British Anglo Asian Mining sees strong Q1 2025 growth Gilar Mine Set to Ramp Up

Anglo Asian Mining plc, the AIM-listed gold, copper, and silver producer in Azerbaijan, reported strong first-quarter 2025 production, with improved output and positive cash inflow.

Anglo Asian Mining plc ("Anglo Asian" or the "Company") has posted a significant production increase in its Q1 2025 report, marking a turning point after last year's challenges, Caliber.Az reports.

The Company delivered a total of 8,085 gold equivalent ounces (GEOs) for the quarter, up from 2,548 GEOs in Q1 2024, when production was partially suspended. The improvement comes after the full resumption of operations following an environmental shutdown, with notable gains across all key metals, particularly copper.

CEO Reza Vaziri expressed optimism, stating, "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."

In terms of metal production, the Company saw substantial growth across the board:

• Copper output surged to 534 tonnes, compared to just 54 tonnes in the same period last year.

• Gold production reached 6,029 ounces, a significant increase from 2,266 ounces in Q1 2024.

• Silver output also saw a notable rise, with 30,321 ounces produced, compared to 6,405 ounces in Q1 2024.

The positive financial results continued with Anglo Asian reporting a net cash inflow of $1.0 million, driven by the resumption of full processing. The Group maintained strict cash management and cost control, reducing net debt (including a $5.0 million advance from Trafigura) to $13.8 million as of 31 March 2025, down from $14.8 million at the end of 2024. Additionally, inventory stood at $7.1 million as of the quarter's end, compared to $4.0 million at 31 December 2024.

Sales for the quarter included 4,753 ounces of gold bullion at an average price of $2,843 per ounce, an increase from 3,925 ounces sold at an average price of $2,080 per ounce in Q1 2024.

In terms of operational highlights, the Company marked several key milestones:

• The first ore was extracted from the Gilar mine in March, with full production expected to begin in May.

• Progress was made in refurbishing the Demirli production facility, positioning the Company for continued growth.

Vaziri further commented, "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."

The Company’s positive trajectory suggests continued success as it pursues growth and strengthens its position as a leading player in the copper and precious metals market.

Notably, 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 December 31, 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.

By Aghakazim Guliyev