Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) said it produced 10,969 gold equivalent ounces from its operations in Azerbaijan during the three months to 31 March 2023.
Copper production increased by 49% year-on-year to 847 tonnes.
Gold production was 6,741 ounces and silver production 22,566 ounces.
As at 31 March, Anglo Asian had US$10.7mln cash in the bank, with a further US$9.6mln held as inventory.
During the period, the company also invested a further US$600,000 in Libero Copper & Gold Corporation (TSX-V:LBC, OTCQB:LBCMF).
Separately, in early March, Anglo Asian entered into a US$33mln, seven-year revolving credit facility with the International Bank of Azerbaijan to provide both additional finance and operational flexibility for expansion.
The plan is for the company to become a multi-asset, mid-tier copper and gold producer by 2028.
"I am pleased to report a strong start to 2023, with a total production of 10,969 gold equivalent ounces in the first quarter at our flagship Gedabek contract area,” said Anglo Asian chief executive Reza Vaziri.
“We continue to make good progress towards production at Gilar, followed by Zafar. We remain in a strong financial position to deliver both our near-term priorities and our recently announced long-term growth strategy to achieve mid-tier copper and gold production status by 2028."