Anglo Asian Mining AIM:AAZ
- Founded
- Baku, Azerbaijan / London, England
- Incorporated
- United Kingdom
- Chief executive
- Reza Vaziri
- Employees
- 1,336
- Reports in
- USD
- Companies House
- 05227012
Gold, copper and silver producer operating in Azerbaijan, centred on the Gedabek contract area, with open-pit and underground mining, heap leach and agitation leach processing. Developing additional copper-focused projects in the country under production-sharing agreements with the government.
Read straight from the annual reports
420c at close on 2 Oct 2026 · 22 reported years, 2005–2025
| Line | FY200501/05 | FY200512/05 | FY200612/06 | FY200712/07 | FY200812/08 | FY200912/09 | FY201012/10 | FY201112/11 | FY201212/12 | FY201312/13 | FY201412/14 | FY201512/15 | FY201612/16 | FY201712/17 | FY201812/18 | FY201912/19 | FY202012/20 | FY202112/21 | FY202212/22 | FY202312/23 | FY202412/24 | FY202512/25 | FY2026unreported |
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| Profit before tax | later (2.6) | ||||||||||||||||||||||
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| Profit for the year | later (2.6) | ||||||||||||||||||||||
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| Adjusted EPS | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||
| Dividend per share | — | — | — | — | — | — | — | — | — | — | — |
USD millions, negatives in brackets. Per-share lines in cents, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
18 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
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Start of production at the new Gilar underground mine (Gedabek) in May 2025, providing higher-grade ore
Gilar hosts particularly high-grade ore; production ramped up since opening and significantly increased Gedabek output
page 9Start of production at the new Demirli open-pit copper mine in July 2025
Demirli, a large open pit copper mine and flotation plant in Karabakh, began production in July after refurbishment; record Group copper production of 7,915 tonnes in 2025
page 8Higher gold and copper prices realised in 2025
Gold price $3,441/oz vs $2,432/oz in 2024; copper price $9,797/tonne vs $9,267/tonne in 2024
page 46Full year of Gilar and part-year Demirli production diluting fixed costs
Revenue up to $122.8m (2024: $39.6m); Group returned to profitability with PBT of $25.8m after two years of losses
page 44$7.6m charge: Impairment of intangible exploration and evaluation assets (Ordubad, Gosha, Kyzlbulag/Garadag data, Gedabek open pit)
page 912026 will be another milestone year for the Company as it will be the first full year of production from Gilar and Demirli. We will continue progressing the development of Xarxar and Garadag.
page 12Directors' report states there are no significant events after 1 January 2026 requiring disclosure, although the report separately notes Peel Hunt LLP replaced SP Angel Corporate Finance LLP as broker (13 March 2026), Kyzlbulag access restored (April 2026), and the Demirli mine was officially opened by the President of Azerbaijan (January 2026)
page 58No formal dividend policy yet; Board approved a 4 US cents per share final dividend for FY2025 (payable 27 August 2026) following return to profitability, and is considering a future consistent dividend policy balanced against investment needs; plans to pay both an interim and final dividend for FY2026
page 8Directors adopted the going concern basis after reviewing cash flow forecasts to 30 June 2027, using a Gedabek gold price of $4,100–$4,500/oz and copper price of $11,500–$12,000/tonne, with sensitivity testing to a 20% fall in production/prices and 20% cost increase; Group had cash reserves of $37.2m and debt (excl. leases) of $19.5m at 31 March 2026. Auditor BDO LLP issued an unqualified opinion, concluding no material uncertainty over going concern, with key audit matters on carrying value of Demirli non-current assets (impairment concluded not required) and (no longer KAM in 2025) Gedabek PP&E and E&E asset impairment. Group materiality was $1.84m (1.5% of revenue).
page 58- Country risk in Azerbaijan – sole jurisdiction of operations, exposed to adverse regulatory or fiscal regime changesp.26
- Operational risk – planned production may not be achieved due to unforeseen operational problems, machinery malfunction or geological model variancep.27
- Commodity price risk – revenues exposed to fluctuations in gold, silver and copper prices with no hedging in place in 2025p.27
- Foreign currency risk – costs incurred in Euros, Azerbaijan Manats and UK Sterling against USD reporting currency, unhedgedp.27
Read from C000077-AR-2025-ch-2.
21 annual reports read, FY2005 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (21)
FY2026Next report expected 23 May 2027