2026 production and cost guidance
Summary by AI BETAClose X
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 7,800² |
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) Ewan Leggat Adam Cowl |
Tel: +44 (0) 20 3470 0470 |
|
|
|
|
Hudson Sandler (Financial PR) Charlie Jack Harry Griffiths
|
Tel: +44 (0) 20 7796 4133
|
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/
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