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Altyn Gold (ALTYNGOLD) USD

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

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 3.9 vs avg 155.3)

Sector: Gold mining

ALTYNGOLD

Price chart

10.15 GBPDay -4.25%

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
10.15 GBP · -4.25%
Market cap
374 mln USD

Growth

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

Multiples

P/E (LTM)
6.0x
3y avg: 305.5x
P/B (FY)
2.5x
P/E (ann.)
5.3x
EV/EBITDA (LTM)
3.9x
3y avg: 155.3x
EV/EBITDA (ann.)
3.4x

Cash return

Dividend yield
—
FCF yield (LTM)
9.2%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+32.3%
↓ details

Liquidity

Daily turnover (listing)
0.1 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%34.0Report (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%53.3Report (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 —
—54.9Report (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)

02040602023 H12023 FY2024 H12024 FY2025 H12025 FY

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 1.11x of reported net profit.
year202320242025
cash flow / profit1.29x1.11x0.90x
accruals, % of assets-2.3%-1.9%2.9%
Last twelve months (to 2025-12-31): 0.90x of profit came back as operating cash flow.
net debt / EBITDA 0.2x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

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

Gold

Proved reserves
3.80 Moz
2019
Reserve life (R/P)
70.6 yrs
reserves ÷ annual output
Annual production
53.85 koz
2025
Production guidance
52–55 koz
2026

Quarterly production, koz

14.313Q2514.464Q2510.661Q2613.242Q26

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

Quarterly production

QuarterProduction, koz
2Q2613.24
1Q2610.66
4Q2514.46
3Q2514.31

AltynGold plc (LSE:ALTN) Sekisovskoye mine. Latest quarter 2Q26: gold poured 13 242 oz, gold sold 13 096 oz, av. realised price US$4 459/oz, revenue US$58.9 mln. FY2025 gold poured 53.85 koz. Guidance 52–55 koz for FY2026. JORC P+P reserves 3.80 Moz (E&Y CPR 2019, latest disclosed). Source: company production and operational updates (altyngold.uk), auto-extracted.

Key-commodity price — Gold

Current 4 277spot vs LTM +24%

Commodity-player potential

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

Upside: +32.3%

Main driver: Gold +24% vs LTM; revenue ×1.24 vs costs ×1.04; EBITDA 101→116; at 4.4× EV/EBITDA → +32%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+100%4 281.883 443.923 312.71+24%-4%

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×1.243 (+24%)
= Spot revenue218
Revenue multiplier — 3y price×0.962 (-4%)
= 3-year-price revenue169
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 EBITDA141
= 3-year-price EBITDA92
Conservative EBITDA = min(spot, avg)116
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)4.4x
Target EV = EV/EBITDA × conservative EBITDA513
Net debt18
Target market cap = EV − net debt495
Current market cap374

Upside = target market cap ÷ current − 1 = +32.3%

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
221 USDm
+25.9% vs baseline (FY)
Spot 12M EBITDA
120 USDm
+18.1% vs baseline (FY)
EV / Spot EBITDA
3.3x
current EV 393m ÷ spot EBITDA 120m
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)4 363.70 USD/oz
Commodity LTM average price (GC=F)3 466.09 USD/oz
→ Implied change vs LTM avg (for revenue)+25.9%
→ Combined revenue multiplier (commodity × FX)1.2590
3 · Cash cost adjustment
Transforms baseline cash costs into projected spot cash costs.
PPI pair (expense inflation)USDKZT
PPI multiplier (×)1.17574
Devaluation factor0.86
4 · Spot forward P&L
Combine sections 2–3; «=» rows are the published spot headline numbers.
= Projected spot revenue221 USDm
= Projected spot cash costs101 USDm
= Spot EBITDA120 USDm
5 · Valuation vs spot
Uses enterprise value from key metrics (mcap + net debt) and Spot EBITDA from §4.
Enterprise value (current)393 USDm
EV ÷ Spot EBITDA3.3x

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 2.8x · target 75th pct (3y) 6.7x · LTM avg 4.4x

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

Peer comparison

Group: Gold mining. Each peer is shown as it trades and re-priced onto this company's market (Kazakhstan) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Barrick Mining Corporationglobal71.45.5x5.0x
Kinross Goldglobal33.75.8x5.2x
Harmony GoldSouth Africa12.14.1x5.9x
Coeur Miningglobal12.87.4x6.7x
Northern Star ResourcesAustralia22.47.4x7.0x
Newmont Corporationglobal134.08.1x7.3x
Gold FieldsSouth Africa38.45.4x7.7x
Evolution MiningAustralia19.18.6x8.1x
Agnico Eagle Minesglobal98.69.4x8.5x
Alamos Goldglobal14.99.8x8.9x
AngloGold AshantiSouth Africa50.56.6x9.4x
Hecla Mining Companyglobal12.513.1x11.8x
Group median7.4x7.5x
Group average7.6x7.6x
This companyKazakhstan0.43.9x3.9x

Group median 7.4x as traded, 7.5x adjusted; this company 3.9x — a 48% discount.

Group average 7.6x as traded, 7.6x adjusted; against the average this company is at a 49% discount.

At the adjusted group median the market cap would be +99% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 23.0x, Russia 3.9x, South Africa 5.4x, Kazakhstan 7.7x, India 18.1x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-15; the company's own is live.

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.

Frequently asked questions

What is Altyn Gold (ALTYNGOLD)'s P/E ratio?
Altyn Gold (ALTYNGOLD) trades at a P/E of 6.0x (price to trailing 12-month earnings).
What is Altyn Gold (ALTYNGOLD)'s EV/EBITDA?
Altyn Gold (ALTYNGOLD) trades at 3.9x EV/EBITDA.
What is Altyn Gold (ALTYNGOLD)'s P/B ratio?
Altyn Gold (ALTYNGOLD) trades at a P/B of 2.5x.
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 374 mln USD.

See also: Gold Mining Stocks: The Cheapest Gold Miners by Valuation (2026) · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map