Q4 and FY 2025 Production and Operations Review

About this update from Anglo Asian Mining Plc

15 January 2026   Q4 and FY 2025 Production and Operations Review FY 2025 production of 7,915 tonnes of copper and 25,061 ounces of gold completes  transformational year with record copper production supporting financial turnaround   Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to provide the following production, sales and operational review for the three months to 31 December 2025 ("Q4 2025" or the "Quarter") and the twelve months to 31 December 2025 ("FY 2025").   Q4 and FY 2025 performance summary 2025 2024 Full Year 2025 compared to 2024 B/(W)   H1 Q3 Q4 Full year Production   Copper       Gedabek tonnes 1,188 1,577 2,022 4,787 377 4,410   Demirli tonnes - 711 2,417 3,128 - 3,128   Total copper tonnes 1,188 2,288 4,439 7,915 377 7,538 Gold ounces 12,114 6,798 6,149 25,061 15,073 9,988 Silver ounces 62,348 41,623 49,361 153,332 28,258 125,074     Gold doré sales     Gold doré ounces 9,781 5,181 4,669 19,631 15,251 4,380 Sales value $m 30.1 17.7 19.7 67.5 37.0 30.5           Copper sales     Concentrate dmts 6,210 6,852 16,633 29,695 1,504 28,191 Sales value $m 11.1 17.8 35.8 64.7 2.8 61.9       Total sales proceeds $m 40.6 27.8 57.3 125.7 40.2 85.5   Cash inflow / (outflow)   $m   1.8   (1.2) 16.7 17.3 (4.4)   21.7 Ending net cash / (debt)   $m   (13.0)   (14.2) 2.5 2.5 (14.8)   17.3       Market value of inventory         Gold and silver $m 5.3 5.1 7.0 7.0 2.7 N/M Copper concentrate $m 1.6 8.6 30.7 30.7 3.5 N/M Total inventory $m 6.9 13.7 37.7 37.7 6.2 N/M N/M - not meaningful   Q4 2025 - record quarterly copper production, strong operational progress and exceptional cash generation ·    Copper production of 4,439 tonnes, a 94 per cent. quarter-on-quarter increase, due to increased production from both Gedabek and Demirli ·    Net cash inflow in Q4 2025 of $16.7 million  o  Sales proceeds in Q4 2025 of $57.3 million o  Net cash of $2.5 million at 31 December 2025 ·    The Company completed its first sales of Demirli copper concentrate which were made from its newly established logistics centre ·    A second filter press was installed at Gedabek and upgrades to the flotation plant have started which will increase its capacity and enable processing of high grade Gilar ore o 53,190 tonnes of Gilar ore grading 1.8 grammes of gold and 3.58 per cent. of copper now stockpiled at Gedabek FY 2025 - transformation to multi-asset producer completed ·    Copper production of 7,915 tonnes was lower than the revised guidance of 8,100 to 9,000 tonnes due to maintenance of the Demirli ball mill which restricted ore throughput o FY 2025 Demirli production was 3,128 tonnes compared to guidance of 3,500 to 4,100 tonnes o Ball mill scheduled to be operational by end of Q1 2026 following installation of a new spindle ·    Gold production of 25,061 at the lower end of the revised guidance of 25,000 to 28,000 ounces ·    Inventory at 31 December 2025 includes concentrate containing 2,457 tonnes of copper valued at $12,504 per tonne   Reza Vaziri, CEO of Anglo Asian Mining commented: "2025 was a truly transformational year for Anglo Asian, during which time we became a multi-asset producer in line with our growth strategy, and achieved considerable momentum within our copper operations. In addition to bringing the Gilar and Demirli mines into production, we continued to invest in improving our operations such as the ongoing upgrade to the Gedabek flotation plant.   "We were disappointed to slightly miss our copper production guidance as a result of the maintenance required to the Demirli ball mill. However, this was offset by excellent sales and favourable metal prices. I was especially pleased with our cash performance and that we closed the year with net cash. This turnaround in net debt in 2025 has been a remarkable achievement.   "We enter the year in a very strong position. Demirli and Gilar are now both operating in line with our expectations and metal prices remain favourable. We are also making encouraging progress at our exciting copper growth projects, the Xarxar and Garadag deposits. I look forward to reporting on our progress throughout the rest of the year."   Note that all references to "$" 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 SP Angel Corporate Finance LLP (Nominated Adviser and Broker) 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/   Q4 2025 production overview ·    Copper production of 4,439 tonnes (Q4 2024: 266 tonnes): o 2,022 tonnes from flotation and SART at Gedabek o 2,417 tonnes from flotation at Demirli ·    Gold production of 6,149 ounces (Q4 2024: 7,413 ounces): o 5,133 ounces contained within gold doré o 1,016 ounces from flotation and SART production ·    Silver production totalled 49,361 ounces (Q4 2024: 12,197 ounces): o 4,788 ounces contained within gold doré o 44,573 ounces from flotation and SART processing   Q4 2025 sales overview ·    Total gold bullion sales of 4,669 ounces at an average of $4,214 per ounce (Q4 2024: 6,031 ounces at an average of $2,655 per ounce) ·    Total concentrate sales of 16,633 dry metric tonnes ("dmt") with a value of $35.8 million o Gedabek - 7,255 dmt with a value of $18.4 million (Q4 2024: 1,173 dmt with a value of $1.5 million) o Demirli -  9,378 dmt with a value of $17.4 million (Q4 2024: nil)   31 December 2025 financial overview ·    Cash of $30.1 million ( $10.4 million at 30 September 2025) including restricted cash ·    Debt of $27.6 million ( $24.6 million at 30 September 2025 including advance from Trafigura) o No outstanding advance from Trafigura at 31 December 2025 ·    Net cash of $2.5 million (Net debt of $14.2 million at 30 September 2025) ·    Unsold gold dor é and copper concentrate inventory of $37.7 million at 31 December 2025   Ore mined during FY 2025   Gedabek Mine 9 months to 30 September 2025 3 months to 31 December 2025 12 Months to 31 December 2025 Ore mined (tonnes) Average gold grade (g/t) Average copper grade (%) Ore mined (tonnes) Average gold grade (g/t) Average copper grade (%) Ore mined (tonnes) Average gold grade (g/t) Average copper grade (%) Open pit 612,212 0.25 0.35 70,283 0.48 0.21 682,495 0.28 0.34 Gadir - u/g 13,592 2.07 0.19 0 0 0 13,592 2.07 0.19 Gilar - u/g 345,630 1.52 1.81 198,829 1.28 1.67 544,459 1.43 1.00 Total 971,434 0.73 0.87 269,122 1.07 1.29 1,240,546 0.80 0.63     Demirli 9 months to  30 September 2025 3 months to 31 December 2025 12 Months to 31 December 2025 Mine Ore mined Average copper grade Ore mined Average copper grade Ore mined Average copper grade   (tonnes) (%) (tonnes) (%) (tonnes) (%) Open pit 423,631 0.43 1,551,209 0.49 1,974,840 0.47   Gedabek processing and production in FY 2025   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 2024 120,528 - - 0.68 - - 30 June 2024 110,225 9,698 - 0.59 0.52 - 30 September 2024  110,152 - 18,009 0.65 - 1.93 31 December 2024 79,835 - 128,387 0.53 - 1.54 FY 2024 420,740 9,698 146,396 0.61 0.52 1.58 31 March 2025 106,429 - 149,763 0.40 - 1.16 30 June 2025 133,153 - 154,948 0.40 - 1.13 H1 2025 239,582 - 304,711 0.40 - 1.14 30 September 2025 47,202 - 156,773 0.40 - 1.52 31 December 2025 - - 163,541 - - 1.27 H2 2025 47,202 - 320,314 0.40 - 1.38 FY 2025 286,784 - 625,025 0.40 - 1.26   * 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 2024 - - - - 30 June 2024 - - - - 30 September 2024 - - - - 31 December 2024 73,990 285 3,985 363 FY 2024 73,990 285 3,985 363 31 March 2025 155,406 535 9,516 729 30 June 2025 166,135 1,193 30,537 900 H1 2025 321,541 1,728 40,053 1,629 30 September 2025 151,359 3,185 85,123 1,793 31 December 2025 156,158 3,027 93,835 2,409 H2 2025 307,517 6,212 178,958 4,202 FY 2025 629,058 7,940 219,011 5,831     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 2024 2,259 1,512 3,925 2,080 30 June 2024 2,433 1,532 2,075 2,350 30 September 2024 2,955 1,979 3,220 2,497 31 December 2024 7,280 6,984 6,031 2,655 FY 2024 14,927 12,007 15,251 2,432 31 March 2025 5,758 8,206 4,753 2,843 30 June 2025 5,624 6,699 5,028 3,299 H1 2025 11,382 14,905 9,781 3,077 30 September 2025 5,814 4,655 5,181 3,430 31 December 2025 5,133 4,788 4,669 4,214 H2 2025 10,947 9,443 9,850 3,802 FY 2025 22,329 24,348 19,631 3,441   Note * 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 2024 - 2,259 2,259 - 1,512 1,512 30 June 2024 - 2,433 2,433 - 1,532 1,532 30 Sept 2024 606 2,349 2,955 415 1,564 1,979 31 Dec 2024 5,231 2,049 7,280 5,006 1,978 6,984 FY 2024 5,837 9,090 14,927 5,421 6,586 12,007 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 H1 2025 7,953 3,429 11,382 10,349 4,556 14,905 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 H2 2025 8,669 2,278 10,947 7,455 1,988 9,443 FY 2025 16,622 5,707 22,329 17,804 6,544 24,348   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 2024 89 54 7 4,893 71 295 30 June 2024 77 46 5 4,809 260 1,002 30 September 2024 19 11 1 1,336 - - 31 December 2024 1,672 266 133 5,213 1,173 1,493 FY 2024 1,857 377 146 16,251 1,504 2,790 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 H1 2025 6,595 1,188 732 47,443 6,210 11,110 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 H2 2025 16,553 3,599 2,000 81,541 14,107 36,190 FY 2025 23,148 4,787 2,732 128,984 20,317 47,300   * including Government of Azerbaijan's share ** excludes Government of Azerbaijan's share   Demirli processing, production and sales FY 2025   Processed Unit Q3 2025 Q4 2025 FY 2025 Ore feed to plant tonnes 292,950 701,285 994,235 Grade per cent. 0.45 0.47 0.47 Copper content tonnes 1,307 3,296 4,603 Production Copper concentrate dry metric tonnes 4,548 13,975 18,523 Copper content tonnes 711 2,417 3,128   Sales Concentrate sales dry metric tonnes - 9,378 9,378 Value of sales $ million - 17.4 17.4   FY 2025 Financial overview The Company had a net inflow of funds of $17.3 million in the 12 months ended 31 December 2025. Net debt of $14.8 million at I January 2025 was extinguished during the year with net cash of $2.5 million at 31 December 2025 as follows:   Net cash / (debt) H1 2025 H2 2025 FY 2025 $m $m $m $m $m $m Start of year / H2   (14.8)   (13.0)   (14.8) Sales proceeds 40.6 85.1 125.7 VAT refund 2.0 3.7 5.7 Interest income 0.4 1.0 1.4 Operating costs (33.8) (63.9) (97.7) Capital expenditure (2.9) (1.1) (4.0) Demirli renovation (3.8) (5.1) (8.9) Azergold data purchase - (3.5) (3.5) Debt servicing (0.7) (0.7) (1.4) Inflow   1.8 15.5   17.3 End of H2 / year   (13.0)*   2.5   2.5 *includes net advance from Trafigura of $4.4 million at 30 June 2025. There was no advance outstanding from Trafigura at 31 December 2025.

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