Anglo Asian Mining plc
Anglo Asian Mining produces gold, copper and silver from its Gedabek mine and the newly ramped-up Demirli copper-gold mine in western Azerbaijan under Production Sharing Agreements with the Azerbaijani state; Q1 2026 copper output jumped to 3,711 tonnes with gold roughly stable at 6,062 ounces, while cash rose to $37.2 million (from $30.2 million) and debt fell to $19.5 million (from $27.9 million) at March 31, 2026. The company delivered record first-half 2026 production as Demirli's ramp-up accelerated and reinstated its dividend.
Notable vs. Peers
- Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.7/10.
- Financials score of 7.2/10 is stronger than the peer average of 5.5/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Aug 1997 · Source
- Reached — date not disclosed
- Jul 2008 · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Jurisdiction (40%)5/10
Azerbaijan's mining sector operates under long-term Production Sharing Agreements with the state that have provided operational continuity for Anglo Asian since the 1990s, but the country's authoritarian governance model and limited independent judicial recourse add meaningfully higher sovereign risk than Western jurisdictions.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Gedabek & Demirli Mines, Western Azerbaijan.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Efemcukuru (Eldorado Gold Corporation), 1634 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:0/10
Nearest producing mine: Efemcukuru (Eldorado Gold Corporation), 1634 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:5/10
Azerbaijan: jurisdiction score 5/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:8/10
Primary commodity: Copper
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
President and Chief Executive Officer of Anglo Asian Mining plc; the company's own filings print his full name as Mohammad Reza Vaziri. Holds a law degree from the National University of Iran and previously held senior positions in the pre-revolutionary Iranian government, including head of the foreign relations office at the Ministry of the Imperial Court of Iran. Relocated to the US in 1980. Has been active in business in the Republic of Azerbaijan since shortly after its independence, and led R.V. Investment Group Services LLC (now an Anglo Asian subsidiary) in signing the company's original Production Sharing Agreement with the Government of Azerbaijan.
Chief Financial Officer and Company Secretary of Anglo Asian Mining plc. UK chartered accountant with over 45 years of accountancy and financial management experience across multiple regions, including over 20 years in the gold mining industry in Russia and the former Soviet Union.
Chief Operating Officer of Anglo Asian Mining plc. Has worked in the mining industry since 1985, with experience constructing processing facilities and managing mining operations. Previously chief process engineer at Iran's national lead and zinc company and founder of an engineering firm. Holds an MSc in non-ferrous extractive metallurgy.
Vice President of Finance and Commercial Operations of Anglo Asian Mining plc. Joined the company in July 2013 as Financial Controller. Previously worked in EY Baku's audit practice. Holds degrees in Finance and an ACCA diploma, plus an MBA from Warwick Business School (2021).
Vice President of Anglo Asian Mining plc. UK chartered geologist with over 30 years of experience across multiple regions, with project management expertise spanning exploration, construction and production phases. Holds a PhD in structural controls on mineralisation plus relevant MSc and BSc degrees.
Chief Business Development Officer of Anglo Asian Mining plc. Former co-founder and CEO of a technology startup and director of business development at an international technology company. Holds a BA in international business and an MSc in international management from King's College London.
Vice President of Procurement, HR and IT of Anglo Asian Mining plc. Brings more than 35 years of international experience with expertise in technology services and leadership. Previously served as Vice President of Sales for a U.S.-based IoT company managing MENA, CIS and Turkey operations.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
We checked and found no outside investor of note. The company's own shareholder disclosure, updated 1 July 2026, shows the register is essentially its own people: president and chief executive Reza Vaziri holds 28.65%, Sununu Holdings 8.01% and Governor John Sununu a further 1.37%, with 40.07% of the company not in public hands. No mining company holds a stake, no specialist resource fund appears, and institutional ownership is only 4.3%. A 1 here means checked and nothing found, not that anything is wrong with the company.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Anglo Asian Mining produces copper, gold and silver in western Azerbaijan under production sharing agreements with the state, from the Gedabek mine and the Demirli copper mine, which began production in June 2025 and is ramping up to full output, targeted for Q3 2026, making copper the company's main product in 2026. Its JORC measured and indicated gold resources total 239,900 oz across the Gedabek open pit and the Gilar deposit, plus 18,100 oz inferred, while copper resources at Demirli (229.6 kt contained, a non-JORC internal estimate), Xarxar and Garadag are reported separately. Q1 2026 copper output rose to 3,711 t with gold at 6,062 oz, first-half 2026 production was a record as Demirli ramped up, and the company has passed 1 million gold-equivalent ounces produced since operations began. No company-wide economic study has been published, and the Gedabek production sharing rights run to March 2027 with an option to extend for five years.
Anglo Asian Mining's 2025 Full Year Results (26 May 2026): revenue of $122.8M (up from $39.6M in 2024) on Gilar and Demirli commissioning; 2026 guidance of 20-25kt copper and 28-33koz gold.