Highlights

  • ALTN’s H1 Y25 revenue surged 82.4% YoY to USD 70.01 million, driven by higher gold output and prices.
  • Adjusted EBITDA climbed 124.6% YoY to USD 44.12 million in H1, reflecting operational efficiency and cost stability.
  • The company targets ~50,000 ounces of gold production in 2025, underpinned by higher cash flow.
  • ALTN shares gained ~183% in six months.

AltynGold PLC (LSE:ALTN) is a United Kingdom-based exploration and development company listed on the FTSE. It focuses on the production of gold and other precious metals from its mining operations in Kazakhstan, while also pursuing new investment and development opportunities within the sector.

In the first half of fiscal 2025 (H1FY25), ALTN’s revenue reached USD 70.01 million, an increase of 82.4% year-over-year compared to H1 FY24. This growth was driven by a 44% increase in gold dore output (25,081 oz) and a higher realized gold price of USD 3,099/oz, up from USD 2,293/oz in H1 FY24. Adjusted EBITDA for the period grew by 124.6% YoY to USD 44.12 million, while operating profit rose by 143.6% YoY to USD 37.03 million. The improved results reflect operating leverage from upgrades to the plant and stable unit costs (TCC USD 1,152/oz vs. USD 1,154/oz).

Recent Business Update

On September 25, 2025, the company announced a directorate change, with Maryam Buribayeva appointed as the new Chief Financial Officer.

Company Outlook

ALTN’s management is aiming for around 50,000 ounces of gold production in 2025, supported by upgraded plant capacity and established ore stockpiles. This growth is backed by higher EBITDA and operating cash flow of USD 31.6 million in H1, which helps fund ongoing development activities.

The company reported borrowings of USD 49 million as of June 30, 2025, with most repayments scheduled by 2027, allowing for a measured approach to deleveraging. Additionally, the exploration license has been extended to March 2026. Over 9,720 meters of core drilling and 6,370 samples have been completed, and the next steps include resource estimation and pathway assessment, creating future growth opportunities in conjunction with Sekisovskoye.

Top 10 Shareholders

The top 10 shareholders of ALTN collectively hold about 69.58% of the company’s total equity. African Resources Ltd. is the largest shareholder with an estimated 65.53% stake, followed by Freedom Finance JSC, which owns roughly 3.16%.

Stock Information

Over the past three months, the company’s share price has surged by approximately 59.80%, while over the past six months it has climbed by around 183.47%. The stock’s 52-week range spans from GBX 175.00 to GBX 1,150.00, and it is currently trading above the midpoint of this range.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 12 Nov 2025. The reference data in this report has been partly sourced from EODHD/Others. 

Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.