Anglo Asian Mining (AAZ) H2 2025 earnings summary

Executive summary

• Achieved milestone year in 2025 with two new mines (Gilar and Demirli) entering production, supporting transition to mid-tier, multi-asset copper and gold producer.

• Total 2025 production: 25,061 ounces of gold and 7,915 tonnes of copper; revenues rose to $122.8 million, returning to profitability with PBT of $25.8 million.

• Positive net cash position of $2.6 million at year-end; dividend reinstated at 4.0 US cents per share.

• Maintains 2026 guidance: 20,000–25,000 tonnes copper and 28,000–33,000 ounces gold at competitive AISC.

• Achieved independent ESG rating of BB for both corporate and project levels.

Financial highlights

• Revenues increased to $122.8 million in 2025 from $39.6 million in 2024, driven by new mine contributions.

• Profit before tax reached $25.8 million in 2025, reversing a $21.3 million loss in 2024.

• Net cash flow from operations was $46.7 million, up from $8.6 million in 2024.

• Net cash position at year-end was $2.6 million, compared to net debt of $14.7 million in 2024.

• Dividend reinstated for 2025; board proposes interim and final dividends for 2026.

Outlook and guidance

• 2026 guidance: copper production of 20,000–25,000 tonnes and gold production of 28,000–33,000 ounces.

• 2026 AISC guidance: $6,800–7,800 per tonne copper and $1,500–1,800 per ounce gold.

• Q1 2026 production: 3,711 tonnes copper and 6,062 ounces gold, in line with expectations.

• Full year 2026 expected to see production from three mines, with copper output projected to triple year-over-year.