AltynGold (ALTN) H2 2024 earnings summary

Executive summary

• Achieved record revenue of $94.5m in 2024, up 46.1% year-over-year, driven by higher gold production and prices.

• Net profit after tax rose to $26.4m from $11.3m in 2023, with adjusted EBITDA more than doubling to $50.9m.

• Gold sold increased 18% to 38,708oz, with average gold price achieved at $2,441/oz, up 24% year-over-year.

• Major expansion at Sekisovskoye mine completed, increasing processing capacity by 50% to 1Mtpa.

• Strong operational execution and cost discipline maintained, with operating cash cost reduced to $992/oz.

Financial highlights

• Revenue: $94.5m (2023: $64m), +46.1% year-over-year.

• Net profit after tax: $26.4m (2023: $11.3m).

• Adjusted EBITDA: $50.9m (2023: $22.3m).

• Gross profit: $49.1m (2023: $23.3m).

• Net debt at year-end: $49.7m (2023: $53m).

• Cash generated from operations: $29.4m (2023: $14.7m).

• Cash at year-end: $10.4m (2023: $5.5m).

Outlook and guidance

• Targeting gold production of over 50,000oz in 2025, a 60% increase over two years.

• Focus on maintaining steady processing rate of 83kt/month at Sekisovskoye.

• Teren Sai project advancing towards production phase in 2025, with further exploration ongoing.

• Continued assessment of regional and domestic growth opportunities.