Anglo Asian Mining (AAZ) H1 2026 earnings summary

Executive summary

• Achieved record copper production of 8,840 tonnes in H1 2026, up from 1,188 tonnes year-over-year, with strong contributions from new Gilar and Demirli mines, marking the first full period as a multi-asset producer.

• Gold and silver production also increased, with 12,329 ounces of gold and 92,855 ounces of silver produced.

• Revenue surged to $141.2 million from $40.9 million year-over-year, with profit before tax rising to $68.5 million from $7.1 million.

• Net cash from operating activities reached $78.5 million, supporting a net cash position of $57.7 million at period end.

• Interim dividend of 6 US cents per share declared, reflecting strong cash generation and commitment to shareholder returns.

Financial highlights

• Revenue increased to $141.2 million (H1 2025: $40.9 million), up 245% year-over-year, driven by higher copper and gold sales and prices.

• Profit before tax rose to $68.5 million (H1 2025: $7.1 million), with profit after tax at $46.1 million (H1 2025: $4.7 million).

• Net cash position improved to $57.7 million from $2.6 million at year-end 2025.

• Operating cash flow was $78.5 million, up from $11.4 million year-over-year.

• All-in-sustaining cost (AISC): Gold $1,224/oz, Copper $5,158/tonne.

Outlook and guidance

• Copper and silver production guidance maintained; gold guidance slightly reduced to 26,000–30,000 ounces due to lower recoveries at Gilar.

• 2026 production guidance: copper 20,000–25,000 tonnes, gold 26,000–30,000 ounces, silver 170,000–210,000 ounces.

• Reduced AISC copper guidance to $6,000–$7,000 per tonne.

• Demirli mine expected to reach steady-state production in Q4 2026.

• Xarxar and Garadag feasibility studies progressing, with production targeted for 2028–2029.