Q3 2026 Production and Sales Update
Q3 copper production reached 5,514 tonnes with Demirli ramping to full production by end November; FY26 guidance maintained.
vs expectations: in line
- Q3 2026 copper production 5,514 tonnes (prior 5,129 tonnes in Q2 2026)
- Q3 2026 copper production vs prior year 5,514 tonnes (prior 2,288 tonnes in Q3 2025)
- 9M 2026 copper production 14,354 tonnes (prior 3,476 tonnes in 9M 2025)
- Q3 2026 concentrate sales value $80.5 million
- Cash position $56.5 million (prior $70.0 million at 30 June 2026)
- Net debt $9.4 million (prior $12.3 million at 30 June 2026)
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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 September 2026 ("Q3 2026" or the “Quarter”) and nine months to 30 September 2026 ("9M 2026").
Copper production continues to grow quarter-on-quarter to 5,514 tonnes in Q3 2026 (Q2 2026: 5,129 tonnes), as Demirli ramps up to full production by the end of November. In line with its medium-term growth strategy, the Company will become a majority copper producer in 2026.
Continued production growth in Q3 2026
Copper production of 5,514 tonnes (Q3 2025: 2,288 tonnes) as Demirli production continues to ramp-up in line with expectations, with steady state production expected by the end of November
1,690 tonnes at Gedabek
3,824 tonnes at Demirli
Gold production of 6,781 ounces (Q3 2025: 6,798 ounces)
5,582 ounces contained within gold doré
1,199 ounces from flotation and SART production
Silver production totalled 52,969 ounces (Q3 2025: 41,623 ounces)
5,480 ounces contained within gold doré
47,489 ounces from flotation and SART processing
Mining recommenced from Ugur in the Quarter following evaluation of the mineralisation
Record copper production in 9M 2026
Copper production of 14,354 tonnes (9M 2025: 3,476 tonnes)
Gold production of 19,110 ounces (9M 2025: 18,912 ounces)
Silver production of 145,824 ounces (9M 2025: 103,971 ounces)
Q3 2026 sales and financial overview
Total gold bullion sales of 5,733 ounces at an average of $4,259 per ounce (Q3 2025: 5,181 ounces at an average of $3,430 per ounce)
Total concentrate sales of 28,987 dry metric tonnes (“dmt”) with a value of $80.5 million
9,655 dmt at Gedabek with a value of $30.4 million (Q3 2025: 6,852 dmt with a value of $17.8 million)
19,332 dmt at Demirli with a value of $50.1 million (Q3 2025: nil)
Cash of $56.5 million ($70.0 million at 30 June 2026) and debt of $9.4 million ($12.3 million at 30 June 2026)
Net cash outflow in the Quarter of $10.6 million
Cash payments in the Quarter included $10.0 million in respect of the 2025 final dividend and profits tax payments
Cash outflow also included $30.1 million working capital usage in respect of sales invoiced in September with proceeds received in October
Working capital usage will be reversed in Q4 2026
Unsold gold doré and copper concentrate inventory of $27.0 million at 30 September 2026
Outlook
Ramp-up at Demirli continues to progress in line with expectations, with steady-state production expected by the end of November.
The Company is pleased to maintain its Full Year 2026 guidance of 20,000 to 25,000 tonnes of copper, 26,000 to 30,000 ounces of gold and 170,000 to 210,000 ounces of silver, with AISC of $6,000 to $7,000 per tonne of copper and $1,500 to $1,800 per ounce of gold.
Key metrics for H1 2026, Q3 2026, Q3 2025 and FY 2025
| H1 2026 | Q3 2026 | Q3 2025 | Q3 2026 compared to Q3 2025 H/(L) | FY 2025 | ||
|---|---|---|---|---|---|---|
| Production | ||||||
| Gold | ounces | 12,329 | 6,781 | 6,798 | (17) | 25,061 |
| Copper | ||||||
| Gedabek | tonnes | 3,341 | 1,690 | 1,577 | 113 | 4,787 |
| Demirli | tonnes | 5,499 | 3,824 | 711 | 3,113 | 3,128 |
| Total copper | tonnes | 8,840 | 5,514 | 2,288 | 3,226 | 7,915 |
| Silver | ounces | 92,855 | 47,489 | 41,623 | 5,866 | 153,333 |
| Doré sales | ||||||
| Doré | ounces | 7,126 | 5,733 | 5,181 | 552 | 19,631 |
| Sales value | $/ounce | 9,307 | 4,259 | 3,430 | 829 | 3,441 |
| Copper concentrate sales | ||||||
| Tonnes | tonnes | 58,577 | 28,987 | 6,852 | 22,135 | 29,695 |
| Sales value | $m | 125.9 | 80.5 | 17.8 | 62.7 | 64.7 |
| Increase / (decrease) in net cash | $m | 55.0 | (10.6) | (1.2) | (9.4) | 17.3 |
| Ending net cash / (debt) | $m | 57.7 | 47.1 | (14.2) | 61.3 | 2.5 |
| Market value of inventory | $m | 28.9 | 27.0 | 11.5 | 15.5 | 37.7 |
Reza Vaziri, CEO of Anglo Asian Mining, commented:
“We are delighted with the continued operational progress made during the Quarter, with successive quarter-on-quarter copper production growth driven by the ongoing ramp-up at Demirli, which remains on track to enter full production by the end of November. We are very well placed to deliver our medium-term strategy of becoming a mid-tier, majority copper producer.”
Note that all references to "$" are to United States dollars.
APPENDIX
OPERATING STATISTICS FOR Q3 2026
Ore mined during Q3 2026
Gedabek
| Mine | 3 months to 31 March 2026 | 3 months to 30 June 2026 | 3 months to 30 September 2026 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Ore mined (tonnes) | Average gold grade (g/t) | Ore mined (tonnes) | Average gold grade (g/t) | Average copper grade (%) | Average copper grade (%) | Ore mined (tonnes) | Average gold grade (g/t) | Average copper grade (%) | |
| Open pit | 35,588 | 0.46 | 23,502 | 0.26 | 0.03 | 0.20 | 33,828 | 0.38 | 0.22 |
| Gilar – u/g | 208,032 | 1.30 | 225,602 | 1.39 | 1.67 | 1.36 | 227,282 | 1.40 | 1.43 |
| Ugur – o/pit | - | - | - | - | - | - | 40,374 | 0.29 | - |
| Total | 243,620 | 1.18 | 249,104 | 1.28 | 1.52 | 1.19 | 301,484 | 1.14 | 1.27 |
| Demirli | |||||||||
| 3 Months to 31 March 2026 | 3 Months to 30 June 2026 | 3 Months to 30 September 2026 | |||||||
| Mine | Ore mined | Average copper grade | Ore mined | Average copper grade | Ore mined | Average copper grade | |||
| (tonnes) | (%) | (tonnes) | (%) | (tonnes) | (%) | ||||
| Open pit | 1,352,208 | 0.37 | 2,238,060 | 0.34 | 2,034,552 | 0.39 | |||
| Gedabek processing, production and sales in Q3 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 | 39,475 | - | 167,989 | 0.33 | - | 1.33 | |||
| 30 June 2026 | 80,702 | - | 183,929 | 0.25 | - | 1.40 | |||
| H1 2026 | 120,176 | - | 351,918 | 0.29 | - | 1.37 | |||
| 30 September 2026 | 122,812 | - | 186,164 | 0.38 | - | 1.39 | |||
| 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 | |||||
| 30 September 2026 | 178,545 | 3,691 | 99,234 | 2,454 | |||||
*the ore processed by flotation includes ore which had previously been treated by agitation leaching. For 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 |
| 30 September 2026 | 5,582 | 5,480 | 5,733 | 4,259 |
* 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 | ||||
|---|---|---|---|---|---|---|
| Agitation leaching (ounces) | Heap leaching (ounces) | Total (ounces) | Agitation leaching (ounces) | Heap leaching (ounces) | Total (ounces) | |
| 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 |
| 30 Sept 2026 | 4,337 | 1,245 | 5,582 | 4,274 | 1,206 | 5,480 |
| 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 | 11,103 | 30,290 |
| H1 2026 | 17,236 | 3,341 | 2,329 | 81,473 | 18,993 | 54,496 |
| 30 September 2026 | 8,972 | 1,690 | 1,199 | 47,489 | 9,655 | 30,387 |
| * including Government of Azerbaijan’s share | ||||||
| ** excludes Government of Azerbaijan’s share | ||||||
| Demirli processing, production and sales Q3 2026 | ||||||
| Processed | Unit | Q1 2026 | Q2 2026 | Q3 2026 | ||
| Ore feed to plant | dry metric tonnes | 647,835 | 855,104 | 1,022,576 | ||
| Grade | per cent. | 0.44 | 0.51 | 0.50 | ||
| Copper content | tonnes | 2,880 | 4,361 | 3,824 | ||
| Production | ||||||
| Copper concentrate | tonnes | 11,901 | 16,904 | 19,369 | ||
| Copper content | tonnes | 2,249 | 3,250 | 3,824 | ||
| Sales | ||||||
| Concentrate sales | Dry metric tonnes | 10,663 | 21,032 | 19,332 | ||
| Value of sales | $ million | 21.4 | 50.0 | 50.1 | ||
Q3 2026 Financial overview
The Company had a net outflow of funds of $10.6 million in the 3 months ended 30 September 2026. Cash decreased by $13.5 million to $56.5 million and debt reduced by $2.9 million to $9.4 million at 30 September 2026. Net cash accordingly decreased by $10.6 million to $47.1 million. The main reasons for the decrease in net cash were as follows:
Working capital increase in respect of concentrate sales of $30.1 million at the end of September for which the proceeds were received in October
Profits tax payments of $5.4 million
2025 final dividend paid of $4.6 million
Payments to the Government of Azerbaijan in respect of production share on copper concentrate sales for the period July 2025 to Feburary 2026 of $8.8 million following agreement of the amounts
Net cash
| Q1 2026 | Q2 2026 | Q3 2026 | |||
|---|---|---|---|---|---|
| $m | $m | $m | $m | $m | $m |
| Beginning of the quarter | 2.6 | 17.7 | 57.7 | ||
| Sales proceeds (net of Government production share) | 62.4 | 89.6 | 53.4 | ||
| Interest income | 0.3 | 0.4 | 0.7 | ||
| VAT refund | - | 2.9 | 5.5 | ||
| Operating costs | (39.9) | (46.2) | (58.2) | ||
| Capital expenditure | (3.4) | (3.9) | (1.8) | ||
| Demirli lease payment | (3.8) | - | - | ||
| Debt servicing | (0.5) | (0.3) | (0.2) | ||
| Profits tax payment | - | (2.6) | (5.4) | ||
| Dividend | - | - | (4.6) | ||
| Inc./(dec.) in net cash | 15.1 | 39.9 | (10.6) | ||
| End of the quarter | 17.7 | 57.6 | 47.1 |
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