Q1 2026 Production and Sales Review
Summary by AI BETAClose X
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 B/(W) |
FY 2025 |
|
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 |
|
|
|
|
|
|
|
|
Increase in net cash |
$m |
15.4 |
1.0 |
14.4 |
17.3 |
|
Ending net cash / (debt) |
$m |
17.7 |
(13.8) |
31.5 |
2.5 |
|
|
|
|
|
|
|
|
Market value of inventory |
$m |
30.8 |
7.5 |
23.3 |
37.7 |
Reza Vaziri, CEO of Anglo Asian Mining commented:
"We are delighted with the progress and performance during the quarter. The excellent copper production from Gedabek and Demirli demonstrates the successful continuing execution of our clear strategy to rapidly expand copper production and successfully transition to a multi-asset, mid-tier copper-focused producer. "
Note that all references to "$" 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 |
|
Peel Hunt LLP (Broker) |
Tel: +44 (0) 20 7418 8900 |
|
Ross Allister |
|
|
David McKeown |
|
|
Emily Bhasin |
|
|
SP Angel Corporate Finance LLP (Nominated Adviser) 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 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/
Ore mined during Q1 2026
Gedabek
|
Mine |
3 months to 31 March 2026 |
||
|
|
Ore mined (tonnes) |
Average gold grade (g/t) |
Average copper 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 (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 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* |
Gold content |
Silver content |
Copper 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 ended |
Gold |
Silver |
||||
|
Agitation leaching (ounces) |
Heap leaching (ounces) |
Total
(ounces) |
Agitation leaching (ounces) |
Heap leaching (ounces) |
Total
(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
|
Processed |
Unit |
January to March 2026 |
|
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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