16 October 2025
Anglo Asian Mining plc
Q3 2025 Production and Operations Review
Two new mines entered production during 2025
Record quarterly copper production in Q3 2025 of 2,287 tonnes
Anglo Asian Mining plc ("Anglo Asian", the Group or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to provide the following production, sales and operational review for the three months to 30 September 2025 ("Q3 2025"or the "Quarter") and nine months to 30 September 2025 ("9M 2025").
Due to the increasing proportion of copper in the Group's production in accordance with its growth strategy, the Group will no longer report total production in gold equivalent ounces. Production of copper and gold will continue to be separately reported.
Record quarterly copper production in Q3 2025
· Copper production in Q3 2025 increased by approximately 250 per cent. compared to Q2 2025 due to the first production from Demirli and a full quarter of production from Gilar
o Copper production of 2,287 tonnes (Q2 2025: 654 tonnes)
§ 1,576 tonnes from Gedabek (Q2 2025: 654 tonnes)
§ 711 tonnes from Demirli (Q2 2025: nil)
· Gold and silver Q3 2025 production also benefitted substantially by production from the Gilar mine
o Gold production of 6,798 ounces (Q3 2024: 2,956 ounces)
o Silver production of 41,605 ounces (Q3 2024: 3,315 ounces)
· Substantial increase in production in Q3 2025 enhances 9M 2025 production
o Copper production of 3,475 tonnes (9M 2024: 111 tonnes)
o Gold production of 18,912 ounces (9M 2024: 7,660 ounces)
o Silver production of 103,959 ounces (9M 2024: 16,061 ounces)
Key developments in Q3 2025 across the Company's portfolio
· First full quarter of continuous production from the Gilar mine
o 239,120 tonnes of ore grading 2.34 per cent. copper and 1.65 grammes per tonne of gold produced, including:
o 71,188 tonnes of ore grading 3.8 per cent. copper and 2.0 grammes per tonne of gold stockpiled at end of September for future processing
· Demirli commenced production in Q3 2025, significantly enhancing the Company's copper output as part of the strategic shift towards copper
o 4,548 dmt tonnes of copper concentrate produced containing 711 tonnes of copper
o Demirli ball mill now in operation in addition to the SAG mill
· Upgrades of the Gedabek flotation plant underway to process higher grade ores and increase operational efficiency, with the second filter press now installed
Revised full year 2025 guidance issued
· Revised full year guidance released 9 October 2025, reflecting the impact of bringing Demirli into production during the year. The Company expects:
o Copper production of 8,100 to 9,000 tonnes
o Gold production of 25,000 to 28,000 tonnes
9M 2025 sales and cash update
· Total gold bullion sales of 14,962 ounces at an average of $3,200 per ounce (9M 2024: 9,220 ounces at an average of $2,287 per ounce)
· The Group continues to maintain a strong focus on cash and strict cost controls, with overall negative cash flow of only $1.2 million in the Quarter, increasing net debt to $14.2 million as at 30 September 2025 compared to $14.8 million at 31 December 2024
o Negative cash flow due to start-up capital expenditure and operating expenses at Demirli until concentrate sales can commence
· Inventory valued at $11.5 million at 30 September 2025 (30 June 2025: $7.0 million), reflecting unsold copper concentrate at Demirli
o Gedabek: $7.2 million (30 June 2025: $7.0 million)
o Demirli: $4.3 million (30 June 2025: nil)
Anglo Asian CEO Reza Vaziri commented:
"I am delighted to report our strong performance in the nine months to end September in this transformational year. The new Gilar and Demirli mines are both performing well, with very strong grades at Gilar in particular. Reflecting these two new assets being in production, we were delighted to deliver a record quarterly copper production of 2,287 tonnes, a milestone for Anglo Asian as we transition to a production profile of mostly copper."
Investor presentation
Alongside this announcement, the Company will provide a live presentation via Investor Meet Company on 16 October 2025 at 11:00am BST. Stephen Westhead, Vice President, and Bill Morgan, CFO, will host the presentation which is free to register for and can be accessed here:
https://www.investormeetcompany.com/anglo-asian-mining-plc/register-investor
Note that all references to "$" 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 |
| |
|
| 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
|
Tel: +44 0) 20 7796 4133
|
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 377 tonnes of copper and 15,073 ounces of gold for the year ended 31 December 2024. In the nine months to 30 September 2025, the Company produced 3,475 tonnes of copper and 18,912 ounces of gold.
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/
Q3 2025 production overview
· Copper production of 2,287 tonnes (Q3 2024: 11 tonnes):
o 1,576 tonnes from flotation and SART at Gedabek
o 711 tonnes from flotation at Demirli
· Gold production of 6,798 ounces (Q3 2024: 2,955 ounces):
o 5,814 ounces contained within gold doré
o 984 ounces from flotation and SART production
· Silver production totalled 41,605 ounces (Q3 2024: 3,315 ounces):
o 4,654 ounces contained within gold doré
o 36,951 ounces from flotation and SART processing
Q3 2025 sales overview
· Total gold bullion sales of 5,181 ounces at an average of $3,430 per ounce (Q3 2024: 3,220 ounces at an average of $2,497 per ounce)
· Total concentrate sales at Gedabek of 5,979 dry metric tonnes ("dmt") with a value of $15.5 million (Q3 2024: nil dmt, $nil)
o No sales were made by Demirli in the Quarter but inventory contained 4,547 dmt tonnes of concentrate containing 711 tonnes of copper awaiting sale
Q3 2025 financial overview
· Cash of $10.4 million ( $11.1 million at 30 June 2025) including restricted cash
· Debt (including advance from Trafigura) of $24.6 million ( $24.1 million at 30 June 2025)
· Net debt of $14.2 million ($13.0 million at 30 June 2025)
· Unsold gold doré and copper concentrate inventory of $11.5 million at 30 September 2025
Ore mined during 9 months to 30 September 2025
Gedabek
| |
12 months to 31 December 2024 |
6 months to 30 June 2025 |
3 Months to 30 Sept 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 |
529,034 |
0.23 |
82,993 |
0.44 |
| Gadir - u/g |
167,121 |
1.58 |
12,325 |
2.21 |
- |
- |
| Gilar - u/g |
- |
- |
106,510 |
1.23 |
239,120 |
1.65 |
| Total |
610,732 |
0.96 |
647,869 |
0.43 |
322,113 |
1.34 |
Demirli
| |
12 months to 31 December 2024 |
6 months to 30 June 2025 |
3 Months to 30 Sept 2025 |
|||
| Mine |
Ore mined |
Average copper grade |
Ore mined |
Average copper grade |
Ore mined |
Average copper grade |
|
|
(tonnes) |
(%) |
(tonnes) |
(%) |
(tonnes) |
(%) |
| Open pit |
- |
- |
- |
- |
423,631 |
0.43 |
Gedabek processing and production in 9M 2025
Ore processed by leaching
| 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 |
| 30 Sept 2025 |
47,202 |
- |
156,773 |
0.4 |
- |
1.52 |
* includes previously heap leached ore.
Ore processed by flotation
| 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 |
| 30 Sept 2025 |
156,773 |
3,185 |
85,123 |
1,793 |
Gold and silver produced as gold doré
| 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 |
| 30 Sept 2025 |
5,814 |
4,654 |
5,181 |
3,430 |
Note
* including Government of Azerbaijan's share
** excluding Government of Azerbaijan's share
Gold and silver produced by leaching
| 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 |
| 30 Sept 2025 |
4,681 |
1,133 |
5,814 |
3,735 |
919 |
4,654 |
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 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 |
| 30 September 2025 |
6,769 |
1,576 |
984 |
36,951 |
5,979 |
15,500 |
* including Government of Azerbaijan's share
** excludes Government of Azerbaijan's share
Demirli processing and production in 9M 2025
|
Processed |
Unit |
July to September 2025 |
| Ore feed to plant |
dry metric tonnes |
292,950 |
| Grade |
per cent. |
0.45 |
| Copper content |
tonnes |
1,307 |
| |
|
|
| Production |
|
|
| Copper concentrate |
tonnes |
4,548 |
| Copper content |
tonnes |
711 |
Q3 2025 Financial review
The Company's net debt increased from $13.0 million at 30 June 2025 to $14.2 million at 30 September 2025 as follows:
| |
Q1 2025 |
Q2 2025 |
Q3 2025 |
|||
| |
$m |
$m |
$m |
$m |
$m |
$m |
| Start of quarter |
|
(14.8) |
|
(13.8) |
|
(13.0) |
| Revenue |
17.5 |
|
23.1 |
|
27.8 |
|
| VAT refund |
0.2 |
|
1.8 |
|
1.6 |
|
| Interest income |
0.2 |
|
0.2 |
|
0.6 |
|
| Operating costs |
(15.2) |
|
(18.6) |
|
(22.7) |
|
| Capital expenditure |
(1.4) |
|
(1.5) |
|
(3.9) |
|
| Demirli expenditure |
- |
|
(3.8) |
|
(4.3) |
|
| Debt servicing |
(0.3) |
|
(0.4) |
|
(0.3) |
|
| Inflow / (outflow) in the quarter |
|
1.0 |
|
0.8 |
|
(1.2) |
| End of quarter |
|
(13.8)* |
|
(13.0)* |
|
(14.2)* |
*includes net advance from Trafigura of $4.9m at 30 September 2025 (30 June 2025: $4.4m; 31 March 2025: $5.0m).
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