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    Anglo Asian Mining - Q2 & H1 Production and Operations Review

    Picture of Anglo Asian Mining logoAnglo Asian Mining
    15/07/2025 07:00
    RNS Number : 0003R

Anglo Asian Mining PLC

15 July 2025

 

 

15 July 2025

Anglo Asian Mining plc

Q2 & H1 2025 Production and Operations Review

New Gilar mine enters production and positive cash flow maintained

 

Anglo Asian Mining plc ("Anglo Asian", the Group or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, provides the following production, sales and operational review for the three months to 30 June 2025 ("Q2 2025"or the "Quarter") and six months to 30 June 2025 ("H1 2025" or the "Half Year"). During the Quarter, the Company produced 8,293 gold equivalent ounces, and continued to generate positive cash flow, further reducing its net debt.

 

Q2 and H1 2025 production update


    · Total Q2 2025 production of 8,293 gold equivalent ounces ("GEOs") (Q2 2024: 2,707 GEOs)
    oCopper production of 654 tonnes (Q2 2024: 46 tonnes)
    oGold production of 6,086 ounces (Q2 2024: 2,438 ounces)
    oSilver production of 32,033 ounces (Q2 2024: 6,341 ounces)
    · Total H1 2025 production of 16,378 GEOs (H1 2024: 5,270 GEOs)
    oCopper production of 1,188 tonnes (H1 2024: 100 tonnes)
    oGold production of 12,115 ounces (H1 2024: 4,704 ounces)
    oSilver production of 62,354 ounces (H1 2024: 12,746 ounces)
    

 

Key developments in H1 2025 across the Company's portfolio   


    · The Gilar mine commenced production in May with 106,510 tonnes of ore produced in the Quarter grading 1.23 grammes of gold per tonne and 0.84 per cent. copper
    · Significant progress has been made at Demirli with work steadily progresssing towards commencement of production
    

 

H1 2025 sales and cash update


    · Total gold bullion sales of 9,781 ounces at an average of $3,077 per ounce (H1 2024: 6,000 ounces at an average of $2,174 per ounce)
    · The Group continues to maintain a strong focus on cash and strict cost control, with positive cash flow of $1.8 million in the Half Year, decreasing net debt to $13.0 million as at 30 June 2025 compared to $14.8 million at 31 December 2024.
    oCash flow for Q2 2025 includes capital expenditure for Demirli of $3.8 million
    · Inventory valued at $7.0 million at 30 June 2025 (31 March 2025: $7.1 million).
    

 

Anglo Asian CEO Reza Vaziri commented:

"I am pleased to report that the momentum we built in the first quarter has continued into the second, delivering production in the Half Year of 16,378 gold equivalent ounces, including 1,188 tonnes of copper.

 

"The Gilar mine, which entered production in May, is performing well and delivered a meaningful contribution in June to our copper output. Gilar is an important asset for us as we transition to a multi-asset producer, and our production assets will be significantly enhanced when Demirli enters production.

 

"We look forward to building on the strong momentum of the first half, and to providing further updates on the execution of our growth strategy to become a 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 OfficerTel: +994 12 596 3350
    Bill Morgan, Chief Financial OfficerTel: +994 502 910 400
    Stephen Westhead, Vice PresidentTel: +994 502 916 894
    SP Angel Corporate Finance LLP(Nominated Adviser and Broker)
    Ewan Leggat
    Adam Cowl    		Tel: +44 (0) 20 3470 0470
    Hudson Sandler(Financial PR)
    Charlie Jack
    Harry Griffiths
    Kristina Gaysina    		Tel: +44 0) 20 7796 4133
    

Notes to editors

 

Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer with a high-quality portfolio of production and exploration assets in Azerbaijan. The Company produced 16,760 gold equivalent ounces ("GEOs") for the year ended 31 December 2024. Production was severely restricted in 2024 due to a partial environmental shutdown, but was fully restarted by the end of the year.

 

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 2029, by which time copper will be the principal product of the Company, with forecast production of around 50,000 to 55,000 copper equivalent tonnes. It plans to achieve this growth by bringing into production four new mines during the period 2025 to 2029 at Gilar, Zafar, Xarxar and Garadag. The first of these new mines, Gilar, started production in May 2025.

https://www.angloasianmining.com/

 

Q2 2025 production overview


    · Gold production of 6,086 ounces (Q2 2024: 2,438 ounces):
    o5,624 ounces contained within gold doré
    o458 ounces from flotation
    o 4 ounces from sulphidisation, acidification, recycling and thickening ("SART") processing
    · Copper production of 654 tonnes (Q2 2024: 46 tonnes):
    o584 tonnes from flotation
    o70 tonnes from SART processing
    · Silver production totalled 32,033 ounces (Q2 2024: 6,341 ounces):
    o6,699 ounces contained within gold doré
    o12,581 ounces from flotation processing
    o12,753 ounces from SART processing
    

 

Q2 2025 sales overview


    · Total gold bullion sales of 5,028 ounces at an average of $3,299 per ounce (Q2 2024: 2,075 ounces at an average of $2,350 per ounce)
    · Total concentrate sales of 3,402 dry metric tonnes ("dmt") with a value of $6.3 million (Q2 2024: 260 dmt with a value of $1.0 million)
    

 

Q2 2025 financial overview


    · Cashof $11.1 million ($12.4million at 31 March 2025) including restricted cash
    · Debt (including advance from Trafigura) of $24.1 million ($26.2million at 31 March 2025)
    · Net debt of $13.0 million ($13.8 million at 31 March 2025)
    · Unsold gold doréand copper concentrate inventory of $7.0 million at 30 June 2025
    

 

The Company mined the following ore during FY 2024 and the six months to 30 June 2025:

 


    12 months to
    31 December 2024    		3 months to
    31 March 2025    		3 Months
    to 30 June 2025
    MineOre minedAverage
    gold grade    		Ore minedAverage
    gold grade    		Ore minedAverage
    gold grade
    (tonnes)(g/t)(tonnes)(g/t)(tonnes)(g/t)
    Open pit443,6110.73241,5610.22287,4730.23
    Gadir - u/g167,1211.5812,3252.21--
    Gilar - u/g----106,5101.23
    Total610,7320.96253,8860.32393,9830.50
    

 

The Company processed the following amounts and grades of ore by leaching for FY 2024 and the six months to 30 June 2025:

 


    Quarter endedOre processedGold 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 2024120,528--0.68--
    30 June 2024110,2259,698-0.590.52-
    30 September 2024110,152-18,0090.65-1.93
    31 December 202479,835-128,3870.53-1.54
    FY 2024420,7409,698146,3960.610.521.58
    31 March 2025106,429-149,7630.40-1.16
    30 June 2025133,153-154,9480.40-1.13
    H1 2025239,582-304,7110.40-1.14
    

 

* includes previously heap leached ore.

 

The Company processed the following amounts of ore and contained metal by flotation for FY 2024 and the six months ended 30 June 2025:


    Quarter endedOre processedGold contentSilver contentCopper content
    (tonnes)(ounces)(ounces)(tonnes)
    31 March 2024----
    30 June 2024----
    30 September 2024----
    31 December 202473,9902853,985363
    FY 202473,9902853,985363
    31 March 2025155,4065359,516729
    30 June 2025166,1351,19330,537900
    H1 2025321,5411,72840,0531,629
    

 

 

The following table summarises gold doré production and sales at Gedabek for FY 2024 and the six months 30 June 2025:


    Quarter endedGold produced*Silver produced*Gold sales**Gold Sales price
    (ounces)(ounces)(ounces)($/ounce)
    31 March 20242,2591,5123,9252,080
    30 June 20242,4331,5322,0752,350
    30 September 20242,9551,9793,2202,497
    31 December 20247,2806,9746,0312,655
    FY 202414,92712,00715,2512,432
    31 March 20255,7588,2124,7532,843
    30 June 20255,6246,6995,0283,299
    H1 202511,38214,9119,7813,077
    

 

Note

* including Government of Azerbaijan's share

** excluding Government of Azerbaijan's share

 

The gold and silver production from agitation and heap leaching for FY 2024 and the six months 30 June 2025 is as follows:

 


    Quarter
    ended    		GoldSilver
    Agitation
    leaching
    (ounces)    		Heap
    leaching
    (ounces)    		Total
    (ounces)    		Agitation
    leaching
    (ounces)    		Heap
    leaching
    (ounces)    		Total
    (ounces)
    31 March 2024-2,2592,259-1,5121,512
    30 June 2024-2,4332,433-1,5321,532
    30 Sept 20246062,3492,9554151,5641,979
    31 Dec 20245,2312,0497,2805,0061,9786,984
    FY 20245,8379,09014,9275,4216,58612,007
    31 March 20254,0171,7415,7585,7172,4958,212
    30 June 20253,9361,6885,6244,6322,0676,699
    H1 20257,9533,42911,38210,3494,56214,911
    

 

The following table summarises copper concentrate production from both the Company's SART and flotation plants at Gedabek for FY 2024 and the six months ended 30 June 2025:

 


    ConcentrateCopperGoldSilver
    production*content*content*content*
    (dmt)(tonnes)(ounces)(ounces)
    2024
    Quarter ended 31 March
    SART processing895474,893
    Flotation----
    Total895474,893
    Quarter ended 30 June
    SART processing774654,809
    Flotation----
    Total774654,809
    Quarter ended 30 September
    SART processing191111,336
    Flotation----
    Total191111,336
    Quarter ended 31 December
    SART processing341723,549
    Flotation1,6382491311,664
    Total1,6722661335,213
    2025
    Quarter ended 31 March
    SART processing10766717,227
    Flotation2,9654682644,882
    Total3,07253427122,109
    Quarter ended 30 June
    SART processing11270412,753
    Flotation3,41158445812,581
    Total3,52365446225,334
    

Note

* including Government of Azerbaijan's share.

Certain amounts for SART and flotation production may differ to those previously disclosed due to final reconciliation of production.

 

The following table summarises total copper concentrate production and sales for FY 2024 and six months to 30 June 2025. Note that sales of concentrates are initially recorded at provisional amounts until agreement of final assay:

 


    ConcentrateCopperGoldSilverConcentrateConcentrate
    production*content*content*content*sales**sales**
    (dmt)(tonnes)(ounces)(ounces)(dmt)($000)
    Quarter ended
    31 March 2024895474,89371295
    30 June 2024774654,8092601,002
    30 September 2024191111,336--
    31 December 20241,6722661335,2131,1731,493
    FY 20241,85737714616,2511,5042,790
    31 March 20253,07253427122,1092,0303,616
    30 June 20253,52365446225,3343,4026,299
    H1 20256,5951,18873347,4435,4329,915
    

 

* including Government of Azerbaijan's share

** excludes Government of Azerbaijan's share

 

H1 2025 Financial review

The Company's net debt decreased from $13.8 million at 31 March 2025 to $13.0 million at 30 June 2025 as follows:

 


    Q1 2025Q2 2025
    $m$m$m$m
    1 Jan / 31 March 2025(14.8)(13.8)
    Revenue17.523.1
    VAT refund0.21.8
    Interest income0.20.2
    Operating costs(15.2)(18.6)
    Capital expenditure(1.4)(1.5)
    Demirli expenditure-(3.8)
    Debt servicing(0.3)(0.4)
    inflow in the quarter1.00.8
    31 March / 30 June 2025(13.8)*(13.0)*
    

*includes net advance from Trafigura of $4.4m at 30 June 2025 ($5.0m at

31 March 2025).

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