Anglo Asian Mining reports markedly improved Q1 performance
By Josh White
Date: Monday 14 Apr 2025
(Sharecast News) - Anglo Asian Mining delivered a marked improvement in performance during the first quarter of 2025, it said in an update on Monday, producing 8,085 gold equivalent ounces, up from 2,548 ounces in the same period last year when operations were partially suspended following an environmental shutdown.
The AIM-traded company recorded substantial gains across all metals.
Gold output rose to 6,029 ounces from 2,266 ounces a year earlier, while copper production jumped to 534 tonnes from 54 tonnes.
Silver output also increased significantly to 30,321 ounces, compared with 6,405 ounces in the first three months of 2024.
Gold bullion sales totalled 4,753 ounces at an average realised price of $2,843 per ounce, generating a net cash inflow of $1m for the period.
Net debt narrowed to $13.8m as at 31 March, from $14.8m at the end of December, despite including a $5m advance from Trafigura.
Inventory increased to $7.1m from $4m over the same period.
Operationally, the company said it had completed its first full quarter of production since the 2023 environmental shutdown and extracted first ore from the Gilar mine in March.
Full production at Gilar was scheduled to begin in May.
Anglo Asian also reported encouraging progress on refurbishment work at the Demirli production facility.
"I am pleased to report our first full quarter of production following the restart of operations in the final quarter of last year," said chief executive officer Reza Vaziri.
"We produced 8,085 gold equivalent ounces, including 534 tonnes of copper, which is an encouraging performance during the winter season.
"As a result of our careful cash management, we are pleased to report an overall positive net cash inflow of $1m."
Vaziri said the strong start to 2025 was "very encouraging", as the firm ramped up production and executed its medium-term growth strategy to transition to a mid-tier, primarily copper focused producer.
"Gilar entering full production in May will be another key milestone and we are making important progress across our developmental portfolio.
"I look forward to providing further updates in the coming months."
At 1133 BST, shares in Anglo Asian Mining were up 8.33% at 130p.
Reporting by Josh White for Sharecast.com.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN