Anglo Asian Mining PLC Overview
Anglo Asian Mining is the only London-listed producer operating at scale in Azerbaijan. Its rights come from a 1997 Production Sharing Agreement covering eight contract areas, totalling 2,544 km², on the Tethyan metallogenic belt.
For most of its history it was a single-asset gold producer centred on Gedabek. In 2025 it brought the high-grade Gilar underground mine and the brownfield Demirli copper mine in Karabakh into production. This made it a multi-asset producer, and in 2026 copper became its primary product.
Copper guidance for 2026 is 20,000–25,000 tonnes, roughly triple 2025 output. The company targets 50,000–55,000 tonnes of copper per year by 2030 by developing the Xarxar, Garadag and Zafar deposits. At 30 June 2026 the group held more than one million tonnes of JORC copper resources.
The equity story combines rapidly rising copper volumes, record metal prices and a net-cash balance sheet. Against this sit high sovereign concentration, a lease-dependent Demirli operation and a founder-controlled shareholder register.
Company's own description
In its latest interim report (H1 2026), the company describes itself as a copper, gold and silver producer that, with its subsidiaries, owns and operates producing properties in Azerbaijan and explores for and develops gold and copper deposits there. Its boilerplate "notes to editors" (Q3 2026 RNS) describes a copper and gold producer with a "high-quality portfolio of production and exploration assets in Azerbaijan". It also describes a defined plan to become a multi-asset, mid-tier copper and gold producer by 2030, with copper as the principal product.
Independent characterisation
Anglo Asian is a single-country, junior-to-mid-tier base and precious metals miner. It is in the middle of a strategic pivot from gold to copper. Its economics differ from a conventional concession or royalty-tax regime in two ways.
Production sharing.
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The Government of Azerbaijan, now represented by AzerGold CJSC, takes 51% of "Profit Production". Profit Production is the value of production less recoverable capital and operating costs.
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A floor sets Profit Production at no less than 25% of production value.
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While cost recovery is binding, the government's take is therefore 12.75% of gross production value (51% × 25%), which works like a royalty.
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Gedabek's effective rate is expected to rise to about 18% by end-2026 as unrecovered costs are exhausted. Demirli is expected to stay at 12.75% until at least end-2026 (H1 2026 Interim Results).
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Corporate profits tax applies at 32%, the rate stipulated in the PSA.
Asset access.
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Two key growth assets, Demirli and Kyzlbulag, are in Karabakh. They were developed during the Armenian occupation and returned to Azerbaijani control.
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Demirli is not owned. The company leases the property complex (pit, flotation plant, fleet and infrastructure) from the Government of Azerbaijan.
Business model and revenue model
| Dimension | Description |
|---|---|
| Revenue model | 100% product sales of mined commodities at market-linked prices. There is no service, subscription or licensing revenue. No hedging was undertaken in 2025 or H1 2026 (H1 2026 Interim Results). |
| Products | (1) Gold doré, refined in Switzerland; (2) copper concentrate containing payable gold and silver, from flotation at Gedabek and Demirli; (3) copper/silver precipitate from the SART circuit at Gedabek. Silver is a by-product credit. |
| Revenue mix H1 2026 | Gold and silver bullion: $33.9m (24%). Copper and precious-metal concentrate: $107.3m (76%) (H1 2026 Interim Results). |
| Revenue mix FY2025 | Concentrate about $54.5m (44%) and bullion about $68.3m (56%). Derived from Alliance News reporting of FY2025 results: concentrate sales value of $54.5m against total revenue of $122.8m. |
| Customers | All doré is refined by, and all bullion sold to, MKS Finance SA (Switzerland). Concentrate is sold to three metal traders under periodically renewed contracts, each requiring government approval (H1 2026). Trafigura buys Demirli concentrate and provided a $25m prepayment facility (Nov 2025). |
| End-markets | Global copper smelting and refining; precious metals refining and bullion markets. These ultimately feed electrical, construction, energy-transition, investment and jewellery demand. |
| Value-chain position | Upstream: exploration, mining and primary processing to doré and concentrate. There is no smelting or refining. Concentrate is collected by the buyer's trucks at two company logistics centres near the Baku–Georgia highway. |
Operating scale (latest)
| Metric (Q3 2026 / 9M 2026) | Value | Source |
|---|---|---|
| Q3 2026 copper production | 5,514 t (Gedabek 1,690 t; Demirli 3,824 t) | Q3 2026 RNS |
| 9M 2026 copper production | 14,354 t (9M 2025: 3,476 t) | Q3 2026 RNS |
| 9M 2026 gold production | 19,110 oz (9M 2025: 18,912 oz) | Q3 2026 RNS |
| 9M 2026 silver production | 145,824 oz | Q3 2026 RNS |
| Demirli plant feed Q3 2026 | 1,022,576 dmt at 0.50% Cu | Q3 2026 RNS |
| Demirli nameplate capacity | About 6.5 Mtpa | H1 2026 Interim Results |
| Net cash at 30 Sep 2026 | $47.1m (cash $56.5m; debt $9.4m, excluding leases) | Q3 2026 RNS |
Strategy
Stated strategy (paraphrased from the H1 2026 Interim, Q3 2026 RNS and FY2025 results)
| Pillar | Description | Status |
|---|---|---|
| 1. Become a multi-asset producer | Bring Gilar and Demirli into production | Achieved in 2025 (May and July) |
| 2. Make copper the primary product | Copper to become the dominant revenue contributor | Achieved in 2026. Copper was 74% of group revenue in H1 2026 on the AISC allocation basis. |
| 3. Reach mid-tier scale by 2030 | Three new mines in 2027–2030: Xarxar (target 2028), Garadag (target 2029) and Zafar | In progress. 2030 target is 50,000–55,000 t copper per year. |
The corporate strategy is a three-step transition to a "multi-asset, mid-tier, copper-focused producer".
Evolution of targets.
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Earlier materials targeted mid-tier status "by 2028" with four new mines (Zafar, Gilar, Xarxar, Garadag) in 2025–2029 (2024–25 RNS boilerplate).
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The 2025 AGM presentation cited about 36,000 t copper per year.
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The target was raised to 50,000–55,000 t by 2030 once Demirli was added. This raises the ambition while extending the timeline.
Strategic initiatives (last 24 months)
| Initiative | Date | Description | Target / metric |
|---|---|---|---|
| Gilar mine start-up | May 2025 | High-grade underground copper-gold feed for Gedabek | Delivered on time and on budget (company) |
| Demirli lease and restart | Apr–Jul 2025 | Lease of a government-owned brownfield mine and 6.5 Mtpa plant; $11.2m leasehold improvements | Steady state by end-Nov 2026 |
| Gedabek flotation upgrade | 2025–H1 2026 | Two filter presses and a thickener (2025); nine Imhoflot pneumatic cells and a new control room (H1 2026) | Higher Gilar Cu and Au recoveries |
| Tailings | 2024–2026 | Final Gedabek wall raise to 90 m (Apr 2026); second Gedabek dam in permitting; Demirli buttress (20 Mt rock), 10 m raise and new facility planned | GISTM conformance by end-2026 |
| Worley feasibility studies | Jun 2026 | Feasibility studies for Xarxar (complete H2 2027) and Garadag (complete H1 2028) | Production 2028 / 2029 |
| 90,000 m core drilling | 2026–2027 | About 55,000 m exploration plus about 35,000 m feasibility (Xarxar 10,000 m; Garadag 25,000 m) | Resource growth and conversion |
| Process innovation pilots | 2,026 | Xarxar heap-leach test pad (about 10,000 t ore) and SX/EW pilot at Gedabek; biological heap-leach R&D lab; Garadag in-situ leach test tunnels; Demirli oxide heap-leach pad and SX/EW pilot | On-site copper cathode capability |
| Logistics | 2,025 | Two concentrate logistics centres | Avoids buyer access to restricted Karabakh areas |
| Capital allocation policy | Announced Sep 2026 | Formal policy being drafted to balance dividends and growth | Update "in due course" |
| ESG systems | 2025–2026 | Integrated Environmental & Social Management System; group standards on water, waste, air and mineral waste; biodiversity standard | Digbee BB rating (inaugural, 2025) |
Management guidance (FY2026, as revised 21 Sep 2026)
| Metric | Original guidance (18 Feb 2026) | Current guidance (21 Sep 2026) | 9M 2026 actual | Implied Q4 2026 |
|---|---|---|---|---|
| Copper (t) | 20,000–25,000 | 20,000–25,000 | 14,354 | 5,646–10,646 |
| Gold (oz) | 28,000–33,000 | 26,000–30,000 | 19,110 | 6,890–10,890 |
| Silver (oz) | 170,000–210,000 | 170,000–210,000 | 145,824 | 24,176–64,176 |
| AISC copper ($/t, ex-Demirli lease) | 6,800–7,800 | 6,000–7,000 | 5,158 (H1) | — |
| AISC gold ($/oz) | 1,500–1,800 | 1,500–1,800 | 1,224 (H1) | — |
Analyst observations:
Copper: Q3 2026 copper was 5,514 t. With Demirli reaching steady state in late November, the bottom of the copper range looks achievable. The upper half would need about a 90% quarter-on-quarter jump, which looks unlikely.
Gold: Q3 2026 gold was 6,781 oz. The low end of 26,000 oz requires roughly a 2% improvement in Q4.
Lease cost: Adding back the Demirli lease raises copper AISC by about $1,000/t (company note).
No medium-term financial targets (revenue, EBITDA or ROCE) have been published, beyond the 2030 copper volume target.
Products & Services
Products
| Product | Description and specification | Producing asset(s) | Customer | First produced | Pricing model |
|---|---|---|---|---|---|
| Gold doré | Gold-silver alloy with minor copper. Produced by heap leaching (crushed and run-of-mine ore) and agitation leaching, then resin-in-pulp, electrolysis and smelting. Arrives in Switzerland within 3–5 days. About 90% of contained gold can be sold within 1–2 days of receipt. | Gedabek | MKS Finance SA (Switzerland) | 2,009 | Spot-linked; realised $4,664/oz H1 2026 and $4,259/oz Q3 2026 |
| Copper-gold-silver flotation concentrate (Gedabek) | Sulphide flotation of Gilar ore and agitation-leach tailings. Upgraded in H1 2026 with nine Imhoflot pneumatic cells; two new filter presses and a thickener were added in 2025. H1 2026: 17,236 dmt containing 3,341 t Cu and 2,329 oz Au. | Gedabek | Metal traders (three) | 2,015 | Benchmark copper price less treatment/refining charges, plus payable Au/Ag |
| SART copper/silver precipitate | Copper and silver recovered from cyanide solution, with cyanide recycled to leaching. | Gedabek | Metal traders | 2,010 | As above |
| Copper concentrate (Demirli) | Porphyry-style copper flotation concentrate. Q3 2026: 19,369 t concentrate containing 3,824 t Cu (about 19.7% Cu, derived). | Demirli | Trafigura (offtake with $25m prepayment, Nov 2025) | Jul 2025 | Market-linked |
| Silver (by-product) | Recovered in doré and concentrates. 9M 2026: 145,824 oz. | Gedabek | MKS / traders | 2,009 | By-product credit ($79/oz average H1 2026) |
| Molybdenum | A separate molybdenum plant exists at Demirli but is not operating. | Demirli | — | Not produced | — |
| Copper cathode (prospective) | SX/EW pilot plants under construction at Gedabek (for Xarxar ore) and planned at Demirli (for oxide stockpiles). | Pilot | — | Not yet | — |
Mining asset catalogue
| Asset | Type | Status (Oct 2026) | Key data |
|---|---|---|---|
| Gedabek open pit | Open-pit gold-copper | Producing (low volume) | Remaining mineralisation at 1 Jan 2026: 4.05 Mt at 0.33 g/t Au and 0.40% Cu (41.4 koz Au; 16.4 kt Cu). Internal estimate per JORC procedures. |
| Gilar | Underground copper-gold | Producing since May 2025 | Resource at 1 Jan 2026: 5.52 Mt at 1.26 g/t Au, 0.80% Cu, 0.72% Zn (216.7 koz Au; 44.0 kt Cu). CAT fleet: 3 × R1700 and 2 × 980UMA loaders. Q3 2026 ore mined: 227,282 t at 1.40 g/t and 1.43% Cu. |
| Ugur | Open-pit gold | Mining recommenced Q3 2026 | 40,374 t at 0.29 g/t in Q3 2026 |
| Zafar | Underground copper-gold-zinc | Development halted mid-2023 | JORC (2021): 6.8 Mt at 0.5% Cu and 0.4 g/t Au (28 kt Cu; 73 koz Au; 36 kt Zn) |
| Gadir and Gedabek underground | Underground gold | Closed 2025 | Restart not expected |
| Demirli | Open-pit copper(-molybdenum) | Ramping up; steady state expected by end-Nov 2026 | Internal non-JORC estimate at 1 Jan 2026: 56.35 Mt at 0.41% Cu (229.6 kt Cu), below the current pit only |
| Xarxar (464 km²) | Copper (oxide and secondary sulphide) | Feasibility study (Worley); completion expected H2 2027; production targeted 2028 | JORC: 24.9 Mt at 0.48% Cu (119.1 kt Cu) |
| Garadag (344 km²) | Large low-grade porphyry copper | Feasibility study (Worley); completion expected H1 2028; production targeted 2029; open pit preferred | JORC: 284.9 Mt at 0.32% Cu (896.9 kt Cu) |
| Cayir (in Xarxar area) | Copper-gold prospect | Phase 1 exploration complete | 173 rock samples, 44 trench samples, 1,156 m RC drilling (H1 2026) |
| Gosha (300 km²) | Narrow-vein gold-silver underground | Inactive in H1 2026 | Hasan and Akir veins identified |
| Vejnaly (300 km², Zangilan) | Gold-copper | Access restored early 2026 after landmine restrictions in 2025 | Soviet C1+C2 estimate: 349 kt ore, 4.41 t Au, 2.94 kt Cu. Existing crusher and flotation plant need renovation. |
| Kyzlbulag (462 km², Karabakh) | Copper-gold | Full access granted April 2026 | Historical production indications of up to 35 koz Au per year |
| Ordubad (462 km², Nakhchivan) | Early-stage gold-copper | Exploration (Dirnis prospect) | — |
Source for all resource figures: H1 2026 Interim Results, Tables 1–7.
Production history
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Gold production (oz) | 21,758 | 15,073 | 25,061 |
| Silver production (oz) | 53,226 | 28,258 | 153,333 |
| Gold equivalent production (GEO) | 31,821 | 16,760 | 0 |
| Metric | FY2024 | FY2025 |
|---|---|---|
| Copper production (t) | 377 | 7,915 |
FY2025 was reported in metal terms, not GEOs. The 0 in the GEO row means "not reported", not zero production. Sources: FY2024 Q4 RNS; Q3 2026 RNS.
Financial Narrative
All figures in USD millions unless stated. Fiscal years end 31 December. Primary data: S&P Global Market Intelligence standardised statements via StockAnalysis.com (updated 21 Sep 2026), reconciled to company results announcements where available.
Margins and growth
In the effective-tax row, 0 means "not meaningful" (tax credit on a loss).
Revenue CAGR FY2021–FY2025: 7.3% per year (derived: (122.79/92.49)^(1/4) − 1).
Revenue CAGR FY2020–FY2025: 3.8% per year (derived; FY2020 revenue $102.05m per S&P via TipRanks).
Balance sheet
Notes:
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Working capital and net debt are derived; negative net debt means net cash.
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FY2025 total assets of $239.3m are confirmed by the H1 2026 Interim (non-current assets $147.2m plus current assets $92.1m). One aggregator (Paasa) shows $266.5m, which is treated as erroneous.
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Company-defined net cash/(debt), which excludes leases and includes restricted cash:
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FY2023: –$10.3m (company website)
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FY2024: –$14.7m (FY2024 results; Q4 RNS cites –$14.8m)
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FY2025: +$2.6m (FY2025 results; Q4 RNS cites +$2.5m)
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FY2025 debt split: (H1 2026 Interim):
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Bank and vendor loans: $27.7m, of which non-current borrowings $5.5m and current about $22.2m (derived).
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Lease liabilities: $39.2m ($13.7m current; $25.5m non-current).
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Restricted cash: $9.0m.
Latest balance sheet (30 June 2026, company-reported)
Source: H1 2026 Interim Results. Group policy is to keep gearing below 80%. At 30 Sep 2026: cash $56.5m, debt $9.4m, net cash $47.1m (Q3 2026 RNS).
Cash flow
Notes:
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An alternative free-cash-flow series (Paasa), which also deducts capitalised exploration, gives 12.2 / –3.8 / –24.3 / –2.5 / 20.3 for FY2021 to FY2025.
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H1 2026 (company-reported): operating cash flow $78.5m; PP&E capex $13.4m; capitalised exploration $0.9m; debt principal repaid $15.4m; Demirli lease payments $7.5m.
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TTM to June 2026 (S&P): operating cash flow $113.8m; free cash flow $82.5m.
Ratios
Notes:
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All ratios are derived from S&P data, using average equity and average assets. FY2021 averages use FY2020 equity of $121.96m and total assets of $179.77m.
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A value of 0 means "not meaningful" because EBITDA or EBIT was negative.
ROIC: S&P/StockAnalysis reports 16.92% on a trailing basis as of August 2026, with ROCE of 18.62% and WACC of 11.09%. Annual ROIC history is not publicly disclosed in the sources reviewed.
Cash conversion cycle: not publicly disclosed. A comparable calculation is not robust because PSA payables to the government distort trade payables. For example, the copper concentrate joint-sale payable rose by $15.7m in H1 2026.
H1 2026 and TTM snapshot
Source: H1 2026 Interim Results; S&P via StockAnalysis for the TTM column.
Trend commentary
FY2021–FY2022: mature gold producer in gentle decline.
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Revenue slipped from $92.5m to $84.7m as Gedabek grades fell, but EBITDA margins held above 30%.
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The company paid 8 US cents per share each year and kept a net cash balance of $20–37m.
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It reinvested modestly ($13–17m per year including exploration) in Zafar, Gilar and new contract areas.
FY2023–FY2024: crisis.
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The July 2023 community protest at the Soyudlu tailings site triggered a government-led environmental audit and processing suspension.
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Gold equivalent production fell from 31,821 oz (2023) to 16,760 oz (2024).
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The group reported two consecutive pre-tax losses: –$32.0m in FY2023, which included $13.0m of exploration write-offs and $5.1m of investment losses, and –$21.3m in FY2024.
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A material uncertainty over going concern was flagged in the H1 2023 interim report.
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Equity fell from $113.5m to $67.5m, and the company borrowed from Azerbaijani banks to bridge the gap.
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Strategically, management did not cut growth capex to zero. Gilar development continued, and Demirli access was negotiated. This is what set up the inflection.
FY2025: inflection.
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Revenue tripled to $122.8m. The drivers were Gilar's high-grade feed from May 2025, Demirli's start-up in July 2025, the return of full processing at Gedabek, and a gold price averaging $3,441/oz realised on doré.
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Gross margin swung to 44.5% and net income to $17.7m.
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The balance sheet expanded to $239m, mainly through recognition of the $39.3m Demirli right-of-use asset and working-capital build-up (inventories up $22.9m).
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Leverage including leases rose to 0.78x equity even as company-defined net cash turned positive.
H1 2026: step-change.
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The first full half of multi-asset operations, combined with copper averaging $13,139/t and gold $4,688/oz, produced revenue of $141.2m in six months, more than FY2025 as a whole.
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PBT was $68.5m and operating cash flow $78.5m. Net cash rose by $55m in six months, debt was largely repaid, and a maiden interim dividend was declared.
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Copper AISC of about $5,158/t (ex-lease) against copper above $13,000/t implies very high unit margins.
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Two caveats temper this. First, Gedabek tax losses are now fully used, so the full 32% PSA tax rate applies. Second, the Gedabek effective royalty will step up toward about 18%.
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Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 92.49 | 84.72 | 45.86 | 39.59 | 122.79 |
Cost of revenue (USD Mn) | 74.47 | 68.96 | 50.32 | 49.65 | 68.17 |
Gross profit (USD Mn) | 18.02 | 15.76 | -4.46 | -10.07 | 54.62 |
SG&A (USD Mn) | 5.13 | 5.93 | 7.01 | 6.57 | 9.25 |
Operating income, EBIT (USD Mn) | 12.14 | 9.11 | -25.72 | -19.12 | 32.36 |
EBITDA (USD Mn) | 28.80 | 26.11 | -1.43 | -6.02 | 55.19 |
Interest expense (USD Mn) | 0.27 | 0.38 | 0.87 | 2.12 | 3.88 |
Pre-tax income (USD Mn) | 12.59 | 7.50 | -31.97 | -21.29 | 25.83 |
Income tax (USD Mn) | 5.23 | 3.84 | -7.73 | -3.79 | 8.15 |
Net income (USD Mn) | 7.36 | 3.66 | -24.24 | -17.50 | 17.68 |
EPS basic (USD) | 0.06 | 0.03 | -0.21 | -0.15 | 0.15 |
EPS diluted (USD) | 0.06 | 0.03 | -0.21 | -0.15 | 0.15 |
Dividend per share declared (USD) | 0.08 | 0.08 | 0 | 0 | 0.04 |
Weighted avg shares basic (M) | 114 | 114 | 114 | 114 | 114 |
Margin Analysis (%)
| Ratio (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 19.48 | 18.60 | -9.73 | -25.43 | 44.48 |
Operating margin (%) | 13.12 | 10.75 | -56.08 | -48.30 | 26.35 |
EBITDA margin (%) | 31.13 | 30.81 | -3.11 | -15.21 | 44.94 |
Net margin (%) | 7.96 | 4.32 | -52.87 | -44.21 | 14.40 |
Revenue growth YoY (%) | -9.37 | -8.41 | -45.87 | -13.67 | 210.19 |
Effective tax rate (%) | 41.54 | 51.23 | 0 | 0 | 31.54 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 189.42 | 181.18 | 154.64 | 147.08 | 239.32 |
Cash & equivalents, unrestricted (USD Mn) | 37.45 | 20.41 | 4.48 | 0.89 | 21.25 |
Total current assets (USD Mn) | 94.33 | 78.94 | 59.47 | 43.03 | 92.12 |
Total current liabilities (USD Mn) | 31.49 | 18.49 | 23.38 | 38.94 | 75.67 |
Working capital (USD Mn) | 62.84 | 60.45 | 36.09 | 4.09 | 16.45 |
Intangible assets (USD Mn) | 30.35 | 38.62 | 27.13 | 24.00 | 17.41 |
Goodwill (USD Mn) | 0 | 0 | 0 | 0 | 0 |
Total debt incl. leases, S&P (USD Mn) | 3.29 | 2.71 | 23.21 | 23.78 | 66.90 |
Net debt incl. leases, S&P (USD Mn) | -34.16 | -17.70 | 18.73 | 22.89 | 45.65 |
Total liabilities (USD Mn) | 71.00 | 67.67 | 69.84 | 79.56 | 154.09 |
Shareholders' equity (USD Mn) | 118.42 | 113.51 | 84.81 | 67.52 | 85.23 |
Balance Sheet and Margin Analysis (%)
| Item | 31 Dec 2025 | 30 Jun 2026 |
|---|---|---|
Non-current assets ($m) | 147.2 | 161.9 |
Current assets ($m) | 92.1 | 148.2 |
Cash, unrestricted ($m) | 21.2 | 67.0 |
Restricted cash ($m) | 9.0 | 3.0 |
Bank and vendor debt ($m) | 27.7 | 12.3 |
Lease liabilities ($m) | 39.2 | 33.5 |
Rehabilitation provision ($m) | 22.9 | 24.0 |
Deferred tax liability ($m) | 24.5 | 23.8 |
Net assets ($m) | 85.2 | 131.6 |
Net cash, ex-leases ($m) | 2.6 | 57.7 |
Gearing, debt incl. leases / equity (%) | 78.5 | 34.8 |
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View Subscription PlansCash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (USD Mn) | 26.03 | 13.49 | 0.94 | 8.58 | 46.74 |
Capital expenditure, PP&E (USD Mn) | 6.20 | 10.16 | 18.03 | 8.92 | 25.92 |
Capitalised exploration and intangibles (USD Mn) | 7.59 | 7.16 | 7.24 | 2.15 | 1.35 |
Free cash flow, S&P: OCF less PP&E capex (USD Mn) | 19.83 | 3.33 | -17.09 | -0.34 | 20.82 |
Dividends paid (USD Mn) | 9.21 | 8.61 | 4.60 | 0 | 0 |
Share buybacks (USD Mn) | 0 | 0.15 | 0 | 0 | 0 |
Net debt issued/(repaid) (USD Mn) | -0.43 | -0.36 | 20.23 | 0.22 | 5.25 |
Net change in cash (USD Mn) | -1.40 | -17.04 | -15.93 | -3.59 | 20.36 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE (%) | 6.1 | 3.2 | -24.4 | -23.0 | 23.1 |
ROA (%) | 4.0 | 2.0 | -14.4 | -11.6 | 9.2 |
Current ratio (x) | 3.00 | 4.27 | 2.54 | 1.11 | 1.22 |
Debt to equity, incl. leases (x) | 0.03 | 0.02 | 0.27 | 0.35 | 0.78 |
Net debt to EBITDA, incl. leases (x) | -1.19 | -0.68 | 0 | 0 | 0.83 |
Interest coverage, EBIT / interest (x) | 45.0 | 24.0 | 0 | 0 | 8.3 |
Asset turnover (x) | 0.50 | 0.46 | 0.27 | 0.26 | 0.64 |
Income Statement and Key Financials (USD)
| Metric | H1 2025 | H1 2026 | TTM Jun-2026 (S&P) |
|---|---|---|---|
Revenue ($m) | 40.9 | 141.2 | 223.0 |
Cost of sales ($m) | 27.1 | 63.1 | 104.2 |
Profit before tax ($m) | 7.1 | 68.5 | 87.2 |
Tax ($m) | 2.4 | 22.4 | 28.1 |
Profit after tax ($m) | 4.7 | 46.1 | 59.1 |
EBITDA ($m) | — | — | 115.3 |
Operating cash flow ($m) | 11.4 | 78.5 | 113.8 |
AISC gold ($/oz) | — | 1,224 | — |
AISC copper, group ex-lease ($/t) | — | 5,158 | — |
AISC copper, group incl. lease ($/t) | — | 5,808 | — |
“—” = not publicly disclosed.
Revenue by product / delivery point
| Revenue by product / delivery point | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Bullion sold to Swiss refiner (USD Mn) | 31.0 | 37.4 | 68.3 |
Concentrate sold to traders, delivered in Azerbaijan (USD Mn) | 14.9 | 2.5 | 54.5 |
Total revenue (USD Mn) | 45.9 | 39.6 | 122.8 |
Growth rate (%)
| Growth rate (%) | FY2024 vs FY2023 | FY2025 vs FY2024 |
|---|---|---|
Bullion revenue | 20.6 | 82.6 |
Concentrate revenue | -83.2 | 2,080.0 |
Segment Overview
| Segment | Customer location | H1 2026 invoiced sales ($m) |
|---|---|---|
Gedabek bullion | Switzerland (MKS Finance SA) | 33.9 (revenue basis) |
Gedabek concentrate | Trader (delivery at Gedabek logistics centre, Azerbaijan) | 54.5 |
Demirli concentrate | Trafigura (delivery at Dalimammadli logistics centre near Ganja, Azerbaijan) | 71.4 |
Share Price History
| Date | Price (GBX) | Context | Source |
|---|---|---|---|
25 Apr 2024 | 61.5 | Trough period; awaiting tailings permit | MoneyAM |
2 Jun 2025 | about 145–150 | After FY2024 results; Gilar started | Fidelity |
11 Dec 2025 | 215–224 | After ACG withdrawal | Northern Miner; AJ Bell |
12 Dec 2025 | 240 | — | Shares Magazine |
15 Jan 2026 | about 300 | FY2025 operations review | Sharecast |
26 May 2026 | about 308–314 | FY2025 results | Alliance; Sharecast |
17 Jul 2026 | 425 | — | Kalkine |
21 Sep 2026 | 420 (+14.1% on day) | H1 2026 results | StockAnalysis |
16 Oct 2026 | 415 | Latest close | StockAnalysis |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
Market capitalisation | £475.7m / about $637m | 114.62m voting shares; £1 = $1.34 assumed |
Enterprise value | about $624m | Market cap less cash ($56.5m), plus debt ($9.4m) and lease liabilities ($33.5m at 30 Jun 2026) |
P/E, trailing | about 10.8x | TTM net income to Jun 2026 of $59.1m (S&P) |
EV/EBITDA, trailing | about 5.4x | TTM EBITDA of $115.3m (S&P) |
EV/Sales, trailing | about 2.8x | TTM revenue of $223.0m |
P/B | about 4.8x | Equity of $131.6m at 30 Jun 2026 |
Dividend yield (2026 declared to date: 6c) | about 1.1% | 6c ≈ 4.5p at $1.34 |
Capital Markets
| Item | Detail | Source / date |
|---|---|---|
Coverage | About 1 analyst on aggregator data (Simply Wall St). Peel Hunt (broker) and SP Angel likely publish research, but their forecasts are not publicly disclosed. | Simply Wall St (2026) |
Consensus recommendation | Buy | Stockopedia (about May–Jun 2026) |
Consensus target price | 304.21p, set when the shares were about 310p and now exceeded by the share price | Stockopedia (about May–Jun 2026) |
Consensus EPS, next FY | $0.33 | Stockopedia (about May–Jun 2026) |
Dividend (USD per share)
| Dividend (USD per share) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total declared (USD) | 0.08 | 0.08 | 0 | 0 | 0.04 |
Debt Facilities
| Facility (at 30 Jun 2026) | Amount ($m) | Rate | Maturity |
|---|---|---|---|
Azerbaijani bank loan (unsecured) | 2.0 | 7.5% | Sep 2026 (bullet) |
Azerbaijani bank loan (unsecured) | 3.0 | 5.0% | Oct 2026 (bullet) |
Azerbaijani bank loan (unsecured, amortising) | 4.0 | 8.0% | Final Dec 2028 |
Azerbaijani bank loan (secured on $3.0m deposit) | 3.0 | 8.5% | Dec 2028 (bullet) |
Caterpillar vendor finance | 1.4 | SOFR + 2% | Quarterly instalments (about 2027) |
Total borrowings | 12.3 (Q3 2026: $9.4m) | — | — |
Lease liabilities, mainly Demirli | 33.5 ($14.4m current) | 7% discount rate | About Sep 2028 |
Analyst Conclusions
Management guidance recap
| FY2026 guidance item | Current range |
|---|---|
| Copper | 20,000–25,000 t (low end implied by run-rate) |
| Gold | 26,000–30,000 oz |
| Silver | 170,000–210,000 oz |
| AISC copper | $6,000–7,000/t (ex-Demirli lease) |
| AISC gold | $1,500–1,800/oz |
Other milestones guided:
-
Demirli steady state by end-November 2026.
-
Xarxar feasibility study in H2 2027, with production in 2028.
-
Garadag feasibility study in H1 2028, with production in 2029.
-
Copper of 50,000–55,000 t per year by 2030.
Consensus growth expectations: not reliably available. Published consensus (EPS of $0.33 next FY) predates the H1 2026 results and appears stale.
Bull case
-
Run-rate earnings power is underappreciated. Q3 2026 concentrate sales were $80.5m and Q3 doré sales about $24m (5,733 oz × $4,259). That implies an annualised revenue run-rate above $400m before Demirli reaches steady state. Copper AISC of about $5,200/t against copper above $13,000/t gives very high cash margins, so the trailing EV/EBITDA of about 5.4x could compress sharply on forward numbers.
-
A second production step-change is in view. The resource base (Garadag 897 kt Cu; Xarxar 119 kt Cu; Demirli about 230 kt non-JORC) supports the 2030 target of 50–55 kt. The low-capex hydrometallurgical routes being piloted (heap leach, ISR, SX/EW) could reduce construction capital and treatment charges.
-
The balance sheet has been transformed and returns are rising. Net cash went from –$14.8m (end-2024) to +$47.1m (Sep 2026) while capex was funded. The interim dividend of 6c is already 1.5x the FY2025 total, and a formal capital allocation policy is coming. The 2025 ACG approach also establishes a strategic-value floor.
Bear case
-
Sovereign concentration and rising government take. One government is the PSA partner, Demirli lessor, offtake-contract approver and permitting authority. The Gedabek effective royalty rises to about 18%, tax is at 32%, and Demirli rent becomes revenue-linked at high copper prices. Together these erode upside capture, and the 2023–24 suspension showed how fast output can collapse.
-
Operational and permitting fragility. FY2025 copper missed guidance, Demirli suffered a gear-shaft failure in Q1 2026, and Gilar gold recoveries forced a cut in gold guidance. Gedabek has only 2–3 years of tailings capacity, and two new tailings facilities await government approval. The Demirli lease runs only to about Sep 2028.
-
Growth funding and governance discount. Garadag is a large, low-grade (0.32% Cu) open pit that will probably need several hundred million dollars of capital. This scale is not yet quantified and is untested for this team. A founder-controlled register, an aging board and limited sell-side coverage may keep the stock at a discount to London copper peers.
Catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable |
|---|---|
| Nov 2026 | Demirli steady state (feed rate toward about 1.6 Mt per quarter; recoveries); SAG mill liner replacement; interim dividend payment (26 Nov) |
| Jan 2027 | Q4/FY2026 production review: whether copper reaches 20,000 t and gold 26,000 oz; FY2027 guidance |
| Q1 2027 | Reversal of Q3's $30.1m working-capital build; year-end net cash |
| H1 2027 | Capital allocation policy announcement; FY2026 final results and final dividend (about May 2027) |
| 2026–2027 | Government approvals for the Demirli new tailings facility and the second Gedabek dam; GISTM conformance (end-2026 target) |
| 2026–2027 | Drilling results from the 90,000 m programme (Xarxar, Garadag, Demirli South, Gilar upper zones, Cayir); SX/EW and heap-leach pilot results |
| H2 2027 | Xarxar feasibility study, which will give the first quantified capex for the growth plan |
| Ongoing | Gedabek effective royalty transition (12.75% to about 18%); Demirli lease extension talks; copper and gold price trends; board succession |
Analyst verdict
Anglo Asian Mining has done what few AIM juniors manage: it has turned an operational crisis into a growth inflection within about 24 months. In 2024 it was a curtailed, loss-making single-mine gold producer with net debt and a stalled tailings permit. By H1 2026 it had become a multi-asset, copper-led producer generating more pre-tax profit in six months ($68.5m) than in the previous five years combined, holding about $47m of net cash and paying a rising dividend.
Gilar's grades, Demirli's capital-light lease structure and record metal prices explain most of the change. Management's delivery of both mines in 2025 deserves real credit.
At 415p the shares trade at roughly 5–6x trailing EV/EBITDA, and probably lower on forward run-rate earnings. That is undemanding for a business with a credible path from about 22 kt to 50 kt of copper. The discount reflects real, not imagined, risks.
Sovereign dependence: The company relies on a single sovereign counterparty that is simultaneously partner, landlord, regulator and offtake approver.
Tailings: Tailings capacity is the binding constraint at both operating sites, and social licence has failed before.
Execution misses: Gold recovery shortfalls and the FY2025 copper miss show the operation is still maturing.
Unfunded growth: The 2030 plan depends on Garadag, a large low-grade project with no published capex.
Governance: The board's age and concentration limit institutional appeal.
On balance, the risk-reward is positive but jurisdiction-discounted. The investment case over the next 12 months rests on three verifiable items:
-
Demirli reaching steady state by November 2026 and FY2026 copper landing at or above 20,000 t.
-
Government approval of the new tailings facilities.
-
A capital allocation framework that balances returns with self-funding of Xarxar.
Delivery on all three would justify a material narrowing of the discount to London copper peers. A further guidance miss or a permitting stall would likely reverse much of the 2025–26 re-rating.
End of dossier. Figures marked "derived" are analyst calculations from disclosed inputs. Figures marked "not publicly disclosed" were not found in any source reviewed as of 19 October 2026.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Age | Tenure / appointed | Background | Committees |
|---|---|---|---|---|---|
Khosrow Zamani | Non-Executive Chairman | 82 | — | Former IFC Director for Southern Europe and Central Asia (2000–05), overseeing a portfolio of more than $2bn. More than 30 years in emerging-markets project finance. Former NED of Sekerbank (Turkey) and Komercijalna Banka (Serbia). | Audit, Remuneration, Nomination |
Reza Vaziri | President & Chief Executive Officer; Executive Director | 72 | President since Mar 2006; CEO since Oct 2008 | Former head of the foreign relations office at Iran's Ministry of the Imperial Court; moved to the US in 1980. Prominent businessman in Azerbaijan. Law degree, National University of Iran. | Health, Safety, Environment & Technology (HSET) |
Gov. John H. Sununu | Non-Executive Director | 85 | Director since at least 2005 | Two-term Governor of New Hampshire. White House Chief of Staff to President George H.W. Bush (1989–92). President of JHS Associates. Stood down as Audit Committee chair in H1 2026. | Audit, Remuneration, Nomination |
Prof. John Monhemius | Non-Executive Director (described as independent) | 82 | Long-serving | More than 40 years in hydrometallurgy and environmental control. Co-founder of Consort Research. Former director of Obtala Resources. | HSET, Sustainability |
Michael Sununu | Non-Executive Director; Audit Committee Chair (from H1 2026) | 57 | Long-serving | Son of John Sununu. Founder of Sununu Enterprises and Sununu Holdings. Former board member, Optima Bank & Trust. BSc MIT; MBA Kellogg. | Audit |
Cameron Pforr | Non-Executive Director | 61 | Appointed Jul 2026 | CEO of M-tron Industries (NYSE American: MPTI). Former senior banker at Deutsche Banc Alex. Brown. MBA Wharton. Granted share options on appointment. | Not yet disclosed |
Executive Leadership Team
| Name | Title | Background |
|---|---|---|
Reza Vaziri | President & CEO | See above |
Farhang Hedjazi | Chief Operating Officer | In the industry since 1985. Former chief process engineer at the National Iranian Lead & Zinc Company; founder of Kahanroba Engineering. MSc in non-ferrous extractive metallurgy. |
William (Bill) Morgan | Chief Financial Officer & Company Secretary | UK chartered accountant with more than 45 years' experience. Former regional CFO of Kinross (Russia), CFO of Hambledon Mining and Bakyrchik Gold. CFO tenure about 12 years (Simply Wall St). |
Dr Stephen Westhead | Vice President; JORC Competent Person | Chartered geologist with more than 30 years in India, the CIS and Russia. Former technical adviser at Polyus Gold. PhD. |
Amirreza (Amir) Vaziri | Chief Business Development Officer; primary IR contact | Former tech start-up co-founder and CEO. BA University of Maryland (Smith); MSc King's College London. Per Hetq, the Vaziri family collectively holds about 32%; the family relationship is not stated on the company website. |
Ilham Khalilov | VP Finance & Commercial Operations | Joined July 2013 as Financial Controller; formerly at EY Baku. ACCA Advanced Diploma; MBA Warwick (2021). |
Afchine Tabrizian | VP Procurement, HR & IT | More than 35 years in international technology services. Former VP Sales at a US IoT company (MENA, CIS, Turkey). |
Directors' Remuneration
| Executive | Latest total compensation | Breakdown (salary / bonus / stock) | Source |
|---|---|---|---|
Reza Vaziri (CEO) | US$685,219 | — | Simply Wall St (latest reported FY) |
Other directors | — | The directors' remuneration report is on p.59 of the 2025 Annual Report; the remuneration policy is on pp.53–54 | Notice of 2026 AGM |
“—” = not publicly disclosed.
Governance Overview
| Attribute | Assessment |
|---|---|
Board size | 6 (1 executive, 5 non-executive) |
Chair/CEO separation | Yes. Non-executive chair (Zamani) and separate CEO (Vaziri). |
Independence | Questionable by UK norms. The chair holds 1.27% and has served long. Two Sununu family directors are linked to a combined 9.35% holding. Most NEDs have served about 16 or more years (Simply Wall St average board tenure 16.6 years). Cameron Pforr (2026) is the most clearly independent addition. |
Governance code | QCA Corporate Governance Code (statement on website) |
Committees | Audit; Remuneration; Nomination; Health, Safety, Environment & Technology; Sustainability (formed 2024) |
Gender diversity | 0 women among the 6 directors (derived from board listing) |
Age profile | Four of six directors are 72 or older. Three are over 80 (chair 82; Gov. Sununu 85; Prof. Monhemius 82). |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
Late 2024 | Auditor: EY replaced by BDO | Growth phase; reappointment voted at AGMs 2025 and 2026 |
Mar 2026 | Peel Hunt appointed broker; SP Angel stays as Nomad | Broadening institutional reach after the re-rating |
H1 2026 | Gov. John Sununu steps down as Audit Committee chair; Michael Sununu takes over | Generational transition within the board |
Jul 2026 | Cameron Pforr appointed NED | Adds corporate finance and capital-markets expertise ahead of the growth phase |
Major Shareholders
| Holder | Shares | % of issued capital | Type | Source / date |
|---|---|---|---|---|
Reza Vaziri | 32,796,830 | 28.576 | Insider (CEO) | Company website, 24 Aug 2026 |
Sununu Holdings LLC | 9,171,825 | 7.991 | Insider-linked (Michael Sununu) | Company website, 24 Aug 2026 |
Gov. John Sununu | 1,562,715 | 1.362 | Insider (NED) | Company website, 24 Aug 2026 |
Khosrow Zamani | 1,457,982 | 1.270 | Insider (Chair) | Company website, 24 Aug 2026 |
Prof. John Monhemius | 366,890 | 0.320 | Insider (NED) | Company website, 24 Aug 2026 |
Avantis International Small Cap Value ETF | 508,491 | about 0.44 | Institution | Fidelity data, 31 May 2025 |
Treasury shares | 150,000 | 0.131 | Company | Company website |
Competitive Landscape
Key Competitors
| # | Company | Listing | Key assets / geography | Relevance | FY2025 revenue |
|---|---|---|---|---|---|
| 1 | Central Asia Metals (CAML) | AIM | Kounrad SX-EW copper (Kazakhstan); Sasa zinc-lead (N. Macedonia) | Closest AIM copper peer in the FSU region | $229.9m |
| 2 | Atalaya Mining Copper (ATYM) | LSE Main (FTSE 250) | Riotinto copper (Spain) | Copper concentrate producer; valuation benchmark | €482.9m |
| 3 | ACG Metals (ACG) | LSE | Gediktepe Cu-Zn-Au (Türkiye) | Copper consolidator; made the 2025 approach for AAM | $135.6m |
| 4 | AzerGold CJSC | State-owned (Azerbaijan) | Chovdar and other Azerbaijani gold assets | Domestic peer and PSA local party | — |
| 5 | Zangezur Copper-Molybdenum Combine | Private/state (Armenia) | Kajaran Cu-Mo | Largest regional copper producer | — |
| 6 | RMG (Rich Metals Group) | Private (Georgia) | Madneuli Cu-Au | Regional copper-gold peer | — |
| 7 | GeoProMining | Private | Zod/Sotk gold (Armenia) | Regional gold peer | — |
| 8 | Vallex Group (Teghout) | Private (Armenia) | Teghout Cu-Mo | Regional copper peer | — |
| 9 | Caledonia Mining, Serabi Gold | AIM / NYSE American | Gold (Zimbabwe; Brazil) | London-listed small-cap gold peers | — |
| 10 | Chaarat Gold | AIM | Kapan (Armenia); Tulkubash (Kyrgyzstan) | Caucasus and Central Asia gold peer | — |
“—” = not publicly disclosed.
Peer Comparison FY2025
| Metric | Anglo Asian Mining | Central Asia Metals | Atalaya Mining | ACG Metals |
|---|---|---|---|---|
Revenue (FY2025) | $122.8m | $229.9m | €482.9m | $135.6m |
Revenue growth YoY | +210% | +7% | +48% | n/m (2024 was a part year) |
EBITDA | $55.2m (S&P) | $101.8m | €179.8m | $76.3m (adjusted) |
EBITDA margin | 44.9% | 44% | 37.2% (derived) | 56.3% (derived) |
Copper production 2025 | 7,915 t | 13,311 t (cathode) | 51,139 t | n/a (39.2 koz AuEq) |
2026 copper guidance | 20,000–25,000 t | 12,000–13,000 t | — | Sulphide expansion from 2026 |
Net cash / (debt), year-end 2025 | +$2.6m (ex-leases) | $80.1m cash | €122.0m net cash | $200m bond (net debt) |
R&D intensity | n/a (exploration about 7% of revenue) | — | — | — |
“—” = not publicly disclosed.
Recent Developments
Layoffs and hiring: headcount is growing (Revelio estimates +16.7% year on year to Mar 2026).
