11 December 2023

Anglo Asian Mining plc

Gilar maiden JORC (2012) Mineral Resource completed

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM-listed gold, copper and silver producer focused on Azerbaijan, is pleased to announce the completion of a maiden JORC (2012) Mineral Resource for its Gilar polymetallic deposit (the "Gilar deposit") prepared by Mining Plus UK. The Gilar deposit was confirmed to have 6.10 million tonnes of mineralisation with average grades of 0.88 per cent. for copper and 1.30 grammes of gold per tonne.

Gilar deposit highlights

·    6.10 million tonnes of mineralisation with average grades of 0.88 per cent. copper, 0.75 per cent. zinc and 1.30 grammes of gold per tonne

·    5.90 million tonnes of mineralisation within the Measured plus Indicated JORC categories

·    In-situ Mineral Resource of 54,000 tonnes of copper, 255,000 ounces of gold and 46,000 tonnes of zinc

·    135 drill holes (117 vertical and 18 inclined) with a total length of 42,821 metres used for the maiden Mineral Resource estimate

·    145 drill holes were completed for a total length of 46,409 metres

Mineral Resource estimate for the Gilar deposit at 30 November 2023

Reporting cut-off: >= 0.5 grammes per tonne of gold equivalent*

Note that all tonnages reported are dry metric tonnes. Totals may not add due to rounding.

*Gold equivalent calculation = Gold grammes per tonne + (copper %*1.49) +(zinc*0.46). The metal price assumptions used were Gold - $1,675 per ounce; Copper - $8,000 per tonne; Zinc - $2,500 per tonne.

Interactive presentation on the Gilar deposit

An interactive 3-D presentation on the Gilar deposit including details of its maiden JORC Mineral Resource is available at https://gilar-jorc-mre-2023nov.jalnext.com/. This presentation also includes various depictions of the local topology of the Gilar deposit, details of drill holes, block and shell models and the location of the decline.

Reza Vaziri, CEO of Anglo Asian, commented:

"We are proud to present the maiden mineral resource estimate for the Gilar deposit under the JORC reporting code, which marks a significant milestone for the asset and reflects our commitment to international best practice. It is a great step forward in understanding its geo-positioning, mineralisation geometry and importantly the significant value opportunity it offers our stakeholders."

Stephen Westhead, Vice-President of Anglo Asian, commented:

"This maiden mineral resource estimate under the JORC reporting code is now very robust given the quantity of drilling that provided confidence in the mineral continuity. Tunnelling to access the mineralisation is progressing. To complement future underground drilling, further surface drilling will test the extension of the upper zones upon completing the ongoing geophysical investigation.

"The Gilar mine will be an important contributor to the future production of the Company given its high grades of both gold and copper. The mine's production will be critical to bridge the gap between declining grades at our existing mines at Gedabek and our larger, new concessions entering production in the medium-term."

Mineral Resource estimation and current work at the Gilar deposit

Further details about the Gilar deposit, the mineral resource estimation and the current work being carried out at Gilar can be found below.

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:

Gilar deposit

The detailed JORC ('Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition') "JORC" Mineral Resource estimate for the Gilar deposit has been published on the Company's website and is available at:

https://wp-angloasianmining-2020.s3.eu-west-2.amazonaws.com/media/2023/12/UPG12006_GILAR_MRE_REPORT_FINAL.pdf.

The Table One report accompanying the JORC Mineral Resource estimate is available at:

https://wp-angloasianmining-2020.s3.eu-west-2.amazonaws.com/media/2023/12/UPG12006_GILAR_JORC_TABLE1_FINAL.pdf.

The initial announcement about the Gilar deposit, dated 8 December 2022 - "Significant mineralisation in Gilar drill results" which gives the background to the Gilar property is available on the Company's website.

Current work at the Gilar deposit

The development of the Gilar deposit is now well under way. Both the primary transport decline tunnel for accessing the mineralisation and a ventilation tunnel are being constructed. 561 metres of the main decline and 150 metres of the ventilation tunnel have been completed, with 900 metres and 383 metres respectively remaining to be constructed.

Infrastructure development is ongoing with the construction of a heavy earthworks equipment workshop, mine office facilities and technical support and services offices. Security and safety fencing, mine entrance area and power generator set foundations are under construction.

Land has been identified for the haul road from the Gilar portal to the Gedabek processing plant and permission applied for the appropriate government departments to provide the required access.

There is no immediate surface exploration drilling planned. Further surface drilling will be carried out in the future to test the extension of the upper zones. This will be undertaken once the results of the ongoing geophysical investigation data acquired are interpreted and targets defined for both extensions of the known mineralisation and new targets. The geophysical work includes electrical (induced polarisation) and gravity methods. These data will be used in conjunction with existing satellite data and ZTEM electromagnetic and magnetic data. 

It is further planned to drill from underground to investigate the extension potential of the lower Zone 4, identified by two surface drillholes as an extension to the lower Zone 4 once the tunnelling reaches the mineralisation. Mining options and design and operational mine parameters will now be assessed as the maiden JORC mineral resource is complete.

The underground haulage mining fleet for the Gilar mine has now arrived at the Gedabek site. The equipment is being supplied by Caterpillar as notified in the announcement of 22 February 2023. This will be the first Caterpillar underground equipment to be deployed in Azerbaijan. A ceremony will be held at Gedabek on the afternoon of Monday 11 December 2023 to mark the arrival of the equipment.

Gilar mineral resources - supporting work and independent expert opinion

The Company contracted Mining Plus UK Ltd (Mining Plus) to estimate the Mineral Resource of the Gilar deposit. This report incorporated all the data from the most recent drilling campaign and was designed to increase resource confidence in the deposit with the aim to convert the majority of mineralised material to or above an Indicated classification under the JORC (2012) code, alongside using inclined holes to better understand the ore body geometry.

Competent Person Statement

The information in the announcement that relates to exploration results and Mineral Resources is based on information compiled by Sean Lapham, who is a full-time employee of Mining Plus UK Ltd with the position of Senior Geology Consultant. Mr Lapham is a registered member of The Australasian Institute of Mining and Metallurgy (AUSIMM number 318874) and the Geological Society of London (Fellowship number 1030350).

Sean Lapham 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'. Sean Lapham consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

Sean Lapham has extensive 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. Sean Lapham has reviewed the Mineral Resources included in this announcement.

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 which time 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 the period 2024 to 2028 at Zafar, Gilar, Xarxar and Garadag. 

The Company owns approximately 17.4 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/

APPENDIX

GLOSSARY OF TERMS AND ABBREVIATIONS

The following definitions are extracted from the JORC Code, 2012 Edition