Anglo Asian Mining (AIM:AAZ), the AIM-listed copper, gold and silver producer focused on Azerbaijan, reported copper production of 5,129 tonnes in the second quarter, up from 3,711 tonnes in the first quarter.
The increase reflects the ramp-up of the Demirli mine, which contributed 3,250 tonnes in the quarter and is expected to reach full production during the third quarter.
Gold output rose to 6,272 ounces from 6,057 ounces in the prior quarter, while first-half copper production reached 8,840 tonnes against just 1,188 tonnes in the same period last year.
Net cash climbed by $39.9 million to $57.6 million at 30 June, with no outstanding advances from trading partner Trafigura.
First-half concentrate sales totalled 58,577 dry metric tonnes worth $125.9 million, split between $54.5 million from Gedabek and $71.4 million from Demirli, which had no sales in the equivalent period last year.
Gold bullion sales fetched an average $4,664 per ounce, up from $3,077 a year earlier, though volumes fell to 7,126 ounces from 9,781 ounces.
The company appointed Worley Europe to run feasibility studies on its Xarxar and Garadag projects, due for completion in mid-2027 and the first half of 2028 respectively, alongside a 90,000-metre core drilling programme spanning 2026 and 2027.
Anglo Asian said the Board remains confident of hitting full-year guidance of 20,000 to 25,000 tonnes of copper, 28,000 to 33,000 ounces of gold and 170,000 to 210,000 ounces of silver, with second-half production expected to exceed the first half once Demirli reaches steady state in the third quarter.
