2026 production and cost guidance
Anglo Asian Mining PLC has provided its 2026 production and cost guidance, anticipating a significant increase in copper output to between 20,000 and 25,000 tonnes, nearly tripling from 7,915 tonnes in 2025, with contributions from the Gilar and Demirli mines. Gold production is projected to rise to 28,000 to 33,000 ounces from 25,061 ounces, and silver production is expected to be between 170,000 and 210,000 ounces. All-in sustaining costs for gold are guided at $1,500 to $1,800 per ounce, and for copper at $6,800 to $7,800 per tonne, excluding a lease cost for the Demirli property. The company expects another pivotal year as it transitions to a multi-asset producer, with copper becoming its primary product.
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Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer primarily focused on Azerbaijan, is pleased to announce its guidance for 2026 ("FY 2026").
Highlights
- 2026 will be another pivotal year for Anglo Asian, which is the Group's first full year as a multi-asset producer
- The Company anticipates approximately tripling its copper production in 2026, with increased contributions from the Gilar and Demirli mines, both of which commenced production in 2025
- Gold and silver production is anticipated to increase year-on-year
- Costs at all operations expected to remain competitive
Group production guidance
| 2025 production | 2026 production guidance¹ | |
|---|---|---|
| Copper (tonnes) | 7,915 | 20,000 to 25,000 |
| Gold (ounces) | 25,061 | 28,000 to 33,000 |
| Silver (ounces) | 153,333 | 170,000 to 210,000 |
| Group cost guidance | ||
| 2026 AISC guidance | ||
| Gold ($/oz) | 1,500 to 1,800 | |
| Copper ($/tonne) | 6,800 to 7,800 ² | |
Reza Vaziri, CEO of Anglo Asian, commented:
"I am delighted to provide our 2026 guidance, ahead of a year that we anticipate will see another step-change for Anglo Asian. During 2026, copper will become our primary product, and we are confident that we can triple our copper output year-on-year. Anglo Asian has benefitted from our consistent operational delivery, and strong prevailing precious and base metals prices. We now look forward to delivering another year of strong growth as we execute our medium-term strategy to transition to a mid-tier producer."
Notes
- 2026 production guidance represents aggregate Group production inclusive of the Government of Azerbaijan's share under the terms of the Production Sharing Agreement ("PSA"). Further information on the PSA can be found in the Group's annual report or on our website.
- The copper AISC guidance excludes the cost of the lease of the Demirli property complex from the Government of Azerbaijan as it is equivalent to the capital cost of building the plant. If the cost of the lease is included, the AISC guidance for copper increases by approximately $1,000 per tonne. The copper AISC also reflects the costs of overburden stripping required at Demirli to expose further reserves of ore.
The Group produces both copper and gold at its Gedabek production site. Both metals are considered primary products as both contribute materially to revenue. Accordingly, the "Co-Product Accounting" method is used to allocate costs to gold and copper. The total cost of the Gedabek production site, plus sustaining capital expenditure and metal selling costs, is therefore allocated to gold and copper in proportion to their expected sales revenues.
The revenue from silver production is treated as a by-product and credited against the total costs of Gedabek production before allocation. The forecast revenues generated by gold, silver and copper are calculated using the Group's share of production which are also used for calculating the AISC of copper and gold. A proportion of the total costs (based on Gedabek and Demirli site headcount) of the Group's office in Baku is also included as this office performs various administrative functions for the Gedabek and Demirli sites.
Demirli copper production
The AISC for copper is calculated using the total costs of production at the site including sustaining capital expenditure, copper selling costs and its share of the Baku office overheads. Our share of production is used to calculate the AISC.
Group gold and copper production
The AISC for gold production is the AISC for Gedabek as gold is currently only produced at that location. The AISC for copper is calculated as the total costs of Gedabek and Demirli divided by the total of the Group's share of copper production.
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