REG - Anglo Asian Mining - Q3 2025 Production and Operations Review

Anglo Asian MiningAnnouncement

Thu 07:00

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RNS Number : 5497D  Anglo Asian Mining PLC  16 October 2025

 

16 October 2025

Anglo Asian Mining plc

Q3 2025 Production and Operations Review

Two new mines entered production during 2025

Record quarterly copper production in Q3 2025 of 2,287 tonnes

 

Anglo Asian Mining plc ("Anglo Asian", the Group 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 30 September 2025 ("Q3 2025"or the "Quarter") and nine months to 30
September 2025 ("9M 2025").

 

Due to the increasing proportion of copper in the Group's production in
accordance with its growth strategy, the Group will no longer report total
production in gold equivalent ounces. Production of copper and gold will
continue to be separately reported.

 

Record quarterly copper production in Q3 2025

·   Copper production in Q3 2025 increased by approximately 250 per cent.
compared to Q2 2025 due to the first production from Demirli and a full
quarter of production from Gilar

o Copper production of 2,287 tonnes (Q2 2025: 654 tonnes)

§ 1,576 tonnes from Gedabek (Q2 2025: 654 tonnes)

§ 711 tonnes from Demirli (Q2 2025: nil)

·   Gold and silver Q3 2025 production also benefitted substantially by
production from the Gilar mine

o Gold production of 6,798 ounces (Q3 2024: 2,956 ounces)

o Silver production of 41,605 ounces (Q3 2024: 3,315 ounces)

·    Substantial increase in production in Q3 2025 enhances 9M 2025
production

o Copper production of 3,475 tonnes (9M 2024: 111 tonnes)

o Gold production of 18,912 ounces (9M 2024: 7,660 ounces)

o Silver production of 103,959 ounces (9M 2024: 16,061 ounces)

 

Key developments in Q3 2025 across the Company's portfolio

·    First full quarter of continuous production from the Gilar mine

o 239,120 tonnes of ore grading 2.34 per cent. copper and 1.65 grammes per
tonne of gold produced, including:

o 71,188 tonnes of ore grading 3.8 per cent. copper and 2.0 grammes per tonne
of gold stockpiled at end of September for future processing

·   Demirli commenced production in Q3 2025, significantly enhancing the
Company's copper output as part of the strategic shift towards copper

o 4,548 dmt tonnes of copper concentrate produced containing 711 tonnes of
copper

o Demirli ball mill now in operation in addition to the SAG mill

·   Upgrades of the Gedabek flotation plant underway to process higher
grade ores and increase operational efficiency, with the second filter press
now installed

 

Revised full year 2025 guidance issued

·    Revised full year guidance released 9 October 2025, reflecting the
impact of bringing Demirli into production during the year. The Company
expects:

o Copper production of 8,100 to 9,000 tonnes

o Gold production of 25,000 to 28,000 tonnes

 

9M 2025 sales and cash update

·    Total gold bullion sales of 14,962 ounces at an average of $3,200 per
ounce (9M 2024: 9,220 ounces at an average of $2,287 per ounce)

·    The Group continues to maintain a strong focus on cash and strict
cost controls, with overall negative cash flow of only $1.2 million in the
Quarter, increasing net debt to $14.2 million as at 30 September 2025 compared
to $14.8 million at 31 December 2024

o    Negative cash flow due to start-up capital expenditure and operating
expenses at Demirli until concentrate sales can commence

·   Inventory valued at $11.5 million at 30 September 2025 (30 June 2025:
$7.0 million), reflecting unsold copper concentrate at Demirli

o Gedabek: $7.2 million (30 June 2025: $7.0 million)

o Demirli: $4.3 million (30 June 2025: nil)

 

Anglo Asian CEO Reza Vaziri commented:

"I am delighted to report our strong performance in the nine months to end
September in this transformational year. The new Gilar and Demirli mines are
both performing well, with very strong grades at Gilar in particular.
Reflecting these two new assets being in production, we were delighted to
deliver a record quarterly copper production of 2,287 tonnes, a milestone for
Anglo Asian as we transition to a production profile of mostly copper."

 

Investor presentation

Alongside this announcement, the Company will provide a live presentation via
Investor Meet Company on 16 October 2025 at 11:00am BST. Stephen Westhead,
Vice President, and Bill Morgan, CFO, will host the presentation which is free
to register for and can be accessed here:

https://www.investormeetcompany.com/anglo-asian-mining-plc/register-investor
(https://www.investormeetcompany.com/anglo-asian-mining-plc/register-investor)

 

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
 Amir Vaziri, Chief Business Development Officer                Tel: +1 (301) 332 9938

 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

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 377 tonnes of copper and 15,073 ounces of gold for the year
ended 31 December 2024. In the nine months to 30 September 2025, the Company
produced 3,475 tonnes of copper and 18,912 ounces of gold.

 

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

 

Q3 2025 production overview

·    Copper production of 2,287 tonnes (Q3 2024: 11 tonnes):

o 1,576 tonnes from flotation and SART at Gedabek

o 711 tonnes from flotation at Demirli

·    Gold production of 6,798 ounces (Q3 2024: 2,955 ounces):

o 5,814 ounces contained within gold doré

o 984 ounces from flotation and SART production

·    Silver production totalled 41,605 ounces (Q3 2024: 3,315 ounces):

o 4,654 ounces contained within gold doré

o 36,951 ounces from flotation and SART processing

 

Q3 2025 sales overview

·    Total gold bullion sales of 5,181 ounces at an average of $3,430 per
ounce (Q3 2024: 3,220 ounces at an average of $2,497 per ounce)

·    Total concentrate sales at Gedabek of 5,979 dry metric tonnes ("dmt")
with a value of $15.5 million (Q3 2024: nil dmt, $nil)

o No sales were made by Demirli in the Quarter but inventory contained 4,547
dmt tonnes of concentrate containing 711 tonnes of copper awaiting sale

 

Q3 2025 financial overview

·    Cash of $10.4 million ($11.1 million at 30 June 2025) including
restricted cash

·    Debt (including advance from Trafigura) of $24.6 million ($24.1
million at 30 June 2025)

·    Net debt of $14.2 million ($13.0 million at 30 June 2025)

·    Unsold gold doré and copper concentrate inventory of $11.5 million
at 30 September 2025

 

Ore mined during 9 months to 30 September 2025

 

Gedabek

              12 months to             6 months to             3 Months

               31 December 2024        30 June 2025            to 30 Sept 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         529,034    0.23         82,993     0.44
 Gadir - u/g  167,121     1.58         12,325     2.21         -          -
 Gilar - u/g  -           -            106,510    1.23         239,120    1.65
 Total        610,732     0.96         647,869    0.43         322,113    1.34

 

Demirli

           12 months to               6 months to               3 Months

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

                       copper grade              copper grade              copper grade
           (tonnes)    (%)            (tonnes)   (%)            (tonnes)   (%)
 Open pit  -           -              -          -              423,631    0.43

 

Gedabek processing and production in 9M 2025

 

Ore processed by leaching

 

 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
 30 Sept 2025       47,202                      -                   156,773                    0.4                         -                   1.52

 

* includes previously heap leached ore.

 

Ore processed by flotation

 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
 30 Sept 2025       156,773        3,185         85,123          1,793

 

 

Gold and silver produced as gold doré

 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
 30 Sept 2025       5,814           4,654             5,181         3,430

 

Note

* including Government of Azerbaijan's share

** excluding Government of Azerbaijan's share

 

Gold and silver produced by leaching

 

 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
 30 Sept 2025   4,681      1,133      5,814      3,735      919        4,654

 

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 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
 30 September 2025  6,769        1,576     984       36,951    5,979        15,500

 

* including Government of Azerbaijan's share

** excludes Government of Azerbaijan's share

 

Demirli processing and production in 9M 2025

 

                                        July to September 2025

 Processed           Unit
 Ore feed to plant   dry metric tonnes  292,950
 Grade               per cent.          0.45
 Copper content      tonnes             1,307

 Production
 Copper concentrate  tonnes             4,548
 Copper content      tonnes             711

 

Q3 2025 Financial review

The Company's net debt increased from $13.0 million at 30 June 2025 to $14.2
million at 30 September 2025 as follows:

 

                                    Q1 2025            Q2 2025            Q3 2025
                                    $m      $m         $m      $m         $m      $m
 Start of quarter                           (14.8)             (13.8)             (13.0)
 Revenue                            17.5               23.1               27.8
 VAT refund                         0.2                1.8                1.6
 Interest income                    0.2                0.2                0.6
 Operating costs                    (15.2)             (18.6)             (22.7)
 Capital expenditure                (1.4)              (1.5)              (3.9)
 Demirli expenditure                -                  (3.8)              (4.3)
 Debt servicing                     (0.3)              (0.4)              (0.3)
 Inflow / (outflow) in the quarter

                                            1.0                0.8                (1.2)
 End of quarter                              (13.8)*            (13.0)*           (14.2)*

*includes net advance from Trafigura of $4.9m at 30 September 2025 (30 June
2025: $4.4m; 31 March 2025: $5.0m).

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