Anglo Asian Mining (LSE:AAZ) — Final results for the year ended 31 December 2025

0:00 Good morning, and welcome to the ANGLO ASIAN MINING PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time via the Q and A tab situated on the right hand corner of your screen. Just simply type in your questions and press send. Before we begin, I'd like to make the following poll. And I'd like to hand you over to the management team. Steven, good morning, sir. Good morning. Thank you very much for the introduction, and it's a a pleasure to work through this presentation on our final results from 2025. So appreciate the organization and to all of the participants on this this very exciting webinar. So financial results 2025, ANGLO ASIAN MINING, building to a mid tier multi asset copper and gold production.

0:55 The, disclaimer, won't go through that in detail. It's the standard, information. By way of, an introduction, I'd just like to provide an overview. 2025 was a milestone year delivering significant progress for the company. Last year, we brought in two new mines into production, and those are both in line with the company's strategy to become a mid tier multi asset producer. I'll talk about those particular properties a bit later on in the presentation. Our total production for the year, over 25,000 ounces of gold and nearly 8,000 tons of copper. But a significant thing here and point that I'd like to make is that it was not based on a full year of production from our three main operations.

1:50 The Gilar operation, which was an underground mine that we started last year, was in operation for eight months and to merely five months. So we were still able to to deliver significant metal production even with the start up of those two new projects. Because of this development and and increase of the operations and the the production side of things, revenues increased to nearly a $123,000,000, and we returned to profitability with a profit before tax of nearly 26,000,000. It was a positive net cash flow of 2,600,000 as of the end of the year, and there's been a board board discussion with regards to the dividend reinstatement in respect of last year of 4 US cents per share.

2:41 With regards to our guidance going forward, that will be maintained at a rate of 20 to 25,000 tonnes of copper and also 28 to 33,000 tonnes sorry, ounces of gold at very competitive AISCs. So we continue to execute our medium term growth strategies, and I'll expand on that further going forward. Importantly as well, during the year, we received our independent inaugural ESG rating from, independent company Digby, and that was a real, credit to the whole team in terms of delivering what we were able to achieve within a strong ESG framework. How are we going to become a mid tier copper and gold producer? We have a five year plan to essentially look at producing any order of around about and targeting 50,000 tons of copper per annum.

3:43 How are we going to do this? Through the sequential opening of new mining operations. Last year, we opened up the Gilar and the Damiri operations, which I'll talk about a bit more detail further on the presentation. And in the future, we have two copper targets, and they are targeted to enter production '28 and '30 respectively. The future projects are progressing in line with our expectations. Though those people who know the company, we've always set targets, we've set strategies, and we've always been able to deliver on those. Now with regards to the Harjaval and Garadag, we're actually now in the final stages of selecting and awarding a contract to an international consultancy for feasibility studies.

4:31 And we've actually started as well drilling on for infill geotechnical hydrogeological studies, etcetera. That all forms part of what is going to be a major drill program. It's 90 kilometers planned for exploration, mineral resources, and project development. Again, a very exciting time for the company over this next few years with regards to the exploration phases and the strategy for growth going forward. We're also looking as part of these feasibilities to be updating the mineral resource statements, but Kraha and Caradag combined currently host over a million tons of copper in the ground. So it's a significant step change for, Anglo Asian mining.

5:18 Our operations. We operate in Azerbaijan. It's a high growth economy, an investment destination. I won't actually go through all of those points, but historically, it's very much been oil and gas focused. But there is a a strong development out of the mineral sector as as demonstrated through the government's support of Anglo Asians development and road map. Importantly, Anglo Asian mining and its operating subsidiaries, we operate, under a production sharing agreement. Now that production sharing agreement or PSA is the framework that effectively provides the long term business security.

6:07 What is critical here is that, effectively what it does, it gives us that operating framework from a taxation viewpoint, from a business operating viewpoint, and it it gives a predictable business environment. And that's where it's very important. So when we're looking at all of our key assets and development portfolios and projects, we're able to sort of have a higher level of confidence in terms of the deliverable structures for those particular projects within a robust framework, which is absolutely fundamental. Within Azerbaijan, we have eight contract areas or license areas, which are referenced in the PSA, which cover a land area of 2,500 square kilometers.

7:02 Essentially, it's the the the contract areas are split into three clusters, if you like. We have a Northwest cluster with the Getabec, Garradakh, Gautia contract areas, Central West, Demirli, Gizel, Bulac, and the South, Audubad and Vecinali. Our current operations are out of the Getabec and Demirli contract areas, and I'll talk a bit about those going forward. Clearly, Gara Dag and Haha are the projects now that we would like to expand going forward, and the other areas remain as active exploration territories. So going forward, we've got a good balance between production development and future exploration. So let's focus in a minute at Getabec.

7:52 It's been a very long standing operation. We've got a a very strong track record. And Getabec has been Anglo Asian flagship mine and provides robust and reliable production. The upgrades that we've had to do have only really required very limited capital expenditure to sustain all of our operations and growth projects. Gettybek contract area hosts not only the Gettybek mine itself, but also the Gilar mine and the Zafar deposit. Now we've also carried out mineral resource estimates on that Zafar deposit, which is a copper gold zinc property, but it's currently not being developed as there's sufficient feedstock from other higher grade properties. We'll be I'll talk a little bit more about restating mineral resources and the active work going forward.

8:46 Processing and tailings upgrades. Effectively, we've now completed all of the upgrades to the flotation plant to increase the capacity and flexibility. You can see in the image on the right hand side the new ImmaFloat cells, which have gone in for the flotation work, which will actually then provide that additional capacity and optionality going forward. We've also increased capacities of associated equipment such as filter presses, etcetera. With regards to the tailings dam, the final wall of the embankment is being completed during 2026. And, essentially, it's all in line with the GISTM standards. GISTM being the global industry standard for tailings management.

9:37 So the company is looking to adhere strictly to those standards and sort of be in compliance with the the global standard for tailings management. We have identified a second tailings dam. Its facility has been defined both in terms of location and its operating philosophy. The dam has been designed, and we are awaiting government approval. Moving forward to the the new mines, you know, I've referenced already Gilar in the Getabek contract area. This is a a strategic development of our current asset portfolio. It's located very close to the Getabek processing facilities. So we did not have to construct any new processing facilities to be able to process this ore. So, you know, from a from a an assessment of the financial growth of this project, obviously, it did not have to carry CapEx of building a new plant, for example.

10:39 Currently delivering in the order of around about 2,000 tons per day. It has a jock classified mineral resource within RPEEE that has reasonable prospect for eventual economic extraction, I e, there are economic parameters that control that mineral resource of some 54,000 tons of copper and over a quarter of a million ounces of gold. We're focusing on the lower zone, zone 4, where there's significantly good grades in terms of 11.5% copper, 1.8 grams per tonne gold, and around about two and a half million tonnes. So we've been upgrading our processing facilities to handle that additional copper grade, and that's where the flotation plant upgrades and the filter presses were coming into play.

11:35 The next level down where we've been working, all of the infrastructure is in place, the tunneling, the crosscut drives, etcetera, and we've now been able to have it such that we've positioned ourselves to have half a million tons of ore ready for mining. You can see significant amounts of tunneling and development work. We've got a very strong underground mining team now. Over the years that we've been working underground mines as a pioneer in Azerbaijan of being the first company to develop an underground mine, you know, we've really developed and strengthened the team to have the ability for mine construction and operation. In addition to this the tunneling work, there's stores underground, refuge stations, workshops, and indeed a canteen.

12:22 So apart from sort of that operational element, we've also been constructing an exploration tunnel, which should be completed towards the middle of this year, and that's to then carry out underground drilling to chase extensions of that deeper zone 4 as well as the upper extensions of zones 1 And 2. Demirli. Demirli is a property located in the Agdera region in Central West Azerbaijan. It's a large copper project which transforms our copper production capabilities in line with our strategies. It was a well developed open pit mine with a 6,000,000 ton per annum flotation plant, mining fleet and tailings dam.

13:09 But when we first moved into the area, we had to establish infrastructure for operations, so offices, accommodation blocks, canteen facilities. And the first things we set up then was laboratory and metallurgical test book facilities so that we could then better understand the geology and the mineralization in terms of the geometallurgical approach and how to do this. We've started to build our geological models independently of this from various aspects of reporting we've had historically, but we needed to confirm where to start the mining originally. So we conducted a 9,000 meter reverse circulation drilling program to define the startup ore, which comprised five and a half million tons at around about half percent copper.

14:00 On the mining side or pre crusher side, we've got blast hole drilling. Blasting and mining contractors are all in place, as well as now we've developed our own in house teams to supervise the exploration, the mining geology, all of the engineering, planning, surveying. So it's now really ramping up to become fully operational. The plant has been fully commissioned, and the process teams are in place. When we went there, we had to reconnect water supplies, power supplies, upgrade all of control systems, operational key equipment, The tailings down there has been assessed independently by a number of international parties, and a raise of the embankment has been approved by the government and is good for short term operation.

14:54 The buttress and the lift construction work is ongoing. Where then? Well, providing we continue to use the flotation plant which generates the tailings material, then Tailings Dam 2 site has been selected. We've actually carried out site investigation already that comprised hydrogeological and geotechnical investigations. We've completed a design, and we're waiting through waiting for the government approval for that Tailings Dam Number 2 location. In addition to the mine itself, there's significant exploration potential as extensions of the Damiri mine itself, but also within those contract areas. And on the right hand side, you can see a lot of the roads at the top of the the mine, which are actually access roads for drilling exploration drill sites and drill pads.

15:49 Our future growth. Essentially, that revolves around two new projects, and Garitag. Both are located at Prox in the close proximity to Geta Bay contractor in Northwest with being in the order of sort of 10 to 15 kilometers from the mine at Geta Bay. It's a high quality copper resource, and it lends itself to being an open pit operation going forward. It sits within a 464 square kilometer contract area with a lot of significant indications for further copper potential that I'll also talk about a bit later.

16:35 But importantly, it has access to good shared infrastructure, staffing, and administration that we've developed in the Gettybek area. So it's not like we're gonna be starting these projects from scratch. You know? A lot of the technical aspects of developing these projects are already in place. We have a mineral resource published in 2024 of nearly a 120,000 tons of copper metal in the ground. Further studies are underway, and we're just about to be completing the awarding process for the feasibility studies. But importantly as well, you can see in the image the level of the pitcher we've looked at. $9,000 and $15,000 pitcher floors. But there's drilling below that, which shows mineralization.

17:23 So importantly, the Caja property is open at depth and identified targets of of made not just of depth, but also along strike. So the exploration upside is very, very positive for the project itself. Colocated is the Garadag copper project. Now this is a significant scale as compared to with over 900,000 tons of copper metal in the ground. So combined, you know, we are over a million tons of copper in the ground. That's within, again, a significant contract area. We've actually have an an independent maiden job resource on that.

18:12 Ultimately, going forward as well, the plans are to not necessarily produce copper concentrate, but to produce copper cathode. So in other words, become a copper metal producer. Both for ANGLO ASIAN as a company, you know, first time we've actually produced copper metal, but also for the country. It's a significant step forward, and we're working very closely with the authorities in the development of this product. Importantly, as well going forward, because of the close proximity of these two projects, there's gonna be a lot of shared infrastructure, operational infrastructure, processing facilities, power, water supplies, etcetera.

19:00 And that will enable, you know, a very, very efficient capital deployment of these projects because a lot of the development work will have to be in place to bring on stream, and therefore, the capital intensity for for Garadag will be much less because it would be sequential increasing of the facilities already that we've put in place for There's been various pit optimization estimates, and you can see what the open pit looks like on the bottom right at $8,000 copper. But the feasibility study will be looking at trade offs between open pit, underground, and combinations thereof.

19:47 And and as part of that, in the early stages, we will be then further doing further drilling work for the geotechnical, hydrogeological, and metallurgical. So the feasibility studies consultants will be selected very soon, and we will have targets for completion of these feasibility studies in h two twenty seven. Okay. This is the '25 financial performance. So I'd like to hand over to my colleague, Bill Morgan, who will run through the financial analysis from 2025. Bill? Okay. Next slide, please, Steve. Okay. I would firstly like to thank everybody for their interest in our company.

20:34 And obviously, gives us great pleasure to present these financial results as there's been a complete financial turnaround in 2025 compared to the previous year. As Steve just said, we made a profit of 26,000,000 on revenues of 123,000,000, and we plan to pay a dividend of 4 US cents per share. Just a couple of points about the dividend. It will be payable in August, not as previously in July. This is to give us time to undertake the necessary legal work to make sure that the dividend is fully compliant with the company's act. And, also, the company is still thinking about a formal dividend policy. This needs to properly balance rewarding our shareholders with making sure that the company has sufficient capital to undertake all of its growth opportunities.

21:28 K. Next slide. Our profit and loss account is on the left, and I've broken some of the numbers out on the right. I'm not planning to reiterate all these figures on the call. If anybody has any questions about the detail, obviously, you can ask us. However, I will point out a few noteworthy items on this slide. Firstly, in the revenue, you can see that we undertook $8,600,000 worth of Damiri copper concentrate buy and hold sales. This is where Trafigura, the purchaser of the concentrate, did not take delivery of that concentrate at the end of the year. It was still on our premises.

22:18 Why they should do that is you would need to ask Trafigura, but they actually not only bought it from us, they paid us for it before the end of the financial year, and that is a new transaction for the company. It's the first time that we've ever done such a a type of sale. All sales are subject to the minimum 12.75% government production share. For those of you who know the company, know that we've only ever, been subject to the minimum twin 12.75 government production share because we've always had unrecovered costs carried forward in all of our contract areas. However, that will be changing this year. We think that for the merely, we will still be subject to only the minimum 12.75%.

23:06 But for Gedder Bay, because our unrecovered costs are now being extinguished, the production share is likely to go up to around 18% by the end of this year. Looking at impairment, we impaired 3,600,000 of development assets. That was mainly in respect of Walthamad and Gosha because our focus now is very much on Gedder Bay, Damirli, and the two big copper projects. We have little activity in Aldabad and Gocia, and therefore, we thought it was prudent to write off the assets related to those projects. And finally, looking at taxation, you will see that the taxation charge was deferred taxation, but there was a small current year taxation charge because the operating unit here in Azerbaijan RBIG used up all of its tax losses last year. So going forward, we will actually now be paying tax as opposed to the last few years when we've had our brought forward losses extinguished those tax liabilities.

24:14 Okay. Next slide, please, Lee. Okay. This is the balance sheet here. And, obviously, the big change is that leased assets have moved from 1,700,000 to 33,000,000, and this is in respect of the the merely lease. Under IFRS six, which is the accounting standard for leases, you have to bring the total liability of the lease onto your balance sheet after discounting it. We've assumed that there will be a three year lease period, which is what we think we will be using the asset for, and we've assumed that we will be paying $15,000,000 per annum, which is the minimum lease payment.

25:04 So we've taken the $45,000,000 that we expect to pay. We've discounted this back at 7.5 sorry, 7%, which is our assumed incremental borrowing cost, and we've put that liability onto our balance sheet. You can see the liability there at 39.2%, which is mainly demerit. We then had to recognize notional asset in respect of the liability, which is 31,600,000, and that we will be depreciating over a straight line basis. So the important message here is that you will not be seeing any lease payments within the profit and loss account of the company. We will effectively be expensing those payments as depreciation on the notional asset and interest on the creditor that we've recognized.

26:00 The next thing is that if you look at our borrowings, we had 27,600,000 at the end of the year, of which 22,100,000 is payable this year and the next the rest is payable next year. So what this means is, as we're not planning any more borrowings this year, is that not only have we moved into a net cash position but actually, we'll be almost debt free by the end of twenty twenty six. And the other point is on the asset retirement obligation. This is the amount we have to provide in our accounts for reinstating the mining properties back to the state that we acquired them in. We've got an asset oh, sorry, a liability of 22,900,000, of which that includes 500,000 for Damiri.

26:54 That's a very small number as under our production sharing agreement. We only have to reinstate the asset back to the condition that we found the mining. We do not have to reinstate it back to the condition before the previous owner actually started working at the mine. Okay, Steve. I think next slide. K. Here is our cash flow. We had an inflow of funds before working capital of 67,000,000, and that was profit before tax, depreciation, and impairment added back. You will see that we've had used 20,200,000 as working capital. That is mainly an increase in inventories because the business is getting bigger. We're having more debtors, but that tends to be financed by increasing creditors.

27:48 But we have actually had to finance more inventories. And this is mainly the Gillard and Demille stockpiles of 10,000,000, copper concentrate inventory of $67,000,000 and other of 4,000,000. We invested 30,000,000 of which the main amounts were Demirli development of 11,000,000. This is what we've had to spend on Demirli in addition to undertaking the lease to actually get it into a state where it can start production. And we've spent 6,700,000 at Gether Bay on the Gillard development and the Tailings Dam. And that is about it. As I say, we've got cash at the end of the year of 21,200,000, of which we also had 9,000,000 restricted cash. Our borrowings are 27.6 with an ending cash of 2,600,000.

28:44 And as you can see from the final red icon at the bottom right, you know, we have been substantially generating cash since the end of the year, and our cash has now gone up to 17,700,000 from 2.6 at the end of December. Okay. That's it for me, Steve. Okay. Thank you. Alright. Thank you, Bill. Thank you for updating investors today. No. Hang on. I'd like to now just to run through the overall outlook, if I may. Last few slides. Our 2026 performance and guidance, q one production update, you can see the production figures from q one, but our production for 2026 guidance, copper, 20 to 25,000 tons, gold ounces, 28 to 33,000, and silver ounces approaching, you know, the 200,000 mark.

29:53 Competitive AISC in terms of developing those production targets as well. But I'd just like to reference about q one. This was in in line with the company's q one targets. It's not necessarily a case of simply looking at those figures and saying, oh, that's a quarter. Let's multiply it by four. Oh, it doesn't reach the guidance. That's not the case. We were fully aware of our production growth and our production forecast quarter by quarter, and it did it did meet our guidelines because we had certain development phases at Demirli and Gilat to achieve in that period. I'd just like to sort of summarize as well, if you like, our outlook.

30:43 I mean, we've got a strong growth outlook and highly cash generative. We have a significant portfolio of projects in development, and also the growth will be supported by the long term exploration pipeline. So, essentially, what this slide shows is our three aspects of our business strategy and our approach. The first one being production. And you can see there, the figures are actually in annual copper equivalent. We're looking to double our production in terms of copper equivalent from last year to the forecast for this year, a significant step. And that's due to this year being the first year with all of our three main production units being in operation.

31:34 Following on from that, our development projects. So how are we gonna grow from 2026 in in that midterm period? Well, I've spoken about the development of the development of Garadag, and expansions around Dimirli. So that's something that we're obviously very much focusing on. We're just about to finalize these the award for the feasibility studies, and these projects will be aggressively pushed forward over the next few years. And then you may ask yourself, well, what what happens then? You know, what's in the pipeline? And this is where we look at our future plans over the contract areas that we have. And we need to really be looking at how we are focusing in on the cash generative projects.

32:26 And so Demirli has regional expansion potential. We've identified a number of targets in the Demirli and Kislopulak areas, which are linked together, those contract areas. And the expansion potential there is for copper. We'd be looking at we we are aware, and we have been looking at others gold opportunities there as well. Zafar. We already have the MRE on Zafar. Now that is a copper gold zinc project, but that was completed some years ago. So what we would like to do now is update that MRE. So we'll have an updated statement of our mineral resource estimate on which then effectively any new drilling and any development plans would be on that platform.

33:18 And during 2026, what we'd like to do is actually update all of our MREs. So the Getabec open pit, Zafar, Gilar, try to work through to inaugural Damirli resource and sort of restate everything at the higher metal prices of where we are today so that then when we do all our drilling work and our exploration potential, it can then layer up on top of that resource potential. Gila has expansion potential for both gold and copper. And then if we think about the proximity of the the the two big copper projects, and Garadag, they both sit within what we've termed the the the Garadag Copper Belt. Okay? It's a 10 kilometer belt where there's geochemical and sampling of materials, which is showing copper grades on surface.

34:15 And that then runs through and down into the Gettybek contract area where we previously carried out a helicopter electromagnetic survey, which identified five porphyry targets, tens of other mineral targets related to shallower depth mineralization. And so we have all of that built really to really start to pull together all of the geological information, and we're putting together active strategies now for the future exploration and identification of properties to come forward into production in that Harjaval and Garatay contract areas. And as I've referenced, we've got a significant area. We've identified tens of targets from historical reporting, from our own exploration targeting, etcetera. So our future plans and our growth opportunities that are in the pipeline are very, very strong for an extended period of time to continue to deliver, you know, the the shareholder benefits.

35:22 And, hopefully, the the the shareholders as well will see the board and the management team as correctly looking after their assets. Always, we've tried to deliver on the statements that we've made, and this is quite a, as I see it, quite a nice summary of really what ANGLO ASIAN is all about. And so just to conclude, the last slide, the investment case. Yes. We're a multi asset producer now, so that's in line with our strategies. We've got an exciting development portfolio that I have just spoken about. You know, we've got over 400,000 ounces of gold and a million tons of copper in the ground.

36:08 We've got a long term track record. You know, we've brought six mines into production during our operational history. And our first gold was produced in 2009. And this year, the company achieved its 1,000,000 ounce gold equivalent milestone. So during that period, the company has really worked closely with the Azerbaijan government, with the local authorities, developing its teams, you know, to be able to start to deliver on the platform now that we have created. So as I've referenced, a highly experienced and incentivized team. We've now got over 2,600 employees and contractors.

36:54 So, you know, covering all those areas. So we've got a highly balanced and good technical team supported by the administration requirements to make us grow in a sensible and effective way. And, clearly, from the financial point of view, we've always been a low cost operator, and the company will continue to main maintain the strong cost and cash controls to try to ensure that we remain in the the lower sections of the operating costs per metal product. So thank you very much. That sort of concludes the presentation.

37:42 Thank you for updating investors today. Could I please remind investors to submit your Guys, as you can see, we received a number of questions during today's presentation. Steven, if I may just hand back to you to read out the questions and give responses where appropriate to do so, and I'll pick up from you at the end. Okay. Certainly. Thank you very much. Again, thank you thank you all for listening, and we'll endeavor to answer what we what we can. We have a number of pre submitted questions. The first one, are there any plans to increase gold production from existing mines like Gosha or Vegenavi now that you have access given the strength of the gold price.

38:36 There are projects that we will be assessing without doubt. Historically, they have been good producers for us. However, they are very labor and cost intensive product projects that require a lot of exploration work. The situation with narrow vein gold structures like that is you tend to get what they call nugget effect, and you may put a drill hole in one place, and it'll have very high grade gold. A meter away, nothing, because the vein structures, what they call pinch and swell quite a lot. So when we've actually got the project portfolio that we have now in terms of these major copper projects and the copper gold projects, it's a case of trying to prioritize all of this type of work. And so that's what the company is doing at the moment. So I'm not going to say yes or no whether we're going to work on these particular assets right now because it's all being assessed as part of the growth strategy.

39:44 But we're well aware of the gold price, and quite clearly, as much as we are developing into a copper producer dominantly, we always want to be underpinned by our precious metal assets. K? Thank you. I have another presubmitted question. Azerbaijan's copper concentrate production surges for q one of year. Azerbaijan produced 9,013.2 tons of copper concentrate during the January to April period of 2026 according to ASIAN News, which is a news agency here in Azerbaijan citing the state statistics committee.

40:31 AAZ is the major copper producer in the country. Can you please confirm that the 9,000 tons reported mirrors AAZ's production for the period January to April? Bill, do you wanna cover that one or me? Well, yes. I'll take that one. Unfortunately, I cannot confirm that because we're not responsible for any figures that a new service in Azerbaijan puts out. And also, we have only released our first quarter production as well. So I'm not prepared to comment on April's production, which obviously we will release to the market in early July. So I don't know. I'm not prepared to confirm or or not confirm that number.

41:17 Okay. Understood. Thank you, Bill. Another question. The reinstatement of dividends and statement about future dividends intention is welcome. Is the company able to comment on the likely timeline for publishing an updated dividend policy? Bill, I think you if you could. Okay. Obviously, this is something that the board is very actively considering. And when the board has come to decision on what the policy will be, obviously, we will update our investors. But putting a timeline on that, I'm not prepared to do at the moment. This is, as I say, it's under active consideration, and we will make the appropriate announcement when it is it's been done. Okay.

42:04 Thank you. Another presubmitted question. Number four, could could the company be a bit more detailed about exploration plans with MINES targeted timelines and resource updates, assays reported like other mining companies. Exploration is exciting for investors, and I feel ANGLO is missing a trick here by not maximizing those key newsworthy catalysts that gets the market attention. Thank you in advance. Okay. For sure. I'll take this one, Bill. Okay. Clearly, in in in the presentation, I've been talking about the exploration upside, the pipeline of projects coming through. Clearly, as well, there were times a few years ago when Gilar was an exploration play. Khawgarh Garradag were exploration plays, in all our contract areas that we are actively following up on.

43:16 The volume of of of information that we generate is really quite extensive. And towards the the end of last year, we actually put quite a significant exploration report onto our website, which described all of the targets in each of our contract areas. So, yes, we do actively provide information into the market, for example, via that report. There's also exploration sections in the various required reporting according to the AIM guidelines. Going forward, indeed, where I've referenced this 90,000 meter drill program, quite clearly, that needs to be framed within the exploration targets and what the company really wants to try to live deliver.

44:07 So going forward, yes, that will be reported, and we will be strengthening the exploration reporting framework. Thank you. Okay. I have a question here from Andrew b. Will the zinc be recovered from the Gila deposit, and will the Zafar and and will Zafar be developed after Gila is is exhausted? Look. We're cons we're constantly looking at Gila in terms of the the metal that's being delivered. Currently, the plan is not to recover the zinc. It it in the zones we are in at the moment, it's not that high.

44:54 And as much as zinc is a penalty in the copper concentrate, we're able to ensure that we're not penalized at all for that. Will Zapha be developed after Gilar is exhausted? Possibly. Yes. This is where now the development framework of updating the mineral resource for Zafar needs to take place because we are aware of copper, gold, and zinc mineralization at Zafar. Now the geology is being looked at as well. We'll carry carry out some further drilling there, and we'll update that mineral resource. And it may well be that we could look at zinc if there's a suitable grade and quantity production from from Zaffar.

45:42 And that's where the flexibility of the flotation plant upgrades that we've done would start to come into play. We would look at dovetailing Zaffa after Gilar unless anything else of a higher grade and more significance, which would give better shareholder value pushes it further down the production pipeline. But that's the current status. Thank you, Andrew. Paul d. Is ANGLO ASIAN the only copper producing company in Azerbaijan? No. There are other operations. There's the state enterprise of AAZZGOLD. Obviously, they they produce gold, and there's there's copper associated with their production. I don't have those statistics, but I would say that's without doubt we are the major copper producer.

46:37 K. Thank you. Question here from John c. The results and in your presentation have alluded to the capacity to finish using the flotation plant at Demerly. Are there plans for alternative processing in the future? For example, heap leach exclusively. Okay. I'll take this one, Bill. Yeah. I think so. Okay. Yes. Look. From the from the viewpoint of the operations of the flotation plant, clearly, that targets a specific type of mineralization both in terms of grade and chemical composition, and we would like to continue that for as long as possible, which is why we have, looked to raise the tailings dam and identify the second tailings dam, carried out all of that geotechnical evaluation, designed a dam, and is currently sitting with the government for approval.

47:42 So that sort of allowed us to have that flexibility to continue the flotation pond. With regards to copper heap leach, it is a process that we want to look at going forward. It may well be a prop project as well that we would consider for the properties in the future, especially if we are looking then to produce copper cathode from a processing method known as solvent extraction electrowinning. And it would make perfect sense to utilize the resources that we have at for trialing that type of copper heap leach. We've already started some design work and, you know, preliminary earthworks and thinking about that.

48:33 So, yes, going forward, we will be looking at heap leach. Will it be exclusively heap leach? That will depend on the the the financial models and the operating models going forward. K? Thank you. Paul D. Have you been affected at all by changes in the sulfuric acid market in terms of both availability and price? Currently, no. Everything is is fine. In terms of sulfuric acid, our quantities required are not significant, and so therefore, the impact has been negligible in that effect.

49:24 Thank you. Another question from Paul D. Audubad was the project that originally supported the IPO. Given that AAZ has more than enough on its plate, is there any way of spinning out Audubad as a new company that can move that project forward? Yeah. That's a that's an interesting point to make. And indeed, you know, we we have carried out significant amount of historical work there. It does require a lot more work without doubt. And, again, this is where, for example, I was talking about the pipeline of projects coming through.

50:09 And, you know, the the pipeline of projects really need to focus on those that will deliver ultimately cash flow and revenue. Autobad is a high priority target exploration, and indeed, we would be open to, you know, various scenarios of of looking at ways to optimize and and make that exploration programs more efficient through potential third party activity. K? Thank you, Paul. Okay. Okay. Question from Mohammed s. Can you confirm when did the Imiflox cells come online? They came online a few a few weeks ago.

51:03 They're still being commissioned, so they're not yet fully treating the high grade ore. So that work is all ongoing at the moment with the operations team. Thank you. Another one from Mohammed S. Is now running at maximum capacity? Yes. We had an issue with one of the spindles on one of the mills. That is now being fully repaired, and so we are operating at full capacity. And in fact, the beginning of last week, we actually achieved our maximum rock movement from the mine in regards of waste pushback and delivery to the processing facilities. So thank you very much for that one. Okay. There is okay.

52:00 Here's a question. How does the company intend to pay for the costs associated with bringing new mines online? Does the plan the company plan to take on debt? You want me, Bill? I'm happy help. That one. Okay. We have a range of options for financing our new mines. Obviously, the first option is some internally generated funds. The second option will be to borrow money from either local banks or international banks, and there are various banks which are talking to us who would be quite keen to organize some financing for us. And, obviously, if that comes to fruition, we will make the appropriate announcement.

52:50 We've done vendor financing with Caterpillar, and they would be more than happy to come up with a bigger capital loan for equipment for these mines. Trafigura are very keen to finance us on these new projects so they can get the exclusive rights to take the copper concentrate or the copper metal from those those mines. So we believe that we've got a very good range of financing options, and we're keeping them all under review. And we are talking to all of the respective parties to make sure that when we need to finance, it will be in place. Okay. Thank you, Bill. There was another question here from Mohammed s.

53:38 Can you provide an update on the new tailings Dam at Damirli? I think I've covered that in terms of Tailings Dam number two being identified, geotechnical and hydrogeological investigations, hydrology being carried out. The dam has been designed, and it's currently sitting with the government expertise. Thank you. A question here from David m. Could you talk me through the political risk thinking of potential border conflict in proximity to Iran? Yes. However, I am not prepared really to speak about this sort of any specific countries in. You the the the cohort, the shareholders, the investment market, etcetera, are fully aware of the geographical proximity of Azerbaijan.

54:35 And so in terms of direct effect on our operations, they have been minimal. In terms of supply of equipment and chemicals and key spares, you know, we constantly have always been looking at different options of our supply chains and our suppliers. And so from that viewpoint as well, you know, the the the projects have not been significantly impacted at all. Potentially, there's been a a slight increase in the fuel costs, but, obviously, with Azerbaijan being a an oil producing country, you know, there's a very good competitive advantage here in terms of fuel cost, power supply, etcetera. So like I said, I'm not really prepared to go into detail on conflict or the aspects in relation to proximity, but suffice to say, our operations are subject to minimal impact, and the team are fully aware of the situations.

55:47 Thank you. Question from Guido b. Any further work being done on Zafa? Only desktop work at the moment. We've been looking at the geology. There was some aspect of the original MRE that I was not happy with in terms of the geological interpretation and the continuity of mineralization, and that's something that we will be looking at. So the first thing to do there, we'll be updating the mineral resource estimate with the latest metal prices to see how the project potentially grows, and then we'd be looking to carry out some further drilling to infill any gaps. And quite clearly, the timeline for that work would work backwards from the time when we look to commence production.

56:38 So we'd then look at development time, mineral resource and planning time, etcetera. And so that that's that's will be commencing now in the second half of twenty twenty six. Thank you, Guido. Okay. There was a question here, Bill. How was the cost of repairing the spindle at Damirli handled given the company leases the plant from the government? It would have been handled as a capital spare. When you look at the DeMeerle asset, you need to look at two separate buckets of costs on our balance sheet.

57:28 The first bucket of cost is the notional asset that we've recognized in respect of the lease under IFRS six, which is leased assets or right of use assets on our balance sheet. The second bucket of cost is money we actually spend on developing demerly or buying capital spares such as the new spindle or expensing spares. So the cost of that would have been recognized within property, plant, and equipment. So with the merely, as I was saying on the slides, you've got two costs. You've got the 30 odd million notional cost in respect to the lease, and you've got about $1,112,000,000 in respect of money that we've actually spent on improving that property.

58:18 K. Thank you, Bill. And the last one from. Okay. It's more more of a statement than a a question. Thank you very for a very professional update. We shareholders are lucky to have an outstanding team there in Azerbaijan. Looking forward to future expansion. So, Guido, thank you very much. You know, that message will be relayed to the whole team, and it is very much a team, effort. It's been a pleasure, you know, to work with this team and be part of it going forward and being able to, deliver a company to shareholders that you can all be proud of. And likewise, we're also looking forward to the future expansions.

59:07 I think that concludes the q and a. Thank you very much. Thank you, Steven and Bill, for answering those questions from investors today. Before we ask investors to share their feedback, what you know is particularly important to the company, Steven, could I please just ask you for a few closing comments? Certainly. Again, thank you to the investor meet team for organizing this presentation. Thank you to all of the participants and shareholders who have been party to this growth going forward and who have joined this presentation. Going forward, we have great cash flow and excellent growth potential, and I hope that myself and Bill have been able to demonstrate that through this presentation. And indeed, you know, the whole company very much look forward to working with you all going forward to continue to grow and develop the company into its targets of being initially a mid tier major copper producer.

1:00:11 Thank you very much. Thank you. Thank you both once again for your presentation this morning. Could I please ask investors not to close this session? It should now be automatically redirect to provide your feedback, which will help the company better understand your views and expectations. On behalf of the management team of ANGLO ASIAN MINING PLC, we would like to thank you for attending today's presentation, and good morning to you all.