12th May 2025 15:37
(Alliance News) - AltynGold PLC on Monday said it is "on track to deliver a strong performance in 2025" as it reported increased production and revenue in the first quarter.
The London-based exploration and development company with assets in Kazakhstan said mined ore increased 34% to 208,216 tons in the three months to the end of March from 154,824 a year ago.
Ore milled surged 56% to 204,647 tons from 129,705 tons, while gold poured was up 51% to 11,175 ounces from 7,380 ounces in the first quarter of 2024.
The average realised price improved 36% to USD2,831 per ounce from USD2,080.
As a result, revenue increased 61% to USD25.3 million from USD15.7 million.
The firm said the results were in line with a management target for annual production over 50,000 ounces.
AltynGold noted that revenue would have been higher had all production been sold in the quarter, at 11,175 ounces poured compared to 8,943 ounces sold, which was itself up 18% from 7,546 ounces in the prior year.
The difference boosted inventory and will support revenue in future quarters given the further increase in the gold price after the end of the first quarter, AltynGold said.
"We are pleased to report another quarter of increased production from our operations as we continue to move the company into its next growth stage, delivering sustainable growth and value for all stakeholders," said Chief Executive Officer Aidar Assaubayev.
Shares in AltynGold were down 15% to 330.00 pence in London on Monday afternoon.
By Michael Hennessey, Alliance News reporter
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