Anglo Asian Mining (AAZ) AI Stock Analysis

• Market Cap: £345.31M
• Dividend Yield: N/A
• Average Volume (3M): 144.91K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.32
• Revenue Growth: 129.53%
• EPS Growth: 70.68%
• Country: UK
• Employees: 900
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.03
• Shares Outstanding: 114,342,026
• 10 Day Avg. Volume: 185,327
• 30 Day Avg. Volume: 144,909
• PEG Ratio: 0.30
• Price to Book (P/B): 2.26
• Price to Sales (P/S): 3.85
• P/FCF Ratio: -61.23
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: 309.00p ▲(14.44% Upside)

The overall stock score is primarily influenced by the company's financial challenges, which are significant and require strategic intervention. However, positive technical indicators and strategic corporate events provide some optimism, suggesting potential for recovery if financial issues are addressed.

Positive Factors

Production growth & copper sales

Starting copper sales at Demirli and record ore volumes indicate rising operational throughput and diversification into base metals. Structurally this broadens revenue base, improves utilization and scale economics, and can sustain higher medium-term cash generation if volumes persist.

High‑grade Gedabek asset

Owning a high‑grade, multi‑commodity asset like Gedabek is a lasting competitive advantage: higher grades reduce unit costs, extend profitable life of the mine, and provide margin resilience versus lower‑grade peers, supporting durable production and exploration optionality.

Manageable leverage and asset base

A moderate debt-to-equity ratio and stable equity base provide financial flexibility to fund operations or capital projects without immediate refinancing stress. Structurally this reduces insolvency risk and supports the ability to finance measured growth over the next several quarters.

Negative Factors

Declining revenues and negative margins

Persistently falling revenues and negative gross/net margins indicate the business is not currently generating profitable operations. Over months this erodes cash, limits reinvestment, and forces strategic shifts or cost restructuring to restore sustainable profitability.

Severe free cash flow deterioration

An ~90% decline in free cash flow and weak OCF-to-net-income conversion are structural red flags: reduced internal funding for capex, dividends, or debt service increases reliance on external financing and constrains investment in production or exploration over the medium term.

Negative ROE and rising leverage

Negative ROE coupled with rising leverage signals the company is destroying shareholder capital while taking on more risk. Over multiple quarters this undermines investor confidence, may necessitate equity or asset sales, and limits strategic flexibility for long‑term growth.

Anglo Asian Mining Business Overview & Revenue Model

Company Description

Anglo Asian Mining PLC, together with its subsidiaries, engages in the exploration and production of gold, copper, silver, and precious metal properties in Azerbaijan. The company has a 2,500 square kilometers portfolio of gold, silver, and copper properties in western Azerbaijan. Its principal property is the Gedabek mine located in Azerbaijan. The company was incorporated in 2004 and is based in Baku, Azerbaijan.

How the Company Makes Money

Anglo Asian Mining generates revenue primarily through the extraction and sale of precious metals, particularly gold and copper. The company operates a gold and copper mine at Gedabek, where it processes ore to produce gold doré and copper concentrate, which are then sold to international markets. Key revenue streams include the direct sale of these products, alongside potential by-product revenues from silver and other minerals. Additionally, AAZ may benefit from strategic partnerships with local and international entities for resource development and processing, enhancing its operational efficiency and market reach. The company's revenues are also influenced by global commodity prices, which can fluctuate significantly based on market demand and economic conditions.

Anglo Asian Mining Financial Statement Overview

Summary

Anglo Asian Mining is facing significant financial challenges. The income statement shows declining revenues and negative profit margins, the balance sheet indicates increasing leverage and negative returns, and the cash flow statement highlights liquidity issues. These factors suggest financial instability and a need for strategic improvements.

Income Statement

Anglo Asian Mining's income statement shows a concerning trend with declining revenues and negative profit margins. The company has experienced a significant revenue decline of 15.44% in the most recent year, and both gross and net profit margins are negative, indicating operational challenges. The EBIT and EBITDA margins are also negative, reflecting inefficiencies in cost management. Overall, the income statement suggests financial instability and a need for strategic improvements.

Balance Sheet

The balance sheet reveals a moderate debt-to-equity ratio of 0.35, which is manageable but has increased over the years. The return on equity is negative, indicating that the company is not generating returns on shareholders' investments. The equity ratio is relatively stable, suggesting a solid asset base. However, the overall financial health is weakened by the negative ROE and increasing leverage.

Cash Flow

Cash flow analysis shows a troubling decline in free cash flow, with a significant negative growth rate of 89.96%. The operating cash flow to net income ratio is low, indicating challenges in converting income into cash. The free cash flow to net income ratio is negative, highlighting cash flow issues. These factors suggest liquidity concerns and the need for improved cash management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	67.14M	39.59M	45.85M	84.72M	92.49M	102.05M
Gross Profit	5.40M	-10.07M	-4.46M	15.76M	18.02M	41.73M
EBITDA	11.88M	-6.66M	-19.18M	25.44M	28.80M	56.65M
Net Income	-8.76M	-17.50M	-24.24M	3.66M	7.36M	23.22M
Balance Sheet
Total Assets	156.41M	146.63M	154.64M	181.18M	189.42M	179.77M
Cash, Cash Equivalents and Short-Term Investments	5.27M	886.00K	4.48M	20.41M	37.45M	39.03M
Total Debt	22.52M	23.78M	23.20M	2.71M	3.29M	1.95M
Total Liabilities	84.38M	79.25M	69.84M	67.67M	71.00M	57.81M
Stockholders Equity	72.03M	67.37M	84.69M	113.51M	118.42M	121.96M
Cash Flow
Free Cash Flow	6.28M	-2.49M	-24.33M	-3.83M	12.24M	33.80M
Operating Cash Flow	16.81M	8.58M	939.00K	13.49M	26.02M	49.54M
Investing Cash Flow	-12.35M	-10.82M	-31.84M	-20.81M	-15.73M	-15.69M
Financing Cash Flow	-1.03M	-1.30M	15.07M	-9.41M	-11.62M	-12.80M

Anglo Asian Mining Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 270.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:AAZ, the sentiment is Positive. The current price of 270 is below the 20-day moving average (MA) of 288.65, above the 50-day MA of 258.73, and above the 200-day MA of 193.72, indicating a bullish trend. The MACD of 12.25 indicates Positive momentum. The RSI at 59.83 is Neutral, neither overbought nor oversold. The STOCH value of 44.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:AAZ.

Anglo Asian Mining Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALTN	78 Outperform	£418.19M	11.56	50.11%	―	61.98%	164.33%
SRB	73 Outperform	£248.03M	5.87	35.69%	―	44.89%	120.82%
MTL	70 Outperform	£452.84M	-14.29	-7.90%	―	26.71%	-119.70%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
AAZ	56 Neutral	£345.31M	-50.34	-11.68%	―	129.53%	70.68%
AAU	54 Neutral	£46.43M	15.83	5.54%	―	―	―
KEFI	50 Neutral	£156.82M	-46.33	-9.19%	―	―	―

Anglo Asian Mining Corporate Events

Anglo Asian Mining Posts Record Copper Output and Swings to Net Cash in 2025

Anglo Asian Mining reported a record quarter for copper in Q4 2025, producing 4,439 tonnes—up 94% quarter-on-quarter—driven by strong output from both Gedabek and the newly producing Demirli mine, alongside gold and silver production of 6,149 ounces and 49,361 ounces respectively. Full-year 2025 copper production reached 7,915 tonnes and gold output 25,061 ounces, slightly below revised guidance due to maintenance on the Demirli ball mill, but robust sales, favourable metal prices and the first sales of Demirli concentrate delivered total annual sales proceeds of $125.7 million and a net cash position of $2.5 million by year-end, reversing prior net debt. Operationally, the group completed its transition to a multi-asset producer with Gilar and Demirli both in production, advanced upgrades at the Gedabek flotation plant to handle high-grade Gilar ore, and built up $37.7 million of unsold inventory including high-value copper concentrate, leaving it well positioned to capitalise on strong copper markets and progress its larger copper growth projects at Xarxar and Garadag.

The most recent analyst rating on (GB:AAZ) stock is a Hold with a £264.00 price target. To see the full list of analyst forecasts on Anglo Asian Mining stock, see the GB:AAZ Stock Forecast page.

Azerbaijan President Showcases Support with Visit to Anglo Asian’s Demirli Mine

Anglo Asian Mining reported that Azerbaijani President Ilham Aliyev paid an official visit to its Demirli mine on 13 January 2026, highlighting the government’s close cooperation and pro-mining stance as the operation progresses through key early milestones. Demirli, now in production with a new logistics centre and initial copper concentrate sales, employs around 1,000 people and has become a core part of Anglo Asian’s three-mine production base in the country, reinforcing the company’s reputation for bringing assets on stream sustainably as it targets further growth from the Xarxar and Garadag projects in the medium term.

The most recent analyst rating on (GB:AAZ) stock is a Hold with a £264.00 price target. To see the full list of analyst forecasts on Anglo Asian Mining stock, see the GB:AAZ Stock Forecast page.

Anglo Asian Mining Announces Internal Restructuring of 3.5% Shareholding

Anglo Asian Mining has disclosed an internal shareholding restructure involving Limelight Industrial Developments Limited and Yasamin Vaziri Lotfinezhad. Limelight has transferred 1,000,000 ordinary shares in the company to Mrs Lotfinezhad, reducing its direct holding to 3,038,600 shares while she now holds 1,000,000 shares in her own name. As Mrs Lotfinezhad remains the 100% beneficial owner of Limelight, her total beneficial interest is unchanged at 4,038,600 ordinary shares, representing 3.532% of Anglo Asian’s voting rights, indicating no net change in overall control but a simplification of how this stake is held.

The most recent analyst rating on (GB:AAZ) stock is a Hold with a £242.00 price target. To see the full list of analyst forecasts on Anglo Asian Mining stock, see the GB:AAZ Stock Forecast page.

Anglo Asian Mining Confirms No Bid from ACG Metals, Focuses on Growth

Anglo Asian Mining announced that ACG Metals Limited has decided not to make an offer for the company, adhering to Rule 2.8 of the City Code on Takeovers and Mergers. Despite this, Anglo Asian remains focused on creating shareholder value through ongoing production and development of its assets, including two new mines launched in the past year. The company is confident in its strategic plans to grow into a mid-tier copper producer, with new opportunities emerging from its extensive license portfolio.

The most recent analyst rating on (GB:AAZ) stock is a Hold with a £242.00 price target. To see the full list of analyst forecasts on Anglo Asian Mining stock, see the GB:AAZ Stock Forecast page.

Anglo Asian Mining Boosts Copper Production with Gedabek Plant Upgrades

Anglo Asian Mining has announced significant upgrades to its Gedabek flotation plant, including the installation of new filter presses and a thickener, which have led to record copper production in November. These enhancements are part of a broader strategy to increase efficiency and production capacity, positioning the company to meet rising global copper demand and support its growth ambitions.

The most recent analyst rating on (GB:AAZ) stock is a Hold with a £242.00 price target. To see the full list of analyst forecasts on Anglo Asian Mining stock, see the GB:AAZ Stock Forecast page.

Anglo Asian Mining Begins Copper Sales and Achieves Record Ore Mining at Demirli

Anglo Asian Mining has commenced copper concentrate sales from its new Demirli mine, selling 2,055 wet tonnes of copper concentrate to Trafigura Pte Ltd, generating $3.6 million in provisional gross sales revenue. The establishment of a dedicated logistics centre near Ganja enhances the efficiency of these sales, demonstrating a strong partnership with Trafigura. The company also achieved record ore mining volumes at Demirli, aligning with its growth strategy to increase production.

The most recent analyst rating on (GB:AAZ) stock is a Hold with a £228.00 price target. To see the full list of analyst forecasts on Anglo Asian Mining stock, see the GB:AAZ Stock Forecast page.

Anglo Asian Mining Begins Copper Sales from Demirli Mine

Anglo Asian Mining has commenced copper concentrate sales from its new Demirli mine, marking a significant step in its growth strategy. The company sold 2,055 wet tonnes of copper concentrate to Trafigura, generating $3.6 million in provisional gross sales revenue. A new logistics center near Ganja has been established to facilitate efficient sales, highlighting the strategic relationship with Trafigura. In November 2025, Anglo Asian achieved record ore mining volumes at Demirli, aligning with its strategy to increase production.

The most recent analyst rating on (GB:AAZ) stock is a Hold with a £228.00 price target. To see the full list of analyst forecasts on Anglo Asian Mining stock, see the GB:AAZ Stock Forecast page.

Anglo Asian Mining Launches New Corporate Website Amid Strategic Growth Plans

Anglo Asian Mining has launched a new corporate and investor website, marking a significant step in its evolution towards becoming a multi-asset, mid-tier mining company. The rebranding reflects the company’s growth ambitions and operational maturity, with a focus on copper as a key driver of future value. This transition is part of a strategic plan to enhance shareholder disclosure and position the company for increased growth, as it plans to bring three new mines into production by 2030.

The most recent analyst rating on (GB:AAZ) stock is a Hold with a £228.00 price target. To see the full list of analyst forecasts on Anglo Asian Mining stock, see the GB:AAZ Stock Forecast page.

Anglo Asian Mining Faces Potential Offer Amid Strategic Growth

Anglo Asian Mining PLC announced the suspension and subsequent restoration of trading of its shares following ACG Metals Limited’s consideration of a potential offer for the company. While no firm offer has been made, Anglo Asian continues to execute its growth strategy, having recently brought two new mines into production and planning further expansions. The announcement has initiated an ‘Offer Period’ under the City Code on Takeovers and Mergers, requiring shareholders to be aware of disclosure requirements. Trading is expected to resume following the announcement, and shareholders are advised to take no action at this time.

The most recent analyst rating on (GB:AAZ) stock is a Hold with a £187.00 price target. To see the full list of analyst forecasts on Anglo Asian Mining stock, see the GB:AAZ Stock Forecast page.

Anglo Asian Mining Secures Copper Sales Agreement with Trafigura

Anglo Asian Mining has secured a sales agreement with Trafigura for copper concentrate from its Demirli mine in Karabakh, Azerbaijan, which includes a $25 million revolving prepayment facility. The company has received necessary licenses from the Azerbaijani government to operate the Demirli processing plant and tailings dam, marking a significant step in its operational expansion. The first sale of concentrate is expected by mid-November 2025, enhancing the company’s production capabilities and contributing to its strategic growth plan.

The most recent analyst rating on (GB:AAZ) stock is a Hold with a £195.00 price target. To see the full list of analyst forecasts on Anglo Asian Mining stock, see the GB:AAZ Stock Forecast page.