Anglo Asian Mining (LSE:AAZ) has reported copper production of 5,514 tonnes for the third quarter of 2026, supported by increased output from its Demirli mine in Azerbaijan, while maintaining its full-year production guidance for copper, gold and silver.
The AIM-listed mining company said copper production for the first nine months of 2026 reached 14,354 tonnes, its highest reported output for a nine-month period.
The increase reflects the continued ramp-up of operations at Demirli, which forms part of Anglo Asian Mining’s strategy to expand copper production across its portfolio.
The company is transitioning towards a production mix in which copper accounts for the majority of its output, alongside its existing gold and silver operations.
Gold and silver production remained broadly unchanged compared with the corresponding period last year, according to the company’s quarterly operational update.
Anglo Asian Mining also confirmed that mining activities had resumed at the Ugur deposit, adding to production operations across its Azerbaijan assets.
Copper Concentrate Sales Generate $80.5 Million
The company reported sales of 28,987 tonnes of copper concentrate during the third quarter, generating revenue of $80.5 million.
The sales figures reflect the increasing contribution of copper to the group’s operations as production at Demirli continues to expand.
Anglo Asian Mining also sold 5,733 ounces of gold bullion during the quarter, with average realised gold prices substantially higher than in the comparative period.
The company did not specify the average realised gold price in the supplied update.
Copper concentrate sales and gold bullion transactions remain principal sources of revenue for the group as it develops its production portfolio.
Cash Balance Reaches $56.5 Million
Anglo Asian Mining ended the third quarter with a cash balance of $56.5 million, following a net cash outflow during the reporting period.
The company attributed the cash movement to dividend distributions, tax payments and temporary working capital requirements.
In addition to its reported cash holdings, Anglo Asian Mining held unsold inventory valued at approximately $27.0 million at the end of the quarter.
The inventory represents material available for future sale, subject to processing, commercial arrangements and prevailing market conditions.
The company continues to manage its cash resources and working capital requirements alongside production activities and investment in its mining operations.
Full-Year Production Guidance Maintained
Following the third-quarter operational performance, Anglo Asian Mining reaffirmed its existing 2026 production guidance for copper, gold and silver.
The company said the continued increase in production at Demirli remains a central component of its operational plans for the remainder of the year.
The resumption of mining at Ugur also forms part of the group’s wider programme to develop and operate multiple mineral deposits in Azerbaijan.
Anglo Asian Mining is pursuing a strategy to become a mid-tier, multi-asset copper and gold producer by 2030.
The company’s development plans include bringing additional mines into production and increasing the contribution from copper across its portfolio.
The third-quarter update reflects higher copper output, increased concentrate sales and continued investment in mining operations, alongside cash outflows associated with dividends, taxation and working capital.
Management continues to target its previously announced production levels for 2026 while progressing the development of its mining assets.
About Anglo Asian Mining
Anglo Asian Mining (LSE:AAZ) is an AIM-listed mining company engaged in the production and exploration of copper, gold and silver in Azerbaijan.
The group operates a portfolio of mining and development assets, including the Demirli mine and the Ugur deposit.
Its activities encompass mineral extraction, processing, concentrate production and precious metals sales.
Anglo Asian Mining is implementing a development strategy intended to expand its production base and establish the company as a mid-tier, multi-asset copper and gold producer by 2030.
The strategy includes increasing copper output, developing additional mining operations and continuing exploration across its mineral portfolio.
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