REG - Anglo Asian Mining - Forward sale of gold

Anglo Asian MiningAnnouncement

19/06/2023 07:00

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RNS Number : 0755D  Anglo Asian Mining PLC  19 June 2023

19 June 2023

 

Anglo Asian Mining PLC

Forward sale of 4,600 ounces of gold bullion

 

Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold,
copper and silver producer focused in Azerbaijan, announces that it has taken
a forward sale position for 4,600 ounces of gold bullion over a 7 month period
from June to December 2023. This supports the Company's medium-term growth
strategy, culminating in its transition to a mid-tier copper producer, and is
prudent in light of forthcoming capital expenditure requirements.

 

Monthly forward sales of gold bullion have been made equivalent to
approximately 25 to 30 per cent. of each month's budgeted gold doré
production. The contracts mature at the end of each respective month and a
total of 4,600 ounces of gold bullion has been forward sold. The forward sales
have been made at prices between $1,949.75 to $1,979.25 per ounce of gold. The
spot price of gold at the time of contracting the forward sales was $1,947.50.

 

The Company will report execution of these forward sales contracts in its
quarterly Production and Operations reviews.

 

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

 SP Angel Corporate Finance LLP (Nominated Adviser and Broker)   Tel: +44 (0) 20 3470 0470

 Ewan Leggat

 Adam Cowl

 Hudson Sandler (Financial PR)                                   Tel: +44 (0) 20 7796 4133

 Charlie Jack

 Harry Griffiths

 

About Anglo Asian Mining

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 57,618 gold equivalent ounces ("GEOs") for the year
ended 31 December 2022.

 

On 30 March 2023, the Company published its strategic plan for growth which
shows a clearly defined path for the Company to transition to a multi-asset,
mid-tier copper and gold producer by 2028. By 2028, copper will be the
principal product of the Company, with forecast production of around 36,000
copper equivalent tonnes. It plans to achieve this growth by bringing into
production four new mines during 2023 to 2028 at Zafar, Gilar, Xarxar and
Garadag.

 

The Company owns approximately 19.8 per cent. of Libero Copper & Gold
Corporation ("Libero"). Libero is listed on the TSX Venture
Exchange in Canada and owns, or has the option to acquire, several copper
exploration properties in North and South America, including Mocoa
in Colombia, one of the world's largest undeveloped copper-molybdenum
resources.

 

https://www.angloasianmining.com/ (https://www.angloasianmining.com/)

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