Q2 and H1 2026 Production and Sales Update
Anglo Asian Mining PLC reported strong Q2 and H1 2026 results, with copper production significantly increasing to 5,129 tonnes in Q2 and 8,840 tonnes in H1, driven by the Demirli ramp-up. Gold production also saw a slight increase to 6,272 ounces in Q2 and 12,329 ounces in H1. The company's net cash position strengthened considerably, rising by $39.9 million to $57.6 million as of June 30, 2026. Concentrate sales generated $125.9 million in H1 2026, with Gedabek contributing $54.5 million and Demirli $71.4 million. The company remains on track to meet its full-year production guidance and is progressing with feasibility studies for new projects, indicating a positive outlook for continued growth.
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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, sales and operational review for the three months to 30 June 2026 ("Q2 2026" or the "Quarter") and six months to 30 June 2026 ("H1 2026" or the "Half Year").
Copper production continues to grow quarter-on-quarter to 5,129 tonnes in Q2 2026 (Q1 2026: 3,711 tonnes), as Demirli continues to ramp up to full production, which is expected to be achieved during Q3 2026. The Company also produced 6,272 ounces of gold in Q2 2026 (Q1 2026: 6,057 ounces) and remains highly cash generative, with net cash increasing by $39.9 million to $57.6 million as at 30 June 2026.
Continued strong production growth during Q2 2026
- Copper production of 5,129 tonnes (Q2 2025: 654 tonnes) as Demirli production continues to ramp up in line with expectations
o 1,879 tonnes at Gedabek
o 3,250 tonnes at Demirli
Gold production of 6,272 ounces (Q2 2025: 6,086 ounces)
o 5,158 ounces contained within gold doré
o 1,114 ounces from flotation and SART production
- Silver production totalled 50,059 ounces (Q2 2025: 32,033 ounces)
o 5,775 ounces contained within gold doré
o 44,284 ounces from flotation and SART processing
Record production in H1 2026
- Copper production of 8,840 tonnes (H1 2025: 1,188 tonnes)
- Gold production of 12,329 ounces (H1 2025: 12,114 ounces)
- Silver production of 92,855 ounces (H1 2025: 62,348 ounces)
Key developments across the Company's portfolio
- Worley Europe Limited appointed to carry out feasibility studies for Xarxar and Garadag, marking a further step in the Company's strategy to continue to develop its portfolio
o Studies are expected to be finalised mid-2027 for Xarxar and H1 2028 for Garadag
- 90,000 metres core drilling programme announced for 2026 and 2027
- Gedabek flotation plant upgrade completed
o Nine high-efficiency Imhoflot pneumatic flotation cells installed
o All bottlenecks in leaching and flotation processing plants eliminated
- Demirli SAG and ball mills both operated throughout the Quarter
o Demirli ramp-up will be completed in Q3 2026 and reach steady state production
- Second stage of the final wall raise of the Gedabek tailings dam completed
H1 2026 sales and financial overview
- Total gold bullion sales of 7,126 ounces at an average of $4,664 per ounce (H1 2025: 9,781 ounces at an average of $3,077 per ounce)
- Total concentrate sales of 58,577 dry metric tonnes with a value of $125.9 million
o Gedabek - 26,882 dry metric tonnes ("dmt") with a value of $54.5 million (H1 2025: 6,210 dmt with a value of $11.1 million)
o Demirli - 31,695 dmt with a value of $71.4 million (H1 2025:nil)
- Cash of $69.8 million ($37.2 million at 31 March 2026) and debt of $12.2 million ($19.5 million at 31 March 2026)
o Net cash of $57.6 million ($17.7 million at 31 March 2026)
o No outstanding advances from Trafigura
- Unsold gold doré and copper concentrate inventory of $28.9 million at 30 June 2026
Key metrics for Q1 2026, Q2 2026, Q2 2025 and FY 2025
| Q1 2026 | Q2 2026 | Q2 2025 | Q2 2026 compared to Q2 2025 H/(L) | FY 2025 | ||
|---|---|---|---|---|---|---|
| Production | ||||||
| Gold | ounces | 6,057 | 6,272 | 6,208 | 64 | 25,061 |
| Copper | ||||||
| Gedabek | tonnes | 1,462 | 1,879 | 654 | 1,225 | 4,787 |
| Demirli | tonnes | 2,249 | 3,250 | - | 3,250 | 3,128 |
| Total copper | tonnes | 3,711 | 5,129 | 654 | 4,475 | 7,915 |
| Silver | ounces | 42,796 | 50,059 | 32,033 | 18,026 | 153,333 |
| Doré sales | ||||||
| Doré | ounces | 4,100 | 3,026 | 5,028 | (2,002) | 19,631 |
| Sales value | $/ounce | 4,728 | 4,579 | 3,299 | 1,280 | 3,441 |
| Copper concentrate sales | ||||||
| Tonnes | tonnes | 18,553 | 40,024 | 3,886 | 36,138 | 29,695 |
| Sales value | $m | 45.6 | 80.3 | 7.1 | 73.2 | 64.7 |
| Increase in net cash | $m | 15.1 | 39.9 | 0.8 | 39.1 | 17.3 |
| Ending net cash / (debt) | $m | 17.7 | 57.6 | (13.0) | 70.6 | 2.5 |
| Market value of inventory | $m | 30.8 | 28.9 | 7.0 | 21.9 | 37.7 |
Outlook
The Company is encouraged by the 2026 performance to date, which remains in line with expectations for FY 2026. It is expected that production in H2 2026 will increase compared to H1 2026 due to the Demirli ramp-up being achieved in Q3 2026 and seasonal factors. The Board therefore remains confident in meeting 2026 guidance of 20,000 to 25,000 tonnes of copper production, 28,000 to 33,000 ounces of gold, and 170,000 to 210,000 ounces of silver, and continuing to execute its medium-term growth strategy to become a mid-tier, copper focused producer.
Reza Vaziri, CEO of Anglo Asian Mining, commented:
"The first six months of 2026 have been highly significant for Anglo Asian as we achieved our highest ever half-year of production. The ramp-up at Demirli continues to progress in line with our expectations, and will be completed during this quarter. Looking forward, we also continue to progress the development of our other assets as we execute our medium-term growth strategy, which we remain confident of delivering. Our excellent cash generation means we have the capital to continue to pursue our growth strategy at pace as well as rewarding shareholders. I am pleased to reiterate our 2026 guidance and look forward to a strong second half performance. "
Note that all references to "$" are to United States dollars.
APPENDIX
OPERATING STATISTICS FOR Q2 AND H1 2026
Ore mined during H1 2026
Gedabek
| Mine | 3 months to 31 March 2026 | 3 months to 30 June 2026 | ||||
|---|---|---|---|---|---|---|
| Ore mined (tonnes) | Average gold grade (g/t) | Average copper grade (%) | Ore mined (tonnes) | Average gold grade (g/t) | Average copper grade (%) | |
| Open pit | 35,588 | 0.46 | 0.20 | 23,502 | 0.26 | 0.03 |
| Gilar - u/g | 208,032 | 1.30 | 1.36 | 225,602 | 1.39 | 1.67 |
| Total | 243,620 | 1.18 | 1.19 | 249,104 | 1.28 | 1.52 |
| Demirli | ||||||
| 3 Months to 31 March 2026 | 3 Months to 30 June 2026 | |||||
| Mine | Ore mined | Average copper grade | Ore mined | Average copper grade | ||
| (tonnes) | (%) | (tonnes) | (%) | |||
| Open pit | 1,352,208 | 0.37 | 2,238,060 | 0.34 | ||
| Gedabek processing, production and sales in H1 2026 | ||||||
| Ore processed by leaching | ||||||
| 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 leaching plant* (g/t) | |
| 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 |
| 30 June 2026 | 23,277 | - | 183,929 | 0.25 | - | 1.40 |
| H1 2026 | 37,541 | - | 351,918 | 0.29 | - | 1.37 |
* 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 |
| 30 June 2026 | 177,491 | 3,725 | 85,676 | 2,302 |
| H1 2026 | 339,600 | 6,531 | 154,716 | 4,005 |
*the ore processed by flotation includes ore which had previously been treated by agitation leaching. For H1 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 |
| 30 June 2026 | 5,158 | 5,775 | 3,026 | 4,579 |
| H1 2026 | 10,000 | 11,382 | 7,126 | 4,664 |
* 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 |
| 30 June 2026 | 4,112 | 1,046 | 5,158 | 4,603 | 1,172 | 5,775 |
| H1 2026 | 7,892 | 2,108 | 10,000 | 8,982 | 2,400 | 11,382 |
| 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 | 1,215 | 37,189 | 7,890 | 24,206 |
| 30 June 2026 | 9,925 | 1,879 | 1,114 | 44,284 | 18,992 | 30,290 |
| H1 2026 | 17,236 | 3,341 | 2,329 | 81,473 | 26,882 | 54,496 |
| * including Government of Azerbaijan's share | ||||||
| ** excludes Government of Azerbaijan's share | ||||||
| Demirli processing, production and sales H1 2026 | ||||||
| Processed | Unit | Q1 2026 | Q2 2026 | |||
| Ore feed to plant | dry metric tonnes | 647,835 | 855,104 | |||
| Grade | per cent. | 0.44 | 0.51 | |||
| Copper content | tonnes | 2,880 | 4,361 | |||
| Production | ||||||
| Copper concentrate | tonnes | 11,901 | 16,904 | |||
| Copper content | tonnes | 2,249 | 3,250 | |||
| Sales | ||||||
| Concentrate sales | Dry metric tonnes | 10,663 | 21,032 | |||
| Value of sales | $ million | 21.4 | 50.0 | |||
Q2 2026 Financial overview
The Company had a net inflow of funds of $39.9 million in the 3 months ended 30 June 2026. Cash increased by $32.6 million to $69.8 million and debt reduced by $7.3 million to $12.2 million at 30 June 2026. Net cash accordingly increased by $39.9 million to $57.6 million.
Net cash
| Q1 2026 | Q2 2026 | ||
|---|---|---|---|
| $m | $m | $m | $m |
| I January / 1 April 2026 | 2.6 | 17.7 | |
| Sales proceeds | 62.4 | 89.6 | |
| Interest income | 0.3 | 0.4 | |
| VAT refund | - | 2.9 | |
| Operating costs | (39.9) | (46.2) | |
| Capital expenditure | (3.4) | (3.9) | |
| Demirli lease payment | (3.8) | - | |
| Debt servicing | (0.5) | (0.3) | |
| Profits tax payment | - | (2.6) | |
| Increase in net cash | 15.1 | 39.9 | |
| 31 March / 30 June 2026 | 17.7 | 57.6 |
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