Slides
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21 September 2026 Interim Results 6 months to 30 June 2026 Transition to mid-tier copper & gold production
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Group production significantly increased following first 6-month period as a multi-asset producer • Record copper production of 8,840t (H1 2025: 1,188t) • Gold production of 12,329oz (H1 2025: 12,114oz) • Silver production of 92,855oz (H1 2025: 62,348oz) This enabled a strong financial performance • Revenue increased to $141.2m (H1 2025: $40.9m) • Profit before taxation rose to $68.5.m (H1 2025: $7.1m) Continued focus on developing our growth projects • Consultants appointed for the Xarxar and Garadag feasibility studies • 90,000m core drilling programme for 2026–27 commenced for exploration and feasibility studies Strong balance sheet and commitment to shareholder returns • Net cash generated by operating activities of $78.5m (H1 2025: $11.4m) • Net cash position of $57.7m at 30 June 2026 (31 Dec 2025: $2.6m) • Interim dividend declared for FY2026 of 6 US cents per ordinary share Highlights Record copper production driving a step-change in earnings and cash generation $141.2m Revenue $68.5m PBT $78.5m Operating cash flow $57.7m Net cash 8,840t Copper production
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Five-year objective to become a major copper producer, producing ~50,000 tonnes of copper metal p.a. Increase copper production to around 50,000 tonnes of copper p.a. by the sequential opening of new mines • Two mines opened last year: Gilar and Demirli • Xarxar and Garadag are targeted to enter production in 2028 and 2030 respectively Future projects progressing in-line with expectations • Appointed Worley Europe Limited to complete the Xarxar and Garadag feasibility studies • Core drilling nearing completion at Xarxar of planned 10,000m for infill, geotechnical, hydrological and metallurgical study work, for mine design and production optimisation Major drill programme of 90,000m planned for exploration, mineral resources & project development • About 55,000m of exploration and resource increase at Xarxar, Garadag, Gedabek and Demirli areas • About 35,000m for Xarxar and Garadag studies Undertake exploration to increase Company’s resources under JORC standard • Xarxar and Garadag JORC mineral resource estimates published • Xarxar and Garadag host 119,000 tonnes of copper and 900,000 tonnes of copper respectively Strategy to become a mid-tier copper and gold producer
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Our operations
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Our operations Eight contract areas across a 2,500+ km² land package △NORTHERN BLOCK # ASSET AREA (SQ.KM.) STAGE 1 Garadag 344 Development & Exploration 2 Gosha 300 Exploration 3 Xarxar 464 Development & Exploration 4 Gedabek 300 Production & Exploration TOTAL: 1,408 SQ.KM. △CENTRAL BLOCK # ASSET AREA (SQ.KM.) STAGE 5 Demirli 74 Production & Exploration 6 Kyzylbulag 300 Exploration TOTAL: 374 SQ.KM. △SOUTHERN BLOCK # ASSET AREA (SQ.KM.) STAGE 7 Vejnaly 300 Exploration 8 Ordubad 462 Exploration TOTAL: 762 SQ.KM. ⌖ 2,544 sq.km. land package across eight contract areas supporting production, development and exploration growth
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Strong production at Gedabek Management initiatives driving progress at flagship mine Investments in our infrastructure • New flotation line of nine high-efficiency Imhoflot pneumatic flotation cells and a new control room • A heap leach test pad and a pilot solvent extraction / electrowinning plant are being constructed • Final wall of tailings dam completed in April, provides further capacity for the next 2 to 3 years Brownfield exploration • Re-evaluation of a known block of gold mineralisation in the Ugur open pit has commenced, with blasting and waste push back being carried out Robust production • First full six months of production at Gilar • 12,329 ounces of gold and 17,236 tonnes of concentrate containing 3,341 tonnes of copper Gilar performing in line with expectations • Over 8,000 metres of access tunnel, spiral, ventilation and operation tunnelling • Exploration tunnel development for access to drill for upper zones and Zone 4 deeper
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Ramp-up at Demirli in-line with expectations Steady state production expected during Q4 2026 Ongoing refinement of processing operations • Ball mill gear shaft replaced in February • Planned investments in upgrading the SAG mill to improve production Ramp up progressing in-line with expectation • Processed 1,502,969 dry metric tonnes of ore grading 0.48 per cent. of copper • Produced 28,805 tonnes of concentrate containing 5,499 tonnes of copper Continued review of tailings • Wall of existing tailings dam has been buttressed with 20 million tonnes of rock and a further 10 metres wall raise of the dam is planned • Technical specifications to obtain approval for the construction of a new tailings facility have also been submitted to the Government • Oxide ore at the mine is currently being stockpiled and a test pad for leaching the ore has been constructed and a pilot solvent extraction / electrowinning plant will be constructed
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Growth projects Feasibility studies for our copper projects and ongoing drilling campaign A P P O I N T M E N T O F Worley Europe Limited • Worley Europe Limited appointed as the contractor for the feasibility studies for the Xarxar and Garadag development • The Worley Group is a global leader in engineering, project and asset management solutions in the energy, chemicals and resources sectors • Target completion dates: – H2 2027 for Xarxar – H1 2028 for Garadag P L A N N E D Drill programme • Planned 90,000 metres of core drilling in 2026 and 2027, comprising: – c. 55,000 metres exploration drilling – c. 35,000 metres feasibility study drilling C O N T I N U E D F O C U S O N Exploration • Ongoing greenfield and brownfield exploration programme • Key focus areas: – Extensions at Xarxar and Garadag and surrounding areas – Follow-up drilling in the Gedabek contract area – Extensions to the Demirli mine and Demirli South target area A D V A N C I N G A S T R O N G E R , L A R G E R C O P P E R P O R T F O L I O
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Financial performance 21.09.26 9
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Financial highlights A robust financial performance Revenues increased to $141.2 million (H1 2025: $40.9 million) • Full six months of production at both Gedabek and Demirli • Higher average selling prices of copper and gold Significantly increased profitability, with profit before taxation of $68.5 million (H1 2025: $7.1 million) • Reflects strong growth in revenues Net cash position of $57.7 million at 30 June 2026 (31 December 2025: $2.6 million) • Net cash generated by operating activities of $78.5 million (H1 2025: $11.4 million) Interim dividend in respect of the year ending 31 December 2026 of 6.0 US cents per share • Anglo Asian’s ongoing commitment to delivering attractive shareholder returns whilst being mindful of future capital expenditure requirements
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Profit and loss account Six months ended 30 June 2026 Revenue $141.2m $40.9m H1 2025 Gross profit $78.0m $13.8m H1 2025 Operating profit $71.1m $8.8m H1 2025 Profit after tax $46.1m $4.7m H1 2025 H1 2026 P&L H1 2026 H1 2025 Revenue (1) 141.2 40.9 Cost of sales (2) (63.1) (27.1) Gross profit 78.0 13.8 Admin expenses (6.2) (4.1) Other operating expenses (0.8) (0.9) Operating profit 71.1 8.8 Net finance costs (4) (2.6) (1.6) Other net income / (expense) 0.1 (0.1) Profit before tax 68.5 7.1 Taxation (5) (22.4) (2.4) Profit after tax 46.1 4.7 Significant items to the P&L account Sales ($m) Gedabek Demirli Total Gold and silver bullion 33.9 – 33.9 Copper concentrate 44.9 62.3 107.2 Total sales 78.8 62.3 141.1 Cost of sales Gedabek 31.6 Demirli 31.3 Mining property 0.2 Total 63.1 Taxation Deferred taxation (0.7) Current year taxation 23.1 Total taxation charge 22.4 H1 2026 AISC Gold $/ounce Copper $/tonne Gedabek 1,224 5,122 Demirli (excl. site lease) N/A 5,180 All sales were subject to the minimum 12.75% Government production share. No sales price or other hedging activities were carried out in H1 2025 or H1 2026. There were no buy-and-hold sales in either period. Group (excluding site lease) 1,224 5,158 Net finance cost Bank interest and other 0.8 Lease liabilities 1.3 Asset retirement unwind 0.8 Interest income (0.3) Some of the figures may not sum due to rounding
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© ANGLO ASIAN MINING CO. 12 At 30 June 2026 Total assets $310.1m $239.3m 31 Dec 2025 Cash $70.0m $30.2m 31 Dec 2025 Total liabilities $178.5m $154.0m 31 Dec 2025 Equity $131.6m $85.3m 31 Dec 2025 ASSETS LIABILITIES AND EQUITY30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 Non-current assets Intangible assets (1) 18.3 17.4 Property plant and equipment 93.3 82.9 Leased assets (2) 28.3 33.0 Inventory and other (3) 22.0 13.9 Total non-current assets 161.9 147.2 Current assets Inventory (3) 38.7 37.5 Trade and other receivables 39.5 24.4 Cash (4) 70.0 30.2 Total current assets 148.2 92.1 TOTAL ASSETS 310.1 239.3 Trade and other payables 64.4 39.6 Income tax 20.5 0.1 Borrowings (5) 12.3 27.7 Lease liabilities (6) 33.5 39.2 Asset retirement obligations (7) 24.0 22.9 Deferred tax 23.8 24.5 Total liabilities 178.5 154.0 Equity 131.6 85.3 TOTAL EQUITY AND LIABILITIES 310.1 239.3 Borrowings Azeri bank borrowings 10.9 Vendor financing SOFR+2% 1.4 Total 12.3 Borrowing maturity Current 8.6 Due after one year 3.7 Total 12.3 BALANCE SHEET NOTES 1. Capitalised exploration: Gedabek $6.4m, Xarxar $3.7m, Garadag $3.4m 2. Demirli lease capitalised $25.9m 3. Ore stockpiles: Gedabek $14.9m, Demirli $13.0m • 4. Restricted cash $3.0m Balance Sheet 4. Includes restricted cash $3m (31 Dec 2025: $9m) 5. Some of the figures may not sum due to rounding
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Cash flow Six months ended 30 June 2026 Inflow from operations $81.1m $11.5m H1 2025 Cash from operating activities $78.5m $11.5m H1 2025 Increase in cash $46.0m $4.5m H1 2025 Closing net cash $57.7m $(8.5)m H1 2025 CASH FLOW SUMMARY H1 2026 H1 2025 Inflow before WC 81.5 15.8 Working capital movement (0.5) (4.3) Inflow from operations 81.1 11.5 Income tax paid (2.6) - Cash from operating activities 78.5 11.5 Investing activities (8.0) (8.5) Financing activities (24.5) 1.5 Increase in cash 46.0 4.5 Foreign exchange (0.2) (0.1) Opening cash 21.2 0.9 Closing cash 67.0 5.3 Opening net cash / (debt) 2.6 (14.7) Movement in period 55.1 6.2 Closing net cash / (debt) 57.7 (8.5) INFLOW BEFORE WORKING CAPITAL Profit before tax 68.5 Depreciation and amortisation 10.4 Net finance costs 2.6 Other 0.2 Total inflow before WC 81.5 WORKING CAPITAL Increase in inventories (9.6) Debtors and creditors 9.1 Total movement (0.5) DEPRECIATION & AMORT. Owned assets 4.0 Leased assets 6.2 Total 10.4 INVESTING ACTIVITIES Assets under construction 7.2 Other capital expenditure 6.2 Exploration expenditure 0.9 Decrease in pledged cash (6.0) Other (0.3) Total 8.0 INVENTORY MOVEMENT Gilar & Demirli ore stockpiles 10.4 Other (0.8) Increase in inventories 9.6Some of the figures may not sum due to rounding Mining rights 0.2
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Outlook 21.09.26 14
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Summary and outlook Another step-change year, with full year production from 3 mines and copper production to approximately triple Strong H1 performance • 8,840 tonnes of copper, 12,329 ounces of gold and 92,855 ounces of silver • Continued operational and exploration progress supporting target to become a mid- tier, copper-focused producer Full Year guidance • Maintain copper and silver production guidance, with a small decrease in gold guidance due to lower-than-expected recoveries at Gilar • Reduced AISC copper guidance 2025 production 2026 production guidance Copper (tonnes) 7,915 20,000 to 25,000 Gold (ounces) 25,061 26,000 to 30,000 Silver (ounces) 153,332 170,000 to 210,000 Cost guidance Gold AISC ($/oz) 1,500 to 1,800 Copper AISC ($/tonne) 6,000 to 7,000 Production guidance
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Strong growth outlook and highly cash generative Significant portfolio of projects in development and growth supported by long-term exploration pipeline PRODUCTION DEVELOPMENT FUTURE PLANS 0 20 40 60 80 100 Cu eq (kt) Annual Copper Equivalent Production¹ 4.7 2024 17.3 2025 35.5 2026 Xarxar Copper Garadag Copper Demirli Expansion Copper Mid-Term Demirli regional expansion Copper Zafar Copper-Gold-Zinc Gilar expansion potential Gold-Copper 10km Garadag belt Copper Exploration targets² Copper, Gold, Polymetallic Development Projects Growth Opportunities Note 1: Copper Equivalent calculated on copper price $12,500/t and gold price $4,500/oz Note 2: Significant Exploration Potential along strike of production mines
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The investment case A well-established, multi-asset mining company with extensive copper resources transitioning to mid-tier status Multi-asset producer Opened two new mines last year, significantly growing the production base, in-line with its growth strategy Exciting developmental asset portfolio 2,500 square kilometres license areas, multi-billion- dollar resources to JORC standard of over 400,000 ounces of gold and one million tonnes of copper Long-term track record The Company has discovered and brought six mines into production without shareholder dilution Highly experienced and incentivised team Highly experienced and stable team with proven ability to operate in Azerbaijan, with interests aligned to shareholders Disciplined approach to funding growth Focused on funding development responsibly, with an emphasis on delivering shareholder value. We have never diluted our investors Low-cost operator The Company maintains strong cost and cash controls, and has traditionally operated in the lowest-cost quartile
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Thank you. Pioneering a copper-focused future in Azerbaijan www.AngloAsianMining.com 21.09.26 18
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Azerbaijan A high-growth economy & investment destination A strategically positioned, fast-growing regional economy Rapidly developing country with strengthened regional and international relationships Strategically positioned at the centre of East-West and North-South trade corridors Central to the TRIPP corridor initiative Historically oil & gas focused, with increasing diversification into the minerals sector Competitive energy pricing Highly educated and skilled workforce Stable PSA framework providing long-term business security Multi-national corporations currently operating in Azerbaijan
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Copper and gold resource base Over 1.1 million tonnes of copper and over 350,000 ounces of gold* Exploration is underway to increase resources and reclassify them from Inferred to Indicated and Measured. TOTAL RESOURCE excluding Demirli 1.10 Mt COPPER 356.7 koz GOLD 8 contract areas | significant exploration upside DEPOSIT / MINE COPPER (TONNES) GOLD (OUNCES) Inferred Measured + Indicated Total Inferred Measured + Indicated Total Legacy** 1,700 15,057 16,757 13,900 53,388 67,288 Gilar 1 43,500 43,501 4,000 212,400 216,400 Zafar 3,000 25,000 28,000 9,000 64,000 73,000 Xarxar 12,800 106,300 119,100 – – – Garadag 592,600 304,300 896,900 – – – TOTAL 610,101 494,157 1,104,258 26,900 329,788 356,688 Significant exploration upside across known mineral occurrences and targets in 8 contract areas. The current programme is focused on both resource growth and upgrading confidence categories. * As of 1 January 2026; does not include any resource for Demirli. ** Gedabek open pit and underground mines and Gadir underground mine.
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Future Growth – Xarxar High-quality copper resource with strong development momentum PROJECT OVERVIEW PROGRESS AT XARXAR EXPLORATION UPSIDE • Open pit copper project located near the northern boundary of Gedabek • 464 km² contract area with access to shared infrastructure, staffing and administrative support • Planned copper cathode production using heap leaching and solvent extraction electrowinning (SX-EW), making Anglo Asian Mining and Azerbaijan a copper metal producer • JORC mineral resource estimate published in February 2024 ✓ Contains a total in-situ resource of 119,100 tonnes of copper ✓ Further technical studies underway for open pit mine design and process selected • Feasibility Study consultant selected for FS completion in mid-2027 • Finalizing next phase drilling: geotechnical, hydrogeological, rock characteristics • Significant exploration potential identified near the Xarxar deposit XARXAR DRILL SECTION Focused drilling and studies advancing Xarxar towards a robust development decision.
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Future Growth – Garadag Expected to enter production 2030 GARADAG DEPOSIT VIEWED FROM THE SHAMKIR TO GEDABEK ROAD GARADAG RPEEE PIT SHELL (LOOKING NORTH) MAJOR COPPER PROJECT PROGRESS AT GARADAG FEASIBILITY STUDY & PLANNED WORK • 344 km² contract area • Maiden JORC total resource (Indicated and Inferred) of ~900,000 tonnes of copper metal hosted in 285 million tonnes of mineralisation with average grades of 0.32% Copper • Plan to produce copper cathode by solvent extraction electrowinning, making Anglo Asian and Azerbaijan a copper metal producer • Shared operational infrastructure and processing with Xarxar reducing capex requirements and enabling efficient capital deployment • Mining trade - off study completed, open pit selected • Infrastructure layout completed (mine, dumps, crushers, HL, plant & auxiliary buildings • Drilling to confirm geotechnical, hydrogeological, metallurgical samples and enhance MRE • Process technology assessment for copper heap leach, bioleach and SX- EW • Feasibility Study consultant selected for FS completion in H1 2028 • 90 million tonnes of ore ( containing 307 kt copper) over 18 years