AltynGold (ALTN) H2 2025 earnings summary

Executive summary

• Achieved record revenue of $175.4m in 2025, up 82% year-over-year, driven by higher gold prices and increased production.

• Net profit after tax rose to $62.0m (2024: $26.4m), with adjusted EBITDA at $101.4m.

• Gold poured reached 53,852oz, exceeding targets, with ore mined at 926,000t.

• Maintained industry-leading safety, marking a fifth consecutive year with no lost-time incidents.

• Strengthened executive team and board, with a new CFO and ongoing governance enhancements.

Financial highlights

• Revenue increased to $175.4m from $96.5m year-over-year; gold sold rose 30% to 50,442oz.

• Net profit after tax was $62.0m, up from $26.4m; gross profit nearly doubled to $96m.

• Adjusted EBITDA reached $101.4m (2024: $50.9m); year-end cash rose to $22.7m.

• Net debt reduced to $18.5m (2024: $49.7m); $34.1m in borrowings repaid.

• All-in sustaining cost (AISC) increased to $1,562/oz (2024: $1,318/oz).

Outlook and guidance

• Targeting 2026 gold output of 52,000–55,000oz, with continued efficiency improvements.

• Evaluating expansion of Sekisovskoye processing capacity to 2–2.5Mtpa, aiming for 100,000oz annual production medium-term.

• Teren-Sai project expected to secure production license by late 2026, supporting future growth.

• Gold price forecasts remain strong, supporting robust margins.