Anglo Asian Mining returns to profit amid ramp up

Anglo Asian Mining Plc (LSE:AAZ, OTC:AGXKF, FRA:A4A) told investors it returned to profit in 2025 as two new mines pushed the Azerbaijan-focused group into its next phase as a copper-led, multi-asset producer.

The AIM-listed miner reported revenue of US$122.8 million for the year to 31 December, up from US$39.6 million in 2024, while profit before tax came in at US$25.8 million compared with a US$21.3 million loss a year earlier.

Production rose to 25,061 ounces of gold and 7,915 tonnes of copper, driven by a full year of production at Gedabek and the start-up of the Gilar and Demirli mines. Gilar, an underground copper-gold mine at Gedabek, entered production in May, while Demirli, a brownfield copper project in Karabakh, followed in July.

The company generated US$46.7 million of net cash from operations and ended the year with net cash of US$2.6 million, against net debt of US$14.7 million at the end of 2024. Anglo Asian also reinstated its dividend, proposing a final payout of 4 US cents per share.

Chief executive Reza Vaziri called 2025 “a historic year” and said the group expects to become primarily copper-producing during 2026. Guidance for the year was maintained at 20,000 to 25,000 tonnes of copper and 28,000 to 33,000 ounces of gold.