Anglo Asian Mining (AAZ LN) UK

Materials

Ben Jones Investments

Ben Jones reiterates his bullish view with the stock up ~200% since initiation in July 23. AAZ is set to enjoy a dramatic increase in net income as well as FCF which is expected to swing from -$2m (2024) to c.$126m (2026) - a 45% FCF yield on today’s m/cap. He expects AAZ to develop 3 new mines (without raising equity) over the next 5 years which will boost copper production from 2.1kt in 2023 to around 40kt per year from 2028. Ben increases his base case price target from £3.70 to £5.59 (150% upside), assuming long-term copper prices at $4.50/lb, but with optionality to £8.00+ if long-run copper averages $5.50/lb, as forecast by Citi and BAML. Since publication of Ben’s report, AAZ has disclosed it is in preliminary takeover talks - unsurprising given his view that the market continues to undervalue the company’s asset base and growth profile.

- 28 November, 2025

Anglo Asian Mining (AAZ LN) UK

Materials

Ben Jones Investments

AAZ reports maiden JORC resource at Xarxar copper deposit. Xarxar (and Garadag) form an important part of the miner’s strategy as it looks to increase production from ~30koz GEO in 2023 towards 200koz GEO by 2028. The next steps involve bringing Gilar into production in 2H24, a JORC resource estimate for Garadag and pre-feasibility studies for a joint Xarxar and Garadag mining operation. Ben Jones believes AAZ is significantly undervalued.

- 23 February, 2024