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AltynGold PLC on Friday said it is ‘entering its next phase of growth,’ as it reported a surge in profit and revenue on the back of gold production, while the price of the yellow metal rose. The London-based exploration and development company with assets in Kazakhstan said pretax profit jumped to $30.4 million in 2024 from $11.9 million in 2023. Pertinently, revenue rose 50% to $96.5 million in 2024 from $64.4 million in 2023. Gold production rose 13% to 37,279 ounces in 2024 from 33,110 oz in 2023. Ore processed climbed 7.0% to 750,045 tonnes in 2024 from 701,000t in 2023. The average gold price achieved by AltynGold was $2,441 per ounce in 2024, up 24% from $1,967 in 2023. Cost of sales increased 15% to $47.5 million from $41.1 million. Administrative costs decreased 6.0% to $6.6 million from $7.0 million. Total finance costs increased to $12.0 million from $4.0 million. Looking ahead, Chair Kanat Assaubayev said: ‘With the expanded capacity now in place, AltynGold enters its next phase of growth. The company is targeting a full-years production of over 50,000 ounces in 2025, which, if achieved, would mark a 60% increase in just two years. As a well-established operator with over two decades of experience in Kazakhstan, we continue to benefit from deep regional knowledge, industry connectivity, strong local partnerships, and a proven ability to deliver in a complex operating environment.’ AltynGold shares rose 8.4% to 389.00 pence each on Friday morning in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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