Anglo Asian Mining - Q1 2026 Production and Sales Review

Anglo Asian Mining

15/04/2026 07:00

RNS Number : 4754A

Anglo Asian Mining PLC

15 April 2026

 

 

 

15 April 2026

  

Q1 2026 Production and Sales Review

Copper production of 3,711 tonnes and gold of 6,062 ounces

Net cash increased by $15.4 million to $17.7 million

 

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 and sales review for the three months to 31 March 2026 ("Q1 2026" or the "Quarter").

 

Q1 2026 production overview

·    Copper production of 3,711 tonnes (Q1 2025: 534 tonnes):

o 1,462 tonnes from flotation and SART at Gedabek

o 2,249 tonnes from flotation at Demirli

·    Gold production of 6,062 ounces (Q1 2025: 6,028 ounces):

o 4,842 ounces contained within gold doré

o 1,220 ounces from flotation and SART production

·    Silver production totalled 42,796 ounces (Q1 2025: 30,315 ounces):

o 5,607 ounces contained within gold doré

o 37,189 ounces from flotation and SART processing

 

Q1 2026  sales overview

·    Total gold bullion sales of 4,100 ounces at an average of $4,728 per ounce (Q1 2025: 4,753 ounces at an average of $2,843 per ounce)

·    Total concentrate sales of 18,553 dry metric tonnes with a value of $45.6 million

o Gedabek - 7,890 dry metric tonnes ("dmt") with a value of $24.2 million (Q1 2025: 2,327 dmt with a value of $4.1 million)

o Demirli -  10,663 dmt with a value of $21.4 million

 

Q1 and 31 March 2026 financial overview

·    Cash of $37.2 million ($30.2 million at 31 December 2025), no restricted cash

·    Debt of $19.5 million ($27.9 million at 31 December 2025)

o No outstanding advances from Trafigura at 31 March 2026 or 31 December 2025

·    Net cash of $17.7 million ($2.3 million at 31 December 2025)

·    Unsold gold doré and copper concentrate inventory of $30.8 million at 31 March 2026

 

Key metrics for Q1 2026 and Q1 2025 and FY 2025

Q1 2026
Q1 2025
Q1 2026 compared to Q1 2025
B/(W)
FY 2025
Production
Gold
ounces
6,062
6,028
34
25,061
Copper
Gedabek
tonnes
1,462
538
924
4,787
Demirli
tonnes
2,249
-
2,249
3,128
Total copper
tonnes
3,711
538
3,173
7,915
Silver
ounces
42,796
30,315
12,481
153,333
Dore sales
Dore
ounces
4,100
4,753
(653)
19,631
Sales value
$/ounce
4,728
2,843
1,885
3,441
Copper concentrate sales
Tonnes
tonnes
18,553
2,327
16,226
29,695
Sales value
$m
45.6
4.1
41.5
64.7
Increase in net cash
$m
15.4
1.0
14.4
17.3
Ending net cash / (debt)
$m
17.7
(13.8)
31.5
2.5
Market value of inventory
$m
30.8
7.5
23.3
37.7

 

Reza Vaziri, CEO of Anglo Asian Mining commented:

"We are delighted with the progress and performance during the quarter.  The excellent copper production from Gedabek and Demirli demonstrates the successful continuing execution of our clear strategy to rapidly expand copper production and successfully transition to a multi-asset, mid-tier copper-focused producer. "

 

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/

 

Ore mined during Q1 2026

 

Gedabek

Mine
3 months to
31 March 2026
Ore mined
(tonnes)
Average
gold grade
(g/t)
Average
copper
grade
(%)
Open pit
35,588
0.46
0.20
Gilar - u/g
186,709
1.35
1.48
Total
222,297
1.21
1.28

 

Demirli

3 months to
31 March 2026
Mine
Ore mined
Average
copper grade
(tonnes)
(%)
Open pit
1,352,208
0.37

 

Gedabek processing, production and sales in Q1 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 leachingplant*
(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

 

* 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

 

*the ore processed by flotation includes ore which had previously been treated by agitation leaching. For Q1 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

 

* 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

 

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
1,220
37,189
7,890
24,207

 

* including Government of Azerbaijan's share

** excludes Government of Azerbaijan's share

 

Demirli processing, production and sales Q1 2026

 

Processed
Unit
January to March 2026
Ore feed to plant
dry metric tonnes
647,835
Grade
per cent.
0.44
Copper content
tonnes
2,880
Production
Copper concentrate
tonnes
11,901
Copper content
tonnes
2,249

 

Sales
Concentrate sales
Dry metric tonnes
10,663
Value of sales
$ million
21.4

 

Q1 2026 Financial overview

The Company had a net inflow of funds of $15.4 million in the 3 months ended 31 March 2026. Cash increased by $7.0 million to $37.2 million and debt reduced by $8.4 million to $19.5 million at 31 March 2026. Net cash accordingly increased by $15.4 million to $17.7 million.

 

Net cash

Q1 2026
$m
$m
I January 2026
2.3
Sales proceeds
62.7
Interest income
0.3
Operating costs
(39.9)
Capital expenditure
(3.4)
Demirli lease payment
(3.8)
Debt servicing
(0.5)
Inflow
15.4
31 March 2026
17.7

 

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