REG - Anglo Asian Mining - Q2 & H1 Production and Operations Review

Anglo Asian MiningAnnouncement

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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)
 o Copper production of 654 tonnes (Q2 2024: 46 tonnes)
 o Gold production of 6,086 ounces (Q2 2024: 2,438 ounces)
 o Silver production of 32,033 ounces (Q2 2024: 6,341 ounces)
 ·    Total H1 2025 production of 16,378 GEOs (H1 2024: 5,270 GEOs)
 o Copper production of 1,188 tonnes (H1 2024: 100 tonnes)
 o Gold production of 12,115 ounces (H1 2024: 4,704 ounces)
 o Silver 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.
 o Cash 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 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

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

 

Q2 2025 production overview

 ·    Gold production of 6,086 ounces (Q2 2024: 2,438 ounces):
 o  5,624 ounces contained within gold doré
 o  458 ounces from flotation
 o 4 ounces from sulphidisation, acidification, recycling and thickening
 ("SART") processing
 ·    Copper production of 654 tonnes (Q2 2024: 46 tonnes):
 o 584 tonnes from flotation
 o 70 tonnes from SART processing
 ·    Silver production totalled 32,033 ounces (Q2 2024: 6,341 ounces):
 o 6,699 ounces contained within gold doré
 o 12,581 ounces from flotation processing
 o 12,753 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

 ·    Cash of $11.1 million ($12.4 million at 31 March 2025) including
 restricted cash
 ·   Debt (including advance from Trafigura) of $24.1 million ($26.2 million
 at 31 March 2025)
 ·    Net debt of $13.0 million ($13.8 million at 31 March 2025)
 ·   Unsold gold doré and 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             3 months to             3 Months

               31 December 2024        31 March 2025           to 30 June 2025
 Mine         Ore mined   Average      Ore mined  Average      Ore mined  Average

                          gold grade              gold grade              gold grade
              (tonnes)    (g/t)        (tonnes)   (g/t)        (tonnes)   (g/t)
 Open pit     443,611     0.73         241,561    0.22         287,473    0.23
 Gadir - u/g  167,121     1.58         12,325     2.21         -          -
 Gilar - u/g  -           -            -          -            106,510    1.23
 Total        610,732     0.96         253,886    0.32         393,983    0.50

 

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

 

 Quarter ended      Ore processed                                                              Gold grade of ore processed
                    Heap leach pad crushed ore  Heap leach pad ROM  Agitation leaching plant*  Heap leach pad crushed ore  Heap leach pad ROM  Agitation leachingplant*

                    (tonnes)                    ore                 (tonnes)                   (g/t)                       ore                 (g/t)

                                                (tonnes)                                                                   (g/t)
 31 March 2024      120,528                     -                   -                          0.68                        -                   -
 30 June 2024       110,225                     9,698               -                          0.59                        0.52                -
 30 September 2024   110,152                    -                   18,009                     0.65                        -                   1.93
 31 December 2024   79,835                      -                   128,387                    0.53                        -                   1.54
 FY 2024            420,740                     9,698               146,396                    0.61                        0.52                1.58
 31 March 2025      106,429                     -                   149,763                    0.40                        -                   1.16
 30 June 2025       133,153                     -                   154,948                    0.40                        -                   1.13
 H1 2025            239,582                     -                   304,711                    0.40                        -                   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 ended      Ore processed  Gold content  Silver content  Copper content
                    (tonnes)       (ounces)      (ounces)        (tonnes)
 31 March 2024      -              -             -               -
 30 June 2024       -              -             -               -
 30 September 2024  -              -             -               -
 31 December 2024   73,990         285           3,985           363
 FY 2024            73,990         285           3,985           363
 31 March 2025      155,406        535           9,516           729
 30 June 2025       166,135        1,193         30,537          900
 H1 2025            321,541        1,728         40,053          1,629

 

 

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

 Quarter ended      Gold produced*  Silver produced*  Gold sales**  Gold Sales price
                    (ounces)        (ounces)          (ounces)      ($/ounce)
 31 March 2024      2,259           1,512             3,925         2,080
 30 June 2024       2,433           1,532             2,075         2,350
 30 September 2024  2,955           1,979             3,220         2,497
 31 December 2024   7,280           6,974             6,031         2,655
 FY 2024            14,927          12,007            15,251        2,432
 31 March 2025      5,758           8,212             4,753         2,843
 30 June 2025       5,624           6,699             5,028         3,299
 H1 2025            11,382          14,911            9,781         3,077

 

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        Gold                             Silver

 ended
                Agitation  Heap       Total      Agitation  Heap       Total

                leaching   leaching              leaching   leaching

                (ounces)   (ounces)   (ounces)   (ounces)   (ounces)   (ounces)
 31 March 2024  -          2,259      2,259      -          1,512      1,512
 30 June 2024   -          2,433      2,433      -          1,532      1,532
 30 Sept 2024   606        2,349      2,955      415        1,564      1,979
 31 Dec 2024    5,231      2,049      7,280      5,006      1,978      6,984
 FY 2024        5,837      9,090      14,927     5,421      6,586      12,007
 31 March 2025  4,017      1,741      5,758      5,717      2,495      8,212
 30 June 2025   3,936      1,688      5,624      4,632      2,067      6,699
 H1 2025        7,953      3,429      11,382     10,349     4,562      14,911

 

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:

 

                             Concentrate  Copper    Gold      Silver
                             production*  content*  content*  content*
                             (dmt)        (tonnes)  (ounces)  (ounces)
 2024
 Quarter ended 31 March
 SART processing             89           54        7         4,893
 Flotation                   -            -         -         -
 Total                       89           54        7         4,893
 Quarter ended 30 June
 SART processing             77           46        5         4,809
 Flotation                   -            -         -         -
 Total                       77           46        5         4,809
 Quarter ended 30 September
 SART processing             19           11        1         1,336
 Flotation                   -            -         -         -
 Total                       19           11        1         1,336
 Quarter ended 31 December
 SART processing             34           17        2         3,549
 Flotation                   1,638        249       131       1,664
 Total                       1,672        266       133       5,213
 2025
 Quarter ended 31 March
 SART processing             107          66        7         17,227
 Flotation                   2,965        468       264       4,882
 Total                       3,072        534       271       22,109
 Quarter ended 30 June
 SART processing             112          70        4         12,753
 Flotation                   3,411        584       458       12,581
 Total                       3,523        654       462       25,334

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:

 

                    Concentrate  Copper    Gold      Silver    Concentrate

                                                                            Concentrate
                    production*  content*  content*  content*  sales**      sales**
                    (dmt)        (tonnes)  (ounces)  (ounces)  (dmt)        ($000)
 Quarter ended
 31 March 2024      89           54        7         4,893     71           295
 30 June 2024       77           46        5         4,809     260          1,002
 30 September 2024  19           11        1         1,336     -            -
 31 December 2024   1,672        266       133       5,213     1,173        1,493
 FY 2024            1,857        377       146       16,251    1,504        2,790
 31 March 2025      3,072        534       271       22,109    2,030        3,616
 30 June 2025       3,523        654       462       25,334    3,402        6,299
 H1 2025            6,595        1,188     733       47,443    5,432        9,915

 

* 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 2025             Q2 2025
                          $m      $m          $m      $m
 1 Jan / 31 March 2025            (14.8)              (13.8)
 Revenue                  17.5                23.1
 VAT refund               0.2                 1.8
 Interest income          0.2                 0.2
 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 quarter            1.0                 0.8
 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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