REG - Anglo Asian Mining - Production commences at the Gilar mine

Anglo Asian MiningAnnouncement

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RNS Number : 0935J  Anglo Asian Mining PLC  19 May 2025

19 May 2025

Anglo Asian Mining PLC

Production commences at the Gilar mine

 

Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold,
copper and silver producer primarily focused on Azerbaijan, is pleased to
announce that it has started production from Gilar, a new underground mine at
the Gedabek site.

 

Ore is now being mined from the higher-grade zone 4 and the copper and gold
grades of the ore are consistent with our mining plan. The ore will first be
processed by agitation leaching to extract the gold as gold doré, then by
flotation to produce a copper concentrate. The Company is targeting around
2,000 tonnes of ore being mined per day.

 

A maiden JORC mineral resources estimate was published on 11 December 2023,
confirming the Gilar deposit contains 6.10 million tonnes of mineralisation
with average grades of 0.88 per cent. for copper, totalling nearly 54,000
tonnes of copper, and 1.30 grammes of gold per tonne, containing over 255,000
ounces of gold. The mineral resources estimate of Gilar is available on the
Group's website at:

https://polaris.brighterir.com/public/anglo_asian_mining/news/rns/story/xj70vgx
(https://polaris.brighterir.com/public/anglo_asian_mining/news/rns/story/xj70vgx)

 

Gilar is an important asset for Anglo Asian as it transitions to being a
primarily copper mid-tier producer, with the mine expected to produce monthly
production of 50,000 to 60,000 tonnes of ore following a steady ramp up.

 

Reza Vaziri, CEO of Anglo Asian, commented:

"We are delighted to announce that Gilar has now entered production. After
years of exploration and development works, I wish to thank all the team for
their hard work in delivering this achievement. With over 54,000 tonnes of
copper and 255,000 ounces of gold confirmed, Gilar is set to play a crucial
role in our strategy to transition to a mid-tier, primarily copper-focused
producer."

 

Background to the Gilar underground mine

Gilar is a mineral deposit located approximately seven kilometres from the
Company's processing facilities and close to the northern boundary of the
Gedabek Contract Area. The Company commenced developing the Gilar underground
mine in late 2022 following exceptional drilling results in the south of the
area.

 

The Gilar mine comprises two underground tunnels, a main exploration
tunnel,1,462 metres in length, that will be used for future production and a
second parallel tunnel for ventilation, both of which are complete. The main
exploration tunnel was extended into the mineralisation in early March.
Further mine development tunnelling, including a spiral ramp to access the ore
body from multi-levels, is ongoing.

 

The tunnel has accessed the lower "Zone 4" of the deposit that hosts 2.57
million tonnes of mineralisation with average grades of 1.47 per cent. of
copper and 1.78 grammes of gold per tonne.

 

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

 Kristina Gaysina

 

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

 

 

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