Q4 and FY 2025 Production and Operations Review
Anglo Asian Mining PLC reported a transformational year in 2025, achieving record copper production of 7,915 tonnes and 25,061 ounces of gold, with Q4 seeing a significant 94% quarter-on-quarter increase in copper production to 4,439 tonnes. The company generated a strong net cash inflow of $16.7 million in Q4 and ended the year with $2.5 million in net cash, a substantial improvement from the prior year's net debt. Despite slightly missing copper production guidance due to maintenance at the Demirli ball mill, total sales proceeds reached $125.7 million for the full year, with significant inventory valued at $37.7 million at year-end. Investments in operational upgrades, including at the Gedabek flotation plant, and progress on new copper growth projects position the company for future expansion.
Select text to share a quote on X · sign in to keep highlights & notes in your AAZ notes
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.
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 | |||||||
| (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 | |||||||
| 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 | ||||
|---|---|---|---|---|---|---|
| 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.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.