13 July 2023

Anglo Asian Mining plc

Q2 & H1 2023 Production and Operations Review

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to provide a production, sales and operational review for the three months to 30 June 2023 ("Q2 2023") and six months to 30 June 2023 ("H1 2023").

Operational highlights

H1 2023 and Q2 2023 Production update

Q2 2023 Sales and cash update

Reza Vaziri, President and Chief Executive Officer of Anglo Asian, commented:

"During the first half of this year, we were delighted to announce our strategic growth plan, which will see Anglo Asian reach its operational potential in becoming a producer of circa 36,000 tonnes of copper equivalent by 2028. This is underpinned by the three new contract areas acquired during 2022 and our enhanced strategic focus on copper. The execution of this plan is progressing well, with a number of our assets achieving developmental milestones during the first half of 2023. In particular, Gilar is still on track to begin production in the fourth quarter of the year."

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:

Notes to editors

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 57,618 gold equivalent ounces ("GEOs") for the year ended 31 December 2022. 

On 30 March 2023, the Company published its strategic plan for growth which shows a clearly defined path for the Company to transition to a multi-asset, mid-tier copper and gold producer by 2028. By 2028, copper will be the principal product of the Company, with forecast production of around 36,000 copper equivalent tonnes. It plans to achieve this growth by bringing into production four new mines during 2023 to 2028 at Zafar, Gilar, Xarxar and Garadag. 

The Company owns approximately 19.8 per cent. of Libero Copper & Gold Corporation ("Libero"). Libero is listed on the TSX Venture Exchange in Canada and owns, or has the option to acquire, several copper exploration properties in North and South America, including Mocoa in Colombia, one of the world's largest undeveloped copper-molybdenum resources. 

https://www.angloasianmining.com/

Q2 2023 Production overview

Q2 2023 Sales overview

Q2 2023 Financial overview

Q1 2023 Operations review

The Company mined the following ore during FY 2022 and the six months to 30 June 2023:

The Company processed the following amounts and grades of ore by leaching for FY 2022 and the six months to 30 June 2023:

* includes previously heap leached ore.

The Company processed the following amounts of ore and contained metal by flotation for FY 2022 and the six months ended 30 June 2023:

The following table summarises gold doré production and sales at Gedabek for FY 2022 and six months ended 30 June 2023:

Note

* including Government of Azerbaijan's share

** excluding Government of Azerbaijan's share

The gold and silver production from agitation and heap leaching for FY 2022 and the six months ended 30 June 2023 is as follows:

The following table summarises copper concentrate production from both the Company's SART and flotation plants at Gedabek for FY 2022 and the six months ended 30 June 2023 is as follows:

Note

* including Government of Azerbaijan's share.

Certain amounts for SART and flotation production may differ to those previously disclosed due to final reconciliation of production.

The following table summarises total copper concentrate production and sales for FY 2022 and the six months ended 30 June 2023. Note that sales of concentrates are initially recorded at provisional amounts until agreement of final assay:

* including Government of Azerbaijan's share

** excludes Government of Azerbaijan's share