ANGLO ASIAN MINING PLC-2022 Full year results

ANGLO ASIAN MINING PLC-2022 Full year results

2022 Full year results

Turnover of $84.7 million with profit before tax of $7.5 million

Full year 2022 dividend maintained at US 8 cents per share

Guidance met and significant progress with development of portfolio

Anglo Asian Mining PLC ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, is pleased to announce its final audited results for the year ended 31 December 2022 ("FY 2022"). 

Khosrow Zamani, Chairman of Anglo Asian, commented:

"This was another important year for Anglo Asian as it transitions to a mid-tier, multi-asset copper producer. We met production guidance, whilst making significant progress with our new mines in accordance with our growth strategy to bring them into production in the short to medium term. The Company has a strong balance sheet and is well-positioned to meet our upcoming capital expenditure requirements. We remain committed to delivering shareholder value and are therefore pleased to declare a final dividend of US 4 cents per share, maintaining the total dividend for the year of US 8 cents per share."

Financial highlights

·    Revenues of $84.7 million (2021: $92.5 million)

o Lower production due to lower gold grades of ore mined at Gedabek

·    Profit before taxation of $7.5 million (2021: $12.6 million)

·    Operating cash flow before movements in working capital of $27.2 million (2021: $29.3 million)

·    All-in sustaining cost ("AISC") of gold production increased to $1,064 per ounce (2021: $843 per ounce) due to lower production

·    Cash of $20.4 million at 31 December 2022 (31 December 2021: $37.5 million)

o $10.2 million and $7.2 million spent on capital expenditure and geological exploration respectively

o Dividends paid totalling $8.6 million

·    Final dividend declared in respect of FY 2022 of US 4 cents per ordinary share

o Total dividend for the year maintained at the same level as 2021

o Payable on 27 July 2023, subject to approval at the Annual General Meeting, giving a FY 2022 total dividend of US 8 cents per ordinary share (FY 2021: $0.08)

o Total dividends of $8.6 million paid in 2022 demonstrating the Company's ongoing commitment to provide attractive returns to its shareholders

Operational and production highlights:

·    Total production of 57,618 gold equivalent ounces ("GEOs"), in line with guidance and reflecting falling grades of ore at Gedabek

o Gold production of 43,114 ounces (FY 2021: 48,680 ounces)

o Copper production of 2,516 tonnes (FY 2021: 2,649 tonnes)

o Silver production of 182,046 ounces (FY 2021: 154,515 ounces)

·    Gold bullion sales of 34,918 ounces (FY 2021: 39,563 ounces) completed at an average of $1,783 per ounce (FY 2021: $1,799 per ounce), with copper concentrate shipments totalling 12,443 dry metric tonnes ("dmt") with a sales value of $22.3 million (excluding Government of Azerbaijan production share) (FY 2021: 11,148 dmt with a sales value of $23.7 million)

·    The acquisition of three new contract areas - Xarxar, Garadag and Demirli

·    Considerable progress made across the asset portfolio

o A new vein, "Hasan", discovered at Gosha

o Final JORC mineral resource completed for Zafar

o Geological camp established and exploration activity ramped up at Vejnaly

o Preliminary non-JORC mineral resource for the Gilar mine completed

o Exploration commenced at Xarxar

·    Expansion of the flotation plant to increase capacity and provide additional operational flexibility

·    Investment completed in an associate company - Libero Copper & Gold Corporation

Outlook

In March 2023, Anglo Asian released its medium-term growth strategy that outlined its pathway to become a mid-tier, multi-asset producer by 2028. This will see copper become the Company's principal product by 2026, with copper equivalent production targeted at circa 36,000 tonnes by 2028.

In line with Company's growth strategy, guidance for 2023 is total production of circa 50,000 to 54,000 gold equivalent ounces that includes 10,300 to 11,200 tonnes of copper.

Note that all references to "$" are to United States dollars, "CAN$" are to Canadian dollars, "£" and "pence" are to the United Kingdom pound sterling and AZN are to the Azerbaijan New Manat.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, which was incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.

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