Earnings release
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15 October 2026 Q3 2026 Production and Sales Update Continued copper production growth underpinning strategic delivery Anglo Asian Mining plc (“Anglo Asian” or the “Company”), the AIM listed copper, gold and silver producer focused in Azerbaijan, is pleased to provide the following production, sales and operational review for the three months to 30 September 2026 ("Q3 2026" or the “Quarter”) and nine months to 30 September 2026 ("9M 2026"). Copper production continues to grow quarter-on-quarter to 5,514 tonnes in Q3 2026 (Q2 2026: 5,129 tonnes), as Demirli ramps up to full production by the end of November. In line with its medium-term growth strategy, the Company will become a majority copper producer in 2026. Continued production growth in Q3 2026 Copper production of 5,514 tonnes (Q3 2025: 2,288 tonnes) as Demirli production continues to ramp-up in line with expectations, with steady state production expected by the end of November 1,690 tonnes at Gedabek 3,824 tonnes at Demirli Gold production of 6,781 ounces (Q3 2025: 6,798 ounces) 5,582 ounces contained within gold doré 1,199 ounces from flotation and SART production Silver production totalled 52,969 ounces (Q3 2025: 41,623 ounces) 5,480 ounces contained within gold doré 47,489 ounces from flotation and SART processing Mining recommenced from Ugur in the Quarter following evaluation of the mineralisation Record copper production in 9M 2026 Copper production of 14,354 tonnes (9M 2025: 3,476 tonnes) Gold production of 19,110 ounces (9M 2025: 18,912 ounces) Silver production of 145,824 ounces (9M 2025: 103,971 ounces) Q3 2026 sales and financial overview Total gold bullion sales of 5,733 ounces at an average of $4,259 per ounce (Q3 2025: 5,181 ounces at an average of $3,430 per ounce) Total concentrate sales of 28,987 dry metric tonnes (“dmt”) with a value of $80.5 million 9,655 dmt at Gedabek with a value of $30.4 million (Q3 2025: 6,852 dmt with a value of $17.8 million) 19,332 dmt at Demirli with a value of $50.1 million (Q3 2025: nil)
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H1 2026 Q3 2026 Q3 2025 Q3 2026 compared to Q3 2025 H/(L) FY 2025 Production Gold ounces 12,329 6,781 6,798 (17) 25,061 Copper Gedabek tonnes 3,341 1,690 1,577 113 4,787 Demirli tonnes 5,499 3,824 711 3,113 3,128 Total copper tonnes 8,840 5,514 2,288 3,226 7,915 Silver ounces 92,855 47,489 41,623 5,866 153,333 Doré sales Doré ounces 7,126 5,733 5,181 552 19,631 Sales value $/ounce 9,307 4,259 3,430 829 3,441 Copper concentrate sales Tonnes tonnes 58,577 28,987 6,852 22,135 29,695 Sales value $m 125.9 80.5 17.8 62.7 64.7 Increase / (decrease) in net cash $m 55.0 (10.6) (1.2) (9.4) 17.3 Ending net cash / (debt) $m 57.7 47.1 (14.2) 61.3 2.5 Market value of inventory $m 28.9 27.0 11.5 15.5 37.7 Cash of $56.5 million ($70.0 million at 30 June 2026) and debt of $9.4 million ($12.3 million at 30 June 2026) Net cash outflow in the Quarter of $10.6 million Cash payments in the Quarter included $10.0 million in respect of the 2025 final dividend and profits tax payments Cash outflow also included $30.1 million working capital usage in respect of sales invoiced in September with proceeds received in October Working capital usage will be reversed in Q4 2026 Unsold gold doré and copper concentrate inventory of $27.0 million at 30 September 2026 Outlook Ramp-up at Demirli continues to progress in line with expectations, with steady-state production expected by the end of November. The Company is pleased to maintain its Full Year 2026 guidance of 20,000 to 25,000 tonnes of copper, 26,000 to 30,000 ounces of gold and 170,000 to 210,000 ounces of silver, with AISC of $6,000 to $7,000 per tonne of copper and $1,500 to $1,800 per ounce of gold. Key metrics for H1 2026, Q3 2026, Q3 2025 and FY 2025 Reza Vaziri, CEO of Anglo Asian Mining, commented: “We are delighted with the continued operational progress made during the Quarter, with successive quarter-on-quarter copper production growth driven by the ongoing ramp-up at Demirli, which remains on track to enter full production by the end of November. We are very well placed to deliver our medium-term strategy of becoming a mid-tier, majority copper producer.” Note that all references to "$" are to United States dollars.
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Mine 3 months to 31 March 2026 3 months to 30 June 2026 3 months to 30 September 2026 Ore mined (tonnes) Average gold grade (g/t) Ore mined (tonnes) Average gold grade (g/t) Average copper grade (%) Average copper grade (%) Ore mined (tonnes) Average gold grade (g/t) Average copper grade (%) Open pit 35,588 0.46 23,502 0.26 0.03 0.20 33,828 0.38 0.22 Gilar – u/g 208,032 1.30 225,602 1.39 1.67 1.36 227,282 1.40 1.43 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. For further information please contact: Anglo Asian Mining plc Amir Vaziri, Chief Business Development Officer Tel: +1 (301) 332 9938 Peel Hunt LLP (Broker) Tel: +44 (0) 20 7418 8900 Ross Allister David McKeown Emily Bhasin SP Angel Corporate Finance LLP (Nominated Adviser) Ewan Leggat Adam Cowl Tel: +44 (0) 20 3470 0470 Hudson Sandler (Financial PR) Charlie Jack Harry Griffiths Tel: +44 (0) 20 7796 4133 Notes to editors Anglo Asian Mining plc (AIM:AAZ) is a copper and gold producer with a high-quality portfolio of production and exploration assets in Azerbaijan. The Company is progressing its strategic plan for growth, which is a clearly defined path to transition to a multi-asset, mid-tier, copper and gold producer by 2030. Copper is now the principal product of the Company, with forecast annual production in 2030 of around 50,000 to 55,000 tonnes. This growth will be achieved by bringing three new mines into production during the period 2027 to 2030 at Xarxar, Garadag and Zafar. This is in addition to the new Gilar and Demirli mines which commenced production in May 2025 and July 2025 respectively. https://www.angloasianmining.com/ APPENDIX OPERATING STATISTICS FOR Q3 2026 Ore mined during Q3 2026 Gedabek
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Ugur – o/pit - - - - - - 40,374 0.29 - Total 243,620 1.18 249,104 1.28 1.52 1.19 301,484 1.14 1.27 Quarter ended Ore processed* Gold content Silver content Copper content (tonnes) (ounces) (ounces) (tonnes) 31 March 2025 155,406 535 9,516 729 30 June 2025 166,135 1,193 30,537 900 30 September 2025 151,359 3,185 85,123 1,793 31 December 2025156,158 3,027 93,835 2,409 FY 2025 629,058 7,940 219,011 5,831 31 March 2026 162,109 2,806 69,040 1,703 30 June 2026 177,491 3,725 85,676 2,302 H1 2026 339,600 6,531 154,716 4,005 30 September 2026 178,545 3,691 99,234 2,454 Demirli 3 Months to 31 March 2026 3 Months to 30 June 2026 3 Months to 30 September 2026 Mine Ore mined Average copper grade Ore mined Average copper grade Ore mined Average copper grade (tonnes) (%) (tonnes) (%) (tonnes) (%) Open pit1,352,208 0.37 2,238,060 0.34 2,034,552 0.39 Gedabek processing, production and sales in Q3 2026 Ore processed by leaching Quarter ended Ore processed Gold grade of ore processed Heap leach pad crushed ore (tonnes) Heap leach pad ROM ore (tonnes) Agitation leaching plant* (tonnes) Heap leach pad crushed ore (g/t) Heap leach pad ROM ore (g/t) Agitation leaching plant* (g/t) 31 March 2025 106,429 - 149,763 0.40 - 1.16 30 June 2025 133,153 - 154,948 0.40 - 1.13 30 September 202547,202 - 156,773 0.40 - 1.52 31 December 2025- - 163,541 - - 1.27 FY 2025 286,784 - 625,025 0.40 - 1.26 31 March 2026 39,475 - 167,989 0.33 - 1.33 30 June 2026 80,702 - 183,929 0.25 - 1.40 H1 2026 120,176 - 351,918 0.29 - 1.37 30 September 2026122,812 - 186,164 0.38 - 1.39 Ore processed by flotation
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Quarter ended Gold produced* Silver produced* Gold sales** Gold Sales price (ounces) (ounces) (ounces) ($/ounce) 31 March 2025 5,758 8,206 4,753 2,843 30 June 2025 5,624 6,699 5,028 3,299 30 September 2025 5,814 4,655 5,181 3,430 31 December 20255,133 4,788 4,669 4,214 FY 2025 22,329 24,348 19,631 3,441 31 March 2026 4,842 5,607 4,100 4,728 30 June 2026 5,158 5,775 3,026 4,579 H1 2026 10,000 11,382 7,126 4,664 30 September 2026 5,582 5,480 5,733 4,259 *the ore processed by flotation includes ore which had previously been treated by agitation leaching. For 2026, all ore processed had been previously treated by agitation leaching. Gold and silver produced as gold doré and gold sales * including Government of Azerbaijan’s share ** excluding Government of Azerbaijan’s share Gold and silver produced as gold doré – split between agitation and heap leaching Quarter ended Gold Silver Agitation leaching (ounces) Heap leaching (ounces) Total (ounces) Agitation leaching (ounces) Heap leaching (ounces) Total (ounces) 31 March 2025 4,017 1,741 5,758 5,717 2,489 8,206 30 June 2025 3,936 1,688 5,624 4,632 2,067 6,699 30 Sept 2025 4,681 1,133 5,814 3,735 920 4,655 31 Dec 2025 3,988 1,145 5,133 3,720 1,068 4,788 FY 2025 16,622 5,707 22,329 17,804 6,544 24,348 31 March 2026 3,780 1,062 4,842 4,379 1,228 5,607 30 June 2026 4,112 1,046 5,158 4,603 1,172 5,775 H1 2026 7,892 2,108 10,000 8,982 2,400 11,382 30 Sept 2026 4,337 1,245 5,582 4,274 1,206 5,480 Copper concentrate production and sales Concentrate Copper Gold Silver Concentrate Concentrate production*content* content* content* sales** sales** (dmt) (tonnes)(ounces)(ounces) (dmt) ($000) Quarter ended 31 March 2025 3,072 534 270 22,109 2,324 4,050 30 June 2025 3,523 654 462 25,334 3,886 7,060 30 September 2025 6,769 1,577 984 36,968 6,852 17,76031 December 20259,784 2,022 1,016 44,573 7,255 18,430 FY 2025 23,148 4,787 2,732 128,984 20,317 47,300 31 March 2026 7,311 1,462 1,215 37,189 7,890 24,206 30 June 2026 9,925 1,879 1,114 44,284 11,103 30,290 H1 2026 17,236 3,341 2,329 81,473 18,993 54,496
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30 September 2026 8,972 1,690 1,199 47,489 9,655 30,387 * including Government of Azerbaijan’s share ** excludes Government of Azerbaijan’s share Demirli processing, production and sales Q3 2026 Processed Unit Q1 2026 Q2 2026 Q3 2026 Ore feed to plant dry metric tonnes 647,835 855,104 1,022,576 Grade per cent. 0.44 0.51 0.50 Copper content tonnes 2,880 4,361 3,824 Production Copper concentrate tonnes 11,901 16,904 19,369 Copper content tonnes 2,249 3,250 3,824 Sales Concentrate sales Dry metric tonnes 10,663 21,032 19,332 Value of sales $ million 21.4 50.0 50.1 Q3 2026 Financial overview The Company had a net outflow of funds of $10.6 million in the 3 months ended 30 September 2026. Cash decreased by $13.5 million to $56.5 million and debt reduced by $2.9 million to $9.4 million at 30 September 2026. Net cash accordingly decreased by $10.6 million to $47.1 million. The main reasons for the decrease in net cash were as follows: Working capital increase in respect of concentrate sales of $30.1 million at the end of September for which the proceeds were received in October Profits tax payments of $5.4 million 2025 final dividend paid of $4.6 million Payments to the Government of Azerbaijan in respect of production share on copper concentrate sales for the period July 2025 to Feburary 2026 of $8.8 million following agreement of the amounts Net cash Q1 2026 Q2 2026 Q3 2026 $m $m $m $m $m $m Beginning of the quarter 2.6 17.7 57.7 Sales proceeds (net of Government production share) 62.4 89.6 53.4 Interest income 0.3 0.4 0.7 VAT refund - 2.9 5.5 Operating costs (39.9) (46.2) (58.2) Capital expenditure (3.4) (3.9) (1.8) Demirli lease payment (3.8) - - Debt servicing (0.5) (0.3) (0.2) Profits tax payment - (2.6) (5.4) Dividend - - (4.6) Inc./(dec.) in net cash 15.1 39.9 (10.6)
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End of the quarter 17.7 57.6 47.1
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