Anglo Asian Mining PLC (LSE:AAZ) has released its 2026 production and cost outlook, highlighting what it describes as a landmark year as it operates for the first time as a multi-asset producer in Azerbaijan. The company expects copper to overtake gold as its main revenue driver as production accelerates at the recently commissioned Gilar and Demirli mines, complementing output from its long-standing Gedabek site.
Total copper production for 2026 is projected to almost triple to between 20,000 and 25,000 tonnes. Gold output is forecast at 28,000 to 33,000 ounces, while silver production is expected to reach 170,000 to 210,000 ounces.
Management indicated that all-in sustaining costs should remain competitive, underpinning its objective of delivering another year of strong operational growth and progressing toward its ambition of becoming a mid-tier producer.
The company’s broader outlook remains weighed down by weaker financial performance, including falling revenues, negative profit margins and worsening free cash flow. Valuation metrics are also less attractive given ongoing losses. These challenges are partly counterbalanced by positive technical signals, with the share price trading above major moving averages and momentum indicators pointing upward.
More about Anglo Asian Mining
Anglo Asian Mining is an AIM-listed copper, gold and silver producer with production and exploration assets across Azerbaijan. In 2025, the company produced 7,915 tonnes of copper and 25,061 ounces of gold. It is pursuing a long-term strategy to evolve into a diversified, mid-tier copper and gold producer by 2030, targeting annual copper output of 50,000 to 55,000 tonnes from a portfolio that includes Xarxar, Garadag, Zafar, Gilar and Demirli.
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