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Highlights

  • Anglo Asian Mining’s H1FY24 saw a 56.5% YoY drop in total revenue, primarily due to the suspension of agitation leaching and flotation operations
  • Net cash from operations in H1FY24 increased by 433.3% YoY, reflecting strong cost controls and working capital management
  • Q4FY24 production surged to 8,450 GEOs, more than doubling the Q3 output of 3,080 GEOs, due to the full restart of operations at Gedabek
  • Gold bullion sales in Q4 FY24 reached 6,031 ounces at an average price of USD 2,655 per ounce

Anglo Asian Mining PLC (LSE:AAZ) is a mining company headquartered in the United Kingdom. It serves as a holding company offering management and support services to its operational subsidiary, R.V. Investment Group Services LLC (RVIG).

In the first half of the financial year 2024 (H1FY24), the company faced a significant decline in total revenue, which dropped by 56.5%, from USD 30.80 million in H1FY23 to USD 13.40 million. This decrease was primarily due to the suspension of agitation leaching and flotation operations, which led to a sharp reduction in overall revenue.

On the positive side, net cash from operations saw a remarkable increase of 433.3%, from USD 0.60 million in H1FY23 to USD 3.20 million in H1FY24. This improvement was driven by stringent cost controls and effective working capital management, highlighting the company’s resilience during a constrained production phase.

The group plans to announce its full-year 2025 production guidance in the first quarter of 2025.

Recent Business Update

In the Q4 and FY24 production and operations review, the company reported a total production of 16,760 GEOs for FY24, aligning with the guidance range of 15,000–19,500 GEOs, despite operational suspensions throughout the year.

Notably, Q4 production surged to 8,450 GEOs, more than doubling Q3’s output of 3,080 GEOs, driven by the full restart of agitation leaching and flotation operations at Gedabek.

During Q4, the company achieved gold bullion sales of 6,031 ounces at an average price of USD 2,655 per ounce, while copper concentrate sales totaled 1,173 dmt, valued at USD 1.5 million.

Additionally, the company reported a positive free cash flow of USD 1.1 million in H2 FY24 and effectively managed to limit its net debt increase to USD 4.6 million, closing FY24 with a net debt of USD 14.8 million.

Top 10 Shareholders

The top 10 shareholders of Anglo Asian Mining collectively own approximately 44.68% of the total shares. Mohammad Reza Vaziri holds the largest stake with around 28.71%, followed by John Henry Sununu with about 9.40%, as shown in the chart below:

Stock Information

The stock price of AAZ has appreciated by around 4.54% and 8.49% in the past month and past six months, respectively. Its 52-week low and high spans from GBX 55.6 to GBX 140.00. As of 08 April 2025, the stock’s closing price is GBX 115.00.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 08 April 2025. The reference data in this report has been partly sourced from EODHD/Others.

 Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.