Altyngold Plc (LSE:ALTN) is aiming to lift annual gold production by 60% over two years to more than 50,000 ounces in 2025, following a record financial performance driven by expanded processing capacity and higher gold prices.
The London-listed miner, which operates the Sekisovskoye deposit in Kazakhstan, said the commissioning of a third production line had increased its processing capacity by 50% to 1 million tonnes per year, enabling a step change in output.
Revenue rose 46.1% to $94.5 million in 2024, while adjusted earnings before interest, tax, depreciation and amortisation more than doubled to $50.9 million. Post-tax profit grew 133% to $26.4 million.
Gold production increased 14% to 37,279 ounces, underpinned by higher ore grades and improved recovery rates. The average gold price achieved was $2,441 per ounce, up 24% from the previous year.
Operating cash costs fell to $992 per ounce. The company repaid $20.4 million in borrowings, bringing net debt down to $49.7 million at the end of the year.
AltynGold said it was focused on maintaining a monthly processing rate of 83,000 tonnes, and continued to evaluate regional and domestic growth opportunities, including advanced-stage assets, as part of its plan to become a multi-asset, multi-jurisdiction gold producer.
CEO Aidar Assaubayev said: "As we enter 2025, we are well-positioned to deliver on our production targets.
"We continue to evaluate a number of domestic acquisition opportunities to enlarge our asset portfolio with the view of adding additional growth and scale to the business. I look forward to providing further updates in the coming months."