Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to UK£4.00, the stock trades at a trailing P/E ratio of 34x. Average trailing P/E is 17x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 326% over the past three years. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to UK£3.00, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 18x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 209% over the past three years. New Risk • May 26
New major risk - Revenue and earnings growth Earnings have declined by 46% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 46% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Announcement • May 11
Anglo Asian Mining PLC to Report Fiscal Year 2025 Results on May 31, 2026 Anglo Asian Mining PLC announced that they will report fiscal year 2025 results at 8:00 AM, GMT Standard Time on May 31, 2026 New Risk • Apr 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (9.9% average weekly change). Announcement • Mar 26
Anglo Asian Mining PLC, Annual General Meeting, Jun 24, 2026 Anglo Asian Mining PLC, Annual General Meeting, Jun 24, 2026. Location: the washington mayfair hotel, 5 curzon street, w1j 5he, london United Kingdom Announcement • Feb 18
Anglo Asian Mining plc Provides Production Guidance for Fiscal Year 2026 Anglo Asian Mining PLC provided production guidance for Fiscal Year 2026. For the year, the company expects total group copper production of 20,000 tonnes to 25,000 tonnes, gold production of 28,000 ounces to 33,000 ounces, Silver production of 170,000 ounces to 210,000 ounces. Announcement • Dec 14
Anglo Asian Mining plc Starts Production from Two New Larger Filter Press and an Associated thickener at its Gedabek Flotation Plant Anglo Asian Mining PLC announced it has started production from two new larger filter presses and an associated thickener at its Gedabek flotation plant. As announced on 16 October 2025, the Company installed a second new filter press at its Gedabek Flotation plant. This was part of an upgrade to replace its previous filter presses with two new larger filter presses, which have the capacity to process the higher-grade ore from the new Gilar mine. A new thickener to feed the filter presses has also been installed. The two filter presses and thickener were sourced from Yon Proses & Filtrasyon Teknoloji in Turkiye at a cost of $0.5 million and are now fully operational. The installation of the two new filter presses and thickener will increase future copper production. Construction work on the project to increase the efficiency and productivity of the flotation plant will commence early next year, including the installation of an additional line of Imhoflot Pneumatic rougher and cleaner flotation cells. The Company has already procured the Imhoflot Pneumatic cells which are on site. A contract for $1.6 million with Proses Muhendislik A.S. for the installation of the cells has been signed, with the additional line of flotation cells expected to increase the recovery of metals. The flotation plant is currently undergoing preparatory work for the installation of the new cells, including electrical and foundation work. The Company currently has a stockpile of 53,190 tonnes of Gilar ore containing 1.8 grammes per tonne of gold and 3. 58% of copper, which will be processed next year through the expanded plant. The recent modifications to the flotation plant resulted in November being a record month for the production of copper at Gedabek. Total copper production from flotation and SART was 688 tonnes. Announcement • Nov 27
ACG Metals Considers Possible Offer for Anglo Asian Mining ACG Metals Limited (LSE:ACG) confirmed that it is in early stages of considering making an offer for the entire issued and to be issued ordinary share capital of Anglo Asian Mining PLC (AIM:AAZ). This announcement does not amount to a firm intention by ACG to make an offer under Rule 2.7 of the Code and there can be no certainty that an offer for Anglo Asian will ultimately be made by ACG. There can be no assurance that a definitive agreement for the possible acquisition will be entered into or as to the terms on which any such offer might be made. In accordance with Rule 2.6(a) of the Code, by not later than 5:00 pm on 24 December 2025, ACG must either announce a firm intention to make an offer for Anglo Asian in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Anglo Asian, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code. For the purposes of the Takeover Code this announcement has not been made with the agreement or approval of Anglo Asian. Announcement • Oct 11
Anglo Asian Mining plc Revises Production Guidance for the 12 Months Ended 31 December 2025 Anglo Asian Mining PLC revised production guidance for the 12 months ended 31 December 2025. For the full year, the company now expects total group copper production of 8,100 to 9,000 tonnes and gold production of 25,000 to 28,000 ounces. Reported Earnings • Sep 28
First half 2025 earnings released: EPS: US$0.041 (vs US$0.036 loss in 1H 2024) First half 2025 results: EPS: US$0.041 (up from US$0.036 loss in 1H 2024). Revenue: US$40.9m (up 206% from 1H 2024). Net income: US$4.66m (up US$8.75m from 1H 2024). Profit margin: 11% (up from net loss in 1H 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 85% p.a. on average during the next 2 years, compared to a 1.9% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 111 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Sep 04
Now 23% undervalued Over the last 90 days, the stock has risen 11% to UK£1.81. The fair value is estimated to be UK£2.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 35% over the last 3 years. Meanwhile, the company became loss making. New Risk • Aug 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 69% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.4% average weekly change). Buy Or Sell Opportunity • Jul 23
Now 21% undervalued Over the last 90 days, the stock has risen 43% to UK£1.75. The fair value is estimated to be UK£2.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 35% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jul 21
Anglo Asian Mining plc Announces the Start of Commissioning and First Production from the Demirli Copper Mine in the Karabakh Economic Region of Azerbaijan Anglo Asian Mining plc announced the start of commissioning and first production from the Demirli copper mine in the Karabakh Economic Region of Azerbaijan. Commissioning is ongoing with production expected to ramp up until the end of this year. The Company forecasts that Demirli will produce approximately 4,000 tonnes of copper in concentrate during 2025. From 2026 onwards, production is expected to increase to approximately 15,000 tonnes of copper per annum. The life of mine will be determined following the future development of the geological and mineral resource model. The Demirli mine Demirli Overview: Ore is mined from a large open pit and hauled by truck to the flotation plant. Electrical power is supplied to the plant by the Azerbaijanjani national power grid and water is obtained from local and regional sources. Water and flotation tailings are currently being discharged into the existing tailings dam as an interim measure. A full geotechnical programme has been completed for a new tailings dam location and the tailings dam embankment and pipeline route designs are completed. A full environmental and social impact assessment ("ESIA") has been completed for the Demirli project, further to initial environmental benchmark studies undertaken when the Demirli property was first awarded to the Company. In keeping with the Company's focus on environmental, social and governance ("ESG") management, Anglo Asian recently received its inaugural sustainability rating from Digbee Limited, an independent provider of ESG disclosure and benchmarking for the mining sector, which was announced on 24 June 2025. Approximately 150 new full-time employees have been recruited to operate the mine and plant, and about an additional 50 experienced employees have been transferred from the Company's other operations to ensure a smooth ramp up of production. A variety of contractors are also on site, all under the supervision of the Company's technical and administrative teams. There is significant potential for additional mineral resources at Demirli, with already known extensions to the current pit area, together with other nearby copper targets being identified for future evaluation. New Risk • Jul 15
New major risk - Revenue and earnings growth Earnings have declined by 69% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 69% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). Reported Earnings • May 23
Full year 2024 earnings released: US$0.15 loss per share (vs US$0.21 loss in FY 2023) Full year 2024 results: US$0.15 loss per share (improved from US$0.21 loss in FY 2023). Revenue: US$39.6m (down 14% from FY 2023). Net loss: US$17.5m (loss narrowed 28% from FY 2023). Revenue is forecast to grow 73% p.a. on average during the next 2 years, compared to a 2.1% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance. Announcement • May 23
Anglo Asian Mining PLC, Annual General Meeting, Jun 25, 2025 Anglo Asian Mining PLC, Annual General Meeting, Jun 25, 2025. Location: the washington mayfair hotel, 5 curzon street, w1j 5he, london United Kingdom New Risk • May 22
New major risk - Revenue and earnings growth Earnings have declined by 74% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 74% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). New Risk • Apr 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (8.3% average weekly change). New Risk • Mar 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Board Change • Feb 26
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Non-Executive Director John Monhemius was the last independent director to join the board, commencing their role in 2009. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Nov 27
Anglo Asian Mining plc Announces Resumption of Normal Flotation Production Anglo Asian Mining plc announced that flotation processing has now resumed normal production at Gedabek, with ore being processed from both stockpiles and freshly mined ore from the main open pit. As previously reported, the agitation leach plant was restarted in September and so all processing facilities at Gedabek are now back into full production. The Company has now also completed the first stage of raising the wall of its existing Gedabek tailings dam. The Company announced earlier in the yearthat it has committed to implement the Global Industry Standard on Tailings Management at its operations at Gedabek. The standard strives to achieve the ultimate goal of zero harm to people and the environment with zero tolerance for human fatality. Announcement • Nov 11
Anglo Asian Mining plc Announces an Update About its Demirli Mine and Plant Anglo Asian Mining plc announced an update about its Demirli mine and plant. Located in the Karabakh region (formerly Nagorn Karabakh) of Azerbaijan, the Demirli contract area was acquired by the Company in 2022. The Demirli Property comprises two contiguous open pits and a six million tonnes per annum flotation plant to produce copper concentrate, together with a smaller molybdenum flotation plant. There is good access to Demirli from Baku over mainly metalled roads. The mine and plant were opened approximately ten years ago and operated until 2022. Access was acquired to the Demirli Property this summer and the Company has since conducted a number of preliminary assessments. An office has been set up at the property and the accommodation block and canteen facilities refurbished. A small laboratory, which can carry out limited assays, has also been established. The plant is intact and in reasonable order. However, some electrical and mechanical equipment within the plant has been removed. Tailings were discharged into a tailings dam of upstream construction, sited immediately adjacent to the plant, and which is close to full capacity. The Company has commissioned a study of the tailings dam to ascertain its serviceability and suitability for a further wall raise. The Company is also evaluating the options for the provision of reliable power and water supplies to the operations. The Company has recovered only partial details of the mineral resources of the deposit. In addition, the current block model is incomplete. Considerable drilling of the deposit has been carried out previously and drill core is stored at site. However, the drill core has not yet been matched to drill holes. Based on incomplete data, the Company has estimated there are approximately 58 million tonnes of residual ore containing 239,000 tonnes of copper. Of these 58 million tonnes of ore, 22 million tonnes have been reported as reserves and suitable as feed for flotation. However, it is not known whether the remainder of this mineralisation is suitable for flotation. A drone survey of the entire site has recently been carried out to determine the topology of the deposit. Reverse Circulation ("RC") drilling, to a depth of ten metres, is also being carried out to identify ore blocks of sufficient size to commission the plant and operate it for one year. The Company plans to produce a JORC mineral resources estimate of the remaining ore deposit. Near mine exploration targets are also being explored. The Company is also conducting an initial benchmark environmental study, with a local provider currently being commissioned to carry out a more detailed benchmark and baseline study and an Environmental and Social Impact Assessment ("ESIA"). The Company will need to identify any damage to the environment caused by the previous operations and ensure it has no liability in respect of any damage identified. The Company continues to conduct the necessary analysis on the Demirli Property. It will provide an update on the timing and cost of reopening the plant when these are ascertained. Announcement • Oct 10
Anglo Asian Mining PLC Provides Production Guidance for the Year 2024 Anglo Asian Mining PLC provided production guidance for the year 2024. For the year, the company maintains production guidance of 15,000 to 19,500 GEOs. Announcement • Oct 03
Anglo Asian Mining plc Announces Resumption of Normal Agitation Leaching Production Anglo Asian Mining PLC announced that agitation leaching has now resumed normal production at Gedabek. Following authorisation to raise the wall of its tailing dam on 5 August 2024, the Group commenced commissioning the restart of its agitation leaching plant. This commissioning has now finished and the agitation leaching plant has resumed normal production. During commissioning (the period until 30 September 2024), the agitation leaching plant produced 523 ounces of gold doré. The Group remains on schedule to restart its flotation processing in November with first production from the Gilar mine in December. Reported Earnings • Sep 29
First half 2024 earnings released: US$0.036 loss per share (vs US$0.007 profit in 1H 2023) First half 2024 results: US$0.036 loss per share (down from US$0.007 profit in 1H 2023). Revenue: US$13.4m (down 57% from 1H 2023). Net loss: US$4.09m (down US$4.90m from profit in 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 112 percentage points per year, which is a significant difference in performance. New Risk • Sep 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 9.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.6% average weekly change). Earnings have declined by 45% per year over the past 5 years. Announcement • Aug 22
Anglo Asian Mining plc Provides Its Production Guidance for the Full Year 2024 Anglo Asian Mining PLC provided its production guidance for the full year 2024. The Company expects production of between 15,000 and 19,500 gold equivalent ounces ("GEOs") comprising 250 to 850 tonnes of copper and 14,000 to 16,000 ounces of gold. Announcement • May 18
Anglo Asian Mining PLC, Annual General Meeting, Jun 20, 2024 Anglo Asian Mining PLC, Annual General Meeting, Jun 20, 2024. Location: 33 st jamess square, sw1y 4js, london United Kingdom Reported Earnings • May 17
Full year 2023 earnings released: US$0.21 loss per share (vs US$0.032 profit in FY 2022) Full year 2023 results: US$0.21 loss per share (down from US$0.032 profit in FY 2022). Revenue: US$45.9m (down 46% from FY 2022). Net loss: US$24.2m (down US$27.9m from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Announcement • May 17
Anglo Asian Mining PLC Proposes No Final Dividend for the Year Ended 31 December 2023 Anglo Asian Mining PLC announced that in respect of the year ended 31 December 2023, the group did not pay an interim dividend and no final dividend is proposed. A total dividend of 8 US cents per share was paid in respect of the year ended 31 December 2022. New Risk • Apr 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 22% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (8.9% average weekly change). Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (UK£73.7m market cap, or US$91.7m). Announcement • Jan 25
Anglo Asian Mining plc Announces Significant Copper Resource Confirms At Xarxar Anglo Asian Mining PLC announced that drill results confirm a significant quantity of copper mineralisation at Xarxar. The drill results will form part of a forthcoming JORC mineral resource estimate for the Xarxar deposit. In July 2022, an extensive geological exploration programme commenced at the Xarxar deposit, targeting the central copper mineralisation zone. A Joint Ore Reserves Committee ("JORC") Mineral Resource Estimate ("MRE") is being prepared for the Xarxar deposits and will be published by the end of March 2024. A site visit by the Company's independent geological consultants, Mining Plus UK, was completed in September 2023 as part of the JORC due diligence process. Following the publication of the MRE, further infill and extension drilling will be planned, along with a metallurgical testwork programme and geometallurgical modelling. "Considerable progress has also been made regarding the development of JORC mineral resource estimate, and the long-term development of the asset. Xarxar represents an important project for the Group and transition towards copper, as pursue previously disclosed medium-term production strategy. Geological core logging, sampling and assaying of the remaining drill core has been conducted by Anglo Asian. Anglo Asian has also reviewed other information acquired from AzerGold CJSC which included geochemical and geophysical data together with maps and interpretative reports. A core drilling programme commenced at Xarxar immediately following its acquisition in July 2022. A portal has been constructed and a 500 metre long, 3.5 metre by 3.5 metre exploration tunnel constructed into the mineralisation from where underground horizonal drilling was carried out. In-situ recovery methods are also being investigated. Buying Opportunity • Jan 18
Now 20% undervalued Over the last 90 days, the stock is up 30%. The fair value is estimated to be UK£0.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.4% over the last 3 years. Earnings per share has declined by 70%. Buying Opportunity • Dec 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.9%. The fair value is estimated to be UK£0.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.4% over the last 3 years. Earnings per share has declined by 70%. New Risk • Dec 21
New major risk - Revenue and earnings growth Earnings have declined by 22% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 22% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (UK£64.9m market cap, or US$82.2m). Announcement • Oct 24
Anglo Asian Mining PLC Announces Drill Results at the Gilar Deposit Confirm an Extension to the Mineralisation Reported by Previous Drilling, with Intercepts of Up to 21 Metres of Continuous Gold and Copper Mineralisation Anglo Asian Mining PLC announced that further drill results at the Gilar deposit confirm an extension to the mineralisation reported by previous drilling, with intercepts of up to 21 metres of continuous gold and copper mineralisation. The drilling has extended the Gilar deeper zone of continuous mineralisation hosting significant gold, copper and zinc with an intercept thickness of over 20 metres. Two step-out drill holes also confirm the potential of the extension of the mineralisation. A boundary fence, lighting and auxiliary equipment including compressor and generator have also been installed. Anglo Asian is also preparing a Joint Ore Reserves Committee ("JORC") Mineral Resource Estimate ("MRE") for the Gilar deposit. A site visit by the Company's independent geological consultants, Mining Plus UK, was completed in September as part of the required due diligence process. The maiden JORC MRE for the Gilar deposit is planned to be released in November. The Gilar mine is expected to commence production in First Quarter 2024. Announcement • Oct 16
Anglo Asian Mining PLC Revises Group Production Guidance for the Full Year 2023 Anglo Asian Mining PLC revised group production guidance for the Full Year 2023. For the year, the group expects production guidance of 30,000 to 34,000 GEOs issued with the interim results: Assumes no flotation and agitation leaching production for the rest of 2023; and Guidance will be updated if flotation and agitation production is restarted before the end of the year. New Risk • Oct 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (UK£57.7m market cap, or US$70.7m). Reported Earnings • Sep 28
First half 2023 earnings released: EPS: US$0.007 (vs US$0.03 in 1H 2022) First half 2023 results: EPS: US$0.007 (down from US$0.03 in 1H 2022). Revenue: US$30.8m (down 2.4% from 1H 2022). Net income: US$813.0k (down 77% from 1H 2022). Profit margin: 2.6% (down from 11% in 1H 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 1.0% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. New Risk • Jul 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: UK£74.3m (US$95.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 250% Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (4.3% net profit margin). Market cap is less than US$100m (UK£74.3m market cap, or US$95.4m). Announcement • Jul 18
Anglo Asian Mining plc Provides Update Regarding Its Second Tailings Dam, Which Will Be Located in the Gedabek District of Azerbaijan Anglo Asian Mining plc provided the following update regarding its second tailings dam, which will be located in the Gedabek district of Azerbaijan. The Company's preferred site for the construction of its second tailings dam is close to its existing dam and the necessary land allocation from the Government of Azerbaijan (the " Government") has been granted. However, the location of the new dam has recently been the subject of protests. Since these began, various Government departments, assisted by independent laboratories, have carried out environmental sampling of the area surrounding the existing tailings dam. No contamination, or a higher incidence of disease in the neighbouring population, has been identified. Anglo Asian has been operating at Gedabek since 2009 and is proud of its long-standing and strong community relations, particularly its significant social and economic contribution to the local area which was historically disadvantaged with low levels of employment. Accordingly, the sudden unrest over the location of the second tailings dam was unexpected. Nevertheless, the Company, in collaboration with the Government, has agreed to a re-evaluation of the technical and environmental aspects of its second tailings dam, including the proposed location and other related matters (the "Environmental Study"). The Environmental Study will be carried out by an independent international consultancy under the auspices of the Ministry of Ecology and Natural Resources. The Company's local environmental engineers, CQA International, and its independent tailings management consultants, Knight Piesold, will assist in the process. The Company is currently agreeing a protocol with the Government for how the Environmental Study will be carried out, which it expects to finalise in the coming days. Buying Opportunity • Jul 17
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 31%. The fair value is estimated to be UK£0.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.0% over the last 3 years. Earnings per share has declined by 47%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 26% per annum over the same time period. Announcement • Jul 12
Anglo Asian Mining plc Announces Final Dividend for the Year Ended 31 December 2022, Payable on 27 July 2023 On 16 May 2023, the Directors of Anglo Asian Mining plc announced a final dividend in respect of the year ended 31 December 2022 of 4.0 US cents per ordinary share. This final dividend is to be paid on 27 July 2023 to shareholders on the share register on 30 June 2023. The dividend is payable in cash in sterling to holders of ordinary shares. Upcoming Dividend • Jun 22
Upcoming dividend of US$0.04 per share at 6.5% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 27 July 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 6.5%. Within top quartile of British dividend payers (5.8%). Lower than average of industry peers (7.6%). Announcement • Jun 01
Anglo Asian Mining PLC, Annual General Meeting, Jun 22, 2023 Anglo Asian Mining PLC, Annual General Meeting, Jun 22, 2023, at 10:00 Coordinated Universal Time. Location: St. James's Square London United Kingdom Announcement • May 31
Anglo Asian Mining PLC Announces Drill Results Further Extend Mineralisation at Gilar Anglo Asian Mining PLC announce that further drill results at the Gilar deposit confirm an extension to the mineralisation reported by previous drilling, with intercepts of up to 51 metres of continuous gold and copper mineralisation.The drilling has extended and confirmed the deeper zone of continuous mineralisation hosting significant gold, copper and zinc with intercept thickness of over 50 metres.Details of the intercepts can be found below. The Company has also commenced portal construction and tunnelling for the second ventilation tunnel at Gilar. A significant amount of portal development has been undertaken including a cut back for geotechnical purposes, reinforcement of the portal area and development of infrastructure including water, power and underground ventilation. The Company is updating its databases to incorporate the increasing amount of information collected about each deposit. The Gilar database is being updated as results of drilling and underground geological mapping of the tunnels is completed to capture this valuable information that will be used for QA/QC control, engineering and planning. Reported Earnings • May 21
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: US$0.032 (down from US$0.064 in FY 2021). Revenue: US$84.7m (down 8.4% from FY 2021). Net income: US$3.66m (down 50% from FY 2021). Profit margin: 4.3% (down from 8.0% in FY 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 3.1%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to UK£1.16, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 9x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 31% over the past three years. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to UK£1.05, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 8x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 1.2% over the past three years. Announcement • Jan 24
Anglo Asian Mining plc Announces Gilar Drill Results Extend Mineralisation Anglo Asian Mining PLC announced further drill results at the Gilar deposit. These confirm an extension to the mineralisation reported by previous drilling with intercepts of up to 68 metres of continuous gold and copper mineralisation: Borehole 22GLDD127: 68.35m @ 2.40g/t gold, 2.89% copper and 1.58% zinc from 320.00m, including: 55.4m @ 2.7g/t Au, 3.5% Cu and 1.4% zinc at 1.5g/t gold cut-off from 331.00m, including at a 2.0 g/t Au cut-off; 33.3m @ 3.0g/t Au, 5.4% Cu and 2.0% zinc from 333.00m; 14.4m @ 2.8 g/t Au, 0.4% Cu and 0.2% zinc from 372.00m. The results are from the extension drilling of six vertical core drill holes at the south-west of the Gilar site. The overall drilling has demarcated six zones of mineralisation referenced in the RNS of 19 December 2022. Recent drilling has extended and confirmed the deeper zone of continuous mineralisation hosting significant gold, copper and zinc with intercept thickness of over 65 metres. One drill hole in the centre of Gilar also intersected significant mineralisation. Two further inclined drill holes in the south-west of Gilar are now complete and subject to verification and analysis. Free gold in the Gilar deposit: A mineralogical analysis facility has been established at Gedabek with the capability of preparing polished and thin sections of ore samples to enable the characterisation and quantification of the minerals contained in the samples by optical microscopy. In a recent study, free gold in quartz has been identified in samples of Gilar ore. This type of ore characterisation work allows the determination of mineral interrelations and liberation sizes, which are valuable data for both comminution and mineral separation process optimisation purposes. Announcement • Jan 17
Anglo Asian Mining plc Provides Production Guidance for the Fourth Quarter of 2022 and Twelve Months to 31 December 2022 Anglo Asian Mining plc provided production guidance for the fourth quarter of 2022 and twelve months to 31 December 2022 (financial year 2022). For the quarter production of 14,532 GEOs (fourth quarter 2021: 15,949 GEOs).Total Fiscal Year 2022 production of 57,618 gold equivalent ounces, at top end of the 54,000 to 58,000 GEOs guidance (financial year 2021: 64,610 GEOs). Announcement • Dec 19
Anglo Asian Mining plc Announces the Completion of Preliminary Maiden Mineral Resource Estimate Anglo Asian Mining PLC announced the completion of a preliminary maiden Mineral Resource Estimate ("MRE") of the Gilar deposit, which contains over 135,000 ounces of gold, 21,500 tonnes of copper, and 23,000 tonnes of zinc. The MRE (which is not a JORC resource) was compiled by an independent consultant and is based on stage one drilling. The resources have been estimated using the JORC guidelines, but because the estimate is subject to validation classes 1, 2, and 3 are stated, instead of the usual Measured, Indicated and Inferred classifications. The site location for the portal has been finalised in order to enable tunnelling to commence. Preliminary earthworks for portal construction are underway and the Company looks forward to updating on the commencement of tunnelling. Announcement • Dec 08
Anglo Asian Mining PLC Announces Significant Mineralisation in Gilar Drill Results Anglo Asian Mining PLC announced drillresults at the Gilar depositconfirming over 60 metres of thick and continuous gold and copper mineralisation. The results derive fromthe final stage of the first phase of vertical core drilling at Gilar. The drilling has demarcated six zones of mineralisation with the latest drilling defining a deeper zone of continuous mineralisation hosting significant gold, copper and zinc values. Given the continuity and grade of the latest drillhole mineral intercepts, as well as the depth of the mineral zone, a project for underground access with a tunnel suitable for production as well as additional exploration, is being planned. Borehole 22GLDD118: 67.0m @ 2.02g/t gold, 1.58% copper and 1.58% zinc from 327m, including: 51.0m @ 2.54g/t Au, 2.00% Cu and 2.1% zinc at 1.0g/t gold cut-off from 335m, including at a 2.0 g/t Au cut-off, 17.8m @ 4.31 g/t Au, 3.14% Cu and 2.25% zinc from 335.70m, 10.5m @ 2.21 g/t Au, 0.41% Cu and 0.13% zinc from 375.5m. As detailed in the Company's RNS on 2 November 2022, the initial database and geological modelling are complete for estimation of an interim maiden Mineral Resource Estimate. The estimate is nearing completion and is expected to be published in the coming weeks. This will allow for the planning of the next stage of work, which will include inclined drilling to test certain areas for mineral extension and structural geology interpretation. Field acquisition of data from a ground magnetics geophysics programme is complete and is currently being interpreted. Additional induced polarisation (IP) geophysics is underway overthe deposit itself and adjacent areas to test for extensions of the open mineralisation. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director John Monhemius was the last independent director to join the board, commencing their role in 2009. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Nov 01
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be UK£0.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 26%. Upcoming Dividend • Sep 22
Upcoming dividend of US$0.04 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 03 November 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 8.2%. Within top quartile of British dividend payers (5.6%). Lower than average of industry peers (10%). Reported Earnings • Sep 16
First half 2022 earnings released: EPS: US$0.03 (vs US$0.031 in 1H 2021) First half 2022 results: EPS: US$0.03 (down from US$0.031 in 1H 2021). Revenue: US$31.5m (down 28% from 1H 2021). Net income: US$3.48m (down 2.3% from 1H 2021). Profit margin: 11% (up from 8.2% in 1H 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year whereas the company’s share price has fallen by 24% per year. Announcement • Sep 16
Anglo Asian Mining PLC Provides Production Guidance for the Full Year 2022 Anglo Asian Mining PLC provided production guidance for the full year 2022. For the period, the company expects the production to be 54,000 to 58,000 gold equivalent ounces (GEOs). Announcement • Sep 15
Anglo Asian Mining PLC Declares Interim Dividend in Respect of the Year Ending 31 December 2022, Payable on 3 November 2022 Anglo Asian Mining PLC declared interim dividend in respect of the year ending 31 December 2022, of 4 cents per ordinary share will be paid gross on 3 November 2022 to shareholders that are on the shareholders record at the record date of 30 September 2022. The shares will go ex-dividend on 29 September 2022. The proposed but not paid interim and final dividends for the year ending 31 December 2021 and the 6 months ended 30 June 2021 and 2022 are not recognised as liabilities in the Group statements of financial position. Announcement • Aug 18
Anglo Asian Mining plc Announces Acquisition of Garadagh and Xarxar Geological Exploration Data, Studies and Reports Exploration Work Commences At Xarxar Anglo Asian Mining plc announced the acquisition of exploration data and associated studies and reports from AzerGold. The data relate to the Garadagh and Xarxar contract areas ("Contract Areas"), two of Anglo Asian's new concessions, which were granted to the Company following the recently received parliamentary ratification, with AzerGold having been the previous concession holder. The acquisition of these Contract Areas is transformational for Anglo Asian and underpins its strategic objective to transition into a copper-focused mining company with mid-tier production status. It also allows the Company to complete its 3 to 5 year development plan. The data acquired includes geochemical and geophysical data, including maps and interpretative reports. Substantial core drilling and data interpretation has been carried out for the Contract Areas by Azergold and include 9,645 chemical assays taken from 23,454 metres of Garadagh drill core and 805 assays taken from 4,923 metres of Xarxar drill core. Anglo Asian will also receive an initial mining scoping study for Garadagh based on a preliminary mineral resource estimate with various options for mine development including open pit designs, initial mining schedules and an outline metallurgical flow sheet. An environmental and socio-economic baseline assessment has also been carried out at Garadagh and is included in the material. The Company will now undertake a detailed review of all available data to evaluate the best approach to develop all of its new deposits. Once completed, this strategy will be announced to the market to achieve a mid-tier production profile. A programme is planned for any confirmatory drilling required to verify the data for Garadagh. In addition to this data acquisition, initial exploration has commenced at the Xarxar deposit. This is proceeding at pace to get the development underway. An exploration adit has been constructed at Xarxar and tunnelling has begun. A core drill programme is also being planned for Xarxar. Announcement • Jul 23
Anglo Asian Mining PLC (AIM:AAZ) announces an Equity Buyback for 11,439,202 shares, representing 10% of its issued share capital, under the authorization approved on June 23, 2022. Anglo Asian Mining PLC (AIM:AAZ) commences share repurchases on July 21, 2022, under the program mandated by the shareholders in the Annual General Meeting held on June 23, 2022. As per the mandate, the company is authorized to repurchase up to 11,439,202 shares, representing 10% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.01 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. The authority shall expire at the conclusion of the next Annual General Meeting of the company in 2023 or, if earlier, at the close of business on June 30, 2023. As of May 27, 2022, the company had 114,392,024 ordinary shares in issue. Announcement • Jul 12
Anglo Asian Mining plc Announces Final Dividend for Year Ending 31 December 2021, Payable on July 28, 2022 Anglo Asian Mining plc announced a final dividend in respect of the year ending 31 December 2021 of US 3.5 cents per ordinary share. This final dividend is to be paid on 28 July 2022 to shareholders on the share register on 1 July 2022. Upcoming Dividend • Jun 23
Upcoming dividend of US$0.035 per share Eligible shareholders must have bought the stock before 30 June 2022. Payment date: 28 July 2022. The company is paying out more than 100% of its profits and is paying out 75% of its cash flow. Trailing yield: 7.3%. Within top quartile of British dividend payers (5.2%). Lower than average of industry peers (9.8%). Reported Earnings • May 19
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: US$0.064 (down from US$0.20 in FY 2020). Revenue: US$92.5m (down 9.4% from FY 2020). Net income: US$7.36m (down 68% from FY 2020). Profit margin: 8.0% (down from 23% in FY 2020). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 4% per year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director John Monhemius was the last independent director to join the board, commencing their role in 2009. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 23
Anglo Asian Mining PLC Provides JORC Mineral Resource for its Zafar Polymetallic Deposit Anglo Asian Mining plc provided a JORC Mineral Resource for its Zafar polymetallic deposit. The Zafar deposit is situated in the central region of the Company's Gedabek contract area in western Azerbaijan and is approximately 1.5 kilometres from the existing Gedabek processing facilities. 6.8 million tonnes of mineralisation with average grades of 0.5 per cent. copper, 0.6 per cent. zinc and 0.4 grammes of gold per tonne. In-situ Mineral Resource of 28,000 tonnes of copper, 73,000 ounces of gold and 36,000 tonnes of zinc. Angled drill holes completed since the maiden Mineral Resource was published on 16 August 2021 identified voids which has resulted in a smaller resource. Upper part of the resource is now defined as more massive and continuous which will result in more efficient mining. Over 302 meters of continuous mineralisation in the thickest intersection. Total drilling to date is 40,538 meters. Upcoming Dividend • Sep 30
Upcoming dividend of US$0.045 per share Eligible shareholders must have bought the stock before 07 October 2021. Payment date: 04 November 2021. Trailing yield: 4.6%. Within top quartile of British dividend payers (4.0%). Lower than average of industry peers (8.6%). Reported Earnings • Sep 24
First half 2021 earnings released: EPS US$0.031 (vs US$0.075 in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: US$43.5m (down 5.0% from 1H 2020). Net income: US$3.56m (down 59% from 1H 2020). Profit margin: 8.2% (down from 19% in 1H 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 24
Anglo Asian Mining plc Reiterates Production Guidance for the Year 2021 Anglo Asian Mining PLC reiterated production guidance for the year 2021. For the year, reiterate full year production guidance of between 64,000 to 72,000 gold equivalent ounces. The Group has a production target for the year to 31 December 2021 of 48,000 ounces to 54,000 ounces of gold and 2,500 tonnes to 2,800 tonnes of copper. Upcoming Dividend • Jun 24
Upcoming dividend of US$0.035 per share Eligible shareholders must have bought the stock before 01 July 2021. Payment date: 29 July 2021. Trailing yield: 4.2%. Within top quartile of British dividend payers (4.1%). Lower than average of industry peers (5.2%). Reported Earnings • May 22
Full year 2020 earnings released: EPS US$0.20 (vs US$0.17 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$102.1m (up 11% from FY 2019). Net income: US$23.2m (up 20% from FY 2019). Profit margin: 23% (up from 21% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 21
Anglo Asian Mining plc Proposes Final Dividend for the Year Ended March 31, 2020, Payable on July 29, 2021 Anglo Asian Mining PLC announced that A final dividend of USD 0.035 per share will be paid gross in respect of the year ended 31 December 2020 to shareholders on 29 July 2021 that are on the shareholders record at the record date of 2 July 2021 subject To Approve the shareholders at the Company's Annual General Meeting on 29 June 2021. The shares will go ex-dividend on 1 July 2021. All dividends will be paid gross and in cash. A scrip dividend or any other dividend reinvestment plan will not be offered by the Company. The dividend will be payable in pounds sterling. The dividend will be converted to pounds sterling using the average of the sterling closing mid-price using the exchange rate published by the Bank of England at 4pm each day from the 5 to 9 July 2021. Announcement • Apr 16
Anglo Asian Mining PLC Provides Production Guidance for the Year 2021 Anglo Asian Mining PLC provided production guidance for the year 2021. The company has a production target for the year to 31 December 2021 of 48,000 ounces to 54,000 ounces of gold and 2,500 tonnes to 2,800 tonnes of copper. This total production target expressed as gold equivalent ounces ("GEOs") at budgeted prices is between 64,000 GEOs and 72,000 GEOS.