An Azerbaijani miner has said it was keeping its listing on Aim under regular review as it seeks to evolve into a mid-market commodities group that is on course to more than treble its copper output over the coming year.

Anglo Asian vice president Stephen Westhead told City AM that while the company was “currently satisfied” with its status listed on London’s junior stock market, there remained “mixed thinking” about the exchange that prompted it to explore a move to other stock markets.

“We continue to believe – at the moment – it’s the appropriate exchange,” he said. “So while we are looking to grow the company – and there are some uncertainties with Aim itself – the board and the senior management are regularly reviewing not just Aim, but other exchanges as well.”

Westhead made the remarks as the company revealed it had returned to profitability in 2025, after revenue was given a boost by production getting under way at two new sites in its native Azerbaijan.

The mining group, which predominantly produces copper and gold, swung from a $21.3m (£15.85m) loss in 2024, to a profit before tax of $25.8m last year, thanks to a combination of larger production volumes and the natural tailwind of higher commodity prices.

The improved fortunes led Anglo Asian to reinstate its dividend, having cancelled shareholder payouts in 2024. And Westhead said investors could expect a trebling of copper production in 2026, which will be the first full year of operations at its new Gilar and Demirli sites.

“We want to then continue to maintain our 2026 production guidance, which is 20 to 25,000 tonnes of copper metal and between 28 and 33,000 ounces of gold, so that’s a significant jump from where we are,” he told City AM.

In 2025, the group produced 8,000 tonnes of copper and 25,000 ounces of gold.

Companies continue to abandon Aim

Westhead added that the was poised to make copper its major revenue driver, displacing gold because of the essential role it will play in “the transition to net zero”. But he added that precious metals would continue to underpin revenues and exploration on top of the base metal copper.

He said: “We do not want to become exclusively a copper company. The exploration focus will continue to be multi-commodity, so gold precious metals and base metals, generally looking at the transition towards net zero and the requirements of copper products going forward. Quite clearly, there’s demand.”

Westhead’s comments about Aim will pile further pressure on London’s beleaguered junior market, which has struggled to prevent its constituents from de-listing or moving on to the capital’s main market.

Last October, gold mining specialist Pan African Resources shifted its listing onto London’s flagship bourse, while gold and copper group Kefi has also announced plans to graduate from Aim.

Pub chain Young’s has also moved to the main market in the past year, eyeing FTSE 250 inclusion in the coming months, and North Sea oil giant Serica will leave Aim for the main market this year.

As many as six companies graduated onto the main bourse last year – a decade high – thanks to a combination of new listing rules make the move less complex and the generally lower liquidity available on Aim.