Anglo Asian Mining Reports Transformational 2025 Results with Record Copper Production and Dividend Reinstatement

Anglo Asian Mining 2025 results: record copper production, profit recovery and dividend return

Anglo Asian Mining has delivered the sort of full-year update shareholders have been waiting for. After a rough spell, 2025 looks like a genuine reset year, with two new mines entering production, revenues jumping to $122.8 million and profit before tax swinging to $25.8 million from a $21.3 million loss in 2024.

The big strategic shift is clear. This is no longer just a gold story. Copper is rapidly becoming the main event, and management says 2026 should be the first year where copper is the principal output. For a mining company trying to move into the mid-tier bracket, that matters a lot.

Key number	FY 2025	FY 2024
Revenue	$122.8 million	$39.6 million
Profit before tax	$25.8 million	Loss of $21.3 million
Gold production	25,061 ounces	15,073 ounces
Copper production	7,915 tonnes	377 tonnes
Net cash position	$2.6 million	Net debt of $14.7 million
Operating cash flow	$46.7 million	$8.6 million
Final dividend	4 US cents per share	Nil disclosed

Why Anglo Asian Mining’s new Gilar and Demirli mines changed everything in 2025

The headline operational win was simple: Anglo Asian brought two new mines into production in the same year. Gilar, an underground copper and gold mine at Gedabek, entered production in May 2025. Demirli, a brownfield copper project in Karabakh, followed in July 2025.

That is a serious step up. Gilar is already producing high-grade ore, while Demirli is said to be performing in line with expectations and is on track to deliver full-year production within 2026 guidance. When a miner opens new assets and they actually work, investors tend to pay attention.

Total copper production hit 7,915 tonnes, up from just 377 tonnes in 2024. Gold production also climbed strongly to 25,061 ounces from 15,073 ounces. That combination of volume growth and better commodity prices drove the financial turnaround.

Anglo Asian Mining financial results: higher gold price, stronger copper sales and cash generation

The revenue jump was huge, rising to $122.8 million from $39.6 million. Gold bullion sales totalled 19,631 ounces at an average of $3,441 per ounce, which is a massive tailwind compared with $2,432 per ounce in 2024.

Copper concentrate also became a real earnings engine. The company reported copper concentrate shipments of 29,695 dry metric tonnes with a sales value of $54.5 million, excluding the Government of Azerbaijan production share, versus just $2.5 million in 2024.

Just as important, this translated into cash. Net cash flow from operations was $46.7 million, and Anglo Asian ended the year with a positive net cash position of $2.6 million. That is a much healthier place to be than the net debt of $14.7 million reported a year earlier.

Dividend reinstated: what Anglo Asian Mining’s 4 US cents payout means for investors

The board has proposed a final dividend of 4 US cents per share. It is due to be paid on 27 August 2026, subject to shareholder approval at the 2026 AGM. The record date is 7 August 2026 and the shares go ex-dividend on 6 August 2026.

For me, this matters because dividend reinstatements send a message. Management is effectively saying the balance sheet, cash generation and outlook are now strong enough to reward shareholders again. That does not guarantee a smooth ride, but it is a proper confidence signal.

What looks strong in Anglo Asian Mining’s 2026 guidance and growth strategy

Management has maintained 2026 guidance, and it is ambitious. The company expects annual production of 20,000 to 25,000 tonnes of copper, 28,000 to 33,000 ounces of gold and 170,000 to 210,000 ounces of silver.

It has also given first-time Group all-in sustaining cost, or AISC, guidance. AISC is a mining industry cost measure covering ongoing production and sustaining spend. Guidance is $6,800 to $7,800 per tonne for copper and $1,500 to $1,800 per ounce for gold.

There is more in the pipeline too. Anglo Asian is progressing Xarxar and Garadag, with consultants set to be appointed for feasibility studies. Xarxar is scheduled to commence production in 2027 to 2028, which gives the market a visible growth runway beyond the current mines.

The risks in Anglo Asian Mining’s results: lease costs, impairments and tailings pressure

It is not all clean and tidy. First, the company did not report 2025 AISC, saying costs would not be meaningful because Gilar and Demirli only started mid-year. That is fair enough, but it does mean investors still need to wait for a cleaner view of underlying unit economics.

Second, Demirli comes with a chunky lease structure. The annual base rent is $24 million, with a minimum of $15 million per annum and no maximum. Anglo Asian also says its copper AISC guidance excludes the Demirli lease cost, and if that lease is included, copper AISC rises by around $1,000 per tonne. That is an important detail and not one to gloss over.

Third, there were impairment charges. The Group recorded $7.6 million of impairment of geological exploration and $3.6 million of impairment of development assets. That tells you some projects or historical spend are no longer carrying the same value they once did.

There are also infrastructure constraints to watch. The final raise of the Gedabek tailings dam – tailings being the waste left after processing ore – should provide another 2 to 3 years of storage capacity, while a second tailings dam is being planned. At Demirli, the current tailings dam has limited remaining capacity, although the company says technical studies confirmed it is safe for current operations.

Anglo Asian Mining Q1 2026 production and outlook: is momentum continuing?

Early signs for 2026 are encouraging. Anglo Asian recently reported first-quarter production of 3,711 tonnes of copper and 6,062 ounces of gold, which it said was in line with expectations.

There was a hiccup at Demirli after failure of the gear shaft in the ball mill, which reduced production in late 2025 and Q1 2026. The company says that has now been replaced and both mills are operating satisfactorily. That sounds manageable, but it is worth keeping an eye on because ramp-ups rarely run perfectly.

My take on Anglo Asian Mining’s 2025 full-year results

Overall, this is a strong set of results. The production growth is real, the profit recovery is clear, cash flow improved sharply and the dividend is back. Most importantly, the strategy now looks tangible rather than theoretical.

The caution points are equally real. Demirli’s lease economics need watching, tailings capacity will need continued investment, and the lack of 2025 AISC means investors still do not have the full cost picture. Even so, this RNS reads like a company that has moved from repair mode into growth mode.

If Anglo Asian can deliver its 2026 copper guidance and keep Demirli and Gilar running smoothly, the market may start treating it less like a turnaround story and more like a growing copper producer. That would be a meaningful re-rating opportunity. For now, this looks more positive than negative by some distance.