Anglo Asian Mining maintains 2026 outlook, highlights Demirli progress

Anglo Asian Mining PLC on Thursday said its Demirli mine remains on track to enter full production by the end of next month, as it reported slightly lower gold production.

The Azerbaijan-focused gold, copper and silver producer said copper production more than doubled to 5,514 tonnes in the third quarter of 2026 from 2,288 tonnes a year ago, as Demirli production continued to ramp up in line with expectations.

Gold production edged down 0.3% to 6,781 ounces from 6,798 ounces a year prior.

The average realised gold price within gold dore in the third quarter of 2026 was USD4,259 per ounce, up 24% from USD3,430 a year ago but 7.0% lower than USD4,579 in the second quarter.

Anglo Asian Mining describes gold dore as "an alloy of gold and silver with small amounts of impurities, mainly copper."

Silver production in the third quarter was up 27% on-year to 52,969 ounces from 41,623 ounces.

The firm maintained its 2026 production guidance of 20,000 to 25,000 tonnes of copper, 26,000 to 30,000 ounces of gold, as well as 170,000 to 210,000 ounces of silver.

In May, Anglo Asian Mining had guided for between 28,000 and 33,000 ounces of gold. This was revised down in September to between 26,000 and 30,000 ounces, with the firm at the time citing variability of gold-bearing minerals in the Gilar ore.

The firm in 2025 had produced 7,915 tonnes of copper, 25,061 ounces of gold and 153,332 ounces of silver. Copper production has since increased sharply due to the ramp-up of the Demirli mine. Back in May this year, the firm had said it is targeting an annual copper output of around 50,000 tonnes over the next five years.

Chief Executive Officer Reza Vaziri said Thursday: "We are delighted with the continued operational progress made during the quarter, with successive quarter-on-quarter copper production growth driven by the ongoing ramp-up at Demirli, which remains on track to enter full production by the end of November.

"We are very well placed to deliver our medium-term strategy of becoming a mid-tier, majority copper producer."

Anglo Asian Mining shares fell 1.3% to 412.50 pence each on Thursday afternoon in London.

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