British gold miners in Azerbaijan issued ultimatums

The British gold mining company Anglo Asian Mining PLC (AAM), which operates in Azerbaijan, expects specifics from the British ACG Metals Limited (ACG) regarding its intentions to acquire AAM by December 24.

"AAM draws attention to the announcement of ACG Metals Limited dated November 26, 2025 that ACG is at an early stage of considering the possibility of submitting an offer to purchase the entire issued and to be issued ordinary share capital of Anglo Asian Mining," the company said in a statement.

AAM notes that ACG's statement is not a firm intention to make an offer in accordance with Rule 2.7 of the UK Takeover Code, and there is no certainty that ACG will actually make an offer in the end.

"There is also no guarantee that a final agreement on a possible acquisition will be concluded or that such an offer, if made, will contain any specific conditions. ACG, in accordance with Rule 2.6 (a) of the Code, no later than 17.00 on December 24, 2025, must either announce its firm intention to make an offer to purchase Anglo Asian, or declare that it does not intend to make such an offer," the statement said.

AAM strongly advised its shareholders not to take any action at this time and informed that in light of ACG's statement regarding AAM, the "offer period" has begun in accordance with the provisions of the UK Takeover Code.

"After a number of speculative comments appeared on investors' information booths and the subsequent change in stock prices, AAM requested the suspension of trading in ordinary shares on the Alternative Investments Market (AIM) at the London Stock Exchange. It is expected that trading will resume at 07.30 GMT on November 27, 2025, " the report says.

AAM emphasizes that it is successfully implementing its growth strategy aimed at transitioning to the status of a medium-level producer with diversified assets and low cost, focused on copper.

It is noted that in 2025, Anglo Asian commissioned two new mines in Azerbaijan on time and within budget, which confirms many years of successful experience in the country. The Board of Directors is fully focused on the further development of the company's resource base, which exceeds 400 thousand ounces of gold and 1 million tons of copper, which strengthens confidence in the launch of two more assets — Kharkhar and Garadag.

ACG is a British company specializing in the extraction of non—ferrous metals, in particular copper, as well as gold and silver. The company owns the Gediktepe copper and gold mine in Turkey, where gold is mined, and plans to start production of copper and zinc concentrates. ACG shares are traded on the London Stock Exchange.