Kazakhstan-focused miner Altyngold's H1 profit jumps on higher gold prices

Overview

• Kazakhstan-focused gold miner's H1 revenue rose 65% yr/yr, driven by higher gold prices and sales

• Net income for H1 increased 58% yr/yr

• Higher costs mainly reflect mineral extraction tax, depreciation, and currency effects

Outlook

• Altyngold remains on track to meet full-year production guidance of 52-55Koz

• Company expects to update on processing capacity expansion project at Sekisovskoye by end-2026

• Altyngold expects to update shareholders on Teren-Sai progress during Q4 2026

Result Drivers

• GOLD PRICE GAINS - Revenue growth was mainly driven by a 50% increase in the average realised gold price to $4,615/oz

• HIGHER SALES VOLUMES - Gold sold increased 9% yr/yr to 24,628oz, contributing to higher revenue

• THROUGHPUT AND GRADE IMPROVEMENT - Ore processed rose 10% and processed grade improved after mine development work completed in April

Company press release:

Key Details

Analyst Coverage

• The one available analyst rating on the shares is "buy"

• The average consensus recommendation for the diversified mining peer group is "buy"

• Wall Street's median 12-month price target for Altyngold PLC is GBp1,490.00, about 49.9% above its September 28 closing price of GBp994.00

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)