23 April 2026

Processing plant upgrades at Gedabek and Demirli and progress on commencing Garadag and Xarxar feasibility studies

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed copper, gold and silver producer focused in Azerbaijan, is pleased to announce significant upgrades to its processing plants at both its Gedabek and Demirli operations.

The Gedabek flotation plant upgrade is on course to be completed by the end of April. The nine newly-installed, high-efficiency Imhoflot pneumatic flotation cells are designed to deliver rapid mineral recovery from higher grade ores. The cells are capable of processing the higher-grade ore from the Gilar mine and are expected to improve gold and copper recoveries over those obtained by conventional flotation. They will thus enhance the Company's ability to process higher grade ore from the Gilar mine and add to the versatility of the Gedabek flotation plant. The upgrade was carried out for the modest cost of approximately $1.8 million and will deliver meaningful margin enhancement and improved profitability of the Company over the long term.

Gedabek's broader processing capabilities have also been upgraded, including the addition of an Energy Efficient Pulp Lifter ('EEPL') system to increase milling productivity, an industrial shredder and a new licensed maintenance programme. Further works are also planned at Gedabek's tailings facilities, to include the installation of a fibre optic tailings dam embankment monitoring system.   

At Demirli, both the SAG mill and ball mill are now operational as a replacement gear box shaft for the ball mill was installed during Q1 and is performing well. Leach tests with a bio-heap leach column at Demirli are also underway and are delivering encouraging results, with up to 78 per cent. copper recoveries. This indicates strong potential for the future implementation of bio-heap leaching production which continues to be subject to further evaluation.

The Group also continues to progress its feasibility studies for the Xarxar and Garadag mines and expects to appoint consultants in the coming weeks. Pilot mining studies are underway at Garadag, with independent third parties assessing the geological and metallurgical considerations to ensure the most effective development of the mine. Planning is ongoing to test the Xarxar ores for copper bio-heap leach processing.

Stephen Westhead, Vice President of Anglo Asian Mining, commented:

"I am pleased to announce these significant investments into our processing operations across our Gedabek and Demirli operations. Investing in our processing capacity is particularly important as we seek to maximise returns from expected increased production volumes in the years ahead while executing our growth strategy. We also continue to make encouraging progress at our future Xarxar and Garadag projects, both representing important assets for Anglo Asian in the years ahead."

Note that all references to "$" are to United States dollars.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, which was incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.

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Notes to editors

Anglo Asian Mining plc (AIM:AAZ) is a copper and gold producer with a high-quality portfolio of production and exploration assets in Azerbaijan. The Company produced 7,915 tonnes of copper and 25,061 ounces of gold for the year ended 31 December 2025.

The Company's strategic plan for growth shows a clearly defined path for the Company to transition to a multi-asset, mid-tier, copper and gold producer by 2030, by which time copper will be the principal product of the Company, with forecast annual production of around 50,000 to 55,000 tonnes of copper. It plans to achieve this growth by bringing into production three new mines during the period 2027 to 2030 at Xarxar, Garadag and Zafar, in addition to the newly opened Gilar and Demirli mines. Production commenced at the Gilar mine in May 2025 and Demirli in July 2025. https://www.angloasianmining.com/