Anglo Asian Mining Plc · LSE:AAZ
Anglo Asian Mining — H1 2026 Earnings Presentation
22 slides from Anglo Asian Mining's earnings presentation, Sep 21, 2026
Slide 1: Interim Results
Interim Results 6 months to 30 June 2026 Transition to mid-tier copper & gold production 21 September 2026
Slide 2: Highlights
Highlights Record copper production driving a step-change in earnings and cash generation Group production significantly increased following first 6-month period as a multi-asset producer • Record copper production of 8,840t (H1 2025: 1,188t) • Gold production of 12,329oz (H1 2025: 12,114oz) 8,840t
Slide 3: Strategy to become a mid-tier copper and gold producer
Strategy to become a mid-tier copper and gold producer Five-year objective to become a major copper producer, producing ~50,000 tonnes of copper metal p.a. Increase copper production to around 50,000 tonnes of copper p.a. by the sequential opening of new mines • Two mines opened last year: Gilar and
Slide 4: Our operations
JN ANGLO ASIAN 4 MINING Our operations
Slide 5: Our operations
Our operations Eight contract areas across a 2,500+ km² land package △NORTHERN BLOCK # ASSET AREA (SQ.KM.) STAGE 1 Garadag 344 Development & Exploration 2 Gosha 300 Exploration 3 Xarxar 464 Development & Exploration 4 Gedabek 300 Production & Exploration TOTAL: 1,408 SQ.KM. △CENTRAL BLOCK # ASSET AR
Slide 6: Strong production at Gedabek
Strong production at Gedabek Management initiatives driving progress at new Gilar mine Robust production • First full six months of production at Gilar • 12,329 ounces of gold and 17,236 tonnes of concentrate containing 3,341 tonnes of copper Gilar performing in line with expectations • Over 8,000 m
Slide 7: Ramp-up at Demirli in-line with expectations
Ramp-up at Demirli in-line with expectations Steady state production expected during Q4 2026 Ramp up progressing in-line with expectation • Processed 1,502,969 dry metric tonnes of ore grading 0.48 per cent. of copper • Produced 28,805 tonnes of concentrate containing 5,499 tonnes of copper Ongoing
Slide 8: Growth projects
Growth projects Feasibility studies for our copper projects and ongoing drilling campaign APPOINTMENT OF PLANNED CONTINUED FOCUS ON Worley Europe Limited Drill programme Exploration • Worley Europe Limited appointed as the • Planned 90,000 metres of core drilling in • Ongoing greenfield and brownfie
Slide 9: Financial performance
Financial performance 9/23/2026 9
Slide 10: Financial highlights
Financial highlights A robust financial performance Revenues increased to $141.2 million (H1 2025: $40.9 million) • Full six months of production at both Gedabek and Demirli • Higher average selling prices of copper and gold Significantly increased profitability, with profit before taxation of $68.5
Slide 11: Profit and loss account
Profit and loss account Six months ended 30 June 2026 Revenue Gross profit Operating profit Profit after tax $40.9m $13.8m $8.8m $4.7m $141.2m H1 2025 $78.0m H1 2025 $71.1m H1 2025 $46.1m H1 2025 H1 2026 P&L H1 2026 H1 2025 Significant items to the P&L account (1) Revenue ($m) Gedabek Demirli Total
Slide 12: Balance Sheet
Balance Sheet At 30 June 2026 Total assets Cash Total liabilities Equity $310.1m $239.3m $70.0m $30.2m $178.5m $154.0m $131.6m $85.3m 31 Dec 2025 31 Dec 2025 31 Dec 2025 31 Dec 2025 ASSETS 30 Jun 2026 31 Dec 2025 LIABILITIES AND EQUITY 30 Jun 2026 31 Dec 2025 Non-current assets Trade and other payab
Slide 13: Cash flow
Cash flow Six months ended 30 June 2026 Inflow from operations Cash from operating activities Increase in cash Closing net cash $11.5m $11.5m $4.5m $(8.5)m $81.1m H1 2025 $78.5m H1 2025 $46.0m H1 2025 $57.7m H1 2025 CASH FLOW SUMMARY H1 2026 H1 2025 (1) INFLOW BEFORE WORKING CAPITAL Inflow before WC
Slide 14: Outlook
Outlook JN ANGLO ASIAN MINING 14
Slide 15: Summary and outlook
Summary and outlook Another step-change year, with full year production from 3 mines and copper production to approximately triple Strong H1 performance • 8,840 tonnes of copper, 12,329 ounces of gold and 92,855 ounces of silver • Continued operational and exploration progress supporting target to b
Slide 16: Strong growth outlook and highly cash generative
Strong growth outlook and highly cash generative Significant portfolio of projects in development and growth supported by long-term exploration pipeline PRODUCTION DEVELOPMENT FUTURE PLANS 100 Demirli regional Annual Copper Equivalent Production¹ expansion Copper 80 Zafar Copper-Gold-Zinc Cu eq (kt)
Slide 17: The investment case
The investment case A well-established, multi-asset mining company with extensive copper resources transitioning to mid-tier status Multi-asset producer Exciting developmental Long-term track record asset portfolio Opened two new mines last 2,500 square kilometres The Company has discovered year, si
Slide 18: Thank you.
Thank you. Pioneering a copper-focused future in Azerbaijan www.AngloAsianMining.com 9/23/2026 18
Slide 19: Azerbaijan
Azerbaijan A high-growth economy & investment destination A strategically positioned, fast-growing regional economy Rapidly developing country with strengthened regional and international relationships Strategically positioned at the centre of East-West and North-South trade corridors Central to the
Slide 20: Copper and gold resource base
Copper and gold resource base Over 1.1 million tonnes of copper and over 350,000 ounces of gold* Exploration is underway to increase resources and reclassify them from Inferred to Indicated and Measured. TOTAL RESOURCE excluding Demirli 1.10 Mt COPPER 356.7 koz GOLD 8 contract areas | significant ex
Slide 21: Future Growth – Xarxar
Future Growth – Xarxar XARXAR DRILL SECTION High-quality copper resource with strong development momentum PROJECT OVERVIEW • Open pit copper project located near the northern boundary of Gedabek • 464 km² contract area with access to shared infrastructure, staffing and administrative support • Plann
Slide 22: Future Growth – Garadag
Future Growth – Garadag GARADAG DEPOSIT VIEWED FROM THE SHAMKIR TO GEDABEK ROAD Expected to enter production 2030 MAJOR COPPER PROJECT • 344 km² contract area • Maiden JORC total resource (Indicated and Inferred) of ~900,000 tonnes of copper metal hosted in 285 million tonnes of mineralisation with