The questions were submitted in writing, as the company, in common with many around the world, is unable to host a full meeting of shareholders due to coronavirus restrictions.
The company said in its written answers that gold production on its Azerbaijan portfolio of assets is likely to increase, assuming that its new discoveries turn out to be viable.
“The scale of increase and timing of production is dependent on exploration results,” it said.
“100,000 ounces or more per year output is the next target and the company will continue to work on its development to attain the targets as soon as possible. Exploration is anticipated to take two to three years assuming full access, followed by reserve estimation and mine construction which would take an addition one to two years.”
The company also made mention of the copper potential on its portfolio.
“Our current exploration strategy is also targeting the porphyry-style copper, or copper-gold, mineralisation. Deposits of this type typically contain resources of 100 to 350 million tonnes at grades of 0.30% to 0.55% copper. Additionally, the company has identified a number of high-grade gold occurrences which if progressed to a low cost production unit may themselves possibly yield gold in the range of 20,000 to 50,000 ounces per year.”
The company cautioned though that “until exploration and feasibility studies are completed, it is impossible to say what level of production is capable of being sustained and the timescales for this.”