Anglo Asian Mining (AIM:AAZ), the AIM-listed copper, gold and silver producer focused on Azerbaijan, said copper production rose to 5,514 tonnes in the third quarter, up from 5,129 tonnes in the second quarter, as its Demirli mine continues ramping toward full production.
The company expects Demirli to reach steady-state output by the end of November, a milestone it said underpins its strategy of becoming a majority copper producer in 2026.
Copper production for the nine months to 30 September reached 14,354 tonnes, against 3,476 tonnes in the same period last year, which the company described as a record for the period.
Gold production was broadly flat at 6,781 ounces in the quarter, against 6,798 ounces a year earlier, while silver output rose to 52,969 ounces from 41,623 ounces.
Demirli, which entered production in July 2025 alongside the Gilar mine that started in May 2025, contributed 3,824 tonnes of copper in the quarter, up from 711 tonnes a year earlier and from 3,250 tonnes in the second quarter.
Gedabek, the company's established gold and base-metals complex, added 1,690 tonnes of copper, with mining also resuming at Ugur during the quarter following evaluation of its mineralisation.
Concentrate sales totalled 28,987 dry metric tonnes worth $80.5 million, split between $30.4 million from Gedabek and $50.1 million from Demirli, against $17.8 million from Gedabek alone a year earlier when Demirli had yet to begin selling concentrate.
Gold bullion sales rose to 5,733 ounces at an average price of $4,259 per ounce, up from 5,181 ounces at $3,430 per ounce in the third quarter of last year.
Cash fell to $56.5 million at the quarter end from $70.0 million at 30 June, with debt reduced to $9.4 million from $12.3 million, leaving net cash of $47.1 million, down $10.6 million over the quarter.
The company said the net outflow was driven largely by $30.1 million of working capital tied up in September concentrate sales, with proceeds received in October, alongside $10.0 million in dividend and profits tax payments; it said the working capital effect will reverse in the fourth quarter.
Anglo Asian maintained 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 all-in sustaining costs of $6,000 to $7,000 per tonne of copper and $1,500 to $1,800 per ounce of gold.
"We are very well placed to deliver our medium-term strategy of becoming a mid-tier, majority copper producer", said chief executive Reza Vaziri, pointing to the ongoing ramp-up at Demirli as the driver of successive quarterly copper growth.
