Anglo Asian Mining (AAZ) H1 2025 earnings summary

Executive summary

• Returned to profitability in H1 2025 with profit before tax of $7.1m, reversing a $5.5m loss in H1 2024.

• Achieved significant strategic progress with two new mines, Gilar and Demirli, entering production.

• Total production reached 16,378 gold equivalent ounces (GEOs), up from 5,270 GEOs in H1 2024.

• Gilar mine began production in May 2025; Demirli started in July 2025, post-period.

• Strong operational recovery after prior year disruptions, with continuous production since January.

Financial highlights

• Revenue rose to $40.9m (H1 2024: $13.4m), driven by higher production and commodity prices.

• Gross profit was $13.8m (H1 2024: gross loss of $1.7m); net cash from operations was $11.4m (H1 2024: $3.2m).

• Gold bullion sales: 9,781 oz at $3,077/oz (H1 2024: 6,000 oz at $2,174/oz).

• Copper concentrate sales: $10.4m (H1 2024: $0.5m); copper production 1,188 tonnes (H1 2024: 100 tonnes).

• Net debt reduced to $13.1m at 30 June 2025 (31 Dec 2024: $14.7m); no interim dividend declared.

Outlook and guidance

• Demirli mine expected to produce ~4,000 tonnes copper in 2025, ramping up to 15,000 tonnes in 2026.

• Revised 2025 production guidance to be issued after evaluating Demirli and Gilar performance.

• Company remains on track to become a mid-tier, copper-focused producer by 2030.