Anglo Asian Mining - Annual General Meeting Statement

Anglo Asian Mining

25/06/2025 07:00

RNS Number : 2500O

Anglo Asian Mining PLC

25 June 2025

 

25 June 2025

Anglo Asian Mining plc

Annual General Meeting Statement

Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM-listed gold, copper and silver producer focused on Azerbaijan, is holding its annual general meeting at 11:00 am today at The Washington Mayfair Hotel, 5 Curzon Street, London W1J 5HE, United Kingdom. At the meeting Reza Vaziri, Anglo Asian President and Chief Executive, will make the following statement:

"2024 was without doubt, a challenging year for Anglo Asian. We started the year with our agitation leaching and flotation processing still suspended, whilst we waited for permission to raise the wall of our tailings dam. Our balance sheet had to be managed very carefully with only minimal production coming from heap leaching and SART processing.

The Company has weathered the challenges very well and delivered a robust performance. It is now in a much stronger position than 12 months ago. By the end of 2024, we had completed the first stage of raising the tailings dam wall and resumed full production at Gedabek. We also obtained access to Demirli in the year, and our rehabilitation of the property commenced at a very fast pace.

In line with expectations, production in 2024 was 16,760 gold equivalent ounces which was lower than 2023 due to the partial suspension of processing throughout most of the year. Revenues were 40 million dollars and our loss before taxation was 21 million dollars. Fortunately, our lower production was partially offset by buoyant metal prices. Our net debt only increased during the year by 4.4 million dollars to 14.7 million dollars due to very careful cash management.

We continued to lay the foundations for our future growth during the year. We published maiden JORC mineral resources for our Xarxar and Garadag deposits. These deposits will significantly increase our production base and enable us to execute our transition to a mid-tier producer. The Company now has a JORC resource base of over one million tonnes of copper and 400,000 ounces of gold.

The Company's momentum and confidence have continued to increase significantly in the last few months. Since the end of 2024, our new Gilar mine commenced production in May 2025 and we expect Demirli to start production in the second half of this year. This means we will soon have two new assets in production which is a commendable achievement. This has been done without raising new capital from shareholders.

I would like to take this opportunity to thank my fellow board members, our management team and all of our employees and contractors for their hard work and dedication, and to our shareholders for their ongoing support."

 

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)
Ewan Leggat
Adam Cowl
Tel: +44 (0) 20 3470 0470
Hudson Sandler (Financial PR)
Charlie Jack
Harry Griffiths
Kristina Gaysina
Tel: +44 (0) 20 7796 4133

 

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/

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