REG - Anglo Asian Mining - Annual General Meeting Statement

Anglo Asian MiningAnnouncement

25/06/2025 07:00

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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)   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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