Anglo Asian Mining swings to profit, sees "bright" future ahead

(Alliance News) - Anglo Asian Mining PLC on Tuesday shared an optimistic outlook as it reinstated dividends, after swinging to profit in 2025.

The gold, copper and silver producer targeting Azerbaijan swung to a pretax profit of USD25.8 million in 2025 from a loss of USD21.3 million the year prior.

Revenue multiplied to USD122.8 million from USD39.6 million, with the company declaring a final dividend of 4 US cents per share, payable in sterling, compared with none in 2024.

Anglo Asian shares in the fell 1.4% to 307.66 pence on Tuesday morning in London.

It produced 25,061 ounces of gold in 2025, versus 15,073 ounces in 2024, and 7,915 tonnes of copper, up from just 377 tonnes the previous year. Gold bullion sales totalled 19,631 ounces at an average price of USD3,441 per ounce, compared with USD2,432 on-year. Copper concentrate shipments had a sales value of USD54.5 million, up from USD2.5 million.

The company expects 2026 to be the first full year of production from Gilar and Demirli, and the first year of copper as the primary output.

It is targeting copper production from 20,000 tonnes to 25,000 tonnes, gold output from 28,000 ounces to 33,000 ounces and silver from 170,000 ounces to 210,000 ounces.

Also in 2026, Anglo Asian targets an all-in sustaining cost of USD1,500 to USD1,800 per ounce of gold and USD6,800 to USD7,800 per tonne of copper.

The company did not report AISC for 2025, explaining that this would not be "meaningful" as both Gilar and Demirli commenced production in mid-2025.

Gedabek and Demirli production revenue in 2025 was subject to a 12.75% royalty rate as per the company's production sharing agreement with the Azerbaijani government. It expects this rate to apply to Demirli at least until the end of 2026, but to rise to around 18% at Gedabek by the end of the year.

Anglo Asian expects the final raise of the tailings dam wall at Gedabek to conclude in the middle of this year, covering capacity for the next two to three years. It said the current dam wall at Demirli is safe, but that it is taking further measures for reinforcement. It is hiring consultants for feasibility studies of its Garadag and Xarxar projects, with the latter expected to begin production between 2027 and 2028.

The company held USD2.6 million net cash at December 31, improved from net debt of USD14.7 million a year earlier.

Chief Executive Reza Vaziri enthused that "the future is bright for Anglo Asian" as it evolves into a mid-tier producer.

"2025 was a historic year for Anglo Asian, as we achieved the first milestone of our growth strategy, becoming a multi-asset producer," Vaziri commented.

"We are confident that Anglo Asian has an exciting future, with a strong operational track record, attractive commodity exposure and meaningful growth ahead."

By Holly Munks, Alliance News reporter

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Anglo Asian Mining PLC