Anglo Asian Mining - Q2 and H1 2026 Production and Sales Update

Anglo Asian Mining

15/07/2026 07:00

RNS Number : 3466M
  
Anglo Asian Mining PLC
  
15 July 2026
  
 


 
 
15 July 2026

 
Q2 and H1 2026 Production and Sales Update
Continued growth in copper production and Demirli ramp-up on track
Performance in line with Full Year 2026 expectations
 
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed copper, gold and silver producer focused in Azerbaijan, is pleased to provide the following production, sales and operational review for the three months to 30 June 2026 ("Q2 2026" or the "Quarter") and six months to 30 June 2026 ("H1 2026" or the "Half Year").
 
Copper production continues to grow quarter-on-quarter to 5,129 tonnes in Q2 2026 (Q1 2026: 3,711 tonnes), as Demirli continues to ramp up to full production, which is expected to be achieved during Q3 2026. The Company also produced 6,272 ounces of gold in Q2 2026 (Q1 2026: 6,057 ounces) and remains highly cash generative, with net cash increasing by $39.9 million to $57.6 million as at 30 June 2026.
 
Continued strong production growth during Q2 2026
·    Copper production of 5,129 tonnes (Q2 2025: 654 tonnes) as Demirli production continues to ramp up in line with expectations
o 1,879 tonnes at Gedabek
o 3,250 tonnes at Demirli
·    Gold production of 6,272 ounces (Q2 2025: 6,086 ounces)
o 5,158 ounces contained within gold doré
o 1,114 ounces from flotation and SART production
·    Silver production totalled 50,059 ounces (Q2 2025: 32,033 ounces)
o 5,775 ounces contained within gold doré
o 44,284 ounces from flotation and SART processing
 
Record production in H1 2026
·    Copper production of 8,840 tonnes (H1 2025: 1,188 tonnes)
·    Gold production of 12,329 ounces (H1 2025: 12,114 ounces)
·    Silver production of 92,855 ounces (H1 2025: 62,348 ounces)
 
Key developments across the Company's portfolio
·    Worley Europe Limited appointed to carry out feasibility studies for Xarxar and Garadag, marking a further step in the Company's strategy to continue to develop its portfolio
o Studies are expected to be finalised mid-2027 for Xarxar and H1 2028 for Garadag
·    90,000 metres core drilling programme announced for 2026 and 2027
·    Gedabek flotation plant upgrade completed
o Nine high-efficiency Imhoflot pneumatic flotation cells installed
o All bottlenecks in leaching and flotation processing plants eliminated
·    Demirli SAG and ball mills both operated throughout the Quarter
o Demirli ramp-up will be completed in Q3 2026 and reach steady state production
·    Second stage of the final wall raise of the Gedabek tailings dam completed
H1 2026  sales and financial overview
·    Total gold bullion sales of 7,126 ounces at an average of $4,664 per ounce (H1 2025: 9,781 ounces at an average of $3,077 per ounce)
·    Total concentrate sales of 58,577 dry metric tonnes with a value of $125.9 million
o Gedabek - 26,882 dry metric tonnes ("dmt") with a value of $54.5 million (H1 2025: 6,210 dmt with a value of $11.1 million)
o Demirli -  31,695 dmt with a value of $71.4 million (H1 2025:nil)
·    Cash of $69.8 million ($37.2 million at 31 March 2026) and debt of $12.2 million ($19.5 million at 31 March 2026)
o Net cash of $57.6 million ($17.7 million at 31 March 2026)
o No outstanding advances from Trafigura
·    Unsold gold doré and copper concentrate inventory of $28.9 million at 30 June 2026
 
Key metrics for Q1 2026, Q2 2026, Q2 2025 and FY 2025




 






Q1 2026


Q2 2026


Q2 2025


Q2 2026 compared to Q2 2025
H/(L)


FY 2025




Production




























Gold


ounces


6,057


6,272


6,208


64


25,061




Copper




























  Gedabek


tonnes


1,462


1,879


654


1,225


4,787




  Demirli


tonnes


2,249


3,250


-


3,250


3,128




  Total copper


tonnes


3,711


5,129


654


4,475


7,915




Silver


ounces


42,796


50,059


32,033


18,026


153,333


































Doré sales




























    Doré


ounces


4,100


3,026


5,028


 (2,002)


19,631




    Sales value


$/ounce


4,728


4,579


3,299


      1,280


3,441




     




























Copper concentrate sales




























   Tonnes


tonnes


18,553


40,024


3,886


36,138


29,695




   Sales value


$m


45.6


80.3


7.1


73.2


64.7


































 
Increase in net cash


 
$m


15.1


39.9


0.8


39.1


17.3




Ending net cash / (debt)


 
$m


17.7


57.6


(13.0)


70.6


2.5




 




























Market value of inventory


 
$m


30.8


28.9


7.0


21.9


37.7




 
Outlook
The Company is encouraged by the 2026 performance to date, which remains in line with expectations for FY 2026. It is expected that production in H2 2026 will increase compared to H1 2026 due to the Demirli ramp-up being achieved in Q3 2026 and seasonal factors. The Board therefore remains confident in meeting 2026 guidance of 20,000 to 25,000 tonnes of copper production, 28,000 to 33,000 ounces of gold, and 170,000 to 210,000 ounces of silver, and continuing to execute its medium-term growth strategy to become a mid-tier, copper focused producer.
 
Reza Vaziri, CEO of Anglo Asian Mining, commented:
"The first six months of 2026 have been highly significant for Anglo Asian as we achieved our highest ever half-year of production. The ramp-up at Demirli continues to progress in line with our expectations, and will be completed during this quarter. Looking forward, we also continue to progress the development of our other assets as we execute our medium-term growth strategy, which we remain confident of delivering. Our excellent cash generation means we have the capital to continue to pursue our growth strategy at pace as well as rewarding shareholders. I am pleased to reiterate our 2026 guidance and look forward to a strong second half performance. "
 
Note that all references to "$" are to United States dollars.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, which was incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.
 
For further information please contact:
 




Anglo Asian Mining plc
 








Reza Vaziri, Chief Executive Officer


Tel: +994 12 596 3350




Bill Morgan, Chief Financial Officer


Tel: +994 502 910 400




Stephen Westhead, Vice President


Tel: +994 502 916 894




Amir Vaziri, Chief Business Development Officer


Tel: +1 (301) 332 9938




 
Peel Hunt LLP (Broker)


Tel: +44 (0) 20 7418 8900




Ross Allister








David McKeown








Emily Bhasin








 
SP Angel Corporate Finance LLP (Nominated Adviser)
Ewan Leggat
Adam Cowl


 
Tel: +44 (0) 20 3470 0470














Hudson Sandler (Financial PR)
Charlie Jack
Harry Griffiths
 


Tel: +44 (0) 20 7796 4133
 




Notes to editors
Anglo Asian Mining plc (AIM:AAZ) is a copper and gold producer with a high-quality portfolio of production and exploration assets in Azerbaijan. The Company produced 7,915 tonnes of copper and 25,061 ounces of gold for the year ended 31 December 2025.
 
The Company's strategic plan for growth shows a clearly defined path for the Company to transition to a multi-asset, mid-tier, copper and gold producer by 2030, by which time copper will be the principal product of the Company, with forecast annual production of around 50,000 to 55,000 tonnes of copper. It plans to achieve this growth by bringing into production three new mines during the period 2027 to 2030 at Xarxar, Garadag and Zafar, in addition to the newly opened Gilar and Demirli mines. Production commenced at the Gilar mine in May 2025 and Demirli in July 2025. https://www.angloasianmining.com/
 
APPENDIX
OPERATING STATISTICS FOR Q2 AND H1 2026
 
Ore mined during H1 2026
 
Gedabek




Mine


3 months to
31 March 2026


3 months to
30 June 2026








Ore mined
(tonnes)


Average
gold grade
(g/t)


Average
copper
grade
(%)


Ore mined
(tonnes)


Average
gold grade
(g/t)


Average
copper
grade
(%)




Open pit


35,588


0.46


0.20


23,502


0.26


0.03




Gilar - u/g


208,032


1.30


1.36


225,602


1.39


1.67




Total


243,620


1.18


1.19


249,104


1.28


1.52




 
 
Demirli




 


3 Months to 31 March 2026


3 Months to 30 June 2026




Mine


Ore mined


Average
copper grade


Ore mined


Average
copper grade




 


(tonnes)


(%)


(tonnes)


(%)




Open pit


1,352,208


0.37


2,238,060


0.34




 
Gedabek processing, production and sales in H1 2026
 
Ore processed by leaching
 




Quarter ended


Ore processed


Gold grade of ore processed








Heap leach pad crushed ore
(tonnes)


Heap leach pad ROM
ore
(tonnes)


Agitation leaching plant*
(tonnes)


Heap leach pad crushed ore
(g/t)


Heap leach pad ROM
ore
(g/t)


Agitation leaching
plant*
(g/t)




31 March 2025


106,429


-


149,763


0.40


-


1.16




30 June 2025


133,153


-


154,948


0.40


-


1.13




30 September 2025


47,202


-


156,773


0.40


-


1.52




31 December 2025


-


-


163,541


-


-


1.27




FY 2025


286,784


-


625,025


0.40


-


1.26




31 March 2026


14,264


-


167,989


0.33


-


1.33




30 June 2026


23,277


-


183,929


0.25


-


1.40




H1 2026


37,541


-


351,918


0.29


-


1.37




 
* includes previously heap leached ore.
 
Ore processed by flotation




Quarter ended


Ore processed*


 
Gold content


 
Silver content


Copper content




 


(tonnes)


(ounces)


(ounces)


(tonnes)




31 March 2025


155,406


535


9,516


729




30 June 2025


166,135


1,193


30,537


900




30 September 2025


151,359


3,185


85,123


1,793




31 December 2025


156,158


3,027


93,835


2,409




FY 2025


629,058


7,940


219,011


5,831




31 March 2026


162,109


2,806


69,040


1,703




30 June 2026


177,491


3,725


85,676


2,302




H1 2026


339,600


6,531


154,716


4,005




 
*the ore processed by flotation includes ore which had previously been treated by agitation leaching. For H1 2026, all ore processed had been previously treated by agitation leaching.
 
Gold and silver produced as gold doré and gold sales




Quarter ended


Gold produced*


Silver produced*


Gold sales**


Gold Sales price




 


(ounces)


(ounces)


(ounces)


($/ounce)




31 March 2025


5,758


8,206


4,753


2,843




30 June 2025


5,624


6,699


5,028


3,299




30 September 2025


5,814


4,655


5,181


3,430




31 December 2025


5,133


4,788


4,669


4,214




FY 2025


22,329


24,348


19,631


3,441




31 March 2026


4,842


5,607


4,100


4,728




30 June 2026


5,158


5,775


3,026


4,579




H1 2026


10,000


11,382


7,126


4,664




 
* including Government of Azerbaijan's share
** excluding Government of Azerbaijan's share
 
Gold and silver produced as gold doré - split between agitation and heap leaching
 




Quarter
ended


Gold


Silver




Agitation
leaching
(ounces)


Heap
leaching
(ounces)


Total
 
(ounces)


Agitation
leaching
(ounces)


Heap
leaching
(ounces)


Total
 
(ounces)




31 March 2025


4,017


1,741


5,758


5,717


2,489


8,206




30 June 2025


3,936


1,688


5,624


4,632


2,067


6,699




30 Sept 2025


4,681


1,133


5,814


3,735


920


4,655




31 Dec 2025


3,988


1,145


5,133


3,720


1,068


4,788




FY 2025


16,622


5,707


22,329


17,804


6,544


24,348




31 March 2026


3,780


1,062


4,842


4,379


1,228


5,607




30 June 2026


4,112


1,046


5,158


4,603


1,172


5,775




H1 2026


7,892


2,108


10,000


8,982


2,400


11,382




 
Copper concentrate production and sales
 








Concentrate


Copper


Gold


Silver


Concentrate


 
Concentrate




 


production*


content*


content*


content*


sales**


sales**




 


(dmt)


(tonnes)


(ounces)


(ounces)


(dmt)


($000)




Quarter ended


 


 


 


 


 


 




31 March 2025


3,072


534


270


22,109


2,324


4,050




30 June 2025


3,523


654


462


25,334


3,886


7,060




30 September 2025


6,769


1,577


984


36,968


6,852


17,760




31 December 2025


9,784


2,022


1,016


44,573


7,255


18,430




FY 2025


23,148


4,787


2,732


128,984


20,317


47,300




31 March 2026


7,311


1,462


1,215


37,189


7,890


24,206




30 June 2026


9,925


1,879


1,114


44,284


18,992


30,290




H1 2026


17,236


3,341


2,329


81,473


26,882


54,496




 
* including Government of Azerbaijan's share
** excludes Government of Azerbaijan's share
 
Demirli processing, production and sales H1 2026
 




Processed


Unit


Q1 2026


Q2 2026




Ore feed to plant


dry metric tonnes


647,835


855,104




Grade


per cent.


0.44


0.51




Copper content


tonnes


2,880


4,361






















Production
















Copper concentrate


tonnes


11,901


16,904




Copper content


tonnes


2,249


3,250




 




Sales
















Concentrate sales


Dry metric tonnes


10,663


21,032




Value of sales


$ million


21.4


50.0




 
Q2 2026 Financial overview
The Company had a net inflow of funds of $39.9 million in the 3 months ended 30 June 2026. Cash increased by $32.6 million to $69.8 million and debt reduced by $7.3 million to $12.2 million at 30 June 2026. Net cash accordingly increased by $39.9 million to $57.6 million.
 
Net cash








Q1 2026


Q2 2026








$m


$m


$m


$m




I January / 1 April 2026


 


2.6


 


17.7




Sales proceeds


62.4






89.6








Interest income


0.3






0.4








VAT refund


-






2.9








Operating costs


(39.9)






(46.2)








Capital expenditure


(3.4)






(3.9)








Demirli lease payment


(3.8)






-








Debt servicing


(0.5)






(0.3)








Profits tax payment


-






(2.6)








Increase in net cash


 


15.1


 


39.9




31 March / 30 June 2026


 


17.7


 


57.6




 




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