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

Anglo Asian MiningAnnouncement

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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

                                    2025                                 2024        2025 compared to 2024

                                                                         Full Year   B/(W)
                                    H1       Q3       Q4      Full year
 Production
 Copper
   Gedabek                  tonnes  1,188    1,577    2,022   4,787      377         4,410
   Demirli                  tonnes  -        711      2,417   3,128      -           3,128
   Total copper             tonnes  1,188    2,288    4,439   7,915      377         7,538
 Gold                       ounces  12,114   6,798    6,149   25,061     15,073      9,988
 Silver                     ounces  62,348   41,623   49,361  153,332    28,258      125,074

 Gold doré sales
 Gold doré                  ounces  9,781    5,181    4,669   19,631     15,251      4,380
 Sales value                $m      30.1     17.7     19.7    67.5       37.0        30.5

 Copper sales
 Concentrate                dmts    6,210    6,852    16,633  29,695     1,504       28,191
 Sales value                $m      11.1     17.8     35.8    64.7       2.8         61.9

 Total sales proceeds       $m      40.6     27.8     57.3    125.7      40.2        85.5
                                                      16.7    17.3       (4.4)

 Cash inflow / (outflow)    $m      1.8      (1.2)                                   21.7
 Ending net cash / (debt)                             2.5     2.5        (14.8)

                            $m      (13.0)   (14.2)                                  17.3

 Market value of inventory

 Gold and silver            $m      5.3      5.1      7.0     7.0        2.7         N/M
 Copper concentrate         $m      1.6      8.6      30.7    30.7       3.5         N/M
 Total inventory            $m      6.9      13.7     37.7    37.7       6.2         N/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 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 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/
(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

 Mine         9 months to                      3 months to                      12 Months

              30 September 2025                31 December 2025                 to 31 December 2025
              Ore mined  Average      Average  Ore mined  Average      Average  Ore mined  Average      Average

              (tonnes)   gold grade   copper   (tonnes)   gold grade   copper   (tonnes)   gold grade   copper

                         (g/t)        grade               (g/t)        grade               (g/t)        grade

                                      (%)                              (%)                              (%)
 Open pit     612,212    0.25         0.35     70,283     0.48         0.21     682,495    0.28         0.34
 Gadir - u/g  13,592     2.07         0.19     0          0            0        13,592     2.07         0.19
 Gilar - u/g  345,630    1.52         1.81     198,829    1.28         1.67     544,459    1.43         1.00
 Total        971,434    0.73         0.87     269,122    1.07         1.29     1,240,546  0.80         0.63

 

 

Demirli

           9 months to                 3 months to               12 Months

            30 September 2025          31 December 2025          to 31 December 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           1,551,209  0.49           1,974,840    0.47

 

Gedabek processing and production in FY 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 September 2025  47,202                      -                   156,773                    0.40                        -                   1.52
 31 December 2025   -                           -                   163,541                    -                           -                   1.27
 H2 2025            47,202                      -                   320,314                    0.40                        -                   1.38
 FY 2025            286,784                     -                   625,025                    0.40                        -                   1.26

 

* 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 September 2025  151,359        3,185         85,123          1,793
 31 December 2025   156,158        3,027         93,835          2,409
 H2 2025            307,517        6,212         178,958         4,202
 FY 2025            629,058        7,940         219,011         5,831

 

 

Gold and silver produced as gold doré and gold sales

 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           6,984             6,031         2,655
 FY 2024            14,927          12,007            15,251        2,432
 31 March 2025      5,758           8,206             4,753         2,843
 30 June 2025       5,624           6,699             5,028         3,299
 H1 2025            11,382          14,905            9,781         3,077
 30 September 2025  5,814           4,655             5,181         3,430
 31 December 2025   5,133           4,788             4,669         4,214
 H2 2025            10,947          9,443             9,850         3,802
 FY 2025            22,329          24,348            19,631        3,441

 

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        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      2,489      8,206
 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     4,556      14,905
 30 Sept 2025   4,681      1,133      5,814      3,735      920        4,655
 31 Dec 2025    3,988      1,145      5,133      3,720      1,068      4,788
 H2 2025        8,669      2,278      10,947     7,455      1,988      9,443
 FY 2025        16,622     5,707      22,329     17,804     6,544      24,348

 

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       270       22,109    2,324        4,050
 30 June 2025       3,523        654       462       25,334    3,886        7,060
 H1 2025            6,595        1,188     732       47,443    6,210        11,110
 30 September 2025  6,769        1,577     984       36,968    6,852        17,760
 31 December 2025   9,784        2,022     1,016     44,573    7,255        18,430
 H2 2025            16,553       3,599     2,000     81,541    14,107       36,190
 FY 2025            23,148       4,787     2,732     128,984   20,317       47,300

 

* including Government of Azerbaijan's share

** excludes Government of Azerbaijan's share

 

Demirli processing, production and sales FY 2025

 

 Processed           Unit               Q3 2025  Q4 2025  FY 2025
 Ore feed to plant   tonnes             292,950  701,285  994,235
 Grade               per cent.          0.45     0.47     0.47
 Copper content      tonnes             1,307    3,296    4,603

 Production
 Copper concentrate  dry metric tonnes  4,548    13,975   18,523
 Copper content      tonnes             711      2,417    3,128

 

 Sales
 Concentrate sales  dry metric tonnes  -  9,378  9,378
 Value of sales     $ million          -  17.4   17.4

 

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 2025          H2 2025         FY 2025
                         $m      $m       $m      $m      $m      $m
 Start of year / H2              (14.8)           (13.0)          (14.8)
 Sales proceeds          40.6             85.1            125.7
 VAT refund              2.0              3.7             5.7
 Interest income         0.4              1.0             1.4
 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)
 Inflow                          1.8              15.5            17.3
 End of H2 / year                (13.0)*          2.5             2.5

*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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