Q1 2026 Production and Sales Review

About this update from Anglo Asian Mining Plc

    15 April 2026     Q1 2026 Production and Sales Review Copper production of 3,711 tonnes and gold of 6,062 ounces Net cash increased by $15.4 million to $17.7 million   Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed copper, gold and silver producer focused in Azerbaijan, is pleased to provide the following production and sales review for the three months to 31 March 2026 ("Q1 2026" or the "Quarter").   Q1 2026 production overview ·    Copper production of 3,711 tonnes (Q1 2025: 534 tonnes): o 1,462 tonnes from flotation and SART at Gedabek o 2,249 tonnes from flotation at Demirli ·    Gold production of 6,062 ounces (Q1 2025: 6,028 ounces): o 4,842 ounces contained within gold doré o 1,220 ounces from flotation and SART production ·    Silver production totalled 42,796 ounces (Q1 2025: 30,315 ounces): o 5,607 ounces contained within gold doré o 37,189 ounces from flotation and SART processing   Q1 2026  sales overview ·    Total gold bullion sales of 4,100 ounces at an average of $4,728 per ounce (Q1 2025: 4,753 ounces at an average of $2,843 per ounce) ·    Total concentrate sales of 18,553 dry metric tonnes with a value of $45.6 million o Gedabek - 7,890 dry metric tonnes ("dmt") with a value of $24.2 million (Q1 2025: 2,327 dmt with a value of $4.1 million) o Demirli -  10,663 dmt with a value of $21.4 million   Q1 and 31 March 2026 financial overview ·    Cash of $37.2 million ( $30.2 million at 31 December 2025), no restricted cash ·    Debt of $19.5 million ( $27.9 million at 31 December 2025) o No outstanding advances from Trafigura at 31 March 2026 or 31 December 2025 ·    Net cash of $17.7 million ($2.3 million at 31 December 2025) ·    Unsold gold dor é and copper concentrate inventory of $30.8 million at 31 March 2026   Key metrics for Q1 2026 and Q1 2025 and FY 2025   Q1 2026 Q1 2025 Q1 2026 compared to Q1 2025 B/(W) FY 2025 Production Gold ounces 6,062 6,028 34 25,061 Copper   Gedabek tonnes 1,462 538 924 4,787   Demirli tonnes 2,249 - 2,249 3,128   Total copper tonnes 3,711 538 3,173 7,915 Silver ounces 42,796 30,315 12,481 153,333 Dore sales     Dore ounces 4,100 4,753  (653) 19,631     Sales value $/ounce 4,728 2,843       1,885 3,441       Copper concentrate sales    Tonnes tonnes 18,553 2,327 16,226 29,695    Sales value $m 45.6 4.1 41.5 64.7   Increase in net cash   $m 15.4 1.0 14.4 17.3 Ending net cash / (debt)   $m 17.7 (13.8) 31.5 2.5   Market value of inventory   $m 30.8 7.5 23.3 37.7   Reza Vaziri, CEO of Anglo Asian Mining commented: "We are delighted with the progress and performance during the quarter.  The excellent copper production from Gedabek and Demirli demonstrates the successful continuing execution of our clear strategy to rapidly expand copper production and successfully transition to a multi-asset, mid-tier copper-focused producer. "   Note that all references to "$" are to United States dollars. Market Abuse Regulation (MAR) Disclosure 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.   For further information please contact:   Anglo Asian Mining plc   Reza Vaziri, Chief Executive Officer Tel: +994 12 596 3350 Bill Morgan, Chief Financial Officer Tel: +994 502 910 400 Stephen Westhead, Vice President Tel: +994 502 916 894 Amir Vaziri, Chief Business Development Officer Tel: +1 (301) 332 9938   Peel Hunt LLP   (Broker)                                                                               Tel: +44 (0) 20 7418 8900 Ross Allister David McKeown Emily Bhasin   SP Angel Corporate Finance LLP (Nominated Adviser) Ewan Leggat Adam Cowl   Tel: +44 (0) 20 3470 0470 Hudson Sandler (Financial PR) Charlie Jack Harry Griffiths   Tel: +44 (0)  20 7796 4133     Notes to editors Anglo Asian Mining plc (AIM:AAZ) is a copper and gold producer with a high-quality portfolio of production and exploration assets in Azerbaijan. The Company produced 7,915 tonnes of copper and 25,061 ounces of gold for the year ended 31 December 2025.   The Company's strategic plan for growth shows a clearly defined path for the Company to transition to a multi-asset, mid-tier, copper and gold producer by 2030, by which time copper will be the principal product of the Company, with forecast annual production of around 50,000 to 55,000 tonnes of copper. It plans to achieve this growth by bringing into production three new mines during the period 2027 to 2030 at Xarxar, Garadag and Zafar, in addition to the newly opened Gilar and Demirli mines. Production commenced at the Gilar mine in May 2025 and Demirli in July 2025.  https://www.angloasianmining.com/   Ore mined during Q1 2026   Gedabek Mine 3 months to 31 March 2026 Ore mined (tonnes) Average gold grade (g/t) Average copper grade (%) Open pit 35,588 0.46 0.20 Gilar - u/g 186,709 1.35 1.48 Total 222,297 1.21 1.28   Demirli 3 months to  31 March 2026 Mine Ore mined Average copper grade   (tonnes) (%) Open pit 1,352,208 0.37   Gedabek processing, production and sales in Q1 2026   Ore processed by leaching   Quarter ended Ore processed Gold grade of ore processed Heap leach pad crushed ore (tonnes) Heap leach pad ROM ore (tonnes) Agitation leaching plant* (tonnes) Heap leach pad crushed ore (g/t) Heap leach pad ROM ore (g/t) Agitation leachingplant* (g/t) 31 March 2025 106,429 - 149,763 0.40 - 1.16 30 June 2025 133,153 - 154,948 0.40 - 1.13 30 September 2025 47,202 - 156,773 0.40 - 1.52 31 December 2025 - - 163,541 - - 1.27 FY 2025 286,784 - 625,025 0.40 - 1.26 31 March 2026 14,264 - 167,989 0.33 - 1.33   * includes previously heap leached ore.   Ore processed by flotation Quarter ended Ore processed*   Gold content   Silver content Copper content   (tonnes) (ounces) (ounces) (tonnes) 31 March 2025 155,406 535 9,516 729 30 June 2025 166,135 1,193 30,537 900 30 September 2025 151,359 3,185 85,123 1,793 31 December 2025 156,158 3,027 93,835 2,409 FY 2025 629,058 7,940 219,011 5,831 31 March 2026 162,109 2,806 69,040 1,703   *the ore processed by flotation includes ore which had previously been treated by agitation leaching. For Q1 2026, all ore processed had been previously treated by agitation leaching.   Gold and silver produced as gold doré and gold sales Quarter ended Gold produced* Silver produced* Gold sales** Gold Sales price   (ounces) (ounces) (ounces) ($/ounce) 31 March 2025 5,758 8,206 4,753 2,843 30 June 2025 5,624 6,699 5,028 3,299 30 September 2025 5,814 4,655 5,181 3,430 31 December 2025 5,133 4,788 4,669 4,214 FY 2025 22,329 24,348 19,631 3,441 31 March 2026 4,842 5,607 4,100 4,728   * including Government of Azerbaijan's share ** excluding Government of Azerbaijan's share   Gold and silver produced as gold doré - split between agitation and heap leaching   Quarter ended Gold Silver Agitation leaching (ounces) Heap leaching (ounces) Total   (ounces) Agitation leaching (ounces) Heap leaching (ounces) Total   (ounces) 31 March 2025 4,017 1,741 5,758 5,717 2,489 8,206 30 June 2025 3,936 1,688 5,624 4,632 2,067 6,699 30 Sept 2025 4,681 1,133 5,814 3,735 920 4,655 31 Dec 2025 3,988 1,145 5,133 3,720 1,068 4,788 FY 2025 16,622 5,707 22,329 17,804 6,544 24,348 31 March 2026 3,780 1,062 4,842 4,379 1,228 5,607   Copper concentrate production and sales   Concentrate Copper Gold Silver Concentrate   Concentrate   production* content* content* content* sales** sales**   (dmt) (tonnes) (ounces) (ounces) (dmt) ($000) Quarter ended             31 March 2025 3,072 534 270 22,109 2,324 4,050 30 June 2025 3,523 654 462 25,334 3,886 7,060 30 September 2025 6,769 1,577 984 36,968 6,852 17,760 31 December 2025 9,784 2,022 1,016 44,573 7,255 18,430 FY 2025 23,148 4,787 2,732 128,984 20,317 47,300 31 March 2026 7,311 1,462 1,220 37,189 7,890 24,207   * including Government of Azerbaijan's share ** excludes Government of Azerbaijan's share   Demirli processing, production and sales Q1 2026       Processed     Unit January to March  2026 Ore feed to plant dry metric tonnes 647,835 Grade per cent. 0.44 Copper content tonnes 2,880 Production Copper concentrate tonnes 11,901 Copper content tonnes 2,249   Sales Concentrate sales Dry metric tonnes 10,663 Value of sales $ million 21.4   Q1 2026 Financial overview The Company had a net inflow of funds of $15.4 million in the 3 months ended 31 March 2026. Cash increased by $7.0 million to $37.2 million and debt reduced by $8.4 million to $19.5 million at 31 March 2026. Net cash accordingly increased by $15.4 million to $17.7 million.   Net cash Q1 2026 $m $m I January 2026   2.3 Sales proceeds 62.7 Interest income 0.3 Operating costs (39.9) Capital expenditure (3.4) Demirli lease payment (3.8) Debt servicing (0.5) Inflow   15.4 31 March 2026   17.7  

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