Anglo Asian Mining (AAZ), the Azerbaijani copper and gold producer, is keeping its position on London’s Aim junior market under regular review as it pursues a significant expansion strategy.
Anglo Asian vice president Stephen Westhead said the company remained open to listing on alternative exchanges, citing what he described as “mixed thinking” about Aim among the wider investment community.
“We continue to believe – at the moment – it’s the appropriate exchange,” Westhead said. “So while we are looking to grow the company – and there are some uncertainties with Aim itself – the board and the senior management are regularly reviewing not just Aim, but other exchanges as well.”
The comments came as Anglo Asian revealed it had returned to profitability in 2025, driven by production starting at two new sites in Azerbaijan.
The company swung from a $21.3m (£15.85m) loss in 2024 to a profit before tax of $25.8m last year, benefiting from higher production volumes and elevated commodity prices across its portfolio.
Anglo Asian reinstated its dividend following the improved results, having cancelled shareholder payouts entirely during 2024 when the company recorded its losses.
Westhead told City AM that investors should expect copper output to treble in 2026, which will mark the first full year of operations at the newly operational Gilar and Demirli sites in Azerbaijan.
“We want to then continue to maintain our 2026 production guidance, which is 20 to 25,000 tonnes of copper metal and between 28 and 33,000 ounces of gold, so that’s a significant jump from where we are,” Westhead said.
Anglo Asian produced 8,000 tonnes of copper and 25,000 ounces of gold during 2025, making the targeted 2026 figures a substantial step up in operational output.
Westhead said copper was on course to become the company’s primary revenue driver, overtaking gold, given its central role in the global transition to net zero carbon emissions.
He added that the group had no intention of abandoning precious metals entirely, with gold set to continue underpinning revenues alongside the growing base metals operation.
“We do not want to become exclusively a copper company. The exploration focus will continue to be multi-commodity, so gold precious metals and base metals, generally looking at the transition towards net zero and the requirements of copper products going forward. Quite clearly, there’s demand,” he said.
Westhead’s remarks about Aim add to mounting pressure on London’s junior market, which has struggled to retain its listed companies in recent years.
Gold mining specialist Pan African Resources shifted its listing to London’s main market last October, while gold and copper group Kefi has also announced plans to leave Aim.
Pub chain Young’s completed a move to the main market within the past year, positioning itself for potential FTSE 250 inclusion, and North Sea oil producer Serica Energy is also set to depart Aim for the main market in 2025.
As many as six companies graduated to the main bourse last year, a decade-high figure driven by simplified listing rules and the generally lower liquidity available on Aim.