16th Oct 2026 12:42
The following amendment has been made to the Q3 2026 Production and Sales Update announcement released on 15 October 2026 at 07.00 BST under RNS number 0125Z. The amended and updated announcement, detailed below, states the sales value of doré in H1 2026 is $4,664 per ounce and the Q3 2026 copper content of Demirli processed ore feed to the plant is 5,120 tonnes. The table of ore mined at Gedabek has also been updated. All other details remain unchanged.
16 October 2026
Q3 2026 Production and Sales Update
Continued copper production growth underpinning strategic delivery
Anglo Asian Mining plc (“Anglo Asian” or the “Company”), the AIM listed copper, gold and silver producer focused in Azerbaijan, is pleased to provide the following production, sales and operational review for the three months to 30 September 2026 ("Q3 2026" or the “Quarter”) and nine months to 30 September 2026 ("9M 2026").
Copper production continues to grow quarter-on-quarter to 5,514 tonnes in Q3 2026 (Q2 2026: 5,129 tonnes), as Demirli ramps up to full production by the end of November. In line with its medium-term growth strategy, the Company will become a majority copper producer in 2026.
Continued production growth in Q3 2026
Copper production of 5,514 tonnes (Q3 2025: 2,288 tonnes) as Demirli production continues to ramp-up in line with expectations, with steady state production expected by the end of November1,690 tonnes at Gedabek3,824 tonnes at DemirliGold production of 6,781 ounces (Q3 2025: 6,798 ounces)5,582 ounces contained within gold doré1,199 ounces from flotation and SART productionSilver production totalled 52,969 ounces (Q3 2025: 41,623 ounces)5,480 ounces contained within gold doré47,489 ounces from flotation and SART processingMining recommenced from Ugur in the Quarter following evaluation of the mineralisation
Record copper production in 9M 2026
Copper production of 14,354 tonnes (9M 2025: 3,476 tonnes)Gold production of 19,110 ounces (9M 2025: 18,912 ounces)Silver production of 145,824 ounces (9M 2025: 103,971 ounces)
Q3 2026 sales and financial overview
Total gold bullion sales of 5,733 ounces at an average of $4,259 per ounce (Q3 2025: 5,181 ounces at an average of $3,430 per ounce)Total concentrate sales of 28,987 dry metric tonnes (“dmt”) with a value of $80.5 million9,655 dmt at Gedabek with a value of $30.4 million (Q3 2025: 6,852 dmt with a value of $17.8 million)19,332 dmt at Demirli with a value of $50.1 million (Q3 2025: nil)Cash of $56.5 million ($70.0 million at 30 June 2026) and debt of $9.4 million ($12.3 million at 30 June 2026)Net cash outflow in the Quarter of $10.6 millionCash payments in the Quarter included $10.0 million in respect of the 2025 final dividend and profits tax paymentsCash outflow also included $30.1 million working capital usage in respect of sales invoiced in September with proceeds received in OctoberWorking capital usage will be reversed in Q4 2026Unsold gold doré and copper concentrate inventory of $27.0 million at 30 September 2026
Outlook
Ramp-up at Demirli continues to progress in line with expectations, with steady-state production expected by the end of November.
The Company is pleased to maintain its Full Year 2026 guidance of 20,000 to 25,000 tonnes of copper, 26,000 to 30,000 ounces of gold and 170,000 to 210,000 ounces of silver, with AISC of $6,000 to $7,000 per tonne of copper and $1,500 to $1,800 per ounce of gold.
Key metrics for H1 2026, Q3 2026, Q3 2025 and FY 2025
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| H1 2026 | Q3 2026 | Q3 2025 | Q3 2026 compared to Q3 2025 H/(L) | FY 2025 |
Production |
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Gold | ounces | 12,329 | 6,781 | 6,798 | (17) | 25,061 |
Copper |
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Gedabek | tonnes | 3,341 | 1,690 | 1,577 | 113 | 4,787 |
Demirli | tonnes | 5,499 | 3,824 | 711 | 3,113 | 3,128 |
Total copper | tonnes | 8,840 | 5,514 | 2,288 | 3,226 | 7,915 |
Silver | ounces | 92,855 | 47,489 | 41,623 | 5,866 | 153,333 |
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Doré sales |
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Doré | ounces | 7,126 | 5,733 | 5,181 | 552 | 19,631 |
Sales value | $/ounce | 4,664 | 4,259 | 3,430 | 829 | 3,441 |
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Copper concentrate sales |
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Tonnes | tonnes | 58,577 | 28,987 | 6,852 | 22,135 | 29,695 |
Sales value | $m | 125.9 | 80.5 | 17.8 | 62.7 | 64.7 |
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Increase / (decrease) in net cash |
$m | 55.0 | (10.6) | (1.2) | (9.4) | 17.3 |
Ending net cash / (debt) |
$m | 57.7 | 47.1 | (14.2) | 61.3 | 2.5 |
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Market value of inventory |
$m | 28.9 | 27.0 | 11.5 | 15.5 | 37.7 |
Reza Vaziri, CEO of Anglo Asian Mining, commented:
“We are delighted with the continued operational progress made during the Quarter, with successive quarter-on-quarter copper production growth driven by the ongoing ramp-up at Demirli, which remains on track to enter full production by the end of November. We are very well placed to deliver our medium-term strategy of becoming a mid-tier, majority copper producer.”
Note that all references to "$" 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.
For further information please contact:
Anglo Asian Mining plc
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Amir Vaziri, Chief Business Development Officer | Tel: +1 (301) 332 9938 |
Peel Hunt LLP (Broker) | Tel: +44 (0) 20 7418 8900 |
Ross Allister |
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David McKeown |
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Emily Bhasin |
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SP Angel Corporate Finance LLP (Nominated Adviser) Ewan Leggat Adam Cowl |
Tel: +44 (0) 20 3470 0470 |
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Hudson Sandler (Financial PR) Charlie Jack Harry Griffiths
| Tel: +44 (0) 20 7796 4133
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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 is progressing its strategic plan for growth, which is a clearly defined path to transition to a multi-asset, mid-tier, copper and gold producer by 2030. Copper is now the principal product of the Company, with forecast annual production in 2030 of around 50,000 to 55,000 tonnes. This growth will be achieved by bringing three new mines into production during the period 2027 to 2030 at Xarxar, Garadag and Zafar. This is in addition to the new Gilar and Demirli mines which commenced production in May 2025 and July 2025 respectively. https://www.angloasianmining.com/
APPENDIX
OPERATING STATISTICS FOR Q3 2026
Ore mined during Q3 2026
Gedabek
Mine | 3 months to 31 March 2026 | 3 months to 30 June 2026 | 3 months to 30 September 2026 | ||||||
| Ore mined (tonnes) | Average gold grade (g/t) | Average copper grade (%) | Ore mined (tonnes) | Average gold grade (g/t) | Average copper grade (%) | Ore mined (tonnes) | Average gold grade (g/t) | Average copper grade (%) |
Open pit | 35,588 | 0.46 | 0.20 | 23,502 | 0.26 | 0.03 | 33,828 | 0.38 | 0.22 |
Gilar – u/g | 208,032 | 1.30 | 1.36 | 225,602 | 1.39 | 1.67 | 227,282 | 1.40 | 1.43 |
Ugur – o/pit | - | - | - | - | - | - | 40,374 | 0.29 | - |
Total | 243,620 | 1.18 | 1.19 | 249,104 | 1.28 | 1.52 | 301,484 | 1.14 | 1.27 |
Demirli
| 3 Months to 31 March 2026 | 3 Months to 30 June 2026 | 3 Months to 30 September 2026 | |||
Mine | Ore mined | Average copper grade | Ore mined | Average copper grade | Ore mined | Average copper grade |
| (tonnes) | (%) | (tonnes) | (%) | (tonnes) | (%) |
Open pit | 1,352,208 | 0.37 | 2,238,060 | 0.34 | 2,034,552 | 0.39 |
Gedabek processing, production and sales in Q3 2026
Ore processed by leaching
Quarter ended | Ore processed | Gold grade of ore processed | ||||
| Heap leach pad crushed ore (tonnes) | Heap leach pad ROM ore (tonnes) | Agitation leaching plant* (tonnes) | Heap leach pad crushed ore (g/t) | Heap leach pad ROM ore (g/t) | Agitation leaching plant* (g/t) |
31 March 2025 | 106,429 | - | 149,763 | 0.40 | - | 1.16 |
30 June 2025 | 133,153 | - | 154,948 | 0.40 | - | 1.13 |
30 September 2025 | 47,202 | - | 156,773 | 0.40 | - | 1.52 |
31 December 2025 | - | - | 163,541 | - | - | 1.27 |
FY 2025 | 286,784 | - | 625,025 | 0.40 | - | 1.26 |
31 March 2026 | 39,475 | - | 167,989 | 0.33 | - | 1.33 |
30 June 2026 | 80,702 | - | 183,929 | 0.25 | - | 1.40 |
H1 2026 | 120,176 | - | 351,918 | 0.29 | - | 1.37 |
30 September 2026 | 122,812 | - | 186,164 | 0.38 | - | 1.39 |
Ore processed by flotation
Quarter ended | Ore processed* |
Gold content |
Silver content | Copper content |
| (tonnes) | (ounces) | (ounces) | (tonnes) |
31 March 2025 | 155,406 | 535 | 9,516 | 729 |
30 June 2025 | 166,135 | 1,193 | 30,537 | 900 |
30 September 2025 | 151,359 | 3,185 | 85,123 | 1,793 |
31 December 2025 | 156,158 | 3,027 | 93,835 | 2,409 |
FY 2025 | 629,058 | 7,940 | 219,011 | 5,831 |
31 March 2026 | 162,109 | 2,806 | 69,040 | 1,703 |
30 June 2026 | 177,491 | 3,725 | 85,676 | 2,302 |
H1 2026 | 339,600 | 6,531 | 154,716 | 4,005 |
30 September 2026 | 178,545 | 3,691 | 99,234 | 2,454 |
*the ore processed by flotation includes ore which had previously been treated by agitation leaching. For 2026, all ore processed had been previously treated by agitation leaching.
Gold and silver produced as gold doré and gold sales
Quarter ended | Gold produced* | Silver produced* | Gold sales** | Gold Sales price |
| (ounces) | (ounces) | (ounces) | ($/ounce) |
31 March 2025 | 5,758 | 8,206 | 4,753 | 2,843 |
30 June 2025 | 5,624 | 6,699 | 5,028 | 3,299 |
30 September 2025 | 5,814 | 4,655 | 5,181 | 3,430 |
31 December 2025 | 5,133 | 4,788 | 4,669 | 4,214 |
FY 2025 | 22,329 | 24,348 | 19,631 | 3,441 |
31 March 2026 | 4,842 | 5,607 | 4,100 | 4,728 |
30 June 2026 | 5,158 | 5,775 | 3,026 | 4,579 |
H1 2026 | 10,000 | 11,382 | 7,126 | 4,664 |
30 September 2026 | 5,582 | 5,480 | 5,733 | 4,259 |
* 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
Quarter ended | Gold | Silver | ||||
Agitation leaching (ounces) | Heap leaching (ounces) | Total
(ounces) | Agitation leaching (ounces) | Heap leaching (ounces) | Total
(ounces) | |
31 March 2025 | 4,017 | 1,741 | 5,758 | 5,717 | 2,489 | 8,206 |
30 June 2025 | 3,936 | 1,688 | 5,624 | 4,632 | 2,067 | 6,699 |
30 Sept 2025 | 4,681 | 1,133 | 5,814 | 3,735 | 920 | 4,655 |
31 Dec 2025 | 3,988 | 1,145 | 5,133 | 3,720 | 1,068 | 4,788 |
FY 2025 | 16,622 | 5,707 | 22,329 | 17,804 | 6,544 | 24,348 |
31 March 2026 | 3,780 | 1,062 | 4,842 | 4,379 | 1,228 | 5,607 |
30 June 2026 | 4,112 | 1,046 | 5,158 | 4,603 | 1,172 | 5,775 |
H1 2026 | 7,892 | 2,108 | 10,000 | 8,982 | 2,400 | 11,382 |
30 Sept 2026 | 4,337 | 1,245 | 5,582 | 4,274 | 1,206 | 5,480 |
Copper concentrate production and sales
| Concentrate | Copper | Gold | Silver | Concentrate |
Concentrate |
| production* | content* | content* | content* | sales** | sales** |
| (dmt) | (tonnes) | (ounces) | (ounces) | (dmt) | ($000) |
Quarter ended |
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31 March 2025 | 3,072 | 534 | 270 | 22,109 | 2,324 | 4,050 |
30 June 2025 | 3,523 | 654 | 462 | 25,334 | 3,886 | 7,060 |
30 September 2025 | 6,769 | 1,577 | 984 | 36,968 | 6,852 | 17,760 |
31 December 2025 | 9,784 | 2,022 | 1,016 | 44,573 | 7,255 | 18,430 |
FY 2025 | 23,148 | 4,787 | 2,732 | 128,984 | 20,317 | 47,300 |
31 March 2026 | 7,311 | 1,462 | 1,215 | 37,189 | 7,890 | 24,206 |
30 June 2026 | 9,925 | 1,879 | 1,114 | 44,284 | 11,103 | 30,290 |
H1 2026 | 17,236 | 3,341 | 2,329 | 81,473 | 18,993 | 54,496 |
30 September 2026 | 8,972 | 1,690 | 1,199 | 47,489 | 9,655 | 30,387 |
* including Government of Azerbaijan’s share
** excludes Government of Azerbaijan’s share
Demirli processing, production and sales Q3 2026
Processed | Unit | Q1 2026 | Q2 2026 | Q3 2026 |
Ore feed to plant | dry metric tonnes | 647,835 | 855,104 | 1,022,576 |
Grade | per cent. | 0.44 | 0.51 | 0.50 |
Copper content | tonnes | 2,880 | 4,361 | 5,120 |
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Production |
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Copper concentrate | tonnes | 11,901 | 16,904 | 19,369 |
Copper content | tonnes | 2,249 | 3,250 | 3,824 |
Sales |
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Concentrate sales | Dry metric tonnes | 10,663 | 21,032 | 19,332 |
Value of sales | $ million | 21.4 | 50.0 | 50.1 |
Q3 2026 Financial overview
The Company had a net outflow of funds of $10.6 million in the 3 months ended 30 September 2026. Cash decreased by $13.5 million to $56.5 million and debt reduced by $2.9 million to $9.4 million at 30 September 2026. Net cash accordingly decreased by $10.6 million to $47.1 million. The main reasons for the decrease in net cash were as follows:
Working capital increase in respect of concentrate sales of $30.1 million at the end of September for which the proceeds were received in OctoberProfits tax payments of $5.4 million2025 final dividend paid of $4.6 millionPayments to the Government of Azerbaijan in respect of production share on copper concentrate sales for the period July 2025 to Feburary 2026 of $8.8 million following agreement of the amountsNet cash
| Q1 2026 | Q2 2026 | Q3 2026 | |||
| $m | $m | $m | $m | $m | $m |
Beginning of the quarter |
| 2.6 |
| 17.7 |
| 57.7 |
Sales proceeds (net of Government production share) | 62.4 |
| 89.6 |
| 53.4 |
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Interest income | 0.3 |
| 0.4 |
| 0.7 |
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VAT refund | - |
| 2.9 |
| 5.5 |
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Operating costs | (39.9) |
| (46.2) |
| (58.2) |
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Capital expenditure | (3.4) |
| (3.9) |
| (1.8) |
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Demirli lease payment | (3.8) |
| - |
| - |
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Debt servicing | (0.5) |
| (0.3) |
| (0.2) |
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Profits tax payment | - |
| (2.6) |
| (5.4) |
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Dividend | - |
| - |
| (4.6) |
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Inc./(dec.) in net cash |
| 15.1 |
| 39.9 |
| (10.6) |
End of the quarter |
| 17.7 |
| 57.6 |
| 47.1 |
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