REG - Anglo Asian Mining - 2026 production and cost guidance

Anglo Asian MiningAnnouncement

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RNS Number : 3971T  Anglo Asian Mining PLC  18 February 2026

18 February 2026

 

2026 production and cost guidance

 

Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold,
copper and silver producer primarily focused on Azerbaijan, is pleased to
announce its guidance for 2026 ("FY 2026").

 

Highlights

·    2026 will be another pivotal year for Anglo Asian, which is the
Group's first full year as a multi-asset producer

·    The Company anticipates approximately tripling its copper production
in 2026, with increased contributions from the Gilar and Demirli mines, both
of which commenced production in 2025

·    Gold and silver production is anticipated to increase year-on-year

·    Costs at all operations expected to remain competitive

 

Group production guidance

 

                  2025 production  2026 production guidance¹
 Copper (tonnes)  7,915            20,000 to 25,000
 Gold (ounces)    25,061           28,000 to 33,000
 Silver (ounces)  153,333          170,000 to 210,000

 

Group cost guidance

 

                   2026 AISC guidance
 Gold ($/oz)       1,500 to 1,800
 Copper ($/tonne)  6,800 to 7,800(²)

 

Reza Vaziri, CEO of Anglo Asian, commented:

"I am delighted to provide our 2026 guidance, ahead of a year that we
anticipate will see another step-change for Anglo Asian. During 2026, copper
will become our primary product, and we are confident that we can triple our
copper output year-on-year.  Anglo Asian has benefitted from our consistent
operational delivery, and strong prevailing precious and base metals prices.
We now look forward to delivering another year of strong growth as we execute
our medium-term strategy to transition to a mid-tier producer."

 

Notes

1.   2026 production guidance represents aggregate Group production inclusive
of the Government of Azerbaijan's share under the terms of the Production
Sharing Agreement ("PSA"). Further information on the PSA can be found in the
Group's annual report or on our website.

2.   The copper AISC guidance excludes the cost of the lease of the Demirli
property complex from the Government of Azerbaijan as it is equivalent to the
capital cost of building the plant. If the cost of the lease is included, the
AISC guidance for copper increases by approximately $1,000 per tonne. The
copper AISC also reflects the costs of overburden stripping required at
Demirli to expose further reserves of ore.

 

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

Appendix

Calculation of All-In Sustaining Cost ("AISC") for copper and gold

 

Gedabek copper and gold production

The Group produces both copper and gold at its Gedabek production site. Both
metals are considered primary products as both contribute materially to
revenue. Accordingly, the "Co-Product Accounting" method is used to allocate
costs to gold and copper. The total cost of the Gedabek production site, plus
sustaining capital expenditure and metal selling costs, is therefore allocated
to gold and copper in proportion to their expected sales revenues.

 

The revenue from silver production is treated as a by-product and credited
against the total costs of Gedabek production before allocation. The forecast
revenues generated by gold, silver and copper are calculated using the Group's
share of production which are also used for calculating the AISC of copper and
gold. A proportion of the total costs (based on Gedabek and Demirli site
headcount) of the Group's office in Baku is also included as this office
performs various administrative functions for the Gedabek and Demirli sites.

 

Demirli copper production

The AISC for copper is calculated using the total costs of production at the
site including sustaining capital expenditure, copper selling costs and its
share of the Baku office overheads. Our share of production is used to
calculate the AISC.

 

Group gold and copper production

The AISC for gold production is the AISC for Gedabek as gold is currently only
produced at that location. The AISC for copper is calculated as the total
costs of Gedabek and Demirli divided by the total of the Group's share of
copper production.

 

About Anglo Asian Mining

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/)

 

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