Azerbaijan-focused Anglo Asian Mining (LON:AAZ) hailed a strong performance in 2014, which saw record gold production.
Total production of the yellow metal for 2014 was 60,285 ounces compared to 52,107 ounces in 2013.
While gold and copper output was up, the environment for miners remains poor and low global metals prices throughout the year, together with the first full year's operational cost of the agitation leach plant at Gedabek, adversely impacted profitabilty, the group said.
The loss for the year was US$14,364 compared to a loss of US$1,055 in 2013. Revenue came in at US$67,964 compared to US$70,820 in 2013.
However, 2015 has started well, Anglo said, with 17,053 ounces of gold produced in Q1 - A 52% increase in gold production from quarter one 2014.
"2015 is an important year for our company and a time which we believe marks the start of our turnaround strategy to restore profitability," the firm said.
"....we believe the outlook for the rest of the year is a significant improvement over 2014 and look forward to updating shareholders on our progress," it said.