Anglo Asian Mining Reports Strong Operational and Financial Performance in 2022, Outlines Ambitious Growth Strategy

22 June 2023

Anglo Asian Mining plc

2023 Annual General Meeting Statement

Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM-listed gold, copper and silver producer focused on Azerbaijan, is holding its annual general meeting for 2023 at 11.00am today at 33 St James' Square, London, SW1Y 4JS. At the meeting Reza Vaziri, Anglo Asian's President and Chief Executive, will make the following statement:

"2022 was another good year for Anglo Asian Mining. Our operational and financial performances were both within guidance, which was achieved against a backdrop of global macroeconomic challenges which continue to exert significant inflationary pressures on the industry.

"Our producing assets continue to perform well. The Company produced a total of 57,618 gold equivalent ounces during the year, an 11 per cent. decline due to the lower gold grades of ore processed. We reported a good financial performance with revenues of $84.7 million and profit before taxation of $7.5 million. At 31 December 2022, we held cash of £20.4 million, having paid $8.6 million in dividends during the year. Our all-in sustaining cost for the year was $1,064 per ounce. The Company also bought back 150,000 of its own shares at an average cost of 81.4 pence per share.

"We were delighted that, in July 2022, amendments to the Company's Production Sharing Agreement were passed into law in the Republic of Azerbaijan, granting the Company the three new contract areas of Xarxar, Demirli and Garadag. The Xarxar and Garadag contract areas are contiguous with the Company's existing Gedabak and Gosha contract areas and contain substantial quantities of copper. The acquisition of these new contract areas enabled us to recently announce our strategy to transform the Company into a significant copper producer in the next 5 years.

"During the year, Libero Copper & Gold Corporation became an associate company. Libero is listed on the TSX Venture Exchange and possesses an extremely attractive portfolio of copper exploration assets spanning North and South America. It represents an extremely exciting opportunity for the business, and its portfolio complements our growth ambitions.

"Looking forward, we have an ambitious but achievable growth strategy to become a mid-tier producer with a portfolio dominated by copper within the next 5 years. As a critical first step in pursuit of this, we are currently building two new mines: Gilar and Zafar.  We expect Gilar to start producing ore later this year.

"I would like to take this opportunity to thank my fellow board members, our management team and all our employees and contractors for their hard work and dedication, and to our shareholders for their ongoing support."

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About Anglo Asian Mining

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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