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(Sharecast News) - Anglo Asian Mining set out its production and cost guidance for 2026 on Wednesday, forecasting a sharp increase in copper output as it enters its first full year as a multi-asset producer.
The AIM-traded gold, copper and silver producer, focused primarily on Azerbaijan, said 2026 would be "another pivotal year" for the group.
It said it expected to approximately triple copper production year on year, supported by increased contributions from the Gilar and Demirli mines, both of which commenced production in 2025.
Copper output was forecast at between 20,000 and 25,000 tonnes in 2026, compared with 7,915 tonnes in 2025.
Gold production was guided at 28,000 to 33,000 ounces, up from 25,061 ounces, while silver output was expected to rise to between 170,000 and 210,000 ounces from 153,333 ounces.
The guidance represented aggregate group production inclusive of the Government of Azerbaijan's share under the Production Sharing Agreement.
On costs, Anglo Asian said it expected all-in sustaining costs for gold of between $1,500 and $1,800 per ounce in 2026.
Copper AISC was guided at $6,800 to $7,800 per tonne, excluding the cost of leasing the Demirli property complex from the Government of Azerbaijan, which the company said was equivalent to the capital cost of building the plant.
If the lease cost were included, copper AISC would increase by around $1,000 per tonne.
The copper AISC guidance also reflected the costs of overburden stripping at Demirli to expose further ore reserves.
"I am delighted to provide our 2026 guidance, ahead of a year that we anticipate will see another step-change for Anglo Asian," said chief executive Reza Vaziri.
"During 2026, copper will become our primary product, and we are confident that we can triple our copper output year-on-year.
"Anglo Asian has benefitted from our consistent operational delivery, and strong prevailing precious and base metals prices.
"We now look forward to delivering another year of strong growth as we execute our medium-term strategy to transition to a mid-tier producer."
At 0922 GMT, shares in Anglo Asian Mining were up 3.3% at 286.67p.
Reporting by Josh White for Sharecast.com.