REG - Anglo Asian Mining - Q1 2026 Production and Sales Review
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RNS Number : 4754A Anglo Asian Mining PLC 15 April 2026
15 April 2026
Q1 2026 Production and Sales Review
Copper production of 3,711 tonnes and gold of 6,062 ounces
Net cash increased by $15.4 million to $17.7 million
Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed
copper, gold and silver producer focused in Azerbaijan, is pleased to provide
the following production and sales review for the three months to 31 March
2026 ("Q1 2026" or the "Quarter").
Q1 2026 production overview
· Copper production of 3,711 tonnes (Q1 2025: 534 tonnes):
o 1,462 tonnes from flotation and SART at Gedabek
o 2,249 tonnes from flotation at Demirli
· Gold production of 6,062 ounces (Q1 2025: 6,028 ounces):
o 4,842 ounces contained within gold doré
o 1,220 ounces from flotation and SART production
· Silver production totalled 42,796 ounces (Q1 2025: 30,315 ounces):
o 5,607 ounces contained within gold doré
o 37,189 ounces from flotation and SART processing
Q1 2026 sales overview
· Total gold bullion sales of 4,100 ounces at an average of $4,728 per
ounce (Q1 2025: 4,753 ounces at an average of $2,843 per ounce)
· Total concentrate sales of 18,553 dry metric tonnes with a value of
$45.6 million
o Gedabek - 7,890 dry metric tonnes ("dmt") with a value of $24.2 million (Q1
2025: 2,327 dmt with a value of $4.1 million)
o Demirli - 10,663 dmt with a value of $21.4 million
Q1 and 31 March 2026 financial overview
· Cash of $37.2 million ($30.2 million at 31 December 2025), no
restricted cash
· Debt of $19.5 million ($27.9 million at 31 December 2025)
o No outstanding advances from Trafigura at 31 March 2026 or 31 December 2025
· Net cash of $17.7 million ($2.3 million at 31 December 2025)
· Unsold gold doré and copper concentrate inventory of $30.8 million
at 31 March 2026
Key metrics for Q1 2026 and Q1 2025 and FY 2025
Q1 2026 Q1 2025 Q1 2026 compared to Q1 2025 FY 2025
B/(W)
Production
Gold ounces 6,062 6,028 34 25,061
Copper
Gedabek tonnes 1,462 538 924 4,787
Demirli tonnes 2,249 - 2,249 3,128
Total copper tonnes 3,711 538 3,173 7,915
Silver ounces 42,796 30,315 12,481 153,333
Dore sales
Dore ounces 4,100 4,753 (653) 19,631
Sales value $/ounce 4,728 2,843 1,885 3,441
Copper concentrate sales
Tonnes tonnes 18,553 2,327 16,226 29,695
Sales value $m 45.6 4.1 41.5 64.7
15.4 1.0 14.4 17.3
Increase in net cash $m
Ending net cash / (debt) 17.7 (13.8) 31.5 2.5
$m
Market value of inventory 30.8 7.5 23.3 37.7
$m
Reza Vaziri, CEO of Anglo Asian Mining commented:
"We are delighted with the progress and performance during the quarter. The
excellent copper production from Gedabek and Demirli demonstrates the
successful continuing execution of our clear strategy to rapidly expand copper
production and successfully transition to a multi-asset, mid-tier
copper-focused producer. "
Note that all references to "$" 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
Tel: +44 (0) 20 7418 8900
Peel Hunt LLP (Broker)
Ross Allister
David McKeown
Emily Bhasin
SP Angel Corporate Finance LLP (Nominated Adviser) 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/)
Ore mined during Q1 2026
Gedabek
Mine 3 months to
31 March 2026
Ore mined Average Average
(tonnes) gold grade copper
(g/t) grade
(%)
Open pit 35,588 0.46 0.20
Gilar - u/g 186,709 1.35 1.48
Total 222,297 1.21 1.28
Demirli
3 months to
31 March 2026
Mine Ore mined Average
copper grade
(tonnes) (%)
Open pit 1,352,208 0.37
Gedabek processing, production and sales in Q1 2026
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 2025 106,429 - 149,763 0.40 - 1.16
30 June 2025 133,153 - 154,948 0.40 - 1.13
30 September 2025 47,202 - 156,773 0.40 - 1.52
31 December 2025 - - 163,541 - - 1.27
FY 2025 286,784 - 625,025 0.40 - 1.26
31 March 2026 14,264 - 167,989 0.33 - 1.33
* includes previously heap leached ore.
Ore processed by flotation
Quarter ended Ore processed* Copper content
Gold content Silver content
(tonnes) (ounces) (ounces) (tonnes)
31 March 2025 155,406 535 9,516 729
30 June 2025 166,135 1,193 30,537 900
30 September 2025 151,359 3,185 85,123 1,793
31 December 2025 156,158 3,027 93,835 2,409
FY 2025 629,058 7,940 219,011 5,831
31 March 2026 162,109 2,806 69,040 1,703
*the ore processed by flotation includes ore which had previously been treated
by agitation leaching. For Q1 2026, all ore processed had been previously
treated by agitation leaching.
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 2025 5,758 8,206 4,753 2,843
30 June 2025 5,624 6,699 5,028 3,299
30 September 2025 5,814 4,655 5,181 3,430
31 December 2025 5,133 4,788 4,669 4,214
FY 2025 22,329 24,348 19,631 3,441
31 March 2026 4,842 5,607 4,100 4,728
* 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 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
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
FY 2025 16,622 5,707 22,329 17,804 6,544 24,348
31 March 2026 3,780 1,062 4,842 4,379 1,228 5,607
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 2025 3,072 534 270 22,109 2,324 4,050
30 June 2025 3,523 654 462 25,334 3,886 7,060
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
FY 2025 23,148 4,787 2,732 128,984 20,317 47,300
31 March 2026 7,311 1,462 1,220 37,189 7,890 24,207
* including Government of Azerbaijan's share
** excludes Government of Azerbaijan's share
Demirli processing, production and sales Q1 2026
January to March 2026
Processed Unit
Ore feed to plant dry metric tonnes 647,835
Grade per cent. 0.44
Copper content tonnes 2,880
Production
Copper concentrate tonnes 11,901
Copper content tonnes 2,249
Sales
Concentrate sales Dry metric tonnes 10,663
Value of sales $ million 21.4
Q1 2026 Financial overview
The Company had a net inflow of funds of $15.4 million in the 3 months ended
31 March 2026. Cash increased by $7.0 million to $37.2 million and debt
reduced by $8.4 million to $19.5 million at 31 March 2026. Net cash
accordingly increased by $15.4 million to $17.7 million.
Net cash
Q1 2026
$m $m
I January 2026 2.3
Sales proceeds 62.7
Interest income 0.3
Operating costs (39.9)
Capital expenditure (3.4)
Demirli lease payment (3.8)
Debt servicing (0.5)
Inflow 15.4
31 March 2026 17.7
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