Anglo Asian Mining (AAZ) AGM 2026 presentation summary

Strategic growth and transition

• Transitioning to mid-tier copper and gold production, targeting 50,000 tonnes of copper annually within five years through sequential mine openings.

• Opened two new mines, Gilar and Demirli, in 2025, with Xarxar and Garadag planned for 2028 and 2030.

• Multi-asset portfolio across eight contract areas covering 2,544 km², supporting production, development, and exploration.

• Over 1.1 million tonnes of copper and 350,000 ounces of gold in resources, with ongoing exploration to upgrade and expand resources.

• Disciplined funding approach, maintaining strong cost controls and no shareholder dilution.

Operational performance and financial highlights

• 2025 saw revenues rise to $122.8 million and a return to profitability with $25.8 million PBT.

• Net cash position of $2.6 million at year-end 2025, with dividend reinstated at 4.0 US cents per share.

• 2025 production: 25,061 ounces of gold and 7,915 tonnes of copper; 2026 guidance: 20,000–25,000 tonnes copper and 28,000–33,000 ounces gold.

• All-in sustaining cost (AISC) guidance for 2026: $6,800–$7,800 per tonne copper, $1,500–$1,800 per ounce gold.

• Q1 2026 production in line with expectations as Demirli ramps up and Gedabek upgrades complete.

Project development and exploration

• Major growth projects Xarxar and Garadag progressing, with feasibility studies led by Worley Europe Limited.

• Xarxar: 119,100 tonnes copper resource, feasibility study due mid-2027; Garadag: ~900,000 tonnes copper, feasibility study due H1 2028.

• Planned 90,000 metres of drilling in 2026–2027 to support resource upgrades and feasibility studies.

• Exploration focus on extensions at Xarxar, Garadag, Gedabek, and Demirli South.

• Processing upgrades and new tailings facilities at Gedabek; Gilar and Demirli mines operational and ramping up.