First ore mined from Gilar

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 that it has mined the first ore from Gilar, a new underground mine at the Gedabek site.

A maiden JORC mineral resources estimate was published on 11 December 2023, confirming the Gilar deposit contains 6.10 million tonnes of mineralisation with average grades of 0.88 per cent. for copper, totalling nearly 54,000 tonnes of copper, and 1.30 grammes of gold per tonne, containing over 255,000 ounces of gold.

Earlier this month, Gilar's first ore was mined, comprising 1,267 tonnes of ore grading an average of 0.65 per cent. copper (with a maximum of 1.63 per cent copper) and 1.36 grammes of gold per tonne (with a maximum of 3.27 grammes of gold per tonne). While the mine development tunnels are being constructed, extracted ore will be stockpiled until processing commences.

The Company expects to ramp up production steadily in the next few months to achieve a monthly production target of around 50,000 to 60,000 tonnes of ore.

Reza Vaziri, CEO of Anglo Asian, commented:

"We are delighted to announce the first ore mined from Gilar, making a key milestone in our development of this exciting underground deposit. After years of exploration and development works, I wish to thank all the team for their hard work in enabling this achievement.

"With over 54,000 tonnes of copper and 255,000 ounces of gold confirmed, Gilar is set to play a crucial role in our strategy to transition to a mid-tier, primarily copper-focused, producer. Having successfully mined 1,267 tonnes of ore, we are now focusing on ramping up production to our monthly target of 50,000 to 60,000 tonnes."

Background to the Gilar underground mine

Gilar is a mineral deposit located approximately seven kilometres from the Company's processing facilities and close to the northern boundary of the Gedabek Contract Area. The Company commenced developing the Gilar underground mine in late 2022 following exceptional drilling results in the south of the area.

The Gilar mine comprises two underground tunnels, a main exploration tunnel,1,462 metres in length, that will be used for future production and a second parallel tunnel for ventilation, both of which are complete. The main exploration tunnel was extended into the mineralisation in early March. Further mine development tunnelling, including a spiral ramp to access the ore body from multi-levels, is ongoing.

The tunnel has accessed the lower "Zone 4" of the deposit that hosts 2.57 million tonnes of mineralisation with average grades of 1.47 per cent. of copper and 1.78 grammes of gold per tonne.