FY 2023 Production Guidance at 30,000 to 34,000 gold equivalent ounces

Anglo Asian Mining plc ("Anglo Asian", the "Company" or the "Group"), the AIM-listed copper, gold, and silver producer in Azerbaijan announces its interim results for the six-months ended 30 June 2023 ("H1 2023" or the "Period"). The Group's performance in the Period was in line with expectations given the declining grades of the Gedabek open pit. The Group also released its strategic plan to become a mid-tier copper focused miner and double its production.

The curtailment of the Group's agitation leaching and flotation processing from the beginning of August presented the Group with significant challenges in the latter half of the year. The report from Micon International Co Limited ("Micon") containing the results of the environmental inspection is currently being finalised.

Financial highlights
· Total revenues of $30.8 million (H1 2022: $31.5 million)

o Lower gold bullion sales of 10,506 ounces (H1 2022: 11,273 ounces) partially offset by a higheaverage gold sales price of $1,939 per ounce (H1 2022: $1,901 per ounce)

o Copper concentrate sales increased to $10.4 million (H1 2022: $9.8 million)

· Profit before taxation of $1.4 million (H1 2022: $5.7 million)

o Cost of sales increased by $4.8 million due to the increased costs of processing lower grade ore

o Profit before taxation includes a charge of $0.2 million (H1 2022: $1.6 million) in respect of the Group's share of the loss of Libero Copper & Gold Corporation

· Further investment in Libero Copper & Gold Corporation of $0.6 million (H1 2022: $2.8 million)

· All-in sustaining cost ("AISC") of gold production increased to $1,357 per ounce (H1 2022: $983 per ounce) due to lower gold production

· Free cashflow was a net outflow of $9.8 million (H1 2022: $13.2 million)

o $6.6 million capital expenditure and mine development (H1 2022: $4.8 million)

o $3.8 million on exploration and evaluation activities (H1 2022: $2.4 million)

· Cash of $9.6 million as at 30 June 2023 (31 December 2022: $20.4 million) and no bank debt

· No interim dividend declared for 2023 due to curtailment of processing subsequent to the Period end



Operational highlights

· Total production of 23,391 GEOs (H1 2022: 28,772 GEOs) due to lower gold grades at Gedabek

o Gold production of 14,608 ounces (H1 2022: 20,906 ounces)

o Copper production of 1,860 tonnes (H1 2022: 1,283 tonnes)

o Silver production of 44,576 ounces (H1 2022: 99,548 ounces)

· Construction of Gilar and Zafar mines commenced although development was stopped between August and September

o Development expected to be restarted in October

· Capacity of flotation plant increased to provide operational flexibility and process the future increased rates of production

· FY 2023 production guidance of between 30,000 to 34,000 gold equivalent ounces

o Decrease as a result of curtailment of agitation leaching and flotation processing since the beginning of August 2023

o Only heap leach production expected to be carried out between August and December 2023

o Assumes restart of agitation leaching and flotation processing in the first quarter of 2024

Curtailment of agitation leaching and flotation processing in August 2023

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