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(Sharecast News) - Anglo Asian Mining reported a sharp increase in copper output and a stronger cash position in the first quarter of 2026 on Wednesday, as the Azerbaijan-focused producer continued its transition towards a copper-led business.
Total copper production rose to 3,711 tonnes for the three months ended 31 March, up from 534 tonnes a year earlier, driven by contributions of 1,462 tonnes from Gedabek and 2,249 tonnes from Demirli.
Gold production was broadly stable at 6,062 ounces, compared with 6,028 ounces in the prior year, while silver output increased to 42,796 ounces from 30,315 ounces.
Sales performance reflected the ramp-up in concentrate volumes.
The AIM-traded group sold 18,553 dry metric tonnes of concentrate during the quarter, generating $45.6m, compared with 2,327 tonnes worth $4.1m a year earlier.
Of that, Gedabek accounted for 7,890 tonnes valued at $24.2m, while Demirli contributed 10,663 tonnes worth $21.4m.
Gold bullion sales totalled 4,100 ounces at an average realised price of $4,728 per ounce, up from $2,843 per ounce in the prior year, although volumes were lower than the 4,753 ounces sold in the first quarter of 2025.
The company reported a significant improvement in its balance sheet, with net cash increasing by $15.4m over the quarter to $17.7m, compared with $2.3m at the end of December.
Cash balances rose to $37.2m, while debt was reduced to $19.5m from $27.9m, with no outstanding advances from Trafigura.
Unsold inventory, comprising gold dor and copper concentrate, was valued at $30.8m at the period end.
"We are delighted with the progress and performance during the quarter," said chief executive Reza Vaziri.
"The excellent copper production from Gedabek and Demirli demonstrates the successful continuing execution of our clear strategy to rapidly expand copper production and successfully transition to a multi-asset, mid-tier copper-focused producer."
At 1100 BST, shares in Anglo Asian Mining were down 3.08% at 252p.
Reporting by Josh White for Sharecast.com.
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