Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining

23 June 2022

Anglo Asian Mining plc

2022 Annual General Meeting Statement

Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM-listed gold, copper and silver producer focused on Azerbaijan, is holding its annual general meeting for 2022 at 11.00 am today at 33 St James' Square, London, SW1Y 4JS. At the meeting Reza Vaziri, Anglo Asian's President and Chief Executive, will make the following statement:

"2021 was a transformational year for Anglo Asian Mining. The agreement with the Government of Azerbaijan for new concessions will significantly enhance our portfolio in the country. We also made our first investment outside of Azerbaijan. Our operational and financial performance were both solid and within guidance. This was achieved against a background of geopolitical instability and the waning COVID-19 pandemic.

"The year saw a continued reliable performance from our existing operations. The Company produced a total of 64,610 gold equivalent ounces during the year, a 4 per cent. decline due to the lower gold grades of ore processed. We reported a robust financial performance with revenues of $92.5 million and profit before taxation of $12.6 million. At 31 December 2021, we held cash of $37.5 million, having paid $10.9 million in dividends during the year. Our all-in sustaining cost for the year was $843 per ounce.

"We continue to make progress with our extensive exploration programme which underpins our near-term production. Early in 2021, we announced the discovery of Zafar, a new copper deposit at Gedabek. Its final mineral resources were announced in March 2022 and production is planned to start next year. In March 2022, we were pleased to announce the discovery of a new gold vein, "Hasan", to the south of the Gosha gold mine which will start production later this year. We are also making good progress at our restored contract area of Vejnaly with mining due to start later this month.

"In September 2021, we announced an agreement with the Government of Azerbaijan to acquire three new concessions: Garadagh, Xarxar and Demirli. This acquisition transforms Anglo Asian's development pipeline and provides us with substantial copper reserves. We also relinquished our rights to the Soutely mine, where we had concerns regarding the health and safety of our employees and the amount of capital expenditure the asset would require. The three new concessions contain significant mineralisation and border our existing contract areas which will enable us to benefit from considerable operational synergies.

"The Company also made its first investment outside of Azerbaijan in 2021 with the purchase of a 19.8 per cent. shareholding in Libero Copper & Gold Corporation ("Libero"). Libero is listed on the TSX Venture Exchange and possesses an extremely attractive portfolio of copper exploration assets spanning North and South America. We are very excited about this investment.

"Looking forward, we are encouraged by the developments over the past year and believe the Company has a solid foundation for further future growth. We have developed a portfolio of assets with considerable potential, and we look forward to updating the market on our progress in due course.

"I would like to take this opportunity to thank my fellow board members, our management team and our employees for their hard work and dedication and our shareholders for their ongoing support."

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, which was incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.

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Notes to Editors:

Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer in Central Asia with a broad portfolio of production and exploration assets in Azerbaijan. The Company produced 64,610 gold equivalent ounces ("GEOs") for the year ended 31 December 2021.  

In September 2021, the Company announced a transaction with the Government of Azerbaijan which grants it three additional concessions with a combined area of 882 square kilometres, including the Garadagh porphyry copper deposit, with a Soviet classified resource of over 300,000 tonnes of copper. The transaction is subject to ratification by the parliament of Azerbaijan.

In December 2021, the Company undertook a private placement which acquired 19.8 per cent. of Libero Copper & Gold Corporation ("Libero"). The transaction was completed in January 2022. Libero is listed on the TSX Venture Exchange in Canada and owns, or has the option to acquire, several copper exploration properties in North and South America, including Mocoa in Colombia, one of the world's largest undeveloped copper-molybdenum resources.    

https://www.angloasianmining.com/