15 July 2025
Anglo Asian Mining plc
Q2 & H1 2025 Production and Operations Review
New Gilar mine enters production and positive cash flow maintained
Anglo Asian Mining plc ("Anglo Asian", the Group or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, provides the following production, sales and operational review for the three months to 30 June 2025 ("Q2 2025"or the "Quarter") and six months to 30 June 2025 ("H1 2025" or the "Half Year"). During the Quarter, the Company produced 8,293 gold equivalent ounces, and continued to generate positive cash flow, further reducing its net debt.
Q2 and H1 2025 production update
| · Total Q2 2025 production of 8,293 gold equivalent ounces ("GEOs") (Q2 2024: 2,707 GEOs) |
| o Copper production of 654 tonnes (Q2 2024: 46 tonnes) |
| o Gold production of 6,086 ounces (Q2 2024: 2,438 ounces) |
| o Silver production of 32,033 ounces (Q2 2024: 6,341 ounces) |
| · Total H1 2025 production of 16,378 GEOs (H1 2024: 5,270 GEOs) |
| o Copper production of 1,188 tonnes (H1 2024: 100 tonnes) |
| o Gold production of 12,115 ounces (H1 2024: 4,704 ounces) |
| o Silver production of 62,354 ounces (H1 2024: 12,746 ounces) |
Key developments in H1 2025 across the Company's portfolio
| · The Gilar mine commenced production in May with 106,510 tonnes of ore produced in the Quarter grading 1.23 grammes of gold per tonne and 0.84 per cent. copper |
| · Significant progress has been made at Demirli with work steadily progresssing towards commencement of production |
H1 2025 sales and cash update
| · Total gold bullion sales of 9,781 ounces at an average of $3,077 per ounce (H1 2024: 6,000 ounces at an average of $2,174 per ounce) |
| · The Group continues to maintain a strong focus on cash and strict cost control, with positive cash flow of $1.8 million in the Half Year, decreasing net debt to $13.0 million as at 30 June 2025 compared to $14.8 million at 31 December 2024. |
| o Cash flow for Q2 2025 includes capital expenditure for Demirli of $3.8 million |
| · Inventory valued at $7.0 million at 30 June 2025 (31 March 2025: $7.1 million). |
Anglo Asian CEO Reza Vaziri commented:
"I am pleased to report that the momentum we built in the first quarter has continued into the second, delivering production in the Half Year of 16,378 gold equivalent ounces, including 1,188 tonnes of copper.
"The Gilar mine, which entered production in May, is performing well and delivered a meaningful contribution in June to our copper output. Gilar is an important asset for us as we transition to a multi-asset producer, and our production assets will be significantly enhanced when Demirli enters production.
"We look forward to building on the strong momentum of the first half, and to providing further updates on the execution of our growth strategy to become a mid-tier, copper-focused producer."
Note that all references to "$" 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 |
| |
|
| 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
|
Notes to editors
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/
Q2 2025 production overview
| · Gold production of 6,086 ounces (Q2 2024: 2,438 ounces): |
| o 5,624 ounces contained within gold doré |
| o 458 ounces from flotation |
| o 4 ounces from sulphidisation, acidification, recycling and thickening ("SART") processing |
| · Copper production of 654 tonnes (Q2 2024: 46 tonnes): |
| o 584 tonnes from flotation |
| o 70 tonnes from SART processing |
| · Silver production totalled 32,033 ounces (Q2 2024: 6,341 ounces): |
| o 6,699 ounces contained within gold doré |
| o 12,581 ounces from flotation processing |
| o 12,753 ounces from SART processing |
Q2 2025 sales overview
| · Total gold bullion sales of 5,028 ounces at an average of $3,299 per ounce (Q2 2024: 2,075 ounces at an average of $2,350 per ounce) |
| · Total concentrate sales of 3,402 dry metric tonnes ("dmt") with a value of $6.3 million (Q2 2024: 260 dmt with a value of $1.0 million) |
Q2 2025 financial overview
| · Cash of $11.1 million ( $12.4 million at 31 March 2025) including restricted cash |
| · Debt (including advance from Trafigura) of $24.1 million ( $26.2 million at 31 March 2025) |
| · Net debt of $13.0 million ($13.8 million at 31 March 2025) |
| · Unsold gold dor é and copper concentrate inventory of $7.0 million at 30 June 2025 |
The Company mined the following ore during FY 2024 and the six months to 30 June 2025:
| |
12 months to 31 December 2024 |
3 months to 31 March 2025 |
3 Months to 30 June 2025 |
|||
| Mine |
Ore mined |
Average gold grade |
Ore mined |
Average gold grade |
Ore mined |
Average gold grade |
|
|
(tonnes) |
(g/t) |
(tonnes) |
(g/t) |
(tonnes) |
(g/t) |
| Open pit |
443,611 |
0.73 |
241,561 |
0.22 |
287,473 |
0.23 |
| Gadir - u/g |
167,121 |
1.58 |
12,325 |
2.21 |
- |
- |
| Gilar - u/g |
- |
- |
- |
- |
106,510 |
1.23 |
| Total |
610,732 |
0.96 |
253,886 |
0.32 |
393,983 |
0.50 |
The Company processed the following amounts and grades of ore by leaching for FY 2024 and the six months to 30 June 2025:
| Quarter ended |
Ore processed |
Gold grade of ore processed |
||||
| |
Heap leach pad crushed ore (tonnes) |
Heap leach pad ROM ore (tonnes) |
Agitation leaching plant* (tonnes) |
Heap leach pad crushed ore (g/t) |
Heap leach pad ROM ore (g/t) |
Agitation leachingplant* (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 |
* includes previously heap leached ore.
The Company processed the following amounts of ore and contained metal by flotation for FY 2024 and the six months ended 30 June 2025:
| 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 |
The following table summarises gold doré production and sales at Gedabek for FY 2024 and the six months 30 June 2025:
| 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 |
6,974 |
6,031 |
2,655 |
| FY 2024 |
14,927 |
12,007 |
15,251 |
2,432 |
| 31 March 2025 |
5,758 |
8,212 |
4,753 |
2,843 |
| 30 June 2025 |
5,624 |
6,699 |
5,028 |
3,299 |
| H1 2025 |
11,382 |
14,911 |
9,781 |
3,077 |
Note
* including Government of Azerbaijan's share
** excluding Government of Azerbaijan's share
The gold and silver production from agitation and heap leaching for FY 2024 and the six months 30 June 2025 is as follows:
| Quarter ended |
Gold |
Silver |
||||
| Agitation leaching (ounces) |
Heap leaching (ounces) |
Total
(ounces) |
Agitation leaching (ounces) |
Heap leaching (ounces) |
Total
(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 |
2,495 |
8,212 |
| 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 |
4,562 |
14,911 |
The following table summarises copper concentrate production from both the Company's SART and flotation plants at Gedabek for FY 2024 and the six months ended 30 June 2025:
| |
Concentrate |
Copper |
Gold |
Silver |
|
|
production* |
content* |
content* |
content* |
|
|
(dmt) |
(tonnes) |
(ounces) |
(ounces) |
| 2024 |
|
|
|
|
| Quarter ended 31 March |
|
|
|
|
| SART processing |
89 |
54 |
7 |
4,893 |
| Flotation |
- |
- |
- |
- |
| Total |
89 |
54 |
7 |
4,893 |
| Quarter ended 30 June |
|
|
|
|
| SART processing |
77 |
46 |
5 |
4,809 |
| Flotation |
- |
- |
- |
- |
| Total |
77 |
46 |
5 |
4,809 |
| Quarter ended 30 September |
|
|
|
|
| SART processing |
19 |
11 |
1 |
1,336 |
| Flotation |
- |
- |
- |
- |
| Total |
19 |
11 |
1 |
1,336 |
| Quarter ended 31 December |
|
|
|
|
| SART processing |
34 |
17 |
2 |
3,549 |
| Flotation |
1,638 |
249 |
131 |
1,664 |
| Total |
1,672 |
266 |
133 |
5,213 |
| 2025 |
|
|
|
|
| Quarter ended 31 March |
|
|
|
|
| SART processing |
107 |
66 |
7 |
17,227 |
| Flotation |
2,965 |
468 |
264 |
4,882 |
| Total |
3,072 |
534 |
271 |
22,109 |
| Quarter ended 30 June |
|
|
|
|
| SART processing |
112 |
70 |
4 |
12,753 |
| Flotation |
3,411 |
584 |
458 |
12,581 |
| Total |
3,523 |
654 |
462 |
25,334 |
Note
* including Government of Azerbaijan's share.
Certain amounts for SART and flotation production may differ to those previously disclosed due to final reconciliation of production.
The following table summarises total copper concentrate production and sales for FY 2024 and six months to 30 June 2025. Note that sales of concentrates are initially recorded at provisional amounts until agreement of final assay:
| |
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 |
271 |
22,109 |
2,030 |
3,616 |
| 30 June 2025 |
3,523 |
654 |
462 |
25,334 |
3,402 |
6,299 |
| H1 2025 |
6,595 |
1,188 |
733 |
47,443 |
5,432 |
9,915 |
* including Government of Azerbaijan's share
** excludes Government of Azerbaijan's share
H1 2025 Financial review
The Company's net debt decreased from $13.8 million at 31 March 2025 to $13.0 million at 30 June 2025 as follows:
| |
Q1 2025 |
Q2 2025 |
||
| |
$m |
$m |
$m |
$m |
| 1 Jan / 31 March 2025 |
|
(14.8) |
|
(13.8) |
| Revenue |
17.5 |
|
23.1 |
|
| VAT refund |
0.2 |
|
1.8 |
|
| Interest income |
0.2 |
|
0.2 |
|
| Operating costs |
(15.2) |
|
(18.6) |
|
| Capital expenditure |
(1.4) |
|
(1.5) |
|
| Demirli expenditure |
- |
|
(3.8) |
|
| Debt servicing |
(0.3) |
|
(0.4) |
|
| inflow in the quarter |
|
1.0 |
|
0.8 |
| 31 March / 30 June 2025 |
|
(13.8)* |
|
(13.0)* |
*includes net advance from Trafigura of $4.4m at 30 June 2025 ($5.0m at
31 March 2025).
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