Anglo Asian Mining Plc (LSE:AAZ, OTC:AGXKF) said momentum and confidence had “continued to increase significantly” in recent months as it brought new mines into production and recovered from a difficult 2024 marked by suspended operations and tight cash flow.
In a statement ahead of the company’s annual shareholder meeting, chief executive Reza Vaziri acknowledged the past year had been “challenging,” with limited output due to delays in raising the wall of its tailings dam at Gedabek, its flagship mine in Azerbaijan.
Processing operations were partially suspended for much of the year, resulting in lower gold output of 16,760 ounces.
Despite this, the company said it had managed to keep net debt increases to a minimum, ending the year with $14.7 million in borrowings thanks to strong metal prices and cautious cash management.
The outlook has improved markedly. Full operations resumed at Gedabek by year-end, and the new Gilar mine began production in May.
A second new site, Demirli, is expected to follow in the second half of 2025, with both projects brought online without raising additional capital from shareholders.
Anglo Asian also published maiden mineral resource estimates for its Xarxar and Garadag copper deposits during the year, taking the group’s total copper resource base past one million tonnes and positioning it for a shift to mid-tier producer status.