Anglo Asian Mining (AAZ) Trading update summary

Production and operations

• Q3 copper output 5,514 tonnes vs 2,288 YoY and 5,129 in Q2; Gedabek contributed 1,690 tonnes and Demirli 3,824 tonnes.

• Q3 gold production 6,781 oz vs 6,798 YoY; silver production 52,969 oz vs 41,623 YoY.

• 9M copper production reached a record 14,354 tonnes vs 3,476 YoY; gold was 19,110 oz vs 18,912 and silver 145,824 oz vs 103,971.

• Demirli processed 1,022,576 dmt of ore at 0.50% copper in Q3, containing 5,120 tonnes of copper; concentrate production contained 3,824 tonnes of copper.

• Demirli ramp-up remained on track for steady-state production by end-November; mining recommenced at Ugur during Q3.

Sales and financial position

• Q3 gold bullion sales 5,733 oz at $4,259/oz vs 5,181 oz at $3,430/oz YoY; H1 2026 sales averaged $4,664/oz.

• Q3 concentrate sales totaled 28,987 dmt valued at $80.5m: Gedabek 9,655 dmt/$30.4m and Demirli 19,332 dmt/$50.1m.

• Quarter-end cash was $56.5m, debt $9.4m and net cash $47.1m; net cash fell $10.6m during Q3.

• Q3 cash outflow included $30.1m of working capital for September sales invoiced with proceeds received in October, plus $5.4m profits tax and a $4.6m final dividend; working capital expected to reverse in Q4.

• Unsold gold doré and copper concentrate inventory was valued at $27.0m at 30 September 2026.

Outlook and strategy

• FY 2026 guidance maintained: copper 20,000–25,000 tonnes, gold 26,000–30,000 oz and silver 170,000–210,000 oz.

• FY 2026 AISC guidance maintained at $6,000–$7,000 per tonne of copper and $1,500–$1,800 per oz of gold.

• Strategic plan targets 50,000–55,000 tonnes of annual copper production by 2030, supported by Xarxar, Garadag and Zafar mines planned for 2027–2030.