Anglo Asian Mining plc (LSE:AAZ) has exceeded a cumulative production milestone of one million gold equivalent ounces since commencing operations in 2009. The AIM-listed miner, which focuses on gold, copper and silver production in Azerbaijan, has expanded significantly from its original heap leach gold and silver operations at the Gedabek open pit.
The company now operates multiple producing assets, including the Gilar underground copper-gold mine and the Demirli open pit copper project, both of which entered production in 2025. These additions mark an important step in broadening Anglo Asian’s production base beyond its initial operations.
The milestone, confirmed at the end of January 2026, comprises approximately 851,000 ounces of gold, 1.9 million ounces of silver and more than 30,000 tonnes of copper produced to date. Management said the achievement highlights the scale and longevity of the group’s production activities.
Looking ahead, 2026 is expected to be a significant year for the company as copper production is forecast to triple, driven by increased output from the Gilar and Demirli mines. This expansion is part of Anglo Asian’s strategy to shift towards a more copper-focused portfolio while continuing to produce gold and silver. The company ultimately aims to develop into a mid-tier, multi-asset producer, a transition closely watched by investors following growth in Azerbaijan’s mining sector.
Despite these operational developments, the company’s outlook is currently weighed down by weak financial performance, including declining revenue, negative margins and deteriorating free cash flow. Valuation metrics are also less clear due to negative earnings. These challenges are partly balanced by a strong technical share price trend, with the stock trading above key moving averages and showing positive momentum indicators.
More about Anglo Asian Mining
Anglo Asian Mining is an AIM-listed producer of copper and gold with a portfolio of production and exploration assets across Azerbaijan. In 2025 the company produced 7,915 tonnes of copper and 25,061 ounces of gold. Its long-term strategy is to evolve into a multi-asset, mid-tier mining company by 2030, with copper expected to become its primary product as additional projects are brought into development.
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