Q3 2026 Production and Sales Update

Anglo Asian Mining PLC

15 October 2026

 

15 October 2026

Q3 2026 Production and Sales Update

Continued copper production growth underpinning strategic delivery

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 September 2026 ("Q3 2026" or the “Quarter”) and nine months to 30 September 2026 ("9M 2026").

Copper production continues to grow quarter-on-quarter to 5,514 tonnes in Q3 2026 (Q2 2026: 5,129 tonnes), as Demirli ramps up to full production by the end of November. In line with its medium-term growth strategy, the Company will become a majority copper producer in 2026.

Continued production growth in Q3 2026

• Copper production of 5,514 tonnes (Q3 2025: 2,288 tonnes) as Demirli production continues to ramp-up in line with expectations, with steady state production expected by the end of November
  • 1,690 tonnes at Gedabek
  • 3,824 tonnes at Demirli
• Gold production of 6,781 ounces (Q3 2025: 6,798 ounces)
  • 5,582 ounces contained within gold doré
  • 1,199 ounces from flotation and SART production
• Silver production totalled 52,969 ounces (Q3 2025: 41,623 ounces)
  • 5,480 ounces contained within gold doré
  • 47,489 ounces from flotation and SART processing
• Mining recommenced from Ugur in the Quarter following evaluation of the mineralisation

Record copper production in 9M 2026

• Copper production of 14,354 tonnes (9M 2025: 3,476 tonnes)
• Gold production of 19,110 ounces (9M 2025: 18,912 ounces)
• Silver production of 145,824 ounces (9M 2025: 103,971 ounces)

Q3 2026  sales and financial overview

• Total gold bullion sales of 5,733 ounces at an average of $4,259 per ounce (Q3 2025: 5,181 ounces at an average of $3,430 per ounce)
• Total concentrate sales of 28,987 dry metric tonnes (“dmt”) with a value of $80.5 million
  • 9,655 dmt at Gedabek with a value of $30.4 million (Q3 2025: 6,852 dmt with a value of $17.8 million)
  • 19,332 dmt at Demirli with a value of $50.1 million (Q3 2025: nil)
• Cash of $56.5 million ($70.0 million at 30 June 2026) and debt of $9.4 million ($12.3 million at 30 June 2026)
  • Net cash outflow in the Quarter of $10.6 million
  • Cash payments in the Quarter included $10.0 million in respect of the 2025 final dividend and profits tax payments
  • Cash outflow also included $30.1 million working capital usage in respect of sales invoiced in September with proceeds received in October
    • Working capital usage will be reversed in Q4 2026
• Unsold gold doré and copper concentrate inventory of $27.0 million at 30 September 2026

Outlook

Ramp-up at Demirli continues to progress in line with expectations, with steady-state production expected by the end of November.

The Company is pleased to maintain its Full Year 2026 guidance of 20,000 to 25,000 tonnes of copper, 26,000 to 30,000 ounces of gold and 170,000 to 210,000 ounces of silver, with AISC of $6,000 to $7,000 per tonne of copper and $1,500 to $1,800 per ounce of gold.

Key metrics for H1 2026, Q3 2026, Q3 2025 and FY 2025

		H1 2026	Q3 2026	Q3 2025	Q3 2026 compared to Q3 2025 H/(L)	FY 2025
Production
Gold	ounces	12,329	6,781	6,798	(17)	25,061
Copper
Gedabek	tonnes	3,341	1,690	1,577	113	4,787
Demirli	tonnes	5,499	3,824	711	3,113	3,128
Total copper	tonnes	8,840	5,514	2,288	3,226	7,915
Silver	ounces	92,855	47,489	41,623	5,866	153,333
Doré sales
Doré	ounces	7,126	5,733	5,181	552	19,631
Sales value	$/ounce	9,307	4,259	3,430	829	3,441
Copper concentrate sales
Tonnes	tonnes	58,577	28,987	6,852	22,135	29,695
Sales value	$m	125.9	80.5	17.8	62.7	64.7
Increase / (decrease) in net cash	$m	55.0	(10.6)	(1.2)	(9.4)	17.3
Ending net cash / (debt)	$m	57.7	47.1	(14.2)	61.3	2.5
Market value of inventory	$m	28.9	27.0	11.5	15.5	37.7

Reza Vaziri, CEO of Anglo Asian Mining, commented:

“We are delighted with the continued operational progress made during the Quarter, with successive quarter-on-quarter copper production growth driven by the ongoing ramp-up at Demirli, which remains on track to enter full production by the end of November. We are very well placed to deliver our medium-term strategy of becoming a mid-tier, majority copper 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
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 is progressing its strategic plan for growth, which is a clearly defined path to transition to a multi-asset, mid-tier, copper and gold producer by 2030. Copper is now the principal product of the Company, with forecast annual production in 2030 of around 50,000 to 55,000 tonnes. This growth will be achieved by bringing three new mines into production during the period 2027 to 2030 at Xarxar, Garadag and Zafar. This is in addition to the new Gilar and Demirli mines which commenced production in May 2025 and July 2025 respectively. https://www.angloasianmining.com/

APPENDIX

OPERATING STATISTICS FOR Q3 2026

Ore mined during Q3 2026

Gedabek

Mine	3 months to 31 March 2026			3 months to 30 June 2026			3 months to 30 September 2026
	Ore mined (tonnes)	Average gold grade (g/t)	Ore mined (tonnes)	Average gold grade (g/t)	Average copper grade (%)	Average copper grade (%)	Ore mined (tonnes)	Average gold grade (g/t)	Average copper grade (%)
Open pit	35,588	0.46	23,502	0.26	0.03	0.20	33,828	0.38	0.22
Gilar – u/g	208,032	1.30	225,602	1.39	1.67	1.36	227,282	1.40	1.43
Ugur – o/pit	-	-	-	-	-	-	40,374	0.29	-
Total	243,620	1.18	249,104	1.28	1.52	1.19	301,484	1.14	1.27

Demirli

	3 Months to 31 March 2026		3 Months to 30 June 2026		3 Months to 30 September 2026
Mine	Ore mined	Average copper grade	Ore mined	Average copper grade	Ore mined	Average copper grade
	(tonnes)	(%)	(tonnes)	(%)	(tonnes)	(%)
Open pit	1,352,208	0.37	2,238,060	0.34	2,034,552	0.39

Gedabek processing, production and sales in Q3 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	39,475	-	167,989	0.33	-	1.33
30 June 2026	80,702	-	183,929	0.25	-	1.40
H1 2026	120,176	-	351,918	0.29	-	1.37
30 September 2026	122,812	-	186,164	0.38	-	1.39

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
30 September 2026	178,545	3,691	99,234	2,454

*the ore processed by flotation includes ore which had previously been treated by agitation leaching. For 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
30 September 2026	5,582	5,480	5,733	4,259

* 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
30 Sept 2026	4,337	1,245	5,582	4,274	1,206	5,480

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	11,103	30,290
H1 2026	17,236	3,341	2,329	81,473	18,993	54,496
30 September 2026	8,972	1,690	1,199	47,489	9,655	30,387

* including Government of Azerbaijan’s share

** excludes Government of Azerbaijan’s share

Demirli processing, production and sales Q3 2026

Processed	Unit	Q1 2026	Q2 2026	Q3 2026
Ore feed to plant	dry metric tonnes	647,835	855,104	1,022,576
Grade	per cent.	0.44	0.51	0.50
Copper content	tonnes	2,880	4,361	3,824
Production
Copper concentrate	tonnes	11,901	16,904	19,369
Copper content	tonnes	2,249	3,250	3,824

Sales
Concentrate sales	Dry metric tonnes	10,663	21,032	19,332
Value of sales	$ million	21.4	50.0	50.1

Q3 2026 Financial overview

The Company had a net outflow of funds of $10.6 million in the 3 months ended 30 September 2026. Cash decreased by $13.5 million to $56.5 million and debt reduced by $2.9 million to $9.4 million at 30 September 2026. Net cash accordingly decreased by $10.6 million to $47.1 million. The main reasons for the decrease in net cash were as follows:

• Working capital increase in respect of concentrate sales of $30.1 million at the end of September for which the proceeds were received in October
• Profits tax payments of $5.4 million
• 2025 final dividend paid of $4.6 million
• Payments to the Government of Azerbaijan in respect of production share on copper concentrate sales for the period July 2025 to Feburary 2026 of $8.8 million following agreement of the amounts

Net cash

	Q1 2026		Q2 2026		Q3 2026
	$m	$m	$m	$m	$m	$m
Beginning of the quarter		2.6		17.7		57.7
Sales proceeds (net of Government production share)	62.4		89.6		53.4
Interest income	0.3		0.4		0.7
VAT refund	-		2.9		5.5
Operating costs	(39.9)		(46.2)		(58.2)
Capital expenditure	(3.4)		(3.9)		(1.8)
Demirli lease payment	(3.8)		-		-
Debt servicing	(0.5)		(0.3)		(0.2)
Profits tax payment	-		(2.6)		(5.4)
Dividend	-		-		(4.6)
Inc./(dec.) in net cash		15.1		39.9		(10.6)
End of the quarter		17.7		57.6		47.1

 

END