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

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.

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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 doré and copper concentrate inventory of $37.7 million at 31 December 2025

Ore mined during FY 2025

Gedabek

Demirli

Gedabek processing and production in FY 2025

Ore processed by leaching

* includes previously heap leached ore.

Ore processed by flotation

Gold and silver produced as gold doré and gold sales

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

Copper concentrate production and sales

* including Government of Azerbaijan's share

** excludes Government of Azerbaijan's share

Demirli processing, production and sales FY 2025

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)

*includes net advance from Trafigura of $4.4 million at 30 June 2025. There was no advance outstanding from Trafigura at 31 December 2025.