February 2021 Hardman & Co Investor Forum company research for Anglo Asian Mining: Prodigious cash generation – REDUX
AAZ is a highly cash-generative miner of gold, silver and copper from three mines in Azerbaijan, where it has a track record of close cooperation with the government. The company listed on AIM in 2005, produced its first gold in 2009, paid a maiden dividend in 2018 and produced 69,091 Gold Equivalent Ounces (GEOs) in 2020 (at budgeted metal prices). AAZ is progressing multiple projects to expand production at its flagship Gedabek and others (see below) in Azerbaijan and (potentially) Ireland. We will review our DCF valuation of 181p per share following AAZ’s production guidance update expected in March 2021.Anglo Asian Mining's principal activity is that of a holding Co. and a provider of support and management services to its main operating subsidiary R.V. Investment Group Services. Co., together with its subsidiaries (the Group), owns and operates gold, silver and copper producing properties in the Republic of Azerbaijan. It also explores for and develops other potential gold and copper deposits in Azerbaijan. The Group's primary operating site is Gedabek, which is the location of the Group's main gold, silver and copper open pit mine and Gadir, an underground mine.
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