Anglo Asian Mining (LSE:AAZ) described 2025 as a transformational year after bringing both the Gilar underground copper-gold mine at Gedabek and the Demirli open-pit copper mine in the Karabakh region into production.
The expansion significantly increased output, with the company producing 25,061 ounces of gold and 7,915 tonnes of copper during the year. Supported by higher production levels and favourable metals prices, revenue rose to $122.8 million while the group returned to a pre-tax profit of $25.8 million.
The stronger performance also restored the company to a positive net cash position and enabled the reinstatement of a final dividend for 2025.
Copper production and project pipeline continue to expand
Copper concentrate shipments increased sharply to 29,695 dry metric tonnes, generating sales valued at $54.5 million. Management said production in the opening months of 2026 has continued in line with expectations as the Demirli operation progresses through its ramp-up phase.
The company reaffirmed its production guidance for 2026 and highlighted ongoing development work across several growth projects, including Xarxar and Garadag, alongside additional tailings storage capacity initiatives at Gedabek.
Management stated that these projects support Anglo Asian Mining’s strategy of evolving into a predominantly copper-focused producer with a broader multi-asset growth portfolio.
Technical momentum offsets weaker financial indicators
Despite the operational improvements, the company’s broader outlook continues to face pressure from weaker financial performance metrics, including declining revenue trends, negative margins and deteriorating free cash flow in previous periods.
Valuation metrics also remain difficult to assess due to negative earnings history. However, these concerns are partly balanced by a strong technical market profile, with the shares trading above all major moving averages and supported by positive momentum indicators.
More about Anglo Asian Mining
Anglo Asian Mining is an AIM-listed mining company producing gold, copper and silver in Azerbaijan. The business is transitioning towards becoming a copper-focused, multi-asset mid-tier miner by leveraging infrastructure within its Gedabek contract area while expanding development activity across larger brownfield copper projects in the Karabakh region.
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