Anglo Asian Mining (AAZ) Trading update summary

Operational and Production Highlights

• Entered a new growth phase with Gilar and Demirli mines commencing production in 2025, expanding capacity and asset base.

• Achieved record Q3 2025 copper production of 2,287 tonnes, up 250% quarter-on-quarter, with gold output at 6,798 ounces and silver at 41,605 ounces.

• Gilar mine delivers over 2,000 tonnes of ore per day with strong copper and gold grades; Demirli plant commissioning and upgrades ongoing.

• Upgrades at Gedabek flotation plant and new filter press are underway to process higher-grade ores and boost efficiency.

• Xarxar and Garadag projects progressing, with production targeted for 2027–2030 and significant copper resources identified.

Financial Performance and Guidance

• Revenues for H1 2025 reached $40.9 million, up from $13.4 million in H1 2024, with profit before tax at $7.1 million.

• Cash from operating activities increased to $11.4 million; net debt at $13.1 million as of June 2025, rising to $14.2 million by September due to Demirli start-up costs.

• Inventory of unsold gold doré and copper concentrate valued at $11.5 million at quarter-end.

• 2025 production guidance: copper 8,100–9,000 tonnes, gold 25,000–28,000 ounces, turnover $125–140 million, EBITDA $40–50 million.

• Cash flow positive status expected as Demirli concentrate sales commence, with significant net debt reduction forecast by year-end.

Resource Base and Exploration

• Total resources exceed one million tonnes of copper and 400,000 ounces of gold to JORC standard.

• Xarxar hosts 119,100 tonnes of copper; Garadag contains 897,000 tonnes of copper.

• Exploration and development continue across eight contract areas, with programs to upgrade resources and significant expansion potential.

• Exploration drilling and resource modeling ongoing at Gilar and other gold-focused tenements.