Production of 14,309 gold equivalent ounces in Q3 2022
Cash of $15.3 million at 30 September 2022
Anglo Asian Mining plc (“Anglo Asian” or the “Company”), the AIM-listed gold, copper and silver producer operating in Azerbaijan, is pleased to provide a production, sales and operations review for the three and nine months to 30 September 2022 (“Q3 2022” and “9M 2022” respectively).
Operational update
· Transformational acquisition of rights to three new concessions with significant copper reserves was passed into law on 5 July 2022
· Zafar mine design has advanced well
o Portal location has been identified close to the processing facilities
o Geotechnical drilling is complete, with drill core testing underway
o Underground mining fleet and ancillary equipment have been selected for purchase
Production update
· Q3 2022 production of 14,309 gold equivalent ounces (“GEOs”) (Q3 2021: 16,316 GEOs)
· 9M 2022 total production of 43,081 GEOs (9M 2021: 48,487 GEOs)
· Full Year 2022 (“FY 2022”) production guidance of 54,000 to 58,000 GEOs maintained
Cash and inventory update
· Cash of $15.3 million at 30 September 2022 (30 June 2022: $21.2 million) with the following payments made in Q3 2022
o Final 2021 dividend of $4.0 million
o Profits tax of $0.3 million
o Further investment of $0.8 million in Libero Copper & Gold Corporation
o $1.2 million paid for the acquisition of exploration data and associated studies and reports relating to Garadagh and Xarxar from AzerGold
· An interim dividend for 2022 of US 4 cents ( Sterling 3.5559 pence) per ordinary share will be paid gross to shareholders on 3 November 2022
· The Company had inventory at market value of $15.5 million at 30 September 2022 (gold and silver bullion of $11.8 million and copper concentrate of $3.7 million)
Anglo Asian CEO Reza Vaziri commented:
“The Company is delighted to report a good third quarter and year to date performance. Production figures remain robust, with total production of 14,309 gold equivalent ounces in the quarter, which remains largely in line with the output in the same period in the previous year. Copper production totalled 609 tonnes and silver totalled 45,063 ounces, an increase in production relative to the prior year period.
“We are also pleased to report an excellent advancement of the new mine at Zafar. Geotechnical drilling is complete, and the drill core is now in the process of being tested. We remain on track to bring Zafar into production in 2023.
“We look forward to updating the market on our strategy for developing of our new mines and the three new license areas in due course.”
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: Tel: +994 12 596 3350
Bill Morgan: Tel: +994 502 910 400
Stephen Westhead: Tel: +994 502 916 894
