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Altyn Gold (ALTYNGOLD) USD

At a glance: strengths & risks
✓Revenue growing (+82%)✓Profit growing (+135%)✓Margins improving (53%→58%)✓Low leverage (0.2x EBITDA)✓Cheaper than own history (EV/EBITDA 3.0 vs avg 146.4)

Sector: Gold mining

ALTYNGOLD

Price chart

8.16 GBPDay -1.69%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
8.16 GBP · -1.69%
Market cap
283 mln USD

Growth

Δ revenue y/y
85.0%
Δ EBITDA y/y
80.3%

Multiples

P/E (LTM)
4.6x
3y avg: 287.7x
P/B (FY)
1.9x
P/E (ann.)
4.0x
EV/EBITDA (LTM)
3.0x
3y avg: 146.4x
EV/EBITDA (ann.)
2.6x

Cash return

Dividend yield
—
FCF yield (LTM)
12.2%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-30.3%
↓ details

Liquidity

Daily turnover (listing)
0 mln GBP

Shares: connector/market_inputs

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2025-12-31H2 2025 (6M)OK105.4
y/y 85.0%
48.2
y/y 77.4%
9.1
y/y 97.2%
57.3
y/y 80.3%
35.0
y/y 92.8%
24.1-7.2215.1
y/y 37.4%
150.1
y/y 82.7%
47.8%18.5Report (PDF)
2025-06-30H1 2025 (6M)OK70.0
y/y 77.0%
37.0
y/y 143.5%
7.1
y/y 59.8%
44.1
y/y 124.6%
27.0
y/y 226.8%
31.6-12.6184.9
y/y 23.1%
109.2
y/y 45.2%
56.4%35538.0Report (PDF)
2024-12-31H2 2024 (6M)OK57.0
y/y 6.4%
27.2
y/y 179.1%
4.6
y/y -1.2%
31.8
y/y 120.7%
18.2
y/y 117.4%
23.2-17.4156.6
y/y 7.6%
82.2
y/y 16.2%
33.6%49.7Report (PDF)
2024-06-30H1 2024 (6M)OK39.5
y/y 263.0%
15.2
y/y 146.3%
4.4
y/y 90.8%
19.6
y/y 131.1%
8.3
y/y 176.7%
6.2-4.1150.3
y/y 11.6%
75.2
y/y 13.3%
22.6%289875.3Report (PDF)
2023-12-31H2 2023 (6M)OK53.5
y/y —
9.7
y/y —
4.7
y/y —
14.4
y/y —
8.4
y/y —
18.2-21.0145.5
y/y —
70.7
y/y —
16.5%53.0Report (PDF)
2023-06-30H1 2023 (6M)PARTIAL10.9
y/y —
6.2
y/y —
2.3
y/y —
8.5
y/y —
3.0
y/y —
-3.5-19.9134.6
y/y —
66.4
y/y —
—270915.9Report (PDF)

Net debt structure (leases included, IFRS 16) 2025-12-31

Short-term debt (incl. ST leases)13
Long-term debt (incl. LT leases)28
− Cash & equivalents23
Net debt18

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02550751002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

0%100%200%300%2023 H12023 H22024 H12024 H22025 H12025 H2

Cash flow

FCF ($ mln)

-30-20-10010202023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash ($ mln)

0100 000200 000300 0002023 H12023 FY2024 H12024 FY2025 H12025 FY

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Gold

Proved reserves
3.80 Moz
2019
Reserve life (R/P)
101.9 yrs
reserves ÷ annual output
Annual production
53.85 koz
2025
Production guidance
100 koz

Production, koz

33.10202337.30202453.852025

Proved reserves

YearReserves, Moz
20193.80

Production

YearProduction, koz
202553.85
+44.4%
202437.30
+12.7%
202333.10

AltynGold plc (LSE:ALTN) Sekisovskoye mine: gold poured 53.85 koz FY2025 (+44% YoY, beat 50koz target; 1Mtpa plant fully ramped) vs 37.3 koz FY2024 / 33.1 koz FY2023. Medium-term target >100 koz/yr via plant expansion to 2-2.5Mtpa + Teren-Sai. JORC P+P reserves 3.80 Moz (E&Y CPR 2019, latest disclosed).

Key-commodity price — Gold

Current 4 035spot vs LTM -5%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -30.3%

Main driver: Gold -5% vs LTM; revenue ×0.95 vs costs ×1.04; EBITDA 101→73; at 3.0× EV/EBITDA → -30%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+100%4 034.584 246.023 201.08-5%-25%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue175
LTM EBITDA101
LTM cash costs (revenue − EBITDA)74
2 · Revenue projection
Revenue multiplier — spot×0.950 (-5%)
= Spot revenue167
Revenue multiplier — 3y price×0.754 (-25%)
= 3-year-price revenue132
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs77
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs77
4 · EBITDA projection (revenue − costs)
= Spot EBITDA90
= 3-year-price EBITDA55
Conservative EBITDA = min(spot, avg)73
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)3.0x
Target EV = EV/EBITDA × conservative EBITDA219
Net debt18
Target market cap = EV − net debt201
Current market cap288

Upside = target market cap ÷ current − 1 = -30.3%

Spot EBITDA forecast (next 12 months)

Model: revenue scales with spot commodity vs its LTM average. Cash costs = baseline cash costs × country PPI ÷ devaluation (baseline cash = revenue − EBITDA); devaluation = spot FX ÷ LTM average FX (KZT per USD). Amounts are in reporting currency (USDm) unless noted. Baseline P&L is the latest full-year row (annual), not a rolling sum of quarters — compare cards to that FY.

Notes: LTM baseline uses latest FY (2025-12-31) annual revenue/EBITDA — no quarterly (Q1–Q4) rows in the feed.
Spot 12M revenue
211 USDm
+20.2% vs baseline (FY)
Spot 12M EBITDA
116 USDm
+14.4% vs baseline (FY)
EV / Spot EBITDA
2.6x
current EV 302m ÷ spot EBITDA 116m
Show calculation
Line itemValue
1 · Reported baseline
Figures from financial periods in the table above.
Baseline revenue (latest FY annual)175 USDm
Baseline EBITDA (latest FY annual)101 USDm
Baseline cash costs (revenue − EBITDA)74 USDm
2 · Commodity & revenue bridge
Average gold price (and FX average when enabled) use the same reporting dates as baseline revenue — not a rolling “last 365 days from today”. Window used: 2025-01-01 … 2025-12-31.
Commodity spot price (current) (GC=F)4 144.00 USD/oz
Commodity LTM average price (GC=F)3 447.35 USD/oz
→ Implied change vs LTM avg (for revenue)+20.2%
→ Combined revenue multiplier (commodity × FX)1.2021
3 · Cash cost adjustment
Transforms baseline cash costs into projected spot cash costs.
PPI pair (expense inflation)USDKZT
PPI multiplier (×)1.17574
Devaluation factor0.92
4 · Spot forward P&L
Combine sections 2–3; «=» rows are the published spot headline numbers.
= Projected spot revenue211 USDm
= Projected spot cash costs95 USDm
= Spot EBITDA116 USDm
5 · Valuation vs spot
Uses enterprise value from key metrics (mcap + net debt) and Spot EBITDA from §4.
Enterprise value (current)302 USDm
EV ÷ Spot EBITDA2.6x

Flow: baseline → commodity/FX revenue bridge → PPI & devaluation on costs → spot P&L → EV vs spot EBITDA. Hover values for formulas.

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +82% vs +50% the year before — a +31.9 pp move. 3-year CAGR —.
revenue growth by year: 2024 +50% · 2025 +82%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 3.4x · target 75th pct (3y) 11.9x · LTM avg 4.2x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Investor reporting (IR): https://altyngold.uk/reports/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Altyn Gold (ALTYNGOLD) — from primary filings.

Altyn Gold develops and operates gold projects in Kazakhstan and Central Asia, with London-listed exposure.

Frequently asked questions

What is Altyn Gold (ALTYNGOLD)'s P/E ratio?
Altyn Gold (ALTYNGOLD) trades at a P/E of 4.6x (price to trailing 12-month earnings).
What is Altyn Gold (ALTYNGOLD)'s EV/EBITDA?
Altyn Gold (ALTYNGOLD) trades at 3.0x EV/EBITDA.
What is Altyn Gold (ALTYNGOLD)'s P/B ratio?
Altyn Gold (ALTYNGOLD) trades at a P/B of 1.9x.
What is Altyn Gold (ALTYNGOLD)'s return on equity (ROE)?
Altyn Gold (ALTYNGOLD)'s ROE is 46.7%.
What is Altyn Gold (ALTYNGOLD)'s market capitalization?
Altyn Gold (ALTYNGOLD)'s market cap is 283 mln USD.