Q1 2026 Production and Sales Review
Anglo Asian Mining PLC reported strong first-quarter 2026 results, with copper production reaching 3,711 tonnes and gold production at 6,062 ounces. The company significantly improved its financial position, with net cash increasing by $15.4 million to $17.7 million, driven by substantial concentrate sales of $45.6 million and a notable increase in copper production from both Gedabek and Demirli operations. Total cash reserves stood at $37.2 million, while debt was reduced to $19.5 million.
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Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed copper, gold and silver producer focused in Azerbaijan, is pleased to provide the following production and sales review for the three months to 31 March 2026 ("Q1 2026" or the "Quarter").
Q1 2026 production overview
Copper production of 3,711 tonnes (Q1 2025: 534 tonnes):
o 1,462 tonnes from flotation and SART at Gedabek
o 2,249 tonnes from flotation at Demirli
Gold production of 6,062 ounces (Q1 2025: 6,028 ounces):
o 4,842 ounces contained within gold doré
o 1,220 ounces from flotation and SART production
- Silver production totalled 42,796 ounces (Q1 2025: 30,315 ounces):
o 5,607 ounces contained within gold doré
o 37,189 ounces from flotation and SART processing
Q1 2026 sales overview
- Total gold bullion sales of 4,100 ounces at an average of $4,728 per ounce (Q1 2025: 4,753 ounces at an average of $2,843 per ounce)
- Total concentrate sales of 18,553 dry metric tonnes with a value of $45.6 million
o Gedabek - 7,890 dry metric tonnes ("dmt") with a value of $24.2 million (Q1 2025: 2,327 dmt with a value of $4.1 million)
o Demirli - 10,663 dmt with a value of $21.4 million
Q1 and 31 March 2026 financial overview
- Cash of $37.2 million ($30.2 million at 31 December 2025), no restricted cash
- Debt of $19.5 million ($27.9 million at 31 December 2025)
o No outstanding advances from Trafigura at 31 March 2026 or 31 December 2025
- Net cash of $17.7 million ($2.3 million at 31 December 2025)
- Unsold gold doré and copper concentrate inventory of $30.8 million at 31 March 2026
Key metrics for Q1 2026 and Q1 2025 and FY 2025
| Q1 2026 | Q1 2025 | Q1 2026 compared to Q1 2025 B/(W) | FY 2025 | ||
|---|---|---|---|---|---|
| Production | |||||
| Gold | ounces | 6,062 | 6,028 | 34 | 25,061 |
| Copper | |||||
| Gedabek | tonnes | 1,462 | 538 | 924 | 4,787 |
| Demirli | tonnes | 2,249 | - | 2,249 | 3,128 |
| Total copper | tonnes | 3,711 | 538 | 3,173 | 7,915 |
| Silver | ounces | 42,796 | 30,315 | 12,481 | 153,333 |
| Dore sales | |||||
| Dore | ounces | 4,100 | 4,753 | (653) | 19,631 |
| Sales value | $/ounce | 4,728 | 2,843 | 1,885 | 3,441 |
| Copper concentrate sales | |||||
| Tonnes | tonnes | 18,553 | 2,327 | 16,226 | 29,695 |
| Sales value | $m | 45.6 | 4.1 | 41.5 | 64.7 |
| Increase in net cash | $m | 15.4 | 1.0 | 14.4 | 17.3 |
| Ending net cash / (debt) | $m | 17.7 | (13.8) | 31.5 | 2.5 |
| Market value of inventory | $m | 30.8 | 7.5 | 23.3 | 37.7 |
Reza Vaziri, CEO of Anglo Asian Mining commented:
"We are delighted with the progress and performance during the quarter. The excellent copper production from Gedabek and Demirli demonstrates the successful continuing execution of our clear strategy to rapidly expand copper production and successfully transition to a multi-asset, mid-tier copper-focused producer. "
Note that all references to "$" are to United States dollars.
Ore mined during Q1 2026
Gedabek
| Mine | 3 months to 31 March 2026 | |||||
|---|---|---|---|---|---|---|
| Ore mined (tonnes) | Average gold grade (g/t) | Average copper grade (%) | ||||
| Open pit | 35,588 | 0.46 | 0.20 | |||
| Gilar - u/g | 186,709 | 1.35 | 1.48 | |||
| Total | 222,297 | 1.21 | 1.28 | |||
| Demirli | ||||||
| 3 months to 31 March 2026 | ||||||
| Mine | Ore mined | Average copper grade | ||||
| (tonnes) | (%) | |||||
| Open pit | 1,352,208 | 0.37 | ||||
| Gedabek processing, production and sales in Q1 2026 | ||||||
| Ore processed by leaching | ||||||
| Quarter ended | Ore processed | Gold grade of ore processed | ||||
| 31 March 2025 | 106,429 | - | 149,763 | 0.40 | - | 1.16 |
| 30 June 2025 | 133,153 | - | 154,948 | 0.40 | - | 1.13 |
| 30 September 2025 | 47,202 | - | 156,773 | 0.40 | - | 1.52 |
| 31 December 2025 | - | - | 163,541 | - | - | 1.27 |
| FY 2025 | 286,784 | - | 625,025 | 0.40 | - | 1.26 |
| 31 March 2026 | 14,264 | - | 167,989 | 0.33 | - | 1.33 |
* 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 2025 | 155,406 | 535 | 9,516 | 729 |
| 30 June 2025 | 166,135 | 1,193 | 30,537 | 900 |
| 30 September 2025 | 151,359 | 3,185 | 85,123 | 1,793 |
| 31 December 2025 | 156,158 | 3,027 | 93,835 | 2,409 |
| FY 2025 | 629,058 | 7,940 | 219,011 | 5,831 |
| 31 March 2026 | 162,109 | 2,806 | 69,040 | 1,703 |
*the ore processed by flotation includes ore which had previously been treated by agitation leaching. For Q1 2026, all ore processed had been previously treated by agitation leaching.
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 2025 | 5,758 | 8,206 | 4,753 | 2,843 |
| 30 June 2025 | 5,624 | 6,699 | 5,028 | 3,299 |
| 30 September 2025 | 5,814 | 4,655 | 5,181 | 3,430 |
| 31 December 2025 | 5,133 | 4,788 | 4,669 | 4,214 |
| FY 2025 | 22,329 | 24,348 | 19,631 | 3,441 |
| 31 March 2026 | 4,842 | 5,607 | 4,100 | 4,728 |
* 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 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 |
| 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 |
| FY 2025 | 16,622 | 5,707 | 22,329 | 17,804 | 6,544 | 24,348 |
| 31 March 2026 | 3,780 | 1,062 | 4,842 | 4,379 | 1,228 | 5,607 |
| 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 2025 | 3,072 | 534 | 270 | 22,109 | 2,324 | 4,050 |
| 30 June 2025 | 3,523 | 654 | 462 | 25,334 | 3,886 | 7,060 |
| 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 |
| FY 2025 | 23,148 | 4,787 | 2,732 | 128,984 | 20,317 | 47,300 |
| 31 March 2026 | 7,311 | 1,462 | 1,220 | 37,189 | 7,890 | 24,207 |
| * including Government of Azerbaijan's share | ||||||
| ** excludes Government of Azerbaijan's share | ||||||
| Demirli processing, production and sales Q1 2026 | ||||||
| Processed | Unit | January to March 2026 | ||||
| Ore feed to plant | dry metric tonnes | 647,835 | ||||
| Grade | per cent. | 0.44 | ||||
| Copper content | tonnes | 2,880 | ||||
| Production | ||||||
| Copper concentrate | tonnes | 11,901 | ||||
| Copper content | tonnes | 2,249 | ||||
| Sales | ||||||
| Concentrate sales | Dry metric tonnes | 10,663 | ||||
| Value of sales | $ million | 21.4 | ||||
Q1 2026 Financial overview
The Company had a net inflow of funds of $15.4 million in the 3 months ended 31 March 2026. Cash increased by $7.0 million to $37.2 million and debt reduced by $8.4 million to $19.5 million at 31 March 2026. Net cash accordingly increased by $15.4 million to $17.7 million.
Net cash
Q1 2026
| $m | $m |
|---|---|
| I January 2026 | 2.3 |
| Sales proceeds | 62.7 |
| Interest income | 0.3 |
| Operating costs | (39.9) |
| Capital expenditure | (3.4) |
| Demirli lease payment | (3.8) |
| Debt servicing | (0.5) |
| Inflow | 15.4 |
| 31 March 2026 | 17.7 |
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