22 August 2024

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Anglo Asian Mining PLC

Full Year 2024 Production Guidance

Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, announces its production guidance for the full year 2024 ("FY 2024") after receiving authorisation on 5 August to raise the wall of its tailings dam. The Company is forecasting production of between 15,000 and 19,500 gold equivalent ounces ("GEOs") comprising 250 to 850 tonnes of copper and 14,000 to 16,000 ounces of gold.

FY 2024 production guidance is as follows:

*     The Company does not forecast silver production as it is not material.

**  The gold equivalent ounces have been computed using actual metal prices for the 7 months of January to July 2024 and a gold price of $2,500 per ounce and a copper price of $8,900 per tonne for the 5 months of August to December 2024.

The raise of the tailings dam wall commenced immediately upon receipt of authorisation. The work is progressing well, and the Company anticipates that the first raise of 2.5 metres will be completed within 3 months.

The agitation leaching plant has undergone extensive renovation and refurbishment during the last 12 months. In preparation for restarting production, the Company has undertaken cold commissioning of the plant using water for testing and has rectified all minor leaks. All crushing and grinding equipment has also been subject to extensive maintenance and is fully operational.

The Company expects the agitation leaching plant will be ready for full production and will restart in mid-September, initially processing 97,000 tonnes of stockpiled ore. The flotation plant will restart in November on an independent basis using fresh ore from the existing open pit.

The Company expects the first ore to be mined from Gilar in December, with the planned extraction and processing of approximately 35,000 to 40,000 tonnes of ore grading 1.6 grammes of gold per tonne and 2 per cent copper in the month. To treat Gilar ore, processing will be reconfigured and the agitation leaching plant will initially process Gilar ore with further processing of its tailings by flotation to produce copper.

Reza Vaziri, Chief Executive Officer of Anglo Asian Mining commented:

"We are pleased to provide guidance for this year of between 15,000 and 19,500 gold equivalent ounces as we return to full production and regular operations after receiving authorisation to raise the tailings dam wall. The tailings dam wall raise is progressing well, and we expect the first stage to be completed within the next three months.

"We have used well this period of a partial shut-down of production. In addition to extensive overhaul and refurbishment of our existing processing operations, we have completed extensive preparatory work that will enable us to deliver our strategic growth plan to become a multi-asset, mid-tier primarily copper producer. I look forward to keeping you updated on our progress in the weeks and months ahead."

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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About Anglo Asian Mining

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 31,821 gold equivalent ounces ("GEOs") for the year ended 31 December 2023. 

On 30 March 2023, the Company published its strategic plan for growth which shows a clearly defined path for the Company to transition to a multi-asset, mid-tier, copper and gold producer by 2028, by which time copper will be the principal product of the Company, with forecast production of around 36,000 copper equivalent tonnes. It plans to achieve this growth by bringing into production four new mines during the period 2024 to 2028 at Zafar, Gilar, Xarxar and Garadag. 

https://www.angloasianmining.com/