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1. General information
AltynGold Plc (the \u201cCompany\u201d) is a Company incorporated in England and Wales under the Companies Act 2006. The address of its
registered office, and place of business of the Company and its subsidiaries is set out within the Company information on page 100 of this
annual report. The principal activities of the Company and subsidiaries are set out on page 41 and the strategic review within this annual
report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-238": { "value": "AltynGold Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-241": { "value": "Plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-239": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-242": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-178": { "value": "
2. Basis of preparation
The annual report is for the year ended 31 December 2025 and includes the consolidated and parent company\u2019s financial statements. The
financial statements have been prepared in accordance with UK-adopted international accounting standards and with the requirements
of the Companies Act 2006 as applicable to companies reporting under those standards.
The financial statements have been prepared using accounting policies set out in note 4 which are consistent with all applicable IFRSs
and with those parts of the Companies Act 2006 applicable to companies reporting under IFRSs. For these purposes, IFRSs comprises
the standards issued by the International Accounting Standards Board and interpretations issued by the International Financial Reporting
Interpretations Committee as adopted by the United Kingdom. The financial statements have been prepared under the historical cost
convention, and at fair value for financial and non-financial asset and liabilities as appropriate. The financial statements are prepared on a
going concern basis.
Going concern
The Group increased turnover in the year to US$175m from US$97m, generating an adjusted EBITDA of US$101.4m (2024 US$50.9m)
largely driven by the increased price of gold moving up from an average of US$2,400oz to US$3,500oz. See note 13.
The Board has reviewed the Group\u2019s forecast cash flows for the period to June 2027, which include the capital and interest repayments
to be made in relation to the Group\u2019s borrowings. Capital and operating costs are based on approved budgets and latest forecasts and
development plans. These have been based on costs that have been fixed with suppliers where applicable and other costs that include an
inflationary allowance. The gold price used in the forecasts has been based on an average of consensus forecasts, which is lower than that
currently being achieved at US$4,000-US$4,075oz.
Based on the Group\u2019s cash flow forecasts, the Directors believe that the net cash flows from operations will be sufficient to fund the
ongoing operational finance requirements of the Company. The cash generation will be higher in 2026 due to the increased price of gold
per oz which is trending around US$4,800oz.
The forecasts have been sensitised and allow for a fall in production and a fall in the price achievable for gold and silver per oz. In each
separate case the Group would not experience a cash shortfall. If both production and prices were to decrease by 18% from forecast
cash flows, the model shows that the Company would still be cash positive in these circumstances. In the unforeseen circumstance that
there were larger movements in these factors than the Group has anticipated in cost or a further reduction in revenues it would look to
manage its resources, reducing or adjusting the timing of discretionary capital investment and managing its payables in order to maintain
liquidity as appropriate.
The Board therefore considers it is appropriate to adopt the going concern basis of accounting in preparing these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-184": { "value": "Going concern The Group increased turnover in the year to US$175m from US$97m, generating an adjusted EBITDA of US$101.4m (2024 US$50.9m) largely driven by the increased price of gold moving up from an average of US$2,400oz to US$3,500oz. See note 13. The Board has reviewed the Group\u2019s forecast cash flows for the period to June 2027, which include the capital and interest repayments to be made in relation to the Group\u2019s borrowings. Capital and operating costs are based on approved budgets and latest forecasts and development plans. These have been based on costs that have been fixed with suppliers where applicable and other costs that include an inflationary allowance. The gold price used in the forecasts has been based on an average of consensus forecasts, which is lower than that currently being achieved at US$4,000-US$4,075oz. Based on the Group\u2019s cash flow forecasts, the Directors believe that the net cash flows from operations will be sufficient to fund the ongoing operational finance requirements of the Company. The cash generation will be higher in 2026 due to the increased price of gold per oz which is trending around US$4,800oz. The forecasts have been sensitised and allow for a fall in production and a fall in the price achievable for gold and silver per oz. In each separate case the Group would not experience a cash shortfall. If both production and prices were to decrease by 18% from forecast cash flows, the model shows that the Company would still be cash positive in these circumstances. In the unforeseen circumstance that there were larger movements in these factors than the Group has anticipated in cost or a further reduction in revenues it would look to manage its resources, reducing or adjusting the timing of discretionary capital investment and managing its payables in order to maintain liquidity as appropriate. The Board therefore considers it is appropriate to adopt the going concern basis of accounting in preparing these financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-185": { "value": "
3. Adoption of new and revised standards
A number of new standards, amendments to standards and interpretations, are effective for annual periods beginning on or after 1 January
2025. They have been adopted and applied in preparing these financial statements as appropriate.
\u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7);
\u2022 Annual Improvements to IFRS Accounting Standards - Volume 11
Standards and interpretations published, but not yet applicable for the annual period beginning on 1 January 2025, have not been applied
in preparing these financial statements. The Company is reviewing the new standards, amendments to standards and interpretations as
noted to assess the potential impact on the financial statements they have not been applied in preparing these financial statements.
\u2022 IFRS 18 Presentation and Disclosures in Financial Statements.
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-236": { "value": "4. Accounting policies Basis of consolidation Where a company has control over an investee, the investee is classified as a subsidiary. A company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. The consolidated financial statements present the results of the company and its subsidiaries (\u201cthe Group\u201d) as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are de-consolidated from the date on which control ceases. Revenue recognition Revenue represents amounts received for goods provided in the normal course of business, net of VAT and any other sales related taxes. The Company\u2019s revenue is generated entirely from the sale of the gold and silver content of dor\u00e9, (\u2018precious metal\u2019). The dor\u00e9 is delivered to a precious metal refiner, based in Kazakhstan, and consistent with the prior year it purchased all precious metal produced. Title of the precious metal passes upon acceptance of the delivery from the Company to the refiner. Sales of precious metal are only recognised when the delivery has been accepted and title for the precious metal has accordingly been passed to the refiner. The Company does not hedge or otherwise enter into any derivatives in respect of its sales of gold. Sales are recorded at the actual selling price of the dor\u00e9 which is based on current market prices. The Company receives 90% less fees of the revenue on delivery of the dore to the refiner based on the spot dollar and gold and silver prices on the day of delivery. The balance is paid once the dore is refined into gold or silver and is usually paid with 14 days, based on the original gold price or silver price and spot price of the US dollar on the day of settlement. Foreign currencies The Company has prepared its financial statements in United States Dollars (US$). The functional currency of the companies in Kazakhstan is the Kazakhstan Tenge (KZT). The functional currency of the Company and AltynGold Holdings Limited is the United States Dollars (US$). The rates used to convert Pound Sterling and Kazakhstan Tenge into United States Dollar in these financial statements are as follows: US$ to Pound Sterling closing 1.34 (2024: 1.26), average 1.31 (2024:1.28), US$ to Kazakh Tenge closing 505.53 (2024: 523.54) average 521.59 (2024:469.44). The year end and average rates used for the Kazakh Tenge have been obtained from the National Bank of Kazakhstan. Transactions denominated in currencies other than the functional currency of each respective entity are recorded at the rate of exchange prevailing at the date of the transaction. Monetary assets and liabilities are translated into the relevant functional currency at the closing rates of exchange at the reporting date. Exchange differences arising from the restatement of monetary assets and liabilities at the closing rate of exchange at the reporting date or from the settlement of monetary transactions at a rate different from that at which the asset or liability was recorded are dealt with through the statement of profit or loss. On consolidation, the results of overseas operations are translated into US dollars, the Group\u2019s presentational currency, at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the balance sheet date. Exchange differences arising on translating the opening net assets at the opening rate and the results of overseas operations at the actual rate are recognised directly in the consolidated statement of other comprehensive income. The intercompany loans form a part of the Company\u2019s investment in a foreign operation. The exchange difference arising on the intercompany loans on translation in the company income statement is being recognised in other comprehensive income which on consolidation is recognised in a separate component of equity until disposal of the foreign operations. In the individual Parent Company financial statements foreign exchange gains/losses are recognised in the income statement. Intangible assets Externally acquired intangible assets are initially recognised at cost and subsequently amortised on a straight-line basis over their expected economic life. In the case of Teren-Sai as this is an exploration project, amortisation will be applied once a production licence is obtained and commercial production is commenced. With regards to the purchased geological data there is no effect on the income statement at present as the amortisation costs of the geological data are capitalised. The costs remaining will be written off over the Teren-Sai licence once production commences. Exploration and evaluation costs All costs incurred prior to obtaining the legal right to undertake exploration and evaluation activities on a project are written off as incurred. All costs associated with mineral exploration and investments are capitalised on a project by project basis, pending determination of the feasibility of the project. Costs incurred include appropriate technical and administrative expenses. If an exploration project is successful and the project is determined to be commercially viable, the related costs will be transferred to mining assets and amortised over the estimated life of the mineral reserves on a unit of production basis. Where a project is relinquished, abandoned, or is considered to be of no further commercial value to the Group, the related costs are written off. Impairment reviews performed under IFRS 6 \u2018Exploration for and evaluation of mineral resources\u2019 are carried out on a project by project basis, with each project representing a potential single cash generating unit. An impairment review is undertaken when indicators of impairment arise; typically when one of the following circumstances applies: \u2022 sufficient data exists that render the resource uneconomic and unlikely to be developed \u2022 title to the asset is compromised \u2022 budgeted or planned expenditure is not expected in the foreseeable future \u2022 insufficient discovery of commercially viable resources leading to the discontinuation of activities. Property, plant and equipment Mining properties comprise previously capitalised exploration, evaluation and development expenditure incurred during the exploration and development stages of the Company\u2019s mining projects. Other items of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost include directly attributable costs and estimated present value of any future unavoidable costs of dismantling and removing items. The corresponding liability is recognised within provisions. Assets under construction represent assets under development that are not at the stage that can be used commercially to generate revenues, no depreciation is applied to these assets. Depreciation Depreciation of property, plant and equipment is calculated on a straight line or units of production basis, as appropriate. Assets are fully depreciated over their economic lives, or over the remaining life of the mine if shorter. Assets under construction and freehold land are not depreciated.
Asset class
Depreciation method and rate
Buildings
8-10 per cent per annum straight line basis
Equipment, fixtures and fittings
10-40 percent per annum straight line basis
Plant, machinery and vehicles
7-30 per cent. per annum straight line basis
Mining properties
Unit of production based on the proven reserves
Impairment of non-current assets Property, plant and equipment and intangible assets are assessed for impairment at each reporting date when events or a change in circumstances suggest that the carrying amount of an asset may exceed the recoverable amount. Where there has been an indication of a possible impairment, management assesses the recoverability of the carrying value of the asset by comparing it with the estimated discounted future net cash flows generated by the asset based on management\u2019s expectation of future production and selling prices. Any identified impairment is charged to the statement of profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount but such that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss is recognised in the profit or loss immediately. Inventories Inventories are valued at the lower of cost or net realisable value. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Costs incurred in bringing each product to its present location and condition are accounted for as follows: \u2022 Spare parts and consumables \u2013 Purchase costs on a first in, first out basis; \u2022 Ore stockpiles, work in progress and finished gold \u2013 Dependent on the current stage in the production cycle, the cost will reflect cost of direct materials, power, labour and a proportion of overhead, to bring the product to its current state. Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the statement of profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for by using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged to other comprehensive income or credited directly to equity, in which case the deferred tax is also dealt within equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income. Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Financial Instruments Financial assets and financial liabilities are recognised in the consolidated statement of financial position when the Group becomes party to the contractual provisions of the instrument. Trade and other receivables Trade and other receivables are recognised initially at their transaction price in accordance with IFRS 9 and are subsequently measured at amortised cost. The Group applies the simplified approach to providing for expected credit losses (ECL) prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables measured on a collection basis. Expected credit losses are assessed on a forward looking basis, using information such as the expected future currency, commodity and inflation rates. The loss allowance is measured at initial recognition and throughout its life at an amount equal to lifetime ECL. Any impairment is recognised in the income statement. Details in relation to the ECL provision are given in note 16. If there is no reasonable expectation of recovery after assessing the ability of the debtor to repay the amount due it will be written off but further legal action may be taken to recover the amount due subject to a cost benefit assessment of the amounts involved. The Company will deem an amount to go into default if the terms of the contractual payment are breached and the subsequent follow up to remedy the breach and agree a revised repayment schedule is unsatisfactory. Cash and cash equivalents Cash and cash equivalents comprise cash in hand and demand deposits, and other short-term highly liquid investments with original maturities of less than three months and which are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value, for the purposes of statement of cash flow. Cash retained for the purposes of restoration of the land after the end of the licence period is not included within cash resources and is included in a separate fund see note 21. Investments Investment in subsidiaries are included at cost less impairment. Loans and receivables from subsidiaries Loans to subsidiary undertakings are subject to IFRS 9\u2019s expected credit loss model. The intercompany loans are repayable on a deferred basis, and a three year notice of repayment can only be given after full repayment of the Bank Center Credit loans, which are scheduled for repayment in 2027. The loans can be repaid earlier if agreed to by the bank and there have no breaches of loan conditions. The intercompany loans at present are considered to be in stage 2, and have been assessed as indicated in the IFRS 9 ECL model, with extensions being made on the repayment terms of the original loans that were given. As the loans are considered to be in stage 2 a lifetime ECL is determined using all relevant, reasonable and supportable historical, current and forward-looking information that provides evidence about the risk that the subsidiaries will default on the loan and the amount of losses that would arise as a result of that default. Financial liabilities The Group classifies its financial liabilities into one of two categories discussed below, depending on the purpose for which the liability was acquired. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with changes in fair value recognised in the consolidated income statement. The Group does not have any liabilities held for trading nor has it designated any other financial liabilities as being at fair value through profit or loss. Other financial liabilities Other financial liabilities comprise borrowings, trade payables and other short-term monetary liabilities. These are initially measured at fair value and subsequently recognised at amortised cost using effective interest rate method. Derecognition of financial liabilities Financial liabilities are derecognised when, and only when, the Group\u2019s obligations are discharged, c ancelled, or they expire. Fair value measurement hierarchy The Group classifies its financial assets and financial liabilities measured at fair value using a fair value hierarchy that reflects the significance of the inputs used in making the fair value measurement. The fair value hierarchy has the following levels: \u2022 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2022 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (level 2); \u2022 inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3); \u2022 the level in the fair value hierarchy within the financial asset or financial liability is determined on the basis of the lowest level input that is significant to the fair value measurement. Compound instruments Share capital Financial instruments used by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Company\u2019s ordinary shares are classified as equity instruments and are recorded as proceeds received, net of direct issue costs. Provision for commitments and contingencies Provisions are recognised when the Company has a present obligation at the reporting date, which occurred as a result of a past event, and it is probable that the Company will be required to settle that obligation and the amount of the obligation can be reliably estimated. Possible obligations that are less than probable, and commitments to make purchases and incur expenditure in future periods, are not recognised as provisions but are disclosed as commitments and contingencies. Provision for site rehabilitation and decommissioning costs and the associated asset is recorded at the present value of the expected expenditure required to settle the Company\u2019s future obligations. Actual outcomes may vary. Details regarding the provision for site rehabilitation and decommissioning costs are set out in note 21 to the financial statements. Accounting judgements and key sources of estimation uncertainty In the application of the Company\u2019s accounting policies, the Directors have made judgements and estimates that may have an effect on the amount recognised in the financial statements. The analysis has been split between those that the Directors assess may have a material impact on the financial statements and those that are significant but not judged to have a material impact on the financial statements. On reviewing the estimates of uncertainty the Directors are of the opinion that they will not have material impact on the results of the current or future financial statements. Those that are regarded as key areas that may have a material impact on the financial statements include the following: \u2022 carrying value of property, plant and equipment, including estimates made in respect of reserves, discount rate and future gold prices (note 15). Costs capitalised as mining assets in property, plant and equipment, and intangible assets are assessed for impairment when circumstances suggest that the carrying value may exceed its recoverable value. Full impairment testing has not been carried out, as no indicators of impairment have been identified. However as part of the assessment, the carrying value of the assets at the reporting date were compared with the expected discounted cash flows. For the discounted cash flows to be calculated, management has used a production profile based on its best estimates. These are based on actual results and projected budgets, known gold reserves of the assets and a range of assumptions, including an estimated price of gold and a discount rate which, taking into account other assumptions used in the calculation, management considers to be reflective of the risks. This assessment involves judgement as to (i) the likely commerciality of the asset based over its estimated useful life, (ii) proven reserves which are estimated. These form the basis of the write off of the mining assets over its estimated useful life. (iii) future revenues and estimated development costs pertaining to the asset, (iv) the discount rate to be applied for the purposes of deriving a recoverable value. One CGU was identified and the following principal assumptions were used in the preparation of the models. The price of gold is based on modelling from information from Bloomberg with a price of gold ranging from US$4,000oz up to US$4,075 in the long term, an exchange rate of 560 KZT to 1 US Dollar, recovery rate of 85%, a processing cost of US$91t, and corporate taxes of 20%. The forecasts have been flexed to account for changes in costs and sales prices ranging up to 18% with no impact on the viability of the CGU, based on the estimated outcomes, management made the judgement that no impairment was required and that the policy of amortisation of the assets was appropriate, and that the carrying was justified. \u2022 Carrying value of intangible assets (note 14): The carrying value for intangible exploration and evaluation assets, represent the costs of active exploration projects the commerciality of which is unevaluated until reserves can be appraised. Where properties are appraised to have no commercial value, the associated costs are treated as an impairment loss in the period in which the determination is made. The recoverability of intangible exploration assets is assessed by comparing the carrying value to estimates of the present value of projects where indicators of impairment have been identified on an asset. The present values of intangible exploration assets are inherently judgmental. Exploration and evaluation costs will be written off to the income statement unless commercial reserves are established or the determination process is not completed and there are no indications of impairment. The outcome of ongoing exploration, and therefore whether the carrying value of exploration and evaluation assets will ultimately be recovered, is inherently uncertain. There were no impairment indicators identified, therefore a full impairment test was not carried out. The following judgements and estimates are significant but will not have a material impact on the financial statements: \u2022 Estimates of the cost of future decommissioning and restoration of production facilities are based on current legal and constructive requirements, technology and price levels, while estimates of when decommissioning will occur depend on assumptions made regarding the economic life of fields which in turn depend on such factors as gold prices, decommissioning costs, discount rates and inflation rates. The management reviewed the estimation process and the basis for the principal assumptions underlying the cost estimates, noting in particular the reasons for any major changes in estimates as compared with the previous year. The Company was satisfied that the approach applied was fair and reasonable. The Company was also satisfied that the discount and inflation rates used to calculate the provision were appropriate, and have used this basis for the recognition of the provision in the financial statements. \u2022 Provision for taxation (note 11 and 18) Management make judgements in relation to the recognition of various taxes payable by the Group and VAT recoverability for which the recoverability and timing of recovery is assessed. The Group operates in jurisdictions which necessarily require judgement to be applied when assessing the applicable tax treatment for transactions and the Group obtains professional advice where appropriate to ensure compliance with applicable legislation. \u2022 Estimation of credit losses (note 16) Management make judgements in relation to the future recoverability of receivables, in relation to the parent Company there are substantial loans to the subsidiaries. The management has used the guidance as noted in IFRS9 to make judgements in relation to the future risk of default, the ability of the Company to achieve its production targets and achieve a sufficient level of profits to repay the loans, inherent in this model are a number of judgements. The management has estimated that a provision was required of US$15.6m at the year end. (2024 US$16.4m); and \u2022 Extension of licence (note 14 and 15) The exploration licence at Teren-Sai expired in March 2026 and was extending to June 2026, the Company has 12 months from the end of this period to submit an application for a production licence. The licence for the deposit at Sekisovskoye runs to 2029. Inherent in this process for the application for renewal and beyond are the judgements of determining if the conditions can be satisfied for future licence extensions. \u2022 Recoverability of inventories (note 17): The recoverability of inventories is dependent upon the future production of the Company, and future prices achievable, which will determine if any provision is required against inventories. The directors have assessed the impairment indicators, and made judgements in reflection to future prices achievable and production and make impairments as appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-208": { "value": "
Basis of consolidation
Where a company has control over an investee, the investee is classified as a subsidiary. A company controls an investee if all three of the
following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor
to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a
change in any of these elements of control.
The consolidated financial statements present the results of the company and its subsidiaries (\u201cthe Group\u201d) as if they formed a single
entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement
of financial position, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the
acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date
on which control is obtained. They are de-consolidated from the date on which control ceases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-212": { "value": "Revenue recognition Revenue represents amounts received for goods provided in the normal course of business, net of VAT and any other sales related taxes. The Company\u2019s revenue is generated entirely from the sale of the gold and silver content of dor\u00e9, (\u2018precious metal\u2019). The dor\u00e9 is delivered to a precious metal refiner, based in Kazakhstan, and consistent with the prior year it purchased all precious metal produced. Title of the precious metal passes upon acceptance of the delivery from the Company to the refiner. Sales of precious metal are only recognised when the delivery has been accepted and title for the precious metal has accordingly been passed to the refiner. The Company does not hedge or otherwise enter into any derivatives in respect of its sales of gold. Sales are recorded at the actual selling price of the dor\u00e9 which is based on current market prices. The Company receives 90% less fees of the revenue on delivery of the dore to the refiner based on the spot dollar and gold and silver prices on the day of delivery. The balance is paid once the dore is refined into gold or silver and is usually paid with 14 days, based on the original gold price or silver price and spot price of the US dollar on the day of settlement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-209": { "value": "
Foreign currencies
The Company has prepared its financial statements in United States Dollars (US$). The functional currency of the companies in Kazakhstan
is the Kazakhstan Tenge (KZT). The functional currency of the Company and AltynGold Holdings Limited is the United States Dollars (US$).
The rates used to convert Pound Sterling and Kazakhstan Tenge into United States Dollar in these financial statements are as follows:
US$ to Pound Sterling closing 1.34 (2024: 1.26), average 1.31 (2024:1.28),
US$ to Kazakh Tenge closing 505.53 (2024: 523.54) average 521.59 (2024:469.44).
The year end and average rates used for the Kazakh Tenge have been obtained from the National Bank of Kazakhstan.
Transactions denominated in currencies other than the functional currency of each respective entity are recorded at the rate of exchange
prevailing at the date of the transaction. Monetary assets and liabilities are translated into the relevant functional currency at the closing
rates of exchange at the reporting date. Exchange differences arising from the restatement of monetary assets and liabilities at the
closing rate of exchange at the reporting date or from the settlement of monetary transactions at a rate different from that at which the
asset or liability was recorded are dealt with through the statement of profit or loss.
On consolidation, the results of overseas operations are translated into US dollars, the Group\u2019s presentational currency, at rates
approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate
ruling at the balance sheet date. Exchange differences arising on translating the opening net assets at the opening rate and the results
of overseas operations at the actual rate are recognised directly in the consolidated statement of other comprehensive income. The
intercompany loans form a part of the Company\u2019s investment in a foreign operation. The exchange difference arising on the intercompany
loans on translation in the company income statement is being recognised in other comprehensive income which on consolidation is
recognised in a separate component of equity until disposal of the foreign operations.
In the individual Parent Company financial statements foreign exchange gains/losses are recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-230": { "value": "The Company has prepared its financial statements in United States Dollars (US$). The functional currency of the companies in Kazakhstan is the Kazakhstan Tenge (KZT). The functional currency of the Company and AltynGold Holdings Limited is the United States Dollars (US$). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-210": { "value": "
Intangible assets
Externally acquired intangible assets are initially recognised at cost and subsequently amortised on a straight-line basis over their
expected economic life.
In the case of Teren-Sai as this is an exploration project, amortisation will be applied once a production licence is obtained and
commercial production is commenced.
With regards to the purchased geological data there is no effect on the income statement at present as the amortisation costs of the
geological data are capitalised. The costs remaining will be written off over the Teren-Sai licence once production commences.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-211": { "value": "
Exploration and evaluation costs
All costs incurred prior to obtaining the legal right to undertake exploration and evaluation activities on a project are written off
as incurred. All costs associated with mineral exploration and investments are capitalised on a project by project basis, pending
determination of the feasibility of the project. Costs incurred include appropriate technical and administrative expenses. If an exploration
project is successful and the project is determined to be commercially viable, the related costs will be transferred to mining assets and
amortised over the estimated life of the mineral reserves on a unit of production basis. Where a project is relinquished, abandoned, or
is considered to be of no further commercial value to the Group, the related costs are written off. Impairment reviews performed under
IFRS 6 \u2018Exploration for and evaluation of mineral resources\u2019 are carried out on a project by project basis, with each project representing a
potential single cash generating unit. An impairment review is undertaken when indicators of impairment arise; typically when one of the
following circumstances applies:
\u2022 sufficient data exists that render the resource uneconomic and unlikely to be developed
\u2022 title to the asset is compromised
\u2022 budgeted or planned expenditure is not expected in the foreseeable future
\u2022 insufficient discovery of commercially viable resources leading to the discontinuation of activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-213": { "value": "
Property, plant and equipment
Mining properties comprise previously capitalised exploration, evaluation and development expenditure incurred during the exploration
and development stages of the Company\u2019s mining projects.
Other items of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost include directly
attributable costs and estimated present value of any future unavoidable costs of dismantling and removing items. The corresponding
liability is recognised within provisions.
Assets under construction represent assets under development that are not at the stage that can be used commercially to generate
revenues, no depreciation is applied to these assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-214": { "value": "
Depreciation
Depreciation of property, plant and equipment is calculated on a straight line or units of production basis, as appropriate. Assets are fully
depreciated over their economic lives, or over the remaining life of the mine if shorter.
Assets under construction and freehold land are not depreciated.
Asset class
Depreciation method and rate
Buildings
8-10 per cent per annum straight line basis
Equipment, fixtures and fittings
10-40 percent per annum straight line basis
Plant, machinery and vehicles
7-30 per cent. per annum straight line basis
Mining properties
Unit of production based on the proven reserves
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-215": { "value": "
Impairment of non-current assets
Property, plant and equipment and intangible assets are assessed for impairment at each reporting date when events or a change in
circumstances suggest that the carrying amount of an asset may exceed the recoverable amount.
Where there has been an indication of a possible impairment, management assesses the recoverability of the carrying value of the asset
by comparing it with the estimated discounted future net cash flows generated by the asset based on management\u2019s expectation of
future production and selling prices. Any identified impairment is charged to the statement of profit or loss.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable
amount but such that the increased carrying amount does not exceed the carrying amount that would have been determined had no
impairment loss been recognised for the asset in prior years.
A reversal of impairment loss is recognised in the profit or loss immediately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-231": { "value": "Impairment of non-current assets Property, plant and equipment and intangible assets are assessed for impairment at each reporting date when events or a change in circumstances suggest that the carrying amount of an asset may exceed the recoverable amount. Where there has been an indication of a possible impairment, management assesses the recoverability of the carrying value of the asset by comparing it with the estimated discounted future net cash flows generated by the asset based on management\u2019s expectation of future production and selling prices. Any identified impairment is charged to the statement of profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount but such that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss is recognised in the profit or loss immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-191": { "value": "
Inventories
Inventories are valued at the lower of cost or net realisable value. Net realisable value represents the estimated selling price less all
estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Costs incurred in bringing each product to its present location and condition are accounted for as follows:
\u2022 Spare parts and consumables \u2013 Purchase costs on a first in, first out basis;
\u2022 Ore stockpiles, work in progress and finished gold \u2013 Dependent on the current stage in the production cycle, the cost will reflect cost
of direct materials, power, labour and a proportion of overhead, to bring the product to its current state.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-192": { "value": "
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the statement
of profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes
items that are never taxable or deductible. The Company\u2019s liability for current tax is calculated using tax rates that have been enacted or
substantively enacted by the reporting date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for by using the balance
sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are
recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be
utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the
initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit
nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries
and associates, and interests in joint ventures except where the Company is able to control the reversal of the temporary difference and it
is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates
that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement, except when it relates to items charged to other comprehensive income or credited directly to equity, in which case
the deferred tax is also dealt within equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off
current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group
intends to settle its current tax assets and liabilities on a net basis.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the
reporting date in the countries where the group operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying
amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined
using tax rates and laws that have been enacted or substantively enacted by the reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-216": { "value": "Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for by using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged to other comprehensive income or credited directly to equity, in which case the deferred tax is also dealt within equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income. Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-217": { "value": "
Financial Instruments
Financial assets and financial liabilities are recognised in the consolidat
ed statement of financial position when the Group becomes party
to the contractual provisions of the instrument.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-222": { "value": "Trade and other receivables Trade and other receivables are recognised initially at their transaction price in accordance with IFRS 9 and are subsequently measured at amortised cost. The Group applies the simplified approach to providing for expected credit losses (ECL) prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables measured on a collection basis. Expected credit losses are assessed on a forward looking basis, using information such as the expected future currency, commodity and inflation rates. The loss allowance is measured at initial recognition and throughout its life at an amount equal to lifetime ECL. Any impairment is recognised in the income statement. Details in relation to the ECL provision are given in note 16. If there is no reasonable expectation of recovery after assessing the ability of the debtor to repay the amount due it will be written off but further legal action may be taken to recover the amount due subject to a cost benefit assessment of the amounts involved. The Company will deem an amount to go into default if the terms of the contractual payment are breached and the subsequent follow up to remedy the breach and agree a revised repayment schedule is unsatisfactory. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-218": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and demand deposits, and other short-term highly liquid investments with original
maturities of less than three months and which are readily convertible to a known amount of cash and are subject to an insignificant risk of
change in value, for the purposes of statement of cash flow.
Cash retained for the purposes of restoration of the land after the end of the licence period is not included within cash resources and is
included in a separate fund see note 21.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-219": { "value": "
Investments
Investment in subsidiaries are included at cost less impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-220": { "value": "
Loans and receivables from subsidiaries
Loans to subsidiary undertakings are subject to IFRS 9\u2019s expected credit loss model. The intercompany loans are repayable on a deferred
basis, and a three year notice of repayment can only be given after full repayment of the Bank Center Credit loans, which are scheduled
for repayment in 2027. The loans can be repaid earlier if agreed to by the bank and there have no breaches of loan conditions.
The intercompany loans at present are considered to be in stage 2, and have been assessed as indicated in the IFRS 9 ECL model, with
extensions being made on the repayment terms of the original loans that were given. As the loans are considered to be in stage 2 a lifetime
ECL is determined using all relevant, reasonable and supportable historical, current and forward-looking information that provides
evidence about the risk that the subsidiaries will default on the loan and the amount of losses that would arise as a result of that default.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-221": { "value": "
Financial liabilities
The Group classifies its financial liabilities into one of two categories discussed below, depending on the purpose for which the liability
was acquired.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with
changes in fair value recognised in the consolidated income statement. The Group does not have any liabilities held for trading nor has it
designated any other financial liabilities as being at fair value through profit or loss.
Other financial liabilities
Other financial liabilities comprise borrowings, trade payables and other short-term monetary liabilities. These are initially measured at fair
value and subsequently recognised at amortised cost using effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the Group\u2019s obligations are discharged, c
ancelled, or they expire.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-234": { "value": "Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with changes in fair value recognised in the consolidated income statement. The Group does not have any liabilities held for trading nor has it designated any other financial liabilities as being at fair value through profit or loss. Fair value measurement hierarchy The Group classifies its financial assets and financial liabilities measured at fair value using a fair value hierarchy that reflects the significance of the inputs used in making the fair value measurement. The fair value hierarchy has the following levels: \u2022 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2022 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (level 2); \u2022 inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3); \u2022 the level in the fair value hierarchy within the financial asset or financial liability is determined on the basis of the lowest level input that is significant to the fair value measurement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-232": { "value": "Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with changes in fair value recognised in the consolidated income statement. The Group does not have any liabilities held for trading nor has it designated any other financial liabilities as being at fair value through profit or loss.
Fair value measurement hierarchy
The Group classifies its financial assets and financial liabilities measured at fair value using a fair value hierarchy that reflects the
significance of the inputs used in making the fair value measurement. The fair value hierarchy has the following levels:
\u2022 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
\u2022 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices) (level 2);
\u2022 inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3);
\u2022 the level in the fair value hierarchy within the financial asset or financial liability is determined on the basis of the lowest level input that is
significant to the fair value measurement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-233": { "value": "Derecognition of financial liabilities Financial liabilities are derecognised when, and only when, the Group\u2019s obligations are discharged, c ancelled, or they expire. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-235": { "value": "
Share capital
Financial instruments used by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability
or financial asset. The Company\u2019s ordinary shares are classified as equity instruments and are recorded as proceeds received, net of
direct issue costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-186": { "value": "
Provision for commitments and contingencies
Provisions are recognised when the Company has a present obligation at the reporting date, which occurred as a result of a past event,
and it is probable that the Company will be required to settle that obligation and the amount of the obligation can be reliably estimated.
Possible obligations that are less than probable, and commitments to make purchases and incur expenditure in future periods, are not
recognised as provisions but are disclosed as commitments and contingencies.
Provision for site rehabilitation and decommissioning costs and the associated asset is recorded at the present value of the expected
expenditure required to settle the Company\u2019s future obligations. Actual outcomes may vary. Details regarding the provision for site
rehabilitation and decommissioning costs are set out in note 21 to the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-187": { "value": "
Accounting judgements and key sources of estimation uncertainty
In the application of the Company\u2019s accounting policies, the Directors have made judgements and estimates that may have an effect
on the amount recognised in the financial statements. The analysis has been split between those that the Directors assess may have
a material impact on the financial statements and those that are significant but not judged to have a material impact on the financial
statements. On reviewing the estimates of uncertainty the Directors are of the opinion that they will not have material impact on the
results of the current or future financial statements.
Those that are regarded as key areas that may have a material impact on the financial statements include the following:
\u2022 carrying value of property, plant and equipment, including estimates made in respect of reserves, discount rate and future gold prices
(note 15). Costs capitalised as mining assets in property, plant and equipment, and intangible assets are assessed for impairment when
circumstances suggest that the carrying value may exceed its recoverable value.
Full impairment testing has not been carried out, as no indicators of impairment have been identified. However as part of the
assessment, the carrying value of the assets at the reporting date were compared with the expected discounted cash flows.
For the discounted cash flows to be calculated, management has used a production profile based on its best estimates. These are
based on actual results and projected budgets, known gold reserves of the assets and a range of assumptions, including an estimated
price of gold and a discount rate which, taking into account other assumptions used in the calculation, management considers to be
reflective of the risks. This assessment involves judgement as to (i) the likely commerciality of the asset based over its estimated useful
life, (ii) proven reserves which are estimated. These form the basis of the write off of the mining assets over its estimated useful life.
(iii) future revenues and estimated development costs pertaining to the asset, (iv) the discount rate to be applied for the purposes of
deriving a recoverable value.
One CGU was identified and the following principal assumptions were used in the preparation of the models. The price of gold is based
on modelling from information from Bloomberg with a price of gold ranging from US$4,000oz up to US$4,075 in the long term, an
exchange rate of 560 KZT to 1 US Dollar, recovery rate of 85%, a processing cost of US$91t, and corporate taxes of 20%. The forecasts
have been flexed to account for changes in costs and sales prices ranging up to 18% with no impact on the viability of the CGU, based
on the estimated outcomes, management made the judgement that no impairment was required and that the policy of amortisation of
the assets was appropriate, and that the carrying was justified.
\u2022 Carrying value of intangible assets (note 14):
The carrying value for intangible exploration and evaluation assets, represent the costs of active exploration projects the
commerciality of which is unevaluated until reserves can be appraised. Where properties are appraised to have no commercial
value, the associated costs are treated as an impairment loss in the period in which the determination is made. The recoverability
of intangible exploration assets is assessed by comparing the carrying value to estimates of the present value of projects where
indicators of impairment have been identified on an asset. The present values of intangible exploration assets are inherently
judgmental. Exploration and evaluation costs will be written off to the income statement unless commercial reserves are established
or the determination process is not completed and there are no indications of impairment. The outcome of ongoing exploration, and
therefore whether the carrying value of exploration and evaluation assets will ultimately be recovered, is inherently uncertain.
There were no impairment indicators identified, therefore a full impairment test was not carried out.
The following judgements and estimates are significant but will not have a material impact on the financial statements:
\u2022 Estimates of the cost of future decommissioning and restoration of production facilities are based on current legal and constructive
requirements, technology and price levels, while estimates of when decommissioning will occur depend on assumptions made
regarding the economic life of fields which in turn depend on such factors as gold prices, decommissioning costs, discount rates and
inflation rates. The management reviewed the estimation process and the basis for the principal assumptions underlying the cost
estimates, noting in particular the reasons for any major changes in estimates as compared with the previous year. The Company was
satisfied that the approach applied was fair and reasonable. The Company was also satisfied that the discount and inflation rates used
to calculate the provision were appropriate, and have used this basis for the recognition of the provision in the financial statements.
\u2022 Provision for taxation (note 11 and 18)
Management make judgements in relation to the recognition of various taxes payable by the Group and VAT recoverability for which
the recoverability and timing of recovery is assessed. The Group operates in jurisdictions which necessarily require judgement to be
applied when assessing the applicable tax treatment for transactions and the Group obtains professional advice where appropriate to
ensure compliance with applicable legislation.
\u2022 Estimation of credit losses (note 16)
Management make judgements in relation to the future recoverability of receivables, in relation to the parent Company there are
substantial loans to the subsidiaries. The management has used the guidance as noted in IFRS9 to make judgements in relation to the
future risk of default, the ability of the Company to achieve its production targets and achieve a sufficient level of profits to repay the
loans, inherent in this model are a number of judgements. The management has estimated that a provision was required of US$15.6m at
the year end. (2024 US$16.4m); and
\u2022 Extension of licence (note 14 and 15)
The exploration licence at Teren-Sai expired in March 2026 and was extending to June 2026, the Company has 12 months from the end
of this period to submit an application for a production licence. The licence for the deposit at Sekisovskoye runs to 2029. Inherent in
this process for the application for renewal and beyond are the judgements of determining if the conditions can be satisfied for future
licence extensions.
\u2022 Recoverability of inventories (note 17):
The recoverability of inventories is dependent upon the future production of the Company, and future prices achievable, which
will determine if any provision is required against inventories. The directors have assessed the impairment indicators, and made
judgements in reflection to future prices achievable and production and make impairments as appropriate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-179": { "value": "
5. Revenue
The analysis of the Group\u2019s revenue for the year from continuing operations is as follows:
2025 2024
US$000 US$000
Sale of gold and silver
175,160
94,476
Other sales
239
2,046
175,399
96,522
Included in revenues from sale of gold and silver are revenues of US$175,160,000 (2024: US$94,476,000) which arose from sales of
precious metals to one customer based in Kazakhstan. Other sales amounted to US$239,000 (2024: US$2,046,000) and related to lease
and rental income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-180": { "value": "
6. Segmental information
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The
chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments and
making strategic decision, has been identified as the Board of Directors.
The Board of Directors consider there to be two operating segments, the exploration and development of mineral resources at
Sekisovskyoe and at Teren Sai, both based in one geographical segment, being Kazakhstan. All sales were made in Kazakhstan from the
mine at Sekisovskoye.
However in relation to Teren Sai as there is discrete financial information available and the assets account for greater than 10% of the
combined total assets of all segments it is considered to be a separate operating segment.
Teren-Sai is an exploration asset, details of the carrying value of the asset are shown in note 14. There is currently no turnover or other
associated costs in relation to this asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-181": { "value": "
7. Staff number and costs
Group
The aggregate remuneration comprised:
2025 2024
US$000 US$000
Directors\u2019 emoluments
333
311
Employee wages and salaries
6,459
5,192
Employer social tax and national insurance
2,250
1,682
9,042
7,185
The average number of employees (including Directors) was:
2025
2024
Production
463
443
Administration
103
87
566
530
Company
The average number of employees (including Directors) was:
2025
2024
Administration
7
7
Further details in relation to Directors remuneration and wages and salaries is given in the Remuneration Report.
The aggregate remuneration comprised:
2025 2024
US$000 US$000
Directors\u2019 emoluments
333
311
Employer social tax and national insurance
21
22
354
333
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-182": { "value": "
8. Impairments
2025
2024
US$000
US$000
Impairments provided/(reversed) - ore/inventories
286
(121)
Impairment provided - other receivables and prepayments
775
238
1,061
117
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-183": { "value": "
9. Finance income and costs
2025 2024
US$000 US$000
Finance income
Interest on bank deposits
1,231
358
Finance costs
Foreign exchange gain/(losses)
744
(6,373)
Unwinding of discount on provisions
(486)
(506)
Interest expense
(4,354)
(5,063)
Unwinding of discount other financial liabilities
(362)
(454)
Total finance costs
(4,458)
(12,396)
Net finance costs
(3,227)
(12,038)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-189": { "value": "9. Finance income and costs
2025 2024
US$000 US$000
Finance income
Interest on bank deposits
1,231
358
Finance costs
Foreign exchange gain/(losses)
744
(6,373)
Unwinding of discount on provisions
(486)
(506)
Interest expense
(4,354)
(5,063)
Unwinding of discount other financial liabilities
(362)
(454)
Total finance costs
(4,458)
(12,396)
Net finance costs
(3,227)
(12,038)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-188": { "value": "9. Finance income and costs
2025 2024
US$000 US$000
Finance income
Interest on bank deposits
1,231
358
Finance costs
Foreign exchange gain/(losses)
744
(6,373)
Unwinding of discount on provisions
(486)
(506)
Interest expense
(4,354)
(5,063)
Unwinding of discount other financial liabilities
(362)
(454)
Total finance costs
(4,458)
(12,396)
Net finance costs
(3,227)
(12,038)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-190": { "value": "
11. Income tax
Tax charged in the income statement
2025 2024
US$000 US$000
Current taxation
Income tax
17,463
1,981
Deferred taxation
Arising from origination and reversal of temporary differences
2,572
2,131
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods
-
(180)
Total deferred taxation
2,572
1,951
Tax expense in the income statement
20,035
3,932
The tax on profit before tax for the year is lower than the standard rate of tax in Kazakhstan of 20%, (2024 - lower than the standard rate of
tax in Kazakhstan at 20%).
The differences are reconciled below:
2025 2024
US$000 US$000
Profit before tax
82,044
30,355
Corporation tax at standard rate
16,409
6,070
Effect of different UK tax rates on some earnings
158
-
Effect of expenses not deductible in determining taxable profit
2,337
1,896
Tax decrease from utilisation of tax losses
(1,497)
(257)
Other temporary timing differences not recognised
949
337
Effect of foreign exchange/discounting losses/(gains)
1,679
(4,114)
Total tax charge
20,035
3,932
Deferred tax
Group
Deferred tax assets and liabilities are offset where they arise within the subsidiaries in Kazakhstan. The Group has recognised the deferred
tax asset only to the extent that it is probable that the taxable profit will be available against which the deductible temporary difference
can be utilised. The future tax profits are expected to be derived from the gold mining operations in Kazakhstan. The tax losses arising in
the prior periods will reduce the Company\u2019s and its subsidiaries\u2019 future tax liabilities. Deferred tax assets are recognised as the Directors
believe that sufficient taxable profits will be made against which the carried forward losses can be utilised.
Unutilised taxation losses arising in Kazakhstan of US$Nil (2024: US$2.5m). Unutilised tax losses arising in the UK amount to US$4.8m
(2024: US$7.8m).
Unrecognised deferred taxation assets
2025 2024
US$000 US$000
Taxation losses
1,200
1,956
The unrecognised taxable losses above arise in relation to the parent Company, this amount has been carried forward as the Directors are
uncertain if there will be sufficient taxable profits in the foreseeable future to offset the losses incurred.
Accelerated
Taxation taxation Other timing
losses depreciation differences Total
US$000 US$000 US$000 US$000
1 January 2024
2,904
(619)
(866)
1,419
Debit to income
10
(677)
(1,464)
(2,131)
Currency translation
(389)
152
274
37
31 December 2024 and 1 January 2025
2,525
(1,144)
(2,056)
(675)
Debit to income
(2,534)
(245)
207
(2,572)
Currency translation
9
(49)
(62)
(102)
31 December 2025
-
(1,438)
(1,911)
(3,349)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-193": { "value": "Deferred tax Group Deferred tax assets and liabilities are offset where they arise within the subsidiaries in Kazakhstan. The Group has recognised the deferred tax asset only to the extent that it is probable that the taxable profit will be available against which the deductible temporary difference can be utilised. The future tax profits are expected to be derived from the gold mining operations in Kazakhstan. The tax losses arising in the prior periods will reduce the Company\u2019s and its subsidiaries\u2019 future tax liabilities. Deferred tax assets are recognised as the Directors believe that sufficient taxable profits will be made against which the carried forward losses can be utilised. Unutilised taxation losses arising in Kazakhstan of US$Nil (2024: US$2.5m). Unutilised tax losses arising in the UK amount to US$4.8m (2024: US$7.8m). Unrecognised deferred taxation assets
2025 2024
US$000 US$000
Taxation losses
1,200
1,956
The unrecognised taxable losses above arise in relation to the parent Company, this amount has been carried forward as the Directors are uncertain if there will be sufficient taxable profits in the foreseeable future to offset the losses incurred.
Accelerated
Taxation taxation Other timing
losses depreciation differences Total
US$000 US$000 US$000 US$000
1 January 2024
2,904
(619)
(866)
1,419
Debit to income
10
(677)
(1,464)
(2,131)
Currency translation
(389)
152
274
37
31 December 2024 and 1 January 2025
2,525
(1,144)
(2,056)
(675)
Debit to income
(2,534)
(245)
207
(2,572)
Currency translation
9
(49)
(62)
(102)
31 December 2025
-
(1,438)
(1,911)
(3,349)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-194": { "value": "
12. Earnings per ordinary share
The calculation of basic and diluted earnings per share from continuing operations is based upon the retained profit from continuing
operations for the financial year of US$62.0m (2024: US$26.4m).
The weighted average number of ordinary shares for calculating the basic earnings per share in 2025 and 2024 is shown below.
2025 2024
No. No.
Basic
27,332,934
27,332,934
Diluted
27,332,934
27,332,934
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-195": { "value": "
13. Alternative performance measures
The Directors of the Company have presented the following performance measures adjusted EBITDA (earnings before interest, tax,
depreciation and other non operating expenses), operating cash cost, total cash cost and all in sustaining cash cost (AISC) as they
monitor this performance measure at a consolidated level, and the Directors believe it is relevant to measuring the Groups performance.
These measures are not defined by UK IAS and therefore may not be directly comparable to similar measures adopted by other
companies.
These alternative performance measures should be considered in addition to and are not intended to be a substitute for, or superior to,
UK IAS measures but provide useful information on the performance of the Group and underlying trends.
The operating cash cost, measures the cash cost of production, the total cash cost is a measure of the total cost of production after
allowing for administrative expenses and the AISC takes into account the capital expenditure required to continue production at current
levels.
2025
2024
Reconciliation of adjusted EBITDA to profit after tax
US$000
US$000
Profit after tax
62,009
26,423
Income tax expense (note 11)
20,035
3,932
Finance income
(1,231)
(358)
Finance expense excluding foreign exchange gains/(losses)
5,202
6,023
Foreign exchange
(744)
6,373
Depreciation (note 15)
15,880
8,964
Amortisation (note 14)
296
80
Fair value adjustment on loan*
-
(556)
Adjusted EBITDA
101,447
50,881
*In 2024 the EBITDA calculation was adjusted to include a fair value adjustment.
2025
2024
Cash costs
US$000
US$000
Cost of sales
79,329
47,455
Adjusted for:
Depreciation and amortisation on cost of sales
(16,176)
(9,044)
63,153
38,411
Gold sold in the period -oz
50,442
38,708
Operating cash cost US$/oz
1,252
992
2025
2024
US$000
US$000
Operating cash costs
63,153
38,411
Adjusted for:
Administrative expenses
9,737
6,560
Less write off of irrecoverable VAT
(2,323)
-
70,567
44,971
Gold sold in the period -oz
50,442
38,708
Total cash cost US$/oz
1,399
1,162
2025
2024
US$000
US$000
Total cash cost
70,567
44,971
Adjusted for:
Sustaining capital expenditure
8,200
6,036
78,767
51,007
Gold sold in the period -oz
50,442
38,708
All in sustaining cost (AISC) US$/oz
1,562
1,318
The use of AISC a non GAAP metric was developed by the World Gold Council in order to allow greater transparency and comparability
between gold producing companies, and has been widely adopted by gold mining companies as part of their overall reporting
disclosure. It includes the full cost of producing an ounce of gold incorporating the capital required to sustain production on an ongoing
basis.
The total capital expenditure in the period was US$28m (2024: US$24m), of this amount US$19.8m (2024: US$18m) was deemed to
be non-sustaining capital expenditure as it related to the development of the increased capacity of the processing plant and related
infrastructure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-196": { "value": "
14. Intangible assets
Group
Teren-Sai
Teren-Sai Exploration and Other intangible
geological data evaluation costs assets Total
US$000 US$000 US$000 US$000
Cost or valuation
At 1 January 2024
8,358
10,684
820
19,862
Additions
-
3,977
-
3,977
Amortisation capitalised
-
555
-
555
Currency translation
(1,101)
(2,374)
(108)
(3,583)
At 31 December 2024
7,257
12,842
712
20,811
At 1 January 2025
7,257
12,842
712
20,811
Additions
9
5,515
-
5,524
Disposal
-
-
(625)
(625)
Amortisation capitalised
-
478
-
478
Currency translation
258
647
2
907
At 31 December 2025
7,524
19,482
89
27,095
Amortisation
At 1 January 2024
5,963
146
92
6,201
Amortisation charge
555
-
79
634
Currency translation
(865)
(16)
(23)
(904)
At 31 December 2024
5,653
130
148
5,931
At 1 January 2025
5,653
130
148
5,931
Amortisation charge
478
-
296
774
Currency translation
217
5
2
224
Eliminated on disposal
-
-
(405)
(405)
At 31 December 2025
6,348
135
41
6,524
Carrying amount
At 31 December 2025
1,176
19,347
48
20,571
At 31 December 2024
1,604
12,712
564
14,880
At 1 January 2024
2,395
10,538
728
13,661
The intangible assets in relation to Teren-Sai, relate to two aspects the initial historic geological information pertaining to the Teren-Sai ore
fields, and exploration activities conducted after the purchase of the drilling data.
The ore fields are located in close proximity to the current mining operations of Sekisovskoye. The Company initially obtained a licence for
exploration and evaluation on the site in May 2016 from the Kazakh authorities.
The addendum to the licence which expired in March 2026 has been extended for three months to June 2026. The Company has one year
from the end of this period to submit plans to develop the site and obtain a production licence. The Company is targeting completion of
the relevant data in relation to the application during 2026, and expect to receive the production licence in Q4 2026.
The value of the geological data purchased is in the opinion of the Directors the value that would have been incurred if the drilling had
been undertaken by a third party (or internally). The Company has continued to develop the site since the CPR was completed in 2019
by conducting exploratory drilling to define the co-ordinates of the plot areas, for future production. Full details are given in the mineral
resources statement included as part of the Annual Report, on pages 31-34. The directors consider that no impairment is required taking
into account the CPR results, exploration and planned production in the future. The amortisation costs are capitalised as part of the
exploration asset in line with the Company\u2019s accounting policy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-197": { "value": "
15. Property, plant and equipment
Group
Freehold Equipment, Plant,
Mining Land and fixtures machinery and Assets under
properties buildings and fittings buildings construction Total
US$000 US$000 US$000 US$000 US$000 US$000
Cost or valuation
At 1 January 2024
23,819
34,235
19,586
19,928
13,212
110,780
Additions
7,351
183
6,255
540
9,698
24,027
Disposals
-
(2,566)
(489)
(1,830)
(77)
(4,962)
Transfers
-
10,794
4,553
9
(15,356)
-
Transfer from inventories
-
-
-
-
(1,126)
(1,126)
Currency translation
(5,049)
(5,380)
(3,497)
(2,602)
(1,032)
(17,560)
At 31 December 2024
26,121
37,266
26,408
16,045
5,319
111,159
At 1 January 2025
26,121
37,266
26,408
16,045
5,319
111,159
Additions
8,386
109
3,262
2,480
13,810
28,047
Disposals
(189)
-
(29)
(156)
(18)
(392)
Transfers
-
12,293
2,463
10
(14,766)
\u2013
Currency translation
1,892
1,724
1,072
687
158
5,533
At 31 December 2025
36,210
51,392
33,176
19,066
4,503
144,347
Depreciation
At 1 January 2024
5,500
17,209
9,791
7,687
-
40,187
Charge for year
2,133
3,359
1,467
2,005
-
8,964
Eliminated on disposal
-
(2,566)
(487)
(1,830)
-
(4,883)
Currency translation
(975)
(2,349)
(1,391)
(1,032)
-
(5,747)
Transfers
-
-
-
-
-
-
At 31 December 2024
6,658
15,653
9,380
6,830
-
38,521
At 1 January 2025
6,658
15,653
9,380
6,830
-
38,521
Charge for the year
6,043
4,392
3,593
1,852
-
15,880
Eliminated on disposal
-
-
(29)
(70)
-
(99)
Currency translation
665
697
447
307
-
2,116
At 31 December 2025
13,366
20,742
13,391
8,919
-
56,418
Carrying amount
At 31 December 2025
22,844
30,650
19,785
10,147
4,503
87,929
At 31 December 2024
19,463
21,613
17,028
9,215
5,319
72,638
At 1 January 2024
18,319
17,026
9,795
12,241
13,212
70,593
The capitalised cost of mining property is written off over the life of the licence from commencement of production on a unit of
production basis. As the current licence is running to 2029, the mining properties are being written off over this period.
This basis uses the ratio of production in the period compared to the mineral reserves at the end of the period of the current licence.
Mineral reserves estimates are based on a number of underlying assumptions, which are inherently uncertain. Mineral reserves estimates
take into consideration estimates by independent geological consultants. However, the amount of mineral that will ultimately be
recovered cannot be known until the end of the life of the mine, which has been calculated on the basis of the current licence finishing in
2029.
Any changes in reserve estimates are, for depreciation purposes, treated on a prospective basis. The recovery of the capitalised cost of
the Group\u2019s property, plant and equipment is dependent on the development of the underground mine.
The Directors are required to consider whether the non-current assets comprising, mineral properties, plant and equipment have
suffered any impairment. The recoverable amount is determined based on value in use calculations. The use of this method requires the
estimation of future cash flows and the choice of a discount rate in order to calculate the present value of the cash flows. The directors
considered entity specific factors such as available finance, cost of production, grades achievable, and sales price. The directors have
concluded that no adjustment is required for impairment.
The bank has a fixed charge over the assets of the subsidiary companies, see note 22.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-198": { "value": "
16. Investments
Summary of the company investments
Country of registration &
Name
Percentage held
operation
Directly held
AltynGold Holdings Limited
100
British Virgin Islands
TOO GMK Altyn MM
100
Kazakhstan
Indirectly held
DTOO Gornorudnoe Predpriatie Baurgold
100
Kazakhstan
AltynGold SPC Ltd
100
Kazakhstan
The principal activity of the companies relates to gold mining exploration and production with the exception of AltynGold Holdings
Limited which is an investment holding Company and is dormant, and AltynGold SPC Ltd which is also dormant.
The registered address of AltynGold Holdings Limited is Palm Grove House, P O Box 438,Road Town, Tortola, British Virgin Islands.
The registered office address for the companies based in Kazakhstan is Building 19, Amangeldi Imanov Street, Baikonyr district, Astana.
Shares
Investment
Subsidiaries loans
Total
Investments and amounts due from subsidiaries
US$000
US$000
US$000
US$000
1 January 2024
225
47,907
80,967
129,099
Payment of loans to subsidiary
-
-
2,500
2,500
Management charges and interest
-
-
5,954
5,954
Decrease in impairment - IFRS 9
-
-
3,240
3,240
31 December 2024
225
47,907
92,661
140,793
Payment of loans to subsidiary
-
-
-
-
Management charges and interest
-
-
6,352
6,352
Decrease in impairment - IFRS 9
-
-
782
782
31 December 2025
225
47,907
99,795
147,927
Movement of expected credit loss
Total
US$000
1 January 2024 total impairment
23,556
Decrease of impairment - IFRS9
(3,240)
Reclassification from loans
(3,957)
31 December 2024
16,359
Decrease of impairment - IFRS9
(782)
31 December 2025 total impairment
15,577
The investments together with the loans which are denominated in US Dollars represent the investments into the subsidiaries and in the
opinion of the directors the aggregate value of the investments in the subsidiaries is not less than the amount shown in these financial
statements. The directors review the intercompany borrowings on a regular basis, together with the associated cash flows of each
company, and assess under the expected credit loss (ECL) model as required by IFRS 9.
The loans to subsidiaries are charged at an interest rates ranging from interest free to a range of 5-7%. The intercompany loans are
repayable at the earliest in October 2029 as the parent Company needs to give a three year formal request for repayment after the Bank
Center Credit loans have been repaid which are due for repayment in October 2026.
The Company has applied IFRS 9 in the current period and estimates that there is a reversal of the charge to the ECL calculated of
US$782,000 (2024: charge US$3.1m) on the receivables from the subsidiaries. The total ECL as at 31 December 2025 is US$15.6m (2024:
US$16.4m).
The intercompany loans at present are considered to be in stage 2, and have been assessed as indicated in the IFRS 9 ECL model. As the
loans are considered to be in stage 2 a lifetime ECL is determined using all relevant, reasonable and supportable historical, current and
forward-looking information that provides evidence about the risk that the subsidiaries will default on the loan and the amount of losses
that would arise as a result of that default. The Company applied a spread of sensitivities ranging from full recovery estimated at 15%, to a
recovery of 85% of the loans at a 80% probability, based on a weighted average of the probabilities the Company estimated a total ECL
to be provided of US$15.6m. If the probability of recoverability worsened by 10% the ECL would increase by US$1.7m.
The impairment is recognised in the income statement within administrative expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-199": { "value": "
17. Inventories
Group
2025 2024
US$000 US$000
Ore
27,319
18,915
Raw materials and consumables
9,293
4,323
Work in progress
962
263
Finished goods and goods for resale
8,990
2
46,564
23,503
The value of inventories above is stated net of a provision for low grade ore and spare parts of US$1.6m (2024: US$1.3m).
The movement in inventories recognised as an (credit)/expense in the income statement is US$8.9m (2024: US$10.5m) see note 10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-201": { "value": "
18. Trade and other receivables
Group Group Company Company
2025 2024 2025 2024
US$000 US$000 US$000 US$000
Non-current
VAT recoverable
6,652
7,469
-
-
Prepayments - advances for equipment
3,070
7,200
-
-
9,722
14,669
-
-
Group Group Company Company
2025 2024 2025 2024
US$000 US$000 US$000 US$000
Current
Trade receivables
3,057
1,102
-
-
Amounts due from related parties
2,959
2,909
Provision for impairment of trade receivables
(1,026)
(428)
-
-
Net trade receivables
4,990
3,583
-
-
Other receivables
21,382
16,847
36
39
26,372
20,430
36
39
Total current trade and other receivables
26,372
20,430
36
39
The net trade receivables are stated at the directors estimate of their fair value after the inclusion of an impairment of US$1.0m (2024
US$0.4m).
Included within trade receivables are amounts due from Altyn Group Qazaqstan of US$2,959,000 against which the Company has made
a provision of US$843,000 (2024: US$2,909,465), see note 20.
Prepayments recoverable in more than one year relate to amounts prepaid in advance for fixed asset equipment to be delivered in 2026.
Value Added Tax recoverable in more than one year is expected to be recovered by offset against VAT payable in future periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-200": { "value": "
19. Trade and other payables
Group Group Company Company
2025 2024 2025 2024
US$000 US$000 US$000 US$000
Current
Trade payables 3,115 1,900 133 84
Other taxes payable
4,682
3,971
-
7
Other payables
2,459
1,597
2,018
1,814
10,256
7,468
2,151
1,905
Trade creditors and accruals principally comprise amounts outstanding for trade purchases of goods and services. The majority of the
trade creditors relate to the Company\u2019s trading subsidiaries in Kazakhstan. For most suppliers, interest is not charged on trade payables.
The Company regularly reviews all outstanding payables to ensure they are paid within the appropriate time frame. VAT payable relates to
amounts due and payable and scheduled for payment to the Kazakh tax authorities.
The Directors consider that the carrying amount of trade payables approximates to their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-202": { "value": "
20. Related party transactions
Remuneration of key management personnel
The remuneration of the Directors, who are the key management personnel of the Company, is set out below in aggregate for each of
the categories specified in IAS 24 - \u201cRelated Party Disclosures\u201d. The total amount remaining unpaid with respect to remuneration of key
management personnel amounted to US$89,000 in the current year (2024: US$63,000). Further information about the remuneration of
the individual directors is set out in the audited section of the report on directors\u2019 remuneration on page 48.
Group Group Company Company
2025 2024 2025 2024
US$000 US$000 US$000 US$000
Short term employee benefits
333
311
333
311
Social security costs
21
22
21
22
354
333
354
333
Related party transactions
The transactions between the Company and the subsidiaries are disclosed in Note 16. These relate to management and interest charges
on services/loans from the parent to the subsidiaries in Kazakhstan.
During the year the following transactions were carried out with companies controlled by the Assaubayev family:
\u2022 Asia Mining Group (AMG), there were no transactions in the year. At the year end an amount of US$72,000 was due to AMG (2024:
US$69,127).
\u2022 Amounts due to Amrita Investments Limited US$12,000 (2024: US$11,750). This is repayable on demand.
\u2022 Sales (net of purchases) to Altyn Group Qazaqstan LLP (AGQ) included within trade and other receivables, of US$56,000 consisted
of rentals of equipment to AGQ and purchases of technical services for testing of samples from Teren-Sai (2024: US$1,911,800) in the
year. As at 31 December 2025 US$2,959,000 (2024: US$2,909,000) was recoverable. A provision has been made of US$843,000
against the balance.
In addition to the above:
\u2022 An amount of US$31,763 (2024: US$31,985) was charged to the Parent Company in relation to accommodation costs whilst attending
meetings in London.
During the year costs of US$486,132 (2024: US$296,565) were incurred to obtain legal advice in relation for potential investments to a law
firm that Ashar Qureshi, (Non-Executive Director) is a partner, US$486,132 (2024: US$296,565) was outstanding at the year end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-203": { "value": "
21. Provisions
Group
Abandonment &
restoration Holiday pay Total
US$000 US$000 US$000
I January 2024
6,089
324
6,413
Change in estimate of provision
-
320
320
Unwinding of discount
507
-
507
Paid during the year
-
(235)
(235)
Currency translation adjustment
(863)
(51)
(914)
31 December 2024 & 1 January 2025
5,733
358
6,091
Change in estimate of provision
\u2013
1,022
1,022
Unwinding of discount
495
-
495
Paid during the year
-
(366)
(366)
Currency translation adjustment
210
34
244
31 December 2025
6,438
1,048
7,486
31 December 2025
Current
-
1,048
1,048
Non-current
6,438
-
6,438
6,438
1,048
7,486
31 December 2024
Current
-
358
358
Non-current
5,733
-
5,733
5,733
358
6,091
Abandonment and restoration costs
In accordance with the provisions of the subsoil use contract (the \u201cContract\u201d), DTOO GRP Baurgold is liable for site restoration costs
upon completion of production activities. It is not possible to predict accurately the amount which might ultimately be payable for
site restoration as it includes assumptions such as inflation in Kazakhstan over the life of the Contract which are inherently uncertain. An
estimate of the future cost of restoration has been discounted and a provision recognised. The discounted amount for cost of restoration
has been capitalised within mining properties as a tangible fixed asset (note 15) and will be amortised using the unit of production method
over the life of the mine.
The provision was assessed using the following principal assumptions, the provision will be reassessed in 2029 or if there are significant
changes from the assumptions made:
\u2022 External reports were commissioned to identify the principal costs of rehabilitation, to form the basis of the forecasts which were
compared to previous forecasts.
\u2022 An inflation rate of 6.96% was used, the inflation in Kazakhstan is currently averaging 8%-9%, the longer term projection is inflation to
move down to 5%.
\u2022 A discount rate of 8.44% was used, being the Kazakh government bond rates payable in 2031.
In accordance with the subsoil use agreement, DTOO GRP Baurgold has established a cash fund to pay for the cost of restoration. The
cash fund is maintained in a separate bank account in the name of DTOO GRP Baurgold. DTOO GRP Baurgold is required to contribute
each year an amount equal to 1% of its operating expenses, (being the cost of sales of DTOO GRP Baurgold in extracting the ore) to this
fund. Any transfers from the bank account require the authorisation of the Government of Kazakhstan. This fund will be used to pay for the
costs of restoration as and when they become due. If the funds in the account are insufficient to pay for the costs, DTOO GRP Baurgold
will be required to pay any deficit. If there are funds surplus to those required for restoration these will be returned to DTOO GRP Baurgold.
At the year end the amount in the fund amounted to US$1,249,000 (2024: US$93,000). The Company has an obligation to contribute to
the restricted cash fund as stipulated in its licence, and has been in communication with the relevant authorities to restore the fund to
the required level in future periods. The failure to comply in the year with certain administrative requirements of the licence including the
maintenance of the cash fund may result in a penalty estimated to be less than US$2,000.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-223": { "value": "Abandonment and restoration costs In accordance with the provisions of the subsoil use contract (the \u201cContract\u201d), DTOO GRP Baurgold is liable for site restoration costs upon completion of production activities. It is not possible to predict accurately the amount which might ultimately be payable for site restoration as it includes assumptions such as inflation in Kazakhstan over the life of the Contract which are inherently uncertain. An estimate of the future cost of restoration has been discounted and a provision recognised. The discounted amount for cost of restoration has been capitalised within mining properties as a tangible fixed asset (note 15) and will be amortised using the unit of production method over the life of the mine. The provision was assessed using the following principal assumptions, the provision will be reassessed in 2029 or if there are significant changes from the assumptions made: \u2022 External reports were commissioned to identify the principal costs of rehabilitation, to form the basis of the forecasts which were compared to previous forecasts. \u2022 An inflation rate of 6.96% was used, the inflation in Kazakhstan is currently averaging 8%-9%, the longer term projection is inflation to move down to 5%. \u2022 A discount rate of 8.44% was used, being the Kazakh government bond rates payable in 2031. In accordance with the subsoil use agreement, DTOO GRP Baurgold has established a cash fund to pay for the cost of restoration. The cash fund is maintained in a separate bank account in the name of DTOO GRP Baurgold. DTOO GRP Baurgold is required to contribute each year an amount equal to 1% of its operating expenses, (being the cost of sales of DTOO GRP Baurgold in extracting the ore) to this fund. Any transfers from the bank account require the authorisation of the Government of Kazakhstan. This fund will be used to pay for the costs of restoration as and when they become due. If the funds in the account are insufficient to pay for the costs, DTOO GRP Baurgold will be required to pay any deficit. If there are funds surplus to those required for restoration these will be returned to DTOO GRP Baurgold. At the year end the amount in the fund amounted to US$1,249,000 (2024: US$93,000). The Company has an obligation to contribute to the restricted cash fund as stipulated in its licence, and has been in communication with the relevant authorities to restore the fund to the required level in future periods. The failure to comply in the year with certain administrative requirements of the licence including the maintenance of the cash fund may result in a penalty estimated to be less than US$2,000.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-204": { "value": "
22. Loans and borrowings
Group Group Company Company
2025 2024 2025 2024
US$000 US$000 US$000 US$000
Current loans and borrowings
Bonds
-
9,912
-
9,912
Bank loans
12,856
19,288
-
-
Related party loans (see note 20)
-
1
-
-
Total current loans and borrowings
12,856
29,201
-
9,912
Due one - two years
Bond
9,724
-
9,724
-
Bank loans
4,365
11,722
-
-
14,089
11,722
9,724
-
Due two - five years
Bond
9,612
9,569
9,612
9,569
Bank loans
4,662
9,654
-
-
Total non-current loans and borrowings
28,363
30,945
9,612
9,569
Total borrowings
41,219
60,146
19,336
19,481
Bond Listed on Astana International Exchange
Bonds to the value of US$10m at a coupon rate of 10.5% which were raised in March 2023, were repaid in March 2025, and replaced by
another bond issue in April 2025 for the same amount at a coupon rate of 9.75% repayable in April 2028.
The US$10m bonds issued in July 2024 at a coupon rate of 11.25% are repayable in July 2027.
Bank loans
In September 2019 the Company agreed a facility with JSC Bank Center Credit (BCC) for an amount of US$17m. The bank loan is
repayable in instalments and bears interest at 6%-7%, with the final instalment due in 2026. A further loan was raised in 2025 for US$5.6m
and is repayable by 2027. In addition the Company also has loans from BCC to fund asset purchases which incur interest at 7% with a 3%
draw-down charge on each tranche, At the year end total loans of U$21.9m were outstanding .
The final instalment of the loan from BCC of US$5.5m (2.3bn Tenge) raised in December 2020, together with the loan of US$10m drawn
down in November 2022 were repaid in the year.
The bank loans are secured over the fixed assets of the subsidiary companies.
The total borrowings of the Group disclosing the scheduled repayments of capital and interest are disclosed in note 22.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-205": { "value": "23. Notes to the cash flow statement
Group Group Company Company
2025 2024 2025 2024
US$000 US$000 US$000 US$000
Profit before taxation
82,044
30,355
2,273
5,968
Adjusted for:
Finance income
(1,231)
(358)
(3,093)
(2,896)
Finance expenses
4,354
5,063
2,138
1,613
Unwinding of discount on financial liabilities
362
454
(2,821)
(2,718)
Unwinding of discount on provisions
495
506
-
-
Depreciation and amortisation of fixed assets
16,176
9,044
-
-
Provisions (reversal)/provision
944
117
(782)
(3,240)
Increase in inventories
(21,539)
(8,055)
-
-
Increase in trade and other receivables
(12,019)
(10,954)
(286)
(115)
Loss on disposal
519
80
-
-
Increase/(decrease) in trade and other payables
2,399
(1,529)
1,066
214
Increase in restricted cash
(1,156)
\u2013
\u2013
\u2013
Foreign currency translation
(744)
6,373
66
(50)
70,604
31,096
(1,439)
(1,224)
Income tax paid
(14,858)
(1,726)
-
-
Cash inflow/(outflow) from operations
55,746
29,370
(1,439)
(1,224)
Reconciliation of movement of loans and borrowings
Cash changes
Non-cash changes
1 January Interest 31 December
2025 Interest charges and Foreign 2025
B/fwd New loans repaid discount exchange C/fwd
Group US$000
US$000
Loans repaid
US$000 US$000 US$000 US$000
Loan element of
Kazakhstan listed bond
19,481
9,501*
(10,000)
(2,138)
2,492
-
19,336
Other borrowings
40,664
5,475
(24,105)
(2,347)
2,224
(29)
21,882
Related party borrowings
1
-
-
-
1
Net cash outflow from
financing activities
60,146
14,976
(34,105)
(4,485)
4,716
(29)
41,219
Due within one year
29,201
12,856
Due after one year
30,945
28,363
60,146
41,219
Details in relation to related party loans are disclosed in note 20. * Loan received of US$10m is net of broker fee of US$497,300
Cash changes
Non-cash changes
1 January 31 December
2024 Loans Interest Interest Foreign Other 2024
B/fwd New loans repaid repaid charges exchange changes C/fwd
Group US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000
Loan element of
Kazakhstan listed bond
9,582
9,444*
-
(1,331)
2,067
-
(281)
19,481
Other borrowings
48,907
12,908
(20,415)
(3,469)
3,450
(717)
-
40,664
Related party borrowings
2
-
-
-
-
(1)
-
1
Net cash outflow from
financing activities
58,491
22,352
(20,415)
(4,800)
5,517
(718)
(281)
60,146
Due within one year
18,132
29,201
Due after one year
40,359
30,945
58,491
60,146
* Loan received of US$10m less broker fee of US$556,000.
Cash changes
Non-cash changes
Interest 31 December
1 January charges and 2025
2025 Loans Interest unwinding Foreign Other
Company
B/fwd
New loans
repaid repaid of discount exchange changes C/fwd
US$000
US$000
US$000
US$000
US$000
US$000
US$000
US$000
Loan element of
Kazakhstan listed bonds
19,481
9,501*
(10,000)
(2,138)
2,492
-
-
19,336
Net cash outflow from
financing activities
19,481
9,501
(10,000)
(2,138)
2,492
-
-
19,336
Due within one year
9,912
-
Due one to two years
9,569
9,724
Due two to five years
-
9,612
19,481
19,336
* Loan received of US$10m is net of broker fee of US$497,300.
Cash changes
Non-cash changes
1 January Interest 31 December
2024 Loans Interest charges and Foreign Other 2024
B/fwd New loans repaid repaid discount exchange changes C/fwd
Company US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000
Loan element of
Kazakhstan listed bond
9,582
9,444*
-
(1,331)
2,067
-
(281)
19,481
Net cash outflow from
financing activities
9,582
9,444
-
(1,331)
2,067
-
(281)
19,481
Due within one year
-
9,912
Due after one year
9,582
9,569
9,582
19,481
* Loan received of US$10m less broker fee of US$556,000.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-206": { "value": "
24. Share capital
Issued and fully paid
Number
US$000
At 31 December 2025 - Ordinary shares of \u00a30.10 each
27,332,934
4,267
At 31 December 2024 - Ordinary shares of \u00a30.10 each
27,332,934
4,267
The rights attaching to the shares are detailed in the Directors report on page 41.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-207": { "value": "
25. Financial instruments
Financial instruments by category
Financial assets
Group Group Company Company
2025 2024 2025 2024
US$000 US$000 US$000 US$000
Cash and cash equivalents
22,737
10,495
5,090
8,956
Other receivables and advance payments
8,120
10,969
-
\u2013
Intercompany loans
-
\u2013
99,795
92,661
30,857
21,464
104,885
101,617
Financial instruments by category
Financial liabilities
Group Group Company Company
2025 2024 2025 2024
US$000 US$000 US$000 US$000
Trade and other payables
6,075
3,824
1,605
1,355
Loans and borrowings
41,219
60,146
19,336
19,480
47,294
63,970
20,941
20,835
Financial assets and liabilities are measured at amortised cost, there are no amounts recorded at fair value.
Policy on financial risk management
The Company\u2019s principal financial instruments comprise cash and cash equivalents, trade receivables, trade and other payables, other
financial liabilities and borrowings. The Company\u2019s accounting policies and methods adopted, including the criteria for recognition, the
basis on which income and expenses are recognised in respect of each class of financial asset, financial liability and equity instrument are
set out in note 4 - \u201caccounting policies\u201d. The Company does not use financial instruments for speculative purposes. The carrying value of
all financial assets and liabilities approximates to their fair value.
Capital risk management
The Company\u2019s primary objective when managing risk is to ensure there is sufficient capital available to support the Company\u2019s funding
requirements, including capital expenditure, in a way that optimises the cost of capital maximises shareholders\u2019 returns and ensures the
Company\u2019s ability to continue as a going concern. There were no changes to the Company\u2019s capital management approach in the year.
The Company may make adjustments to the capital structure as opportunities arise, as and when borrowings mature or as and when
funding is required. This may take the form of raising equity, debt finance, equipment supplier credit or a combination thereof.
The Company monitors capital on the basis of the gearing ratio, which is defined as net debt divided by total capital. Net debt is
calculated as total borrowings (including current and non-current borrowings as shown in the consolidated statement of financial
position) less cash and cash equivalents (which excludes restricted cash). Total capital is calculated as equity as shown in the consolidated
statement of financial position plus net debt. While the Company does not set absolute limits on the ratio, the Company believes that a
ratio of 30%-40% is acceptable as the Company continues the development of the Sekisovskoye mine and the exploration site at Teren-
Sai, and that optimally this should reduce to and remain below 25% thereafter.
The Company\u2019s policy in respect of capital risk management is the same as that of the Group.
2025 2024
US$000 US$000
Group
Total borrowings
41,219
60,146
Less: cash and cash equivalents
(22,737)
(10,402)
Net debt
18,482
49,744
Total equity
150,071
82,157
Total capital
168,553
131,901
Gearing ratio
10.97%
37.7%
2025 2024
US$000 US$000
Company
Borrowings
19,336
19,480
Less: cash and cash equivalents
(5,090)
(8,956)
Net debt
14,246
10,524
Total equity
131,129
128,402
Total Capital
145,375
138,926
Gearing ratio
9.80%
7.57%
Derivatives, financial instruments and risk management
The Company does not use derivative instruments or other financial instruments to manage its exposure to fluctuations in foreign
currency exchange rates, interest rates and commodity prices.
Foreign currency risk management
The Company and its subsidiaries have transactional currency exposures. Such exposures arise from sales or purchases by the
Company\u2019s two subsidiaries in Kazakhstan in currencies other than the Company\u2019s functional currency. The functional currency of TOO
GMK Altyn MM and DTOO Gornorudnoe Predpriatie Baurgold is the Kazakh Tenge. The currency transactions giving rise to this foreign
currency risk are primarily USD denominated revenues, USD denominated borrowings and other financial liabilities and certain USD
denominated trade payables. The Company and its subsidiaries do not enter into hedging positions in respect of its exposure to foreign
currency risk.
The carrying amounts of the Group\u2019s foreign currency denominated net monetary assets and monetary liabilities at 31 December 2025,
are as follows:
Group
2025
US$000
2024
US$000
Functional currency
Functional currency
Currency of monetary asset/liability
US$
KZT
Total
US$
KZT
Total
US Dollar
(14,378)
(21,882)
(36,260)
(10,568)
(39,625)
(50,193)
British Pound
(1,474)
-
(1,474)
(1,309)
-
(1,309)
Kazakhstan Tenge
-
21,297
21,297
-
8,995
8,995
Net Monetary position
(16,437)
(42,507)
Company
2025
US$000
2024
US$000
Functional currency
Functional currency
Currency of monetary asset/liability
US$
Total
US$
Total
US Dollar
84,874
84,874
82,092
82,092
British Pound
(930)
(930)
(1,309)
(1,309)
Net Monetary position
83,944
80,783
Sensitivity analysis
The analysis below shows the effect a 10% strengthening, or weakening, of the KazakhTenge against the US Dollar. The Company earns it
revenues in US Dollars and incurs significant expenditure in KazakhTenge, a devaluation is seen as benefiting the overall financial position
of the Company.
In 2024 the average value of the Kazakh Tenge to the US Dollar was 469KZT to the US Dollar, in 2025 this moved to 521KZT a 11% change.
Group
2025 2024
US$000 US$000
10% weakening/strengthening of Kazakh Tenge against the US Dollar
(59)
(3,140)
Commodity price risk
The Company is exposed to the effect of fluctuations in the price of gold and silver which are quoted in US Dollars on the international
markets. The Company prepares annual budgets and periodic forecasts including sensitivity analyses in respect of various levels of
prices of these metals.
The Company\u2019s only significant sales during the years ended 31 December 2025 and 2024 were sales of gold dor\u00e9 containing gold and
silver. The sales proceeds for gold dor\u00e9 is fixed by reference to the gold and silver prices on the day of sale. The Company does not plan in
the future to hedge its exposure to the risk of fluctuations in the price of gold or silver and therefore it held no financial instruments that are
sensitive to commodity price changes at either reporting date.
Credit risk
Credit risk refers to the risk that a counter-party will default on its contractual obligations resulting in a financial loss to the Company. The
Company currently sells all dore to the state refiner in Kazakhstan. It has as part of its Company policy adopted a policy of only dealing
with creditworthy counter-parties. The Company\u2019s exposure and the credit ratings of its counter-parties are monitored by the Board
of Directors to ensure that the aggregate value of transactions is spread amongst approved counter-parties. In the current climate of
uncertainty and the situation regarding sanctions being imposed on Russia, the Company is aware that there may be issues in relation
to recoverability and safe guarding of its assets and has built this into their assessments of the creditworthiness of counter-parties. The
Company currently has no trading with Russia and there are no material assets at risk at present.
The Company\u2019s principal financial assets are cash and cash equivalents, trade debtors and other accounts receivables. Cash equivalents
include amounts held on deposit with financial institutions.
It\u2019s principally exposed to credit risk on its cash equivalents and trade and other receivables as per the balance sheet. The maximum
exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet which at the year end amounted
to a total of US$30.9m (2024: US$21.5m).
Although the full tax audits, including regular VAT checks have been completed in and showed no material issues, there is always the
possibility of fiscal change in the country. There have been a number of fiscal changes in recent years, which in some cases related to the
mining industry, this may become more prevalent as all countries adapt to climate change.
The credit risk on liquid funds held in current accounts and available on demand is limited because the Group\u2019s counter-parties are mainly
banks with high credit ratings assigned by international credit-rating agencies.
It is often impractical in Kazakhstan to carry out a check of creditworthiness of suppliers before making the contracted prepayments.
However significant contracts have to go through a tender process prior to the contract being awarded in the subsidiary that holds the
mining licence. In order to apply under the tender process the creditworthiness of the supplier will be assessed as part of the procedures.
There were no significant balances at 31 December 2025 and 2024 in respect of which suppliers had defaulted on their obligations.
The parent Company\u2019s maximum exposure to credit risk is limited to the carrying amount of loans recorded in the financial statements. The
majority of the loans are on fixed repayment terms in relation to intercompany borrowings the Company has applied IFRS 9 which resulted
in a significant impairment in the prior periods. The loans are reviewed on a regular basis and provisions made in line with IFRS 9.
Liquidity risk
During the year ended 31 December 2025, the Company was financed by internally generated funds, and other borrowings principally
from bank borrowings and a bond raised on the Kazakh stock exchange in April 2025. The Company manages its liquidity risk by the
Directors monitoring cash flow forecasts on a regular basis and ensure that the loan commitments and working capital commitments are
adequately funded.
The following tables detail the Group and the Company\u2019s remaining contractual maturity for its financial liabilities. The tables have
been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company and its
subsidiaries can be required to pay. The table includes both interest and principal cash flows.
Trade and other
Borrowings payables Total
Group US$000 US$000 US$000
31 December 2025
Due between two and five years
10,325
-
10,325
Due between one and two years
20,477
-
20,477
Due after more than one year
30,802
-
30,802
Due within one year
16,551
6,075
22,626
47,353
6,075
53,428
Trade and other
Borrowings payables Total
Group US$000 US$000 US$000
31 December 2024
Due between two and five years
20,224
-
20,224
Due between one and two years
13,950
-
13,950
Due after more than one year
34,174
-
34,174
Due within one year
31,936
2,502
34,438
66,110
2,502
68,612
Trade and other
Borrowings payables Total
Company US$000 US$000 US$000
31 December 2025
Due between two and five years
10,325
-
10,325
Due between one and two years
11,538
-
11,538
Due after more than one year
21,863
-
21,863
Due within one year
2,100
1,605
3,705
23,963
1,605
25,568
Trade and other
Borrowings payables Total
Company US$000 US$000 US$000
31 December 2024
Due between two and five years
10,563
-
10,563
Due between one and two years
1,125
-
1,125
Due after more than one year
11,688
-
11,688
Due within one year
11,387
1,353
12,740
23,075
1,353
24,428
Borrowings and interest rate risk
There is limited exposure to interest rate risk as the current principal borrowings in the Company and its subsidiaries are at fixed rates. The
bank borrowings are predominately at average interest rates of 6-7%, see note 22.
Commitments and contingencies
The significant commitments and contingencies in relation to the group are as noted below:
(a) Contractual liabilities
Subsoil use rights are not provided to the Company on an indefinite basis, and each renewal shall be applied for before the current
contract or license expires. These rights can be cancelled by the Government of the Republic of Kazakhstan (hereinafter referred to as
\u201cthe Government\u201d) if the Company does not fulfil contractual liabilities.
Deposit development costs
In accordance with the subsoil use contract, the Company has an approved working programme which may be reviewed and
reconsidered depending on the economic viability and operational conditions of the deposit. The management of the Company believes
it has fulfilled the requirements of the Contract.
Training for Kazakhstani specialists
In accordance with the terms of the contract the Company is liable for the annual costs incurred in respect of the professional training of
the Kazakhstani personnel involved in the work. The costs are estimated to be at least 1% of the operational costs during the development
and operational process.
Development of the social sphere of the region
According to the terms of the contract, the Company is liable for supporting the development and ensuring social support for the activity
of the communities near the area of operations of the Company. As at 31 December 2025, the Company has met all the conditions of the
Contract.
Liabilities on the restoration of the mine
Within eighty calendar days upon the expiration of the contract the Company is liable for the development of the mine restoration
programme and its inspection by the competent authority of the Government of the Republic of Kazakhstan. The Company is liable for
implementation of the programme upon its approval.
(b) Taxation risks
The tax system of Kazakhstan, being relatively new, is characterised by frequent changes to the legal norms, official interpretations and
court decisions, which are often not explicit and can be contradictory. This leads to differing interpretations by the tax authorities. The
examination and investigations of the accounts to ensure that the tax payable is accurate are carried out by several regulatory bodies.
These bodies have the power to impose heavy fines and penalties. The accuracy of the tax computation can be investigated five calendar
years after the end of the accounting period. In certain circumstances this period can be increased.
(c) Insurance
In accordance with the subsoil use contract the Company is liable for the development of the insurance programme and its submission
for approval by the competent authority. The Company has several contracts of obligatory insurance including insurance of the vehicle
owners, the employer\u2019s liability and insurance of the subsoil users\u2019 liability where the activity of such subsoil users is connected to the
damage to third parties.
(d) Court proceedings
The claims on the Company are periodically set out in the courts along with the Company\u2019s activities. As at the reporting date, there are no
material claims against the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-224": { "value": "Policy on financial risk management The Company\u2019s principal financial instruments comprise cash and cash equivalents, trade receivables, trade and other payables, other financial liabilities and borrowings. The Company\u2019s accounting policies and methods adopted, including the criteria for recognition, the basis on which income and expenses are recognised in respect of each class of financial asset, financial liability and equity instrument are set out in note 4 - \u201caccounting policies\u201d. The Company does not use financial instruments for speculative purposes. The carrying value of all financial assets and liabilities approximates to their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-225": { "value": "Derivatives, financial instruments and risk management The Company does not use derivative instruments or other financial instruments to manage its exposure to fluctuations in foreign currency exchange rates, interest rates and commodity prices. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-226": { "value": "Foreign currency risk management The Company and its subsidiaries have transactional currency exposures. Such exposures arise from sales or purchases by the Company\u2019s two subsidiaries in Kazakhstan in currencies other than the Company\u2019s functional currency. The functional currency of TOO GMK Altyn MM and DTOO Gornorudnoe Predpriatie Baurgold is the Kazakh Tenge. The currency transactions giving rise to this foreign currency risk are primarily USD denominated revenues, USD denominated borrowings and other financial liabilities and certain USD denominated trade payables. The Company and its subsidiaries do not enter into hedging positions in respect of its exposure to foreign currency risk. The carrying amounts of the Group\u2019s foreign currency denominated net monetary assets and monetary liabilities at 31 December 2025, are as follows: ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-227": { "value": "Credit risk Credit risk refers to the risk that a counter-party will default on its contractual obligations resulting in a financial loss to the Company. The Company currently sells all dore to the state refiner in Kazakhstan. It has as part of its Company policy adopted a policy of only dealing with creditworthy counter-parties. The Company\u2019s exposure and the credit ratings of its counter-parties are monitored by the Board of Directors to ensure that the aggregate value of transactions is spread amongst approved counter-parties. In the current climate of uncertainty and the situation regarding sanctions being imposed on Russia, the Company is aware that there may be issues in relation to recoverability and safe guarding of its assets and has built this into their assessments of the creditworthiness of counter-parties. The Company currently has no trading with Russia and there are no material assets at risk at present. The Company\u2019s principal financial assets are cash and cash equivalents, trade debtors and other accounts receivables. Cash equivalents include amounts held on deposit with financial institutions. It\u2019s principally exposed to credit risk on its cash equivalents and trade and other receivables as per the balance sheet. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet which at the year end amounted to a total of US$30.9m (2024: US$21.5m). Although the full tax audits, including regular VAT checks have been completed in and showed no material issues, there is always the possibility of fiscal change in the country. There have been a number of fiscal changes in recent years, which in some cases related to the mining industry, this may become more prevalent as all countries adapt to climate change. The credit risk on liquid funds held in current accounts and available on demand is limited because the Group\u2019s counter-parties are mainly banks with high credit ratings assigned by international credit-rating agencies. It is often impractical in Kazakhstan to carry out a check of creditworthiness of suppliers before making the contracted prepayments. However significant contracts have to go through a tender process prior to the contract being awarded in the subsidiary that holds the mining licence. In order to apply under the tender process the creditworthiness of the supplier will be assessed as part of the procedures. There were no significant balances at 31 December 2025 and 2024 in respect of which suppliers had defaulted on their obligations. The parent Company\u2019s maximum exposure to credit risk is limited to the carrying amount of loans recorded in the financial statements. The majority of the loans are on fixed repayment terms in relation to intercompany borrowings the Company has applied IFRS 9 which resulted in a significant impairment in the prior periods. The loans are reviewed on a regular basis and provisions made in line with IFRS 9. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-228": { "value": "Liquidity risk During the year ended 31 December 2025, the Company was financed by internally generated funds, and other borrowings principally from bank borrowings and a bond raised on the Kazakh stock exchange in April 2025. The Company manages its liquidity risk by the Directors monitoring cash flow forecasts on a regular basis and ensure that the loan commitments and working capital commitments are adequately funded. The following tables detail the Group and the Company\u2019s remaining contractual maturity for its financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company and its subsidiaries can be required to pay. The table includes both interest and principal cash flows.
Trade and other
Borrowings payables Total
Group US$000 US$000 US$000
31 December 2025
Due between two and five years
10,325
-
10,325
Due between one and two years
20,477
-
20,477
Due after more than one year
30,802
-
30,802
Due within one year
16,551
6,075
22,626
47,353
6,075
53,428
Trade and other
Borrowings payables Total
Group US$000 US$000 US$000
31 December 2024
Due between two and five years
20,224
-
20,224
Due between one and two years
13,950
-
13,950
Due after more than one year
34,174
-
34,174
Due within one year
31,936
2,502
34,438
66,110
2,502
68,612
Trade and other
Borrowings payables Total
Company US$000 US$000 US$000
31 December 2025
Due between two and five years
10,325
-
10,325
Due between one and two years
11,538
-
11,538
Due after more than one year
21,863
-
21,863
Due within one year
2,100
1,605
3,705
23,963
1,605
25,568
Trade and other
Borrowings payables Total
Company US$000 US$000 US$000
31 December 2024
Due between two and five years
10,563
-
10,563
Due between one and two years
1,125
-
1,125
Due after more than one year
11,688
-
11,688
Due within one year
11,387
1,353
12,740
23,075
1,353
24,428
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-243": { "value": "AGold Mining Group Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-244": { "value": "AGold Mining Group Plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-229": { "value": "
27. Non adjusting events after the financial period
There were no non adjusting post balance sheet events as at the date of this annual report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-245": { "value": "28 Eccleston Square London SW1V 1NZ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-240": { "value": "London ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800MELPBPHIR1PO04", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }