ANGLO ASIAN MINING PLC

Capital/Financing Update • Oct 9, 2023

National Storage Mechanism | Additional information

RNS Number : 4609P

Anglo Asian Mining PLC

09 October 2023

9 October 2023

Anglo Asian Mining plc

$10 million loan drawdown from the International Bank of Azerbaijan

Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM-listed gold, copper and silver producer operating in Azerbaijan, announces that it has drawn down a $10 million tranche from the International Bank of Azerbaijan ("IBA") under its revolving credit facility. This credit facility was suspended whilst the Micon environmental review was carried out. However, this drawdown of $10 million follows the recognition by the Government of Azerbaijan that there is no environmental contamination at Gedabek following the release of the Micon environmental report.

The $10 million tranche has a fixed interest rate of 6.5 per cent. and is repayable over 3 years. Interest is paid monthly and there is a six-month capital repayment grace period. The loan is then repayable in equal monthly instalments over the next 30 months. The funds will be used for capital and other expenditure to restart the Group's operations.

The loan has been drawn down under the Group's AZN55 million ($32.3 million) credit line. $3.5 million was also drawn down in early July 2023 as a one-year fixed term working capital loan with a fixed rate interest of 5.5 per cent. Interest is paid monthly on the loan and the principal is repayable at the end of the term.

The Group's remaining undrawn credit line with IBA is $18.8 million. The Group has also drawn down a $5.6 million term loan with Access Bank in Azerbaijan which is secured against a $6.0 million deposit with the bank and carries an interest rate of 6 per cent. At 6 September 2023, the Group had cash of $20.3 million and total borrowings of $19.1 million.

Note that all references to "$" are to the United States dollar and the "AZN" to the Azeri new Manat.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, which was incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.

For further information please contact:

Reza Vaziri	Anglo Asian Mining plc	Tel: +994 12 596 3350
Bill Morgan	Anglo Asian Mining plc	Tel: +994 502 910 400
Stephen Westhead	Anglo Asian Mining plc	Tel: +994 502 916 894
Ewan Leggat Adam Cowl	SP Angel Corporate Finance LLP Nominated Adviser and Broker	Tel: +44 (0) 20 3470 0470
Charlie Jack Harry Griffiths	Hudson Sandler	Tel: +44(0) 20 7796 4133

Notes:

Anglo Asian Mining plc (AIM:AAZ) is a gold, copper and silver producer with a high-quality portfolio of production and exploration assets in Azerbaijan. The Company produced 57,618 gold equivalent ounces ("GEOs") for the year ended 31 December 2022. 

On 30 March 2023, the Company published its strategic plan for growth which shows a clearly defined path for the Company to transition to a multi-asset, mid-tier copper and gold producer by 2028. By 2028, copper will be the principal product of the Company, with forecast production of around 36,000 copper equivalent tonnes. It plans to achieve this growth by bringing into production four new mines during 2023 to 2028 at Zafar, Gilar, Xarxar and Garadag. 

The Company owns approximately 17.4 per cent. of Libero Copper & Gold Corporation ("Libero"). Libero is listed on the TSX Venture Exchange in Canada and owns, or has the option to acquire, several copper exploration properties in North and South America, including Mocoa in Colombia, one of the world's largest undeveloped copper-molybdenum resources. 

https://www.angloasianmining.com/

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCFLFESIFLAIIV