Mongolian Mining (975) H1 2026 earnings summary

Executive summary

• Revenue rose 69% year-over-year to USD586.2 million in 1H2026, driven by strong coking coal and gold sales, including the first full period of gold mine contribution.

• Net profit reached USD105.9 million in 1H2026, reversing a loss of USD19.9 million in the prior year, reflecting improved operational efficiency and higher commodity prices.

• Adjusted EBITDA increased to USD169.2 million, with 70% from coal and 30% from gold/metals segments.

• Maintained a diversified portfolio with leading positions in coking coal, gold, silver, and copper mining assets in Mongolia.

• Significant improvement in operational safety, sustainability, and community engagement, with no fatalities and lower injury rates.

Financial highlights

• Coking coal operations contributed USD491.5 million (84%) and gold/metals USD94.7 million (16%) to total revenue.

• Gross profit doubled to USD134.9 million from USD62.9 million year-over-year.

• Cash and cash equivalents stood at USD294.4 million as of June 30, 2026.

• Net cash from operating activities was USD180.1 million, with a net increase in cash of USD70.5 million.

• Gearing ratio improved to 16% as of June 30, 2026, down from 17% at year-end 2025.

Outlook and guidance

• Focus on scaling up production, maximizing asset utilization, and prudent financial policy.

• Continued commitment to safety, environmental, and social responsibility, with plans to set science-based GHG emissions targets.

• Ongoing investments in pre-stripping, CAPEX, and strategic partnerships to support future growth.

• Monitoring regulatory changes in Mongolia, with no expected material adverse impact from new mining and tax laws.

• Plans to continue share repurchases and maintain ESG standards.