REG-AltynGold Plc Half-year Report
25/09/2025 07:00
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Half-year Report
AltynGold PLC
(“AltynGold” or “the Company”)
Unaudited Interim Results – six months to 30 June 2025
Increased processing capacity driving production growth and record profits
AltynGold Plc (LSE: ALTN), a leading exploration, production and development
gold producer operating in Kazakhstan, is pleased to announce its unaudited
results for the six months to 30 June 2025.
The upgrade of the processing plant at the Sekisovskoye mine, completed in Q4
2024, is showing positive results, with gold production increasing
considerably, by 44% YoY to 25,081oz, allowing AltynGold to benefit from the
favorable gold price environment. The increased milling capacity and efficient
operations have translated into record financial performance with an 125%
increase in EBITDA from H1 2024. AltynGold continues to reiterate its
production guidance of 50,000oz for the full year of 2025.
The Company is also pleased to report there were no mine accidents or other
safety incidents to report in the period, demonstrating continued commitment
to operating responsibly and prioritising staff safety.
Highlights:
Financial
* Turnover increased to US$70m (H1 2024: US$38.4m)
* Strong average realised gold price of US$3,099oz during the period (H1 2024:
US$2,293oz)
* Gross profit of US$40.2m (H1 2024: US$16.5m), with a net profit before
taxation of US$34.6m (H1 2024: US$10.3m)
* Adjusted EBITDA of US$44m (H1 2024: US$19.6m), a compelling 125% increase
* Confirming low cash cost position of the Group with All-in sustaining cost
(AISC) of US$1,357oz (H1 2024: US$1,284oz)
* Total cash cost of production (TCC) of US$1,152oz (H1 2024: US$1,154oz)
Production
* Ore mined up 35% to 450,578t (H1 2024: 334,101t)
* H1 2024 gold dore production from Sekisovskoye was 25,081oz, compared with H1
2024 of 17,413oz, a 44% increase
* H1 2025 gold sold was 22,595oz, compared with H1 2024 of 17,247oz, a 31%
uplift from the prior period
* Average processed gold grade in the period was 2.04g/t (H1 2024: 2.30g/t)
* Sustained operational performance with gold recovery averaging 84.75% during
the 6-month period (H1 2024: 84.57%)
Sekisovskoye Mine development
* The transport declines continue to be developed
* The No 1 decline is at -34 masl with tunnelling completed of 262 linear metres
* No 2 decline is at 0 masl with 60 linear metres of tunnelling completed.
* Exploration drilling amounted to 8,757 linear metres, (H1 2024: 8,555).
* Drilling of blastholes amounted to 75,555 linear metres.
* Ore body 11 was further developed with mine tunnelling and exploratory
drilling from 300 masl to 0masl
* Completion of ventilation and associated works as the declines are developed.
AltynGold CEO Aidar Assaubayev commented:
“Sekisovskoye continues to deliver strong results, with production and
profitability both showing significant growth in the first half of the year.
The combination of higher mined volumes, stable operating costs, and a
supportive gold price environment has translated into a 143% increase in
operating profit and record EBITDA. Importantly, we achieved this while
maintaining our exemplary safety record, with no accidents reported in the
period.
With ore stockpiles in place, processing capacity running at enhanced levels,
and underground development advancing on schedule, we are well placed to meet
our target of 50,000 ounces for the year. The progress on our declines and ore
body development underpins the long-term future of the mine, giving us
confidence in our ability to continue to grow production towards our medium
term goals.
AltynGold is in a robust financial position with compelling cash generation,
enabling us to reinvest in mine development and pursue our growth strategy. We
remain committed to delivering excellent value for our shareholders while
operating safely and responsibly.”
For further information please contact:
AltynGold plc
Radjinder Basra +44 (0) 203 432 3198
Email: info@altyn.uk (mailto:info@altyn.uk)
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
The first half of 2025 has been one of continued progress for AltynGold. With
the expansion of the Sekisovskoye processing plant now complete, the Company
is firmly positioned to deliver on its target of 50,000 ounces of production
this year, while establishing the platform for our longer-term ambition of
100,000 ounces annually.
Our strengthening financial position reflects both higher output and the
supportive gold price environment. Operating profits more than doubled in the
half, and adjusted EBITDA rose by 125%. Importantly, cash generation is now
accelerating at a pace that will see the Company move into a net cash position
in the near term. This transformation provides us with the flexibility to fund
growth largely from internal resources, a significant step change from
previous years, and one that strengthens our resilience in a volatile global
environment.
The quality and notable longevity of AltynGold’s considerable asset base
remains a source of real competitive strength. Sekisovskoye has a long reserve
life at current production levels, while our exploration work at Teren Sai
continues to demonstrate the potential to add further scale and longevity at
competitive cash costs to the portfolio. Together, these assets underpin our
ambition to become a mid-tier producer of scale, capable of delivering
sustainable value over decades. We continue to review organic growth
opportunities that could allow us to further expand our high-quality asset
portfolio.
We remain committed to pursuing further growth diligently, with a responsible
focus on safety, environmental stewardship, and the pursuit of value creation
for all stakeholders. The strong gold price environment enhances this
opportunity, but it is the strength of our assets and expertise of our
employees that give us confidence in our growth strategy.
On behalf of the Board, I would like to thank our employees for their hard
work, skill, and commitment, which continue to drive our success. I also
extend my gratitude to our shareholders for their trust and support as we
execute our strategy.
I would also like to take this opportunity to welcome Maryam Buribayeva to the
Board as Chief Financial Officer, which has been announced since the H1 2025
period end. AltynGold has benefited from Maryam’s expertise and deep
knowledge of the Company during her tenure as a Non-Executive Director for the
past 3 years, and we look forward to her continued leadership as an Executive
Director at this exciting time for the Company.
I look forward to providing a further update on our progress later this year.
Kanat Assaubayev
Chairman
25 September 2025
Chief Executive Officer’s statement
The first half of 2025 marks a decisive turning point for AltynGold. With the
successful completion of the Sekisovskoye processing plant upgrade at the
beginning of the year, our operations are now firmly positioned to deliver
higher output and strong financial performance. This expansion has increased
milling capacity by around 50%, underpinning our ability to reach 50,000
ounces of gold production in 2025 and establishing a platform for our
longer-term ambition of producing 100,000 ounces annually.
At Sekisovskoye, the mine continues to operate smoothly, with key development
milestones achieved during the period. We advanced both transport declines by
322 metres, pushed forward tunnelling into ore body 11, and commissioned
significant infrastructure including the new surface ventilation fan unit and
the main drainage complex. These projects enhance the long-term resilience and
efficiency of our underground operations. The team maintained our strong
safety record, with no lost-time incidents recorded in the half, in line with
our core commitment to safe operations.
Our primary focus has been the successful implementation of the processing
plant at Sekisovskoye and ramping up production to take advantage of the
increasing gold prices. Financially, the impact of the processing plant
expansion is clear. Revenue rose in the period to US$70m and operating profit
increased 143% YoY to US$37m. Adjusted EBITDA more than doubled to US$44m.
This reflects higher production volumes and the supportive gold price
environment, with an average realised price of over US$3,000 per ounce.
Cash generation is strengthening rapidly, and with net debt expected to fall
sharply, we are moving towards a net cash position. This will create financial
flexibility to fund the next phase of growth internally.
Our focus on the processing plant has led to a natural change of focus from
the accelerated development of Teren Sai that previously envisaged as
resources were committed to Sekisovskoye. Nevertheless, we continued drilling
programmes at both Sekisovskoye and at our Teren Sai licence area. At Teren
Sai, where our exploration licence has been extended until March 2026, we
completed nearly 10,000 metres of core drilling alongside mapping and sampling
works. This work is progressively de-risking the resource base and increasing
our production opportunities, and the next steps are to prepare a resource
estimate and determine the most efficient pathway towards production. Together
with the 5.05 million ounces of proven and probable reserves across our
portfolio, this work supports the scale and longevity of our resource base and
provides optionality for growth well beyond current production output.
We are pleased to introduce to our Company disclosures the benchmark cost
measure for our operations’ All-In Sustaining Cost (AISC), in line with our
commitment to financial transparency and clear disclosure to shareholders. At
US$1,357/oz (H1 2024: US$1,284/oz), our AISC clearly demonstrates AltynGold to
be a compelling low-cost producer.
Looking forward, our strategy remains focused on two pillars: the continued
development of Sekisovskoye and the progression of Teren Sai. The completed
plant expansion has lifted our production run-rate to 56,000 ounces achievable
from 2026, and we remain committed to scaling to 100,000 ounces annually from
our existing resource base.
AltynGold today stands at an inflection point between junior and mid-tier
producer. We are delivering strong operational performance, generating
meaningful cash flow, and investing in growth responsibly. With our
strengthened platform, we are well placed to create sustained value for all
stakeholders as we advance towards our long-term vision of becoming a growing,
low cost mid-tier gold producer of scale.
Aidar Assaubayev
Chief Executive Officer
25 September 2025
Operational overview
Sekisovskoye
With the completion of the final stages of the processing plant upgrade and
associated works being completed in January 2025, the mine works have returned
to the normal schedules of ongoing maintenance and capital expenditure
associated with the ongoing development of the declines. Capital expenditure
in relation the final completion of works in relation to the processing plant
and capital upgrades amounted to US$7m of the total capex spend of US$11.7m
The principal milestones achieved in the period in relation to the mine
development were:
* Capital development of the two declines in the period amounted to 322 linear
metres.
* Drilling and tunnelling works to access the ore in ore body 11 at 0masl.
* Backfilling of the voids as the ore is extracted,
* Exploratory drilling and blast hole drilling increased to facilitate the
higher level of ore to the processing plant.
Construction of the main fan unit building on the surface at elevation +430
masl and installation of Korfmann AL 17-4500 No. 2. Work was also completed on
pouring the foundation of the building and the pedestal for the ventilation
units.
Completion of the main drainage complex at an elevation of +150 metres above
sea level. This included the laying of 1700 linear metres of pipeline, which
was also connected to outlets at an elevation of +320 metres above sea level.
Teren Sai
The primary focus of the company has been on the successful implementation of
the processing plant at Sekisovskoye, and to ramp up production, to take
advantage of the increasing gold prices. This has led to a change of focus
from the development of Teren Sai that was previously planned as resources
were committed to Sekisovskoye.
To summarise the extension to the exploration licence was granted in April
2024 for a two year period expiring in March 2026. The licence requires
exploration to be undertaken in line with a work program agreed with the
mining authorities. In the current six month period the following works were
undertaken:
* Core drilling of 9,720 metres
* Topographical mapping works on 31 mines
* 6,370 samples tested
Testing and sampling has been undertaken in the area 2 identified for
development. The results continue to be analysed and collated, to assess if
further works are required before moving to the next stage.
The next step will involve the preparation of a resources estimate which may
necessitate the involvement of an external advisor and development of a work
program to be agreed with the mining authorities.
As the licence expires in March 2026 this may require a renewal of the
exploration licence with a view to switching the licence to a production
licence on completion of all research. An assessment will be made at this
stage as to the how to develop the prospective resource in the most efficient
and profitable way.
We will update shareholders as the plans are progressed.
Aidar Assaubayev
Chief Executive Officer
25 September 2025
Financial review
Key Statistics 30 June 2025 30 June 2024
Ore mined tons 450,578 334,101
Milling tons 452,593 279,251
Contained gold milled ounces 29,595 20,589
Gold grade g/t 2.04 2.30
Silver grade g/t 2.23 2.70
Gold recovery % 84.75% 84.57%
Silver recovery % 73.31% 73.57%
Gold poured ounces 25,081* 17,413
Silver poured ounces 23,496 17,901
* This figure was previously reported as 28,081oz in the H1 2025 production
update RNS issued on 18 July 2025.
With the ongoing political and economic uncertainty, caused by the continuing
conflicts in the world and the unpredictable economic policies in the USA, the
demand and as a consequence the price of gold has been increasing. Major
factors pushing the price up have been the demand from central banks
diversifying their reserve holdings away from the US Dollar, and investor
sentiment on interest rates and inflation. These underlying factors are set to
continue with some analysts such as Goldman Sachs seeing prices continuing to
move upwards to over US$4,000oz. The average price achieved in H1 2025 was
US$3,099, currently the gold price is above US$3,600oz.
With the third line of production becoming fully operational in the period,
the gold dore produced increased by 44% to 25,081oz, which was in line with
the budgeted plan for the six months. The company is budgeting for a
production level of 50,000oz for the full year.
The turnover increased to US$70m an increase of 82% on the higher level of
production and increase in the average price of gold achieved of US$3,099oz up
from US$2,293. Gross margin increased to 57% from 43%, due principally to the
increase in price of gold as the costs are relatively fixed.
The cost of sales increased from US$22m to US$30m the increase of US$8m was
due to three principal factors. An increase in depreciation of US$4m as a
result of the additional capital expenditure relating to plant construction.
Secondly an increase in mineral extraction tax of US$2.9m, this is levied at
7.5% on the ore extracted which increased to 450,000t (2024: 334,000t )
extracted. Thirdly an increase in wage costs in the year of US$0.6m to service
the higher level of production.
Sekisovskoye produced 25,081oz of gold dore (H1 2024: 17,413oz), with an
increased recovery rate of 84.75%. Gold sold in the period amounted to
22,595oz, with the balance being carried forward into stock to be sold in Q3
2025.
As production continues to grow the cash cost of production is set to reduce
(cost of sales excluding depreciation and provisions) and was for the period
was US$1,007/oz (H1 2024 US$1,013/oz). The total cash cost was US$1,152/oz as
compared to US$1,154/oz in H1 2024.
In terms of administrative costs these increased by US$0.8m to a total of
US$3.3m, principally due to a one off adjustment to restate the carrying value
of VAT resulting in a provision of US$693,000.
The finance costs represent the interest charges on the bonds at the fixed
rates of 11.25% and 9.75% on the two US$10m bonds which amounted to US$1.1m in
the period and US$1.8m on the bank loans with interest rates principally at
rates between 7%-8%.
Tax levied on the profits relates entirely to the tax charged in Kazakhstan at
a rate of 20%, as all the tax losses have now been fully utilised, the tax
charge has increased in the current period to US$7.6m
On the back of the strong trading performance adjusted EBITDA rose to US$44m
(2024: US$19.6m) in the six months to 30 June 2025.
As of 30 June 2025, the cash balances were US$15m, increasing from the
December 2024 balance of US$10.4m.
The net amount of loans repaid in the period was US$11.4m, comprised of
additional loans of US$14m and loans repaid of US$25.4m. The loans repaid
included the Kazakh Tenge denominated loans which had a higher interest rate
of 15.5% per annum. The loans total US$49m at 30 June 2025, the majority of
which will be repaid by 2027.
Ore stockpiles have increased from the December 2024 level of US$23.5m to
US$37.6m. The increase in the ore stockpiles was planned in order to service
the greater running capacity of the processing plant from January 2025.
Aidar Assaubayev
Chief Executive Officer
25 September 2025
Directors’ Responsibility Statement and Report on Principal Risks and
Uncertainties
The Board confirms to the best of their knowledge, that the condensed set of
financial statements have been prepared in accordance with the UK-adopted
International Accounting Standard 34, 'Interim Financial Reporting' and the
Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom’s Financial Conduct Authority.
The interim management report includes a fair review of the information
required by:
DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial statements;
and a description of the principal risks and uncertainties for the remaining
six months of the year; and
DTR 4.2.8R of the Disclosures and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during the period; and any changes in the related
party transactions described in the last annual report that could do so.
The Company’s management has analysed the risks and uncertainties and has in
place control systems that monitor daily the performance of the business via
key performance indicators. Certain factors are beyond the control of the
Company such as the fluctuations in the price of gold and possible political
upheaval. However, the Company is aware of these factors and tries to mitigate
these as far as possible. In relation to the gold price the Company is pushing
to achieve a lower cost base in order to minimise possible downward pressure
of gold prices on profitability.
Risks and uncertainties identified by the Company are set out in the 2024
Annual Report and Accounts and are reviewed on an ongoing basis. There have
been no significant changes in the first half of 2025 to the principal risks
and uncertainties as set out in the Annual Report and Accounts and these are
as follows:
* Fiscal changes in Kazakhstan
* No access to capital
* Commodity price risk
* Reliance on operating in one country
* Reliant on one operating mine
* Technical difficulties associated with developing the underground mines at
Sekisovskoye and Teren-Sai
* Failure to achieve production estimates
* Inflationary and currency risk
* Health, safety and environment
* Political uncertainties
The Directors do not expect any changes in the principal risks for the
remaining six months of the financial year.
Aidar Assaubayev
Chief Executive Officer
25 September 2025
Consolidated statement of profit or loss and other comprehensive income
– six months to 30 June 2025
Six months Six months
ended 30 June ended 30 June
2025 2024
(Unaudited) (Unaudited)
Notes
US$’000 US$’000
Revenue 2 70,010 38,397
Cost of sales (29,794) (21,863)
Gross profit 40,216 16,534
Administrative expenses (3,331) (2,473)
Other operating income 2 150 1,146
Operating profit 37,035 15,207
Foreign exchange gain/(loss) 438 (1,967)
Finance expense (2,866) (2,978)
Profit before taxation 34,607 10,262
Taxation (7,626) (2,007)
Profit attributable to equity shareholders 26,981 8,255
Profit per ordinary share
Basic and diluted (US cent) 3 98.71c 30.20c
Six months Six months
ended 30 June ended 30 June
2025 2024
unaudited
unaudited
US$’000 US$’000
Profit for the period 26,981 8,255
Currency translation differences arising on translations of foreign operations 95 (3,701)
items which will or may be reclassified to profit or loss
Total comprehensive profit for the period attributable to equity shareholders 27,076 4,554
Consolidated statement of financial position at 30 June 2025
30 June 30 June 31 December
2025 2024 2024
Notes (unaudited) (unaudited) (audited)
US$’000 US$’000 US$’000
Non-current assets
Intangible assets – Teren Sai 5 16,798 13,547 14,316
Others 5 530 666 564
Property, plant and equipment 6 77,622 74,785 72,638
Other receivables 7 14,824 14,040 14,669
Restricted cash 218 31 93
109,992 103,069 102,280
Current assets
Inventories 11 37,585 22,212 23,503
Trade and other receivables 7 22,385 20,295 20,430
Cash and cash equivalents 14,962 4,686 10,402
74,932 47,193 54,335
Total assets 184,924 150,262 156,615
Current liabilities
Trade and other payables 8 (11,999) (9,626) (7,468)
Vat payable (814) - -
Provisions (420) (376) (358)
Deferred tax liability 13 (4,038) (276 -
Tax provision (3,193) (401) (78)
Borrowings 12 (15,040) (32,143) (29,201)
(35,504) (42,822) (37,105)
Net current assets 39,428 4,371 17,230
Non-current liabilities
Deferred taxes payable 13 - - (675)
Provisions (6,253) (6,359) (5,733)
Borrowings 12 (33,934) (25,845) (30,945)
(40,187) (32,204) (37,353)
Total liabilities (75,691) (75,026) (74,458)
Net assets 109,233 75,236 82,157
Equity
Share capital (4,267) (4,267) (4,267)
Share premium (152,839) (152,839) (152,839)
Merger reserve 282 282 282
Currency translation reserve 75,360 64,208 75,455
Accumulated loss (27,769) 17,380 (788)
Total equity (109,233) (75,236) (82,157)
The financial information was approved and authorised for issue by the Board
of Directors on 25 September 2025 and was signed on its behalf by:
Aidar Assaubayev - Chief Executive Officer
Consolidated statement of equity – six months to 30 June 2025
Share Share Merger Currency Accumulcated Total
capital
premium
reserve
translation
losses
reserve
Unaudited US$'000 US$'000 US'000 US$'000 US$'000 US$'000
At 1 January 2025 (4,267) (152,839) 282 75,455 (788) (82,157)
Profit for the period - - - - (26,981) (26,981)
Exchange differences on translating foreign operations - - - (95) - (95)
Total comprehensive income for the period - - - (95) (26,981) (27,076)
At 30 June 2025 (4,267) (152,839) 282 75,360 (27,769) (109,233)
Unaudited US$'000 US$'000 US'000 US$'000 US$'000 US$'000
At 1 January 2024 (4,267) (152,839) 282 60,507 25,635 (70,682)
Profit for the period - - - - (8,255) (8,255)
Exchange differences on translating foreign operations - - - 3,701 - 3,701
Total comprehensive income for the period - - - 3,701 (8,255) (4,554)
At 30 June 2024 (4,267) (152,839) 282 64,208 17,380 (75,236)
Consolidated statement of cash flow – six months to 30 June 2025
Six months Six months
ended
ended
30 June 2025 30 June 2024
(unaudited) (unaudited)
Note US$’000 US$’000
Net cash inflow from operating activities 9 31,639 6,192
Investing activities
Purchase of property, plant and equipment* (10,161) (2,720)
Acquisition of intangible assets (2,468) (1,412)
Net cash used in investing activities (12,629) (4,132)
Financing activities
Loans received 14,141 10,235
Loans repaid (25,418) (10,834)
Interest received 230 56
Interest paid (2,251) (2,293)
Net cash flow decrease from financing activities (13,298) (2,836)
Taxation paid (1,152) -
Increase/(decrease) in cash and cash equivalents 4,560 (776)
Cash and cash equivalents at the beginning of the period 10,402 5,502
Effect of exchange rate fluctuations on cash held - (40)
Cash and cash equivalents at end of the period 14,962 4,686
*The purchase of plant and equipment represents the net amount paid in the
period after adjusting for prepaid advances and amounts due to creditors in
relation to acquisitions of equipment.
1. Basis of preparation
General
AltynGold Plc (the “Company”) is a Company incorporated in England and
Wales under the Companies Act 2006, and is tax resident in the United Kingdom.
The address of its registered office, and place of business of the Company and
its subsidiaries is set out within the Company information at the end of this
interim report.
The Company shares are publicly traded on the London Stock Exchange. The
interim financial results for the period ended 30 June 2025 are unaudited.
This interim financial information of the Company and its subsidiaries (“the
Group”) for the six months ended 30 June 2025 have been prepared, in
accordance with the UK-adopted International Accounting Standard 34, 'Interim
Financial Reporting' and the Disclosure Guidance and Transparency Rules
sourcebook of the United Kingdom’s Financial Conduct Authority, and on a
basis consistent with the accounting policies set out in the Group's
consolidated annual financial statements for the year ended 31 December 2024.
It has not been audited, does not include all of the information required for
full annual financial statements, and should be read in conjunction with the
Group's consolidated annual financial statements for the year ended 31
December 2024, which has been prepared in accordance with both
“international accounting standards in conformity with the requirements of
the Companies Act 2006” and “international financial reporting standards
as adopted by the United Kingdom”.
These interim financial statements do not comprise statutory accounts within
the meaning of section 434 of the Companies Act 2006. Statutory accounts for
the year ended 31 December 2024 were approved by the board of directors on 25
April 2025 and delivered to the Registrar of Companies. The report of the
auditors on those accounts was not qualified.
The same accounting policies, presentation and method of computation together
with critical accounting estimates, assumptions and judgements are followed in
this consolidated financial information as were applied in the Group's latest
annual financial statements except that in the current financial year, the
Group has adopted a number of revised Standards and Interpretations. However,
none of these have had a material impact on the Group
Going concern
Turnover, profitability and EBITDA all increased significantly during the
period.
At the period end the Group had cash resources of US$15m (31 December 2024:
US$10.4m). The Board have reviewed the Group’s cash flow forecasts for the
period to December 2026. The forecasts are based on the current approved
budgets taking into account any adjustments from current trading. The
Directors are of the opinion that the current cash balances and cash generated
from future trading will be sufficient for the Group to meet its cash flow
requirements.
The Board have considered at the period end possible stress case scenarios
that they consider may impact the Group’s operations, financial position and
forecasts, such as increasing unbudgeted production price increases and
possible falls in gold prices. From the analysis undertaken the Board have
concluded that the Group will be able to continue to trade based on its
existing resources.
The stress tests included a drop in the gold price of 10% from the current
gold price and budgeted production prices increasing by 10%, in both scenarios
and combination of both together it was concluded that the Group had
sufficient cash reserves to continue to operate.
The predicted cash flow from operations is forecast to be sufficient to repay
the loans as due and repayable. Additional finance will be sought if required
from the principal banker or raised on the AIX if necessary.
The Board therefore considers it appropriate to adopt the going concern basis
of accounting in preparing these financial statements.
2. Segmental information and analysis of revenue
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision maker. The chief operating
decision maker, who is responsible for allocating resources and assessing
performance of the operating segments and making strategic decision, has been
identified as the Board of Directors.
The Board of Directors consider there to be two operating segments, the
exploration and development of mineral resources at Sekisovskoye and at
Teren-Sai, both based in one geographical segment, being Kazakhstan.
All sales were made in Kazakhstan from the mine at Sekisovskoye. In relation
to Teren-Sai as there is discrete financial information available and the
assets account for greater than 10% of the combined total assets of all
segments it is considered as a separate operating segment.
Teren Sai is currently an exploration asset and expenditure in relation to the
asset are capitalised, the carrying value of the asset are shown in note 5.
Total revenues of US$70,010,000 (2024: US$38,397,000) relate to sales of gold
and silver which arose from sales to one customer based in Kazakhstan.
Other earnings amounted to US$150,000 (2024: US$1,146,000) which related to
lease and rental income.
3. Earnings per ordinary share
Basic and fully diluted earnings per share is calculated by dividing the
profit attributable to ordinary shareholders by the weighted average number of
ordinary shares outstanding during the period. The weighted average number of
ordinary shares and retained profit for the financial period for calculating
the basic loss per share for the period are as follows:
Six months Six months
ended 30
ended 30
June 2025
June 2024
(unaudited) (unaudited)
The basic weighted average number of ordinary shares in issue during the
period
27,332,934
27,332,934
The profit for the period attributable to equity shareholders (US$’000s)
26,981
8,255
4. Alternative performance measures
The Directors have presented the alternative performance measures adjusted
EBITDA , operating cash cost and total cash cost as they monitor these
performance measures at a consolidated level and the Directors believe it is
relevant in measuring the Group’s performance.
A reconciliation of the alternative performance measures is shown below.
Adjusted EBITDA, operating cash cost and total cash cost are not defined
performance measures in IFRS. The Group’s definition of adjusted EBITDA may
not be comparable with similar titled performance measures as disclosed by
other entities.
Adjusted EBITDA Six months Six months
ended 30 ended 30
June
June
2025 2024
(unaudited) (unaudited)
US$000's US $000's
Profit before taxation 34,607 10,262
Adjusted for:
Finance expense 2,866 2,978
Depreciation and amortisation of tangible fixed assets 7,087 4,435
Foreign currency (gain)/loss (438) 1,967
Adjusted EBITDA 44,122 19,642
Cash costs
Cost of sales 29,794 21,863
Adjusted for:
Depreciation in cost of sales (7,040) (4,394)
22,754 17,469
Gold sold in the period - oz 22,595 17,247
Operating cash cost - US$/oz 1,007 1,013
Cost as above 22,754 17,459
Adjusted for:
Administrative expenses 3,331 2,473
Depreciation in administrative expenses (47) (41)
26,038 19,891
Gold sold in the period - oz 22,595 17,247
Total cash cost- US$/oz 1,152 1,153
Cost as above 26,038 19,891
Adjusted for:
Sustaining capital expenditure 4,628 2,290
30,666 22,181
All in sustaining cost – US$/oz 1,357 1,286
The total capital expenditure in the period was US$11.7m (2024: US$12.2m), of
this amount US$7.1m (2024: US$9.9m) was deemed to be non-sustaining capital
expenditure as it related to the development of the increased capacity of the
processing plant.
5. Intangible assets
Teren-Sai data Exploration and Other intangible Total
evaluation costs
US$ 000’s US$000’s US$000’s US$'000’s
Cost
1 January 2024 8,358 10,684 820 19,862
Additions - 3,977 - 3,977
Amortisation capitalised - 555 - 555
Currency translation adjustment (1,101) (2,374) (108) (3,583)
31 December 2024 7,257 12,842 712 20,811
Amortisation capitalised - 243 - 243
Additions - 2,468 - 2,468
Currency translation adjustment 44 34 5 83
30 June 2025 7,301 15,587 717 23,605
Accumulated amortisation
1 January 2024 5,963 146 92 6,201
Charge for the period 555 - 79 634
Currency translation adjustment (865) (16) (23) (904)
31 December 2024 5,653 130 148 5,931
Charge for the period 243 - 38 281
Currency translation adjustment 23 41 1 65
30 June 2025 5,919 171 187 6,277
Net books values
30 June 2025 1,382 15,416 530 17,328
30 June 2024 2,046 11,501 666 14,213
31 December 2024 1,604 12,712 564 14,880
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 underground mining operations of Sekisovskoye.
6. Property, plant and equipment
Mining Freehold land Plant, Assets under Total
properties
and buildings
Equipment
construction
fixtures and
fittings
US$000 US$000 US$000 US$000 US$000
Cost
1 January 2024 23,819 34,235 39,514 13,212 110,780
Additions 7,351 183 6,795 9,698 24,027
Disposals - (2,566) (2,319) (77) (4,962)
Transfers - 10,794 4,562 (15,356) -
Transfer - inventories - - - (1,126) (1,126)
Currency translation adjustment (5,049) (5,380) (6,099) (1,032) (17,560)
31 December 2024 26,121 37,266 42,453 5,319 111,159
Additions 3,592 79 2,461 5,528 11,660
Transfers - 1,640 1,826 (3,466) -
Currency translation adjustment 135 198 185 1 519
30 June 2025 29,848 39,183 46,925 7,382 123,338
Accumulated depreciation
1 January 2024 5,500 17,209 17,478 - 40,187
Charge for the period 2,133 3,359 3,472 - 8,964
Disposals - (2,566) (2,317) - (4,883)
Currency translation adjustment (975) (2,349) (2,423) - (5,747)
31 December 2024 6,658 15,653 16,210 - - 38,521
Charge for period 2,633 2,078 2,338 - 7,049
Currency translation adjustment 22 61 63 - 146
30 June 2025 9,313 17,792 18,611 - 45,716
Carrying amount
30 June 2025 20,535 21,391 28,314 7,382 77,622
30 June 2024 19,919 14,744 23,823 16,299 74,785
31 December 2024 19,463 21,613 26,246 5,319 72,638
7. Trade and other receivables
Non-current 30 June 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
US$000's US$000's US$000's
VAT recoverable 8,937 8,295 7,469
Prepayments- advances to suppliers 5,887 5,745 7,220
14,824 14,040 14,669
The amount recoverable in relation to Value Added Tax is expected to be
recovered by offset against VAT payable in future periods.
The advances to suppliers relate to payments made to acquire mining equipment.
Current 30 June 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
US$000's US$000's US$000's
Trade receivables 4,872 3,229 4,011
VAT recoverable 10,420 7,441 8,599
Prepayments 7,472 9,902 8,244
Other receivables 51 32 4
Provision - receivables (430) (309) (428)
22,385 20,295 20,430
The prepayments principally relate to advances to suppliers for parts and
consumables.
8. Trade and other payables
Current 30 June 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
US$000's US$000's US$000's
Trade payables 5,960 2,002 1,900
Other taxes payable 4,079 5,228 3,971
Other payables 1,960 2,396 1,597
11,999 9,626 7,468
9. Notes to the cash flow statement
Six months Six months
ended 30 June ended 30 June
2025 2024
(unaudited) (audited)
US$000's US$000's
Profit before taxation 34,607 10,262
Adjusted for:
Finance income & expense 2,635 2,922
Depreciation and amortisation charges* 7,087 4,435
Disposal of assets - (13)
Increase in inventories (13,939) (4,253)
Increase in trade and other receivables (3,523) (6,988)
Increase/(decrease) in trade and other payables 5,210 (2,140)
Foreign currency translation (438) 1,967
Cash inflow from operations 31,639 6,192
*This amount excludes US$243,000 capitalised as part of exploration costs see
note 5.
10. Related party transactions
Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the
Group, is set out below in aggregate for each of the categories specified in
IAS 24 - “Related Party Disclosures”. The total amount remaining unpaid
with respect to remuneration of key management personnel amounted to
US$115,000 (30 June 2024 US$97,000).
Six months Six months
ended 30 ended 30
June 2025 June 2024
(unaudited) (unaudited)
US$000 US$000
Short term employee benefits 159 152
Social security costs 14 11
173 163
During the period, the following transactions were connected with Company’s
in which the Assaubayev family have a controlling interest:
* An amount is owing to Asia Mining Group of US$70,000, (30 June 2024:
US$77,000) and is included within trade payables.
* Loan amounts due by the Group to Amrita Investments Limited a company
controlled by the Assaubayev family total US$11,600 (30 June 2024 US$11,600).
* The group made sales to Altyn Group Qazaqstan of US$207,000 (30 June 2024 US$:
1,100,000) a debtor of US$2,942,000 is included within receivables (30 June
2024: $1,800,000).
11. Inventories
30 June 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
US$000's US$000's US$000's
Ore 25,830 12,852 18,915
Raw materials and consumables 6,059 6,353 4,323
Work in progress 876 843 263
Finished goods for resale 4,820 2,164 2
37,585 22,212 23,503
12. Borrowings
30 June 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
US$000's US$000's US$000's
Current loans and borrowings
Bonds - 9,740 9,912
Bank loans 15,040 22,401 19,288
Related party loans - 2 1
15,040 32,143 29,201
Due one-two years
Bonds - - -
Bank loans 10,954 12,266 11,722
10,954 12,266 11,722
Due two-five years
Bank loans 3,798 13,579 9,654
Bond 19,182 - 9,569
22,980 13,579 19,223
Total non-current loans and borrowings 33,934 25,845 30,945
Bond Listed on Astana International Exchange
The total number of bonds at the period end amounted to US$20m, US$10m is
repayable in July 2027 and has a coupon rate of 11.25%, the second bond raised
in April 2025 is repayable in April 2028 and has a coupon rate of 9.75%. At
the period end the carrying value approximates to their fair value.
Bank loans
The bank loans are the repayable in instalments and bear interest at 6%-7%
(2024: 6%-7%) on the US$ denominated loans Kazakh denominated loans with
interest at 15.5% were repaid in the year.
The bank loans are secured over the assets of the Group.
13. Deferred taxation
Taxation losses Accelerated Other timing Total
capital
differences
allowances
US$000's US$000's US$000's US$000's
1 January 2024 2,904 (619) (866) 1,419
Movement in deferred tax 10 (677) (1,464) (2,131)
Currency translation (389) 152 274 37
31 December 2024 2,525 (1,144) (2,056) (675)
Movement in deferred tax (2,540) (851) 32 (3,359)
Currency translation 15 (7) (12) (4)
30 June 2025 - (2,002) (2,036) (4,038)
Tax losses arising in Kazakhstan have now been fully utilised.
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