Q2 & H1 Production and Operations Review

15 July 2025

Anglo Asian Mining plc

Q2 & H1 2025 Production and Operations Review

New Gilar mine enters production and positive cash flow maintained

Anglo Asian Mining plc ("Anglo Asian", the Group or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, provides the following production, sales and operational review for the three months to 30 June 2025 ("Q2 2025"or the "Quarter") and six months to 30 June 2025 ("H1 2025" or the "Half Year"). During the Quarter, the Company produced 8,293 gold equivalent ounces, and continued to generate positive cash flow, further reducing its net debt.

Q2 and H1 2025 production update

Key developments in H1 2025 across the Company's portfolio   

H1 2025 sales and cash update

Anglo Asian CEO Reza Vaziri commented:

"I am pleased to report that the momentum we built in the first quarter has continued into the second, delivering production in the Half Year of 16,378 gold equivalent ounces, including 1,188 tonnes of copper.

"The Gilar mine, which entered production in May, is performing well and delivered a meaningful contribution in June to our copper output. Gilar is an important asset for us as we transition to a multi-asset producer, and our production assets will be significantly enhanced when Demirli enters production.

"We look forward to building on the strong momentum of the first half, and to providing further updates on the execution of our growth strategy to become a 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.

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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 16,760 gold equivalent ounces ("GEOs") for the year ended 31 December 2024. Production was severely restricted in 2024 due to a partial environmental shutdown, but was fully restarted by the end of the year.

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 2029, by which time copper will be the principal product of the Company, with forecast production of around 50,000 to 55,000 copper equivalent tonnes. It plans to achieve this growth by bringing into production four new mines during the period 2025 to 2029 at Gilar, Zafar, Xarxar and Garadag. The first of these new mines, Gilar, started production in May 2025.

https://www.angloasianmining.com/

Q2 2025 production overview

Q2 2025 sales overview

Q2 2025 financial overview

The Company mined the following ore during FY 2024 and the six months to 30 June 2025:

The Company processed the following amounts and grades of ore by leaching for FY 2024 and the six months to 30 June 2025:

* includes previously heap leached ore.

The Company processed the following amounts of ore and contained metal by flotation for FY 2024 and the six months ended 30 June 2025:

The following table summarises gold doré production and sales at Gedabek for FY 2024 and the six months 30 June 2025:

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 2024 and the six months 30 June 2025 is as follows:

The following table summarises copper concentrate production from both the Company's SART and flotation plants at Gedabek for FY 2024 and the six months ended 30 June 2025:

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 2024 and six months to 30 June 2025. 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

H1 2025 Financial review

The Company's net debt decreased from $13.8 million at 31 March 2025 to $13.0 million at 30 June 2025 as follows:

*includes net advance from Trafigura of $4.4m at 30 June 2025 ($5.0m at

31 March 2025).