Anglo Asian Mining PLC has released its Q1 2024 Production and Operations Review, detailing the company's performance for the first quarter of 2024. The production was significantly reduced during the quarter due to operations remaining partially shut down as the company awaits permission to raise its tailings dam wall. Gold production from heap leaching and copper production from SART continued throughout the quarter. The total production for the quarter was 2,548 gold equivalent ounces, with copper production of 54 tonnes, gold production of 2,252 ounces, and silver production of 6,410 ounces.
The company reported total gold bullion sales of 3,925 ounces at an average of $2,080 per ounce. Anglo Asian Mining PLC maintained a strong focus on cash and strict cost control, with a net debt position of $10.9 million at 31 March 2024. The net cash outflow in Q1 2024 was only $0.7 million due to the sale of opening inventory along with strong cost control. The inventory was valued at $2.0 million at 31 March 2024.
The company submitted all necessary documents to the Government of Azerbaijan to raise the tailings dam wall and is now awaiting receipt of the permission. Once received, it will enable the resumption of normal production at Gedabek, and the company will accordingly issue guidance for the full year 2024. The company continues to prioritize the progression of its development portfolio, with first production from the new Gilar mine now planned for Q4 2024.
Anglo Asian CEO Reza Vaziri commented, "Amid what has been a challenging time for the Company, we have made important operational progress and our portfolio of development assets is progressing in line with our expectations. We await Government permission to raise our tailings dam wall, a necessary step for resuming normal production levels and our ability to issue production guidance for the year."
The company also provided an overview of its production, sales, and financials for Q1 2024. The financials overview included cash of $9.8 million, unchanged debt at $20.7 million, and net debt of $10.9 million. Additionally, the company mined a specific amount of ore during FY 2023 and Q1 2024.