Anglo Asian Mining PLC: Q&A transcript

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Is the tailings dam fully insured?

The construction cost of the dam is insured against damage that would result from earthquakes etc. However, the environmental risks resulting from a dam failure are not insured.

What are the timeframes for the Conroy Gold joint-venture?

We are expecting to complete the joint-venture and commence exploration of the properties before the end of the year.

How is the Azerbaijan/Armenia conflict likely to affect AAZ?

That would depend upon the development of the conflict and its final resolution, which are currently unknown. However, we are operating normally despite the conflict. There has been conflict in the past which has not affected our operations. If the occupied territories are incorporated back into Azerbaijan, this may provide access to our three contract areas which are situated there for evaluation and possible future production.

In the recent Proactive interview, you mentioned a possible new concession linking the Gosha and Gedabek assets. Can you please explain further regarding when do you expect to hear if this is possible and how significant would this be for AAZ? Is this the only additional concession you are looking at in Azerbaijan?

We are looking at other additional areas as well as the land between the two contract areas. We are currently discussing with the government but the timing of the granting of new extensions is still uncertain. Any new concessions will be significant for the company.

What value catalysts do you anticipate over the next six months?

The conflict with Armenia makes the situation in Azerbaijan uncertain. However, we will be releasing our Q3 2020 production and the new JORC statements soon. We are also expecting developments outside the country such as completing the joint-venture with Conroy Gold to provide value catalysts.

Are you able to safely ship gold out of the country at the moment?

Yes. Nothing has changed in respect of delivering or selling our products.

Could we get an update on the drill hole grades of 100g-plus seen at Dirnis and Keleki, please?

As we have said, we have been unable to drill at Ordubad this year as we had no drill access due to COVID-19. Once we have recommenced the drilling programme, we will be able to give a further update.

When will Rezar Vazari be able to make a presentation to investors on the strategic direction of the company?

We are planning to do this before the end of the year.

With Orubad being so close to the Armenian border is this area now going to be something that the company can safely mine in the future?

Both our Gedabek and Goshha areas are also fairly close to the Armenian border and we have been mining for many years without any hindrance. However, the question cannot be fully answered until the final resolution of the conflict is known.

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