This report is an updated version of the report published on 27 November 2025 at 09:32 AM, GMT

Anglo Asian Mining PLC 

Anglo Asian Mining PLC (LSE: AAZ) is an FTSE AIM 100 Index Mining Company headquartered in the United Kingdom, serves as a holding company offering management and support services to its operational subsidiary, R.V. Investment Group Services LLC (RVIG). Alongside its subsidiaries, the company is engaged in exploring and developing gold and copper assets in the Republic of Azerbaijan, where it also operates its flagship Gedabek gold and copper mine. This Report covers the Key Recommendation Rationale, Conclusion, and Recommendation on the stock.

Key Recommendation Rationale – Sell at GBX 235.00

• Quarterly cash drain and working-capital build: Q3 showed negative cash flow of $1.2mn, with net debt at $14.2mn as of 30 Sep 2025. Inventory increased to $11.5mn (30 Jun: $7.0mn), including $4.3mn of unsold Demirli copper concentrate—cash tied up until concentrate sales commence.

• Steep Q4 delivery implied by guidance: 9M copper production is 3,475t versus FY guidance of 8,100–9,000t; this implies Q4 output of roughly 4,625–5,525t, about 2.0–2.4× the Q3 level (2,287t). Gold is 18,912oz YTD versus 25–28k oz guidance, requiring ~6,088–9,088oz in Q4. Execution depends on sustained ramp at Demirli and continued throughput from Gilar.

• Steep Q4 delivery implied by guidance: 9M copper production is 3,475t versus FY guidance of 8,100–9,000t; this implies Q4 output of roughly 4,625–5,525t, about 2.0–2.4× the Q3 level (2,287t). Gold is 18,912oz YTD versus 25–28k oz guidance, requiring ~6,088–9,088oz in Q4. Execution depends on sustained ramp at Demirli and continued throughput from Gilar.

Valuation Methodology: Price/ Earnings Approach

Share Price Chart  

Conclusion

For conducting the valuation, the following peers have been considered: Kodal Minerals PLC (LSE: KOD), Kenmare Resources PLC (LSE: KMR), etc.

Given its current trading levels, the recent financial performance, strategic investments and partnerships, market expansion and cost optimization strategies, relative valuation, and associated risks, it is prudent to exit the stock at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the Current Market Price of GBX 235.00 on 27^th November 2025 at 08:30 AM, GMT. 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 27 November 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.