
operating in the Copperbelt region of the
DRC would be ideally placed for
capitalising on the huge strategic
opportunity due to the superabundance 
of high acid consuming carbonate
copper-cobalt deposits.” “One of the key benefits of the
AmmLeach
®
process is that, unlike some
new technologies, it requires no special
purpose built equipment.”
“The process utilises ammonia based
chemistry to selectively extract metals
from ores under ambient temperature 
and pressure conditions.”
Company Overview
Alexander Mining plc 
Annual Report & Accounts 2010
CEO’s Review of activities
07
The results from the pilot plant will form part of a decision by Anvil on
progressing to a feasibility study for the development of a commercial-
scale plant at Mutoshi.
As already announced, other parties have been in discussions about
using AmmLeach
®
in the Copperbelt due to the potentially large capital
and operating cost savings. Accordingly, an AmmLeach
®
pilot plant
operating in the region would be ideally placed for capitalising on the
huge strategic opportunity presented by the Copperbelt due to the
superabundance of high acid consuming carbonate copper-cobalt
deposits. The plant will be modular and transportable and will have
scope for toll treating in the region as well as allowing for the testing 
of other deposits.
In March last year, Alexander released the findings of an independent
technical expert’s report, prepared by David Lunt of Stirling Process
Engineering Pty Ltd., that was commissioned to examine the potential
capital and operating cost savings for building and operating a typical
50,000t and 100,000t per annum copper-cobalt mine in the DRC using
AmmLeach
®
, compared with conventional processing technology using
sulphuric acid. The results of this study indicated that under the two
scenarios using heap leaching and agitated leaching, there should be
substantial capital and operating cost savings by using the AmmLeach
®
technology. The savings ranged from around 30% for capital and around
42% per annum for operating costs.
Collaboration with Firestone Ventures
Alexander recently announced news of several developments for
AmmLeach
®
with Firestone Ventures and its portfolio of zinc oxide
projects and properties.
AmmLeach
®
amenability test work for Firestone on its Torlon Hill zinc
oxide project in Guatemala had produced highly favourable results. This
is significant for Alexander’s aim of demonstrating the commercial use of
AmmLeach
®
for processing high grade zinc oxide deposits.
Firestone’s road-accessible Torlon Hill zinc-lead-silver deposit in
Guatemala is hosted in high acid-consuming rock. Smithsonite (ZnCO 3)
is the prevalent zinc mineral at Torlon Hill, occurring as a replacement to
limestone, and resulting in high grade mineralisation locally exceeding
40% zinc. For eleven selected representative zinc oxide ore samples,
where the head grade assays were > _ 6.99% zinc, the average zinc
dissolution using AmmLeach
®
was 79% and hence potentially high
recoveries of >75% should be achievable. It is anticipated that recoveries
could further be improved by optimisation of the leaching conditions.
Firestone requested that Alexander arrange for a conceptual process
flow sheet for Torlon Hill using AmmLeach
®
, as well as a plan for
substantial additional next stage testwork.
The Study will help Firestone to decide, in discussion with Alexander, on
the next steps to advance the project using the AmmLeach
®
process. 
In which case, additional metallurgical testwork would be required. 
This would be in the form of:
• Further bench-scale work
• Heap leach column testing
• A demonstration scale pilot plant.
Commercial terms would be agreed between Firestone, Alexander and
MetaLeach at that time.
As well as Torlon Hill, Firestone has its Quetzal property and a significant
land position throughout a historical carbonate hosted zinc-lead-silver
district extending across a 250km belt in Guatemala. Scant modern
exploration has taken place in the carbonate belt despite the historical
mining of numerous oxide and sulphide zinc occurrences on surface.
Firestone is currently evaluating and sampling a number of these
occurrences.
In addition, preliminary stage amenability tests using the AmmLeach
®
process on two grab samples, with grades of 15.3% and 16.3% zinc,
from Firestone’s Black Mountain and Antelope zinc properties in Nevada,
USA, produced high leaching recoveries. Further work on representative
samples is warranted, pending completion of exploration drilling
programmes by Firestone. Company Overview
Alexander Mining plc 
Annual Report & Accounts 2010
CEO’s Review of activities
08
Rio Cristal testwork
Initial AmmLeach
®
amenability test work on Rio Cristal’s Charlotte
Bongará zinc oxide property (‘Charlotte Bongará’) in Peru produced
encouraging results. For the sample provided from a section of high
grade drill core, favourable levels of zinc dissolution using AmmLeach
®
were achieved. Based on the high levels of zinc dissolution, using
AmmLeach
®
could be a viable commercial scale process to use for
processing at Charlotte Bongará. Alexander and Rio Cristal are now
discussing additional AmmLeach
®
amenability testwork on more
representative samples.
RPT Resources agreement
Notice was received in April 2011 from ArPetrol Ltd., formerly RPT
Resources Ltd., that it had concluded a transaction whereby it was solely
engaged in oil and gas exploration and it had therefore terminated the
commercial consultancy agreement with MetaLeach. Nevertheless,
valuable work was done for the duration of the agreement and it was
agreed that Alexander had the right to pursue any introduced mining
project opportunities directly, including Firestone Ventures. 
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
Wrays, our patent attorneys in Western Australia, and is designed to
allow the Company to protect the commercialisation of its technologies
in key countries of interest in the world. Other specific claims are at
various stages of the patenting process. As mentioned in the Chairman’s
statement, our first patent for ‘Method for Ammoniacal Leaching’ has
been granted in the Republic of South Africa. This is positive as it is also
the route for the patent import into the DRC.
The HyperLeach
®
process
The HyperLeach
®
process is a proprietary process for the extraction of
metals, especially copper, zinc, nickel, cobalt, molybdenum and rhenium
from sulphide ore deposits and concentrates. The process utilises
chlorine based chemistry to solubilise metals from ores under ambient
temperature and pressure conditions. The HyperLeach
®
process can 
be operated as either heap leach or tank leach.
Great promise has been shown on molybdenum – rhenium sulphide 
ores with low reagent consumption making heap leaching of such ores
economically feasible for the first time. Preliminary tank leaching of
flotation tailings has also been conducted with considerable success.
HyperLeach
®
can be used as a pretreatment 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 orebody from
the oxide cap through the transition zone to the sulphide basement. Company Overview
Alexander Mining plc 
Annual Report & Accounts 2010
CEO’s Review of activities
09
Argentina
Alexander has completed the sale of its wholly owned subsidiary
Alexander Gold Group Limited (‘AGGL’), the holding company for the
Company’s Argentina assets, for a total consideration of US$2.2 million.
US$400,000 was received on execution of the legally binding sale and
purchase agreement (‘SPA’), and 18 monthly payments of US$100,000
each are due, commencing in March 2011. Signing of the SPA was
accompanied by Alexander being granted security over certain assets
owned by the purchaser to provide a guarantee in relation to the 
deferred consideration.
If the purchaser wishes to develop a mine in Argentina using
AmmLeach
®
then, subject to the execution of a separate agreement, we
would be pleased to agree a licence on our standard commercial terms.
Peru
The Molinetes property is in the District of Las Lomas, approximately
120km east of the city of Piura, the regional capital of Piura Province in
north-west Peru. The concession covers an area of circa 800 hectares.
Although expenditure has been written off, the Group maintains legal
ownership of the underlying licences, at minimal cost. We continue to 
be open to any interest shown by third parties in the property.
Business risks
Inherent risk diversification is offered both geographically and by metal.
When compared with conventional metals exploration 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 16.
Martin Rosser
Chief Executive Officer
“Hydrometallurgically recovered metals
are much more attractive to mine owners
than the production of concentrates from
sulphide ores as it results in the
production of high value metals at the
mine site.” Company Overview
Alexander Mining plc 
Annual Report & Accounts 2010
Our processing technology
MetaLeach
®
10
The AmmLeach
®
process
The AmmLeach
®
process 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, although AmmLeach
®
is also 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 flow sheet.
The technology consists of the same three major stages as acid
processes i.e. leaching, solvent extraction (SX) and electrowinning (EW).
The leaching occurs in two steps, an ore specific pre-treatment which
converts the metals into a soluble form and the main leaching step,
which uses recycled raffinate from the solvent extraction stage. Solvent
extraction is used to separate and concentrate the metals, whilst also
changing from ammoniacal media to acid sulphate media from which
metals can be directly electrowon using industry standard unit
operations. One of the key benefits of the AmmLeach
®
process is that,
unlike some new technologies, it requires no special purpose built
equipment. The AmmLeach
®
process can directly replace acid leaching
in an existing operation.
AmmLeach
®
technology is suitable for both low grade heap leaching
and higher grade tank leaching; the choice is dictated by the grade and
deposit economics. Polymetallic deposits can be readily handled using
standard solvent extraction and solution purification techniques.
The difference from acid leaching is that the leaching is conducted in
moderately alkaline solution with ammonia present to selectively leach
base metals. The use of alkaline conditions allows the use of
AmmLeach
®
on high carbonate ores where acid consumption would 
be prohibitive.
The AmmLeach
®
process has an extremely high selectivity for the
target metal over iron, aluminium and manganese, which are insoluble
under AmmLeach
®
conditions. Calcium and magnesium solubilities are
also significantly suppressed by the presence of carbonate and
extremely low sulphate levels in the leaching solutions. These features
ensure that there are no potential problems due to jarosite or gypsum
precipitation reducing permeability in the heap or scaling problems in
the solvent extraction plant. Additionally, silica is also insoluble in the
AmmLeach
®
process, removing problems associated with formation of
unfilterable precipitates within an acid leach plant during pH adjustment
and the need to handle high viscosity solutions. Ammonia, unlike acid,
doesn’t react with aluminosilicates and ferrosilicates, whose products
can cause drainage and permeability problems in heaps.
Compared with previous ammoniacal processes, almost any ore
mineralogy can be treated as the pre-treatment step is specific to each
ore body. The whole AmmLeach
®
process is tailored to individual ore
bodies and consequently has substantially lower ammonia losses than
earlier processes. In theory, all the ammonia can be recovered, however
in practice small losses do occur.
Decommissioning of the heap is extremely simple as no neutralisation 
is necessary and the potential for acid mine drainage is virtually
eliminated. After final leaching the heap is simply washed to recover
ammonia and then left to revegetate, with the residual ammonia acting
as a fertiliser.
The alkaline residue allows immediate application of cyanide leaching 
of gold and silver in ores where there is an economic precious metal
content after removal of high cyanide consuming metals such as copper. 
Copper
Copper is the world’s most important base metal by value and its 
price is a bellwether of world industrial production. Global mined
copper production was 16.1Mt in 2010, valued at over US$140bn at
current prices, approximately 20% of which is produced from oxide
ores using solvent extraction-electrowinning (SX-EW) hydrometallurgy. 
The Company believes that its leaching technology has the potential to
increase significantly the share of global copper produced using
hydrometallurgical processes. Hydrometallurgically recovered copper 
is much more attractive to mine owners than the production of
concentrates from sulphide ores as it results in the production of high
value cathodes at the mine. When sold these realise almost 100% of
the copper content, compared to concentrates where owners may
receive as little as 60% of the copper value.
The capability of tailoring the rate of recovery is an important feature of
the AmmLeach
®
process and allows the plant to operate more flexibly
with the rate of leaching matched to the operating capacity of the
solvent extraction plant.
Zinc
Global mined zinc production was 12.3Mt in 2010, valued at over
US$25bn at current prices. 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.
Comparison of AmmLeach
®
with acid leaching of copper
Parameter Acid AmmLeach
®
Mineralogy Oxides, carbonates, silicates, Almost any – dependent upon
some sulphides pre-treatment stage
Selectivity Low: iron, manganese, calcium High: no iron, manganese, 
and silica are likely problems calcium or silica dissolution
Rate of extraction Limited by acid strength Ammonia concentration in 
and diffusion leach solution matched to 
leaching rate
Recovery 80% of leachable metal >80% in ~130 days
Heap lifetime ~55-480 days ~80-130 days
Sulphate Reduced permeability in heap, Calcium and iron solubilities
precipitation break down of clays and plant too low for precipitation, also
scaling due to precipitation low sulphate levels in leach
of gypsum and jarosite solution
Leachant Depends upon carbonate Depends on concentration
consumption content but 30 to over 100kg/t used but range of 3-5kg/t
reported for operating heaps measured at Leon 
Safety Large volumes of concentrated On demand systems using
acid required hydrolysis of urea to minimise 
on-site risks
Precious metals Heap to be neutralised Neutralisation not required,
before cyanidation potential for simultaneous 
recovery using thiosulphate 
or sequential leaching 
using cyanide
Decommissioning Heap requires washing, Heap can be washed and left,
neutralisation and long term residual ammonia acts as
monitoring to avoid acid mine fertiliser for vegetation
drainage (AMD) regrowth, minimal likelihood 
of AMD. Company Overview
Alexander Mining plc 
Annual Report & Accounts 2010
Our processing technology
MetaLeach
®
11
MetaLeach
®
has developed a novel (patents pending) process for the
solvent extraction of zinc from ammoniacal solutions. T est work has
shown that zinc can be efficiently extracted using commercially available
reagents in a single stage and stripped with acid solutions, with better
efficiency and greater selectivity than has previously been reported.
The general flow sheet for the zinc process is straightforward and
consists of leaching, purification and recovery stages. The nature of the
leach stage depends upon a number of factors, notably the grade of
ore and leaching kinetics. High grade, fast leaching ore would be readily
accommodated by an agitated tank leach, whilst low grade, slow
leaching ores would be better suited to heap leaching. Depending upon
the product desired, there may be no need for a solution purification
stage, further simplifying the overall process flow sheet.
A wide range of different oxide zinc mineralogies can potentially be
treated by AmmLeach
®
, including those with significant hemimorphite
content which presently can only be treated using acid. In AmmLeach
®
solutions, the leaching can be extremely rapid provided the conditions
are appropriately matched to the ore. The acid route requires ore
containing >10% zinc to be economically viable. The co dissolution 
of silica and iron in the acid results in a very complex flow sheet.
Copper process economics
An analysis of the economics of the AmmLeach
®
process compared
with conventional acid leaching for high acid consuming copper ores 
is dependent upon a multitude of parameters specific to the mineralogy
of the deposit and its location. Suffice it to say that the capital and
operating cost savings can be major, particularly for high acid
consuming ore bodies located in remote locations with long transport
distances. This is because the safe supply of sulphuric acid is
logistically difficult and expensive as the transport costs of bulk
chemicals in-country to site can be as much again as, or more than, 
the free-on-board cost.
In many instances, economics will dictate that the mine will have to
build an expensive sulphur burning sulphuric acid plant for the supply
of acid. In addition, to regulate supply variations and for acid plant
maintenance, acid storage tanks for around one month’s consumption,
whether the mine makes its own or buys in acid, will be required,
significantly adding to the capital cost. As well as a substantial capital
cost saving, this is where AmmLeach
®
has a major operating cost
advantage too, due to the order of magnitude difference in reagent
consumption per tonne of ore processed.
For example, for even a moderately high acid consuming ore, ten to
fifteen times as much acid (50kg/t) as ammonia will be consumed. 
This is due to the fundamental difference between the two leaching
processes in that whereas acid is consumed by gangue minerals during
leaching, ammonia is not. The reagent is can be recycled and only
relatively small losses of ammonia need to be made up.
Capital costs comparisons for the AmmLeach
®
technology and
conventional acid leaching assume that certain aspects are common 
to both leach systems i.e. mining, mine infrastructure, mine waste
disposal, process plant residue disposal, project buildings
(administration, laboratories, workshop, warehouse etc), site access
roads, the power transmission line and the water supply line. 
Hence any comparison is limited to the process plant itself.
Typically for copper only oxide ores, process plant capital costs for
AmmLeach
®
and acid heap leach operations of the same size are
similar as, excluding reagent production and storage/handling costs 
on site, essentially the same equipment is used for both processes.
However, importantly, where economics dictate that sulphuric acid is
made on site, there can be a major differential associated with reagents
and, in particular, the differential costs of ammonia and sulphuric acid.
The AmmLeach
®
process can achieve much higher copper solution
concentrations in the pregnant leach solution (PLS) than are typically
seen in acid plants. Typical copper concentrations for an acid leaching
operation are of the order of 1-2g copper (Cu)/L compared to PLS
concentrations for the AmmLeach
®
process of 6-12g Cu/L. This,
coupled to the much greater copper transfer between aqueous and
organic, allows the efficient handling of high copper tenors in PLS (in
acid plants this would necessitate larger volume mixer-settlers due to
the higher volume of PLS and lower transfer between aqueous and
organic phases); i.e. more metal produced per unit capacity of plant
than in a corresponding acid leach-SX-EW plant.
Moreover, in ores where cobalt is a valuable by/co-product (e.g. 
DRC and Zambia), AmmLeach
®
offers additional significant capital 
and operating cost savings. This is because in the case of the acid
leach circuit the cobalt recovery circuit is complex in that the main 
leach solubilises a range of metals. The raffinate bleed will therefore
contain unextracted copper, iron (both ferrous and ferric), manganese
and aluminium. Other species may also be present and these will need
to be examined and potentially dealt with as well. Such metals include
nickel and cadmium. For the production of metal a multiplicity of unit
operations are required ahead of cobalt metal production.
In the case of the alkaline leach circuit, the requirements for purification
ahead of final cobalt recovery are much less complex. The leach itself is
highly selective for copper and cobalt since not all metals will produce
ammines. In this respect there is negligible iron and manganese present
in the liquor. A number of possibilities exist for recovery of cobalt from
the ammoniacal solution. Matt Sutcliffe
Executive 
Chairman
Martin Rosser
Chief Executive
Officer
James Bunyan
Non-Executive
Director
Roger Davey
Non-Executive
Director
Emil Morfett
Non-Executive
Director
Corporate Governance
Alexander Mining plc  
Annual Report & Accounts 2010
Directors and advisors
12
Company Secretary
T A Cross
Directors
M L Sutcliffe
M L Rosser
J S Bunyan
R O Davey
E M Morfett
Registrars
Capita Registrars
34 Beckenham Road
Beckenham
Kent, BR3 4TU
Auditors
PKF (UK) LLP
Farringdon Place
20 Farringdon Road
London, EC1M 3AP
Nominated Adviser and Broker
Ambrian Partners Limited
Old Change House
128 Queen Victoria Street
London, EC4V 4BJ
Joint Broker
XCAP Securities plc
24 Cornhill
London, EC3V 3ND
Registered office
1st Floor, 35 Piccadilly
London, W1J 0DW
United Kingdom Corporate Governance
Alexander Mining plc  
Annual Report & Accounts 2010
Directors and advisors
13
Matt Sutcliffe Executive Chairman
Matt Sutcliffe graduated from the University of Nottingham in 1990 with 
a PhD in mining engineering. He is also a chartered engineer and worked
as a mining engineer in underground nickel mines from 1990 to 1994
with Inco Limited, within its Manitoba division. He has additional
experience in operating gold and coal mines gained whilst working with
Gencor and British Coal. 
For 10 years before founding the Company, he worked in the City of
London as a mining analyst and corporate financier specialising in the
resources sector. During this time he was a mining analyst at T Hoare &
Co, head of mining at Williams de Broe and a director of corporate
finance at Evolution Beeson Gregory (now Evolution Securities). 
At Evolution Beeson Gregory, he advised a large number of public natural
resources companies, as well as arranging a number of equity listings for
junior and mid-tier mining and oil and gas companies on AIM. Whilst at
both Williams de Broe and Evolution Beeson Gregory, he was recognised
as one of the industry pioneers for listing mining companies on AIM.
Martin Rosser Chief Executive Officer
Martin Rosser is a chartered mining engineer who has 29 years’ practical
industry and financial markets experience since graduating with a degree
in mining engineering from the Camborne School of Mines in 1981. 
Initially, he spent five years working as a mining engineer in Australia,
both on underground and surface gold mines, including time with
Western Mining Corporation at Central Norseman. In 1987, he returned
to the UK and worked as a mining analyst with two City stockbrokers. 
He then joined the FSA authorised and regulated natural resources
industry specialist firm of David Williamson Associates Limited in 1989 
as a founder employee, and subsequently Managing Director. During this
time, until joining Alexander in June 2005, he provided extensive
corporate finance advisory and arranger services to the firm’s worldwide
natural resources industry clients. 
From 2002, until its takeover by Lonmin plc in January 2007, he was 
a non-executive director of TSX listed AfriOre Limited.
Roger Davey Non-Executive Director
Roger Davey is a chartered mining engineer and a graduate of the
Camborne School of Mines, with over 30 years’ experience in the mining
industry. For ten 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. He is currently a non-executive director of Greystar
Resources Limited listed on the TSX.
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. Corporate Governance
Alexander Mining plc 
Annual Report & Accounts 2010
Corporate and social responsibility
14
The Group’s core values are: 
• To be a good corporate citizen, demonstrating integrity in 
each business and community in which it operates
• To be open and honest in all its dealings, while respecting
commercial and personal confidentiality
• To be objective, consistent and fair with all its stakeholders
• To respect the dignity and wellbeing of all its stakeholders 
and all those with which it is involved 
• To operate professionally in a performance-orientated culture 
and be committed to continuous improvement 
Stakeholders 
The Group is committed to developing mutually beneficial partnerships
with its stakeholders throughout the life cycle of its activities and
operations. Principal stakeholders include shareholders; employees, 
their families, and employee representatives; the communities in which 
it operates; business partners and local and national governments.
Environmental policy 
The Group is aware of the potential impact that its operations may have
on the environment. It will ensure that all of its activities and operations
incur the minimum environmental impact possible.
The Group intends to meet or exceed international standards of
excellence with regard to environmental matters. Our operations and
activities will be in compliance with applicable laws and regulations. 
We will adopt and adhere to standards that are protective of both 
human health and the environment. For our operations we will develop
and implement closure and reclamation plans that provide for long-term
environmental stability and suitable post-mining beneficial land-uses 
at all relevant sites.
Each employee (including contractors) will be held accountable for
ensuring that those employees, equipment, facilities and resources within
their area of responsibility are managed to comply with this policy and to
minimise environmental risk. 
Ethical policy 
The Group is committed to comply with all laws, regulations, standards
and international conventions which apply to its businesses and to its
relationships with stakeholders. Where laws and regulations are non-
existent or inadequate, it will maintain the highest reasonable standards
appropriate. It 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, its 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 operations. It will undertake social
investment initiatives in the areas of need where it can make a practical
and meaningful contribution.
Labour policy 
The Group is committed to upholding fundamental human rights and,
accordingly, it seeks to ensure the implementation of fair employment
practices. The Group will also commit to creating workplaces free of
harassment and unfair discrimination.
Health & safety policy 
The Group is committed to complying with all relevant occupational
health and safety laws, regulations and standards. In the absence
thereof, standards reflecting best practice will be adopted. Corporate Governance
Alexander Mining plc 
Annual Report & Accounts 2010
15
Corporate governance
Code of best practice
The listing rules of the Financial Services Authority incorporate the
Combined Code, which sets out the principles of Good Governance, and
the Code of Best Practice for listed companies. The Board intends that,
so far as is relevant for a company of its size and stage of development,
it will comply with the Combined Code. The Board has established
appropriately constituted Audit and Remuneration Committees with
formally delegated responsibilities.
The Board of Directors
The Board of Directors currently comprises five members, two executive
directors and three non-executive directors. The Board has a wealth of
both corporate finance and mining experience, from exploration,
development and through to production. The structure of the Board
ensures that no one individual or group dominates the decision 
making process.
Board meetings are held regularly to provide effective leadership and
overall management of the Group’s affairs through the schedule of
matters reserved for Board decisions. This includes the approval of the
budget and business plan, major capital expenditure, acquisitions and
disposals, risk management policies and the approval of financial
statements. All directors have access to the advice and services of the
Company’s solicitors and the Company Secretary, who is responsible for
ensuring that all Board procedures are followed. Any director may take
independent professional advice at the Company’s expense in the
furtherance of their duties.
The audit committee
The Audit Committee, which meets not less than twice a year, considers
the Group’s financial reporting (including accounting policies) and internal
financial controls. The Audit Committee, which comprises Mr E Morfett
(Chairman), Mr R Davey, and Mr T Cross receives reports from
management and external auditors to enable it to fulfil its responsibility
for ensuring that the financial performance of the Group is properly
monitored and reported on. In addition, it keeps under review the scope,
cost and results of the external audit, and the independence 
and objectivity of the external auditors.
The remuneration committee
The Remuneration Committee, which meets when necessary, is
responsible for making recommendations to the Board on directors’ and
senior executives’ remuneration. The committee comprises Mr R Davey
(Chairman) and Mr J Bunyan. Non-executive directors’ remuneration and
conditions are considered and agreed by the Board.
Financial packages for executive directors are established by reference
to those prevailing in the employment market for executives of equivalent
status both in terms of level of responsibility of the position and their
achievement of recognised job qualifications and skills. The Committee
will also have regard to the terms which may be required to attract 
the equivalent experienced executive to join the Board from 
another company.
Internal controls
The directors acknowledge their responsibility for the Group’s systems 
of internal controls and for reviewing their effectiveness. These internal
controls are designed to safeguard the assets of the Group and to
ensure the reliability of financial information for both internal use and
external publication. Whilst the directors acknowledge that no internal
control system can provide absolute assurance against material
misstatement or loss, they have reviewed the controls that are in place
and are taking the appropriate action to ensure that the systems
continue to develop in accordance with the growth of the Group.
Relations with shareholders
The Board attaches great importance to maintaining good relations with
its shareholders. Extensive information about the Group’s activities is
included in the Annual Report and Accounts and Interim Reports, which
are sent to all shareholders. Market sensitive information is regularly
released to all shareholders concurrently in accordance with stock
exchange rules. The Annual General Meeting provides an opportunity for
all shareholders to communicate with and to question the Board on any
aspect of the Group’s activities. The Company maintains a corporate
website where information on the Group is regularly updated and all
announcements are posted as they are released. The Company
welcomes communication from both its private and institutional
shareholders.
Share dealing
The Company has adopted a share dealing code for directors and
relevant employees in accordance with the AIM Market of the London
Stock Exchange and the TSX Venture Exchange (TSXV) Rules and 
will take proper steps to ensure compliance by the directors and 
those employees. Corporate Governance
Alexander Mining plc 
Annual Report & Accounts 2010
Directors’ report
16
The directors present their report and the audited consolidated
financial statements for the year ended 31 December 2010.
Principal activities
The principal activities of the Group are the commercialisation of the
Group’s proprietary mineral processing technologies, either through
licensing to third parties and/or the acquisition of equity stakes in
amenable deposits.
Business Review
A review of the business and the future developments of the Group 
is set out on pages 4 to 11.
Results
The Group made a consolidated net loss for the year of £210,000 
(2009: £1,536,000). The directors do not recommend the payment 
of a dividend (2009: nil).
Research and development
The Group, through its wholly owned subsidiary MetaLeach Limited, is
involved in the ongoing research and development of its proprietary
mineral processing technologies, AmmLeach
®
and HyperLeach
®
. Further
details thereof are set out in the Business Review on pages 4 to 11.
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 20 
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 22 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. There is a risk that such 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
properties 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, Euros,
Australian Dollars, New Zealand Dollars, Argentinean Pesos or the
Peruvian Nuevo Soles. Accordingly, movements in the Sterling exchange
rate with these currencies could have a detrimental effect on the Group’s
results or financial condition.
Liquidity risk
The Group has to date relied upon shareholder funding of its activities.
Development of mineral properties, the acquisition of new opportunities,
or the recovery of royalty/licencing income from third party assets, may
be dependent upon the Group’s ability to obtain further financing through
joint ventures, equity or debt financing or other means. Although the
Group has been successful in the past in obtaining equity financing,
there can be no assurance that the Group will be able to obtain 
adequate financing in the future or that the terms of such financing 
will be favourable.
Credit risk
The Group’s credit risk relates mainly to the future instalment payments
for the sale of its subsidiary, Alexander Gold Group, finalised on 28
February 2011. This risk has been mitigated as far as possible by the
receipt of mortgage security over properties of the buyers.
Commodity price risk
The Group’s proprietary leaching technologies have the potential to
reduce costs and enhance margins at the mine site. The level of interest
from mining companies in commercialisation of the Group’s proprietary
leaching technologies may be affected, for better or worse, by future
movements in global metal prices.
Going concern
Based on a review of the Group’s budgets and cash flows, the directors
are satisfied that the Group has sufficient cash resources to continue its
operations and to meet its commitments for the foreseeable future. 
The accounts have therefore been prepared on a going concern basis. Corporate Governance
Alexander Mining plc 
Annual Report & Accounts 2010
Directors’ report
continued
17
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
2010 2009
Number Number
M L Sutcliffe Executive Chairman 10,906,000 10,906,000
M L Rosser Chief Executive Officer - -
J S Bunyan Non-Executive Deputy Chairman - -
R O Davey Non-Executive - -
E M Morfett Non-Executive - -
10,906,000 10,906,000
In accordance with the Company’s Articles of Association, Mr J S Bunyan and Mr E M Morfett will retire by rotation at the Annual General Meeting 
and, being eligible, offer themselves for re-election.
Other than their service contracts, no director has a material interest in a contract with the Company. Details of directors’ remuneration are set out 
in note 6 to the financial statements.
During the year, directors’ and officers’ liability insurance was maintained for directors and other officers of the Group as permitted by the 
Companies Act 2006.
The directors’ interests in share options are as follows:
Options held at Current
31 December exercise price First date of Final date of
2010 (pence) Date of grant exercise exercise
M L Sutcliffe 1,000,000 10p 23 Mar 2005 23 Mar 2007 22 Mar 2015
M L Sutcliffe 150,000 10p 15 July 2009 15 July 2010 14 July 2019
M L Rosser 500,000 10p 31 May 2005 31 May 2007 30 May 2015
M L Rosser 250,000 10p 1 Aug 2006 1 Aug 2008 31 Jul 2016
M L Rosser 500,000 10p 20 Dec 2007 20 Dec 2009 19 Dec 2017
M L Rosser 1,000,000 10p 12 Jun 2008 12 Jun 2009 11 Jun 2018
M L Rosser 150,000 10p 15 July 2009 15 July 2010 14 July 2019
J S Bunyan 250,000 10p 23 Mar 2005 23 Mar 2007 22 Mar 2015
J S Bunyan 250,000 10p 12 Jun 2008 12 Jun 2009 11 Jun 2018
J S Bunyan 150,000 10p 15 July 2009 15 July 2010 14 July 2019
R O Davey 250,000 10p 1 Aug 2006 1 Aug 2008 31 Jul 2016
R O Davey 250,000 10p 12 Jun 2008 12 Jun 2009 11 Jun 2018
R O Davey 150,000 10p 15 July 2009 15 July 2010 14 July 2019
E M Morfett 250,000 10p 28 Nov 2007 28 Nov 2009 27 Nov 2017
E M Morfett 250,000 10p 12 Jun 2008 12 Jun 2009 11 Jun 2018
E M Morfett 150,000 10p 15 July 2009 15 July 2010 14 July 2019
T otal 5,500,000
No options held by directors were exercised or lapsed during the period. Corporate Governance
Alexander Mining plc 
Annual Report & Accounts 2010
Directors’ report
continued
18
Substantial shareholders
Details of the Company’s substantial shareholders are set out on the
Company’s web-site 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 32 days’ (2009: 23 days) purchases in Group
trade payables.
Political and charitable contributions
The Group has made no political or charitable donations in the year
(2009: nil).
Share capital and share options
Details of the share capital of the Company at 31 December 2010 are set
out in note 16 to the financial statements. Details of the share options
outstanding at 31 December 2010 are set out in note 22 to the financial
statements.
Stock Exchanges
The Company’s shares are quoted on the AIM market of the London
Stock Exchange (symbol AXM) and on the TSX Venture Exchange
(symbol AXD).
In respect of the TSX Venture Exchange, the Company is a designated
foreign issuer as defined in National Instrument 71-102 of the Canadian
Securities Regulators and therefore remains subject to the regulatory
requirements of the AIM market and UK Listing Authorities.
Annual General Meeting
The Notice convening the Company’s Annual General Meeting, 
to be held on 15 June 2011, is set out in pages 41 to 42 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 Combined Code is set out on page 15.
Provision of information to auditors
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 auditors are 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 auditors are aware
of the information.
Auditors
PKF (UK) LLP has confirmed their willingness to continue in office, 
and a resolution concerning their re-appointment and remuneration 
will be proposed at the Annual General Meeting.
Statement of directors’ responsibilities
The directors are responsible for preparing the directors' report and the
financial statements in accordance with applicable law and regulations. 
Company law requires the directors to prepare financial statements for
each financial year. Under that law the directors have, as required by the
AIM Rules of the London Stock Exchange, elected to prepare the group
financial statements in accordance with International Financial Reporting
Standards as adopted by the European Union and have also elected to
prepare the parent company financial statements in accordance with
those standards. Under company law the directors must not approve the
financial statements unless they are satisfied that they give a true and fair
view of the state of affairs of the company and the group and of the
profit or loss of the group for that period. In preparing these financial
statements the directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgments and estimates that are reasonable and prudent;
• state whether the financial statements have been prepared in
accordance with IFRSs as adopted by the European Union
• prepare the financial statements on the going concern basis unless 
it is inappropriate to presume that the company and the group will
continue in business.
The directors are responsible for keeping adequate accounting records
that are sufficient to show and explain the company's transactions and
disclose with reasonable accuracy at any time the financial position of
the company and the group and enable them to ensure that the financial
statements comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the company and the group
and hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the
corporate and financial information included on the company's website.
Legislation in the United Kingdom governing the preparation and
dissemination of the financial statements and other information included
in annual reports may differ from legislation in other jurisdictions.
By Order of the Board
Terence Cross
Company Secretary
9 May 2011 Corporate Governance
Alexander Mining plc 
Annual Report & Accounts 2010
Independent auditor’s report
to the members of Alexander Mining plc
19
We have audited the financial statements of Alexander Mining plc for the
year ended 31 December 2010 which comprise the consolidated income
statement, consolidated statement of comprehensive income, the
consolidated and company balance sheets, the consolidated and
company statements of cash flows, the consolidated and company
statements of changes in equity and the related notes. The financial
reporting framework that has been applied in their preparation is
applicable law and International Financial Reporting Standards (IFRSs) 
as adopted by the European Union and, as regards the parent company
financial statements, as applied in accordance with the provisions of the
Companies Act 2006. 
This report is made solely to the company’s members, as a body, in
accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our
audit work has been undertaken so that we might state to the company’s
members those matters we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the
company and the company’s members as a body, for our audit work, 
for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the directors’ responsibilities statement, 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 the financial statements in accordance with
applicable law and International Standards on Auditing (UK and Ireland).
Those standards require us to comply with the Auditing Practices
Board’s Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures
in the financial statements sufficient to give reasonable assurance that
the financial statements are free from material misstatement, whether
caused by fraud or error. This includes an assessment of: whether the
accounting policies are appropriate to the group’s and the parent
company’s circumstances and have been consistently applied and
adequately disclosed; the reasonableness of significant accounting
estimates made by the directors; and the overall presentation of the
financial statements. In addition, we read all the financial and non-
financial information in the annual report to identify material
inconsistencies with the audited financial statements. If we become
aware of any apparent material misstatements or inconsistencies we
consider the implications for our report.
Opinion on financial statements
In our opinion;
• the financial statements give a true and fair view of the state of the
group’s and the parent company’s affairs as at 31 December 2010
and of the group’s loss for the year then ended;
• the group financial statements have been properly prepared in
accordance with IFRSs as adopted by the European Union;
• the parent company financial statements have been properly
prepared in accordance with IFRSs as adopted by the European
Union as applied in accordance with the provisions of the
Companies Act 2006; and
• the financial statements have been prepared in accordance with 
the requirements of the Companies Act 2006.
Separate opinion in relation to IFRSs
As 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.
Opinion on other matter prescribed by the 
Companies Act 2006
In our opinion the information given in the directors’ report for 
the financial year for which the financial statements are prepared 
is consistent with the financial statements. 
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where 
the Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept by the parent
company, or returns adequate for our audit have not been received
from branches not visited by us; or
• the parent company financial statements are not in agreement 
with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law 
are not made; or
• we have not received all the information and explanations we 
require for our audit.
Jason Homewood (Senior statutory auditor)
for and on behalf of PKF (UK) LLP , Statutory auditor
London, UK
9 May 2011 Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Consolidated income statement
For the year ended 31 December 2010
20
2010 2009
Notes £’000 £’000
Continuing operations
Revenue 220 220
Cost of sales (4) (19)
Gross profit 216 201
Administrative expenses (1,361) (1,345)
Exploration and development expenses - (2)
Research and development expenses (369) (251)
Operating loss 4 (1,514) (1,397)
Profit on sale of investment 12b 370 -
Reversal of previously recognised impairment charge - 68
Investment income 7 50 33
Finance cost 8 - (44)
Loss before taxation (1,094) (1,340)
Income tax expense 9 - -
Loss for the year from continuing operations (1,094) (1,340)
Profit/(loss) for the year from discontinued operations 13 884 (196)
Loss for the year (210) (1,536)
Basic and diluted profit/(loss) per share (pence):
from continuing operations 10 (0.81)p (0.99)p
from continuing and discontinued operations 10 (0.16)p (1.14)p
from discontinued operations 10 0.65p (0.15)p 
All components of profit or loss for the year are attributable to equity holders of the parent.
2010 2009
£’000 £’000
Loss for the year (210) (1,536)
Other comprehensive income:
Exchange differences on translating foreign operations (5) (41)
Gain on available for sale investments - 102
Previously recognised gain on investment transferred to the income statement (102) -
Total comprehensive loss for the year attributable to equity holders of the parent (317) (1,475)
Consolidated statement of comprehensive income
For the year ended 31 December 2010 Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Consolidated balance sheet
As at 31 December 2010
21
2010 2009
Notes £’000 £’000
Assets
Property, plant & equipment 11 - 1
Available for sale investments 12b - 202
Total non-current assets - 203
Trade and other receivables 14 115 127
Cash and cash equivalents 15 2,357 3,540
2,472 3,667
Assets classified as held for sale 13 1,213 -
Total current assets 3,685 3,667
Total assets 3,685 3,870
Equity attributable to owners of the parent
Issued share capital 16 13,549 13,549
Share premium 16 11,850 11,850
Merger reserve 17 (2,487) (2,487)
Share option reserve 17 563 515
Translation reserve 17 1,343 1,348
Fair value reserve - 102
Accumulated losses (21,485) (21,279)
Total equity 3,333 3,598
Liabilities
Non-current liabilities
Provisions 19 - 53
Current liabilities
Trade and other payables 18 279 219
Liabilities classified as held for sale 13 73 -
Total current liabilities 352 219
Total liabilities 352 272
Total equity and liabilities 3,685 3,870
These financial statements were approved by the Board of Directors and authorised for issue on 9 May 2011 
and were signed on their behalf by:
M L Rosser
Director Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Company balance sheet
Company number 5357433 in England and Wales
As at 31 December 2010
22
2010 2009
Notes £’000 £’000
Assets
Available for sale investments 12b - 202
Total non-current assets - 202
Trade and other receivables 14 68 97
Cash and cash equivalents 15 2,356 3,388
2,424 3,485
Non-current assets classified as held for sale 13 1,140 -
Total current assets 3,564 3,485
Total assets 3,564 3,687
Equity attributable to owners of the parent
Issued share capital 16 13,549 13,549
Share premium 16 11,850 11,850
Share option reserve 17 563 515
Fair value reserve 17 - 102
Accumulated losses 17 (22,672) (22,423)
Total equity 3,290 3,593
Liabilities
Trade and other payables 18 274 94
Total current liabilities 274 94
Total equity and liabilities 3,564 3,687
These financial statements were approved by the Board of Directors and authorised for issue on 9 May 2011 
and were signed on their behalf by:
M L Rosser
Director Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Consolidated statement of cash flows
For the year ended 31 December 2010
23
2010 2009
Notes £’000 £’000
Cash flows from operating activities
Operating loss – continuing operations (1,514) (1,397)
Operating loss – discontinued operations (204) (184)
Depreciation and amortisation charge 1 2
(Increase)/decrease in trade and other receivables (5) 17
Increase/(decrease) in trade and other payables 78 (33)
Shares issued in payment of expenses - 96
Share option charge 52 117
Profit on disposal of property, plant and equipment - (93)
Net cash outflow from operating activities (1,592) (1,475)
Cash flows from investing activities
Interest received 10 34
Proceeds from sale of investment 470 93
Net cash inflow from investing activities 480 127
Net decrease in cash and cash equivalents (1,112) (1,348)
Cash and cash equivalents at beginning of period 3,540 4,986
Exchange differences 26 (98)
Cash and cash equivalents at end of period 15 2,454 3,540
2010 2009
Notes £’000 £’000
Cash flows from operating activities
Operating loss (1,328) (1,333)
Decrease/(increase) in trade and other receivables 29 (15)
Increase/(decrease) in trade and other payables 180 (19)
Shares issued in payment of expenses - 96
Share option charge 52 117
Inter-company recharges - (4)
Net cash outflow from operating activities (1,067) (1,158)
Cash flows from investing activities
Amounts remitted to subsidiary companies (469) (210)
Interest received 10 33
Proceeds from sale of investment 470 -
Net cash inflow/(outflow) from investing activities 11 (177)
Net decrease in cash and cash equivalents (1,056) (1,335)
Cash and cash equivalents at beginning of period 3,388 4,804
Exchange differences 24 (81)
Cash and cash equivalents at end of period 15 2,356 3,388
Company statement of cash flows
For the year ended 31 December 2010 Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Consolidated statement of changes in equity
For the year ended 31 December 2010
24
Share
Share Share Merger option Translation Fair value Accumulated T otal
capital premium reserve reserve reserve reserve losses equity
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2009 13,453 11,850 (2,487) 703 1,389 - (20,048) 4,860
Accumulated loss for period ------ (1,536) (1,536)
Exchange difference on translating 
foreign operations ---- (41) - - (41)
Valuation gains on available for 
sale investments ----- 102 - 102
Total comprehensive income 
for the period attributable to 
equity holders of the parent ---- (41) 102 (1,536) (1,475)
Share option costs - - - 117 - - - 117
Share options cancelled - - - (305) - - 305 -
Shares issued 96 ------ 96
At 31 December 2009 13,549 11,850 (2,487) 515 1,348 102 (21,279) 3,598
Accumulated loss for period ------ (210) (210)
Exchange difference on translating 
foreign operations ---- (5) -- (5)
Realisation of investment ---- (102) - (102)
Total comprehensive income 
for the period attributable to 
equity holders of the parent ---- (5) (102) (210) (317)
Share option costs - - - 52 - - - 52
Share options cancelled - - - (4) - - 4 -
Shares issued -------
At 31 December 2010 13,549 11,850 (2,487) 563 1,343 - (21,485) 3,333 Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Company statement of changes in equity
For the year ended 31 December 2010
25
Share
Share Share option Fair value Accumulated T otal
capital premium reserve reserve losses equity
£’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2009 13,453 11,850 703 - (21,201) 4,805
Accumulated loss for period ---- (1,527) (1,527)
Valuation gains on available for sale investments - - - 102 - 102
Total comprehensive income for the period 
attributable to equity holders of the parent - - - 102 (1,527) (1,425)
Share option costs - - 117 - - 117
Share options cancelled - - (305) - 305 -
Shares issued 96 ---- 96
At 31 December 2009 13,549 11,850 515 102 (22,423) 3,593
Accumulated loss for period ---- (253) (253)
Realisation of investment - - - (102) - (102)
Total comprehensive income for the period 
attributable to equity holders of the parent - - - (102) (253) (355)
Share option costs - - 52 - - 52
Share options cancelled - - (4) - 4 -
Shares issued ------
At 31 December 2010 13,549 11,850 563 - (22,672) 3,290 Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Notes to the financial statements
For the year ended 31 December 2010
26
1 General Information
Alexander Mining plc (the “Company”) is a public limited company incorporated and domiciled in England and its shares are traded on the AIM Market
of the London Stock Exchange and on the TSX Venture Exchange (TSXV). Alexander Mining plc is a holding company of a group of companies (the
“Group”), the principal activities of which are the commercialisation of the Group’s proprietary mineral processing technologies, either through licensing
to third parties and/or the acquisition of equity stakes in amenable deposits.
These consolidated financial statements were approved for issue by the Board of Directors on 9th May 2011.
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 adopted by the IASB.
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect 
the application of policies and reported amounts in the financial statements. The areas involving a higher degree of judgement or complexity, or areas
where assumptions or estimates are significant to the financial statements, are disclosed in note 2 p).
A separate income statement for the parent company has not been presented, as permitted by section 408 of the Companies Act 2006.
The financial statements are prepared in accordance with IFRS and interpretations in force at the reporting date. The Company has not adopted 
any standards or interpretations in advance of the required implementation dates. 
Standards, Amendments and Interpretations effective in 2010
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. For subsequent business combinations, the assets, liabilities and contingent
liabilities of a subsidiary are measured at their fair value at the date of acquisition. Any excess of the cost of the acquisition over the fair values of the
identifiable net assets acquired is recognised as goodwill, which is subsequently tested for impairment rather than amortised. If the cost of the
acquisition is less than the fair value of net assets of the subsidiary acquired, the difference is recognised directly in the income statement.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of
acquisition or up to the effective date of disposal, as appropriate.
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 classified as equity and transferred to the Group’s translation reserve. Such translation differences are recognised in the income
statement in the period in which the operation is disposed of. Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Notes to the financial statements
For the year ended 31 December 2010
27
iii) Net investment in foreign operations
Exchange differences arising from the translation of the net investment in foreign operations are taken to the 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 2 e) below).
ii) Subsequent costs
The Group recognises in the carrying amount of an item of property, plant and equipment the cost of replacing part of such an item when that cost 
is incurred if it is probable that the future economic benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably. All other costs are recognised in the income statement as an expense as incurred.
iii) Depreciation
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each item of property, plant and equipment.
Land is not depreciated. The estimated useful lives of all other categories of assets are three years.
The residual value is assessed annually. Gains and losses on disposal are determined by comparing proceeds with carrying amount and are included
in the income statement.
e) Impairment
i) Whenever events or changes in circumstance indicate that the carrying amount of an asset may not be recoverable the asset is reviewed for
impairment. An asset’s carrying value is written down to its estimated recoverable amount (being the higher of the fair value less costs to sell
and value in use) if that is less than the asset’s carrying amount.
ii) Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised
estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been
determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss 
is recognised in profit or loss for the period.
f) Disposal groups and non-current assets held for sale
Disposal groups and non-current assets held for sale are measured at the lower of carrying amount and fair value less costs to sell.
Disposal groups and non-current assets are classified as held for sale if their carrying amount will be recovered through a sale transaction rather 
than through continuing use.
This is the case, when the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and
customary for sales of such assets or disposal groups and the sale is considered to be highly probable.
A sale is considered to be highly probable if the appropriate level of management is committed to a plan to sell the asset or disposal group, and an
active programme to locate a buyer and complete the plan has been initiated. Further, the asset or disposal group has been actively marketed for 
sale at a price that is reasonable in relation to its current fair value. In addition, the sale is expected to qualify for recognition as a completed sale 
within one-year from the date that it is classified as held for sale.
g) Financial instruments
i) Investments
Equity financial instruments held by the Group, other than investments in subsidiaries, are classified as being available-for-sale and are stated at fair
value, with any resultant gain or loss recognised directly in equity, except for impairment losses. When these investments are sold the cumulative 
gain or loss previously recognised directly in equity is recognised in the income statement.
Investments in subsidiary undertakings are stated at cost less provision for impairment.
ii) Trade and other receivables
Trade and other receivables are not interest bearing and are stated at amortised cost.
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. Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Notes to the financial statements
For the year ended 31 December 2010
28
h) Share based payment transactions
The Group has applied the requirements of IFRS 2 (share based payments), in accordance with the transitional provisions, to all equity instruments
granted after 7 November 2002 which had not vested at 1 January 2006. 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.
i) Operating lease payments
Payments made under operating leases are recognised on a straight-line basis over the term of the lease.
j) Share capital
The Company’s ordinary shares are classified as equity.
k) Provisions
Provisions are recognised when the Group has a legal or constructive obligation as a result of past events, it is more likely than not that an outflow 
of resources will be required to settle the obligation and the amount can be reliably estimated.
l) Revenue
Revenue comprises the fair value of the consideration received or receivable for the provision of services to or from external customers 
(net of value-added tax and other sales taxes).
Sale of testwork services
The group sells testwork services to other mining companies. These services are generally provided on fixed-price contracts, with contract terms
usually less than one year. Revenue is recognised under the percentage-of-completion method, based on the services performed to date as a
percentage of the total services to be performed.
Royalty income
Royalty income is recognised on an accruals basis in accordance with the substance of the relevant agreements.
m) Research and development costs
Research costs are recognised in the income statement as an expense as incurred. Development costs are recognised in the income statement as an
expense as incurred unless the development project meets specific criteria for deferral and amortisation. No development costs have been deferred to
date because there is insufficient information at the balance sheet date to quantify the expected future economic benefits from the proprietary leaching
technologies.
n) 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.
o) Segment information
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker.
The Chief Operating Decision Maker, responsible for allocating resources and assessing performance of the operating segments, 
has been identified as the Board of Directors.
p) Critical accounting estimates and judgements
The preparation of financial statements under the principles of IFRS requires management to make judgements, estimates and assumptions that affect
the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based
on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of
making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from
these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which
the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and
future periods.
Information about such judgements and estimates is contained in the accounting policies and/or the notes to the financial statements and the key
areas are summarised below. Areas of judgement that have the most significant effect on the amounts recognised in the financial statements are:
• Impairment of assets - note 2 e). 
• Estimation of share based payment costs - notes 2 h) and 22.
• Disposal Group, estimate of fair value less costs to sell – note 13 Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Notes to the financial statements
For the year ended 31 December 2010
29
3 Analysis of 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 segments based on the reports reviewed by the Board.
The Board considers the business has two reportable segments. They are those which incorporate similar activities and services, namely Head Office,
including the development and management of intellectual property rights, and the management of Argentinean and Peruvian exploration assets. 
The segmental analysis includes the discontinued businesses within the segments disclosed as if they were continuing. The analysis has been
prepared on the basis that prevailed and was reported to the Board until 31 December 2010.
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 each segment’s Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA), and overall loss before tax.
For the purpose of measuring segmental profits and losses, the Argentinean and Peruvian segment bears only those direct costs incurred by or on
behalf of the Argentinean and Peru Branches and their holding company. No head office cost allocations are made to this segment. The Head Office
and Intellectual Property segment recognises all other costs and revenues. The Head Office and Intellectual Property 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.
Head Office and Argentina 
Intellectual Property and Peru Group total
2010 2009 2010 2009 2010 2009
£’000 £’000 £’000 £’000 £’000 £’000
External and total segment revenues 220 220 - - 220 220
EBITDA (1,060) (1,282) (206) (169) (1,266) (1,451)
Interest revenue 9 34 1 - 10 34
Depreciation and amortisation - - (1) (2) (1) (2)
Loss before tax for trading segment (1,051) (1,248) (206) (171) (1,257) (1,419)
Reconciliations
2010 2009 2010 2009 2010 2009
(i) Group loss before tax £’000 £’000 £’000 £’000 £’000 £’000
Loss before tax for trading segments (1,051) (1,248) (206) (171) (1,257) (1,419)
Share option charges (52) (117) - - (52) (117)
Loss before tax (1,103) (1,365) (206) (171) (1,309) (1,536)
Reversal of previously recognised impairment (note 13) - - 1,099 1,099 -
Loss for the year (1,103) (1,365) 893 (171) (210) (1,536)
2010 2009 2010 2009 2010 2009
(ii) Group assets £’000 £’000 £’000 £’000 £’000 £’000
Assets not allocated for internal reporting:
Non-current assets - 203 - - - 203
Group other receivables 115 106 1,116 21 1,231 127
Group cash and cash equivalents 2,357 3,388 97 152 2,454 3,540
Group total assets 2,472 3,697 1,213 173 3,685 3,870
(iii) Major customers
During the year two customers (2009 - three customers) each accounted for more than 10% of the Group’s revenues. These revenues are 
all attributable to the Head Office and Intellectual Property segment. They derive from sales of consultancy services and mineral processing 
test-work services, all related to the Group’s intellectual property.
2010 2009
£’000 % £’000 %
Customer 1 -- 63 29%
Customer 2 146 66% 61 28%
Customer 3 -- 31 14%
Customer 4 34 15% --
180 81% 155 71% Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Notes to the financial statements
For the year ended 31 December 2010
30
4 Operating loss
Operating loss is stated after charging:
2010 2009
£’000 £’000
Depreciation - 2
Operating lease expense 38 63
Share option charge (note 22) 52 117
Shares issued in payment of expenses - 96
Research and development expenses 369 251
Other exploration expenditure - 2
Profit on disposal of property, plant and equipment - (93)
5 Auditor’s remuneration
2010 2009
£’000 £’000
Fees payable to the Group’s auditor for the audit of the Group’s annual financial statements 20 20
Fees payable to the Group’s auditor and its associates for other services:
The audit of the Group’s subsidiaries pursuant to legislation 4 6
Other services pursuant to legislation 9 2
Tax services 4 23
Other services 2 -
39 51
6 Directors’ emoluments and staff costs
Directors’ remuneration is set out below:
Other
Annual salary Fees benefits Total
£’000 £’000 £’000 £’000
2010
M L Sutcliffe 174 - 5 179
M L Rosser 124 - 2 126
R O Davey -25 - 25
J S Bunyan -40 1 41
E M Morfett -25 - 25
298 90 8 396
2009
M L Sutcliffe 154 - 13 167
M L Rosser 122 - 2 124
R O Davey - 25 - 25
J S Bunyan -33 1 34
E M Morfett -25 - 25
276 83 16 375
Other staff costs incurred during the period amounted to £332,000 (2009: £333,000), with total social security costs for the group being £40,000 
(2009: £56,000).  Share based payments of £52,000 (2009: 117,000) were also made in the year.
On average, excluding directors, the group employed 4 technical staff members (2009: 4) and 3 administration staff (2009: 5). Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Notes to the financial statements
For the year ended 31 December 2010
31
7 Investment income
2010 2009
£’000 £’000
Interest on short term bank deposits – continuing operations 10 33
Exchange differences on foreign currency – continuing operations 40 -
50 33
8 Finance costs
2010 2009
£’000 £’000
Exchange differences on foreign currency - (44)
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:
2010 2009
£’000 £’000
Loss before tax (1,094) (1,536)
Current tax at 28% (2009: 28%) (306) (430)
Effects of:
Expenses not deductible for tax purposes 64 69
Qualifying depreciation in excess of capital allowances on which no deferred tax has been provided (1) 30
Unrelieved tax losses arising in the period 243 386
Unrelieved exploration expenditure arising in overseas subsidiaries - (55)
Income tax expense - -
Unrecognised deferred tax assets
2010 2009
£’000 £’000
Cumulative tax losses 1,491 2,472
Unrelieved exploration expenditure arising in overseas subsidiaries 152 2,283
Accelerated capital allowances 3 4
Unrecognised deferred tax asset at end of period 1,646 4,759
Unrecognised deferred tax assets for 2010 no longer include those that previously related to the Alexander Gold Group Limited 
discontinued operation.
Deferred tax assets carried forward have not been recognised in the accounts because there is insufficient evidence of the timing 
of suitable future taxable profits against which they can be recovered.
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 2010 of 135,486,542 
(31 December 2009: 134,735,876) and computed on the respective profit and loss figures as follows:
2010 2009
£’000 Per share £’000 Per share
(Loss) - continuing operations (1,094) (0.81p) (1,340) (0.99p)
(Loss) - continuing and discontinued operations (210) (0.16p) (1,536) (1.14p)
Profit/(loss) - discontinued operations 884 0.65p (196) (0.15p)
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. Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Notes to the financial statements
For the year ended 31 December 2010
32
11 Property, plant & equipment
The Group
Office 
equipment Leasehold Motor Exploration
and furniture improvements vehicles equipment T otal
£’000 £’000 £’000 £’000 £’000
Cost
As at 1 January 2009 140 37 48 483 708
Disposals (93) (2) (48) (483) (626)
As at 31 December 2009 47 35 - - 82
Disposals (2) - - - (2)
As at 31 December 2010 45 35 - - 80
Depreciation
As at 1 January 2009 (138) (37) (48) (482) (705)
Charged in year (1) - - (1) (2)
Disposals 93 2 48 483 626
As at 31 December 2009 (46) (35) - - (81)
Disposals 1 --- 1
As at 31 December 2010 (45) (35) - - (80)
Net book value
As at 31 December 2010 - ----
As at 31 December 2009 1 - - - 1
As at 1 January 2009 2 - - 1 3
The Company
Office
Leasehold equipment
improvements and furniture T otal
£’000 £’000 £’000
Cost
As at 1 January 2009 and 1 January 2010 35 45 80
Additions ---
As at 31 December 2010 35 45 80
Depreciation
As at 1 January 2009 (35) (44) (79)
Charged in year - (1) (1)
As at 31 December 2009 (35) (45) (80)
Charged in year ---
As at 31 December 2010 (35) (45) (80)
Net book value
As at 31 December 2010 ---
As at 31 December 2009 ---
As at 1 January 2009 -11 Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Notes to the financial statements
For the year ended 31 December 2010
33
12 Investments
Group Company
2010 2009 2010 2009
£’000 £’000 £’000 £’000
Subsidiary undertakings (a) - - - -
Available for sale investments (b) - 202 - 202
- 202 - 202
(a) Company subsidiary undertakings
As at 31 December 2010, the Group owned interests in the following subsidiary undertakings, which are included in the consolidated financial
statements:
Name Holding Business Activity Country of Incorporation
Alexander Gold Group Limited 
1
100% Exploration British Virgin Islands
MetaLeach Limited 100% Leaching technology development British Virgin Islands
Molinetes (BVI) Limited 100% Investment holding British Virgin Islands
Compania Minera Molinetes SAC 
2
100% Exploration Peru
1 
Operates a branch in Argentina. During 2008 a provision of £6,786,800 was made against the cost of the investment in this subsidiary in the parent  
company financial statements. This subsidiary was sold on 28 February 2011 – see note 13 for further details.
2 
Owned by Molinetes (BVI) Limited.
(b) Available for sale investments
During 2005, the Company acquired an interest in 1,165,000 ordinary shares of AU$0.20 each in Mariana Resources Limited, a company registered 
in New South Wales, Australia, for a total cost of £99,957. Mariana Resources Limited’s shares are traded on the AIM Market of the London Stock
Exchange plc.
During 2010, this investment was sold for the cash sum of £469,896, yielding a profit on disposal of £369,939. Of this profit, £102,170 was held in 
a fair value reserve at 31 December 2009. The fair value reserve was transferred to the 2010 income statement upon disposal of the investment.
13 Disposal group – discontinued operations
On 28 February 2011, the Company completed, as planned, the sale of its entire interest in its subsidiary, Alexander Gold Group Limited for the sum of
US$2,200,000. US$400,000 was received on execution of the legally binding sale and purchase agreement and 18 monthly payments of US$100,000
each remain due, commencing in March 2011.
Given the stage of negotiations at 31 December 2010, the directors have used the proposed transaction as the ‘best’ indicator of the fair value of 
the disposal group and discounted the expected proceeds to arrive at a fair value of £1,140,000 after deducting expected costs to sell. Previously
impaired assets of the disposal group have therefore had impairments reversed to give a carrying value equal to this fair value amount.
At 1 January 2010 no carrying value had been brought forward for the investment in Alexander Gold Group within the Company’s balance sheet.
Previously recognised impairments for this investment were therefore reversed to give a carrying value of £1,140,000 and the investment was 
classified as a non-current asset available for sale.
A discount rate of 25% per annum was applied in arriving at the fair value of the receivable, mainly in recognition of the risks implicit in the anticipated
collection of future instalment payments. In addition to a small discount for the time value of money, the discount relates principally to country/political
risk, the risk that foreign exchange controls may restrict future remittances, as well as counter-party in-country credit risks.
A net profit for the year attributed to the discontinuing business amounted to £884,000, comprised as follows:
2010 2009
Discontinued operation £’000 £’000
Impairment reversal 1,099 -
Administrative expenses (182) (167)
Exploration and development expenses (23) (110)
Profit on disposal of property, plant and equipment - 93
Investment income 1 1
Finance cost (11) (13)
Profit/(loss) for the year on discontinued operation 884 (196)
Other comprehensive income relating to the disposal group
The cumulative profit transferred to translation reserve in respect of the disposal group amounted to £1,404,000 at 31 December 2010, 
of which £8,000 related to the current year. Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Notes to the financial statements
For the year ended 31 December 2010
34
The assets and liabilities of the disposal group/discontinued business comprised of:
2010
£’000
Current assets
Other receivables 1,116
Cash at bank 97
Total assets of disposal group 1,213
Current liabilities
Trade and other payables 18
Environmental provision 55
Total liabilities of disposal group 73
Cash flows of the disposal group
2010 2009
£’000 £’000
Net cash outflow from operating activities (238) (384)
Net cash flow from investing activities 1 1
Net cash flow from financing activities 197 373
Net decrease in cash and cash equivalents (40) (10)
Cash and cash equivalents at beginning of period 148 171
Exchange differences (11) (13)
Cash and cash equivalents at end of period 97 148
Reportable segment
The disposal group/discontinued business is part of the Argentina and Peru segment (note 3).
14 Trade and other receivables 
Group Company
2010 2009 2010 2009
£’000 £’000 £’000 £’000
Non-current assets
Amounts due from subsidiary companies - - - -
Current assets
Trade receivables 44 8 - -
Other receivables 28 78 27 58
Other taxes and social security 6 1 6 1
Prepayments and accrued income 37 40 35 38
115 127 68 97
Amounts due to the Company from its subsidiary companies have been fully provided for as detailed in Note 25.
15 Cash and cash equivalents
Cash and cash equivalents consist of cash on hand and demand deposits and short term fixed term deposits. Cash and cash equivalents 
included in the cash flow statement comprise the following balance sheet amounts:
Group Company
2010 2009 2010 2009
£’000 £’000 £’000 £’000
Cash on hand and demand deposits 2,357 1,414 2,356 1,262
Short term fixed term deposits - 2,126 - 2,126
Continuing operations 2,357 3,540 2,356 3,388
Disposal group cash and demand deposits 97 - - -
2,454 3,540 2,356 3,388 Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Notes to the financial statements
For the year ended 31 December 2010
35
16 Share capital
2010 2009
Number £’000 Number £’000
Authorised
Ordinary shares of 10p each 240,000,000 24,000 240,000,000 24,000
Allotted, called up and fully paid
Ordinary shares of 10p each 135,486,542 13,549 135,486,542 13,549
Details of share options issued during the year and outstanding at 31 December 2010 are set out in note 22. 
Issued Share Capital and Share Premium: Number of Nominal Share
shares value Premium T otal
£££
At 31 December 2010 and 31 December 2009 – Ordinary shares of 10p each 135,486,542 13,548,654 11,849,590 25,398,244
17 Capital and reserves
The Consolidated and Company statements of changes in equity are set out on pages 24 and 25 of this report.
• The merger reserve arose from the Company’s acquisition of Alexander Gold Group Limited on 22 March 2005. As permitted by IFRS 1 
this acquisition has not been restated under the terms of IFRS 3 and was accounted for in accordance with the merger accounting principles 
of UK GAAP .
• The share option reserve includes an expense based on the fair value of share options issued since 7 November 2002 that had not 
vested by 1 January 2006. Details of share options issued during the period and outstanding at 31 December 2010 are set out in note 22.
• 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.
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.
18 Trade and other payables
Group Company
2010 2009 2010 2009
£’000 £’000 £’000 £’000
Trade payables 67 49 67 48
Other payables 32 68 32 -
Other taxes and social security - 9 - 9
Accruals and deferred income 180 93 175 37
279 219 274 94
19 Provisions
Group
2010 2009
Environmental provision £’000 £’000
At 1 January 53 60
Exchange difference 2 (7)
Provision classified as held for sale (55) -
At 31 December - 53
Closure provision
At 1 January - 34
Utilised in period - (34)
At 31 December - -
Total provisions at 1 January 53 94
Total provisions at 31 December - 53
The environmental provision represents the directors’ estimate of the current rehabilitation costs for the Group’s Leon project site in Argentina. 
The timing, extent and cost of rehabilitation is uncertain. The Group is currently maintaining minimum necessary security, infrastructure and access 
at the project site, together with its ownership rights of the project licences, consistent with its interest in attracting a possible purchaser for mine
development after copper price recovery. During this period the Group has a commitment to ongoing water and soil monitoring at the project site. Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Notes to the financial statements
For the year ended 31 December 2010
36
20 Financial risk management
The Group’s and Company’s principal financial assets comprise cash and cash equivalents, trade receivables, other receivables and available for 
sale financial assets. In addition, the Company’s financial assets include amounts due from subsidiaries. The Group’s and Company’s financial 
liabilities comprise: trade payables; other payables; and accrued expenses.
All of the Group’s and Company’s financial liabilities are measured at amortised cost. With the exception of available for sale financial assets, 
which are recorded at fair value, all of the Group’s and Company’s financial assets are classified as loans and receivables.
The Board of Directors determines, as required, the degree to which it is appropriate to use financial instruments, commodity contracts or other
hedging contracts or techniques to mitigate financial risks. The main risks for which such instruments may be appropriate are interest rate risk, 
liquidity risk and foreign currency risk, each of which is discussed below. All non-routine transactions require Board approval. During 2010 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 disposal group receivable of £1,116,000 referred to in note 13, in respect of the sale of its subsidiary, Alexander Gold Group Limited.
The Group is further exposed to credit risk on its cash and cash equivalents as set out in note 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 managed by maintaining mortgages over fixed properties to secure payment of the receivable from the
sale of the Group’s Argentinean subsidiary.
At 31 December 2010 the Group had no significant trade receivables. The Group’s focus on commercialising its technologies may result in significant
trade receivables during 2011, 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, Argentinean Pesos 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:
2010 2009
£’000 £’000
Sterling 1,859 2,794
US Dollars 492 614
Australian Dollars 44 58
New Zealand Dollars 33 48
Euros 8 9
Argentinean Pesos 18 17
2,454 3,540
The Group has assets located in Argentina (which is considered to have a US Dollar functional currency) and Peru (which is considered to have a
Peruvian Nuevo Soles functional currency). Exchange gains and losses resulting from currency fluctuations on such assets are recognised directly in
equity within the translation reserve. At 31 December 2010, movements of up to 10% in the Sterling: US dollar and Sterling: other currencies exchange
rates are not considered to have a material effect on the Group’s balance sheet. The impact of a 10% movement has been selected as this is
considered reasonable given the current level of exchange rates and the volatility observed on a historical basis. The Group does not hedge its
exposure to investments in foreign companies denominated in currencies other than Sterling. Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Notes to the financial statements
For the year ended 31 December 2010
37
The table below shows an analysis of net monetary assets and liabilities by functional currency of the Group:
Peruvian
Sterling US Dollars Nuevo Soles T otal
2010 £’000 £’000 £’000 £’000
Balances denominated in
Sterling 1,800 - - 1,800
US Dollars 1,663 (67) 1 1,597
Canadian Dollars (106) - - (106)
New Zealand Dollars 33 - - 33
Argentinean Pesos -36 - 36
Other currencies 14 - - 14
3,404 (31) 1 3,374
Peruvian
Sterling US Dollars Nuevo Soles T otal
2009 £’000 £’000 £’000 £’000
Balances denominated in
Sterling 2,784 - - 2,784
US Dollars 532 (6) 5 531
Australian Dollars 53 - - 53
New Zealand Dollars 35 - - 35
Argentinean Pesos -32 - 32
Other currencies 12 - 1 13
3,416 26 6 3,448
Commodity price risk
Commodity price risk is the risk that the Group’s future earnings will be adversely impacted by changes in the market prices of commodities. 
The Group is exposed to commodity price risk as its future revenues may be determined by reference to market prices of metals.
In addition to any new projects acquired by the Group, future revenue streams may include royalties from the development of third party assets. 
The Group’s revenue from such royalty streams will be dependent on future commodity prices, both in terms of the absolute value of the royalty 
and the commodity price required for the successful economic development of such assets.
The Group manages commodity price risk by considering the impact of fluctuations in commodity prices on the value of the Group’s intellectual
property and the potential value of third party assets on which the Group is negotiating future royalty agreements
Liquidity risk
Liquidity risk relates to the ability of the Group to meet future obligations and financial liabilities. The Group monitors its risk to a shortage of funds
using cash flow models, which consider existing financial assets, liabilities and projected cash inflows and outflows from operations.
The table below sets out the maturity profile of financial liabilities at 31 December
Group Company
2010 2009 2010 2009
£’000 £’000 £’000 £’000
Due in less than one month 246 83 211 63
Due between one and three months 38 41 38 10
Due between three months and one year 28 95 25 21
312 219 274 94
To date the Group has relied upon shareholder funding of its activities. Development of mineral properties, the acquisition of new opportunities, or the
recovery of royalty income from third party assets, may be dependent upon the Group’s ability to obtain further financing through joint ventures, equity
or debt financing 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 flows, the directors are satisfied that the Group has sufficient cash resources to continue 
its operations and to meet its commitments for the foreseeable future. The accounts have therefore been prepared on a going concern basis. Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Notes to the financial statements
For the year ended 31 December 2010
38
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 2010 the Group had Sterling and US dollar denominated cash balances and short term deposits which attracted interest as follows:
2010 2009
Deposit Interest rate Deposit Interest rate
£’000 £’000
Sterling deposits 1,282 0.50% 2,126 0.50%
US dollar deposits -- 48 0.73%
The value of the Group’s assets at 31 December 2010 and the result for the period would not be materially affected by changes in interest rates.
Price risk
Investments by the Group in available for sale financial assets expose the Group to price risk. The directors do not consider this risk to be material 
as the Group does not have a significant portfolio of available for sale financial assets.
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 2010 and 
31 December 2009 are not materially different from their fair values. They have therefore not been shown separately.
21 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 2010 the Group has 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. Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Notes to the financial statements
For the year ended 31 December 2010
39
22 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:
2010 2009
Weighted Weighted
average average
exercise Number exercise Number
price of options price of options
Outstanding at the beginning of the period 10.0p 10,091,665 21.7p 12,208,333
Granted during the period 12.4p 350,000 10.0p 1,816,667
Cancelled during the period 10.0p (466,665) 26.5p (3,933,335)
Outstanding at the end of the period 10.1p 9,975,000 10.0p 10,091,665
Exercisable at the end of the period 10.1p 6,874,995 10.0p 5,302,773
On 15 July 2009, all options outstanding with exercise prices in excess of 10p per share were cancelled and re-issued with an exercise price 
of 10p per share. This has been treated as a modification to existing share based payment arrangements in accordance with IFRS 2. In addition,
1,816,667 new options were also granted at this time with an exercise price of 10p per share.
Share options outstanding at 31 December 2010 had a weighted average exercise price of 10.1 pence (2009: 10.0 pence) and a weighted average
contractual life of 6.6 years (2009: 7.2 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 2010.
At 31 December 2010 the total number of options over ordinary shares outstanding was as follows:
Exercise period Weighted
average
exercise
Vested: Number price
Exercisable until 2015 2,250,000 10.0p
Exercisable until 2016 775,000 10.0p
Exercisable until 2017 1,000,000 10.0p
Exercisable until 2018 1,799,996 10.0p
Exercisable until 2019 966,666 10.0p
Exercisable until 2020 83,333 12.0p
Exercisable at the period end 6,874,995 10.1p
Not yet vested:
Exercisable between 2011 and 2019 2,833,338 10.1p
Exercisable between 2011 and 2020 266,667 10.3p
9,975,000 10.1p
The fair value of services received in return for share options granted is measured by reference to the fair value of the share options granted. 
This estimate is based on a Black-Scholes model which is considered most appropriate considering the effects of the vesting conditions, 
expected exercise period and the payment of dividends by the Company.
The following inputs were used in the calculation of the fair value of the share options granted during the period:
1 June 5 November 
Date of Grant 2010 2010
Fair value (p) 
1
6.0p 5.0p
Share price (p) 11.5p 13.5p
Exercise price (p) 12.0p 13.5p
Expected volatility 
2
83% 54%%
Option life 3 years 3 years
Expected dividends 0.0% 0.0%
Risk-free rate of return 0.5% 0.5%
1 
The fair value of options awarded on 1 June 2010 was 6.0p per share and for those awarded on 5 November 2010 the fair value was 5.0p per share.
2
Volatility for options granted was estimated based on the Company’s daily closing share price during the 12 months prior to the issue 
of the share options. Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Notes to the financial statements
For the year ended 31 December 2010
40
23 Commitments
Future commitments for the Group under non-cancellable operating leases are as follows:
2010 2009
£’000 £’000
Payable within one year 37 24
Payable between one and two years 37 -
74 24
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.
24 Contingent liabilities
There were no contingent liabilities at 31 December 2010 or 31 December 2009.
25 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
Increase/
At (decrease) Provisions At
1 January in period in period 31 December
2010 2009 2010 2010
£’000 £’000 £’000 £’000 £’000 £’000
Alexander Gold Group Limited* - 4 - (180) 180 -
Molinetes BVI Limited - - - 378 (378) -
MetaLeach Limited - - - 271 (271) -
- 4 - 469 (469) -
* Following the sale of Alexander Gold Group Limited during February 2011, an amount of £1,140,000, after discounting for counterparty and 
country risk, has been recognised as a reversal of previous impairment of the Company’s investment in Alexander Gold Group Limited.
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 is as follows:
2010 2009
£’000 £’000
Short-term employee benefits 671 666
Other benefits 8 16
Share-based payments 50 116
729 798
26 Post balance sheet events
• On 28 January 2011, the Company incorporated a wholly owned subsidiary, Alexander Mining Katanga S.P .R.L. in the 
Democratic Republic of the Congo. The company remains dormant at the date of this report.
• On 24 February 2011, the Company announced an agreement to build a pilot cobalt processing plant in partnership with Anvil Mining 
at the Mutoshi deposit in the Democratic Republic of the Congo. The agreement is contingent upon the Company obtaining acceptable 
financing for this plant.
• 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 remain due, commencing in March 2011. Further details, including those of the resultant fair value adjustment 
at 31 December 2010, are provided in note 13. Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Notice of Annual General Meeting
(incorporated and registered in England and Wales under number 5357433)
41
Notice is hereby given that the Annual General Meeting of Alexander
Mining plc will be held at the East India Club, 16 St James’s Square,
London, SW1Y 4LH at 10:30am on Wednesday 15th June 2011 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 2010, together with the Auditor’s
report thereon.
2 To re-elect as a director Mr J S Bunyan 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 E M Morfett 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-appoint PKF (UK) LLP of Farringdon Place, 20 Farringdon
Road, London EC1M 3AP , as auditors of the Company and to
authorise the Directors to determine their remuneration.
5 That the Alexander Gold Group Executive Share Option Plan (the
“Plan’’), in the form of the rules of the Plan tabled at the meeting and
initialled by the Chairman for the purpose of identification, be and
hereby is approved.
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 £6,000,000 provided that this authority
shall, unless previously revoked or varied by the Company in general
meeting, expire at the conclusion of the next Annual General
Meeting of the Company following the date of the passing of this
resolution or (if earlier) 12 months from the date of passing this
resolution, but so that the directors may before such expiry make 
an offer or agreement which would or might require relevant
securities to be allotted after such expiry and the directors may allot
relevant securities in pursuance of that offer or agreement as if the
authority hereby conferred had not expired.
This authority is in substitution for all previous authorities conferred
on the Directors in accordance with Section 80 of the Companies
Act 1985, or Section 551 of the 2006 Act.
Special Resolution
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 £6,000,000.
The power granted by this resolution will unless renewed, varied 
or revoked by the Company, expire at the conclusion of the next
Annual General Meeting of the Company following the date of the
passing of this resolution or (if earlier) 12 months from the date of
passing this resolution, save that the Company may, before such
expiry make offers or agreements which would or might require
equity securities to be allotted after such expiry and the Directors
may allot equity securities in pursuance of any such offer or
agreement notwithstanding that the power conferred by this
resolution has expired.
This resolution revokes and replaces all unexercised powers
previously granted to the Directors to allot equity securities as if
either section 89(1) of the Companies Act 1985 or section 561(1) 
of the 2006 Act did not apply, but without prejudice to any allotment
of equity securities already made or agreed to be made pursuant 
to such authorities.
The Board of Alexander Mining plc recommends that shareholders vote
in favour of all the proposed resolutions.
Members or their appointed Proxies are entitled to ask questions of the
Board at the Annual General Meeting. The Board will answer any such
questions unless (i) to do so would interfere unduly with the conduct of
the meeting or involve the disclosure of confidential information; or (ii) 
the answer has already been given on the Company’s web-site; 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 
9th May 2011
Registered Office:
1st Floor, 35 Piccadilly, London, W1J 0DW  Financial Statements
Alexander Mining plc 
Annual Report & Accounts 2010
Notes to the Notice of 
Annual General Meeting
42
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. T o be valid, the Form of Proxy and any power of attorney or other
authority under which it is signed (or a notarially certified copy of such
authority) must be completed and returned so as to reach: (i) the
Company’s Registrars in accordance with the reply paid details 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
13th June 2011 (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 15th June
2011 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; and
iii) a copy of the Alexander Mining Executive Share Option Plan.
7. T o appoint proxies or give/amend an instruction to an appointed proxy
via the CREST system, the CREST message must be received by the
issuer’s agent (ID: RA10) by 6:00p.m. on 13th June 2011 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.
Alexander Gold Group Executive Share Option Plan (the ‘‘Plan’’)
A summary of the principal terms of the new Alexander Mining Executive
Share Option Plan is set out below. These terms will apply to any new
options issued after the approval of the new Plan. Pre-existing options in
terms of the 2005 option plan will continue to be governed by the rules of
that earlier plan, although no further options may be issued under that
2005 plan. The new Plan is being adopted in order to meet requirements
related to the Company’s recent TSX Venture Exchange listing. A copy of
the Plan rules 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 15th June 2011 until the end of the
meeting. Shareholders may, prior to the date of the Annual General
Meeting, request a copy of the Plan by writing to the Company Secretary
at the Company’s registered office.
Summary of the principal Plan terms:
1. T o Whom the Plan Applies
The Plan applies solely to the eligible employees, directors or
consultants of the Company or any subsidiary of the Company and
provides for the grant of options (‘ ‘Options’ ’) over ordinary shares of
10.0p in the share capital of the Company (‘ ‘Shares’ ’). No eligible
employee, director or consultant will be entitled by right to 
participate in the Plan.
2. The Plan Limits
The number of Shares which may be allocated under the Plan may not
exceed 10% of the issued share capital of the Company when added
to the number of Shares which have been allocated pursuant to the
Plan and any other employee share scheme adopted by the Company. 
3. Option Price
The option price of Options under the Plan will be the market value 
of a share as at the day prior to the date of grant.
4. Conditions
When granting an Option the Company may make its exercise
conditional upon the satisfaction of such objective conditions as 
the Company may in its absolute discretion determine.
5. Restrictions on Exercise
No Options may be exercised if the Option holder ceases to be an
eligible employee, director or consultant of the Company (other than
as a result of ill-health, redundancy, retirement or sale of the relevant
employing company).
Alexander Mining plc  
Annual Report & Accounts 2010
Appendix: 
Explanatory notes to Ordinary Resolution 5 Financial Statements
Alexander Mining plc 
(the Company)
Form of Proxy
43
Proxy Form for use by holders of ordinary shares at the Annual General Meeting (the “AGM”) to be held on Wednesday 15th June 2011.
Please read the Notice of the Meeting and the accompanying explanatory notes to this Proxy Form carefully before completing this Proxy Form.
I/We (block capitals please)
of
being a member/members of Alexander Mining plc, appoint the Chairman of the AGM or (see Explanatory Note 2)
*
as my/our proxy to exercise all or any of my/our rights to attend, speak and vote in respect of my/our voting entitlement on my/our 
behalf as indicated below at the AGM and at any adjournment thereof (see Explanatory Notes 3, 4 and 5).
Please tick here if this proxy appointment is one of multiple appointments being made.
* For the appointment of more than one proxy, please refer to Explanatory Note 4 Please clearly mark the boxes below to instruct 
your proxy how to vote.
Resolutions For Against Vote withheld Discretionary
Ordinary Resolutions
1 Adoption of Report and Accounts
2 Re-election of Mr J S Bunyan
3 Re-election of Mr E M Morfett
4 Re-appointment of PKF (UK) LLP
5 Approval of Share Option Plan
6 Authority to allot new shares
Special Resolution
7 Dis-application of pre-emption rights
Signature Date
Explanatory Notes to the Proxy Form:
1 As a member of the Company you are entitled to appoint a proxy to exercise all or any of your rights to attend, speak and vote at the AGM on your behalf. 
Y ou should appoint a proxy using the procedure set out in these Explanatory Notes.
2 A proxy need not be a member of the Company but must attend the meeting to represent you. If you wish to appoint as a proxy a person other than the Chairman of the
AGM, please delete the words “the Chairman of the AGM” and insert the full name of the other person in the box provided on this Proxy Form. If you sign and return this
Proxy Form with no name inserted in the box, the Chairman of the AGM will be deemed to be your proxy. If the proxy is being appointed in relation to less than your full
voting entitlement, please enter in the box next to the proxy holder’s name the number of shares in relation to which they are authorised to act as your proxy. If left blank
your proxy will be deemed to be authorised in respect of your full voting entitlement (or if this Proxy Form has been issued in respect of a designated account for a
shareholder, the full voting entitlement for that designated account).
3 The completion and return of this Proxy Form will not prevent you from attending in person and voting at the AGM should you subsequently decide to do so. However, 
if you have appointed a proxy and attend the meeting in person, your proxy appointment will automatically be terminated.
4 Y ou are entitled to appoint more than one proxy provided that each proxy is appointed to exercise rights attached to a different share or shares held by you. Y ou may 
not appoint more than one proxy to exercise rights attached to any one share. T o appoint more than one proxy please use a photocopy of this form or contact Capita
Registrars on 0871 664 0300 (calls cost 10p per minute plus network extras, lines are open 8.30am – 5.30pm Mon - Fri). Please indicate in the box next to the proxy
holder’s name the number of shares in relation to which they are authorised to act as your proxy. Please also indicate by ticking the box provided, if the proxy instruction 
is one of multiple instructions being given. All forms must be signed and should be returned together in the same envelope.
5 If you wish your proxy to cast all of your votes for or against a resolution you should insert an “X” in the appropriate box. If you wish your proxy to cast only certain votes
for and certain votes against, insert the relevant number of shares in the appropriate box. The “Vote Withheld” option is provided to enable you to instruct your proxy 
to abstain from voting on a particular resolution. A “Vote Withheld” is not a vote in law and will not be counted in the calculation of the proportion of the votes “For” or
“Against” a resolution. The “Discretionary” option is provided to enable you to give discretion to your proxy to vote or abstain from voting on a particular resolution as 
he or she thinks fit. In the absence of instructions, your proxy may vote or abstain from voting as he or she thinks fit on the specified resolutions and, unless instructed
otherwise, may also vote or abstain from voting as he or she thinks fit on any other business (including on a motion to amend a resolution, to propose a new resolution 
or to adjourn the AGM) which may properly come before the AGM.
6 This Proxy Form must be signed by the member or his/her attorney. Where the member is a corporation, the Proxy Form must be executed under its common seal 
or signed by a duly authorised representative of the corporation, stating their capacity (e.g. director, secretary). In the case of joint holders, any one holder may sign this
Proxy Form. The vote of the senior joint holder (whether in person or by proxy) will be taken to the exclusion of all others, seniority being determined by the order in which
the names stand in the register of members in respect of the joint holding.
7 T o be valid, the Form of Proxy and any power of attorney or other authority under which it is signed (or a notarially certified copy of such authority) must be completed and
returned so as to reach (i) the Company’s Registrars in accordance with the reply paid details, (ii) or by hand to Capita Registrars, PXS, 34 Beckenham Road, Beckenham,
Kent, BR3 4TU, not less than 48 hours before the time appointed for the meeting.
8 Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, entitlement to attend and vote at the AGM and the number of votes which may be cast
thereat will be determined by reference to the register of members of the Company at 6pm. on the day which is two days before the day of the AGM or adjourned
meeting. Changes to entries on the register of members after that time shall be disregarded in determining the rights of any person to attend and vote at the meeting.
9 All alterations made to this Proxy Form must be initialled by the signatory.
10 If you submit more than one valid proxy appointment in respect of the same share or shares, the appointment received last before the latest time for the receipt of proxies
will take precedence. If the Company is unable to determine which was received last, none of the proxy appointments in respect of that share or shares shall be valid.
11 Shares held in uncertificated form (i.e. in CREST) may be voted through the CREST Proxy Voting Service in accordance with the procedures set out in the CREST manual. BUSINESS REPLY
Licence No. RSBH-UXKS-LRBC
PXS
34 Beckenham Road
Beckenham
BR3 4TU
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+44 (0)20 7324 2668 / www.effektiv.co.uk Alexander Mining plc
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