Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
AltynGold PLC on Friday said it is ‘entering its next phase of growth,’ as it reported a surge in profit and revenue on the back of gold production, while the price of the yellow metal rose.
The London-based exploration and development company with assets in Kazakhstan said pretax profit jumped to $30.4 million in 2024 from $11.9 million in 2023.
Pertinently, revenue rose 50% to $96.5 million in 2024 from $64.4 million in 2023.
Gold production rose 13% to 37,279 ounces in 2024 from 33,110 oz in 2023. Ore processed climbed 7.0% to 750,045 tonnes in 2024 from 701,000t in 2023.
The average gold price achieved by AltynGold was $2,441 per ounce in 2024, up 24% from $1,967 in 2023.
Cost of sales increased 15% to $47.5 million from $41.1 million. Administrative costs decreased 6.0% to $6.6 million from $7.0 million.
Total finance costs increased to $12.0 million from $4.0 million.
Looking ahead, Chair Kanat Assaubayev said: ‘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.’
AltynGold shares rose 8.4% to 389.00 pence each on Friday morning in London.
Copyright 2025 Alliance News Ltd. All Rights Reserved.