For AltynGold, 2025 was a transformational year. The company reported record results for the year to December 2025 benefitting from the increase in the gold price and completion of the processing capacity expansion at its Sekisovskoye gold mine. The company is well set to deliver further expansion at Sekisovskoye and move into the preliminary development stage at Teren-Sai as well as being positioned to commence the payment of a dividend. We increase our forecast for earnings prospectively by c11%. The company's valuation remains extremely attractive in absolute terms and against peers. Management continue to expect to take a decision on at least doubling mining capacity at Sekisovskoye by mid-year while moving ahead to gain a production licence at Teren-Sai in 2026.
