AltynGold (ALTN) H1 2025 earnings summary

Executive summary

• Processing plant upgrade at Sekisovskoye completed in Q4 2024, driving 44% YoY gold production growth to 25,081oz for H1 2025.

• Revenue rose 82% YoY to $70m, with gross profit up to $40.2m and net profit before tax at $34.6m.

• Adjusted EBITDA increased 125% YoY to $44m, reflecting higher output and favorable gold prices.

• No mine accidents or safety incidents reported, maintaining a strong safety record.

• Production guidance for 2025 reiterated at 50,000oz, with long-term ambition of 100,000oz annually.

Financial highlights

• Turnover increased to $70m (H1 2024: $38.4m), driven by higher production and gold prices.

• Gross margin improved to 57% (H1 2024: 43%) due to higher gold prices and relatively fixed costs.

• Net profit before tax rose to $34.6m (H1 2024: $10.3m); profit attributable to equity shareholders was $27m.

• Adjusted EBITDA reached $44.1m (H1 2024: $19.6m).

• All-in sustaining cost (AISC) was $1,357/oz (H1 2024: $1,284/oz); total cash cost $1,152/oz.

• Cash balances increased to $15m from $10.4m at December 2024.

Outlook and guidance

• Production target of 50,000oz for 2025 reaffirmed, with plant expansion supporting a run-rate of 56,000oz from 2026.

• Long-term ambition to reach 100,000oz annually, leveraging expanded capacity and resource base.

• Exploration at Teren Sai ongoing, with resource estimate preparation as next step.