Hardman & Co Research 
Hardman & Co Research: February 2021 Investor Forum company research: Anglo Asian Mining 
16-Feb-2021 / 15:40 GMT/BST 
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Hardman & Co February 2021 Investor Forum Research: 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. 
Please click on the link below for the full report 
https://www.hardmanandco.com/research/corporate-research/february-2021-investor-forum-2/ 
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1168788 16-Feb-2021

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February 16, 2021 10:40 ET (15:40 GMT)