Anglo Asian Mining has survived the war. Shares in gold mining in Azerbaijan shot up after joining Aim, the junior stock exchange of the London Stock Exchange, in July 2005, from 77p to more than 120p by the end of the year.
They have never been anywhere near that level since then. Shortly after the financial crisis, the shares fell to a low of less than 4 p and even today Anglo's share in Asia is still trading at just 45 p.
But the future is starting to look a lot clearer. Anglo Asian now produces gold, copper and silver, is one of the cheapest operators in the industry and is on the point of paying shareholders a monthly dividend. The stock should respond.
Beautiful future: Anglo Asian produces gold, silver and now also copper
The company seems well placed at board level. It is chaired by Khosrow Zamani, who worked at the World Bank and worked for more than 30 years on projects in and around Central Asia.
The chief executive is Reza Vaziri, who has been actively involved in Azerbaijan since it became independent in the 1990s.
Connections are important in this part of the world, so the network of contacts of this duo means that Anglo Asian has both political and financial support.
The company has mining rights over 115 square miles of land and currently operates three mines. The first, Gedabek, has been in production since 2009, after which Anglo Asian stocks have risen for a few years and almost reached their share price.
The group then started an expense and built a processing plant to increase the production on site. The factory, however, failed to keep its promises and the shares sank to less than 5p in 2015. Vaziri brought in new management to try and run the business, including a new finance director and a new head of geology.
The appointments turned out to be sharp. Anglo Asian has transformed its processing facilities, put two new mines into production and has seen a significant improvement in the quality of its ore.
Gold production is expected to reach 80,000 troy ounces this year, compared to just over 60,000 troy ounces in 2014. And costs have dropped from more than $ 900 per troy ounce to just over $ 600.
Further cost savings are predicted in the coming years, while production is likely to continue to rise.
Research into existing mines suggests that they have considerable potential, while it is expected that aerial photos will soon show that there is more gold in the area.
Anglo Asian also started producing copper, which was once considered an irritating by-product at Gedabek, which is now recognized as a lucrative good.
Results for the six months to 30 June will be released this week and brokers expect the company to pay a dividend for the first time since the dividend.
Dividend-paying gold stocks are a rarity on Aim, so the announcement could be an incentive for the share price.
Up-to-date exploration updates should also help, as the company hopes to increase gold production to more than 100,000 troy ounces per year by 2021.
Midas pronunciation: Anglo Asian increases production, reduces costs and has money in the bank. Directors hold more than 40 percent of the shares, so they are clearly encouraged to let the company work and the expected news of a share dividend is a sign of confidence.
The gold price has also risen, amid the growing fear of the impact of trade wars on economic growth.
Anglo Asian has been disappointed in the past, but with 45p the shares could offer significant benefits.
Traded on: Target Ticker: AAZ Contact: angloasianmining.com or 00 994 12 596 3350