Appointment of consultants & drilling programme

About this update from Anglo Asian Mining Plc

22 June 2026   Appointment of consultants to prepare feasibility studies at Xarxar and Garadag Drilling programme for 2026 and 2027   Anglo Asian Mining PLC ("Anglo Asian", the "Company" or the "Group"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce that it has appointed Worley Europe Limited as its contractor to complete the Xarxar and Garadag feasibility studies. The Company also provides an update on its 2026 and 2027 drilling programme.   Worley Europe Limited appointment for feasibility studies Worley Europe Limited has been appointed as the contractor for the feasibility studies for developing the Xarxar and Garadag deposits. Worley Europe Limited is part of Worley, a global company of energy, chemicals and resources experts headquartered in Australia. It partners with customers to deliver projects and create value across the life of their assets.   The Company is currently finalising a contract with Worley Europe Limited for the studies.   The feasibility studies will assess the options for copper heap leach processing and solvent extraction-electrowinning ("SX-EW") for Xarxar and Garadag. This process produces marketable copper metal directly at the minesite, instead of copper concentrate which has to be exported to produce copper metal via smelting and refining. This is the first time it is proposed that copper as copper metal will be produced by the Company or in Azerbaijan.   The feasibility studies are expected to be finalised mid-2027 for Xarxar and H1 2028 for Garadag.   2026 and 2027 drilling programme The Company is planning a 90,000 metres core drill programme for 2026 and 2027. This comprises both exploration drilling of around 55,000 metres and drilling for the feasibility studies of around 35,000 metres. Core drilling has commenced at Xarxar with two drill rigs in operation. It is expected that drilling will commence at Garadag in Q3 2026.   Exploration will focus on extensions at Xarxar and Garadag and the surrounding areas, follow-up drilling in the Gedabek contract area and extensions to the Demirli mine and Demirli South target areas. Underground drilling has also commenced at Gilar, to target the upper levels and for extensions of the deeper levels of the deposit.   The drilling for the feasibility studies includes geological infill drilling for mineral resource estimate updates, and geotechnical, hydrogeological, metallurgical and condemnation drilling at Xarxar (about 10,000 metres) and at Garadag (about 25,000 metres).   Stephen Westhead, Vice President of Anglo Asian Mining, commented: "Following a rigorous selection process, we are delighted to appoint Worley Europe Limited as our contractor for the feasibility studies at Xarxar and Garadag, which host over one million tonnes of copper metal and are critical to our growth strategy. These studies, combined with the associated drilling programme, will enable us to construct the mines.   "Our licence areas still have significant potential for mineral discoveries. We are continuing our exploration programme which has historically been very successful. The future roadmap for our transition to become a mid-tier multi-asset, copper and gold producer is clear, and these initiatives will ensure the continued growth of the Company as we continue to deliver shareholder value."   For further information please contact:   Anglo Asian Mining plc Reza Vaziri, Chief Executive Officer Tel: +994 12 596 3350 Bill Morgan, Chief Financial Officer Tel: +994 502 910 400 Stephen Westhead, Vice President Tel: +994 502 916 894 Amir Vaziri, Chief Business Development Officer   Tel: +1 (301) 332 9938   Peel Hunt LLP  (Broker) Ross Allister David McKeown Emily Bhasin     Tel: +44 (0) 20 7418 8900 SP Angel Corporate Finance LLP  (Nominated Adviser) Ewan Leggat Adam Cowl     Tel: +44 (0) 20 3470 0470 Hudson Sandler (Financial PR)   Charlie Jack Harry Griffiths                                                                                    [email protected] Te l: +44 (0) 20 7796 4133     **ENDS** Notes to editors Anglo Asian Mining plc (AIM:AAZ) is a copper and gold producer with a high-quality portfolio of production and exploration assets in Azerbaijan. The Company produced 7,915 tonnes of copper and 25,061 ounces of gold for the year ended 31 December 2025.   The Company's strategic plan for growth shows a clearly defined path for the Company to transition to a multi-asset, mid-tier, copper and gold producer by 2030, by which time copper will be the principal product of the Company, with forecast annual production of around 50,000 to 55,000 tonnes of copper. It plans to achieve this growth by bringing into production three new mines during the period 2027 to 2030 at Xarxar, Garadag and Zafar, in addition to the newly opened Gilar and Demirli mines. Production commenced at the Gilar mine in May 2025 and Demirli in July 2025.  https://www.angloasianmining.com/

View stock analysis, news, and events for Anglo Asian Mining Plc