Anglo Asian Mining’s Gilar and Demirli ramp-up is converting a disrupted gold junior into a cash-rich copper growth platform with substantial five-year upside.
Overview
Anglo Asian Mining PLC is an Azerbaijan-focused gold, copper and silver producer transforming from a mature gold junior into a copper-led, multi-asset mid-tier company. It sells gold bullion into global markets and copper concentrate to international traders, supported by the Gilar and Demirli developments, centralized processing infrastructure and a legally ratified Production Sharing Agreement. **The financial inflection is already visible:** FY2025 revenue rose to $122.8 million from $39.6 million, profit before tax swung to $25.8 million from a $21.3 million loss, operating cash flow reached $46.7 million and the balance sheet moved to $2.6 million net cash. H1 2026 revenue then reached $159.1 million, with copper production of 8,840 tonnes and net cash of $57.6 million at 30 June. Management reiterated 2026 guidance of 20,000–25,000 tonnes of copper and 28,000–33,000 ounces of gold. At 407.50 GBp (£4.075), the shares trade at 7.27x forward P/E versus 35.5x–36.0x trailing P/E. Near-term catalysts include Demirli’s full run-rate, the 27 August 2026 dividend and 2027 feasibility studies for Xarxar and Garadag. SP Angel remains at Buy and consensus target price is 434.59p, with a high estimate of 596.40p.