Q4 and FY 2025 Production and Operations Review

Anglo Asian Mining PLC

15 January 2026

 

15 January 2026

 

Q4 and FY 2025 Production and Operations Review

FY 2025 production of 7,915 tonnes of copper and 25,061 ounces of gold completes  transformational year with record copper production supporting financial turnaround

Anglo Asian Mining plc ("Anglo Asian" 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 31 December 2025 ("Q4 2025" or the "Quarter") and the twelve months to 31 December 2025 ("FY 2025").

Q4 and FY 2025 performance summary

		2025				2024 Full Year	2025 compared to 2024 B/(W)
		H1	Q3	Q4	Full year
Production
Copper
Gedabek	tonnes	1,188	1,577	2,022	4,787	377	4,410
Demirli	tonnes	-	711	2,417	3,128	-	3,128
Total copper	tonnes	1,188	2,288	4,439	7,915	377	7,538
Gold	ounces	12,114	6,798	6,149	25,061	15,073	9,988
Silver	ounces	62,348	41,623	49,361	153,332	28,258	125,074
Gold doré sales
Gold doré	ounces	9,781	5,181	4,669	19,631	15,251	4,380
Sales value	$m	30.1	17.7	19.7	67.5	37.0	30.5
Copper sales
Concentrate	dmts	6,210	6,852	16,633	29,695	1,504	28,191
Sales value	$m	11.1	17.8	35.8	64.7	2.8	61.9
Total sales proceeds	$m	40.6	27.8	57.3	125.7	40.2	85.5
Cash inflow / (outflow)	$m	1.8	(1.2)	16.7	17.3	(4.4)	21.7
Ending net cash / (debt)	$m	(13.0)	(14.2)	2.5	2.5	(14.8)	17.3
Market value of inventory
Gold and silver	$m	5.3	5.1	7.0	7.0	2.7	N/M
Copper concentrate	$m	1.6	8.6	30.7	30.7	3.5	N/M
Total inventory	$m	6.9	13.7	37.7	37.7	6.2	N/M

N/M - not meaningful

Q4 2025 - record quarterly copper production, strong operational progress and exceptional cash generation

·    Copper production of 4,439 tonnes, a 94 per cent. quarter-on-quarter increase, due to increased production from both Gedabek and Demirli

·    Net cash inflow in Q4 2025 of $16.7 million 

o  Sales proceeds in Q4 2025 of $57.3 million

o  Net cash of $2.5 million at 31 December 2025

·    The Company completed its first sales of Demirli copper concentrate which were made from its newly established logistics centre

·    A second filter press was installed at Gedabek and upgrades to the flotation plant have started which will increase its capacity and enable processing of high grade Gilar ore

o 53,190 tonnes of Gilar ore grading 1.8 grammes of gold and 3.58 per cent. of copper now stockpiled at Gedabek

FY 2025 - transformation to multi-asset producer completed

·    Copper production of 7,915 tonnes was lower than the revised guidance of 8,100 to 9,000 tonnes due to maintenance of the Demirli ball mill which restricted ore throughput

o FY 2025 Demirli production was 3,128 tonnes compared to guidance of 3,500 to 4,100 tonnes

o Ball mill scheduled to be operational by end of Q1 2026 following installation of a new spindle

·    Gold production of 25,061 at the lower end of the revised guidance of 25,000 to 28,000 ounces

·    Inventory at 31 December 2025 includes concentrate containing 2,457 tonnes of copper valued at $12,504 per tonne

Reza Vaziri, CEO of Anglo Asian Mining commented:

"2025 was a truly transformational year for Anglo Asian, during which time we became a multi-asset producer in line with our growth strategy, and achieved considerable momentum within our copper operations. In addition to bringing the Gilar and Demirli mines into production, we continued to invest in improving our operations such as the ongoing upgrade to the Gedabek flotation plant.

"We were disappointed to slightly miss our copper production guidance as a result of the maintenance required to the Demirli ball mill. However, this was offset by excellent sales and favourable metal prices. I was especially pleased with our cash performance and that we closed the year with net cash. This turnaround in net debt in 2025 has been a remarkable achievement.

"We enter the year in a very strong position. Demirli and Gilar are now both operating in line with our expectations and metal prices remain favourable. We are also making encouraging progress at our exciting copper growth projects, the Xarxar and Garadag deposits. I look forward to reporting on our progress throughout the rest of the year."

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]
SP Angel Corporate Finance LLP (Nominated Adviser and Broker) 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/

Q4 2025 production overview

·    Copper production of 4,439 tonnes (Q4 2024: 266 tonnes):

o 2,022 tonnes from flotation and SART at Gedabek

o 2,417 tonnes from flotation at Demirli

·    Gold production of 6,149 ounces (Q4 2024: 7,413 ounces):

o 5,133 ounces contained within gold doré

o 1,016 ounces from flotation and SART production

·    Silver production totalled 49,361 ounces (Q4 2024: 12,197 ounces):

o 4,788 ounces contained within gold doré

o 44,573 ounces from flotation and SART processing

Q4 2025 sales overview

·    Total gold bullion sales of 4,669 ounces at an average of $4,214 per ounce (Q4 2024: 6,031 ounces at an average of $2,655 per ounce)

·    Total concentrate sales of 16,633 dry metric tonnes ("dmt") with a value of $35.8 million

o Gedabek - 7,255 dmt with a value of $18.4 million (Q4 2024: 1,173 dmt with a value of $1.5 million)

o Demirli -  9,378 dmt with a value of $17.4 million (Q4 2024: nil)

31 December 2025 financial overview

·    Cash of $30.1 million ($10.4 million at 30 September 2025) including restricted cash

·    Debt of $27.6 million ($24.6 million at 30 September 2025 including advance from Trafigura)

o No outstanding advance from Trafigura at 31 December 2025

·    Net cash of $2.5 million (Net debt of $14.2 million at 30 September 2025)

·    Unsold gold doré and copper concentrate inventory of $37.7 million at 31 December 2025

Ore mined during FY 2025

Gedabek

Mine	9 months to 30 September 2025			3 months to 31 December 2025			12 Months to 31 December 2025
	Ore mined (tonnes)	Average gold grade (g/t)	Average copper grade (%)	Ore mined (tonnes)	Average gold grade (g/t)	Average copper grade (%)	Ore mined (tonnes)	Average gold grade (g/t)	Average copper grade (%)
Open pit	612,212	0.25	0.35	70,283	0.48	0.21	682,495	0.28	0.34
Gadir - u/g	13,592	2.07	0.19	0	0	0	13,592	2.07	0.19
Gilar - u/g	345,630	1.52	1.81	198,829	1.28	1.67	544,459	1.43	1.00
Total	971,434	0.73	0.87	269,122	1.07	1.29	1,240,546	0.80	0.63

Demirli

	9 months to  30 September 2025		3 months to 31 December 2025		12 Months to 31 December 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	1,551,209	0.49	1,974,840	0.47

Gedabek processing and production in FY 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 September 2025	47,202	-	156,773	0.40	-	1.52
31 December 2025	-	-	163,541	-	-	1.27
H2 2025	47,202	-	320,314	0.40	-	1.38
FY 2025	286,784	-	625,025	0.40	-	1.26

* 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 September 2025	151,359	3,185	85,123	1,793
31 December 2025	156,158	3,027	93,835	2,409
H2 2025	307,517	6,212	178,958	4,202
FY 2025	629,058	7,940	219,011	5,831

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 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	6,984	6,031	2,655
FY 2024	14,927	12,007	15,251	2,432
31 March 2025	5,758	8,206	4,753	2,843
30 June 2025	5,624	6,699	5,028	3,299
H1 2025	11,382	14,905	9,781	3,077
30 September 2025	5,814	4,655	5,181	3,430
31 December 2025	5,133	4,788	4,669	4,214
H2 2025	10,947	9,443	9,850	3,802
FY 2025	22,329	24,348	19,631	3,441

Note

* 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 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	2,489	8,206
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	4,556	14,905
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
H2 2025	8,669	2,278	10,947	7,455	1,988	9,443
FY 2025	16,622	5,707	22,329	17,804	6,544	24,348

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	270	22,109	2,324	4,050
30 June 2025	3,523	654	462	25,334	3,886	7,060
H1 2025	6,595	1,188	732	47,443	6,210	11,110
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
H2 2025	16,553	3,599	2,000	81,541	14,107	36,190
FY 2025	23,148	4,787	2,732	128,984	20,317	47,300

* including Government of Azerbaijan's share

** excludes Government of Azerbaijan's share

Demirli processing, production and sales FY 2025

Processed	Unit	Q3 2025	Q4 2025	FY 2025
Ore feed to plant	tonnes	292,950	701,285	994,235
Grade	per cent.	0.45	0.47	0.47
Copper content	tonnes	1,307	3,296	4,603
Production
Copper concentrate	dry metric tonnes	4,548	13,975	18,523
Copper content	tonnes	711	2,417	3,128

Sales
Concentrate sales	dry metric tonnes	-	9,378	9,378
Value of sales	$ million	-	17.4	17.4

FY 2025 Financial overview

The Company had a net inflow of funds of $17.3 million in the 12 months ended 31 December 2025. Net debt of $14.8 million at I January 2025 was extinguished during the year with net cash of $2.5 million at 31 December 2025 as follows:

Net cash / (debt)

	H1 2025		H2 2025		FY 2025
	$m	$m	$m	$m	$m	$m
Start of year / H2		(14.8)		(13.0)		(14.8)
Sales proceeds	40.6		85.1		125.7
VAT refund	2.0		3.7		5.7
Interest income	0.4		1.0		1.4
Operating costs	(33.8)		(63.9)		(97.7)
Capital expenditure	(2.9)		(1.1)		(4.0)
Demirli renovation	(3.8)		(5.1)		(8.9)
Azergold data purchase	-		(3.5)		(3.5)
Debt servicing	(0.7)		(0.7)		(1.4)
Inflow		1.8		15.5		17.3
End of H2 / year		(13.0)*		2.5		2.5

*includes net advance from Trafigura of $4.4 million at 30 June 2025. There was no advance outstanding from Trafigura at 31 December 2025.

 

END