Anglo Asian Mining

AAZ.L

Gold · Basic Materials

Price

405.00 GBp

+5.00 (+1.25%)

Market Cap

£463.6M

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Exceptional

Growth

Mixed

Cash Flow

Exceptional

Stability

Strong

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

Anglo Asian Mining is a gold and copper mining company that operates in Azerbaijan, a country in the South Caucasus region between Europe and Asia. The company digs ore out of the ground and processes it into gold, silver, and copper, which it sells to commodity buyers and refiners. It holds a production sharing agreement with the Azerbaijani government, giving it exclusive rights to mine across a large contract area.

The company earns money by selling the metals it produces, so its revenue rises and falls with commodity prices. It operates entirely within Azerbaijan, making it a small, geographically concentrated producer with a market cap of around $400 million. The production sharing agreement provides some stability but also ties the business closely to one government and one country, which is a meaningful political and operational risk. The key challenge going forward is replacing depleted ore reserves by successfully exploring and developing new deposits within its contract area.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+213.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+191.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$224,615/ year

↓ Declining (-37% vs prior year)

0.2% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

7.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$32M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Anglo Asian Mining grew revenue 214% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.2% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 114.4M (2021) → 114.6M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

49.8%

Healthy — 49.8% gross margin

Profit after running costs

Operating Margin

43.6%

Excellent — 43.6% operating margin

Return on the money invested

ROCE

39.5%

Exceptional — 39.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+211.2%

Fast-growing sales (+211.2% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

259%

Turns 259% of profit into real cash

Spare cash per sale

FCF Margin

16.4%

Converts sales into free cash efficiently (16.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.32

Conservative — low debt load (0.32)

Covers its interest

Interest Cover

8.73x

Comfortably covers interest (8.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

26.9x

Growth-priced — P/E 26.9

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+17.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (26.9 → 9.7)

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Dividends

Dividend

Dividend Yield

0.72%

Small dividend — 0.72% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+20.9%

Dividend growing fast (20.9% YoY)

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