REG-AltynGold Plc Annual Financial Report
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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 2025
Record turnover and profits in 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 2025.
The Company achieved an outstanding operational and financial performance,
surpassing its production target with 53.8koz of gold and setting a new
revenue record of US$175.4 million—an 82% year-on-year increase. This
success was driven by robust gold prices and the effective ramp-up of
operations. Most importantly, these results underscore the Company’s
strategic execution and progress toward its medium-term objective of attaining
mid-tier production status.
The Report and Accounts are available to view on the Company’s corporate
website at https://altyngold.uk/
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and will shortly be uploaded to the Financial Conduct Authority’s ("FCA")
National Storage Mechanism at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
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Financial highlights
* Turnover increased in the year to US$175.4m (2024: US$96.5m) an increase of
82%.
* 50,442oz of gold were sold (2024: 38,708oz) an increase of 30%
* Average gold price achieved (including silver), US$3,474oz, (2024:
US$2,441oz). An increase of 42%.
* The Company made a profit after tax of US$62.0m (2024: US$26.4m).
* Adjusted EBITDA (Earnings before interest, tax, depreciation and amortisation)
of US$101.4m (2024: US$50.9m).
* The Company repaid borrowings of US$34.1m (2024: US$20.4m).
* Net debt at year-end (after deducting cash balances) was US$18.5m (2024:
US$49.7m).
Operational highlights
* Ore mined 926,000t (2024: 750,000t)
* Gold poured 53,852oz, (2024: 37,279oz)
* Mined gold grade 2.05g/t, (2024: 2.29g/t).
* All in sustaining cost (AISC) US$1,562/oz (2024: US$1,318/oz).
* Gold recovery rate 85.07% (2024: 85.4%).
* 5(th) year of no accidents or incidents
Underground development and exploration highlights
* Development of the ventilation works and buildings to support continued
development of the underground to lower levels.
* Transport decline 1 is at -34masl, decline 2 is at sea level (2024: Decline 1
at sea level, decline 2 at +34masl)
* Completion of the main drainage complex at +150masl, and laying associated
pipelines amounting to 1,700 linear metres.
* Reconstruction of tailings dam 4 to extend its capacity was completed.
* Exploration drilling of blast holes at Sekisovskoye amounted to 169,000 linear
metres (2024: 216,000 linear metres).
* Licence for Teren-Sai was extended for 3 months from March 2026, during which
time the application process to move to a production licence will commence.
2026 Outlook
The Company has set a production benchmark of 50,000oz of gold and an ore
processing capacity of 1Mtpa. Building on this foundation, it is actively
pursuing opportunities to expand capacity to 2Mtpa.
At the Teren-Sai project, the Company is advancing the process to secure a
production license, with approval anticipated by the end of 2026. Preliminary
testing and drilling results have identified three high-potential sites.
AltynGold CEO Aidar Assaubayev commented:
“This year’s outstanding operational success underscores our ability to
execute and deliver results. We are firmly on track to evolve AltynGold into a
mid-tier, large-scale producer in the medium term. To accelerate this vision,
we are actively advancing plans to expand processing capacity at Sekisovskoye
and will provide updates as these initiatives progress. Our focus remains
unwavering: to create sustained value for our shareholders.”
Further Information:
For further information, please contact:
AltynGold Plc
Rajinder Basra
+44 (0) 203 432 3198
info@altyngold.uk (mailto:info@altyngold.uk)
Hudson Sandler LLP (Public Relations)
Charlie Jack
Kristina Gaysina
+44 (0)207 796 4133
altyngold@hudsonsandler.com (mailto:altyngold@hudsonsandler.com)
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.
Information on the Company
AltynGold Plc (LSE:ALTN) is an established precious metals producer operating
in Kazakhstan, which is listed on the Equity shares (transition) segment of
the London Stock Exchange.
To read more about AltynGold please visit our website www.altyngold.uk
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and follow our news on LinkedIn at AltynGold Plc
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.
CHAIRMAN’S STATEMENT
Dear Shareholders,
2025 was a transformational year for AltynGold, as our strategic expansion and
operational excellence drove record performance. With the Sekisovskoye plant
operating at its full 1Mtpa capacity, we exceeded production targets,
achieving 53.8Koz of gold and US$175.4 million in revenue—an 82% increase
year-on-year. These results, supported by robust gold prices and the
successful ramp-up of operations, demonstrate our ability to execute our
strategy and advance toward our medium-term goal of achieving mid-tier
production status.
Operationally, 2025 was a year of significant progress. Beyond the success at
Sekisovskoye, we made substantial strides in mining, infrastructure upgrades,
and exploration, leading to more efficient and safer operations. Deeper
exploration drilling has enabled a more targeted approach to reserve
exploitation, setting the stage for future growth.
Looking ahead, we are evaluating plans to increase processing capacity to
2–2.5Mtpa, potentially boosting annual production to over 100,000 ounces in
the medium term. Updates on these plans will be shared in the coming months.
Our growth strategy also extends to the Teren-Sai project, where we expect to
secure a production license by late 2026, further enhancing our medium-term
production potential.
Financially, strong cash generation allowed us to reduce debt while
maintaining cost discipline, strengthening our balance sheet and supporting
future growth. Our commitment to creating value for stakeholders remains
central to our strategy, balancing business needs with sustainable returns for
shareholders. The Board continues to review the potential introduction of a
dividend policy, balancing shareholder returns with the capital and investment
requirements needed to upgrade the Company’s processing capacity and support
future production growth.
AltynGold also maintained its industry-leading safety standards, achieving a
fifth consecutive year without lost-time incidents—a testament to our
zero-harm culture. We will continue to invest in production enhancements to
drive sustainable growth in annual output.
In 2025, we strengthened our executive team by welcoming Maryam Buribayeva as
our new CFO. Additionally, we are reviewing the Board’s composition to
further enhance corporate governance through the addition of experienced
non-executive directors.
2026 has begun positively, and we expect production of 52–55Koz, with a
focus on efficiency improvements, expansion plans, and advancing key projects.
With strong fundamentals and a supportive mining environment in Kazakhstan,
AltynGold is well-positioned for continued growth and value creation.
I extend my sincere gratitude to all employees and stakeholders for their
dedication and support, which make our promising future possible.
Kanat Assaubayev
Chairman
29 April 2026
CHIEF EXECUTIVE OFFICER’S STATEMENT
Overview
The past twelve months have been a defining year for AltynGold, marking our
first full year of operations following the successful expansion of the
Sekisovskoye processing plant to 1Mtpa. The seamless integration of three new
production lines, along with upgraded infrastructure and equipment, enabled
the Company to deliver strong operational and financial performance, exceeding
our full-year production target of 50Koz.
Supported by a favorable market environment, with gold prices remaining at
historically elevated levels, our operational success further strengthened the
Company’s financial position. This achievement has established a solid
foundation for continued growth, as AltynGold now operates at a larger scale
with its expanded processing capacity fully operational.
During the year, we launched a new corporate website, aligning our external
profile with our evolving scale and enhancing communication with investors and
stakeholders. We remain committed to further improving our corporate profile
and external communications, and we will keep shareholders informed as these
initiatives progress.
Operational Developments- Sekisovskoye
The past year was marked by consistent execution across all areas of the
business. At Sekisovskoye, operations ramped up successfully following the
plant expansion, with throughput approaching the full design capacity of
1Mtpa. Ore extraction totaled 926Kt, while processing volumes reached 967Kt,
driving a significant increase in production.
Key infrastructure upgrades were also completed, including improvements to
ventilation and drainage systems and the expansion of tailings storage,
ensuring scalable and reliable operations.
To manage the rise in tailings from higher production, the Company will expand
existing dams in 2026. Over the longer term, additional dams will be developed
to support continued growth.
Gold production for the year exceeded indications, reaching 53.8Koz, despite
some variability in grade and recovery. In parallel, underground development
continued, with 73,832 metres of horizontal development completed, and
exploration drilling totalled over 22,000 metres, supporting ongoing resource
definition and future mine planning.
The Company is evaluating opportunities to expand processing capacity at
Sekisovskoye, with studies underway on a potential increase to 2–2.5Mtpa. An
update will be provided to the market by mid‑year.
These initiatives support our ambition to position AltynGold as a
larger‑scale, mid‑tier producer, with a clear pathway to surpassing
100,000 ounces of annual production in the medium term and further growth
beyond.
The key production figures are shown below:
Mining results ore extraction 2025 2024
Ore mined t 926,422 750,045
Gold grade g/t 2.06 2.10
Silver grade g/t 2.13 2.53
Contained gold oz 61,270 50,739
Contained silver oz 63,249 60,968
Mining results processing 2025 2024
Crushing T 913,360 680,489
Milling T 966,592 593,612
Gold grade g/t 2.05 2.29
Silver grade g/t 2.09 2.67
Gold recovery % 85.07 85.42
Silver recovery % 74.23 75.38
Contained gold oz 63,506 43,644
Contained silver oz 64,430 50,871
Gold Poured oz 53,852 37,279
Silver poured oz 47,794 38,349
Teren-Sai
At Teren‑Sai, three principal targets have been identified within the
exploration area: plots 2, 4, and 5. Progress has been made toward securing a
full mining license, with approval expected in late 2026.
During the year, approximately 9,700 metres of core drilling were completed,
alongside sampling and topographical work, supporting ongoing resource
evaluation. Further preparation of a KAZRC‑compliant resource report is
planned for 2026.
The current operating license expired in March 2026, and a three‑month
extension was obtained to allow submission of resource documentation. Within
12 months of the extension’s expiry, the Company must apply for a
long‑term production license. External consultants are preparing this
application, compiling drilling results and resource statements for plots 2,
4, and 5, with completion expected by year‑end 2026.
Evaluation indicates that plot 5 hosts gold reserves with grades comparable to
Sekisovskoye, while plots 2 and 4 contain mixed resources of gold and copper.
Once the production license is secured, detailed pit design and site
preparation will begin.
Feasibility studies will determine the most practical and economic approach
for exploiting plots 2 and 4. For plot 5, testing has already confirmed that
gold processing can initially be undertaken at Sekisovskoye, given the
compatibility of extraction methods.
Financial position
AltynGold delivered excellent cash generation in 2025, with EBITDA exceeding
US$100m, supported by higher production and strong gold prices. This enabled
continued deleveraging, reducing total debt to US$41.2m (2024: US$60.1m) and
lowering gearing to 10.96% (2024: 37.7%). Bank debt was repaid in line with
budget and is on track to be fully cleared by 2027. In addition, the existing
US$10m bond was refinanced at a lower coupon rate, providing flexibility to
fund future growth and capital expenditure. With reduced leverage and
available headroom, the Company is well‑positioned to access further funding
as required.
Despite global inflationary pressures and a stronger KZT, the Company
maintained strict cost discipline during the ramp‑up to full production
capacity. All‑in Sustaining Costs (AISC) rose to US$1,562/oz in 2025 (2024:
US$1,318/oz), reflecting the transition to steady‑state operations,
processing technology optimization, and strategic capital investments to
support sustainable growth.
AISC remains competitive within the mid‑tier range of US$1,200–1,900/oz,
well below current and forecast gold prices, ensuring strong margins. With
operations stabilized and technology performing consistently, AISC is expected
to level off, supported by economies of scale.
Capital discipline remains central to AltynGold’s strategy. Efficient
allocation of capital has preserved financial flexibility, positioning the
Company to fund future growth initiatives, including potential expansion
projects, without compromising balance sheet strength.
Responsible operations and governance
Safety remains our highest priority. I am pleased to report that 2025 marked
the Company’s [fifth consecutive year of zero lost-time incidents]
underscoring the strength of our safety culture and the effectiveness of our
operational controls.
We continue to enhance our ESG framework in line with international standards,
embedding sustainability considerations into operational and strategic
decision-making.
During the year, AltynGold also continued to support the Next-Generation Smart
Mining+ research programme, led by Hokkaido University of Japan in
collaboration with Nazarbayev University. The programme remains at an early
stage and is focused on evaluating the potential application of underground
positioning systems for emergency response and environmental monitoring
infrastructure, with AltynGold providing its operations as a pilot site for
research and data collection.
Capital requirements
The CAPEX budget primarily covers maintenance at Sekisovskoye, including new
machinery purchases and continued development of declines.
Advancement of the Teren‑Sai project to full production will depend on
securing additional funding, with plans for next steps currently being
finalized. No budget has been allocated for Teren‑Sai at this stage, as
initial work will focus on feasibility studies and site preparation. Early
development costs will be met using existing resources and equipment already
held by the Company.
Projected capital expenditure Total 2026 2027 2028
US$m US$m US$m US$m
Underground development 34 16 9 9
Infrastructure - buildings and facilities 23 13 5 5
Mining equipment 29 17 6 6
Tailings dumps 1 1 - -
Process plant equipment 8 4 2 2
Total 95 51 22 22
Outlook and long-term growth
Looking ahead, AltynGold entered 2026 in a position of strength, with a stable
operating base at increased capacity and a clear focus on efficiency and
consistent production. The Company is targeting gold output of
52,000–55,000oz, supported by steady processing rates and ongoing
operational improvements. Strategic priorities include the expansion of
Sekisovskoye and advancement of Teren‑Sai, with updates expected in Q2 and
Q3 2026.
While gold markets remain volatile, demand is strong and the sector outlook
positive. Kazakhstan continues to strengthen its position as an attractive
mining jurisdiction, supported by substantial mineral resources and growing
relevance in global supply chains. With over two decades of regional
experience, AltynGold is well‑placed to capitalize on both internal and
regional growth opportunities.
On behalf of the management team, I thank our employees, partners,
stakeholders, and shareholders for their continued support. We remain
confident in delivering sustainable growth and long‑term value.
Aidar Assaubayev
CEO
29 April 2026
CHIEF FINANCIAL OFFICER’S STATEMENT
Financial performance
Key performance indicators 2025 2024 2023
Annual gold sales Oz 50,442 38,708 32,765
Annual gold poured Oz 53,852 37,279 33,110
Revenue - gold/silver US$m 175.2 94.5 63.7
All in sustaining cost US$/oz 1,562 1,318 n/a
EBITDA - adjusted US$m 101.4 50.9 22.3
Net Assets US$m 150.1 82.2 70.7
Revenue for 2025 reached a record US$175.4m, driven by stronger gold prices,
higher production, and improved grades. The Company sold 50,442oz of gold
(2024: 38,708oz) at an average price of US$3,474/oz (2024: US$2,441/oz).
Toward year‑end, the gold price rose sharply and is currently around
US$4,800/oz, 39% above the annual average.
As in prior years, all dore output was refined by the Kazakh national
refinery, which processes 100% of production at prevailing US dollar spot
prices under an annually renewed contract confirming volumes and pricing
terms.
Total cost of sales rose from US$47m to US$79m in 2025, an increase of US$32m.
Key drivers were:
* Mineral extraction tax: up US$6.8m, reflecting a 24% increase in ore extracted
and a 42% rise in gold prices.
* Depreciation and amortisation: up US$7.2m due to additional plant and
machinery and higher ore volumes.
* Subcontractor costs: up US$15.5m, driven by increased ore mined (926kt vs.
701kt), higher labour rates, and inflationary consumables.
* Staff costs: up US$2m from 36 new hires and pay rises.
Operating cash costs (excluding administrative expenses) rose to US$1,252/oz
(2024: US$992/oz). Total cash costs, including administrative expenses but
excluding depreciation and provisions, increased to US$1,399/oz (2024:
US$1,162/oz). All‑in Sustaining Costs (AISC), which include sustaining
capital expenditure, rose to US$1,562/oz (2024: US$1,318/oz).
Administrative costs increased to US$9.7m (2024: US$6.6m), mainly due to:
* US$2m in irrecoverable VAT written off.
* US$0.8m in final payments for testing and implementation of the third
production line.
Gross profit nearly doubled to US$96m (2024: US$49m), while net profit after
tax rose to US$62m (2024: US$26.4m). Tax payments totaled US$17.5m, reflecting
an effective rate of 19% after utilization of tax losses and adjustments.
Adjusted EBITDA increased to US$101.4m (2024: US$50.9m), underscoring strong
operational and financial performance.
Year‑end cash increased to US$22.7m (2024: US$10.4m). Key movements were:
* Operating cash flow: US$55.7m (2024: US$29.4m), reflecting strong revenue
growth after working capital changes and tax payments.
* Capital expenditure: US$15.6m (2024: US$21.9m), lower as plant upgrades are
largely complete.
* Debt service and repayment: US$34.1m (2024: US$20.4m).
* New financing: US$15m raised (2024: US$22.4m), primarily from refinancing a
US$10m bond at a lower coupon rate.
At year‑end 2025, total debt stood at US$41.2m (2024: US$60.1m), with
gearing reduced to 10.96% (2024: 37.7%). The majority of bank debt is
scheduled for repayment in 2026, while bonds mature in 2027 and 2028. Gearing
is calculated as net debt (total debt less cash) divided by total capital
(equity plus debt).
Maryam Buribayeva
CFO
29 April 2026
FINANCIAL OVERVIEW
Consolidated Income Statement and Statement of Comprehensive Income for the
Year Ended 31 December 2025
Note 2025 2024
$ 000
$ 000
3 175,399 96,522
Revenue
Cost of sales (79,329) (47,455)
Gross profit 96,070 49,067
Administrative expenses (9,738) (6,557)
Impairments (1,061) (117)
Operating profit 85,271 42,393
Finance income 1,231 358
Foreign exchange 744 (6,373)
Finance expense (5,202) (6,023)
Total finance cost (3,727) (12,038)
Profit before tax 82,044 30,355
Taxation expense 6 (20,035) (3,932)
Profit for the year attributable to the equity holders of the parent 62,009 26,423
Profit for the year 62,009 26,423
Items that may be reclassified subsequently to the income statement
Currency translation differences arising on translations of foreign operations 5,905 (14,948)
Total comprehensive profit attributable to:
Equity holders of the parent 67,914 11,475
Earnings per ordinary share 4
Basic 226.87c 96.66c
Diluted 226.87c 96.66c
Consolidated Statement of Financial Position as at 31 December 2025
Note 2025 2024
$ 000
$ 000
Assets
Non-current assets
Intangible assets 7 20,571 14,880
Property, plant and equipment 8 87,929 72,638
Trade and other receivables 9,722 14,669
Restricted cash 1,249 93
119,471 102,280
Current assets
Inventories 46,564 23,503
Trade and other receivables 26,372 20,430
Cash and cash equivalents 22,737 10,402
95,673 54,335
215,144 156,615
Total assets
Equity and liabilities
Current liabilities
Trade and other payables (10,256) (7,468)
Income tax liability (2,763) (78)
Provisions (1,048) (358)
Loans and borrowings (12,856) (29,201)
(26,923) (37,105)
Non-current liabilities
VAT payable - -
Other payables - -
Deferred tax liabilities (3,349) (675)
Provisions (6,438) (5,733)
Loans and borrowings (28,363) (30,945)
(38,150) (37,353)
Total liabilities (65,073) (74,458)
Equity
Share capital (4,267) (4,267)
Share premium (152,839) (152,839)
Merger reserve 282 282
Foreign currency translation reserve 69,550 75,455
Accumulated profit (62,797) (788)
Equity attributable to owners of the company (150,071) (82,157)
Total equity and liabilities (215,144) (156,615)
Consolidated Statement of Cash Flows for the Year Ended 31 December 2025
2025 2024
$ 000
$ 000
Cash flows from operating activities
Net cash flow from operating activities 55,746 29,370
Cash flows from investing activities
Interest received 1,231 358
Acquisitions of property plant and equipment* (15,556) (17,877)
Acquisition of intangible assets (5,524) (3,977)
Net cash flows from investing activities (19,849) (21,496)
Cash flows from financing activities
Interest paid (4,485) (4,800)
Loans received** 14,976 22,352
Loans repaid (34,105) (20,415)
Net cash flows from financing activities (23,614) (2,863)
Net increase in cash and cash equivalents 12,283 5,011
Cash and cash equivalents at 1 January 10,402 5,502
Effect of exchange rate fluctuations on cash held 52 (111)
Cash and cash equivalents at 31 December 22,737 10,402
*Acquisitions of fixed assets in the year amounted to US$28.05m (2024:
US$24.03m), the amount shown within the cash flow represents the amount after
adjusting for the movement of advance payments and creditor payments due at
the year end.
**Net of commission payments made US$497,000 (2024: US$584,000)
Consolidated Statement of Changes in Equity for the Year Ended 31 December
2025
Currency
Share Share Merger translation Accumulated Total
capital premium reserve reserve Profit/losses equity
$000 $000 $000 $000 $000 $000
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)
Profit for the year – – – – (62,009) (62,009)
Other comprehensive income – – – (5,905) – (5,905)
Total comprehensive income – – – (5,905) (62,009) (67,914)
At 31 December 2025 (4,267) (152,839) 282 69,550 (62,797) (150,071)
Notes to the Financial Statements for the Year Ended 31 December 2025
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 2025 and 31 December 2024 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 2024 has
been delivered to the Registrar of Companies and those for 2025 will be
presented before the shareholders at the Annual General Meeting. The full
audited financial statements for the years ended 31 December 2025 and 31
December 2024 do comply with IFRS.
2. Going concern
The Group increased turnover in the year to US$175m from US$97m, generating an
adjusted EBITDA of US$101.4m (2024 US$50.9m) largely driven by the increased
price of gold moving up from an average of US$2,441oz to US$3,474oz.
The Board has reviewed the Group’s forecast cash flows for the period to
June 2027, 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 an inflationary allowance. The gold price used in the
forecasts has been based on an average of consensus forecasts, which is lower
than that currently being achieved at US$4,000-US$4,075oz.
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
2026 due to the increased price of gold per oz which is trending around
US$4,800oz.
The forecasts have been sensitised and allow for a fall in production and a
fall in the price achievable for gold and silver per oz. In each separate case
the Group would not experience a cash shortfall. If both production and prices
were to decrease by 18% from forecast cash flows, the model shows that the
Company would still be cash positive in these circumstances. In the unforeseen
circumstance that there were larger movements in these factors than the Group
has anticipated in cost or a further reduction in revenues it would look to
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:
2025 2024
$000 $000
Sale of gold and silver 175,160 94,476
Other sales 239 2,046
175,399 96,522
Included in revenues from sale of gold and silver are revenues of
US$175,160,000 (2024: US$94,476,000) which arose from sales of precious metals
to one customer based in Kazakhstan. Other sales amounted to US$239,000 (2024:
US$2,046,000) 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$62.0m (2024 US$26.4m).
The weighted average number of ordinary shares for calculating the basic
earnings per share in 2025 and 2024 is shown below.
2025 2024
No.
No.
Basic 27,332,934 27,332,934
Diluted 27,332,934 27,332,934
5. Alternative performance measures
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. 2025 2024
US$000 US$000
Profit after tax 62,009 26,423
Income tax expense 20,035 3,932
Finance income (1,231) (358)
Finance expense 5,202 6,023
Foreign exchange (744) 6,373
Depreciation 15,880 8,965
Amortisation 296 80
Fair value adjustment on loan - (556)
Adjusted EBITDA 101,447 50,881
Cash costs
2025 2024
US$000 US$000
Cost of sales 79,329 47,455
Adjusted for:
Depreciation and amortisation on cost of sales (16,176) (9,044)
63,153 38,411
Gold sold in the period -oz 50,442 38,708
Operating cash cost US$/oz 1,252 992
2025 2024
US$000
US$000
Operating cash costs 63,153 38,411
Adjusted for:
Administrative expenses 9,737 6,560
Less write off of irrecoverable VAT (2,323) -
70,567 44,971
Gold sold in the period -oz 50,442 38,708
Total cash cost US$/oz 1,399 1,162
Total cash cost 70,567 44,971
Adjusted for:
Sustaining capital expenditure 8,200 6,036
78,767 51,007
Gold sold in the period -oz 50,442 38,708
AISC US$/oz 1,562 1,318
The total capital expenditure in the period was US$28m (2024: US$24m), of this
amount US$19.8m (2024: US$18m) was deemed to be non-sustaining capital
expenditure as it related to the development of the increased capacity of the
processing plant and related infrastructure.
6. Income tax
Tax charged in the income statement
2025 2024
$ 000
$ 000
Current taxation
Income tax 17,463 1,981
Deferred taxation
Arising from origination and reversal of temporary differences 2,572 2,131
Arising from previously unrecognised tax loss, tax credit or temporary - (180)
difference of prior periods
Total deferred taxation 2,572 1,951
Tax expense in the income statement 20,035 3,932
7. Intangible assets
Teren Sai Teren Sai Other intangible assets Total
geological data
Exploration and
$ 000
$ 000
$ 000
evaluation costs
$ 000
Cost or valuation
At 1 January 2023 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 2023 7,257 12,842 712 20,811
At 1 January 2024 7,257 12,842 712 20,811
Additions 9 5,515 - 5,524
Disposal - - (625) (625)
Amortisation capitalised - 478 - 478
Currency translation 258) 647 2 907
At 31 December 2025 7,524 19,482 89 27,095
Amortisation
At 1 January 2023 5,963 146 92 6,201
Amortisation charge 555 - 79 634
Currency translation (865) (16) (23) (904)
At 31 December 2023 5,653 130 148 5,931
At 1 January 2024 5,963 130 148 5,931
Amortisation charge 478 - 296 774
Disposal - - (405) (405)
Currency translation 217 5 2 224
At 31 December 2025 6,348 135 41 6,524
Carrying amounts
At 31 December 2025 1,176 19,347 48 20,571
At 31 December 2024 1,604 12,712 564 14,880
At 1 January 2024 2,395 10,538 728 13,661
The intangible assets in relation to Teren-Sai, relate to two aspects the
initial historic geological information pertaining to the Teren-Sai ore
fields, and exploration activities conducted after the purchase of the
drilling data.
The ore fields are located in close proximity to the current mining operations
of Sekisovskoye. The Company initially obtained a licence for exploration and
evaluation on the site in May 2016 from the Kazakh authorities.
The addendum to the licence which expired in March 2026 has been extended for
three months to June 2026. The Company has one year from the end of this
period to submit plans to develop the site and obtain a production licence.
The Company is targeting completion of the relevant data in relation to the
application during 2026, and expect to receive the production licence in Q4
2026.
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
since the CPR was completed in 2019 by conducting exploratory drilling to
define the co-ordinates of the plot areas. for future production.. The
directors consider that no impairment is required taking into account the CPR
results, exploration and planned production in the future. The amortisation
costs are capitalised as part of the exploration asset in line with the
Company’s accounting policy.
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 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
At 1 January 2025 26,121 37,266 26,408 16,045 5,319 111,159
Additions 8,386 109 3,262 2,480 13,810 28,047
Disposals (189) - (29) (156) (18) (392)
Transfers - 12,293 2,463 10 (14,766) -
Currency translation 1,892 1,724 1,072 687 158 5,533
At 31 December 2025 36,210 51,392 33,176 19,066 4,503 144,347
Depreciation
At 1 January 2024 5,500 17,209 9,791 7,687 - 40,187
Charge for 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
At 1 January 2025 6,658 15,653 9,380 6,830 - 38,521
Charge for the year 6,043 4,392 3,593 1,852 - 15,880
Eliminated on disposal - - (29) (70) - (99)
Currency translation 665 697 447 307 - 2,116
At 31 December 2025 13,366 20,742 13,391 8,919 - 56,418
Carrying amount
At 31 December 2025 22,844 30,650 19,785 10,147 4,503 87,929
At 31 December 2024
19,463
21,613
17,028
9,215
5,319
72,638
At 1 January 2024 18,319 17,026 9,795 12,241 13,212 70,593
The capitalised cost of mining property is written off over the life of the
licence from commencement of production on a unit of production basis. As the
current licence is running to 2029, the mining properties are being written
off over this period.
This basis uses the ratio of production in the period compared to the mineral
reserves at the end of the period of the current licence. 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, which has been calculated on the basis of the current
licence finishing in 2029.
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 has a fixed charge over the assets of the subsidiary companies.
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