AzerGold established its first subsidiary in the foreign country

"AzerGold Uzbekistan" LLC, the first subsidiary in the foreign country of AzerGold CJSC, has been officially registered in the Republic of Uzbekistan.

"AzerGold Uzbekistan" was established to strengthen strategic bilateral cooperation between Azerbaijan and Uzbekistan in the mining and geological exploration sectors. The main operational focus of the company is on conducting comprehensive geological exploration, evaluating mineral resources, and assessing the commercial feasibility of the Akba gold deposit in the Qashqadaryo region of Uzbekistan. Currently, procedures for obtaining the necessary permits to conduct geological exploration at the Akba gold deposit are underway. Following the acquisition of the license based on the relevant decision of the Government of Uzbekistan, geological exploration works, planned to last 18 months, will commence.

During this period, it is planned to analyze existing geological data on the deposit, conduct additional geological exploration, evaluate mineral resources in accordance with the international Joint Ore Reserves Committee (JORC) standards, perform metallurgical testing, assess environmental impact, as well as examine potential extraction and processing technologies. A final feasibility study will be prepared to evaluate the technical and economic viability of developing the deposit on an industrial scale. Based on the results, an investment proposal regarding the future exploitation of the gold deposit will be drafted and submitted to the relevant state bodies of Uzbekistan.

It should be noted that on June 17 of the current year, a framework agreement was signed between AzerGold and the Ministry of Mining Industry and Geology of the Republic of Uzbekistan on the joint development of the Akba gold deposit located in the Qashqadaryo region. The document established a legal basis for expanding cooperation between the two countries in the mining field and evaluating the deposit's resources.

Another important area planned by AzerGold in Uzbekistan is the joint geological exploration of the country's promising mineral resources. For this purpose, a document defining the main terms of three-party cooperation was signed on July 17, 2026, between AzerGold, Uzbekgeologorazvedka Joint Stock Company, and the Azerbaijan-Uzbekistan Investment Company.

Within the scope of the project, the establishment of a joint venture is envisaged to conduct geological exploration in prospective areas situated between the cities of Navoi and Nurata in Uzbekistan. Currently, relevant work is ongoing to agree on the founding documents of the venture and obtain necessary state permits. Following the creation of the joint venture, phased geological studies and exploration in prospective areas are planned to be carried out. A geological exploration and financing plan covering an initial two-year period has been prepared for the project. If economically viable mineral reserves are identified as a result of the exploration, the parties will consider opportunities for the joint development of these deposits and the implementation of corresponding investment projects. Furthermore, opportunities for the joint geological exploration and development of other mineral deposits of mutual interest located in Azerbaijan and Uzbekistan are currently being discussed between the parties.

The launch of operations by AzerGold in Uzbekistan represents a major step in terms of applying Azerbaijan's institutional and technical expertise acquired in the mining sector within the framework of international cooperation. The initiatives planned for implementation will contribute to further strengthening economic partnership between the countries, expanding the exchange of knowledge and experience in the mining industry, and elevating AzerGold's international activities to a new stage.