Anglo Asian Mining (AAZ) H2 2024 earnings summary

Executive summary

• Revenue fell to $39.6m in 2024 (2023: $45.9m) due to lower production from suspended agitation leaching and flotation for most of the year, partially offset by higher metal prices.

• Loss before tax narrowed to $21.3m (2023: $32.0m) as cost control offset lower output and prior-year impairments.

• Production was 16,760 gold equivalent ounces (GEOs), down from 31,821 GEOs in 2023, but within guidance.

• Gilar mine development completed, with first ore in March 2025 and production starting May 2025; Demirli mine to restart in H2 2025.

• Fourth quarter 2024 saw a strong recovery as operations fully restarted.

Financial highlights

• Gold bullion sales: 15,251 ounces at $2,432/oz (2023: 15,822 oz at $1,951/oz).

• Copper concentrate sales: 1,519 dmt for $2.5m (2023: 11,192 dmt for $15.8m).

• Operating loss: $18.8m (2023: $24.8m).

• Net debt (excl. leases): $14.7m at year-end, up $4.4m from 2023.

• Operating cash outflow before working capital: $6.6m (2023: $1.0m outflow).

• No dividend declared for 2024 due to losses.

Outlook and guidance

• 2025 guidance: copper production 6,500–6,800 tonnes, gold 28,000–33,000 oz, turnover $110–125m, EBITDA $45–55m.

• Demirli mine production to be incremental to guidance once restarted in H2 2025.

• Gilar mine to drive production growth; Xarxar and Garadag mines expected to enter production by 2028.

• Company expects a much improved 2025 with full operations and new mines ramping up.