SP Angel has reiterated its buy rating for Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) with a target price of 308p.
This updated valuation follows the restart of operations at the Gedabek Gold/Copper Mine in Azerbaijan and the projected growth from the Demirli asset.
'Spangel's' analysts said: “We highlight a strong potential production growth profile and increasing share of copper in output mix (our NAV sensitivity to copper price is 6x that to gold) allowing the company to capitalise on a limited number of copper producers in London.”
Anglo Asian’s guidance for 2024 targets 15-19.5 koz gold equivalent ounces (GEO), with 14.0-16.0 koz of gold and 250-850 tonnes of copper.
SP Angel also commented on the potential of Demirli, highlighting its low capital cost and fast route to production.
The shares rose 9.2% to 113p.