Q2 and H1 2026 Production and Sales Update

Anglo Asian Mining PLC

15 July 2026

 

15 July 2026

Q2 and H1 2026 Production and Sales Update

Continued growth in copper production and Demirli ramp-up on track

Performance in line with Full Year 2026 expectations

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, sales and operational review for the three months to 30 June 2026 ("Q2 2026" or the "Quarter") and six months to 30 June 2026 ("H1 2026" or the "Half Year").

Copper production continues to grow quarter-on-quarter to 5,129 tonnes in Q2 2026 (Q1 2026: 3,711 tonnes), as Demirli continues to ramp up to full production, which is expected to be achieved during Q3 2026. The Company also produced 6,272 ounces of gold in Q2 2026 (Q1 2026: 6,057 ounces) and remains highly cash generative, with net cash increasing by $39.9 million to $57.6 million as at 30 June 2026.

Continued strong production growth during Q2 2026

·    Copper production of 5,129 tonnes (Q2 2025: 654 tonnes) as Demirli production continues to ramp up in line with expectations

o 1,879 tonnes at Gedabek

o 3,250 tonnes at Demirli

·    Gold production of 6,272 ounces (Q2 2025: 6,086 ounces)

o 5,158 ounces contained within gold doré

o 1,114 ounces from flotation and SART production

·    Silver production totalled 50,059 ounces (Q2 2025: 32,033 ounces)

o 5,775 ounces contained within gold doré

o 44,284 ounces from flotation and SART processing

Record production in H1 2026

·    Copper production of 8,840 tonnes (H1 2025: 1,188 tonnes)

·    Gold production of 12,329 ounces (H1 2025: 12,114 ounces)

·    Silver production of 92,855 ounces (H1 2025: 62,348 ounces)

Key developments across the Company's portfolio

·    Worley Europe Limited appointed to carry out feasibility studies for Xarxar and Garadag, marking a further step in the Company's strategy to continue to develop its portfolio

o Studies are expected to be finalised mid-2027 for Xarxar and H1 2028 for Garadag

·    90,000 metres core drilling programme announced for 2026 and 2027

·    Gedabek flotation plant upgrade completed

o Nine high-efficiency Imhoflot pneumatic flotation cells installed

o All bottlenecks in leaching and flotation processing plants eliminated

·    Demirli SAG and ball mills both operated throughout the Quarter

o Demirli ramp-up will be completed in Q3 2026 and reach steady state production

·    Second stage of the final wall raise of the Gedabek tailings dam completed

H1 2026  sales and financial overview

·    Total gold bullion sales of 7,126 ounces at an average of $4,664 per ounce (H1 2025: 9,781 ounces at an average of $3,077 per ounce)

·    Total concentrate sales of 58,577 dry metric tonnes with a value of $125.9 million

o Gedabek - 26,882 dry metric tonnes ("dmt") with a value of $54.5 million (H1 2025: 6,210 dmt with a value of $11.1 million)

o Demirli -  31,695 dmt with a value of $71.4 million (H1 2025:nil)

·    Cash of $69.8 million ($37.2 million at 31 March 2026) and debt of $12.2 million ($19.5 million at 31 March 2026)

o Net cash of $57.6 million ($17.7 million at 31 March 2026)

o No outstanding advances from Trafigura

·    Unsold gold doré and copper concentrate inventory of $28.9 million at 30 June 2026

Key metrics for Q1 2026, Q2 2026, Q2 2025 and FY 2025

		Q1 2026	Q2 2026	Q2 2025	Q2 2026 compared to Q2 2025 H/(L)	FY 2025
Production
Gold	ounces	6,057	6,272	6,208	64	25,061
Copper
Gedabek	tonnes	1,462	1,879	654	1,225	4,787
Demirli	tonnes	2,249	3,250	-	3,250	3,128
Total copper	tonnes	3,711	5,129	654	4,475	7,915
Silver	ounces	42,796	50,059	32,033	18,026	153,333
Doré sales
Doré	ounces	4,100	3,026	5,028	(2,002)	19,631
Sales value	$/ounce	4,728	4,579	3,299	1,280	3,441
Copper concentrate sales
Tonnes	tonnes	18,553	40,024	3,886	36,138	29,695
Sales value	$m	45.6	80.3	7.1	73.2	64.7
Increase in net cash	$m	15.1	39.9	0.8	39.1	17.3
Ending net cash / (debt)	$m	17.7	57.6	(13.0)	70.6	2.5
Market value of inventory	$m	30.8	28.9	7.0	21.9	37.7

Outlook

The Company is encouraged by the 2026 performance to date, which remains in line with expectations for FY 2026. It is expected that production in H2 2026 will increase compared to H1 2026 due to the Demirli ramp-up being achieved in Q3 2026 and seasonal factors. The Board therefore remains confident in meeting 2026 guidance of 20,000 to 25,000 tonnes of copper production, 28,000 to 33,000 ounces of gold, and 170,000 to 210,000 ounces of silver, and continuing to execute its medium-term growth strategy to become a mid-tier, copper focused producer.

Reza Vaziri, CEO of Anglo Asian Mining, commented:

"The first six months of 2026 have been highly significant for Anglo Asian as we achieved our highest ever half-year of production. The ramp-up at Demirli continues to progress in line with our expectations, and will be completed during this quarter. Looking forward, we also continue to progress the development of our other assets as we execute our medium-term growth strategy, which we remain confident of delivering. Our excellent cash generation means we have the capital to continue to pursue our growth strategy at pace as well as rewarding shareholders. I am pleased to reiterate our 2026 guidance and look forward to a strong second half performance. "

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: [phone]
Bill Morgan, Chief Financial Officer	Tel: [phone]
Stephen Westhead, Vice President	Tel: [phone]
Amir Vaziri, Chief Business Development Officer	Tel: [phone]
Peel Hunt LLP (Broker)	Tel: [phone]
Ross Allister
David McKeown
Emily Bhasin
SP Angel Corporate Finance LLP (Nominated Adviser) Ewan Leggat Adam Cowl	Tel: [phone]
Hudson Sandler (Financial PR) Charlie Jack Harry Griffiths	Tel: [phone]

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/

APPENDIX

OPERATING STATISTICS FOR Q2 AND H1 2026

Ore mined during H1 2026

Gedabek

Mine	3 months to 31 March 2026			3 months to 30 June 2026
	Ore mined (tonnes)	Average gold grade (g/t)	Average copper grade (%)	Ore mined (tonnes)	Average gold grade (g/t)	Average copper grade (%)
Open pit	35,588	0.46	0.20	23,502	0.26	0.03
Gilar - u/g	208,032	1.30	1.36	225,602	1.39	1.67
Total	243,620	1.18	1.19	249,104	1.28	1.52

Demirli

	3 Months to 31 March 2026		3 Months to 30 June 2026
Mine	Ore mined	Average copper grade	Ore mined	Average copper grade
	(tonnes)	(%)	(tonnes)	(%)
Open pit	1,352,208	0.37	2,238,060	0.34

Gedabek processing, production and sales in H1 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 leaching plant* (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
30 June 2026	23,277	-	183,929	0.25	-	1.40
H1 2026	37,541	-	351,918	0.29	-	1.37

* 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
30 June 2026	177,491	3,725	85,676	2,302
H1 2026	339,600	6,531	154,716	4,005

*the ore processed by flotation includes ore which had previously been treated by agitation leaching. For H1 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
30 June 2026	5,158	5,775	3,026	4,579
H1 2026	10,000	11,382	7,126	4,664

* 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
30 June 2026	4,112	1,046	5,158	4,603	1,172	5,775
H1 2026	7,892	2,108	10,000	8,982	2,400	11,382

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	1,215	37,189	7,890	24,206
30 June 2026	9,925	1,879	1,114	44,284	18,992	30,290
H1 2026	17,236	3,341	2,329	81,473	26,882	54,496

* including Government of Azerbaijan's share

** excludes Government of Azerbaijan's share

Demirli processing, production and sales H1 2026

Processed	Unit	Q1 2026	Q2 2026
Ore feed to plant	dry metric tonnes	647,835	855,104
Grade	per cent.	0.44	0.51
Copper content	tonnes	2,880	4,361
Production
Copper concentrate	tonnes	11,901	16,904
Copper content	tonnes	2,249	3,250

Sales
Concentrate sales	Dry metric tonnes	10,663	21,032
Value of sales	$ million	21.4	50.0

Q2 2026 Financial overview

The Company had a net inflow of funds of $39.9 million in the 3 months ended 30 June 2026. Cash increased by $32.6 million to $69.8 million and debt reduced by $7.3 million to $12.2 million at 30 June 2026. Net cash accordingly increased by $39.9 million to $57.6 million.

Net cash

	Q1 2026		Q2 2026
	$m	$m	$m	$m
I January / 1 April 2026		2.6		17.7
Sales proceeds	62.4		89.6
Interest income	0.3		0.4
VAT refund	-		2.9
Operating costs	(39.9)		(46.2)
Capital expenditure	(3.4)		(3.9)
Demirli lease payment	(3.8)		-
Debt servicing	(0.5)		(0.3)
Profits tax payment	-		(2.6)
Increase in net cash		15.1		39.9
31 March / 30 June 2026		17.7		57.6

 

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