Q1 2025 Production and Operations Review
Q1 2025 production of 8,085 gold equivalent ounces, positive cash inflow of $1.0m, first ore from Gilar mine.
- Gold equivalent ounces production 8,085 (prior 2,548 (Q1 2024))
- Copper production 534 tonnes (prior 54 tonnes (Q1 2024))
- Gold production 6,029 ounces (prior 2,266 ounces (Q1 2024))
- Net cash inflow $1.0 million
- Net debt (including Trafigura advance) $13.8 million (prior $14.8 million (31 December 2024))
- Cash $12.5 million (prior $7.1 million (31 December 2024))
Select text to share a quote on X · sign in to keep highlights & notes in your AAZ notes
Production of 8,085 gold equivalent ounces, positive cash inflow of $1.0 million and first ore extracted from the new Gilar mine
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 March 2025 ("Q1 2025", or the "Quarter").
Q1 2025 Production update
- The Company delivered total production of 8,085 gold equivalent ounces ("GEOs") which is a significant improvement on last year when production was partially suspended (Q1 2024: 2,548 GEOs)
- First full quarter of production since the environmental shutdown with increases in production of each metal, and in particular copper:
o Copper production of 534 tonnes (Q1 2024: 54 tonnes)
o Gold production of 6,029 ounces (Q1 2024: 2,266 ounces)
o Silver production of 30,321 ounces (Q1 2024: 6,405 ounces)
Q1 2025 Sales and cash update
- Total gold bullion sales of 4,753 ounces at an average of $2,843 per ounce (Q1 2024: 3,925 ounces at an average of $2,080 per ounce)
- An overall positive net cash inflow of $1.0 million due to resumption of full processing during the Quarter
- The Group has maintained its strong focus on cash and cost control, with net debt, including a $5.0 million advance from Trafigura, decreasing to $13.8 million at 31 March 2025 (31 December 2024: $14.8 million)
- Inventory of $7.1 million at 31 March 2025 (31 December 2024: 4.0 million)
Operational highlights
- First full quarter of production since environmental shutdown in 2023
- First ore extracted from the Gilar mine in March, with full production starting in May
- Encouraging progress made with the refurbishment of the Demirli production facility
Anglo Asian CEO Reza Vaziri commented:
"I am pleased to report our first full quarter of production following the restart of operations in the final quarter of last year. We produced 8,085 gold equivalent ounces, including 534 tonnes of copper, which is an encouraging performance during the winter season. As a result of our careful cash management, we are pleased to report an overall positive net cash inflow of $1 million.
"This strong start to 2025 is very encouraging as we ramp up production and execute our medium-term growth strategy to transition to a mid-tier, primarily copper focused producer. Gilar entering full production in May will be another key milestone and we are making important progress across our developmental portfolio. I look forward to providing further updates in the coming months."
Note that all references to "$" are to United States dollars.
Q1 2025 Production overview
Gold production of 6,029 ounces (Q1 2024: 2,266 ounces):
o 5,758 ounces contained within gold doré
o 264 ounces in flotation concentrate
o 7 ounces from sulphidisation, acidification, recycling and thickening ("SART") processing
Copper production of 534 tonnes (Q1 2024: 54 tonnes)
o 468 tonnes from flotation
o 66 tonnes from SART processing
- Silver production totalled 30,321 ounces (Q1 2024: 6,405 ounces):
o 8,212 ounces contained within gold doré
o 4,882 ounces from flotation processing
o 17,227 ounces from SART processing
Q1 2025 Sales overview
- Total gold bullion sales of 4,753 ounces at an average of $2,843 per ounce (Q1 2024: 3,925 ounces at an average of $2,080 per ounce)
- Total concentrate sales of 2,030 dry metric tonnes ("dmt"), including government share with a value of $3.6 million (Q1 2024: 71 dmt with a value of $0.3 million)
Q1 2025 Financials overview
- Cash of $12.5 million ($7.1 million at 31 December 2024)
- Debt (excluding Trafigura concentrate prepayment) reduced to $21.3 million ($21.6 million at 31 December 2024)
- Net debt (including Trafigura advance) of $13.8 million ($14.8 million at 31 December 2024)
- Unsold gold doré and copper concentrate inventory at 31 March 2025 of $7.1 million
The Company mined the following ore during FY 2024 and Q1 2025:
| 12 months to 31 December 2024 | 3 months to 31 March 2025 | |||
|---|---|---|---|---|
| Mine | Ore mined | Average gold grade | Ore mined | Average gold grade |
| (tonnes) | (g/t) | (tonnes) | (g/t) | |
| Open pit | 443,611 | 0.73 | 241,561 | 0.22 |
| Gadir - u/g | 167,121 | 1.58 | 12,325 | 2.21 |
| Total | 610,732 | 0.96 | 253,886 | 0.32 |
The Company processed the following amounts and grades of ore by leaching for FY 2024 and Q1 2025:
| Quarter ended | Ore processed | Gold grade of ore processed | ||||
|---|---|---|---|---|---|---|
| Heap leach pad crushed ore (tonnes) | Heap leach pad ROM ore (tonnes) | Agitation leaching plant* (tonnes) | Heap leach pad crushed ore (g/t) | Heap leach pad ROM ore (g/t) | Agitation leachingplant* (g/t) | |
| 31 March 2024 | 120,528 | - | - | 0.68 | - | - |
| 30 June 2024 | 110,225 | 9,698 | - | 0.59 | 0.52 | - |
| 30 September 2024 | 110,152 | - | 18,009 | 0.65 | - | 1.93 |
| 31 December 2024 | 79,835 | - | 128,387 | 0.53 | - | 1.54 |
| FY 2024 | 420,740 | 9,698 | 146,396 | 0.61 | 0.52 | 1.58 |
| 31 March 2025 | 106,429 | - | 149,763 | 0.40 | - | 1.16 |
* includes previously heap leached ore.
The Company processed the following amounts of ore and contained metal by flotation for FY 2024 and Q1 2025:
| Quarter ended | Ore processed | Gold content | Silver content | Copper content |
|---|---|---|---|---|
| (tonnes) | (ounces) | (ounces) | (tonnes) | |
| 31 March 2024 | - | - | - | - |
| 30 June 2024 | - | - | - | - |
| 30 September 2024 | - | - | - | - |
| 31 December 2024 | 73,990 | 285 | 3,985 | 363 |
| FY 2024 | 73,990 | 285 | 3,985 | 363 |
| 31 March 2025 | 159,694 | 535 | 9,516 | 729 |
The following table summarises gold doré production and sales at Gedabek for FY 2024 and Q1 2025:
| Quarter ended | Gold produced* (ounces) | Silver produced* (ounces) | Gold sales** (ounces) | Gold Sales price ($/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 | 8,212 | 4,753 | 2,843 |
Note
* including Government of Azerbaijan's share
** excluding Government of Azerbaijan's share
The gold and silver production from agitation and heap leaching for FY 2024 and Q1 2025 is as follows:
| 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 | 4,029 | 1,729 | 5,758 | 5,717 | 2,495 | 8,212 |
The following table summarises copper concentrate production from both the Company's SART and flotation plants at Gedabek for FY 2024 and Q1 2025:
| Concentrate | Copper | Gold | Silver | |
|---|---|---|---|---|
| production* | content* | content* | content* | |
| (dmt) | (tonnes) | (ounces) | (ounces) | |
| 2024 | ||||
| Quarter ended 31 March | ||||
| SART processing | 89 | 54 | 7 | 4,893 |
| Flotation | - | - | - | - |
| Total | 89 | 54 | 7 | 4,893 |
| Quarter ended 30 June | ||||
| SART processing | 77 | 46 | 5 | 4,809 |
| Flotation | - | - | - | - |
| Total | 77 | 46 | 5 | 4,809 |
| Quarter ended 30 September | ||||
| SART processing | 19 | 11 | 1 | 1,336 |
| Flotation | - | - | - | - |
| Total | 19 | 11 | 1 | 1,336 |
| Quarter ended 31 December | ||||
| SART processing | 34 | 17 | 2 | 3,549 |
| Flotation | 1,638 | 249 | 131 | 1,664 |
| Total | 1,672 | 266 | 133 | 5,213 |
| 2025 | ||||
| Quarter ended 31 March | ||||
| SART processing | 107 | 66 | 7 | 17,227 |
| Flotation | 2,965 | 468 | 264 | 4,882 |
| Total | 3,072 | 534 | 271 | 22,109 |
Note
* including Government of Azerbaijan's share.
The following table summarises total copper concentrate production and sales for FY 2024 and Q1 2025. Note that sales of concentrates are initially recorded at provisional amounts until agreement of final assay:
| 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 | 271 | 22,109 | 2,030 | 3,616 |
* including Government of Azerbaijan's share
** excludes Government of Azerbaijan's share
Q1 2025 Financial review
The Group was overall cash positive in Q1 2025, generating $1.0 million of positive cash flow. The Group also received an advance from Trafigura of $5.0 million in Q1 2025. Accordingly, the Company's net debt decreased from $14.8 million at 31 December 2024 to $8.8 million at 31 March 2025 as follows:
| $million | $million |
|---|---|
| 1 January 2025 | (14.8) |
| Revenue | 17.5 |
| VAT refund | 0.2 |
| Interest and other income | 0.2 |
| Operating costs | (15.2) |
| Capital expenditure | (1.4) |
| Debt servicing | (0.3) |
| Inflow in Q1 2025 | 1.0 |
| Net debt before Trafigura | (13.8) |
| Advance from Trafigura | 5.0 |
| 31 March 2025 | (8.8) |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.