Anglo Asian Regulatory News (AAZ)

20 February 2023

Anglo Asian Mining plc

Follow-on investment in Libero Copper & Gold Corporation

19.8 per cent. holding maintained as part of Libero's CAN$2.5m placing

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer primarily focused in Azerbaijan, is pleased to announce it has made a fourth investment in Libero Copper & Gold Corporation ("Libero") committing to acquire 3.2 million new shares at CAN 15 cents per share for a total consideration of CAN$480,000 (US$355,000).

The investment, which maintains the Company's 19.8 per cent. shareholding in Libero, forms part of Libero's recently launched private placement with gross proceeds of approximately CAN$2.5 million (US$1.9 million) to be used for exploration at the Mocoa and Esperanza copper porphyry projects in Colombia and Argentina respectively. Further information about Libero's properties can be found at: https://www.liberocopper.com.

Libero is listed on the TSX Venture Exchange (ticker LBC) and owns, or has the right to acquire, several copper exploration properties in North and South America including Mocoa, one of the world's largest undeveloped copper-molybdenum resources. Anglo Asian now holds 21.3 million common shares in Libero. Anglo Asian also holds a total of 12.1 million warrants exercisable at CAN 22 cents and CAN 75 cents per share as set out in the table below.

Libero provides Anglo Asian with exposure to significant copper resources, in addition to the Company's fully-owned projects in Azerbaijan including the world-class Garadagh resource. Anglo Asian is currently at the final stages of developing its medium-term growth strategy, culminating in its transition to becoming a copper focused, mid-tier mining company.

Anglo Asian CEO Reza Vaziri, commented: "We are pleased to make this second investment this year, which in total is our fourth investment in Libero. This second share placing this year demonstrates the attractiveness of investing in Libero and their asset portfolio. Libero have an exciting range of significant copper assets across the Americas and an experienced management team. I look forward to updating our shareholders on Libero's progress in the coming months."

All references to "US$" are to United States dollars and all references to "CAN$" are to Canadian dollars. An exchange rate of US$1 = CAN$1.35 has been used throughout.

**ENDS**

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.

For further information please contact:

About Libero Copper & Gold Corporation

Libero is a holding company incorporated in British Columbia, Canada, with its head office in Vancouver. It has an experienced and seasoned management team and its Executive Chairman is Ian Slater, who has founded numerous companies and been involved in the Mining industry for 25 years. Libero's management team is led by Ian Harris, Chief Executive Officer and President, who is a mining engineer with over 20 years' experience leading projects worldwide including over 10 years working and living in South America. Michael Sununu (a Non-Executive Director of Anglo Asian) was appointed to the board of Libero in January 2022. Libero is listed on the Toronto Venture Exchange (ticker LBC).

For further information, visit: : https://www.liberocopper.com

Libero holds a collection of porphyry copper deposits throughout the Americas in prolific but stable jurisdictions. Its mining properties include:

Mocoa

Mocoa is a porphyry copper-molybdenum deposit located in Putumayo, Colombia in the Jurassic porphyry belt which extends through Ecuador and Colombia including the Mirador mine and Waritza deposit. A pit-constrained NI 43-101 compliant resource at Mocoa contains 636 million tonnes of 0.45 per cent. copper equivalent at 0.25 per cent. cut-off, containing 4.6 billion pounds of copper and 511 million pounds of molybdenum. The Mocoa deposit is open in both directions, along strike and at depth.

The drill results from its recent campaign have been released which are highly encouraging. The first drill hole was completed to a depth of 1,236 metres and complete assay results have been reported. 1,229 metres of 0.58 per cent. copper equivalent (0.42 per cent. copper and 0.047 per cent. molybdenum) from 7 metres to 1,236 metres was returned. These assay results confirm the exceptional grade, thickness, and strength of the mineralisation present in the area. Nine new porphyry targets including significant expansion potential at Mocoa have been identified. In addition, a large 2 kilometre long by 800 - 1,000 metre wide multi-element soil geochemical anomaly has also been discovered. This significantly expands the footprint and potential size of the deposit outside of the forest reserve in areas that have not been previously drilled.

Metallic copper has also been recently produced from ore from the Mocoa copper-molybdenum deposit in Colombia. It is the first copper mined and produced from a deposit in Colombia. Ore samples from Mocoa were taken to the Mineral Institute CIMEX of UNAL, where a concentrate of copper minerals was produced, from which metallic copper was extracted.

Esperanza

Esperanza is a porphyry copper-gold and epithermal gold project located in the prolific precious and base metal endowed Huachi mining district, San Juan province, Argentina. It is in the permitting stages for restarting exploration and drilling and has the support of the local community. Representatives of the Ministry of Mines of San Juan have recently visited the project to confirm conditions before actual restart. A water baseline study has been carried out.

Big Bulk

Big Bulk is a porphyry copper-gold target located 50 kilometres southeast of Stewart, British Columbia, Canada. Big Bulk is fully permitted. In September 2021, Libero completed a 2,000 metre diamond drill programme at Big Bulk.

The results of the drill programme in September 2021 were were announced by Libero on 4 January 2022. The drill results indicate the potential of the property to host a sizeable porphyry deposit.

Big Red

Big Red is a new porphyry copper-gold discovery in the Golden Triangle, British Columbia, Canada - a geological province famous for its prodigious gold and copper mineralisation. The initial drill programme was completed during the 2020 field season resulting in the Terry discovery. Four holes were drilled at the end of the season and each of the holes was mineralised from surface to end of hole. In October 2021 the Company completed an initial 5,000 metre diamond drill programme.

Processing of the 2021 airborne magnetics and radiometrics survey has now been carried out which identified a large four by four by 4-kilometre triangular shaped area with strong potassic alteration immediately southeast of, and continuous with, the Terry porphyry copper gold-discovery representing a possible hydrothermal source for copper and gold mineralisation.

About Anglo Asian

Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer in south-west Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company produced 57,618 gold equivalent ounces ("GEOs") for the year ended 31 December 2022.

In December 2021, the Company undertook a private placement which acquired 19.8 per cent. of Libero Copper & Gold Corporation ("Libero"). Libero is listed on the TSX Venture Exchange in Canada and owns, or has the option to acquire, several copper exploration properties in North and South America, including Mocoa in Colombia, one of the world's largest undeveloped copper-molybdenum resources. Four further follow-on investments (including this announcement) have been made in Libero to maintain the Company's shareholding at 19.8 per cent.

On 5 July 2022, the Parliament of Azerbaijan ratified amendments to the Company's Production Sharing Agreement, which granted it legal title to three additional concessions with a combined area of 882 square kilometres, including the Garadagh porphyry copper deposit, with a Soviet classified resource of over 300,000 tonnes of copper. https://www.angloasianmining.com/

Libero warrants held by Anglo Asian

The share warrants held by Anglo Asian in Libero are exercisable from the date of issue and can be exercised up to their two year anniversary. The number and price of warrants currently outstanding are as follows: