Anglo Asian Mining (AIM:AAZ), the AIM-listed copper, gold and silver producer focused in Azerbaijan, reported quarterly copper production of 5,514 tonnes for the three months to 30 September, up from 5,129 tonnes in the second quarter.
The increase came as the company's Demirli mine continued its ramp-up toward full production, which it expects to reach by the end of November.
Nine-month copper production reached 14,354 tonnes, against 3,476 tonnes in the same period last year, which the company described as a record.
Demirli, brought into production in July 2025, contributed 3,824 tonnes of copper in the third quarter, up from 711 tonnes a year earlier and 3,250 tonnes in the second quarter. Gedabek, the company's established gold and base-metals complex, added 1,690 tonnes of copper in the quarter, and mining resumed at the Ugur pit following evaluation of its mineralisation.
Gold production was broadly flat at 6,781 ounces, against 6,798 ounces in the third quarter of last year, while silver output rose to 52,969 ounces from 41,623 ounces.
"We are very well placed to deliver our medium-term strategy of becoming a mid-tier, majority copper producer," said Reza Vaziri, chief executive of Anglo Asian Mining.
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, before Demirli began selling concentrate.
Gold bullion sales reached 5,733 ounces at an average price of $4,259 per ounce, up from 5,181 ounces at $3,430 per ounce in the same quarter last year.
Cash fell to $56.5 million at quarter-end from $70.0 million at 30 June, while debt was 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 attributed the net outflow mainly to $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 expects the working capital position to 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.
