Anglo Asian Mining - Q3 2026 Production and Sales Update

Anglo Asian Mining

15/10/2026 07:00

RNS Number : 3540Z
  
Anglo Asian Mining PLC
  
16 October 2026
  
 



The following amendment has been made to the Q3 2026 Production and Sales Update announcement released on 15 October 2026 at 07.00 BST under RNS number 0125Z. The amended and updated announcement, detailed below, states the sales value of doré in H1 2026 is $4,664 per ounce and the Q3 2026 copper content of Demirli processed ore feed to the plant is 5,120 tonnes. The table of ore mined at Gedabek has also been updated. All other details remain unchanged.


 


 


16 October 2026






 


Q3 2026 Production and Sales Update


Continued copper production growth underpinning strategic delivery


 


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 September 2026 ("Q3 2026" or the “Quarter”) and nine months to 30 September 2026 ("9M 2026").


 


Copper production continues to grow quarter-on-quarter to 5,514 tonnes in Q3 2026 (Q2 2026: 5,129 tonnes), as Demirli ramps up to full production by the end of November. In line with its medium-term growth strategy, the Company will become a majority copper producer in 2026.


 


Continued production growth in Q3 2026



Copper production of 5,514 tonnes (Q3 2025: 2,288 tonnes) as Demirli production continues to ramp-up in line with expectations, with steady state production expected by the end of November


1,690 tonnes at Gedabek


3,824 tonnes at Demirli




Gold production of 6,781 ounces (Q3 2025: 6,798 ounces)


5,582 ounces contained within gold doré


1,199 ounces from flotation and SART production




Silver production totalled 52,969 ounces (Q3 2025: 41,623 ounces)


5,480 ounces contained within gold doré


47,489 ounces from flotation and SART processing




Mining recommenced from Ugur in the Quarter following evaluation of the mineralisation 



 


Record copper production in 9M 2026



Copper production of 14,354 tonnes (9M 2025: 3,476 tonnes)


Gold production of 19,110 ounces (9M 2025: 18,912 ounces)


Silver production of 145,824 ounces (9M 2025: 103,971 ounces)



 


Q3 2026  sales and financial overview



Total gold bullion sales of 5,733 ounces at an average of $4,259 per ounce (Q3 2025: 5,181 ounces at an average of $3,430 per ounce)


Total concentrate sales of 28,987 dry metric tonnes (“dmt”) with a value of $80.5 million


9,655 dmt at Gedabek with a value of $30.4 million (Q3 2025: 6,852 dmt with a value of $17.8 million)


19,332 dmt at Demirli with a value of $50.1 million (Q3 2025: nil)




Cash of $56.5 million ($70.0 million at 30 June 2026) and debt of $9.4 million ($12.3 million at 30 June 2026)


Net cash outflow in the Quarter of $10.6 million


Cash payments in the Quarter included $10.0 million in respect of the 2025 final dividend and profits tax payments


Cash outflow also included $30.1 million working capital usage in respect of sales invoiced in September with proceeds received in October


Working capital usage will be reversed in Q4 2026






Unsold gold doré and copper concentrate inventory of $27.0 million at 30 September 2026



 


Outlook


Ramp-up at Demirli continues to progress in line with expectations, with steady-state production expected by the end of November. 


 


The Company is pleased to maintain its Full Year 2026 guidance of 20,000 to 25,000 tonnes of copper, 26,000 to 30,000 ounces of gold and 170,000 to 210,000 ounces of silver, with AISC of $6,000 to $7,000 per tonne of copper and $1,500 to $1,800 per ounce of gold. 


 


Key metrics for H1 2026, Q3 2026, Q3 2025 and FY 2025



 




 




H1 2026




Q3 2026




Q3 2025




Q3 2026 compared to Q3 2025


H/(L)




FY 2025




Production




 




 




 




 




 




 




Gold




ounces




12,329




6,781




6,798




(17)




25,061




Copper




 




 




 




 




 




 




  Gedabek




tonnes




3,341




1,690




1,577




113




4,787




  Demirli




tonnes




5,499




3,824




711




3,113




3,128




  Total copper 




tonnes




8,840




5,514




2,288




3,226




7,915




Silver




ounces




92,855




47,489




41,623




5,866




153,333




 




 




 




 




 




 




 




Doré sales




 




 




 




 




 




 




    Doré




ounces




7,126




5,733




5,181




552




19,631




    Sales value




$/ounce




4,664




4,259




3,430




829




3,441




      




 




 




 




 




 




 




Copper concentrate sales




 




 




 




 




 




 




   Tonnes




tonnes




58,577




28,987




6,852




22,135




29,695




   Sales value




$m




125.9




80.5




17.8




62.7




64.7




 




 




 




 




 




 




 




 


Increase / (decrease) in net cash




 


$m




55.0




(10.6)




(1.2)




(9.4)




17.3




Ending net cash / (debt)




 


$m




57.7




47.1




(14.2)




61.3




2.5




 




 




 




 




 




 




 




Market value of inventory 




 


$m




28.9




27.0




11.5




15.5




37.7



 


Reza Vaziri, CEO of Anglo Asian Mining, commented: 


“We are delighted with the continued operational progress made during the Quarter, with successive quarter-on-quarter copper production growth driven by the ongoing ramp-up at Demirli, which remains on track to enter full production by the end of November. We are very well placed to deliver our medium-term strategy of becoming a mid-tier, majority copper 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


 




 




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 is progressing its strategic plan for growth, which is a clearly defined path to transition to a multi-asset, mid-tier, copper and gold producer by 2030. Copper is now the principal product of the Company, with forecast annual production in 2030 of around 50,000 to 55,000 tonnes. This growth will be achieved by bringing three new mines into production during the period 2027 to 2030 at Xarxar, Garadag and Zafar. This is in addition to the new Gilar and Demirli mines which commenced production in May 2025 and July 2025 respectively. https://www.angloasianmining.com/


 


APPENDIX


OPERATING STATISTICS FOR Q3 2026


 


Ore mined during Q3 2026


 


Gedabek



Mine




3 months to


31 March 2026




3 months to


30 June 2026




3 months to


30 September 2026




 




Ore mined


(tonnes)




Average


gold grade


(g/t)




Average


copper


grade


(%)




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




33,828




0.38




0.22




Gilar – u/g




208,032




1.30




1.36




225,602




1.39




1.67




227,282




1.40




1.43




Ugur – o/pit




-




-




-




-




-




-




40,374




0.29




-




Total




243,620




1.18




1.19




249,104




1.28




1.52




301,484




1.14




1.27



 


Demirli


 



 




3 Months to 


31 March 2026




3 Months to 


30 June 2026




3 Months to 


30 September 2026




Mine




Ore mined




Average 


copper grade




Ore mined




Average 


copper grade




Ore mined




Average 


copper grade




 




(tonnes)




(%)




(tonnes)




(%)




(tonnes)




(%)




Open pit




1,352,208




0.37




2,238,060




0.34




2,034,552




0.39



 


Gedabek processing, production and sales in Q3 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




39,475




-




167,989




0.33




-




1.33




30 June 2026




80,702




-




183,929




0.25




-




1.40




H1 2026




120,176




-




351,918




0.29




-




1.37




30 September 2026




122,812




-




186,164




0.38




-




1.39



 


 


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




30 September 2026




178,545




3,691




99,234




2,454



 


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




30 September 2026




5,582




5,480




5,733




4,259



 


* 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




30 Sept 2026




4,337




1,245




5,582




4,274




1,206




5,480



 


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




11,103




30,290




H1 2026




17,236




3,341




2,329




81,473




18,993




54,496




30 September 2026




8,972




1,690




1,199




47,489




9,655




30,387



 


* including Government of Azerbaijan’s share


** excludes Government of Azerbaijan’s share


 


Demirli processing, production and sales Q3 2026


 



Processed




Unit




Q1 2026




Q2 2026




Q3 2026




Ore feed to plant




dry metric tonnes




647,835




855,104




1,022,576




Grade




per cent.




0.44




0.51




0.50




Copper content




tonnes




2,880




4,361




5,120




 




 




 




 






Production




 




 




 






Copper concentrate




tonnes




11,901




16,904




19,369




Copper content




tonnes




2,249




3,250




3,824













 



Sales




 




 




 






Concentrate sales




Dry metric tonnes




10,663




21,032




19,332




Value of sales




$ million




21.4




50.0




50.1













 


Q3 2026 Financial overview


The Company had a net outflow of funds of $10.6 million in the 3 months ended 30 September 2026. Cash decreased by $13.5 million to $56.5 million and debt reduced by $2.9 million to $9.4 million at 30 September 2026. Net cash accordingly decreased by $10.6 million to $47.1 million. The main reasons for the decrease in net cash were as follows:



Working capital increase in respect of concentrate sales of $30.1 million at the end of September for which the proceeds were received in October


Profits tax payments of $5.4 million


2025 final dividend paid of $4.6 million


Payments to the Government of Azerbaijan in respect of production share on copper concentrate sales for the period July 2025 to Feburary 2026 of $8.8 million following agreement of the amounts



Net cash 



 




Q1 2026




Q2 2026




Q3 2026




 




$m




$m




$m




$m




$m




$m




Beginning of the quarter




 




2.6




 




17.7




 




57.7




Sales proceeds (net of Government production share)




62.4




 




89.6




 




53.4




 




Interest income




0.3




 




0.4




 




0.7




 




VAT refund




-




 




2.9




 




5.5




 




Operating costs




(39.9)




 




(46.2)




 




(58.2)




 




Capital expenditure




(3.4)




 




(3.9)




 




(1.8)




 




Demirli lease payment




(3.8)




 




-




 




-




 




Debt servicing




(0.5)




 




(0.3)




 




(0.2)




 




Profits tax payment




-




 




(2.6)




 




(5.4)




 




Dividend




-




 




-




 




(4.6)




 




Inc./(dec.) in net cash




 




15.1




 




39.9




 




(10.6)




End of the quarter




 




17.7




 




57.6




 




47.1



 



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