AltynGold (ALTN) H1 2024 earnings summary

Executive summary

• Revenue rose to $39.5m for H1 2024, up from $28m year-over-year, driven by higher gold production, improved grades, and lower costs.

• Adjusted EBITDA more than doubled to $19.6m from $8.5m, reflecting operational improvements and favorable gold prices.

• Net profit before tax increased to $10.3m (H1 2023: $4.6m), with net profit attributable to shareholders at $8.3m (H1 2023: $3.0m).

• Gold production rose over 20% to 17,413oz, with gold sold at 17,247oz and average realized price of $2,203/oz.

• Plant upgrade nearing completion, with additional processing capacity to be commissioned in October 2024.

Financial highlights

• Gross profit increased to $17.7m (H1 2023: $9.5m), and operating profit reached $15.2m (H1 2023: $6.2m).

• Total cash cost of production fell to $1,154/oz from $1,334/oz year-over-year.

• Administrative expenses decreased by $870k due to lower exceptional costs.

• Cash flow from operations was $6.2m, with cash balances at $4.7m as of June 30, 2024.

• Total borrowings remained stable at $58m.

Outlook and guidance

• Additional processing capacity expected online in October 2024, supporting further production growth.

• Management anticipates maintaining momentum with higher production, contained costs, and strong gold prices.

• Budgeted results for 2025 expected to mark a significant milestone in strategic development.