Anglo Asian Mining PLC Share News (AAZ)

(Sharecast News) - Anglo Asian Mining reported a strong operational performance in the second quarter of 2025 on Tuesday, with production rising sharply following the launch of its Gilar mine and continued progress at its Demirli project.

The AIM-traded gold, copper and silver miner produced 8,293 gold equivalent ounces in the quarter to 30 June, up from 2,707 ounces a year earlier.

That took first-half output to 16,378 gold equivalent ounces, more than triple the same period last year.

The company produced 1,188 tonnes of copper, 12,115 ounces of gold and 62,354 ounces of silver in the first six months of the year.

Gilar, which started production in May, contributed 106,510 tonnes of ore during the quarter at an average grade of 1.23 grams of gold per tonne and 0.84% copper.

Anglo Asian said the mine made a meaningful contribution to June's copper output and marked a key milestone in its transition to a multi-asset producer.

Work at the Demirli project also progressed steadily, with production expected to follow.

"The Gilar mine, which entered production in May, is performing well and delivered a meaningful contribution in June to our copper output," said chief executive Reza Vaziri.

"Gilar is an important asset for us as we transition to a multi-asset producer, and our production assets will be significantly enhanced when Demirli enters production.

"We look forward to building on the strong momentum of the first half, and to providing further updates on the execution of our growth strategy to become a mid-tier, copper-focused producer."

Sales also improved, with 9,781 ounces of gold bullion sold in the first half at an average price of $3,077 per ounce, up from 6,000 ounces at $2,174 per ounce in the first half of 2024.

The group generated positive cash flow of $1.8m in the period despite $3.8m of capital expenditure on Demirli, reducing net debt to $13m from $14.8m at the end of December.

Anglo Asian said it was continuing to focus on tight cost control and reported an inventory value of $7m at the end of June.

At 1322 BST, shares in Anglo Asian Mining were down 2.88% at 163.65p.

Reporting by Josh White for Sharecast.com.