Q1 2025 Production and Operations Review

14 April 2025

Anglo Asian Mining plc

Q1 2025 Production and Operations Review

Production of 8,085 gold equivalent ounces, positive cash inflow of $1.0 million and first ore extracted from the new Gilar mine

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 March 2025 ("Q1 2025", or the "Quarter").

Q1 2025 Production update

· The Company delivered total production of 8,085 gold equivalent ounces ("GEOs") which is a significant improvement on last year when production was partially suspended (Q1 2024: 2,548 GEOs)

· First full quarter of production since the environmental shutdown with increases in production of each metal, and in particular copper:

o Copper production of 534 tonnes (Q1 2024: 54 tonnes)

o Gold production of 6,029 ounces (Q1 2024: 2,266 ounces)

o Silver production of 30,321 ounces (Q1 2024: 6,405 ounces)

Q1 2025 Sales and cash update

· Total gold bullion sales of 4,753 ounces at an average of $2,843 per ounce (Q1 2024: 3,925 ounces at an average of $2,080 per ounce)

· An overall positive net cash inflow of $1.0 million due to resumption of full processing during the Quarter

·  The Group has maintained its strong focus on cash and cost control, with net debt, including a $5.0 million advance from Trafigura, decreasing to $13.8 million at 31 March 2025 (31 December 2024: $14.8 million)

· Inventory of $7.1 million at 31 March 2025 (31 December 2024: 4.0 million)

Operational highlights

· First full quarter of production since environmental shutdown in 2023

· First ore extracted from the Gilar mine in March, with full production starting in May

· Encouraging progress made with the refurbishment of the Demirli production facility

Anglo Asian CEO Reza Vaziri commented:

"I am pleased to report our first full quarter of production following the restart of operations in the final quarter of last year. We produced 8,085 gold equivalent ounces, including 534 tonnes of copper, which is an encouraging performance during the winter season. As a result of our careful cash management, we are pleased to report an overall positive net cash inflow of $1 million.

"This strong start to 2025 is very encouraging as we ramp up production and execute our medium-term growth strategy to transition to a mid-tier, primarily copper focused producer. Gilar entering full production in May will be another key milestone and we are making important progress across our developmental portfolio. I look forward to providing further updates in the coming months."

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 Zafar, Gilar, Xarxar and Garadag. The first of these new mines, Gilar will start production in the first half of 2025.

https://www.angloasianmining.com/

Q1 2025 Production overview

· Gold production of 6,029 ounces (Q1 2024: 2,266 ounces):

o 5,758 ounces contained within gold doré

o 264 ounces in flotation concentrate

o 7 ounces from sulphidisation, acidification, recycling and thickening ("SART") processing

· Copper production of 534 tonnes (Q1 2024: 54 tonnes)

o 468 tonnes from flotation

o 66 tonnes from SART processing

· Silver production totalled 30,321 ounces (Q1 2024: 6,405 ounces):

o 8,212 ounces contained within gold doré

o 4,882 ounces from flotation processing

o 17,227 ounces from SART processing

Q1 2025 Sales overview

· Total gold bullion sales of 4,753 ounces at an average of $2,843 per ounce (Q1 2024: 3,925 ounces at an average of $2,080 per ounce)

· Total concentrate sales of 2,030 dry metric tonnes ("dmt"), including government share with a value of $3.6 million (Q1 2024: 71 dmt with a value of $0.3 million)

Q1 2025 Financials overview

· Cash of $12.5 million ($7.1 million at 31 December 2024)

· Debt (excluding Trafigura concentrate prepayment) reduced to $21.3 million ($21.6 million at 31 December 2024)

· Net debt (including Trafigura advance) of $13.8 million ($14.8 million at 31 December 2024)

· Unsold gold doré and copper concentrate inventory at 31 March 2025 of $7.1 million

The Company mined the following ore during FY 2024 and Q1 2025:

The Company processed the following amounts and grades of ore by leaching for FY 2024 and Q1 2025:

* includes previously heap leached ore.

The Company processed the following amounts of ore and contained metal by flotation for FY 2024 and Q1 2025:

The following table summarises gold doré production and sales at Gedabek for FY 2024 and Q1 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 Q1 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 Q1 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 Q1 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

Q1 2025 Financial review

The Group was overall cash positive in Q1 2025, generating $1.0 million of positive cash flow. The Group also received an advance from Trafigura of $5.0 million in Q1 2025. Accordingly, the Company's net debt decreased from $14.8 million at 31 December 2024 to $8.8 million at 31 March 2025 as follows: