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Altyn Gold USD

Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

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

Sector: Gold mining

ALTYNGOLD

Price chart

10.05 GBPDay 12.42%

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
10.05 GBP · 12.42%
Market cap
349 mln USD

Growth

Δ revenue y/y
81.7%
Δ EBITDA y/y
97.2%

Multiples

P/E (LTM)
5.6x
3y avg: 287.7x
P/B (FY)
2.3x
P/E (ann.)
6.5x
EV/EBITDA (LTM)
3.6x
3y avg: 146.4x
EV/EBITDA (ann.)
4.2x

Cash return

Dividend yield
—
FCF yield (LTM)
9.9%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
-16.0%
↓ details

Liquidity

Daily turnover (listing)
1 mln GBP

Shares: connector/market_inputs

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 1 / Warn: 5 / Err: 0 / Autofix applied: 1
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-06-30 H1⚠Warn 1
2023-12-31 FY⚠Warn 1
2024-06-30 H1⚠Warn 1
2024-12-31 FY✓*Autofix 1
2025-06-30 H1⚠Warn 1
2025-12-31 FY⚠Warn 1
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

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)
Data quality — review suggested

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).

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

Key-commodity price — Gold

Current 4 215spot vs LTM +7%

Commodity-player potential

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

Upside: -16.0%

Main driver: Gold +7% vs LTM; revenue ×1.07 vs costs ×1.04; EBITDA 101→86; at 3.5× EV/EBITDA → -16%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+100%4 215.283 939.803 105.35+7%-21%

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×1.070 (+7%)
= Spot revenue188
Revenue multiplier — 3y price×0.788 (-21%)
= 3-year-price revenue138
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 EBITDA111
= 3-year-price EBITDA61
Conservative EBITDA = min(spot, avg)86
5 · Valuation → target market cap
Historical EV/EBITDA (3-yr average)3.5x
Target EV = EV/EBITDA × conservative EBITDA302
Net debt18
Target market cap = EV − net debt284
Current market cap338

Upside = target market cap ÷ current − 1 = -16.0%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 3.0x · target 3-yr avg 8.1x · LTM avg 3.9x

EV/EBITDA (LTM)EV/EBITDA (projected)target avg (projected, 3y)

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
214 USDm
+22.3% vs baseline (FY)
Spot 12M EBITDA
122 USDm
+20.3% vs baseline (FY)
EV / Spot EBITDA
3.0x
current EV 367m ÷ spot EBITDA 122m
Upside to fair mcap
+78.2%
fair mcap 622 USDm
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)4 215.00 USD/oz
Commodity LTM average price (GC=F)3 447.35 USD/oz
→ Implied change vs LTM avg (for revenue)+22.3%
→ Combined revenue multiplier (commodity × FX)1.2227
3 · Cash cost adjustment
Transforms baseline cash costs into projected spot cash costs.
PPI pair (expense inflation)USDKZT
PPI multiplier (×)1.17574
Devaluation factor0.94
4 · Spot forward P&L
Combine sections 2–3; «=» rows are the published spot headline numbers.
= Projected spot revenue214 USDm
= Projected spot cash costs92 USDm
= Spot EBITDA122 USDm
5 · Valuation vs spot
Uses enterprise value from key metrics (mcap + net debt) and Spot EBITDA from §4.
Enterprise value (current)367 USDm
EV ÷ Spot EBITDA3.0x
6 · Fair value & upside
3y average commodity prices → EBITDA; conservative used EBITDA; 3y avg EV/EBITDA → fair mcap vs current.
EBITDA at 3y avg commodity prices61 USDm
= Conservative used EBITDA91 USDm
3y average EV/EBITDA (fair multiple)7.0x
= Fair enterprise value640 USDm
Net debt (balance sheet)18 USDm
= Fair market cap622 USDm
Current market cap (implied)349 USDm
= Upside to fair mcap+78.2%

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

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)