Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining

14 July 2022

Anglo Asian Mining plc Q2 & H1 2022 Production and Operations review

Production of 15,052 gold equivalent ounces in Q2 2022

Parliamentary ratification granted for three new Contract Areas

Anglo Asian Mining plc (AIM: AAZ) (“Anglo Asian” or the “Company”), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to provide a production, sales and operations review for the three months to 30 June 2022 (“Q2 2022”) and six months to 30 June 2022 (“H1 2022”).

Note that all references to “$” are to United States dollars.

Operational update

·    On 5 July 2022, amendments to the Company’s Production Sharing Agreement were signed into law granting the Company three new Contract Areas as announced on 29 September 2021

o Xarxar, Garadagh and Demirli, the three new Contract Areas, cover a combined area of 882 square kilometres

Q2 2022 Production update

·    Gold production totalled 10,866 ounces (Q2 2021: 12,340 ounces)

·    Copper production totalled 715 tonnes (Q2 2021: 695 tonnes)

·    Silver production totalled 48,810 ounces (Q2 2021: 43,565 ounces)

·    Total production of 15,052 GEOs (Q2 2021: 16,740 GEOs)

H1 2022 Production update

·    Gold production totalled 20,906 ounces (H1 2021: 24,247 ounces)

·    Copper production totalled 1,283 tonnes (H1 2021: 1,333 tonnes)

·    Silver production totalled 99,499 ounces (H1 2021: 78,980 ounces)

·    Total production of 28,772 GEOs (H1 2021: 32,171 GEOs)

Q2 2022 sales and cash update

·    Cash of $21.1 million at 30 June 2022 (31 March 2022: $29.4 million)

·    Inventory valued at $15.6 million as at 30 June 2022 (7,000 ounces of gold valued at $12.7 million and copper concentrate valued at $2.9 million)

Reza Vaziri, Chief Executive Officer of Anglo Asian Mining, commented:

“We are delighted to have received Parliamentary Ratification for the new contract areas in early July, allowing our team access to the Garadagh and Xarxar sites. We are now working on our three-year production plan and to summarise our resources. The three new contract areas transform our asset base, and we are excited to begin our transition into a copper focused miner.

“We are also pleased to have reported solid rates of production during quarter two and the first half of 2022, with quarter two being slightly above quarter one and both generally being consistent with last year. This is despite lower grades at Gedabek due to the resource nearing the end of its life.

“The Company remains focused on developing Vejnaly and the Hasan vein at Gosha, both of which we anticipate entering production in H2 2022, as well as bringing the major new mine at Zafer into production in 2023.”