AltynGold PLC

Description

AltynGold PLC is a London Stock Exchange-listed gold producer operating in East Kazakhstan, built around the 100%-owned Sekisovskoye underground mine, which carries Proved & Probable reserves of 3.80 Moz and produced a record 53.8K oz of gold in 2025, up 44% year-on-year. FY2025 revenue rose 82% to US$175.4 million and Adjusted EBITDA doubled to US$101.4 million on a realized gold price of US$3,474/oz. The company is studying a second-stage processing expansion to 2-2.5Mtpa, estimated at roughly US$125 million, to support a medium-term target above 100K oz/year, with a board decision still pending after originally being expected in H1 2026.

FY2025 AISC rose to US$1,562/oz (2024: US$1,318/oz) but stayed well below the realized gold price, and net debt fell to US$18.5 million from US$49.7 million as strong cash generation drove rapid deleveraging. The company's second material asset, Teren-Sai, is an advanced exploration/evaluation project with roughly 1.45 Moz of Proved & Probable reserves, with a production license application targeted for approval by late 2026. 2026 gold production is guided at 52,000-55,000 oz, broadly consistent with the 2025 run-rate.

Weakness

List of projects

1. Sekisovskoye Underground Gold Mine — 100% interest, East Kazakhstan Region, Kazakhstan; metals: Gold.
2. Teren-Sai Development Project — 100% interest, East Kazakhstan Region, Kazakhstan; metals: Gold.

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