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    Anglo Asian Mining - Q4 and FY 2025 Production and Operations Review

    Picture of Anglo Asian Mining logoAnglo Asian Mining
    15/01/2026 07:00
    RNS Number : 9588O

Anglo Asian Mining PLC

15 January 2026

 

15 January 2026

 

Q4 and FY 2025 Production and Operations Review

FY 2025 production of 7,915 tonnes of copper and 25,061 ounces of gold completes  transformational year with record copper production supporting financial turnaround

 

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to provide the following production, sales and operational review for the three months to 31 December 2025 ("Q4 2025" or the "Quarter") and the twelve months to 31 December 2025 ("FY 2025").

 

Q4 and FY 2025 performance summary


    20252024
    Full Year    		2025 compared to 2024
    B/(W)
    H1Q3Q4Full year
    Production
    Copper
    Gedabektonnes1,1881,5772,0224,7873774,410
    Demirlitonnes-7112,4173,128-3,128
    Total coppertonnes1,1882,2884,4397,9153777,538
    Goldounces12,1146,7986,14925,06115,0739,988
    Silverounces62,34841,62349,361153,33228,258125,074
    Gold doré sales
    Gold doréounces9,7815,1814,66919,63115,2514,380
    Sales value$m30.117.719.767.537.030.5
    Copper sales
    Concentratedmts6,2106,85216,63329,6951,50428,191
    Sales value$m11.117.835.864.72.861.9
    Total sales proceeds$m40.627.857.3125.740.285.5
    Cash inflow / (outflow)$m1.8(1.2)16.717.3(4.4)21.7
    Ending net cash / (debt)$m(13.0)(14.2)2.52.5(14.8)17.3
    Market value of inventory
    Gold and silver$m5.35.17.07.02.7N/M
    Copper concentrate$m1.68.630.730.73.5N/M
    Total inventory$m6.913.737.737.76.2N/M
    

N/M - not meaningful

 

Q4 2025 - record quarterly copper production, strong operational progress and exceptional cash generation

·    Copper production of 4,439 tonnes, a 94 per cent. quarter-on-quarter increase, due to increased production from both Gedabek and Demirli

·    Net cash inflow in Q4 2025 of $16.7 million 

o  Sales proceeds in Q4 2025 of $57.3 million

o  Net cash of $2.5 million at 31 December 2025

·    The Company completed its first sales of Demirli copper concentrate which were made from its newly established logistics centre

·    A second filter press was installed at Gedabek and upgrades to the flotation plant have started which will increase its capacity and enable processing of high grade Gilar ore

o 53,190 tonnes of Gilar ore grading 1.8 grammes of gold and 3.58 per cent. of copper now stockpiled at Gedabek

FY 2025 - transformation to multi-asset producer completed

·    Copper production of 7,915 tonnes was lower than the revised guidance of 8,100 to 9,000 tonnes due to maintenance of the Demirli ball mill which restricted ore throughput

o FY 2025 Demirli production was 3,128 tonnes compared to guidance of 3,500 to 4,100 tonnes

o Ball mill scheduled to be operational by end of Q1 2026 following installation of a new spindle

·    Gold production of 25,061 at the lower end of the revised guidance of 25,000 to 28,000 ounces

·    Inventory at 31 December 2025 includes concentrate containing 2,457 tonnes of copper valued at $12,504 per tonne

 

Reza Vaziri, CEO of Anglo Asian Mining commented:

"2025 was a truly transformational year for Anglo Asian, during which time we became a multi-asset producer in line with our growth strategy, and achieved considerable momentum within our copper operations. In addition to bringing the Gilar and Demirli mines into production, we continued to invest in improving our operations such as the ongoing upgrade to the Gedabek flotation plant.

 

"We were disappointed to slightly miss our copper production guidance as a result of the maintenance required to the Demirli ball mill. However, this was offset by excellent sales and favourable metal prices. I was especially pleased with our cash performance and that we closed the year with net cash. This turnaround in net debt in 2025 has been a remarkable achievement.

 

"We enter the year in a very strong position. Demirli and Gilar are now both operating in line with our expectations and metal prices remain favourable. We are also making encouraging progress at our exciting copper growth projects, the Xarxar and Garadag deposits. I look forward to reporting on our progress throughout the rest of the year."

 

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
    Amir Vaziri, Chief Business Development OfficerTel: +1 (301) 332 9938
    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    		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/

 

Q4 2025 production overview

·    Copper production of 4,439 tonnes (Q4 2024: 266 tonnes):

o 2,022 tonnes from flotation and SART at Gedabek

o 2,417 tonnes from flotation at Demirli

·    Gold production of 6,149 ounces (Q4 2024: 7,413 ounces):

o 5,133 ounces contained within gold doré

o 1,016 ounces from flotation and SART production

·    Silver production totalled 49,361 ounces (Q4 2024: 12,197 ounces):

o 4,788 ounces contained within gold doré

o 44,573 ounces from flotation and SART processing

 

Q4 2025 sales overview

·    Total gold bullion sales of 4,669 ounces at an average of $4,214 per ounce (Q4 2024: 6,031 ounces at an average of $2,655 per ounce)

·    Total concentrate sales of 16,633 dry metric tonnes ("dmt") with a value of $35.8 million

o Gedabek - 7,255 dmt with a value of $18.4 million (Q4 2024: 1,173 dmt with a value of $1.5 million)

o Demirli -  9,378 dmt with a value of $17.4 million (Q4 2024: nil)

 

31 December 2025 financial overview

·    Cash of $30.1 million ($10.4 million at 30 September 2025) including restricted cash

·    Debt of $27.6 million ($24.6 million at 30 September 2025 including advance from Trafigura)

o No outstanding advance from Trafigura at 31 December 2025

·    Net cash of $2.5 million (Net debt of $14.2 million at 30 September 2025)

·    Unsold gold doré and copper concentrate inventory of $37.7 million at 31 December 2025

 

Ore mined during FY 2025

 

Gedabek


    Mine9 months to
    30 September 2025    		3 months to
    31 December 2025    		12 Months
    to 31 December 2025
    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 pit612,2120.250.3570,2830.480.21682,4950.280.34
    Gadir - u/g13,5922.070.1900013,5922.070.19
    Gilar - u/g345,6301.521.81198,8291.281.67544,4591.431.00
    Total971,4340.730.87269,1221.071.291,240,5460.800.63
    

 

 

Demirli


    9 months to
    30 September 2025    		3 months to
    31 December 2025    		12 Months
    to 31 December 2025
    MineOre minedAverage
    copper grade    		Ore minedAverage
    copper grade    		Ore minedAverage
    copper grade
    (tonnes)(%)(tonnes)(%)(tonnes)(%)
    Open pit423,6310.431,551,2090.491,974,8400.47
    

 

Gedabek processing and production in FY 2025

 

Ore processed by leaching

 


    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
    30 September 202547,202-156,7730.40-1.52
    31 December 2025--163,541--1.27
    H2 202547,202-320,3140.40-1.38
    FY 2025286,784-625,0250.40-1.26
    

 

* includes previously heap leached ore.

 

Ore processed by flotation


    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
    30 September 2025151,3593,18585,1231,793
    31 December 2025156,1583,02793,8352,409
    H2 2025307,5176,212178,9584,202
    FY 2025629,0587,940219,0115,831
    

 

 

Gold and silver produced as gold doré and gold sales


    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 20247,2806,9846,0312,655
    FY 202414,92712,00715,2512,432
    31 March 20255,7588,2064,7532,843
    30 June 20255,6246,6995,0283,299
    H1 202511,38214,9059,7813,077
    30 September 20255,8144,6555,1813,430
    31 December 20255,1334,7884,6694,214
    H2 202510,9479,4439,8503,802
    FY 202522,32924,34819,6313,441
    

 

Note

* 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    		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 20254,0171,7415,7585,7172,4898,206
    30 June 20253,9361,6885,6244,6322,0676,699
    H1 20257,9533,42911,38210,3494,55614,905
    30 Sept 20254,6811,1335,8143,7359204,655
    31 Dec 20253,9881,1455,1333,7201,0684,788
    H2 20258,6692,27810,9477,4551,9889,443
    FY 202516,6225,70722,32917,8046,54424,348
    

 

Copper concentrate production and sales

 


    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 20253,07253427022,1092,3244,050
    30 June 20253,52365446225,3343,8867,060
    H1 20256,5951,18873247,4436,21011,110
    30 September 20256,7691,57798436,9686,85217,760
    31 December 20259,7842,0221,01644,5737,25518,430
    H2 202516,5533,5992,00081,54114,10736,190
    FY 202523,1484,7872,732128,98420,31747,300
    

 

* including Government of Azerbaijan's share

** excludes Government of Azerbaijan's share

 

Demirli processing, production and sales FY 2025

 


    ProcessedUnitQ3 2025Q4 2025FY 2025
    Ore feed to planttonnes292,950701,285994,235
    Gradeper cent.0.450.470.47
    Copper contenttonnes1,3073,2964,603
    Production
    Copper concentratedry metric tonnes4,54813,97518,523
    Copper contenttonnes7112,4173,128
    

 


    Sales
    Concentrate salesdry metric tonnes-9,3789,378
    Value of sales$ million-17.417.4
    

 

FY 2025 Financial overview

The Company had a net inflow of funds of $17.3 million in the 12 months ended 31 December 2025. Net debt of $14.8 million at I January 2025 was extinguished during the year with net cash of $2.5 million at 31 December 2025 as follows:

 

Net cash / (debt)


    H1 2025H2 2025FY 2025
    $m$m$m$m$m$m
    Start of year / H2(14.8)(13.0)(14.8)
    Sales proceeds40.685.1125.7
    VAT refund2.03.75.7
    Interest income0.41.01.4
    Operating costs(33.8)(63.9)(97.7)
    Capital expenditure(2.9)(1.1)(4.0)
    Demirli renovation(3.8)(5.1)(8.9)
    Azergold data purchase-(3.5)(3.5)
    Debt servicing(0.7)(0.7)(1.4)
    Inflow1.815.517.3
    End of H2 / year(13.0)*2.52.5
    

*includes net advance from Trafigura of $4.4 million at 30 June 2025. There was no advance outstanding from Trafigura at 31 December 2025.

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