Anglesey Mining said in a statement by the chairman:
"Once again we have to report that the expected resurgence in the resources sector, and in particular the prices of the metals that form the bases of our assets, has largely not materialised.
"With the continuing underlying weaknesses in commodities, the equities markets for small cap miners has remained at best thin and at other times almost non-existent.
"Anglesey Mining is no different from its peers in this respect and it has proved virtually impossible during the last year to create any interest in raising new funds from the market.
"The recent upward movement in zinc and precious metals' prices could now begin to improve this position and if this momentum is maintained Anglesey will look for the opportunity to improve the balance sheet and permit funding of project development activities.
"Gold and silver have increased in value over the last year and are trading near their 12 month highs.
"The price of iron ore, on which both Labrador and Grangesberg rely, did show some improvement during the early part of 2016, albeit not to the levels that would sustain a return to production at Labrador, but unfortunately that rally was not sustained and prices have fallen back to lower levels.
"The recent improvement in the price of zinc may be the sign that we have been waiting for a number of years.
"There is a general consensus based on supply/demand imbalance that zinc prices must improve from recent levels.
"There is no doubt that following a number of major mine closures during 2015 there is a current deficit in zinc supply compared to demand and, with few major new mines planned, that deficit is likely to continue for a number of years.
"However, the levels of derivative trading and warehousing in various forms often impacts this classical economic view and in the recent past has served to apparently hold prices down against an expected increase.
"The other factor that affects project viability, particularly for Parys Mountain, is currency exchange rates. With all commodity prices quoted in US dollars, movements in domestic exchange rates can have significant impacts.
"The British pound and Swedish krona have fallen during the last year and this will have improved the economics of projects based in those countries where the majority of costs will be priced in the local currency.
"Your directors have worked hard to keep costs to a minimum, director's salaries and fees continued to be waived and this will continue until the financial position of the group improves."