Anglo Asian Mining (AAZ.L) Investment in Libero Copper & Gold Corporation

Completion of Strategic Investment of 19.8 per cent. in Libero Copper & Gold Corporation Corporation

Acquisition of remaining 10 per cent. of investment

7 million new shares acquired for CAN$3.5 million (US$2.8 million)

Further to the announcement of 23 December 2021, Anglo Asian Mining plc (“Anglo Asian” or the “Company”), the AIM listed gold, copper and silver producer primarily focused in Azerbaijan, is pleased to announce that it has acquired the remaining 10 per cent. of its investment in Libero Copper & Gold Corporation (“Libero”) following regulatory approval from the TSX Venture Exchange (“TSXV”). Following the transaction, Anglo Asian now owns 19.8 per cent. of Libero. Libero is listed on the TSXV (ticker LBC) in Canada and owns, or has the right to acquire, several copper exploration properties in North and South America. The acquisition is in line with the Company’s strategy to increase its interests in copper and gold properties both in Azerbaijan and Internationally.

Highlights

· Acquisition completed of a strategic interest of 19.8 per cent. in Libero for CAN$6.3 million (US$4.9 million)

  • 9.9 per cent. acquired upon the closing of the Subscription Agreement on 22 December 2021 (now 9.8 per cent. due to share issues since subscription)
  • Remaining 10 per cent. now acquired following regulatory approval from the TSX Venture Exchange
  • 12,600,000 new shares subscribed for in Libero at CAN 50 cents per share (the “Shares”) making a total investment of CAN$6.3 million (US$4.9 million) by way of a private placement
  • Each Share has half a warrant attached giving a total of 6,300,000 million warrants to subscribe for new shares of Libero at CAN 75 cents
  • The two tranches of Shares are subject to a four months plus one day holding period from their respective issue dates

· Strategic partnership established with Libero

  • As part of the subscription agreement, Anglo Asian Non-Executive Director Michael Sununu has been appointed to the board of Libero
  • A technical committee with representatives from both companies is being established to determine Libero’s future exploration strategy
  • Funds invested by Anglo Asian in Libero will primarily be used for the exploration of the Mocoa property in Colombia
  • Exploration drilling contract recently signed for a minimum of 5,000 metres of drilling
  • Mobilisation of materials to site has already begun with drilling to commence next month

· Further details of the transaction can be found in the announcement by the Company on 23 December 2021 at the following link: https://polaris.brighterir.com/public/anglo_asian_mining/news/rns/story/rmzlo2w

Drilling results at Libero’s Big Bulk Property

· On 4 January 2022, Libero announced assay results for the five hole, 1,743 metres drill programme at its Big Bulk porphyry copper property in British Columbia

  • Significant mineralisation encountered including a drilling intercept of 97 metres of 0.34 per cent. copper equivalent
  • Results suggest the presence of a large mineralising system, with the new drill results confirming a greater than two kilometre strike length
  • Potential for the property to host a sizeable porphyry deposit

Anglo Asian CEO Reza Vaziri commented:

“I am delighted to announce the completion of our acquisition of a 19.8 per cent. shareholding in Libero, our first investment outside of Azerbaijan. In line with our agreement, Michael Sununu has been appointed to Libero’s board, where I am certain he will make a valuable contribution and ensure our interests are represented.

“Anglo Asian and Libero are keen to work together on Libero’s future development programmes and to share expertise. A technical committee comprising representatives from both Anglo Asian and Libero is currently being formed to determine Libero’s exploration approach. We are also very encouraged by the recently announced drill results for Libero’s Big Bulk property in British Columbia, which indicates potential for the property to host a sizeable porphyry deposit. The commencement of drilling next month at Mocoa is also a very positive development for Libero.”

All references to “US$” are to United States dollars and all references to “CAN$” are to Canadian dollars. An exchange rate of US$1 = CAN$1.28 has been used throughout.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, which was incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.

For further information please contact:

Reza Vaziri, Anglo Asian Mining plc, Tel: +994 12 596 3350

Bill Morgan, Tel: +994 502 910 400

Stephen Westhead, Tel: +994 502 916 894


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