MINEX Forum

Tag: financial results

  • Mundoro Capital Inc. Reports Positive Exploration Results and Financial Update for Q2 2026

    Mundoro Capital Inc. Reports Positive Exploration Results and Financial Update for Q2 2026

    Mundoro Capital Inc., a Vancouver-based mining company, has released an update on its exploration program results and financial performance for the second quarter and six-month period ending June 30, 2026. The company is focusing on generating new property opportunities, particularly in Serbia, while also reducing corporate expenses by 24%. CEO Teo Dechev highlighted the strategic shift towards their Arizona copper assets, with upcoming drill tests planned for the Vitanovac target and advancements in the Borsko drill target in Bulgaria.

    The exploration highlights include the completion of drilling at Skorusa East, with assays received for two significant drill holes, 26-SKO-08 and 26-SKO-09. The company has also initiated new hyperspectral core scanning and petrophysical sampling to enhance their geological understanding. Formal drill proposals have been established for three prospective areas: Borsko, Skoursa East, and Skorusa West, with a focus on refining targets and delineating potential porphyry sources.

    In terms of financial performance, Mundoro reported a fee income of $251,009 for Q2 2026, a significant increase compared to $120,497 in the same quarter of the previous year. Exploration expenditures rose to $2,513,992, reflecting the company’s commitment to advancing its exploration projects. Corporate expenses decreased to $281,162, contributing to a net loss of $325,340 for the quarter, which is an improvement from the previous year’s loss of $540,377.

    Mundoro’s exploration efforts are primarily concentrated in Eastern Serbia, particularly within the Timok Magmatic Complex, known for its copper-gold deposits. The company is also advancing its projects in Arizona, where it has identified several prospective intrusions. The ongoing generative work aims to create long-term royalty opportunities and further property payments through the optioning of mineral projects.

    The company remains focused on refining its geological models and establishing formal drill proposals for its various targets, including the Borsko, Trstenik, and South Timok Corridor projects. Despite facing delays in the permitting process for its EE1 Project in Bulgaria, Mundoro is committed to advancing its exploration initiatives and unlocking the potential of its mineral properties.

  • Eldorado Gold Reports Progress on Skouries Project and Q2 2026 Financial Results

    Eldorado Gold Reports Progress on Skouries Project and Q2 2026 Financial Results

    Eldorado Gold Corporation has announced that its Skouries Project in Greece has reached 97% completion and is on track to commence production of copper-gold concentrate in the third quarter of 2026, with full commercial production expected by the fourth quarter. The project is anticipated to contribute significantly to the company’s growth, with projections for 2026 indicating gold production between 60,000 to 100,000 ounces and copper production of 20 to 40 million pounds. This development is part of Eldorado’s broader strategy to enhance its operational portfolio and cash flow generation.

    In its second quarter financial results for 2026, Eldorado reported gold production of 104,616 ounces and revenues of $487.5 million, reflecting a favourable gold price environment despite a decrease in production compared to the previous year. The company’s total cash costs per ounce sold increased to $1,432, influenced by higher production costs and lower sales volumes. Eldorado’s net earnings attributable to shareholders rose to $172.8 million, or $0.69 per share, signalling a strong performance amid ongoing investments in growth projects.

    The Skouries Project, part of the Kassandra Mines Complex, is expected to play a pivotal role in Eldorado’s future operations, with a feasibility study indicating a 20-year mine life and average annual production of 140,000 ounces of gold and 67 million pounds of copper. The company has secured concentrate sales agreements for the expected production volumes in 2026 and is actively working on finalising additional agreements to cover production through 2029. With significant capital investments planned, Eldorado is well-positioned for a successful ramp-up to commercial production, supported by a robust operational framework and strategic partnerships.

  • AltynGold Celebrates ‘Transformational’ 2025 as Production and Profits Soar

    AltynGold Celebrates ‘Transformational’ 2025 as Production and Profits Soar

    AltynGold (ALTN), the Kazakhstan-based gold miner, has reported a “transformational” set of annual results for the year ending 31 December 2025. The company saw a massive surge in financial performance, driven by a 50% increase in processing capacity at its flagship Sekisovskoye mine and a significantly higher global gold price.

    The miner’s production figures exceeded expectations, with gold poured rising 44% to 53,852oz, comfortably beating the full-year target of 50,000oz. This operational success, coupled with a realised gold price of US$3,474/oz (up 42% year-on-year), saw AltynGold’s revenue jump by 82% to US$175.4m.

    Financial Highlights at a Glance

    • Net Profit: Increased by 135% to US$62.0m.

    • Adjusted EBITDA: Doubled to US$101.4m.

    • Net Debt: Reduced significantly by US$31.3m to US$18.5m.

    • Safety Record: Achieved its fifth consecutive year without a lost-time incident.

    Looking ahead, AltynGold is poised for further growth. Management is currently evaluating plans to at least double mining capacity at Sekisovskoye to 2.0–2.5Mte per annum, which would elevate the company to mid-tier producer status with an output exceeding 100,000oz in the medium term. Additionally, the company is progressing its application for a production licence at the adjacent Teren-Sai exploration project, with approval expected in 2026.

    With the company deleveraging rapidly and cash generation remainng strong, the Board is also keeping the introduction of a dividend policy under review. Analysts have noted that the company’s valuation remains “extremely attractive” compared to its peers, with the current share price of 1,140p nearly matching the net present value of cash flows from existing operations alone.

  • KazZinc Reports $5.1 Billion Revenue in 2025 as Profit Surges on Higher Metal Prices

    KazZinc Reports $5.1 Billion Revenue in 2025 as Profit Surges on Higher Metal Prices

    Kazakhstan-based KazZinc generated $5.1 billion in revenue in 2025, according to preliminary financial results published by its main shareholder, the Anglo-Swiss commodity group Glencore, which owns nearly 70% of the company. The remaining stake is largely held by state mining holding Tau-Ken Samruk.

    In addition to revenue, the report disclosed key performance indicators for KazZinc in 2025, including adjusted EBITDA of $1.642 billion, depreciation of $666 million and adjusted EBIT of $976 million.

    For comparison, in 2024 KazZinc recorded revenue of $4.2 billion, adjusted EBITDA of $1.185 billion, depreciation of $725 million and adjusted EBIT of $460 million.

    Operating costs in 2025 amounted to $4.333 billion, resulting in net profit of $774 million for the year. Of this, approximately $540 million was attributable to Glencore as the controlling shareholder. Dividends paid to the non-controlling shareholder, primarily Tau-Ken Samruk, reached $242 million. In 2024, KazZinc’s net profit stood at $308 million with costs of $3.9 billion.

    The improved financial performance was largely driven by higher prices for key metals produced by the company, including zinc, gold and copper. In its annual presentation, Glencore reported that adjusted EBITDA for its metals and minerals segment rose 18% year-on-year to $7 billion, supported by stronger zinc margins, gold-related investments at Altyntau Kokshetau and increased copper volumes and prices in the second half of the year.

    Glencore also recorded a non-cash balance sheet capitalisation of $249 million related to the extension of KazZinc’s lease of the Bukhtarma hydropower plant. The group noted expectations of closures of several smaller Kazakh mines.

    According to Interfax-Kazakhstan, Glencore’s net profit in 2025 amounted to $363 million on revenue of $247.54 billion, while its net debt at year-end stood at $11.17 billion.

    Earlier reports indicated that as part of its portfolio restructuring, Glencore may announce in the coming weeks the sale of its 70% stake in KazZinc. Analysts estimate the asset’s value at approximately $5 billion.

  • Adriatic Metals PLC Reports 2024 Financial Results Amid Strategic Expansion

    Adriatic Metals PLC Reports 2024 Financial Results Amid Strategic Expansion

    Adriatic Metals PLC, a Europe-based mining company, has published its audited financial statements for the year ended December 31, 2024. The company, now transitioning from exploration to revenue generation, highlighted progress at its flagship Vareš Silver Operation in Bosnia and Herzegovina, a project boosting local employment and economic growth.

    The announcement comes amid heightened EU scrutiny of mining activities as the bloc seeks to strengthen its critical minerals supply chain. Despite global commodity price fluctuations and political risks, Adriatic Metals secured 50million in funding in May 202430 million debt drawdown from Orion, rescheduling its first repayment to March 31, 2025.

    In early 2025, the company secured a 25 million prepayment deal with  Trafigura 50 million to expand the Vareš Processing Plant to 1.3Mtpa and enhance production at the Rupice Mine.

    The financials revealed a net loss of 62.491 million for 2024, compared to a∗ restated 30.112 million loss in 2023. Cash reserves stood at $20.697 million as of year-end.

    Adriatic Metals is also evaluating a London Stock Exchange listing transfer, potentially enabling FTSE UK Index inclusion. The company’s 2025 strategy focuses on debt repaymentand achieving nameplate capacity by mid-year.

  • Karazhira Reports Significant Profit Decline in 2023 Despite Increased Revenues

    Karazhira Reports Significant Profit Decline in 2023 Despite Increased Revenues

    The coal mining company Karazhira, co-owned by Eduard Ogay (ranked 13th by Kazakhstan’s Forbes with a capital of $800 million) and Vladimir Dzhumanbayev (ranked 25th with $365 million), reported a net profit of 3.1 billion tenge in 2023, down from 9.3 billion tenge in 2022. According to the audited financial statements, Karazhira’s total assetsincreased to 67.8 billion tenge by the end of 2023, up from 64.1 billion tenge the previous year, and its capital rose to 18 billion tenge from 14.6 billion tenge in 2022. The balance sheet value of a single share climbed to 16,243 tenge from 13,888 tenge at the end of 2022.

    Revenue from product sales amounted to 58.4 billion tenge in 2023, compared to 57 billion tenge in 2022. However, the cost of sales increased to 42.3 billion tenge from 35.1 billion tenge in 2022, resulting in a net profit decrease to 3.1 billion tenge for 2023, down from 9.3 billion tenge in 2022. Karazhira earned 58.4 billion tenge from coal sales in 2023 (compared to 57 billion tenge in 2022 and 48.3 billion tenge in 2021), with the majority sold within Kazakhstan (45.1 billion tenge). The company also supplied coal to Russia, Kyrgyzstan, Switzerland, Moldova, and Uzbekistan.

    The auditor noted the company’s dependence on a few key buyers, which accounted for 66% of group revenue in 2023, up from 64% in 2022, highlighting potential risks if these buyers are lost. The credit risk for loans issued to Kyrgyzstan was evaluated at 100%, leading to a reserve being established. Additionally, expenses for the write-off of burnt coal increased to 790.1 million tenge in 2023 from 528.4 million tenge in 2022.

    Key executive compensation dropped to 73.4 million tenge in 2023 from 119.1 million tenge in 2022, and the company reduced its workforce to 845 from 918 in 2022. Karazhira’s assets, including buildings and equipment valued at 5.5 billion tenge, are used as collateral for group loans. The company also extended the repayment of a $20 million loan until December 2024. The main shareholders as of April 1 are Vladislav Ogay, Elina Ogay, Eduard Ogay, Vladimir Dzhumanbayev, and Yerlan Nigmatulin. Karazhira paid 9.9 billion tenge in dividends in 2022 but none in 2023.

    In October 2021, Karazhira issued 20 million bonds at 1,000 tenge each with an annual interest rate of 14%, paying out 2.8 billion tenge in interest in both 2023 and 2022. As of the end of 2023, the company held loans from Altyn Bank and Bank CenterCredit, with various interest rates and maturities in 2024, totaling several billion tenge.