Anglo Asian Mining's revenue fell by nearly 14% in 2024

Revenues of Anglo Asian Mining PLC, the AIM listed gold, copper and silver producer focused in Azerbaijan, declined to $39.6 million (2023: $45.9 million) as stronger metal prices partially offset lower production, with agitation leaching and flotation processing being suspended during most of 2024, Report informs, citing the company's final audited results for 2024.

In 2024, the company's cost of sales was $49.7 million (down 1.2%), and loss before taxation decreased by 33.4% to $21.3 million.

"This was a major reduction compared to 2023, which included a full six months of agitation leaching and flotation processing, before operations were curtailed in the second half of 2023. However, we delivered a much stronger fourth quarter in 2024, with production of 8,450 gold equivalent ounces (GEOs) as operations were fully restarted," Anglo Asian Mining said.

The company's financial expenses in 2024 amounted to $3.0 million (an increase of 1.7 times), and non-current assets to $103.7 million (an increase of 8.9%).

Anglo Asian's net assets as of December 31, 2024, amounted to $67.4 million (a decrease of 20.5%), and current liabilities to $38.9 million (an increase of 1.7 times). The company's net debt at the end of 2024 amounted to $14.7 million (December 31, 2023: $10.3 million).

"Despite a number of challenges during 2024, Anglo Asian delivered a robust performance with production in line with guidance and net debt only increasing by $4.4 million to $14.7 million following the temporary shutdown of our Gedabek agitation leaching and flotation processing operations," said Anglo Asian CEO Reza Vaziri.

Vaziri noted that 8,085 GEOs of precious metals were mined in the first quarter of 2025.

Production in the year continued to be severely impacted by the partial suspension of processing in the first three quarters of the year, according to the company, resulting in total production for the full year of only 16,760 GEOs (1.9-fold decrease). "This comprised predominantly 377 tonnes of copper and 15,073 ounces of gold (30.7% decrease)."

"Bullion sales in 2024 were 15,251 (2023: 15,822) ounces of gold and 10,563 (2023: 7,080) ounces of silver at an average price of $2,432 (2023: $1,951) per ounce and $29 (2023: $23) per ounce respectively," said Anglo Asian.

The company undertakes its mining operations in Azerbaijan pursuant to the provisions of the Agreement on the Exploration, Development and Production Sharing for the Prospective Gold Mining Areas: Gedabek, Gosha, Ordubad Group (Piazbashi, Agyurt, Shakardara, Kiliyaki), Soutely, Kyzilbulag and Vejnali Deposits dated year ended 20 August 1997. The PSA was revised in 2022 and 2024.