REG-AltynGold Plc Annual Financial Report
25/04/2025 07:00
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Annual Financial Report
AltynGold Plc
("AltynGold" or the "Company")
Financial Results and Publication of Annual Report for the year ended 31
December 2024
Record Results driven by increased production with enhanced capacity, enabling
further growth
London, 25 April 2025 AltynGold (LSE:ALTN), a leading exploration and
development gold miner operating in Kazakhstan, is pleased to announce its
financial results for the year ended 31 December 2024.
The year marked a transformational period for the Company, as it successfully
commissioned the third production line at Sekisovskoye, increasing processing
capacity by 50% to 1Mtpa. Benefiting from strong operational performance that
saw a 14% increase in production, careful cost control, and a favourable gold
price environment. The Company delivered record operating profits, with
adjusted EBITDA exceeding US$50 million from revenues that increased 46.1%
year-on-year to US$94.5 million.
The Report and Accounts are available to view on the Company’s new corporate
website at https://altyngold.uk/
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Faltyngold.uk%2F&esheet=54243451&newsitemid=20250424014653&lan=en-US&anchor=https%3A%2F%2Faltyngold.uk%2F&index=1&md5=64e7fe08557161fb34d68b75a86073f1)
and will shortly be uploaded to the Financial Conduct Authority’s ("FCA")
National Storage Mechanism at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fdata.fca.org.uk%2F%23%2Fnsm%2Fnationalstoragemechanism&esheet=54243451&newsitemid=20250424014653&lan=en-US&anchor=https%3A%2F%2Fdata.fca.org.uk%2F%23%2Fnsm%2Fnationalstoragemechanism&index=2&md5=a9cf5b866000ebf8f20f5c8a88be28f6)
Financial summary
* Turnover increased 46.1% to US$94.5m (2023: US$64m)
* Average gold price achieved increased by 24% to US$2,441oz (2023: US$1,967oz)
* Adjusted EBITDA increased 128% to US$50.9m (2023: US$22.3m)
* Post tax profits increased 133% to US$26.4m (2023: US$11.3m)
* The Group repaid borrowings of US$20.4m (2023: US$16.6m)
* Operating cash cost US$992/oz (2023: US$1,041/oz)
* Net Debt at Year End (after deducting cash balances) was US$49.7m (2023: US
$53m)
Operational summary
* Gold production 37,279oz (2023: 33,110oz)
* Ore processed 750,045t (2023: 701,000t)
* Mined gold grade 2.29g/t (2023: 2.08g/t)
* Gold recovery rate 85.4% (2023: 83.6%)
ESG Highlights
* The Company has fully complied with Kazakh environmental laws and regulations.
* The Company is making good progress in developing its procedures in relation
to carbon reduction and climate change strategies.
* 55% of the Company’s employees are sourced locally, the company continues to
invest in and support the local community.
* Company has reported 4(th) consecutive injury free year of operations.
2025 Outlook
With the expanded capacity now in place, the Company enters its next phase of
growth. AltynGold continue to target full-year production of over 50,000oz in
2025, which would represent a 60% increase over two years. The Company’s
clear operational focus is to maintain a stable processing rate of 83Kt per
month.
AltynGold continues to assess regional and domestic growth opportunities,
including advanced-stage assets aligned with its strategy to become a
multi-asset, multi-jurisdiction gold producer.
AltynGold CEO Aidar Assaubayev commented:
“I am very pleased to report on our performance in 2024, with revenues
reaching an all-time high and the successful completion of our plant expansion
programme, achieved on time and within budget. These achievements mark a
transformative milestone for AltynGold, significantly strengthening our
capacity to scale operations and drive sustainable growth.
As we enter 2025, we are well-positioned to deliver on our production targets.
We continue to evaluate a number of domestic acquisition opportunities to
enlarge our asset portfolio with the view of adding additional growth and
scale to the business. I look forward to providing further updates in the
coming months."
Further Information:
For further information, please contact:
AltynGold Plc
Rajinder Basra
+44 (0) 203 432 3198
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014, as it forms part of domestic law by virtue of the European
Union (Withdrawal) Act 2018.
CHAIRMAN’S STATEMENT
Dear Shareholders,
The Board is pleased to report that 2024 marked a record year for AltynGold,
with revenues rising 46.1% year-on-year to US$94.5 million, supported by a 10%
uplift in gold poured and a favourable pricing environment. These results
highlight the strength of our operational execution and careful cost
discipline, with the Company remaining a low cost producer. The average gold
price rose to US$2,641/oz in Q4, enabling the Company to make record operating
profits, with an adjusted EBITDA in excess of US$50m. Such results further
underpinning Management’s intention to invest further in production
enhancements to grow the Group’s business in the coming couple of years.
Our performance is also a clear demonstration of our ability to consistently
execute the Company’s growth strategy. In December, the third production
line at Sekisovskoye was successfully commissioned on time and budget,
increasing processing capacity by 50% to 1Mtpa. This marks a significant
milestone in our development, reflecting the dedication of our management and
staff, whose commitment remains a key driver of our progress.
Financial strength and capital discipline
Our financial performance in 2024 has strengthened the Company’s balance
sheet. We continued to reduce bank debt in line with our repayment schedule
and, in July, completed Bond issue successfully raising US$10m bond raise on
the Astana Stock Exchange. Thorough capital management remains our core
principle, ensuring the ability to fund growth while maintaining appropriate
debt levels. The strong cash generation achieved this year provides a solid
platform to support the Company’s medium-term capital expenditure plans and
strategic objectives.
Responsible operations and governance
AltynGold remains committed to operating responsibly and transparently, guided
by our core values of accountability, integrity and sustainability. In 2024,
we marked our fourth consecutive zero-incident year, reflecting our robust
health and safety culture and the effectiveness of our training and prevention
programmes. The Company as last year had no reportable injuries that resulted
in mine stoppages.
Across our operations, we strive to maintain close engagement with our
workforce and local communities, and we remain focused on further embedding
ESG considerations into our decision-making and operational processes.
As part of our commitment to future growth to help ensure broader
institutional appeal, we are evaluating enhancements to our governance
framework that align with international standards.
Outlook and long-term growth
With the expanded capacity now in place, AltynGold enters its next phase of
growth. The Company is targeting a full-years production of over 50,000 ounces
in 2025, which, if achieved, would mark a 60% increase in just two years. As a
well-established operator with over two decades of experience in Kazakhstan,
we continue to benefit from deep regional knowledge, industry connectivity,
strong local partnerships, and a proven ability to deliver in a complex
operating environment.
Our long-term vision is to build AltynGold into a multi-asset,
multi-jurisdiction gold producer. In 2024, we made steady progress toward this
goal advancing preparations for the Teren-Sai project, and we are actively
reviewing several additional domestic growth opportunities including
advanced-stage targets that could diversify our asset base and support
sustained growth. Kazakhstan remains a favourable and increasingly open
jurisdiction for mining investment, and we are well-positioned to benefit from
this evolving landscape.
2024 has been an inflexion point for AltynGold, both operationally and
strategically. With the foundation now laid for increased production and a
clear roadmap for expansion, we remain confident in the Company’s ability to
meet its longer term growth targets. The management team remains fully focused
on delivering consistent operational performance and creating long-term value
for all stakeholders.
On behalf of the Board, I would like to thank our employees, management and
fellow directors for their dedication, hard work and contribution throughout
the year. I would also like to extend our gratitude to our shareholders and
partners for their continued trust and support.
We look forward to updating you further as we continue to grow the Company
into a leading regional gold producer.
Kanat Assaubayev
Chairman
CHIEF EXECUTIVE OFFICER’S STATEMENT
Overview
In 2024, the Company successfully delivered on its key strategic objectives,
marking a consistently improving operating performance for AltynGold into
attractive financial performance, with key highlights including:
* Increasing processing capacity at Sekisovskoye to 1Mtpa. The plant expansion
and associated maintenance upgrade works were completed on time and within
budget at the end of December 2024, with minimal disruption to operations
reflecting well on our engineering and mining teams, whose focus on delivering
the Company’s projects to high quality standards and tight timeframes
positions the business well for the future.
* The development of Teren-Sai, with further exploration works in line with the
agreed work plan. The move to the next phase of planned development, which
will prepare the site for production, remains in line with the budgeted
timeframe to commence in Q3 2025.
* Raising capital in a cost-effective and timely manner.
* Laying the groundwork for value creation by actively reviewing additional
potential domestic growth opportunities.
Financial Highlights
2024 was a record year for AltynGold, driven by higher production volumes,
stronger gold grades, and a favourable pricing environment. Revenues rose by
46.1% year-on-year to US$94.5 million, supported by the sale of 38,708oz of
gold at an average realised price of US$2,441/oz. This translated into a gross
profit of US$49 million and net profit after tax of US$26.4 million, nearly
doubling the prior year’s performance. Adjusted EBITDA increased to US$50.9
million, reflecting robust operational delivery.
Despite an increase in operating scale, cost efficiency was maintained.
Operating cash costs were reduced to US$992/oz (2023: US$1,041/oz), while
total cash costs stood at US$1,162/oz. Due to the increase in capacity, costs
have increased overall, but as noted last year as production increases the
expectation is that operating cash costs will decrease. Administrative
expenses declined to US$6.6 million as one-off expansion-related costs rolled
off. Cash at year-end more than doubled to US$10.4 million, The movement in
funds is principally due to the following:
* Cash generated from operations after movements in working capital amounted to
US$29.4m ( 2023:US$14.7m), reflecting the strong growth in revenue.
* Funds utilisation included US$21.9m in relation to capital asset acquisitions
(2022: US$40.2m), a significant reduction as the plant upgrade is essentially
complete.
* US$20.4m (2023: US$16.6m) in relation to repayment and servicing of debt and
* New loans raised amounted to US$22.4m (2023: US$51.5m), principally utilised
to modernise and expand the processing plant.
The overall level of debt as of the end of 2024 stood at US$60m (2023: US$58m)
with the Company repaying US$20.4 million of debt during the year. The build
up of debt was necessary for the expansion of the processing plant. This is
set to decrease by US$20m under current repayment plans during 2025 as the
loans are repaid. The overall level of gearing measured as net debt (being
total debt less cash balances) divided by total capital (equity plus debt), is
set to decrease from over 35% at the end of 2024 to under 25%, by the end of
2025.
Operational Developments
A primary focus in 2024 was the expansion of the processing plant at
Sekisovskoye, with a considerable amount of management time and capital
expenditure allocated to aligning production capacity with our ore extraction
target of 1 million tonnes per annum (mtpa). I’m proud to report that the
plant upgrade was completed as planned in December, and the facility is now
operating at its new design capacity. Ore extraction for the year totalled
750,000t, with processing volumes reaching nearly 594,000t. With the enhanced
capacity now fully commissioned, we are targeting gold production of over
50,000oz in 2025.
During 2024 the Company saw continued development of its underground
infrastructure, including 4,079 linear metres (2023: 6,432) of tunnelling and
216,000 linear metres (2023: 151,116) of blast hole drilling. Exploration
drilling amounted to 19,200 linear metres (2023: 11,756), supporting future
mine planning and reserve growth. As the mine deepened, we progressed our twin
declines, with Decline No. 1 reaching +0masl in January 2025 and Decline No. 2
to +34masl by year-end. Backfilling, ventilation, and drainage works
progressed in parallel, with new infrastructure installed for main fan units
on Decline No. 2. The Company is now well placed in 2025 to supply the
increasing ore quantities needed for the enhanced capacity at the processing
plant.
In parallel with operational progress at Sekisovskoye, exploration activities
continued at the Teren-Sai licence area in line with the approved work
programme. During the year, the Company drilled 54 core holes totalling 17,535
linear metres, targeting the delineation of key ore bodies across multiple
zones. The data is currently being analysed to refine geological models and
support the development of a more detailed mine plan. Subject to results and
regulatory approvals, we anticipate preparing the site for initial development
in Q3 2025.
The completion of the processing plant in 2024 has released resources that
were previously committed to the expansion of the processing plant. The plan
for 2025 is to ensure that the planned output for Sekisovskoye is met,
implying a monthly processing output of 83Kt. Details of Teren-Sai’ current
targets within the prospective exploration site, and the location of the site
relative to Sekisovskoye can be found in the annual report .
CAPEX
We maintained strict cost control across the business, ensuring that our
capital expenditure programme remained aligned with our balance sheet strength
and future cash flows. To support this, we successfully raised US$10 million
on the Astana International Exchange and continued to reduce bank debt in line
with our repayment plan.
The CAPEX budget of US$ 61m (2023: US$ 32m) primarily relates to the continued
development of the mining works at Sekisovskoye, specifically the development
of the declines and the final amounts payable in relation to the expansion of
the processing plant and enhancement of the tailings dam. Prepayments have
already been made in relation to several items in the 2024 budget, including
the amount payable for the milling equipment required to expand the processing
plant's capacity.
For Teren-Sai, the current capital expenditure (capex) budget, as outlined
below, relates to the committed capex works as agreed upon with the Kazakh
mining authorities for the further exploration works envisaged during the
2-year licence period.
Further advancement of the Teren-Sai project to full production will
subsequently depend on raising additional funding.
Outlook
With a major infrastructure programme at Sekisovskoye now complete and
processing capacity at full scale, we are positioned to deliver substantial
production growth and operating efficiencies in 2025. The completion of the
plant expansion has freed up internal resources that were previously dedicated
to the upgrade, enabling us to focus on meeting our increased output targets.
Our clear focus for 2025 is to maintain a steady processing rate of 83Kt per
month. In 1Q 2025 the volume of ore processed was 208kt the new line was
bedded in January, with output steadily increasing on a monthly basis with an
output of 75kt in March 2025. With the processing plant now stabilised, we are
confident in achieving full-year production of over 50,000 ounces,
representing a 60% increase over two years.
We continue to assess various regional and domestic growth opportunities,
including advanced-stage assets that could support AltynGold’s ambition to
become a multi-asset, multi-jurisdictional gold producer. Kazakhstan remains a
well-established and increasingly attractive mining jurisdiction, and we are
encouraged by the investment climate and regulatory engagement.
Our team’s consistent delivery against strategic objectives reinforces our
confidence in AltynGold’s long-term potential. I would like to extend my
sincere thanks to our employees, partners, and stakeholders for their
continued dedication and support.
Aidar Assaubayev
Chief Executive Officer
FINANCIAL OVERVIEW
Consolidated Income Statement and Statement of Comprehensive Income for the
Year Ended 31 December 2024
Note 2024 2023
$ 000
$ 000
Revenue 3 96,522 64,434
Cost of sales (47,455) (41,102)
Gross profit 49,067 23,332
Administrative expenses (6,557) (6,977)
Impairments (117) (439)
Operating profit 42,393 15,916
Finance income 358 -
Foreign exchange (6,373) 252
Finance expense (6,023) (4,283)
Total finance cost (12,038) (4,031)
Profit before tax 30,355 11,885
Taxation expense 6 (3,932) (546)
Profit for the year attributable to the equity holders of the parent 26,423 11,339
Profit for the year 26,423 11,339
Items that may be reclassified subsequently to the income statement
Currency translation differences arising on translations of foreign operations (14,948) 1,210
Currency translation differences on translation of foreign operations relating - (4,075)
to tax
(14,948) (2,865)
Total comprehensive profit attributable to:
Equity holders of the parent 11,475 8,474
Earnings per ordinary share 4
Basic 96.66c 41.48c
Diluted 96.66c 41.48c
Consolidated Statement of Financial Position as at 31 December 2024
Note 2024 2023
$ 000
$ 000
Assets
Non-current assets
Intangible assets 7 14,880 13,661
Property, plant and equipment 8 72,638 70,593
Deferred tax assets - 1,419
Trade and other receivables 14,669 18,354
Restricted cash 93 33
102,280 104,060
Current assets
Inventories 23,503 17,464
Trade and other receivables 20,430 18,465
Cash and cash equivalents 10,402 5,502
54,335 41,431
Total assets 156,615 145,491
Equity and liabilities
Current liabilities
Trade and other payables (7,468) (9,658)
Income tax liability (78) -
Provisions (358) (324)
Loans and borrowings (29,201) (18,132)
(37,105) (28,114)
Non-current liabilities
VAT payable - (114)
Other payables - (133)
Deferred tax liabilities (675) -
Provisions (5,733) (6,089)
Loans and borrowings (30,945) (40,359)
(37,353) (46,695)
Total liabilities (74,458) (74,809)
Equity
Share capital (4,267) (4,267)
Share premium (152,839) (152,839)
Merger reserve 282 282
Foreign currency translation reserve 75,455 60,507
Accumulated profit/losses (788) 25,635
Equity attributable to owners of the company (82,157) (70,682)
Total equity and liabilities (156,615) (145,491)
Consolidated Statement of Cash Flows for the Year Ended 31 December 2024
Note 2024 2023
$ 000
$ 000
Cash flows from operating activities
Net cash flow from operating activities 29,370 14,651
Cash flows from investing activities
Interest received 358 -
Acquisitions of property plant and equipment (17,877) (40,171)
Acquisition of intangible assets (3,977) (766)
Net cash flows from investing activities (21,496) (40,937)
Cash flows from financing activities
Interest paid (4,800) (3,228)
Loans received 22,352 51,481
Loans repaid (20,415) (16,581)
Net cash flows from financing activities (2,863) 31,672
Net increase in cash and cash equivalents 5,011 5,386
Cash and cash equivalents at 1 January 5,502 116
Effect of exchange rate fluctuations on cash held (111) -
Cash and cash equivalents at 31 December 10,402 5,502
Consolidated Statement of Changes in Equity for the Year Ended 31 December
2024
Currency
Share Share Merger translation Accumulated Total
capital premium reserve reserve Profit/losses equity
$000 $000 $000 $000 $000 $000
At 1 January 2023 (4,267) (152,839) 282 57,642 36,975 (62,207)
Profit for the year – – – – (11,340) (11,340)
Other comprehensive income – – – 2,865 – 2,865
Total comprehensive income – – – 2,865 (11,340) (8,475)
At 1 January 2024 (4,267) (152,839) 282 60,507 25,635 (70,682)
Profit for the year – – – – (26,423) (26,423)
Other comprehensive income – – – 14,948 – 14,948
Total comprehensive income – – – 14,498 (26,423) 11,475
At 31 December 2024 (4,267) (152,839) 282 (75,455) (788) (82,157)
Notes to the Financial Statements for the Year Ended 31 December 2024
1 General information
AltynGold Plc (the "Company") is a Company incorporated in England and Wales
under the Companies Act 2006. The financial information set out above for the
years ended 31 December 2024 and 31 December 2023 does not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006, but is
derived from those accounts. Whilst the financial information included in this
announcement has been compiled in accordance with UK-adopted international
accounting standards and in conformity with the requirements of the Companies
Act 2006, this announcement itself does not contain sufficient financial
information to comply with IFRS. A copy of the statutory accounts for 2023 has
been delivered to the Registrar of Companies and those for 2024 will be
presented before the shareholders at the Annual General Meeting. The full
audited financial statements for the years ended 31 December 2024 and 31
December 2023 do comply with IFRS.
2 Going concern
The Group increased turnover in the year to US$94m from US$64m, generating an
adjusted EBITDA of US$50.9m (2023 US$22.3m). The Board have reviewed the
Group’s forecast cash flows for the period to June 2026, which include the
capital and interest repayments to be made in relation to the Group’s
borrowings. Capital and operating costs are based on approved budgets and
latest forecasts and development plans. These have been based on costs that
have been fixed with suppliers where applicable and other costs that include
inflationary allowances.
The gold price used in the forecasts has been based on an average of consensus
forecasts, which is lower than that currently being achieved. Based on the
Group’s cash flow forecasts, the Directors believe that the net cash flows
from operations will be sufficient to fund the ongoing operational finance
requirements of the Company. The cash generation will be higher in 2025 due to
the input from third line of production which became operational at the start
of 2025.
In each separate case the Group would not experience a cash shortfall, the
Group would manage its resources, reducing or adjusting the timing of
discretionary capital investment and managing its payables in order to
maintain liquidity as appropriate.
The Board therefore considers it is appropriate to adopt the going concern
basis of accounting in preparing these financial statements.
3 Revenue
The analysis of the Group’s revenue for the year from continuing operations
is as follows:
2024 2023
$000 $000
Sale of gold and silver 94,476 63,748
Other sales 2,046 686
96,522 64,434
Included in revenues from sale of gold and silver are revenues of
US$94,476,000 (2023: US$63,748,000) which arose from sales of precious metals
to one customer based in Kazakhstan.
Other sales amounted to US$2,046,000 (2023: US$686,000) and related to lease
and rental income.
4 Earnings per ordinary share
The calculation of basic and diluted earnings per share from continuing
operations is based upon the retained profit from continuing operations for
the financial year of US$26.4m (2023: US$11.3m).
The weighted average number of ordinary shares for calculating the basic
earnings per share in 2024 and 2023 is shown below.
2024 2023
No. No.
Basic 27,332,934 27,332,934
Diluted 27,332,934 27,332,934
5 Adjusted EBITDA
The Directors of the Company have presented the performance measure adjusted
EBITDA (earnings before interest, tax, depreciation and other non operating
expenses) as they monitor this performance measure at a consolidated level,
and the Directors believe it is relevant to measuring the Groups performance.
Adjusted EBITDA is not a defined performance measure in IFRS. The Group's
definition of adjusted EBITDA may not be comparable with similarly titled
performance measures as disclosed by other entities.
Reconciliation of adjusted EBITDA to profit after tax. 2024 2023
US$000 US$000
Profit after tax 26,423 11,339
Income tax expense 3,932 546
Finance income (358) -
Finance expense 6,023 4,283
Foreign exchange 6,373 (252)
Depreciation and amortisation 9,044 6,989
Fair value adjustment on loan (556) (630)
Adjusted EBITDA 50,881 22,275
6 Income tax
Tax charged in the income statement
2024 2023
$ 000
$ 000
Current taxation
Income tax 1,981 -
Deferred taxation
Arising from origination and reversal of temporary differences 2,131 546
Arising from previously unrecognised tax loss, tax credit or temporary (180) -
difference of prior periods
Total deferred taxation 1,951 546
Tax expense in the income statement 3,932 546
The tax on profit before tax for the year is lower than the standard rate of
tax in Kazakhstan of 20%, (2023 - lower than the standard rate of tax in
Kazakhstan at 20%), due to the availability of tax losses.
7 Intangible assets
Teren Sai Teren Sai Other Total
geological data
Exploration and
intangible
$ 000
$ 000
evaluation
assets
costs
$ 000
$ 000
Cost or valuation
At 1 January 2023 8,212 9,952 - 18,164
Additions - 7 759 766
Amortisation capitalised - 546 - 546
Currency translation 146 179 61 386
At 31 December 2023 8,358 10,684 820 19,862
At 1 January 2024 8,358 10,684 820 19,862
Additions - 3,977 - 3,977
Amortisation capitalised - 555 - 555
Currency translation (1,101) (2,374) (108) (3,583)
At 31 December 2024 7,257 12,842 712 20,811
Amortisation
At 1 January 2023 5,320 146 - 5,466
Amortisation charge 546 - 75 621
Currency translation 97 - 17 114
At 31 December 2023 5,963 146 92 6,201
At 1 January 2024 5,963 146 92 6,201
Amortisation charge 555 - 79 634
Currency translation (865) (16) (23) (904)
At 31 December 2024 5,653 130 148 5,931
Carrying amount
At 31 December 2024 1,604 12,712 564 14,880
At 31 December 2023 2,395 10,538 728 13,661
At 1 January 2023 2,892 9,952 - 12,844
The intangible assets relate to the historic geological information pertaining
to the Teren-Sai ore fields. The ore fields are located in close proximity to
the current mining operations of Sekisovskoye. The Company obtained a licence
for exploration and evaluation on the site in May 2016 from the Kazakh
authorities, the addendum to the licence was extended for a two year period in
March 2024. The Company is currently finalising the exploration in an area of
Teren-Sai targeting two prospective targets, with the intention to preparing
the site for production during 2025.
The value of the geological data purchased is in the opinion of the Directors
the value that would have been incurred if the drilling had been undertaken by
a third party (or internally). The Company has continued to develop the site
with a CPR completed in 2019 on one of the fifteen target zones area 2, which
includes 3 potential targets, and further exploration works in the other
areas. Full details are given in the mineral resources statement included as
part of the Annual Report, on pages 24. The directors consider that no
impairment is required taking into account the CPR results, exploration and
planned production in the future. The write off of the geological data is
being made over the exploration licence term, the costs amortised are
capitalised as part of the exploration asset in line with the Company’s
accounting policy. The management have concluded that there are no impairment
indicators.
The bank loan from Bank Center Credit is secured on the assets of the Group.
8 Property, plant and equipment
Mining properties Freehold Land Equipment, Plant, Assets under Total
$ 000
and buildings
fixtures
machinery and
construction
$ 000
$ 000
and
buildings
$ 000
fittings
$ 000
$ 000
Cost or valuation
At 1 January 2023 18,361 27,790 12,688 9,074 2,279 70,192
Additions 4,971 349 7,312 10,708 15,818 39,158
Disposals - (6) (592) (17) - (615)
Transfers - 5,586 - - (5,586) -
Transfer from inventories - - - - 682 682
Currency translation 487 516 178 163 19 1,363
At 31 December 2023 23,819 34,235 19,586 19,928 13,212 110,780
At 1 January 2024 23,819 34,235 19,586 19,928 13,212 110,780
Additions 7,351 183 6,255 540 9,698 24,027
Disposals - (2,566) (489) (1,830) (77) (4,962)
Transfers - 10,794 4,553 9 (15,356) -
Transfer from inventories - - - - (1,126) (1,126)
Currency translation (5,049) (5,380) (3,497) (2,602) (1,032) (17,560)
At 31 December 2024 26,121 37,266 26,408 16,045 5,319 111,159
Depreciation
At 1 January 2023 3,923 14,461 8,944 5,889 - 33,217
Charge for year 1,452 2,474 1,250 1,739 - 6,915
Eliminated on disposal - (6) (555) (41) - (602)
Currency translation 125 280 152 100 - 657
Transfers - - - - - -
At 31 December 2023 5,500 17,209 9,791 7,687 - 40,187
At 1 January 2024 5,500 17,209 9,791 7,687 - 40,187
Charge for the year 2,133 3,359 1,467 2,005 - 8,964
Eliminated on disposal - (2,566) (487) (1,830) - (4,883)
Currency translation (975) (2,349) (1,391) (1,032) - (5,747)
Transfers - - - - - -
At 31 December 2024 6,658 15,653 9,380 6,830 - 38,521
Carrying amount
At 31 December 2024 19,463 21,613 17,028 9,215 5,319 72,638
At 31 December 2023 18,319 17,026 9,795 12,241 13,212 70,593
At 1 January 2023 14,438 13,329 3,744 3,185 2,279 36,975
Capitalised cost of mining property are written off over the life of the
licence from commencement of production on a unit of production basis. This
basis uses the ratio of production in the period compared to the mineral
reserves at the end of the period. Mineral reserves estimates are based on a
number of underlying assumptions, which are inherently uncertain. Mineral
reserves estimates take into consideration estimates by independent geological
consultants. However, the amount of mineral that will ultimately be recovered
cannot be known until the end of the life of the mine.
Any changes in reserve estimates are, for depreciation purposes, treated on a
prospective basis. The recovery of the capitalised cost of the Group's
property, plant and equipment is dependent on the development of the
underground mine.
The Directors are required to consider whether the non-current assets
comprising, mineral properties, plant and equipment have suffered any
impairment. The recoverable amount is determined based on value in use
calculations. The use of this method requires the estimation of future cash
flows and the choice of a discount rate in order to calculate the present
value of the cash flows. The directors considered entity specific factors such
as available finance, cost of production, grades achievable, and sales price.
The directors have concluded that no adjustment is required for impairment.
The bank loan from Bank Center Credit is secured on the assets of the Group.
The additions to tangible assets in the year includes an amount of US$nil
(2023: US$553,000) in relation to capitalised interest.
9 Non adjusting events after the financial period
In March 2025 on maturity the Company repaid a US$10m bond, which had a coupon
rate of 10.5%. It subsequently issued another bond on the Astana International
Exchange in April 2025 for a similar amount. The new bond is repayable in
three years, and has a coupon rate of 9.75%.
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