Update on Environmental Study and Operations at Gebabek District

2 August 2023

Anglo Asian Mining plc

Update on Environmental Study and Gedabek operations

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, provides the following update regarding the Company's tailings dams in the Gebabek district of Azerbaijan.

A team of consultants from Micon International Co Limited ("Micon") visited Gedabek from 25 to 27 July 2023. Micon carried out a full environmental inspection of the Gedabek facilities on behalf of the Government of Azerbaijan (the "Government"), supported by Iqlim environment analytical ("Iqlim"), a local Azeri company. Iqlim were engaged until 31 July 2023 to take environmental samples (soil, surface and underground water and air) at Gedabek. It is expected that Micon will deliver a full report on their findings (the "Micon Report") to the Government and the Company by 8 September 2023.

The Company engaged Mine Environmental Management ("MEM") to be present at the Micon inspection and ensure that it was carried out to industry standards. MEM were in attendance at Gedabek throughout the Micron visit. In addition, Azecolab was engaged by the Company to take duplicate environmental samples which will be analysed at Azecolab's laboratory.

Micon and MEM, together with Knight Piésold, the Company's tailing dam consulting engineers, and representatives of the Government also visited the tailings facility near the village of Soyudlu. This included an inspection of the existing tailings dam and the site of the proposed new dam. A presentation on the construction of the new tailings dam was also given to all participants. Preliminary sampling results showed the level of cyanide in the existing tailings dam was below the legal limit required by the Government.

As a precautionary measure, the Company suspended the operation of its flotation plant on 31 July 2023 in accordance with a draft protocol with the Government and has also stopped mining. The operation of the flotation plant will remain suspended until all environmental and safety deficits, if any are identified in the Micon Report, have been rectified. The Company's heap leach operation continues as normal except no new ore is being placed on the heaps. Exploration also continues as normal. The Company will be carrying out essential plant maintenance during the suspension of operation of the flotation plant.

The suspension of the flotation plant will result in reduced production of approximately 400 tonnes of copper and 300 ounces of gold in August. The heap leaching operation is still expected to produce approximately 1,000 ounces of gold doré in August. The Company will provide further updates on its production as appropriate and revise its production guidance for the year when the duration of the suspension of the operation of the flotation plant is known.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, which was incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.

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Notes to editors

Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer with a high-quality portfolio of production and exploration assets in Azerbaijan. The Company produced 57,618 gold equivalent ounces ("GEOs") for the year ended 31 December 2022. 

On 30 March 2023, the Company published its strategic plan for growth which shows a clearly defined path for the Company to transition to a multi-asset, mid-tier copper and gold producer by 2028. By 2028, copper will be the principal product of the Company, with forecast production of around 36,000 copper equivalent tonnes. It plans to achieve this growth by bringing into production four new mines during 2023 to 2028 at Zafar, Gilar, Xarxar and Garadag. 

The Company owns approximately 19.8 per cent. of Libero Copper & Gold Corporation ("Libero"). Libero is listed on the TSX Venture Exchange in Canada and owns, or has the option to acquire, several copper exploration properties in North and South America, including Mocoa in Colombia, one of the world's largest undeveloped copper-molybdenum resources. 

https://www.angloasianmining.com/

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