AltynGold's results for 2Q26 reflect a strong recovery in production QoQ following a return to normal mining conditions during the quarter. The balance of the year should be stronger still. We continue to expect ore processed to approach 1Mtepa and make no changes to our forecasts which are based on an average realised gold price of US$4,000/oz. AltynGold remains extremely lowly rated versus peers with EV/gold Reserves of just US$81/oz versus the peer average of US$545/oz, on attractive multiples, and below the net present value of current net cash flow based on flat production through 2030 alone, prior to implementation of the planned doubling of production at Sekisovskoye.
