Interim Results

About this update from Anglo Asian Mining Plc

[{"type":"text","content":"\n \n  25 September 2025 \n Anglo Asian Mining PLC \n Interim results for the six months to 30 June 2025 \n Return to profitability and key strategic progress, with two new mines entering production during the year \n   \n Anglo Asian Mining PLC (\"Anglo Asian\", the \"Company\" or the \"Group\"), the AIM-listed (ticker: AAZ) copper, gold, and silver producer in Azerbaijan, is pleased to announce its unaudited interim results for the six-months ended 30 June 2025 (\"H1 2025\" or the \"Period\"). \n   \n Financial highlights \n ·    Total revenues of $40.9 million (H1 2024: $13.4 million) \n o   Attributable to all processing facilities operating continuously throughout the Period which yielded higher production volumes and strong commodity prices \n o    Higher gold bullion sales of 9,781 ounces (H1 2024: 6,000 ounces) sold at a higher average gold price of $3,077 per ounce (H1 2024: $2,174 per ounce) \n o Copper concentrate sales rose to $10.4 million (H1 2024: $0.5 million) reflecting the increasing proportion of copper within the Group's production \n ·    A return to profitability with profit before taxation of $7.1 million (H1 2024: loss of $5.5 million) \n o Gross profit of $13.8 million (H1 2024: gross loss of $1.7 million) due to higher revenues \n o Higher finance costs at $1.7 million (H1 2024: $1.2 million) due to higher borrowing costs \n ·    Cash generative with net cash generated by operating activities of $11.4 million (H1 2024: $3.2 million) \n ·    Investments in our future growth continued during the Period \n o $8.0 million of capital expenditure predominately on mine and processing plant development (H1 2024: $6.3 million) \n ·    Net debt position (excluding leases but including advance from Trafigura) reduced to $13.1 million at 30 June 2025 (31 December 2024: $14.7 million) \n ·    No interim dividend declared for 2025 \n   \n Operational highlights \n ·   Total production of 16,378 Gold Equivalent Ounces (\"GEOs\") (H1 2024: 5,270 GEOs) due to continuous production since the start of January and additional production from Gilar ramping up since May \n o Gold production of 12,115 ounces (H1 2024: 4,704 ounces) \n o Copper production of 1,188 tonnes (H1 2024: 100 tonnes) \n o Silver production of 62,354 ounces (H1 2024: 12,746 ounces) \n ·    New Gilar underground mine enters production \n o 106,510 tonnes of ore produced grading 0.99 per cent. copper and 1.23 grams per tonne of gold in H1 2025 \n ·    Encouraging progress made at Xarxar and Garadag with both projects in-line with expectations and on track to commence production in 2027/28 and 2029, respectively \n   \n Outlook \n ·    Post Period-end, the new Demirli mine entered production in July 2025 \n o Demirli is a significant copper asset and critical to executing Anglo Asian's transition to a mid-tier producer of mostly copper \n o Approximately 4,000 tonnes of copper in concentrate expected to be produced in 2025 followed by a ramp-up during 2026 \n o Lease entered into with AzerGold Closed Joint Stock Company for the use of the Demirli flotation plant \n § Rent will be included in operating costs for calculation of the Demirli production share and be deductible for tax, which will significantly reduce the impact on the earnings and cash flow of the Group \n ·     Revised full year 2025 production guidance will be issued later in the year after final evaluation of the following: \n o    Full year 2025 production at Demirli \n o Effect of higher copper grades from Gilar which has required an upgrade to the flotation plant which has commenced and is expected to be completed before the end of the year \n   \n Anglo Asian CEO Reza Vaziri commented: \n \"I am delighted to announce our interim results for 2025 and a return to profitability. In line with our growth strategy, during 2025 so far, we have started production at two new mines, Gilar and Demirli. These are important milestones in the execution of our growth strategy and in Anglo Asian's history, as we transition to a mid-tier producer with copper as our dominant product. The team continues to make strong progress across our portfolio, and we remain committed to delivering value for our shareholders.\" \n   \n   \n Market Abuse Regulation (MAR) Disclosure \n Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, which was incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement. \n   \n   \n For further information please contact: \n   \n \n \n \n \n Anglo Asian Mining plc \n \n \n \n \n \n \n \n Reza Vaziri, Chief Executive Officer \n \n \n Tel: +994 12 596 3350 \n \n \n \n \n Bill Morgan, Chief Financial Officer \n \n \n Tel: +994 502 910 400 \n \n \n \n \n Stephen Westhead, Vice President \n \n \n Tel: +994 502 916 894 \n \n \n \n \n Amir Vaziri, Chief Business Development Officer \n \n \n Tel: +1 (301) 332 9938 \n \n \n \n \n \n \n \n \n \n \n \n \n SP Angel Corporate Finance LLP (Nominated Adviser and Broker) \n Ewan Leggat \n Adam Cowl \n \n \n Tel: +44 (0) 20 3470 0470 \n \n \n \n \n \n \n \n \n \n \n \n \n Hudson Sandler (Financial PR) \n Charlie Jack \n Harry Griffiths \n Kristina Gaysina \n   \n \n \n [email protected] \n Tel: +44 (0)  20 7796 4133 \n   \n \n \n \n \n Notes to editors \n Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer with a high-quality portfolio of production and exploration assets in Azerbaijan. The Company produced 16,760 gold equivalent ounces (\"GEOs\") for the year ended 31 December 2024. In the six months to 30 June 2025, the Company produced 16,378 GEOs. \n   \n 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/ \n   \n \n \n   \n Chairman's statement \n   \n Dear Shareholders \n The six months to 30 June 2025 was a significant turning point in the Group's development. Anglo Asian has emerged from a very challenging time and started delivering tangible progress against its growth strategy. We are now seeing the rewards of Anglo Asian's resilience, with a very strong start to 2025. Gilar and Demirli started production in May and July respectively and the Group has returned to profitability.  \n   \n In May, we successfully commenced production at Gilar, our new underground copper mine. Gilar is situated within the Gedabek contract area, and benefits from our existing infrastructure and processing facilities. The JORC mineral resources estimate confirmed the Gilar deposit contains nearly 54,000 tonnes of copper and over 255,000 ounces of gold. Gilar is an important mine in growing our portfolio of copper producing assets. It is expected to achieve monthly production of 50,000 to 60,000 tonnes of ore following a steady ramp-up. \n   \n We were delighted to start production at Demirli in July, with forecast production of approximately 4,000 tonnes of copper during 2025. The Demirli contract area was acquired in 2022, and we gained access to the site in the summer of 2024. Since then, we have completed the required refurbishment and ancillary works necessary to commence production. From 2026 onwards, output is expected to increase to approximately 15,000 tonnes of copper per annum, providing a substantial addition to our production. The life of mine is currently being determined as the geological and mineral resource model is being completed. However, we are confident that Demirli is a significant asset for Anglo Asian's future growth. \n   \n To recognise the role played by the Government of Azerbaijan (the \"Government\"), in bringing Demirli into the Group's portfolio of assets, the Group entered into a lease during the Period for the use of the Demirli flotation plant with AzerGold Closed Joint Stock Company. The Government is currently completing the registration of all plant and equipment and issuing formal approval for the use of the tailings dam. The lease will commence when this exercise is completed, which is expected by the end of the year. However, the Government has agreed the Group can undertake test processing and commissioning of the flotation plant whilst this exercise is carried out. The Group will not pay for the use of the flotation plant during the test period, but cannot sell concentrate produced while testing, until the lease commences. \n   \n Bringing two very different mines and a flotation plant into production in the same year is an extraordinary achievement. The successful start-up of these mines demonstrates the deep expertise and professionalism of our team and the exciting development prospects of our portfolio. We are also delighted to have brought these mines into production without raising equity capital or diluting shareholders. \n   \n Production \n Production improved significantly since the disruption of last year. The Company produced 16,378 gold equivalent ounces (\"GEOs\") in H1 2025, compared with 5,270 GEOs in H1 2024. This comprised 1,188 tonnes of copper production (H1 2024: 100 tonnes), 12,115 ounces of gold (H1 2024: 4,704 ounces), and 62,354 ounces of silver (H1 2024: 12,746 ounces). \n   \n We are particularly encouraged by the first production from Gilar with its higher-than-expected grades. Unfortunately, these higher-than-expected grades have caused clogging of the thickener circuit and filter press. This will slightly reduce our planned output in the short term, as only lower and medium grade ore is currently being processed. Higher grade ore is being stockpiled for use once the flotation plant upgrade is completed. The ongoing upgrades to the flotation plant will be completed before the end of the year and position the mine well for the future. \n   \n Strategic growth plan \n We have made significant progress in delivering our medium-term growth strategy. Gilar has entered production and is contributing meaningfully to Group production, while commissioning continues to ramp up production at Demirli. \n   \n Gilar is a significant milestone for Anglo Asian Mining, as it is the first new mine the Company has opened since the Gedabek underground mine in 2020. Alongside Demirli, it will ensure the Company maintains a portfolio with considerable future potential. These new mines will more than replace the declining output from our older mines, many of which are now approaching the end of their lives. \n   \n Longer term, we are focusing on developing Xarxar and Garadag, which will enable us to deliver our medium term target of becoming a mid-tier producer of mainly copper. We continue our evaluation of these deposits and significant progress was made in H1 2025. \n   \n Sustainability  \n The publication of Anglo Asian's inaugural sustainability rating, independently assessed and provided by Digbee Ltd., demonstrates the ongoing importance of the Company's sustainability commitments and programmes. \n   \n A panel of globally recognised sustainability professionals, following a detailed review, awarded Anglo Asian's overall corporate-level sustainability performance a 'BB' rating, and also a site-level rating for the Gedabek operations of 'BB'. The ratings recognise our strong performance across a range of factors, including our sustainability risk management, but also demonstrate where further progress is needed. Improving the sustainability of our operations is central to our strategy, and we are actively addressing areas for improvement. \n   \n Annual General Meeting for 2025 (\"AGM\") \n Our AGM was held on 25 June 2025, and we were very pleased with attendance which demonstrates the continuing strong support and trust displayed by our shareholders. A detailed presentation about the Company was made following the formal business of the AGM, which we believe was well received. \n   \n Rectification of technical issues regarding distributable reserves \n A circular containing full details of the issues with distributable reserves will be posted to shareholders on 29 September 2025. A General Meeting of the Company will be held on 22 October 2025 at which a resolution will be put to shareholders to rectify the issues. Details of the General Meeting are contained in the circular and all shareholders are welcome to attend. \n   \n Outlook \n This is an exciting time for your Company. We have made a strong start to the year, opening two new mines and returning the Company to profitability. We plan to continue this progress throughout the rest of the year and into 2026 and beyond. We believe the Company can build on this progress to substantially develop and grow the Company to create considerable shareholder value. \n   \n Appreciation \n I would like to extend my gratitude to all Anglo Asian employees, whose hard work and expertise made the commissioning of our two new mines this year possible. I would also like to thank our many partners and the Government of Azerbaijan for their ongoing support of Anglo Asian. I look forward to providing an update on our continued progress later in the year. \n   \n   \n Khosrow Zamani \n Non-executive chairman \n 24 September 2025 \n   \n \n \n   \n Chief Executive Officer's review \n   \n I am pleased to report a strong performance for the six months to 30 June 2025. We commenced production at our new Gilar mine and post Period end at Demirli in July 2025. Starting production from these two mines is a big milestone in executing our medium-term growth strategy to become a mid-tier producer. \n   \n Two new mines entering production \n Production commenced at Gilar in May, and the mine produced 106,510 tonnes of ore at grades of 1.23 grammes of gold per tonne and 0.99 per cent. copper in the Period. While copper production fell short of that expected, this was due to higher-than-expected grades from Gilar which require an upgrade of the thickener circuit and filter press. We expect the upgrade to be completed before the end of the year. Following the ramp-up of operations, we anticipate Gilar will reach a monthly production of 50,000 to 60,000 tonnes of ore. \n   \n Gilar is located just seven kilometres from the Company's processing facilities and therefore benefits significantly from existing Gedabek site infrastructure. A maiden JORC mineral resources estimate confirmed the Gilar deposit contains 6.10 million tonnes of mineralisation with average grades of 0.88 per cent. for copper, totalling nearly 54,000 tonnes of copper, and 1.30 grammes of gold per tonne, containing over 255,000 ounces of gold. \n   \n Demirli began production in July and commissioning is progressing well. I would like to thank all our employees and partners for their support and hard work in achieving this important milestone. Demirli is an exciting new asset for Anglo Asian, which was acquired in 2022, with access to the site granted in the Summer of 2024. It is located in the Karabakh Economic Region with ore mined from a large open pit and processed via an adjacent flotation plant. Since gaining access, we have fully evaluated the property, connected water and power supplies, refurbished its control systems and tested its key equipment. We have also assessed its existing tailings dam and have identified a site for a second tailings dam, which we aim to make operational in 2026. \n   \n The Group has entered into a lease with AzerGold Closed Joint Stock Company for the use of the Demirli flotation plant. The lease will commence upon the completion of the registration of all plant and equipment and approval of the use of the tailings dam, which is expected by the end of the year. Until the lease commences, the Group is using the flotation plant without payment, but the concentrate produced cannot be sold until the lease commences. The lease is for three years and can be extended, and the Group can give 12 months' notice at any time. The annual base rent is $24 million per annum ($2 million per month). The base rent will be reduced, if in any calendar year, 75 per cent. of the revenue from the flotation plant less operating and capital expenses (the \"Minimum Rent\") is less than $24 million. The Minimum Rent will be paid for that calendar year subject an overall lower limit of a Minimum Rent payment of $15 million per annum. If 15 per cent. of revenue in any year exceeds $28 million, the rent will be increased to 15 per cent. of revenue less $4 million. This is provided 75 per cent. of revenue less operating and capital expenses is greater than $28 million. The Group's usual production sharing arrangements will apply to Demirli. The rent will be included in the Demirli recoverable costs in accordance with the production sharing agreement and will be deductible for tax. This will significantly reduce the impact of the rent on the earnings and cash flow of the Group \n   \n We forecast Demirli to produce approximately 4,000 tonnes of copper in concentrate during 2025 and, from 2026 onwards, this is expected to increase to approximately 15,000 tonnes of copper per annum. The life-of-mine will be determined following the completion of the geological and mineral resource model. We are confident Demirli is a substantial asset that meaningfully enhances our growth prospects. We are also very pleased with the support of Trafigura Pte Ltd. who have entered into a prepayment agreement to purchase the Demirli copper concentrate. \n   \n There is significant potential for additional mineral resources at Demirli, with known extensions to the current pit area and nearby copper targets identified for future evaluation. A regional exploration programme will be undertaken. Importantly, Anglo Asian remains a first mover in the mining industry in Azerbaijan and continues to support the Government in developing and growing its extractive sector. Demirli will play a central role in the renaissance of the Karabakh Economic Region. \n   \n Operational review \n Total production for the Period was 16,378 gold equivalent ounces (\"GEOs\"), compared to 5,270 GEOs during the same period last year (\"H1 2024\"). Copper production totalled 1,188 tonnes, compared with 100 tonnes in H1 2024, while gold production totalled 12,115 ounces, compared with 4,704 ounces in H1 2024. Silver production was 62,354 ounces, compared with 12,746 ounces in H1 2024. \n   \n The first quarter of the year was Anglo Asian's first continuous quarter of full production since production was partially suspended. The quarter was a significant milestone as our comprehensive preparations for the restart of operations in late 2024 enabled us to quickly increase our production. We continued this momentum into the second quarter with a further increase in production. The addition of Gilar and Demirli will further boost our output in the second half of the year. \n   \n During the Period, we also strengthened our Senior Management team with a number of high caliber appointments. We have appointed a new Director of Mining, a Geology Director and a Senior Mining Engineer. These are all highly experienced professionals who will provide valuable support and guidance as we deliver on our ambitious growth programme. \n   \n Future mine development \n Further progress is underway across our portfolio of assets under development. At Xarxar, which borders Gedabek to the north and benefits from shared infrastructure and staffing, preparatory mine design and process selection is already underway, with first production targeted for 2027/2028. A maiden JORC mineral resource estimate shows the deposit contains a total in-situ resource of 119,100 tonnes of copper. Early studies include geological modelling, mine scheduling and land allocation for future infrastructure. In addition, the Xarxar Contract Area shows strong exploration potential with opportunities for further copper discoveries near the existing deposit. Bringing Xarxar into production is the next important milestone in our growth strategy. It will add considerable copper production to our portfolio and deliver real value to the Company and our shareholders. \n   \n Two mine design studies have already been carried out for Garadag, outlining different production scenarios, ranging from nine to eighteen years. Its maiden JORC mineral resource estimate shows the deposit has a total in-situ copper resource of 897,000 tonnes of copper. Work is now focused on confirming the best approach to development through additional drilling, mine design optimisation and assessment of processing technologies. \n   \n These deposits take the Group's total JORC mineral resource to more than one million tonnes of copper, establishing a robust pipeline that will support Anglo Asian's transformation into a copper-focused, mid-tier producer. \n   \n Financial review \n With all of our processing facilities operating continuously during the Period, we were pleased to deliver revenue of $40.9 million compared to $13.4 million in the six months to 30 June 2024 (\"H1 2024\"). Revenues for H1 2025 included gold bullion sales of 9,781 ounces at a higher average price of $3,077 per ounce (H1 2024: 6,000 ounces sold at an average price of $2,174 per ounce) and total copper concentrate sales of $10.4 million (H1 2024: $0.5 million). \n   \n The strong revenue performance and the continued careful management of costs delivered profit before taxation of $7.1 million, compared with a loss of $5.5 million in H1 2024. Gross profit during the Period was $13.8 million (H1 2024: $3.2 million), and our finance costs rose to $1.7 million as a result of higher borrowing costs. \n   \n Our cash generation was strong, with net cash generated by operating activities of $11.4 million (H1 2024: $3.2 million). This enabled us to continue to invest in our future growth, with capital expenditure of $8.0 million in the Period, mostly for mine and plant development. \n   \n Net debt reduced to $13.1 million as at 30 June 2025 (31 December 2024: $14.7 million). Our saleable inventory at 30 June 2025 was 1,176 ounces of gold with a market value of approximately $2.1 million. \n   \n Environmental, Social and Governance (\"ESG\") review \n During the Period, we were pleased to receive the results of our inaugural ESG rating from Digbee Ltd. \n   \n The ESG assessment involved a detailed review of Anglo Asian's corporate activities and the Gedabek operation, with both receiving BB ratings. The assessment provides a credible and objective baseline to track progress as the Company works to enhance sustainability practices and build long-term resilience across the business. While we remain committed to maintaining responsible operations, and recognise our role in supporting global energy transition technologies through copper production, we are clear about where further progress is required and are actively addressing those areas. This will strengthen our ability to mitigate ESG risks and align with international best practice. \n   \n We will also continue to report in line with TCFD standards, and the next update will be provided in our 2025 Annual Report. \n   \n Outlook \n Bringing two new mines and an associated flotation plant into production in the same year is a significant achievement for the Company. The Group continues to evaluate the production of Demirli and the reduction in copper production from Gedabek due to the higher grades of ore from Gilar which have required an upgrade to the flotation plant. Once these evaluations are completed, the Group will issue revised guidance for the year. \n   \n Anglo Asian remains on track to deliver on its ambitious growth targets and to become a mid-tier, multi-asset, primarily copper producer in the medium term. \n   \n Reza Vaziri \n President and chief executive \n 24 September 2025 \n   \n \n \n   \n Corporate Governance \n A statement of the Company's compliance with the ten principles of corporate governance in the Quoted Companies Alliance Corporate Governance Code ('QCA Code') can be found on the Company's website at http://www.angloasianmining.com/media/pdf/CORPORATE_GOVERNANCE.pdf \n   \n Competent Person Statement \n The information in the announcement that relates to exploration results, minerals resources and ore reserves is based on information compiled by Dr Stephen Westhead, who is a full time employee of Anglo Asian Mining with the position of Vice President. Dr Stephen Westhead is a Fellow of The Geological Society of London, a Chartered Geologist, Fellow of the Society of Economic Geologists, Fellow of The Institute of Materials, Minerals and Mining and a Member of the Institute of Directors. \n   \n Dr Stephen Westhead has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'; who is a Member or Fellow of a 'Recognised Professional Organisation' (RPO) included in a list that is posted on the ASX website from time to time (Chartered Geologist and Fellow of the Geological Society and Fellow of the Institute of Material, Minerals and Mining). \n   \n Dr Stephen Westhead has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking, to qualify as a \"competent person\" as defined by the AIM rules. \n   \n Dr Stephen Westhead has reviewed the resources and reserves included in this announcement and consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears. \n   \n Strategic report \n Principal activities \n Anglo Asian Mining PLC (the \"Company\"), together with its subsidiaries (the \"Group\"), owns and operates gold, silver and copper producing properties in the Republic of Azerbaijan (\"Azerbaijan\"). It also explores for, and develops, gold and copper deposits in Azerbaijan. \n   \n The Group has a substantial portfolio of greenfield assets that lay the foundation for future growth of the business. Gilar, Zafar, Xarxar and Garadag all host significant ore deposits which contain total JORC mineral resources (measured, indicated and inferred) of over one million tonnes of copper and 328,000 ounces of gold. \n   \n Production Sharing Agreement with the Government of Azerbaijan \n The Group's mining concessions (\"Contract Areas\") in Azerbaijan are held under a Production Sharing Agreement (\"PSA\") with the Government of Azerbaijan (the \"Government\") dated 20 August 1997. Amendments to the PSA which granted the Group additional Contract Areas, were passed into law in Azerbaijan on 5 July 2022. \n   \n A further amendment was made to the PSA which replaced the local party to the PSA, the  Ministry of Ecology and Natural Resources , with AzerGold Closed Joint Stock Company (\"AzerGold CJSC\") . Minor amendments were also made in respect of the use of facilities for the Kyzlbulag, Demirli and Vejnaly Contract Areas. These amendments were passed into law in Azerbaijan on 21 June 2024. \n   \n Contract Areas in Azerbaijan \n The Group has eight Contract Areas covering a total of 2,544 square kilometres in western Azerbaijan: \n   \n o Gedabek . The location of the Group's primary gold, silver and copper open pit mine and the Gadir and Gedabek underground mines. Gilar, a major new underground mine, extracted its first ore in March 2025 and started production in May 2025. The Zafar deposit is also situated at Gedabek. Gedabek also hosts extensive processing facilities. \n o Demirli.  Located in Karabakh and adjacent to the Kyzlbulag Contract Area which it extends to the northeast. It hosts a copper and molybdenum open pit mine and a flotation processing plant. \n o Xarxar.  Located adjacent to the Gedabek and Garadag Contract Areas and hosts the Xarxar deposit. It is likely part of the same mineral system. \n o Garadag.  Located to the north of Gedabek and Xarxar and hosts the large Garadag copper deposit. \n o Gosha . Located approximately 50 kilometres from Gedabek and hosts a narrow-vein gold and silver mine. \n o Vejnaly.  Situated in the Zangilan district of Azerbaijan and hosts the Vejnaly deposit. \n o Ordubad.  An early-stage gold and copper exploration area located in the Nakhchivan exclave of Azerbaijan. \n o Kyzlbulag.  Situated in Karabakh and hosts the Kyzlbulag mine. \n   \n The Gedabek, Xarxar, Garadag and Gosha Contract Areas form a contiguous territory totalling 1,408 square kilometres. The Group has been granted full access to those areas of the Demirli Contract Area which have been subject to land mine clearance. In accordance with the PSA, a four year exploration plan for Demirli has been submitted to, and approved by, the Government. The Group is currently undertaking the further formalities required to ensure Demirli fully complies with the PSA. The Group has not been granted access to the Kyzlbulag Contract Area, however, visits have been made to assess the site. \n   \n Overview of H1 2025 \n The Group's strategy is to transition into a mid-tier, copper focused producer, which will be achieved through developing its considerable assets. Production from the Group's agitation leaching and flotation plants had been suspended in late 2023, with full production only restarting November 2024. H1 2025 is therefore the first reporting period since the partial shutdown with continuous full production throughout the Period. \n   \n Gilar, a new underground mine at Gedabek, produced its first ore and entered production in the Period. The Group continued its fast-track development of Dermirli throughout the Period with the mine entering production shortly after the Period end. The Group continued to make progress on strengthening its Environment Social and Governance ('ESG') credentials. It received its inaugural Sustainability rating from  Digbee Ltd.  (\"Digbee\"), an independent provider of ESG disclosure and benchmarking for the mining sector. \n   \n Commencement of production from the Gilar mine \n Development of the Gilar mine continued throughout the Period and in March 2025, the first ore was produced from Gilar. The mine commenced commercial production in May 2025. \n   \n Prepayment agreement for the sale of concentrate \n In May 2025, the Group's subsidiary, Azerbaijan International Mining Company Limited, entered into a prepayment agreement with Trafigura Pte Ltd for the sale of copper concentrate produced by Demirli. \n   \n Inaugural Sustainability rating from  Digbee Ltd.  (\"Digbee\") \n In June 2025, the Group received its inaugural Sustainability rating from Digbee, an independent provider of ESG disclosure and benchmarking for the mining sector. An expert panel of globally recognized sustainability professionals awarded Anglo Asian an overall BB rating for both its corporate-level sustainability performance and that of its Gedabek asset. \n   \n Demirli development and commencement of production \n The fast-track development of Demirli continued throughout the Period. Demirli entered production shortly after the Period end in July 2025. \n   \n Raise of the wall of the tailings dam \n The final raise of the wall of the tailings dam at Gedabek continued throughout the Period. \n   \n Mineral resources and ore reserves \n Key to the future development of the Group are the mineral resources and ore reserves within its Contract Areas. Mineral resource and ore reserve estimates are produced both in accordance with the JORC (2012) code (\"JORC\") and as non-JORC compliant internal estimates. \n   \n Internal Group estimates have been prepared, in accordance with JORC procedures, of the remaining mineralisation of the Gedabek open pit, the Gedabek underground mine and the Gadir underground mine as at 1 January 2025. These are set out in Tables 1 to 3 respectively. \n   \n A final JORC mineral resources estimate of the Zafar deposit at 30 November 2021 is set out in Table 4. A maiden JORC mineral resources estimate of the Gilar deposit at 30 November 2023 was published on 11 December 2023 and is set out in Table 5. A maiden JORC mineral resources estimate of copper in the Xarxar deposit at January 2024 was published on 20 February 2024 and is set out in Table 6. \n   \n The maiden JORC mineral resources estimate of copper in the Garadag deposit at July 2024 was published on 24 September 2024 and is set out in Table 7. Table 8 sets out the Soviet mineral resources estimate for the Vejnaly deposit. Table 9 sets out an internal Group estimate of the remaining mineral resources of the Demirli deposit classified according to the JORC standard at 1 January 2025. \n   \n Table 1 - Internal Group estimate of the remaining mineralisation of the Gedabek open pit in accordance with JORC at 1 January 2025 \n   \n \n \n \n \n \n \n \n Tonnage \n (tonnes) \n \n \n In-situ grades \n \n \n Contained metal \n \n \n \n \n   \n Gold \n (g/t) \n \n \n   \n Copper \n (%) \n \n \n   \n Silver \n (g/t) \n \n \n   \n Zinc \n (%) \n \n \n   \n Gold \n (koz) \n \n \n   \n Copper \n (t) \n \n \n   \n Silver \n (koz) \n \n \n   \n Zinc \n (t) \n \n \n \n \n   \n Measured and indicated \n \n \n   \n 5,395,400 \n \n \n   \n 0.37 \n \n \n   \n 0.34 \n \n \n   \n 4.34 \n \n \n   \n 0.18 \n \n \n   \n 64 \n \n \n   \n 18,086 \n \n \n   \n 753 \n \n \n   \n 9,525 \n \n \n \n \n Inferred \n \n \n 226,575 \n \n \n 0.55 \n \n \n 0.17 \n \n \n 2.58 \n \n \n 0.09 \n \n \n 4 \n \n \n 388 \n \n \n 19 \n \n \n 208 \n \n \n \n \n Total \n \n \n 5,621,975 \n \n \n 0.38 \n \n \n 0.33 \n \n \n 4.27 \n \n \n 0.17 \n \n \n 68 \n \n \n 18,474 \n \n \n 772 \n \n \n 9,733 \n \n \n \n \n Some of the totals in the above table may not sum due to rounding. \n All tonnages reported are dry metric tonnes. \n   \n Table 2 - Internal Group estimate of the remaining mineralisation of the Gedabek underground mine in accordance with JORC at 1 January 2025 \n   \n \n \n \n \n \n \n \n Tonnage \n (tonnes) \n \n \n In-situ grades \n \n \n Contained metal \n \n \n \n \n   \n Gold \n (g/t) \n \n \n   \n Copper \n (%) \n \n \n   \n Silver \n (g/t) \n \n \n   \n Zinc \n (%) \n \n \n   \n Gold \n (koz) \n \n \n   \n Copper \n (t) \n \n \n   \n Silver \n (koz) \n \n \n   \n Zinc \n (t) \n \n \n \n \n   \n Measured and indicated \n \n \n   \n 348,933 \n \n \n   \n 1.33 \n \n \n   \n 0.05 \n \n \n   \n 13.46 \n \n \n   \n 0.44 \n \n \n   \n 15 \n \n \n   \n 191 \n \n \n   \n 151 \n \n \n   \n 1,539 \n \n \n \n \n Inferred \n \n \n 3,712 \n \n \n 1.22 \n \n \n 0.10 \n \n \n 8.94 \n \n \n 0.83 \n \n \n - \n \n \n 4 \n \n \n 1 \n \n \n 31 \n \n \n \n \n Total \n \n \n 352,645 \n \n \n 1.33 \n \n \n 0.06 \n \n \n 13.41 \n \n \n 0.45 \n \n \n 15 \n \n \n 195 \n \n \n 152 \n \n \n 1,570 \n \n \n \n \n Some of the totals in the above table may not sum due to rounding. \n All tonnages reported are dry metric tonnes. \n   \n Table 3 - Internal Group estimate of the remaining mineralisation of the Gadir underground mine in accordance with JORC at 1 January 2025 \n   \n \n \n \n \n \n \n \n Tonnage \n (tonnes) \n \n \n In-situ grades \n \n \n Contained metal \n \n \n \n \n   \n Gold \n (g/t) \n \n \n   \n Copper \n (%) \n \n \n   \n Silver \n (g/t) \n \n \n   \n Zinc \n (%) \n \n \n   \n Gold \n (koz) \n \n \n   \n Copper \n (t) \n \n \n   \n Silver \n (koz) \n \n \n   \n Zinc \n (t) \n \n \n \n \n   \n Measured and indicated \n \n \n   \n 15,483 \n \n \n   \n 2.38 \n \n \n   \n 0.64 \n \n \n   \n 23.97 \n \n \n   \n 0.52 \n \n \n   \n 1 \n \n \n   \n 99 \n \n \n   \n 12 \n \n \n   \n 81 \n \n \n \n \n Inferred \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Total \n \n \n 15,483 \n \n \n 2.38 \n \n \n 0.64 \n \n \n 23.97 \n \n \n 0.52 \n \n \n 1 \n \n \n 99 \n \n \n 12 \n \n \n 81 \n \n \n \n \n Some of the totals in the above table may not sum due to rounding. \n All tonnages reported are dry metric tonnes. \n   \n Table 4 - Final JORC mineral resources estimate of the Zafar deposit at 30 November 2021 \n Copper > 0.3 per cent. copper equivalent \n \n \n \n \n \n \n \n Tonnage \n (million tonnes) \n \n \n In-situ grades \n \n \n Contained metal \n \n \n \n \n \n \n \n \n \n \n   \n Copper \n (%) \n \n \n   \n Gold \n (g/t) \n \n \n   \n Zinc \n (%) \n \n \n   \n Copper \n (kt) \n \n \n   \n Gold \n (kozs) \n \n \n   \n Zinc \n (kt) \n \n \n \n \n Measured and indicated \n \n \n 5.5 \n \n \n 0.5 \n \n \n 0.4 \n \n \n 0.6 \n \n \n 25 \n \n \n 64 \n \n \n 32 \n \n \n \n \n Inferred \n \n \n 1.3 \n \n \n 0.2 \n \n \n 0.2 \n \n \n 0.3 \n \n \n 3 \n \n \n 9 \n \n \n 3 \n \n \n \n \n Total \n \n \n 6.8 \n \n \n 0.5 \n \n \n 0.4 \n \n \n 0.6 \n \n \n 28 \n \n \n 73 \n \n \n 36 \n \n \n \n \n Some of the totals in the above table may not sum due to rounding. \n All tonnages reported are dry metric tonnes. \n   \n Table 5 - Maiden JORC mineral resources estimate of the Gilar deposit at 30 November 2023 \n   \n Reporting cut-off >= 0.5 grammes per tonne of gold equivalent* \n \n \n \n \n \n \n \n Tonnage \n (million tonnes) \n \n \n In-situ grades \n \n \n Contained metal \n \n \n \n \n   \n Gold \n (g/t) \n \n \n   \n Copper \n (%) \n \n \n   \n Zinc \n (%) \n \n \n   \n Gold \n (koz) \n \n \n   \n Copper \n (kt) \n \n \n   \n Zinc \n (kt) \n \n \n \n \n Measured \n \n \n 3.88 \n \n \n 1.49 \n \n \n 1.08 \n \n \n 0.91 \n \n \n 186.06 \n \n \n 42.09 \n \n \n 35.43 \n \n \n \n \n Indicated \n \n \n 2.02 \n \n \n 1.00 \n \n \n 0.56 \n \n \n 0.48 \n \n \n 64.80 \n \n \n 11.30 \n \n \n 9.77 \n \n \n \n \n Measured and indicated \n \n \n 5.90 \n \n \n 1.32 \n \n \n 0.90 \n \n \n 0.77 \n \n \n 250.86 \n \n \n 53.39 \n \n \n 45.20 \n \n \n \n \n Inferred \n \n \n 0.20 \n \n \n 0.70 \n \n \n 0.26 \n \n \n 0.26 \n \n \n 4.38 \n \n \n 0.50 \n \n \n 0.51 \n \n \n \n \n Total \n \n \n 6.10 \n \n \n 1.30 \n \n \n 0.88 \n \n \n 0.75 \n \n \n 255.24 \n \n \n 53.89 \n \n \n 45.72 \n \n \n \n \n Some of the totals in the above table may not sum due to rounding. \n All tonnages reported are dry metric tonnes. \n   \n *Gold equivalent calculation = Gold g/t plus (copper per cent.*1.49) plus (zinc*0.46). The metal price assumptions used were Gold - $1,675 per ounce; Copper - $8,000 per tonne; Zinc - $2,500 per tonne. \n   \n Table 6 - Maiden JORC mineral resources estimate of copper in the Xarxar deposit at January 2024 \n Reporting cut-off >= 0.2 per cent. copper \n \n \n \n \n Mineral resources estimate of copper in the Xarxar Deposit by oxidation domain \n \n \n \n \n Domain \n \n \n   \n Indicated \n \n \n   \n Inferred \n \n \n   \n Indicated and inferred* \n \n \n \n \n Tonnes \n (mt) \n \n \n Grade \n (%) \n \n \n Metal \n (kt) \n \n \n Tonnes \n (mt) \n \n \n Grade \n (%) \n \n \n Metal \n (kt) \n \n \n Tonnes \n (mt) \n \n \n Grade \n (%) \n \n \n Metal \n (kt) \n \n \n \n \n Oxide \n \n \n 5.2 \n \n \n 0.55 \n \n \n 28.5 \n \n \n 0.8 \n \n \n 0.66 \n \n \n 5.2 \n \n \n 5.9 \n \n \n 0.57 \n \n \n 33.7 \n \n \n \n \n Sulphide \n \n \n 16.8 \n \n \n 0.46 \n \n \n 77.9 \n \n \n 2.1 \n \n \n 0.35 \n \n \n 7.6 \n \n \n 18.9 \n \n \n 0.45 \n \n \n 85.5 \n \n \n \n \n Total \n \n \n 22.0 \n \n \n 0.48 \n \n \n 106.3 \n \n \n 2.9 \n \n \n 0.44 \n \n \n 12.8 \n \n \n 24.9 \n \n \n 0.48 \n \n \n 119.1 \n \n \n \n \n Some of the totals in the above table may not sum due to rounding. \n All tonnages reported are dry metric tonnes. \n   \n *Measured resources were nil due to insufficient third-party quality assurance and quality control (\"QAQC\") drill core assays being carried out. Further QAQC drill core assays will be carried out. \n   \n Table 7 - Maiden JORC mineral resources estimate of copper in the Garadag deposit at July 2024 by domain \n \n \n \n \n Domain \n \n \n Cut-off \n \n \n Indicated \n \n \n Inferred \n \n \n Indicated and inferred \n \n \n \n \n Tonnes \n (Mt) \n \n \n Grade \n (Cu %) \n \n \n Metal \n (kt) \n \n \n Tonnes \n (Mt) \n \n \n Grade \n (Cu %) \n \n \n Metal \n (kt) \n \n \n Tonnes \n (Mt) \n \n \n Grade \n (Cu %) \n \n \n Metal \n (kt) \n \n \n \n \n 0 (un-mineralised) \n \n \n 0.13% \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n 1 (leach) \n \n \n 0.13% \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n 3 (enriched) \n \n \n 0.13% \n \n \n 45.8 \n \n \n 0.45 \n \n \n 205.6 \n \n \n 68.9 \n \n \n 0.42 \n \n \n 285.9 \n \n \n 114.7 \n \n \n 0.43 \n \n \n 491.5 \n \n \n \n \n 5 (primary) \n \n \n 0.13% \n \n \n 41.1 \n \n \n 0.24 \n \n \n 98.7 \n \n \n 129.1 \n \n \n 0.24 \n \n \n 306.7 \n \n \n 170.2 \n \n \n 0.24 \n \n \n 405.4 \n \n \n \n \n Total \n \n \n \n \n \n 86.9 \n \n \n 0.35 \n \n \n 304.3 \n \n \n 198 \n \n \n 0.30 \n \n \n 592.6 \n \n \n 284.9 \n \n \n 0.32 \n \n \n 896.9 \n \n \n \n \n   \n Some of the totals in the above table may not sum due to rounding. \n All tonnages reported are dry metric tonnes. \n   \n Table 8 - Soviet mineral resources estimate of the Vejnaly deposit \n   \n \n \n \n \n   \n \n \n   \n \n \n Metal content \n \n \n \n \n   \n \n \n Units \n \n \n Category C1 \n \n \n Category C2 \n \n \n Total C1 and C2 \n \n \n \n \n Ore \n \n \n Tonnes \n \n \n 181,032 \n \n \n 168,372 \n \n \n 349,404 \n \n \n \n \n Gold \n \n \n Kilogrammes \n \n \n 2,148.5 \n \n \n 2,264.2 \n \n \n 4,412.7 \n \n \n \n \n Silver \n \n \n Kilogrammes \n \n \n 6,108.9 \n \n \n 4,645.2 \n \n \n 10,754.1 \n \n \n \n \n Copper \n \n \n Tonnes \n \n \n 1,593.6 \n \n \n 1,348.8 \n \n \n 2,942.4 \n \n \n \n \n Some of the totals in the above table may not sum due to rounding. \n   \n Table 9 - Internal Group estimate of the remaining mineral resources of the Demirli deposit classified according to the JORC standard at 1 January 2025. \n   \n \n \n \n \n \n \n \n Ore tonnage \n (tonnes) \n \n \n In-situ grades \n Copper \n (%) \n \n \n Contained metal \n Copper \n (tonnes) \n \n \n \n \n Measured \n \n \n 5,500,000 \n \n \n 0.46 \n \n \n 25,300 \n \n \n \n \n Indicated \n \n \n 9,508,981 \n \n \n 0.45 \n \n \n 41,946 \n \n \n \n \n Inferred \n \n \n 27,779,596 \n \n \n 0.37 \n \n \n 102,722 \n \n \n \n \n Non-classified \n \n \n 15,559,433 \n \n \n 0.44 \n \n \n 68,998 \n \n \n \n \n Total \n \n \n 58,348,010 \n \n \n 0.41 \n \n \n 238,966 \n \n \n \n \n Some of the totals in the above table may not sum due to rounding. \n All tonnages reported are dry metric tonnes. \n   \n The above mineral resources estimate for Demirli is only in respect of the mineral resources below the current open pit and does not include further resources in the surrounding area. \n   \n Gedabek \n Introduction \n The Gedabek mining operation is located in a 300 square kilometre Contract Area in the Lesser Caucasus mountains in western Azerbaijan on the Tethyan Tectonic Belt, one of the world's most significant copper and gold-bearing geological structures. Gedabek is the location of the Group's legacy Gedabek open pit mine, and the Gadir and Gedabek underground mines. Gilar, a new underground mine at Gedabek, entered production in May 2025. The Zafar mine at Gedabek had minor development in 2023 but no further development has been carried out. Gedabek is the location of extensive processing facilities including flotation and agitation leaching plants. Heap leaching and SART processing are also carried out. \n   \n Gold production at Gedabek commenced in September 2009. Ore was initially mined from an open pit, with underground mining commencing in 2015, when the Gadir mine was opened. In 2020, underground mining commenced beneath the main open pit (the \"Gedabek underground mine\"). The Gedabek and Gadir underground mines now form one continuous underground system of tunnels. Gilar, a major new underground mine, commenced production in May 2025. \n   \n Initial gold production was by heap leaching, with copper production beginning in 2010 from the Sulphidisation, Acidification, Recycling and Thickening (\"SART\") plant. The Group's agitation leaching plant commenced production in 2013 and its flotation plant in 2015. From the start of production to 30 June 2025, approximately 837 thousand ounces of gold and 22 thousand tonnes of copper have been produced at Gedabek. \n   \n Gedabek open pit and Gedabek and Gadir underground mines \n Conventional open-cast mining using trucks and shovels is carried out in the Gedabek open pit (which comprises several contiguous smaller open pits). Ore is also mined from the Gadir and Gedabek underground mines. These two underground mines are connected, and form one continuous underground network of tunnels, accessible from both the Gadir and Gedabek portals. However, a significant fault structure separates the two mines. \n   \n Gilar underground mine \n The Gilar underground mine is located approximately seven kilometres from the Company's processing facilities and close to the northern boundary of the Gedabek Contract Area. The mine entered production in May 2025. \n   \n The Gilar mine comprises two underground tunnels, a main production tunnel and a second tunnel for ventilation. A spiral ramp accesses the ore body. The lengths of the production and ventilation tunnels are 1,963 metres and 929 metres respectively. Spiral development of 311 metres and 1,532 metres of stope development have also been completed. The walls of the tunnels are supported by steel arches and shotcrete where necessary due to soft rock. Water encountered underground is being pumped from the mine into a settling pond constructed near the entrance to the mine. \n   \n Ore is mined by drill and blast using the sub-level caving method. Ore is then extracted from the mine using a Caterpillar underground mining fleet which consists of three R1700 and two 980UMA underground loaders. \n   \n Zafar mine development \n The Zafar deposit was discovered in 2021 and is located 1.5 kilometres northwest of the existing Gedabek processing plant. \n   \n A mining scoping study for the Zafar mine was completed in February 2023 and development commenced. One of the two portals required for its ventilation and haulage tunnels was constructed close to the existing Gedabek processing facilities and about one kilometre from the mineralisation. Five metres of haulage tunnel and 6.6 metres of ventilation tunnel were completed, prior to suspension of development. Development of the Zafar mine was stopped in mid-2023. \n   \n Table 10 shows all the ore mined by the Group in the year ended 31 December 2024 and six months ended 30 June 2025. \n   \n Table 10 - Ore mined at Gedabek for the year ended 31 December 2024 and 6 months ended 30 June 2025 \n   \n \n \n \n \n \n \n \n 12 months to \n  31 December 2024 \n \n \n 3 months to \n 31 March 2025 \n \n \n 3 Months \n to 30 June 2025 \n \n \n \n \n Mine \n \n \n Ore mined \n \n \n Average \n gold grade \n \n \n Ore mined \n \n \n Average \n gold grade \n \n \n Ore mined \n \n \n Average \n gold grade \n \n \n \n \n   \n \n \n (tonnes) \n \n \n (g/t) \n \n \n (tonnes) \n \n \n (g/t) \n \n \n (tonnes) \n \n \n (g/t) \n \n \n \n \n Open pit \n \n \n 443,611 \n \n \n 0.73 \n \n \n 241,561 \n \n \n 0.22 \n \n \n 287,473 \n \n \n 0.23 \n \n \n \n \n Gadir - u/g \n \n \n 167,121 \n \n \n 1.58 \n \n \n 12,325 \n \n \n 2.21 \n \n \n - \n \n \n - \n \n \n \n \n Gilar \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 106,510 \n \n \n 1.23 \n \n \n \n \n Total \n \n \n 610,732 \n \n \n 0.96 \n \n \n 253,886 \n \n \n 0.32 \n \n \n 393,983 \n \n \n 0.50 \n \n \n \n \n   \n Processing operations \n Ore is processed at Gedabek to produce either gold doré (an alloy of gold and silver with small amounts of impurities, mainly copper) or a copper and precious metal concentrate. \n   \n Gold doré is produced by cyanide leaching. Initial processing is to leach (i.e. dissolve) the precious metal (and some copper) in a cyanide solution. This is done by various methods: \n   \n 1.   Heap leaching of crushed ore. Crushed ore is heaped into permeable \"pads\" onto which is sprayed a solution of cyanide. The solution dissolves the metals as it percolates through the ore by gravity and it is then collected on the impervious base under the pad. \n   \n 2.   Heap leaching of run of mine (\"ROM\") ore. The process is similar to heap leaching for crushed ore, except the ore is not crushed, instead it is heaped into pads as received from the mine (ROM) without further treatment or crushing. This process is used for very low grade ores. \n   \n 3.   Agitation leaching . Ore is crushed and then milled in a grinding circuit. The finely ground ore is placed in stirred (agitation) tanks containing cyanide solution and the contained metal is dissolved in the solution. Any coarse, free gold is separated using a centrifugal-type Knelson concentrator. \n   \n Slurries produced by the above processes with dissolved metal in solution are then transferred to a resin-in-pulp (\"RIP\") plant. In this plant, a synthetic resin is used to selectively absorb the gold and silver from the slurry. The metal-loaded resin is then \"stripped\" of its gold and silver by desorption into another solution, from which the metals are recovered by electrolysis, followed by smelting to produce the doré metal, which comprises an alloy of gold and silver. \n   \n Copper and precious metal concentrates are produced by two processes, SART processing and flotation. \n   \n 1.   Sulphidisation, Acidification, Recycling and Thickening (\"SART\") . The cyanide solution after gold absorption by resin-in-pulp processing is transferred to the SART plant. The pH of the solution is then changed by the addition of reagents which precipitates the copper and any remaining silver from the solution. The process also recovers cyanide from the solution, which is recycled back to leaching. \n   \n 2.   Flotation. Finely ground ore is mixed with water to produce a slurry called \"pulp\" and reagents are then added. This pulp is processed in flotation cells (tanks), where the pulp is stirred and air introduced as small bubbles. The sulphide mineral particles attach to the air bubbles and float to the surface where they form a froth which is collected. This froth is dewatered to form a mineral concentrate containing copper, gold and silver. \n   \n The Group's processing plants underwent extensive maintenance in 2023 and 2024 during the period when agitation leaching and flotation processing was suspended. Extensive refurbishment of the agitation and flotation plants was carried out, including installing a new hopper and redesigned pipework for the agitation leach plant to improve ore feed. The ball mills were relined and refurbished. Much of the work has improved safe working such as repairing minor leaks, installing new floors and improving ladders and gantries. Roof repairs have also been carried out where necessary. A substantial proportion of the exterior of the plant has been cleaned by shot blasting and repainted. Exterior pipework has also been cleaned or replaced as necessary. \n   \n Table 11 summarises the ore processed by leaching for the year ended 31 December 2024 and the six months ended 30 June 2025. \n Table 11 - Ore processed by leaching at Gedabek for the year ended 31 December 2024 and the 6 months ended 31 December 2025 \n \n \n \n \n Quarter ended \n \n \n Ore processed \n \n \n Gold grade of ore processed \n \n \n \n \n \n \n \n Heap leach pad crushed ore \n (tonnes) \n \n \n Heap leach pad ROM \n ore \n (tonnes) \n \n \n Agitation leaching plant* \n (tonnes) \n \n \n Heap leach pad crushed ore \n (g/t) \n \n \n Heap leach pad ROM \n ore \n (g/t) \n \n \n Agitation leachingplant* \n (g/t) \n \n \n \n \n 31 March 2024 \n \n \n 120,528 \n \n \n - \n \n \n - \n \n \n 0.68 \n \n \n - \n \n \n - \n \n \n \n \n 30 June 2024 \n \n \n 110,225 \n \n \n 9,698 \n \n \n - \n \n \n 0.59 \n \n \n 0.52 \n \n \n - \n \n \n \n \n 30 September 2024 \n \n \n  110,152 \n \n \n - \n \n \n 18,009 \n \n \n 0.65 \n \n \n - \n \n \n 1.93 \n \n \n \n \n 31 December 2024 \n \n \n 79,835 \n \n \n - \n \n \n 128,387 \n \n \n 0.53 \n \n \n - \n \n \n 1.54 \n \n \n \n \n FY 2024 \n \n \n 420,740 \n \n \n 9,698 \n \n \n 146,396 \n \n \n 0.61 \n \n \n 0.52 \n \n \n 1.58 \n \n \n \n \n 31 March 2025 \n \n \n 106,429 \n \n \n - \n \n \n 149,763 \n \n \n 0.40 \n \n \n - \n \n \n 1.16 \n \n \n \n \n 30 June 2025 \n \n \n 133,153 \n \n \n - \n \n \n 154,948 \n \n \n 0.40 \n \n \n - \n \n \n 1.13 \n \n \n \n \n H1 2025 \n \n \n 239,582 \n \n \n - \n \n \n 304,711 \n \n \n 0.40 \n \n \n - \n \n \n 1.14 \n \n \n \n \n   \n *  includes previously heap leached ore. \n Table 12 summarises the ore processed by flotation for the year ended 31 December 2024 and the six months ended 30 June 2025: \n Table 12 - Ore processed by flotation for the year ended 31 December 2024 and six months ended 30 June 2025 \n \n \n \n \n Quarter ended \n \n \n Ore processed \n \n \n Gold content \n \n \n Silver content \n \n \n Copper content \n \n \n \n \n   \n \n \n (tonnes) \n \n \n (ounces) \n \n \n (ounces) \n \n \n (tonnes) \n \n \n \n \n 31 March 2024 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n 30 June 2024 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n 30 September 2024 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n 31 December 2024 \n \n \n 73,990 \n \n \n 285 \n \n \n 3,985 \n \n \n 363 \n \n \n \n \n FY 2024 \n \n \n 73,990 \n \n \n 285 \n \n \n 3,985 \n \n \n 363 \n \n \n \n \n 31 March 2025 \n \n \n 155,406 \n \n \n 535 \n \n \n 9,516 \n \n \n 729 \n \n \n \n \n 30 June 2025 \n \n \n 166,135 \n \n \n 1,193 \n \n \n 30,537 \n \n \n 900 \n \n \n \n \n H1 2025 \n \n \n 321,541 \n \n \n 1,728 \n \n \n 40,053 \n \n \n 1,629 \n \n \n \n \n   \n Previously heap leached ore \n Gold production at Gedabek from 2009 to 2013 was by heap leaching crushed ore until the start-up of the agitation leaching plant in 2013. The heaps remain in-situ and given the high grade of ore processed prior to the commencement of agitation leaching, and the lower recovery rates, much of the early heap leached ore contains significant amounts of gold. This is now being reprocessed by agitation leaching. Table 13 sets out the previously heap leached ore processed for the six months ended 30 June 2025. \n   \n Table 13 - Previously heap leached ore processed for the six months ended 30 June 2025 \n   \n \n \n \n \n \n \n \n In-situ material \n (tonnes) \n \n \n Average gold grade \n (g/t) \n \n \n \n \n 1 January 2025 \n \n \n 281,739 \n \n \n 0.82 \n \n \n \n \n Processed in H1 2025 \n \n \n 191,116 \n \n \n 1.00 \n \n \n \n \n 30 June 2025 \n \n \n 90,623 \n \n \n 0.86 \n \n \n \n \n The in-situ material is calculated at a standard cutoff grade of > 0.8 grammes per tonne of gold. \n   \n Production and sales \n For the six months ended 30 June 2025, gold production totalled 12,115 ounces, which was an increase of 7,411 ounces in comparison to the production of 4,704 ounces for the six months ended 30 June 2024. Copper production for the six months ended 30 June 2025 was 1,188 tonnes compared to 100 tonnes for the six months ended 30 June 2024, an increase of 1,088 tonnes. The higher production of gold and copper in 2025 compared to 2024 arose as agitation and flotation processing were operating throughout the Period.  \n   \n Table 14 summarises the gold and silver bullion produced from doré bars and sales of gold bullion for the year ended 31 December 2024 and 6 months ended 30 June 2025. \n   \n Table 14 - Gold and silver bullion produced from doré bars and sales of gold bullion for the year ended 31 December 2024 and 6 months ended 30 June 2025 \n \n \n \n \n Quarter ended \n \n \n Gold produced* \n \n \n Silver produced* \n \n \n Gold sales** \n \n \n Gold Sales price \n \n \n \n \n   \n \n \n (ounces) \n \n \n (ounces) \n \n \n (ounces) \n \n \n ($/ounce) \n \n \n \n \n 31 March 2024 \n \n \n 2,259 \n \n \n 1,512 \n \n \n 3,925 \n \n \n 2,080 \n \n \n \n \n 30 June 2024 \n \n \n 2,433 \n \n \n 1,532 \n \n \n 2,075 \n \n \n 2,350 \n \n \n \n \n 30 September 2024 \n \n \n 2,955 \n \n \n 1,979 \n \n \n 3,220 \n \n \n 2,497 \n \n \n \n \n 31 December 2024 \n \n \n 7,280 \n \n \n 6,974 \n \n \n 6,031 \n \n \n 2,655 \n \n \n \n \n FY 2024 \n \n \n 14,927 \n \n \n 12,007 \n \n \n 15,251 \n \n \n 2,432 \n \n \n \n \n 31 March 2025 \n \n \n 5,758 \n \n \n 8,212 \n \n \n 4,753 \n \n \n 2,843 \n \n \n \n \n 30 June 2025 \n \n \n 5,624 \n \n \n 6,699 \n \n \n 5,028 \n \n \n 3,299 \n \n \n \n \n H1 2025 \n \n \n 11,382 \n \n \n 14,911 \n \n \n 9,781 \n \n \n 3,077 \n \n \n \n \n   \n * including Government of Azerbaijan's share \n ** excluding Government of Azerbaijan's share \n   \n Table 15 summarises the total copper, gold and silver produced as concentrate by both SART and flotation processing for the year ended 31 December 2024 and six months ended 30 June 2025. \n Table 15 - Total copper, gold and silver produced as concentrate by both SART and flotation processing for the year ended 31 December 202 4 and six months ended 30 June 2025 \n \n \n \n \n \n \n \n Concentrate \n \n \n Copper \n \n \n Gold \n \n \n Silver \n \n \n \n \n   \n \n \n production* \n \n \n content* \n \n \n content* \n \n \n content* \n \n \n \n \n   \n \n \n (dmt) \n \n \n (tonnes) \n \n \n (ounces) \n \n \n (ounces) \n \n \n \n \n 2024 \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Quarter ended 31 March \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n SART processing \n \n \n 89 \n \n \n 54 \n \n \n 7 \n \n \n 4,893 \n \n \n \n \n Flotation \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Total \n \n \n 89 \n \n \n 54 \n \n \n 7 \n \n \n 4,893 \n \n \n \n \n Quarter ended 30 June \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n SART processing \n \n \n 77 \n \n \n 46 \n \n \n 5 \n \n \n 4,809 \n \n \n \n \n Flotation \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Total \n \n \n 77 \n \n \n 46 \n \n \n 5 \n \n \n 4,809 \n \n \n \n \n Quarter ended 30 September \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n SART processing \n \n \n 19 \n \n \n 11 \n \n \n 1 \n \n \n 1,336 \n \n \n \n \n Flotation \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Total \n \n \n 19 \n \n \n 11 \n \n \n 1 \n \n \n 1,336 \n \n \n \n \n Quarter ended 31 December \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n SART processing \n \n \n 34 \n \n \n 17 \n \n \n 2 \n \n \n 3,549 \n \n \n \n \n Flotation \n \n \n 1,638 \n \n \n 249 \n \n \n 131 \n \n \n 1,664 \n \n \n \n \n Total \n \n \n 1,672 \n \n \n 266 \n \n \n 133 \n \n \n 5,213 \n \n \n \n \n 2025 \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Quarter ended 31 March \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n SART processing \n \n \n 107 \n \n \n 66 \n \n \n 7 \n \n \n 17,227 \n \n \n \n \n Flotation \n \n \n 2,965 \n \n \n 468 \n \n \n 264 \n \n \n 4,882 \n \n \n \n \n Total \n \n \n 3,072 \n \n \n 534 \n \n \n 271 \n \n \n 22,109 \n \n \n \n \n Quarter ended 30 June \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n SART processing \n \n \n 112 \n \n \n 70 \n \n \n 4 \n \n \n 12,753 \n \n \n \n \n Flotation \n \n \n 3,411 \n \n \n 584 \n \n \n 458 \n \n \n 12,581 \n \n \n \n \n Total \n \n \n 3,523 \n \n \n 654 \n \n \n 462 \n \n \n 25,334 \n \n \n \n \n Notes \n * including Government of Azerbaijan's share. \n Certain amounts for SART and flotation production may differ to those previously disclosed due to final reconciliation of production. \n   \n Table 16 summarises the total copper concentrate (including gold and silver) production and sales from both SART and flotation processing for the year ended 31 December 2024 and six months ended 30 June 2025. \n   \n Table 16 - Total copper concentrate (including gold and silver) production and sales from both SART and flotation processing for the year ended 31 December 2024 and six months ended 30 June 2025 \n   \n \n \n \n \n \n \n \n Concentrate \n \n \n Copper \n \n \n Gold \n \n \n Silver \n \n \n Concentrate \n \n \n   \n Concentrate \n \n \n \n \n   \n \n \n production* \n \n \n content* \n \n \n content* \n \n \n content* \n \n \n sales** \n \n \n sales**† \n \n \n \n \n   \n \n \n (dmt) \n \n \n (tonnes) \n \n \n (ounces) \n \n \n (ounces) \n \n \n (dmt) \n \n \n ($000) \n \n \n \n \n Quarter ended \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n 31 March 2024 \n \n \n 89 \n \n \n 54 \n \n \n 7 \n \n \n 4,893 \n \n \n 71 \n \n \n 295 \n \n \n \n \n 30 June 2024 \n \n \n 77 \n \n \n 46 \n \n \n 5 \n \n \n 4,809 \n \n \n 260 \n \n \n 1,002 \n \n \n \n \n 30 September 2024 \n \n \n 19 \n \n \n 11 \n \n \n 1 \n \n \n 1,336 \n \n \n - \n \n \n - \n \n \n \n \n 31 December 2024 \n \n \n 1,672 \n \n \n 266 \n \n \n 133 \n \n \n 5,213 \n \n \n 1,173 \n \n \n 1,493 \n \n \n \n \n FY 2024 \n \n \n 1,857 \n \n \n 377 \n \n \n 146 \n \n \n 16,251 \n \n \n 1,504 \n \n \n 2,790 \n \n \n \n \n 31 March 2025 \n \n \n 3,072 \n \n \n 534 \n \n \n 271 \n \n \n 22,109 \n \n \n 2,030 \n \n \n 3,616 \n \n \n \n \n 30 June 2025 \n \n \n 3,523 \n \n \n 654 \n \n \n 462 \n \n \n 25,334 \n \n \n 3,402 \n \n \n 6,299 \n \n \n \n \n H1 2025 \n \n \n 6,595 \n \n \n 1,188 \n \n \n 733 \n \n \n 47,443 \n \n \n 5,432 \n \n \n 9,915 \n \n \n \n \n   \n * including Government of Azerbaijan's share \n ** excludes Government of Azerbaijan's share \n † These are invoiced sales of the Group's share of production before any accounting adjustments in respect of IFRS 15. \n Infrastructure \n The Gedabek Contract Area benefits from excellent infrastructure and access. The site is located adjacent to the town of Gedabek, which is connected by good metalled roads to the regional capital of Ganja. Baku, the capital of Azerbaijan, is to the south and the country's border with Georgia to the north, are each approximately a four to five hour drive over good quality roads. The site is connected to the Azeri national power grid. \n   \n Water management \n The Gedabek site has its own water treatment plant which was constructed in 2017, and which uses the latest reverse osmosis technology. In the last few years, Gedabek town has experienced water shortages in the summer and this plant reduces to the absolute minimum the consumption of fresh water required by the Company. \n   \n Tailings (waste) storage \n Tailings are stored in a purpose-built dam approximately seven kilometres from the Group's processing facilities, topographically at a lower level than the processing plant, thus allowing gravity assistance of tailings flow in the slurry pipeline. Immediately downstream of the tailings dam is a reed bed biological treatment system to purify any seepage from the dam before being discharged safely into the nearby Shamkir river. \n   \n In August 2024, the Government of Azerbaijan issued approval for the final raise of the existing tailings dam wall to go ahead. A further 6.0 metres wall raise was authorised which will raise the wall to its final design height of 90 metres. The wall raise is being carried out in two back-to-back stages, and the first raise of 2.5 metres was completed in November 2024. The final wall raise of 3.5 metres is currently being carried out with completion expected in the first half of 2026. The final raise of the wall will give the dam enough capacity for the next two to three years of production. \n   \n Various sites have been identified for the location of the construction of a second tailings dam at Gedebak. A technical report detailing the various sites is currently being prepared which will be submitted to the Government prior to selection of the final site. \n   \n Demirli \n Introduction \n The Demirli Contract Area is situated in the Karabakh economic region and is 74 square kilometres in size that extends to the northeast by about 10 kilometres from the Kyzlbulag Contract Area. The Demirli mining property comprises an open pit mine, a processing plant, power and water infrastructure and a tailings dam. The processing plant contains two rotary mills, a copper flotation plant and a molybdenum plant. The capacity of the plant is around 6.5 million tonnes per annum. There is also an upstream tailings dam located close to the plant. The mine entered production in July 2025. \n   \n Open pit mine \n The open pit mine comprises a central and western open pit. It has been mined for about the last 10 years. Ore is transported from the mine to the plant in a fleet of Caterpillar 55.5 tonne and Komatsu 91 tonne trucks. \n   \n Processing operations \n The plant comprises of a comminution circuit of a SAG and ball mill, banks of flotation cells and a dewatering press to produce a copper concentrate. Ore is fed through a hopper and then transported to the main body of the plant via a conveyor belt. The ore is highly fractured and does not require any crushing. It is fed directly into the SAG mill then to the ball mill to produce ground ore. This is treated by flotation to produce a copper concentrate, which is de-watered on a filter press. \n   \n Infrastructure and tailings dam \n Tailings from the plant are sent to an upstream tailings dam, immediately adjacent to the plant. The dam has had five wall raises and is almost full. \n   \n There is a small tailings water decant pond next to the plant for the storage of water with an associated pumping station. Water is collected in the pond from several sources in the surrounding region including a reservoir approximately 14 kilometres from the plant. There is an electrical substation and the plant is connected to the grid. \n   \n Xarxar \n The 464 square kilometre Xarxar Contract Area is located immediately north of the Gedabek Contract Area which it borders. The Xarxar Contract Area was acquired in 2022 together with historical geological and other data owned by AzerGold CJSC, its previous owner. \n   \n The Xarxar Contract Area hosts the Xarxar copper deposit. The mineralisation of the deposit is copper dominant and comprises mainly oxides and secondary sulphides, with minerals such as malachite, azurite, pyrite, chalcocite and bornite, together with some primary chalcopyrite, as common minerals in the deposit, and minor barite and magnetite minerals are also recorded. The main copper mineralisation lenses are located in the central part of the Xarxar deposit, with approximate east-west orientations. \n   \n On 20 February 2024, a maiden JORC mineral resources estimate was published for the Xarxar deposit, which is set out in Table 6 above. \n   \n Gilar is situated close to the northern boundary of the Gedabek Contract Area. Geological exploration indicates that this deposit trends to the north. The Xarxar Contract Area extends the Gedabek Contract Area to the north and will therefore enable the Gilar deposit to be fully mined. \n   \n Garadag \n The 344 square kilometre Garadag Contract Area is situated four kilometres north of Gedabek alongside the road from Gedabek to Shamkir. Garadag was first explored during the Soviet era and has been extensively explored since then, most recently by AzerGold CJSC, its previous owner. The roads built for drill access are still accessible and serviceable on Garadag. \n   \n In 2022, the Group acquired historical geological and other data and associated reports (the \"Data\") in respect of Garadag from AzerGold CJSC for $3.3 million. The Data includes geochemical and geophysical data, including maps and interpretative reports. Substantial core drilling and data interpretations were carried out by Azergold CJSC and the Data includes 9,645 chemical assays taken from 23,454 metres of drill core, which have been transferred to the Group. The Data also includes an initial mining scoping study based on a preliminary mineral resource estimate with various options for mine development, including open pit designs, initial mining schedules and an outline metallurgical flow sheet. An environmental and socio-economic baseline assessment has also been carried out and is included in the Data. \n   \n On 24 September 2024, the Company published a maiden JORC mineral resources estimate of the Garadag deposit at July 2024. This showed a total in-situ mineral resource (indicated and inferred) of 285 million tonnes of mineralisation containing 897 thousand tonnes of copper at an average grade of 0.32 per cent. This maiden JORC resource is set out in Table 7 above. \n Gosha \n The Gosha Contract Area is 300 square kilometres in size and is situated in western Azerbaijan, 50 kilometres northwest of Gedabek. Gosha is regarded as under-explored. Gosha is the location of a small, high grade, underground gold mine. Ore mined at Gosha is transported by road to Gedabek for processing. No mining was carried out in the Gosha mine in the six months ended 30 June 2025. \n   \n Geological fieldwork has resulted in the discovery of additional mineralisation adjacent to the existing underground mine. This includes \"Hasan\", a sub-vertical high gold grade mineralised vein, immediately south of the existing Gosha mine. Hasan can be accessed via a short tunnel from the existing tunnelling at Gosha. A further vein close to Hasan called \"Akir\" is also showing promising mineralisation. \n   \n The Group is also carrying out geological fieldwork at Asrikchay, a copper and gold target situated within the Gosha Contract Area. Asrikchay is located in the northeast corner of the Contract Area, about seven kilometres from the Gosha mine, within the Asrikchay valley. \n   \n Vejnaly \n Vejnaly is a 300 square kilometre Contract Area located in the Zangilan district in southwest Azerbaijan. It borders Iran to the south and Armenia to the west and hosts the Vejnaly deposit. \n   \n A thorough survey of the site has been carried out, which has found that the main ore body was extensively mined during the Armenian occupation. There are both open pit and underground workings at the location. There is also an existing crusher and flotation processing plant at the mine, which will need extensive renovation to recommence operations. \n   \n On 3 August 2023, staff were evacuated from Vejnaly on the instructions of the Government of Azerbaijan due to the potential danger from landmines. At 30 June 2025, staff had still not received formal permission from the Government of Azerbaijan to return to Vejnaly. Accordingly, no geological fieldwork was carried out at the site in the six months ended 30 June 2025. \n   \n Ordubad \n The 462 square kilometre Ordubad Contract Area is located in the Nakhchivan exclave, southwest Azerbaijan, and contains numerous targets. Limited geological exploration work was carried out in the six months ended 30 June 2025. \n   \n Kyzlbulag \n The Kyzlbulag Contract Area is 300 square kilometres and is located in Karabakh. It contains several mines and has excellent potential for exploration, as indicated by the presence of many mineral deposits and known targets in the region. There are indications that up to 35,000 ounces of gold per year were extracted from the Kyzlbulag copper-gold mine, before the mine was closed several years ago, indicating the presence of a gold mineralising system. \n   \n Access to the Contract Area has still not been granted due to the presence of landmines. However, various geological site visits have been made to the Kyzlbulag Contract Area and sampling carried out in the six months ended 30 June 2025. \n   \n Geological exploration \n Summary \n ·    Minimal exploration work continued to be carried out in H1 2025 due to strict cost control and the Group's focus on bringing the new Gilar and Demirli mines into production. \n ·    Limited underground drilling was carried out at the Gadir and Gilar underground mines \n ·    20 underground drill holes totalling 957 metres completed at the Gilar mine \n ·    Four underground drill holes totalling 166 metres completed at the Gadir mine \n ·    Reverse circulation drill programme continued at Demirli to determine remaining resource with an additional 45 drill holes completed with a total length of 4,141 metres \n ·    Comprehensive alteration map prepared \n ·    Drill hole database digitised \n ·    Trenching continued at Ordubad with 663 metres completed yielding 659 channel samples \n ·    In-house analysis of samples from various deposits such as Zafar and Xarxar continued throughout the Period \n   \n Gedabek \n Gedabek open pit mine \n No exploration was conducted at the Gedabek open pit mine in H1 2025. Drilling activities continued to be carried out for grade control purposes. \n   \n Gadir underground mine \n Four diamond drill holes totalling of 166 metres were completed. The aim of the drilling is to delineate the detailed ore boundaries and support further underground exploration between the 1,465 metre and 1,505 metre mining levels. No underground sampling activities were carried out in H1 2025 as mining operations are virtually complete. \n   \n Gilar \n The area hosts two styles of mineralisation, gold in quartz veins and hydrothermal gold-copper. Three mineralisation bodies have been discovered. \n   \n During H1 2025, channel sampling of the walls of the tunnel was carried out with 61 underground samples taken with a total length of 71 metres. Additionally, 20 underground core drill holes totalling 957 metres were completed in the southern and southwestern flanks of the deposit. These areas show significant potential for resource and reserve expansion. \n   \n Zafar \n The geology of the area is structurally complex, comprising mainly of Upper Bajocian-aged volcanics. The mineralisation seems to be associated with a main northwest to southeast trending structure, which is interpreted as post-dating smaller northeast to southwest structures. In the southwest area, outcrops with tourmaline have been mapped, which can be indicative of the potential for porphyry-style mineral formation. \n   \n There was no geological exploration carried out at Zafar in H1 2025. Given the discovery of the second anomaly, similar to the original Zafar anomaly, thin section and XRD investigation of samples were carried at the Group's in-house mineralogical laboratory. The results show the area of the second anomaly has significant potential for future exploration. \n   \n Demirli \n A reverse circulation drill programme commenced in 2024 with 898 reverse circulation drill holes completed to a depth of 10 metres each with a total depth of 8,980 metres. This progamme continued in H1 2025 with an additional 45 reverse circulation totalling 4,141 metres completed. The purpose of the programme is to determine the remaining resource in the current open pit. \n   \n A geotechnical investigation of the tailings dam commenced in H1 2025 with eight geotechnical drill holes completed with a combined depth of 313 metres. Seismic geophysical studies were also carried out. The purpose of this work was to assess the structural stability of the tailings dam and its compliance with safety and environmental standards. \n   \n A comprehensive structural alteration map of the Demirli mine has been prepared along with the digitisation of the drill hole database. Based on this work, and other data, an initial residual ore resource report has been prepared and submitted to the Government of Azerbaijan. A more precise ore resource estimate will be prepared following further sampling of existing drill core and further drilling. 157 surface samples were collected in H1 2025 to support this more precise estimate. \n   \n Gosha \n The Gosha mine was initially thought to consist of two narrow gold veins, zone 13 and zone 5. Mining has taken place from both veins. A further vein, \"Hasan\", has also been discovered located immediately south of zone 5, which it intersects at one point. The host rock mostly exhibits silicification and kaolinisation alteration, which changes to quartz-haematite alteration in andesite. \n   \n There was no geological exploration carried out at the Gosha mine in H1 2025. \n   \n Geological fieldwork activity continued at the Boyuk Gishlag mineralisation occurrence within the Gosha Contract Area. Reconnaissance work focused on assessing the mineralisation occurrences and identifying priority targets for future exploration campaigns. \n   \n Xarxar \n No geological fieldwork was carried out at Xarxar in H1 2025. \n   \n Scanning of the existing Xarxar drill core was completed during H1 2025 using TerraCore technology. The scanning will support the development of a 3-D alteration model. This model is essential to identifying further mineralisation and ascertain the best metallurgical methods to process the ore. TerraCore scanning is hyperspectral scanning which enables identification of anomalies not visible to the naked eye. The scanning is being carried out by TerraCore staff in Azerbaijan using a TerraCore scanner imported into Azerbaijan. This is the first time hyperspectral scanning has been carried out in Azerbaijan. \n   \n Garadag \n No geological field work was carried out at Garadag in H1 2025. Detailed assessment continued of the historical exploration data and metallurgical studies to better understand the processing characteristics of the deposit's mineralisation.   \n Ordubad \n Trenching continued in H1 2025 in the Dirnis and Destabashi areas with 663 metres completed yielding 659 channel samples. Trenches were dug with a depth of 10 metres to explore extensions of previously identified copper and silver mineralisation. Consistent with earlier trenching campaigns, results confirmed that mineralisation thickness increases by about 30 per cent. compared to surface expressions. \n   \n Vejnaly \n No geological fieldwork was carried out in H1 2025 as the Group did not have access to the Contract Area. \n   \n In 2024, a \"WorldView-3\" study was completed by an independent company, \"Exploration Mapping USA\", and a map prepared identifying mineralisation targets. In H1 2025, the exploration team continued to develop a detailed target mineralisation map. Once access to the Contract Area is restored, in-house geological fieldwork will start exploring known gold targets and targets identified by the \"WorldView-3\" study. \n   \n Sale of the Group's products \n Important to the Group's success is its ability to transport its production to market and sell them without disruption. \n   \n In the six months ended 30 June 2025, the Group shipped all its gold doré to Switzerland for refining by MKS Finance SA. The logistics of transport and sale are well established and gold doré shipped from Gedabek arrives in Switzerland within three to five days. The proceeds of the estimated 90 per cent. of the gold content of the doré can be settled within one to two days of receipt of the doré. The Group, at its discretion, can sell the resulting refined gold bullion to the refiner. \n   \n The Gedabek mine site has good road transportation links and copper and precious metal concentrate is collected by truck from the Gedabek site by the purchaser. The Group sells its copper concentrate to three metal traders as detailed in note 2 to the Group financial statements. The contracts with each metal trader are periodically renewed and each new contract requires the approval of the Government of Azerbaijan. \n   \n Principal risks and uncertainties \n   \n Country risk in Azerbaijan \n The Group's wholly owned operations are solely in Azerbaijan and are therefore at risk of adverse changes to the regulatory or fiscal regime within the country. However, Azerbaijan is outward looking and desirous of attracting direct foreign investment and the Company believes the country will be sensitive to the adverse effect of any proposed changes in the future. In addition, Azerbaijan has historically had a stable operating environment and the Company maintains very close links with all relevant authorities. \n   \n Operational risk \n The Company produced all its products for sale in the Period at Gedabek. Planned production may not be achieved as a result of unforeseen operational problems, machinery malfunction or other disruptions. Operating costs and profits for commercial production therefore remain subject to variation. The Group monitors its production daily, and has robust procedures in place to effectively manage these risks. \n   \n In the second half of 2025, the Company commenced production at its Demirli Contract Area. The Group will monitor its production daily and has put in place similar procedures to Gedabek to effectively manage the risks associated with Demirli's operation. \n   \n Commodity price risk \n The Group's revenues are exposed to fluctuations in the price of gold, silver and copper and all fluctuations have a direct impact on the operating profit and cash flow of the Group. Whilst the Group has no control over the selling price of its commodities, it has very robust cost controls to minimise expenditure to ensure it can withstand any prolonged period of commodity price weakness. The Group actively monitors all changes in commodity prices to understand the impact on its business. The directors keep under review the potential benefit of hedging which it carries out from time to time. \n   \n Foreign currency risk \n The Group reports in United States Dollars and a large proportion of its costs are incurred in United States Dollars. It also conducts business in Euros, Azerbaijan Manats and United Kingdom Sterling. The Group does not currently hedge its exposure to other currencies, although it continues to review this periodically. \n   \n Liquidity and interest rate risk \n The Group utilised various credit lines from several banks in Azerbaijan throughout the six months ended 30 June 2025. This was primarily to provide working capital and finance for the Demirli start up. The banks loans were all at a fixed rate of interest and therefore the Group had no interest rate risk in respect of bank loans the six months ended 30 June 2025. \n   \n The Group also utilised a vendor financing facility which carries interest at a rate of CME Term SOFR plus a margin of 2 per cent. Given the size of the borrowing and relative stability of interest rates, the Group does not consider that this variable rate presents any material interest rate risk to the Group. \n   \n Russian invasion of Ukraine \n The Company is unaffected directly by the Russian invasion of Ukraine or the international sanctions levied against various private and governmental Russian entities. However, the Company is subject to the global macro-economic conditions resulting from the Russian invasion such as higher input costs. \n   \n Key performance indicators \n The Group has adopted certain key performance indicators (\"KPIs\") which enable it to measure its financial performance. These KPIs are as follows: \n   \n 1    Profit before taxation . This is the key performance indicator used by the Group. It gives insight into cost management, production growth and performance efficiency. \n   \n 2    Net cash provided by operating activities. This is a complementary measure to profit before taxation and demonstrates conversion of underlying earnings into cash. It provides additional insight into how we are managing costs and increasing efficiency and productivity across the business in order to deliver increasing returns. \n   \n 3    Free cash flow (\"FCF\"). FCF is calculated as net cash from operating activities, less expenditure on property, plant and equipment and mine development, and Investment in exploration and evaluation assets including other intangible assets. \n   \n Reza Vaziri \n President and chief executive \n 24 September 2025 \n   \n Financial review \n Currency of financial review \n References to \"$\" and \"cents\" are to United States dollars and cents. References to \"£\" and \"p\" are to United Kingdom Sterling pounds and pence. References to AZN are to the Azerbaijan New Manat and \"m\" are to million. Some figures in the review below may not sum due to rounding. \n   \n Group statement of income \n The Group generated revenues in the six months ended 30 June 2025 (\"H1 2025\") of $40.9m (H1 2024: $13.4m) from the sales of gold and silver bullion and copper and precious metal concentrate. \n   \n The revenues in H1 2025 included $30.5m (H1 2024: $12.9m) generated from the sales of gold and silver bullion from the Group's share of the production of gold doré bars. Bullion sales in H1 2025 were 9,781 ounces of gold and 13,902 ounces of silver (H1 2024: 6,000 ounces of gold and 4,846 ounces of silver) at an average price of gold of $3,077 per ounce and an average price of silver of $32 per ounce (H1 2024: $2,174 per ounce and $26 per ounce respectively). In addition, the Group generated revenue in H1 2025 of $10.4m (H1 2024: $0.5m) from the sale of 5,432 dry metric tonnes (H1 2024: 331 dry metric tonnes) of copper and precious metal concentrate. The Group's revenue benefitted in H1 2025 from both a higher average price of gold at $3,077 (H1 2024: $2,204) per ounce and a higher average price of copper at $9,445 (H1 2024: $8,998) per metric tonne. \n   \n The were no gold sales made under any hedging programme in H1 2025. In March and April 2024, 1,600 ounces of gold were sold under a hedging programme started in 2023 at an average price of $1,976.85 per ounce. The Group generated lower revenue in H1 2024 of $30,600 from the hedging programme, calculated by comparing the hedged sale price with the spot price at each date of sale \n   \n The Group incurred cost of sales in H1 2025 of $27.1m (H1 2024: $15.0m) as follows: \n   \n \n \n \n \n \n \n \n H1 2025 \n ($m) \n \n \n H1 2024 \n ($m) \n \n \n B/(W)* \n ($m) \n \n \n \n \n Cash cost of sales \n \n \n 25.3 \n \n \n 1 4.9 \n \n \n (10.4) \n \n \n \n \n Depreciation and amortisation \n \n \n 6.8 \n \n \n 2 .2 \n \n \n (4.6) \n \n \n \n \n Cash costs, depreciation and amortisation \n \n \n 32.1 \n \n \n 1 7.1 \n \n \n (15.0) \n \n \n \n \n Capitalised costs \n \n \n - \n \n \n ( 1.3) \n \n \n (1.3) \n \n \n \n \n Cost of sales before inventory movement and leases \n \n \n 32.1 \n \n \n 15.8 \n \n \n (16.3) \n \n \n \n \n Lease adjustments \n \n \n (0.1) \n \n \n (0.1) \n \n \n - \n \n \n \n \n Inventory movement \n \n \n (4.9) \n \n \n (0.7) \n \n \n 4.2 \n \n \n \n \n Cost of sales per the Group statement of income \n \n \n 27.1 \n \n \n 15.0 \n \n \n (12.1) \n \n \n \n \n *B/(W) - Better or Worse \n   \n H1 2024 and H1 2025 cash costs reflect very different circumstances. In H1 2024, agitation leaching and flotation were suspended throughout the period with only heap leaching and SART processing in operation. Mining was also significantly reduced. All other variable costs such as reagents and materials and consumables were very significantly reduced in H1 2024 due to the reduced processing and mining activity. Agitation leaching and flotation were restarted in late 2024 and therefore H1 2025 contains a full six months of all processing costs. \n   \n Depreciation (including leased assets) increased by $4.6m from $2.2m in H1 2024 to $6.8m in H1 2025 due to higher gold production. Accumulated mine development costs within producing mines are depreciated and amortised on a unit-of-production basis over the economically recoverable reserves of the mine concerned or by the straight-line method. The unit of account for run of mine (\"ROM\") costs and for post-ROM costs are recoverable ounces of gold. \n   \n Administrative expenses in H1 2025 were $4.1m compared to $3.0m in H1 2024. The Group's administrative expenses comprise the cost of the administrative staff and associated costs at the Gedabek mine site, the Demirli mine site and the Baku office. The administrative expenses also include executive salaries and the cost of maintaining the Group as a UK listed company. The cost increase in H1 2025 resulted from $0.8m of additional staff costs due to establishing an administrative department at Demirli and increased administration at the Baku office. Included in other operating expenses of $0.9m in H1 2025 were transportation and refining costs of $0.6m. \n   \n Finance costs in H1 2025 were $1.7m (H1 2024: $1.2m) and comprise interest on bank debt, interest on lease liabilities and a deposit received from a customer, interest accretion expense on the rehabilitation provision and interest on the AzerGold CJSC creditor. The finance costs in H1 2025 were higher due to higher interest rates charged on bank borrowings and a higher rehabilitation provision. \n   \n The Group recorded a profit before taxation in H1 2025 of $7.1m (H1 2024: loss of $5.5m). The Group was profitable in H1 2025 due to higher sales as its flotation and agitation leaching plants were in continuous production throughout the Period. In H1 2024, neither flotation or agitation leaching processing were in operation. \n   \n The Group had a taxation charge in H1 2025 of $2.4m (H1 2024: benefit of $1.4m). This was a deferred tax charge of $2.4m (H1 2024: benefit of $1.4m). R.V. Investment Group Services (\"RVIG\") in Azerbaijan generated taxable profits in H1 2025 of $8.1m (H1 2024: losses of $3.7m) which were offset against taxable losses carried forward from previous periods. RVIG's taxable profits are taxed at 32 per cent. (the corporation tax rate stipulated in the Group's production sharing agreement). RVIG had tax losses of $14.3m at 30 June 2025 (30 June 2024: $21.0m) and these losses will be carried forward and offset against future taxable profits. RVIG has no other taxable losses available for offset against future profits.                                                                                                                                                                                                      \n   \n All-in sustaining cost of gold production \n The Group is now focused on copper which is becoming an increasing proportion of its production. Accordingly, the Group will not now report an All-in sustaining cost of gold production as it is not regarded as meaningful. \n   \n Group statement of financial position \n Assets \n Non-current assets increased from $103.7m at 31 December 2024 to $ 104.5m at 30 June 2025. Intangible assets increased from $24.0m at 31 December 2024 to $24.4m at 30 June 2025 due to expenditure on geological exploration and evaluation of $0.8m partially offset by amortisation of $0.4m in respect of mining rights. Property, plant and equipment (including leased assets) at 30 June 2025 at $72.4m were lower by $0.9m compared to 31 December 2024 of $73.3m. Additions to owned and leased fixed assets of $8.0m were offset by depreciation of $6.7m in the Period and a reduction in the rehabilitation provision of $2.3m. \n   \n Current assets were $51.9m at 30 June 2025 compared to $42.9m at 31 December 2024. The main reasons for the increase was an increase of cash of $4.4m and an increase in current inventories of $3.8m. Inventories increased by $3.8m, mainly due to an increase in metal in circuit of $3.5m as the gold ounces in circuit increased due to resumption of full processing. Inventory included 1,176 ounces of unsold gold valued at $2.1m and 714 tonnes of unsold concentrate valued at $1.2m at 30 June 2025.  The Group's cash balances at 30 June 2025 were $5.3m (31 December 2024: $0.9m) and restricted cash of $6.0m (31 December 2024: $6.0m) which is not available for use by the Company as it is security for a loan. Surplus cash is maintained in US dollars. \n   \n Liabilities \n Current liabilities at 30 June 2025 were $44.4m (31 December 2024: $38.9m). Trade and other payables (excluding the amount owed to the Government of Azerbaijan for gold held on its behalf) increased from $12.2m at 31 December 2024 to $16.6m at 30 June 2025. This was the result of actions to manage working capital. Current liabilities at 30 June 2025 also include a $4.5m (31 December 2024: $nil) prepayment for the sale of concentrate received from Trafigura Pte Ltd. This advance will be repaid from sales of concentrate under the Group's existing contract with Trafigura Pte Ltd. and is expected to be fully repaid within 12 months of the balance sheet date. \n   \n Non-current liabilities at 30 June 2025 includes trade and other payables of $0.9m (31 December 2024: $0.5m). The non-current trade and other payables at 30 June 2024 include $3.3m in respect of the purchase of historical exploration data of Xarxar and Garadag. This liability is payable in 2025 and has been included in current trade and other payables at 31 December 2024 and 30 June 2025. \n   \n Borrowings \n The total of the Group's bank borrowings and vendor financing loan decreased from $21.6m at 31 December 2024 to $19.8m at 30 June 2025. There were no new borrowings, and repayments of debt principal of $1.8m, were made during the Period. The Group had bank borrowings from two banks in Azerbaijan during H1 2025, Access Bank and International Bank of Azerbaijan (\"IBA\"), and a vendor financing loan from Caterpillar Financial Services Corporation (\"Caterpillar\"). \n   \n The Group's has a $5.6m loan from Access Bank which is secured against a $6.0m cash deposit maintained at the bank. The loan carries interest at 0.5 per cent. per month and is repayable in 6 equal monthly instalments starting in January 2026. \n   \n The Group has a $5.0m bank loan from IBA which carries interest of 8.5 per cent. In May 2025, the maturity of the loan was extended to May 2026. The Group also has a $10.0m loan from IBA. The loan is repayable on a reducing balance basis of 25 equal monthly repayments of $413,000 with the final repayment in May 2026. \n   \n The Group received the proceeds of a vendor financing facility with Caterpillar in H2 2024 of $3.7m.  The interest rate is CME Term SOFR rate plus a margin of 2 per cent. and repayment of capital is by 12 equal quarterly instalments. The amounts outstanding at 31 December 2024 and 30 June 2025 were $3.1m and $2.5m respectively. The loan is subject to a net debt to EBITDA ratio covenant and a net worth covenant. The Group complied with the net debt to EBITDA ratio covenant but not the net worth covenant at 30 June 2025, and therefore in accordance with the amendments to IAS1, the entire loan has been classified as a current liability. A waiver for the net worth covenant at 30 June 2025 has been obtained from Caterpillar. \n   \n Net assets \n Net current assets were $7.5m at 30 June 2025 compared to $3.9m at 31 December 2024. The net current assets increased due to an increase in cash of $4.4m. \n   \n Net assets of the Group at 30 June 2025 were $72.0m (31 December 2024: $67.4m). The net assets were higher due to an increase in retained earnings as a result of the profit generated in H1 2025. There were no shares issued or bought back in H1 2025. \n   \n Equity \n The Group's gearing ratio at 30 June 2025 decreased to 31.3 per cent. (31 December 2024: 35.3 per cent.). The Group calculates its gearing ratio as its total current and non-current debt (including lease liabilities) divided by total equity and multiplied by 100. It is Group policy to keep its gearing ratio below 70 per cent. \n   \n There were no movements of the Group's share capital, merger reserve and share premium account in 2024 or H1 2025. The Group's holding company did not buy back any ordinary shares in 2024 or H1 2025. \n   \n Copper Giant Resources Corp. (formerly Libero Copper & Gold Corporation) (\"Copper Giant\") \n Copper Giant was an associate company of the Group at 31 December 2023 but on 15 February 2024 was reclassified as a financial asset as the Group's interest reduced to 5.7 per cent. in January 2024 and Michael Sununu resigned from the board of Copper Giant. The reversal of the impairment charge in H1 2024 of $354,000 arose due to an increase in the share price of Copper Giant...

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