Anglo Asian Mining Plc's (LSE:AAZ, OTC:AGXKF) new Gilar mine is performing well and delivered a meaningful contribution to June's production, the company said in an update, in which it revealed a strong rise in production.
"Gilar is an important asset for us as we transition to a multi-asset producer, and our production assets will be significantly enhanced when Demirli enters production," said CEO Reza Vaziri.
The Azerbaijan-focused gold, copper and silver producer reported total production of 8,293 gold equivalent ounces in the second quarter of 2025, more than triple the 2,707 ounces a year earlier.
For the first half of the year, output reached 16,378 gold equivalent ounces, up from 5,270 in the same period of 2024.
Copper registered a particularly strong increase, rising to 654 tonnes in Q2 from just 46 tonnes a year before.
The new Gilar mine, which began producing in May, delivered 106,510 tonnes of ore grading 1.23 grams of gold per tonne and 0.84 per cent copper in the quarter, contributing significantly to this uplift. Meanwhile, work continues steadily at the Demirli mine, which is progressing towards production.
Anglo Asian sold 9,781 ounces of gold bullion in the first half of 2025, at an average price of $3,077 per ounce, compared with 6,000 ounces at $2,174 per ounce in the same period last year.
The company reported positive cash flow of $1.8 million over the half year, reducing net debt to $13 million as of 30 June 2025 from $14.8 million at the end of 2024.
“We look forward to building on the strong momentum of the first half, and to providing further updates on the execution of our growth strategy to become a mid-tier, copper-focused producer,” said CEO Vaziri.