Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) said production steadily improved in its latest quarter as Gedabek in Azerbaijan, with the gold and copper mine now back at full production.
Fourth quarter 2024 output was 8,450oz gold equivalent, up from 3,080oz in the previous three months.
For the full year, production totalled 16,760 eq oz (2023: 31,821 eq oz), which met guidance of between 15,000 to 19,500 eq oz.
Gedabek is now running at full production, Anglo Asian added, while the first development ore from a new mine at Gilar is expected this quarter.
Total gold bullion sales were 6,031 ounces at an average price of $2,655 per ounce while copper concentrate shipments totalled 1,173 dry metric tonnes.
The fourth quarter saw positive free cash flow of US$1.1 million, Anglo Asian added, with net debt of US$14.8 million at the year-end.
A US$3 million advance from Trafigura was repaid in December 2024.
Reza Vaziri, Anglo Asian’s chief executive, commented: "I am pleased to report on another significant quarter for Anglo Asian Mining as we return to regular rates of production following the partial suspension.
“We are also pleased to have achieved full-year production in line with guidance, as we successfully resumed normal operations for our agitation leaching and flotation processing plants at Gedabek.
"Looking ahead to this year, we are focused on delivering rates of production in line with our growth strategy, returning to a regular output at our operating mines and continuing the important progress in our portfolio of assets under development.
“I am particularly encouraged by the progress at Gilar, where we anticipate first ore extraction later this first quarter, and at Demirli where multiple investigations are underway, with a view to restarting production.
“Drilling has now also confirmed a sufficient start-up resource for Demirli.