AltynGold plc
ANNUAL REPORT AND
CONSOLIDATED FINANCIAL
STATEMENTS
for the Year Ended 31 December 2025
2 AltynGold plc Annual Report 2025
Strategic Report
At a glance 2
Key achievements 3
History of the areas of exploration 4
Chairman’s statement 7
Chief Executive Officer’s review 8
Financial performance 12
Market review and share price
performance 13
Our strategy and business model 15
Principal risks and uncertainties 16
Non-financial and sustainability
information statement 18
Directors’ Section 172 statement 23
Corporate social responsibility 25
Mineral resources statement 31
Corporate Governance
Corporate Governance Statement 36
Board of Directors 39
Directors Report 41
Statement of Directors’
Responsibilities 44
Audit Committee report 45
Remuneration Committee - Statement 46
Annual remuneration report 47
Remuneration policy report 52
Independent Auditor’s Report 53
Financial Statements
Consolidated Income Statement and
Statement of Comprehensive Income 60
Consolidated Statement of
Financial Position 61
Company Statement of Financial
Position 62
Consolidated Statement of
Changes in Equity 63
Company Statement of Changes in
Equity 64
Consolidated Statement of Cash
Flows 65
Company Statement of Cash Flows 66
Notes to the Financial Statements 67
Notice of Annual General Meeting 93
WELCOME TO ALTYNGOLD PLC
AltynGold Plc (LSE: ALTN) is an exploration and
development company, with a gold producing mine in
Kazakhstan. The Company has been listed on the Equity
shares (transition) segment of the London Stock Exchange
since 2014. To read more about AltynGold Plc visit our
website www.altyngold.uk
AT A GLANCE
AltynGold’s main exploration and production assets are its 100% interest in the Sekisovskoye gold mine and its 100% interest in the
exploration site at Teren-Sai. The gold mine and the exploration site are based in north east Kazakhstan. In the most recent CPR in 2019
(page 31 of the Annual Report) the Sekisovskoye site has proved gold reserves of 3.47Moz and probable reserves of 0.33Moz. Since 2019
the Company has extracted 263,280oz of gold and 260,025oz of silver from the Sekisovskoye deposit.
Production and profits have been increasing in line with the budgeted plan for the mine, in 2025 net profit after tax was US$62.0m
(2024 US$26.4m).
The mining licence for Sekisovskoye is valid until 17 July 2029, and the exploration licence for Teren-Sai is currently being renewed as it
expired in March 2026. In relation to Teren-Sai the Company has obtained a 3 month extension, the Company has 12 months from the end
of the extension to produce a formal production plan to be submitted to the mining authorities in order to obtain a long term production
licence. During the three month extension period the Company is producing resource estimates to submit to the mining authorities as part
of the application process. The Teren-Sai Project is made up of a number of exploration targets in an area adjacent to the Sekisovskoye
mine site. There are three targets within the Teren-Sai area designated plots 2, 4 and 5, they contain a number of valuable mineral deposits
in addition to in the gold deposits. The CPR completed in 2019 for the Teren-Sai site is shown on page 31 of the annual report.
The Company has the option to extend both licenses for extensions in the future. The Company has the first right of refusal to extend the
licences.
2 AltynGold plc Annual Report 2025
3AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
OPERATIONAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
US$62.0m
COMPANY PROFIT AFTER TAX
(2024: US$26.4m)
US$101.4m
ADJUSTED EBITDA (ADJUSTED FOR OTHER
EXPENSES IN 2024)
(2024: US$50.9m)
US$34.1m
COMPANY REPAID BORROWINGS
(2024: US$20.4m)
US$18.5m
NET DEBT AT THE YEAR END
(2024: US$49.7m)
926,000t
ORE MINED
(2024: 750,000t)
US$1,562/oz
ALL IN SUSTAINING COST
(2024: US$1,318/oz)
53,852oz
GOLD POURED
(2024: 37,279oz)
85.07%
GOLD RECOVERY RATE
(2024: 85.4%)
2.05g/t
MINED GOLD GRADE
(2024: 2.29g/t)
Development of the
ventilation works
and buildings to
support continued
development of the
underground to lower
levels.
Transport decline 1 is at
-34masl, decline 2
is at sea level (2024: Decline 1
at sea level, decline 2 at
+34masl)
Completion of the main
drainage complex at +150masl,
and laying associated pipelines
amounting to 1,700 linear
metres.
Reconstruction of tailings dam
4 to extend its capacity was
completed.
Exploration drilling
of blast holes at
Sekisovskoye amounted
to 169,000 linear metres
(2024: 216,000 linear
metres).
UNDERGROUND DEVELOPMENT & EXPLORATION
KEY ACHIEVEMENTS IN 2025
The key highlights are documented below:
US$175.4m
TURNOVER
(2024: US$96.5m)
+82%
50,442oz
GOLD SOLD
(2024: 38,708oz)
+30%
US$3,474oz
AVERAGE GOLD PRICE ACHIEVED
(INCLUDING SILVER),
(2024: US$2,441oz)
+42%
5th YEAR
5th YEAR WITH NO ACCIDENTS OR
INCIDENTS
3AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
4 AltynGold plc Annual Report 20254 | AltynGold plc Annual Report 2024
HISTORY OF THE AREAS OF EXPLORATION
1. Sekisovskoye
The Sekisovskoye deposit is the Company’s core asset and is located close to the village of Sekisovka, approximately 40km from
the north east Kazakhstan regional capital, Ust Kamenogorsk. The current licence expires in July 2029.
The mineral rights at Sekisovskoye are held by a 100% owned subsidiary of the Company, DTOO GRP Baurgold, and the
processing plant is owned by a 100% owned subsidiary of the Company TOO GMK Altyn MM.
The Sekisovskoye deposit was discovered in 1833 with surface mining taking place during the periods 1833 to 1847, 1932 to 1935,
and 1943 to 1946. From 1975 to 1986, a range of exploration work was carried out. Between 1978 and 1982 “AltaiZoloto” of the
Ministry of Non-Ferrous Industry, KazSSR, mined the oxidised area of the ore body. In 2003, under Hambledon Mining’s ownership
(subsequently renamed to AltynGold Plc), further exploration work was undertaken and gold production from the mine and
processing plant commenced in 2008.
In 2019, the Company received the findings of the mining consultant, Ernst and Young’s Competent Persons Report on the mine,
which demonstrated substantial JORC reserves and resources, see page 31 for further details. Significant capital expenditure
was incurred from 2020, with the Company establishing a platform to significantly increase production, and purchase additional
mining equipment. The Company obtained additional funding in 2023 to expand the processing plant in order to increase its
production capacity, moving to a processing plant capacity of 1mtpa in 2024.
4 AltynGold plc Annual Report 2025
5AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
AltynGold plc Annual Report 2024 | 5
2. Teren-Sai Ore Fields
In May 2016, the Company was awarded the subsoil
exploration contract to conduct exploration testing at
the Teren-Sai ore field for the 6 year term, this expired
in May 2022 and the subsidiary that holds the licence in
Kazakhstan applied to extend the licence for a further
2years, which was granted in March 2024.
The licence for further exploration expired in March 2026,
and the Company applied for a three month extension
to the licence which was granted. The Company has
12 months from the granting of this licence in order to
prepare plans to move to a production licence. This
process is expected to be completed in Q4 2026.
The Company believes from the exploration drilling
conducted that this project has the potential to contain
significant gold resources and other mineral resources.
A CPR was conducted in 2019 (see the report on page 31)
which was very positive. The site has the potential to add
significantly to the production output of the Company in
the future.
5AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
6 AltynGold plc Annual Report 20256 AltynGold plc Annual Report 2025
7AltynGold plc Annual Report 2025
Dear Shareholders,
2025 was a transformational year for AltynGold, as our strategic
expansion and operational excellence drove record performance.
With the Sekisovskoye plant operating at its full 1Mtpa capacity,
we exceeded production targets, achieving 53.8Koz of gold and
US$175.4 million in revenue, an 82% increase year-on-year. These
results, supported by robust gold prices and the successful ramp-
up of operations, demonstrate our ability to execute our strategy
and advance toward our medium-term goal of achieving mid-tier
production status.
Operationally, 2025 was a year of significant progress. Beyond the
success at Sekisovskoye, we made substantial strides in mining,
infrastructure upgrades, and exploration, leading to more efficient
and safer operations. Deeper exploration drilling has enabled a
more targeted approach to reserve exploitation, setting the stage
for future growth.
Looking ahead, we are evaluating plans to increase processing
capacity to 2–2.5Mtpa, potentially boosting annual production
to over 100,000 ounces in the medium term. Updates on these
plans will be shared in the coming months. Our growth strategy
also extends to the Teren-Sai project, where we expect to secure
a production license by late 2026, further enhancing our medium-
term production potential.
Financially, strong cash generation allowed us to reduce debt
while maintaining cost discipline, strengthening our balance
sheet and supporting future growth. Our commitment to creating
value for stakeholders remains central to our strategy, balancing
business needs with sustainable returns for shareholders.
We will continue to invest in production enhancements to drive
sustainable growth in annual output. AltynGold also maintained its
industry leading safety standards, achieving a fifth consecutive
year without lost-time incidents, a testament to our zero-harm
culture.
In 2025, we strengthened our executive team by welcoming
Maryam Buribayeva as our new CFO. Additionally, we are
reviewing the Board’s composition to further enhance corporate
governance through the addition of experienced Non-Executive
Directors.
2026 has begun positively, and we expect production of
52–55Koz, with a focus on efficiency improvements, expansion
plans, and advancing key projects. With strong fundamentals and
a supportive mining environment in Kazakhstan, AltynGold is well-
positioned for continued growth and value creation.
I extend my sincere gratitude to all employees and stakeholders
for their dedication and support, which make our promising future
possible.
Kanat Assaubayev
Chairman
28 April 2026
With strong Company
fundamentals and
a favourable mining
environment in Kazakhstan,
AltynGold is well-positioned
for continued growth and
value creation”
CHAIRMAN’S STATEMENT
7AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
8 AltynGold plc Annual Report 2025
Overview
The past twelve months have been a defining year for AltynGold,
marking our first full year of operations following the successful
expansion of the Sekisovskoye processing plant to 1Mtpa.
The seamless integration of three production lines, along with
upgraded infrastructure and equipment, enabled the Company to
deliver strong operational and financial performance, exceeding
our full-year production target of 50Koz.
Supported by a favorable market environment, with gold prices
remaining at historically elevated levels, our operational success
further strengthened the Company’s financial position. This
achievement has established a solid foundation for continued
growth, as AltynGold now operates at a larger scale with its
expanded processing capacity fully operational.
During the year, we launched a new corporate website, aligning
our external profile with our evolving scale and enhancing
communication with investors and stakeholders. We remain
committed to further improving our corporate profile and external
communications, and we will keep shareholders informed as these
initiatives progress.
Operational Developments- Sekisovskoye
The past year was marked by consistent execution across all
areas of the business. At Sekisovskoye, operations ramped up
successfully following the plant expansion, with throughput
approaching the full design capacity of 1Mtpa. Ore extraction
totaled 926Kt, while processing volumes reached 967Kt, driving a
significant increase in production.
Key infrastructure upgrades were also completed, including
improvements to ventilation and drainage systems and the
expansion of tailings storage, ensuring scalable and reliable
operations.
To manage the rise in tailings from higher production, the
Company will expand existing dams in 2026. Over the longer term,
additional dams will be developed to support continued growth.
Gold production for the year exceeded indications, reaching
53.8Koz, despite some variability in grade and recovery. In parallel,
underground development continued, with 73,832 metres of
horizontal development completed, and exploration drilling
totalled over 22,000 metres, supporting ongoing resource
definition and future mine planning.
The Company is evaluating opportunities to expand processing
capacity at Sekisovskoye, with studies underway on a potential
increase to 2–2.5Mtpa. An update will be provided to the market
by mid year.
These initiatives support our ambition to position AltynGold as a
larger scale, mid tier producer, with a clear pathway to surpassing
100,000 ounces of annual production in the medium term and
further growth beyond.
The key production figures are shown below:
Mining results ore extraction 2025 2024
Ore mined t 926,422 750,045
Gold grade g/t 2.06 2.10
Silver grade g/t 2.13 2.53
Contained gold oz 61,270 50,739
Contained silver oz 63,249 60,968
Mining results processing 2025 2024
Crushing T 913,360 680,489
Milling T 966,592 593,612
Gold grade g/t 2.05 2.29
Silver grade g/t 2.09 2.67
Gold recovery % 85.07 85.42
Silver recovery % 74.23 75.38
Contained gold oz 63,506 43,644
Contained silver oz 64,430 50,871
Gold Poured oz 53,852 37,279
Silver poured oz 47,794 38,349
The Company’s initiatives
reflect our broader ambition
to evolve AltynGold into
a larger-scale, mid-tier
producer in the medium
term”
CHIEF EXECUTIVE
OFFICER’S REVIEW
9AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
Sekisovskoye planned operations in 2026
The map of the underground shows the projected development
in 2026, with further development of the declines and planned
extraction of ore.
10 AltynGold plc Annual Report 2025
Teren-Sai
At Teren Sai, three principal targets have been identified within the
exploration area: plots 2, 4, and 5. Progress has been made toward
securing a full mining licence, with approval expected in late 2026.
During the year, approximately 9,700 metres of core drilling
were completed, alongside sampling and topographical work,
supporting ongoing resource evaluation. Further preparation of a
KAZRC compliant resource report are planned for 2026.
The current operating licence expired in March 2026, and a three
month extension was obtained to allow submission of resource
documentation. Within 12 months of the extension’s expiry,
the Company must apply for a long term production licence.
External consultants are preparing this application, compiling
drilling results and resource statements for plots 2, 4, and 5, with
completion expected by year end 2026.
Evaluation indicates that plot 5 hosts gold reserves with grades
comparable to Sekisovskoye, while plots 2 and 4 contain mixed
resources of gold and copper. Once the production licence is
secured, detailed pit design and site preparation will begin.
Feasibility studies will determine the most practical and economic
approach for exploiting plots 2 and 4. For plot 5, testing has
already confirmed that gold processing can initially be undertaken
at Sekisovskoye, given the compatibility of extraction methods.
Financial position
AltynGold delivered excellent cash generation in 2025, with
EBITDA exceeding US$100m, supported by higher production
and strong gold prices. This enabled continued deleveraging,
reducing total debt to US$41.2m (2024: US$60.1m) and lowering
gearing to 10.96% (2024: 37.7%). Bank debt was repaid in line with
budget and is on track to be fully cleared by 2027. In addition, the
existing US$10m bond was refinanced at a lower coupon rate,
providing flexibility to fund future growth and capital expenditure.
With reduced leverage and available headroom, the Company is
well positioned to access further funding as required.
Despite global inflationary pressures and a stronger KZT the
Company maintained disciplined cost management during the
plant’s ramp-up to full production capacity. All In Sustaining Costs
(AISC) increased to US$1,562/oz in 2025 (2024: US$1,318/oz),
reflecting the transition to steady-state operations, optimisation
of processing technology, and strategic capital investments for
sustainable growth.
Altyn’s AISC remains competitive within the mid-tier range of
US$1,200/oz to US$1,900/oz, well below current and forecast
gold prices, ensuring strong margins. With operations stabilised
and technology performing consistently, AISC is expected to level
off, support by economies of scale.
Capital discipline remains central to the AltynGold’s approach.
Efficient allocation of capital has preserved financial flexibility,
positioning the Company to fund future growth initiatives,
including potential expansion projects, without compromising
balance sheet strength.
Responsible operations and governance
Safety remains our highest priority. I am pleased to report that
2025 marked the Company’s fifth consecutive year of zero lost-
time incidents underscoring the strength of our safety culture and
the effectiveness of our operational controls.
We continue to enhance our ESG framework in line with
international standards, embedding sustainability considerations
into operational and strategic decision-making.
During the year, AltynGold also continued to support the Next-
Generation Smart Mining+ research programme, led by Hokkaido
University of Japan in collaboration with Nazarbayev University.
The programme remains at an early stage and is focused on
evaluating the potential application of underground positioning
systems for emergency response and environmental monitoring
infrastructure, with AltynGold providing its operations as a pilot
site for research and data collection.
The scheme of the contract territory with a return site and 3 sites for evaluation works
with an area of 4,489 sq.km
CHIEF EXECUTIVE OFFICER’S
REVIEW continued
11AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
Capital requirements
The CAPEX budget primarily covers maintenance at Sekisovskoye,
including new machinery purchases and continued development
of declines.
Advancement of the Teren Sai project to full production will
depend on securing additional funding, with plans for next steps
currently being finalized. No budget has been allocated for Teren
Sai at this stage, as initial work will focus on feasibility studies
and site preparation. Early development costs will be met using
existing resources and equipment already held by the Company.
Projected capital
expenditure
Total
US$m
2026
US$m
2027
US$m
2028
US$m
Underground
development 34 16 9 9
Infrastructure - buildings
and facilities 23 13 5 5
Mining equipment 29 17 6 6
Tailings dumps 1 1 - -
Process plant equipment 8 4 2 2
Total 95 51 22 22
Outlook and long-term growth
Looking ahead, AltynGold enters 2026 from a position of
strength, with a stable operating base at increased capacity
and a clear focus on efficiency and consistent production.
The Company is targeting gold output of 52,000–55,000oz,
supported by steady processing rates and ongoing operational
improvements. Strategic priorities include the expansion of
Sekisovskoye and advancement of Teren Sai, with updates
expected in Q2 and Q3 2026.
While gold markets remain volatile, demand is strong and the
sector outlook positive. Kazakhstan continues to strengthen
its position as an attractive mining jurisdiction, supported by
substantial mineral resources and growing relevance in global
supply chains. With over two decades of regional experience,
AltynGold is well placed to capitalize on both internal and regional
growth opportunities.
On behalf of the management team, I thank our employees,
partners, stakeholders, and shareholders for their continued
support. We remain confident in delivering sustainable growth and
long term value.
Aidar Assaubayev
CEO
28 April 2026
12 AltynGold plc Annual Report 2025
ANNUAL GOLD POURED (OZ)
53,852
2025
2024
2023
53,852
37,279
33,110
ANNUAL GOLD SALES (OZ)
50,442
2025
2024
2023
50,442
38,708
32,765
REVENUE - GOLD/SILVER (US$M)
175.2
2025
2024
2023
175.2
94.5
63.7
ALL IN SUSTAINING COST
(US$/OZ)
1,562
2025
2024
2023
1,562
1,318
N/A
EBITDA - ADJUSTED (US$M)
101.4
2025
2024
2023
101.4
50.9
22.3
NET ASSETS (US$M)
150.1
2025
2024
2023
150.1
82.2
70.7
FINANCIAL
PERFORMANCE
KEY PERFORMANCE
INDICATORS
Revenue for 2025 reached a record US$175.4m, driven by stronger gold prices, higher
production, and improved grades. The Company sold 50,442oz of gold (2024: 38,708oz) at
an average price of US$3,474/oz (2024: US$2,441/oz). Toward year end, the gold price rose
sharply and is currently around US$4,800/oz, 39% above the annual average.
As in prior years, all dore output was refined by the Kazakh national refinery, which processes
100% of production at prevailing US dollar spot prices under an annually renewed contract
confirming volumes and pricing terms.
Total cost of sales rose from US$47m to US$79m in 2025, an increase of US$32m. Key drivers
were:
• Mineral extraction tax: up US$6.8m, reflecting a 24% increase in ore extracted and a 42%
rise in gold prices.
• Depreciation and amortisation: up US$7.2m due to additional plant and machinery and
higher ore volumes.
• Subcontractor costs: up US$15.5m, driven by increased ore mined (926kt vs. 701kt),
higher labour rates, and inflationary consumables.
• Staff costs: up US$2m from 36 new hires and pay rises.
Operating cash costs (excluding administrative expenses) rose to US$1,252/oz (2024: US$992/
oz). Total cash costs, including administrative expenses but excluding depreciation and
provisions, increased to US$1,399/oz (2024: US$1,162/oz). All in Sustaining Costs (AISC), which
include sustaining capital expenditure, rose to US$1,562/oz (2024: US$1,318/oz).
Administrative costs increased to US$9.7m (2024: US$6.6m), mainly due to:
• US$2m in irrecoverable VAT written off.
• US$0.8m in final payments for testing and implementation of the third production line.
Gross profit nearly doubled to US$96m (2024: US$49m), while net profit after tax rose to
US$62m (2024: US$26.4m). Tax payments totaled US$17.5m, reflecting an effective rate of 19%
after utilization of tax losses and adjustments.
Adjusted EBITDA increased to US$101.4m (2024: US$50.9m), underscoring strong operational
and financial performance.
Year end cash increased to US$22.7m (2024: US$10.4m). Key movements were:
• Operating cash flow: US$55.7m (2024: US$29.4m), reflecting strong revenue growth
after working capital changes and tax payments.
• Capital expenditure: US$15.6m (2024: US$21.9m), lower as plant upgrades are largely
complete.
• Debt service and repayment: US$34.1m (2024: US$20.4m).
• New financing: US$15m raised (2024: US$22.4m), primarily from refinancing a US$10m
bond at a lower coupon rate.
At year end 2025, total debt stood at US$41.2m (2024: US$60.1m), with gearing reduced to
10.96% (2024: 37.7%). The majority of bank debt is scheduled for repayment in 2026, while
bonds mature in 2027 and 2028. Gearing is calculated as net debt (total debt less cash)
divided by total capital (equity plus debt).
Maryam Buribayeva
CFO
28 April 2026
12 AltynGold plc Annual Report 2025
13AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
MARKET REVIEW AND SHARE PRICE
PERFORMANCE
FTSE 350 MINING INDEX
GOLD PRICE US$/OZ
ALTN AGAINST FTSE 350 MINING INDEX
ALTN P PER SHARE
KZT/USD
FTSE 350 MINING INDEX AGAINST ALTN
Jan
25
Feb
25
Mar
25
Apr
25
May
25
Jun
25
Jul
25
Aug
25
Sep
25
Oct
25
Nov
25
Dec
25
5000
10000
15000
20000
25000
30000
35000
40000
Jan
25
Feb
25
Mar
25
Apr
25
May
25
Jun
25
Jul
25
Aug
25
Sep
25
Oct
25
Nov
25
Dec
25
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Jan
25
Feb
25
Mar
25
Apr
25
May
25
Jun
25
Jul
25
Aug
25
Sep
25
Oct
25
Nov
25
Dec
25
0%
100%
200%
300%
400%
500%
600%
ALTN% FTSE 350%
Jan
25
Feb
25
Mar
25
Apr
25
May
25
Jun
25
Jul
25
Aug
25
Sep
25
Oct
25
Nov
25
Dec
25
400
420
440
460
480
500
520
540
560
2014 2015 2016 2017 2018 2019 2020 2021 2022 202320242025
0%
50%
100%
150%
200%
250%
300%
350%
400%
450%
FTSE 350 Mining Index Altyn plc
Jan
25
Feb
25
Mar
25
Apr
25
May
25
Jun
25
Jul
25
Aug
25
Sep
25
Oct
25
Nov
25
Dec
25
50.0
250.0
450.0
650.0
850.0
1,050.0
1,250.0
1,450.0
14 AltynGold plc Annual Report 2025
Commentary
AltynGold share price commenced the year at a level of £1.90. During the
year there was a significant uplift in the share price reflecting the increased
productivity of the Company, combined with the rapid increase in the price of
gold. This moved the share price to £12.35 at the end of the year, hitting a high
post year end of over £17.00, it is currently trading in the £12-£13.00 range.
The market capitalisation of the Company has increased substantially and is
now in the range of £350m - £360m (US$480m), but is subject to movement
due to the current uncertain economic climate.
The Company’s strategy is now to move to its medium aim target of achieving
100,00oz per annum and is presently considering a number of options to move
towards this target.
Charts below show that the gold price rose in the period moving from the
US$2,600oz range to US$4,300oz mark during 2025, and after the year end
above the US$5,000oz level. Current forecasts do not see any significant
correction in the midterm, potentially moving to US$4,000-US$4,300 mark
during 2026.
The exchange rate in the prior year was at the level of KZT470 to a Dollar this
has moved to a higher level and is currently trading around KZT470, and is
remaining reasonably stable.
MARKET REVIEW AND SHARE PRICE
PERFORMANCE continued
14 AltynGold plc Annual Report 2025
15AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
Our business model is two-pronged, consisting
of the continued development of the flagship
underground Sekisovskoye mine while seeking
further growth opportunities at the adjacent
Teren-Sai Ore Fields. For Sekisovskoye, the
medium term target is to reach an annual ore
extraction level of 2mtpa, which will be further
increased subject to successful medium term
targets being achieved. For Teren-Sai, the
company is continuing the finalisation of plans
for the extraction of minerals from open pit
mining operations. The Company is currently in
the process of applying for a production licence
which it is anticipated it will be granted during
Q3 2026.
In summary, our strategy aims to achieve a medium term
target of 100,000oz annual gold production being a
combination of processing of ore from Teren-Sai and
further increasing the capacity at Sekisovskoye.
In addition to the above, the Company is always
evaluating other projects to complement existing
operations with potential acquisitions.
The business strategy rests on four pillars
Mining
The Company has a proven track record with its successful
development of the Sekisovskoye mine. We intend to
continue the expansion of Sekisovskoye mine in the
most cost effective and efficient manner, while moving
Teren-Sai to the production phase; initially open pit then
underground.
Development
The underground mine and processing facility needs to
be further developed in order to access significant ore
reserves at increased depth which should extend the
life of the Sekisovskoye mine. The development of open
pit operations at Teren-Sai should allow an increase in
production, moving annual output of gold produced
towards 100,000oz per annum.
Exploration
The Company has been conducting extensive
exploration at the Teren-Sai site with the completed CPR
and extraction of test production yielding good results.
It will also during 2026 conduct deeper exploration
drilling to ascertain and determine the ore body co-
ordinates and obtain results of the gold grades and at
greater depth.
Growth
We are committed to adding value to our shareholders
by setting solid foundations for future production
growth. As such, we frequently evaluate investment
opportunities in Kazakhstan and Central Asia in case of
potentially synergetic additions to our core assets.
DevelopmentExploration
Growth and
Evaluation
Mining
Develop
Continue to develop our high
grade underground mine
at Sekisovskoye
Grow
Production and asset
base growth via the highly
prospective Karasuyskoye
Ore Fields
Progress
Continue to grow
OUR STRATEGY AND
BUSINESS MODEL
15AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
16 AltynGold plc Annual Report 2025
PRINCIPAL RISKS AND
UNCERTAINTIES
The Company has reviewed the principal risks associated with the development of the Company, and there has been no material changes
in the level or likelihood of the risks. The Company has considered the current situation in relation to, the effect of environmental factors,
and the current political and economic environment, details of which are noted below:
Risks Mitigation
Technical difficulties
developing the
underground mine
at Sekisovskoye and
exploration site at Teren-Sai
Encountering technical difficulties in further developing the underground mine at Sekisovskoye and
developing the site at Teren-Sai to bring the prospective exploration site into production would be
negative for the future of the Company. To mitigate this, the Company uses external consultants as
appropriate to provide technical assistance when required, and works to a mine plan and budget that
is regularly checked and updated. The current analysis of drilling results at Teren-Sai indicates that the
production of dore from the site is technically feasible. The Company is preparing the documentation
to move to a production licence for the future development of the site at plots 2, 4 and 5.
Failure to achieve
production estimates
Failure to achieve production estimates could arise due to various circumstances, not least mining
issues, processing plant issues and breakdowns, and political and other disruptions. Given that
Company revenues are dependent on producing gold and silver from the Sekisovskoye mine, failure
to achieve production targets would adversely affect the Company’s profitability and ability to
generate cash. The Company mitigates this risk by careful operational planning and detailed technical
appraisal work, as well as regular maintenance work.
The Company’s management has analysed the risks and uncertainties and has in place control
systems that monitor daily the performance of the business via key performance indicators. Certain
factors are beyond the control of the Company such as the fluctuations in the price of gold and
possible political upheaval. However, the Company is aware of these factors and tries to mitigate
these as far as possible. In relation to the gold price the Company is pushing to achieve a lower cost
base in order to minimise possible downward pressure of gold prices on profitability. In addition, it
maintains close relationships with the Kazakhstan authorities in order to minimise bureaucratic delays
and problems.
Fiscal changes in
Kazakhstan
Given that AltynGold operates solely in Kazakhstan, the Company is naturally at risk of adverse
changes to the fiscal regime in the country. However, the country is outward looking and committed
to attracting foreign direct investment. Kazakhstan has hosted international exhibitions and sporting
events, and is positively encouraging investment, including relaxing visa requirements. We therefore
believe that the Kazakh government is aligned with potential foreign investors and would be very
cautious in implementing any fiscal changes that could deter investment. Recent tax audits of the
subsidiary companies have not revealed any material discrepancies. The Company has consulted
with the tax authorities and provided all necessary information as and when required, and will seek
expert tax advice as and when necessary.
No access to capital Funding Sekisovskoye - in order to continue with the underground development at Sekisovskoye, the
Company must incur additional capital expenditure. The Company has achieved its short term target
in the year of producing 50,000oz, it is now looking to move to its medium term target of 100,000oz,
which will require further funding. In order to develop the site at Teren-Sai and Sekisovskoye to their
full potential the Company is dependent on cash from external sources to develop the mine after
this point and therefore its future is at risk if funds from these external sources are unavailable. The
Company is developing a number of lines of funding to provide the required level of funding, ranging
from internal sources, bank funding and funding from monies raised from the stock market. However,
without further external funding to complete the underground mine, production would proceed at a
much slower pace. The Company maintains good relations with its banks and bond holders who have
proved to be a good source of funds at reasonable rates for the current expansion program.
Commodity price risk The Company generates its revenue from the sale of gold and silver that it has produced. While the
Company has no control over commodity prices, it is in a fortunate position of having a very robust
mine development project in Sekisovskoye that can withstand prolonged weak precious metals
prices. The Company has significantly increased production, once further funding is raised is looking
to further expand output, and to build in production efficiencies The lower resulting cash cost of
production will provide a significant buffer from falling commodity prices. The Company is looking
at alternative sources of supply on a regular basis, and extending and developing its supply chains to
maintain quality but at keen prices.
17AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
Risks Mitigation
Inflationary & Currency risk Inflationary pressures are increasing throughout the world, leading to higher commodity and
overhead costs. In Kazakhstan this is balanced by the fact that some costs are paid in Kazakh Tenge,
but the revenues are earned in dollars.
The US Dollar has maintained a level in the current year averaging KZT521 against KZT470 in 2024.
As the revenue is generated in US Dollars, any strengthening of the US Dollar against the Kazakh
Tenge will favour the Company, as a number of costs are being met locally in Kazakh Tenge. In order
to manage and mitigate inflationary price increases the Company looks to source supplies from a
number of different suppliers.
Reliance on operating in one
country
Currently, all of the Company’s mining assets are in Kazakhstan. The Company believes that
Kazakhstan has significant future mineral potential, hence the choice of jurisdiction. The Company
makes it its business to be well informed of any in-country changes which may adversely affect
the business. While the Company knows and understands Kazakhstan well and hence has a strong
position in-country, it has stated that it would look at other opportunities in the future within the
Central Asia region and this may mitigate risk.
Altyn’s reliance on one
operation
Currently, the Company only generates revenue from one mine at Sekisovskoye. The Group is in the
process of moving to a production licence at Teren-Sai, the process is expected to be completed
towards the end of 2026 This will diversify the Company from the reliance on one site and one mineral
as the initial drilling results have indicated significant resources of copper. The Company is also always
looking to develop other business opportunities to complement the existing operations.
Political uncertainties Kazakhstan historically has close ties with Russia which at present is under the continuing imposition
of sanctions from a number of countries. Kazakhstan has not been affected by the imposition of
sanctions and is attracting inward investment from a number of countries internationally.
The Company maintains good relations with relevant government bodies and it has a stable and
loyal workforce which is sourced locally near the mine and is largely insulated from the disruptions
in the major cities. There have been no issues or disruptions and the Company maintains good
communications with its stakeholders to ensure any issues are highlighted and dealt with early.
Health, safety and
environmental issues
The Company is aware of its obligations to all stakeholders in relation to maintaining a safe work
environment. It liaises on a regular basis with the authorities and monitors and reports on a regular
basis key environmental indicators such as air and water quality. There were no reported incidents
of accidents in the year at the mine. The Kazakh authorities have recently reviewed and updated the
environmental code in Kazakhstan. This has imposed a number of new regulations and requirements
on the Company. The Company has reviewed its obligations under the code to ensure that it monitors
and complies with the new requirements.
The Company is also aware of its longer term obligations in relation to reducing its carbon footprint
and aims to ensure that this is considered in its decision making processes and the impact and costs
to the wider environment. The Company is also keenly aware of the impacts arising due to changes
in the climate due to global warming, which may increase risks to the Company in terms of climatic
changes such as extreme changes in weather and potential increase in flood risks, as well as the
transitional risks of moving to net zero.
In this regard it has set up a board committee to monitor and progress its obligations.
Further details in relation to the measures the Company is taking in relation to environmental issues are
outlined in the sustainability information statement and it’s Corporate Responsibility Statement.
18 AltynGold plc Annual Report 2025
NON-FINANCIAL AND SUSTAINABILITY
INFORMATION STATEMENT
As required by The Companies
(Strategic Report) (Climate Related
Financial Disclosure) Regulations 2022
(CFD), and the listing rule UKLR 6.6.6R,
the Company’s actions have been
mapped against the recommendations
as developed by the task force on
climate-related financial disclosures
(TCFD).
The Company has reviewed the principal risks associated with
climate change and sustainability, covering the physical risks
associated with the climatic change of higher temperatures and
changing weather patterns, and the transition risks associated
with a move to net zero in terms of new technology and working
practices. The recent Intergovernmental Panel on Climate Change
(IPCC), has concluded that the target of limiting the rise in global
temperatures to 1.5c by the end of the century is still possible
if sustained positive action is taken. This will be used as a base
case scenario in the analysis below with the high case scenario
reflecting temperature increases of 2.5c.
The report focuses on the two trading subsidiaries based in
Kazakhstan that are included within the consolidated accounts
of the parent AltynGold plc. The parent is not material to consider
under TCFD as it operates as an administrative hub managing the
trades of the subsidiaries and there is little impact from climate
change. As part of the review the Company has considered the
overall risks and the opportunities arising from the impacts of
climate change.
The mining industry is highly dependent on physical conditions
to be able to operate effectively, and as such, future variations
in weather patterns globally with climate change will increase
vulnerability to operational and supply chain disruptions.
Machinery used for mining, processing and transportation is also
highly reliant on fossil fuels as a source of energy, making the
industry carbon intensive and highly exposed to risk of change and
adaption to new working practices.
The climate change disclosures fall under four thematic pillars,
governance, strategy, risk management, and metrics and
targets. The Company has mapped its compliance with the
recommendations below, and its future plans to enhance its
compliance and reporting in each area in order to manage
potential risks for the business. This report should be read
together with the Company’s approach to environmental matters
and levels of greenhouse gas emissions emitted as detailed in
the Corporate Social Responsibility Report on pages 25-30 of
the Annual Report, in order to gain a full understanding of the
compliance requirements of the TCFD framework and relevant
accounting standards.
The Company has complied in all respects with the disclosures
under the TCFD regulations other than the following, those relating
to a stress testing of the resilience of the Company to a two
centigrade change in climatic conditions. The Company is in the
process of developing a fuller understanding of the emerging and
changing effects that climate change may have on the Company
and will seek external advice to determine potential impacts on
the Company in this regard. The Company is planning to comply
with this aspect of the disclosure requirements in 2026, and will
seek the assistance of expert advisors to assist in this respect.
The Board employed external advisors to report on GHG
emissions, who as part of the report indicated areas of
improvement to reduce GHG emissions as part of its key
findings. The Board are currently acting on this advice in order
to further develop and refine its carbon reduction strategy
and have reviewed its Climate Risk Assessment (CRA) on key
physical assets owned and managed by the Company. The
Company has adopted the metrics and targets as adopted by
19AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
the Kazakh government and is complying with all enacted Kazakh
environmental laws as part of the process.
The Company is currently monitoring the risk of changing demand
and increasing costs for its metal products under a low-carbon
economy. As part of the next stage in the development of a
strategy to monitor and adapt to various changes in the climate,
the Company is in the process of developing models that would
reflect the effects that may arise as relevant to the trade of the
Company and impact thereof.
The physical and transitional risks as currently identified by the
Company due to potential climate changes are detailed on
page20 to 22.
Governance arrangements and strategy in
assessing and managing climate-related
risks and opportunities
The Company regards this issue, as does the wider community, as
growing in importance.
The Company has a sub-committee and has appointed two
independent Non-Executive Directors to oversee the Company’s
compliance with local environmental laws, and to assess
the impact of climate change and the move to net zero. The
Company’s aim is to move towards the net zero target as far
as technology will allow at the current time. The use of renewal
technologies was assessed by the Company but at present it is
not cost effective or possible due to environmental restrictions.
To a large extent as described in the social responsibility report
on pages25 to 30, the basis of the environmental approach
is governed by the requirements of compliance with the
environmental laws of Kazakhstan. The two Directors are Andrew
Terry (who replaced Maryam Buribayeva in September 2025), and
Vladimir Shkolnik who receive regular updates on a quarterly basis
on the Company’s environmental matters as part of its ongoing
obligations as a mining company in Kazakhstan. The reports are
received from the environmental department that monitors the
overall approach to compliance with environmental regulations
and is responsible for climate related matters.
The impact of climate change on the financial and operational
policies of the Company are part of the overall framework
operated by the management to identify the risks and
opportunities that may arise from adaption to climate related
risks. The monitoring of the risks and opportunities arising will
be assessed at Board level by the executive Directors from the
information received from the delegated board as noted above,
and communicated with other Directors as actions are needed.
The principal metric that will be used by the Board in assessing the
reduction in GHG is the reporting provided to them of statistics in
relation to the consumption of diesel and payments for external
electricity supplies against the budgeted targets.
The appointed board committee to oversee climate-related risks
will report to the main board on any issues of importance as they
arise, in particular if there are any issues to consider in the overall
strategic planning. The approach to climate change and related
matters will be a major consideration in relation to any planned
operational expansion of the Company.
Process of identifying and assessing
climate-related risks and opportunities
identified and integrated into the overall
operations of Company’s management
process
As the Company operates in a sensitive environmental industry
in Kazakhstan, it has a dedicated environmental department
that deals with its obligations under its mining licences. This
department has been charged with the remit of assessing the
impact of any climatic changes that may occur in the future on
the operations of the Company, together with the consideration
of the risks and opportunities of the transition of the Company to
net zero. It is in the process of developing modelling to include
identified climate related risks to assess in more detail the
20 AltynGold plc Annual Report 2025
NON-FINANCIAL AND SUSTAINABILITY
INFORMATION STATEMENT continued
Climate related risk Impact on the Company
Materiality and
timing
Risk management actions
and strategy
Extreme flooding caused by
snowmelt is seen as a major
concern especially at the
operations are underground
There is a risk it could impact
mine operations
The mine is located in North Eastern
Kazakhstan, but it may pose a risk
in the future. Currently with the
upgrade works now complete the
mine is well adapted. However
severe floods hold potential to
affect our operating costs, through
increasing the amount of pumping
required to remove water from
mine pits, or lead to mining and
processing delays.
Short term - not
material
The management have reviewed
the current pumping and water
management procedures on site,
and with the current upgrades and
investment in equipment do not
see a material impact. Additional
training and review of procedures
are being implemented and the
situation will be kept under review.
Extreme heat and dust - More
extreme temperatures or
longer dry season leading to
heightened dust concentrations
and additional costs associated
with running dust suppression
measures and ventilation at the
mine site.
Dust and ventilation is a priority
air quality issue for the Company,
arising due to mining activities,
and is exacerbated by dry and
windy conditions. Hotter and drier
conditions with climate change will
lead to higher dust concentrations,
increasing operating costs
associated with these controls,
and increase in the amount of
equipment needed.
Short term - not
material
The site operates in hot dry
conditions in summer however
there may be further investment
needed in provision of further
ventilation equipment and
water provision for workers. The
Company has made significant
investment and does so on
a regular basis in additional
equipment and ventilation works.
estimated financial risks on the Company if temperature increases
exceeded the base case scenario of 1.5c.
The initial starting point for assessing climate related issues
that may affect the Company is the environmental legislation
in Kazakhstan. This will cover such matters as impact on the
environment, pollution, managing resources and dealing with
waste products. As the Company does operate in extreme
climatic ranges of temperatures the physical risks are well
known and monitored on a regular basis. This will form the basis
of identifying the risks of environmental factors affecting the
Company and are monitored on a monthly basis for reporting
to the authorities as necessary and is part of the overall safety
regime.
The principal risks considered are physical factors, such as
increasing temperatures, flooding and other associated matters.
The transitional risks relate to regulatory matters such as increases
in taxes (pollution taxing), environmental controls, supply chain
disruption and increasing costs of materials and equipment as well
as changes in technology. The Company assesses risks and actions
that may need to be taken as short term less than 2 years, medium
term 10 years, and longer term 20 years, together with the likelihood
of occurrence as low <10%, medium 10%-50%, and high >50%.
In terms of quantifying risks the Company will assess each risk
based on the potential cost/benefit to the Company. The cost
is based judgmentally on the estimated impact, for example
closure of the mine or benefits from cost savings that may be
made from introducing new working practices or equipment.
The physical factors such as those noted below are deemed as
more important, but as already noted as the companies operate
in climatic extremes they are built into the overall risk assessment
process. The risks and opportunities are initially assessed at
subsidiary level and considered further at Board level as part of
the overall strategy for the Company.
As part of this process of identifying the wider risks and
opportunities the executive management will consider the future
plans in relation to development of the mine at Sekisovskoye
and the exploration site at Teren-Sai. This will cover as part of the
review purchasing of equipment and resources, development
of the infrastructure, transport of materials to and from the
site, energy usage, and dealing with rehabilitation of the site in
the future. At present this is being considered through internal
evaluations. The Company has also been utilising external
consultants to aid the Company in its evaluation processes as part
of its normal environmental responsibilities.
Principal climate-related risks and strategy
The two mining trading subsidiaries are both operating in
Kazakhstan.
Kazakhstan is a land locked country. In the interior of the continent
it experiences extremes in temperatures ranging from -30c to
+30c in Sekisovskoye where the mine is operational. Any impact in
relation to changes in the climate are not expected to impact the
operational capabilities of the Company as it already operates in
an extremely challenging environment.
There is expected to be minimal operational impact on the
Company from physical changes in the environment in either
Astana or Almaty which are the administrative hubs of the
Company.
21AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
Transition risks
The risks and opportunities are identified below it is uncertain
as to the financial effect or the time scale in relation to various
risk factors identified. The Company has recently finished a
significant upgrade to the Sekisovskoye site and purchased a
significant quantity of plant and there is not expected to be any
material impact in the short term (less than 2 years). The next major
investment in a processing plant will be in relation to Teren-Sai,
which is expected to be in the midterm. The risks were qualitatively
assessed as short (> 2 years), medium (3-5 years) and long-term
(5+ years). The Company will keep the time horizons as they relate
to the Company under review, taking into consideration the
condition and age of the equipment, operational processes and
life of mine, and infrastructure.
Risk type Risk/opportunity
Impact on the
Company
Materiality and
timing
Risk management
actions and strategy
Policy The regulations in the
country may change,
which results in additional
administrative costs
and also impacts future
production and costs. The
Company may benefit by
the use of government
grants, incentives and
support to switch to low
carbon equipment.
The environmental laws
in Kazakhstan have been
evolving, see page 27 of the
Corporate Responsibility
Report. The Company is
in full compliance with the
current regulations and will
be keep the situation under
regular review.
Medium term - material To develop a good
understanding of current
and potential new laws
to be introduced and
plan accordingly. Use
of government grants,
incentives and support
to switch to low carbon
equipment as they
become available.
Technology New machinery may need
to be acquired with a
lower carbon technology,
with impacts in relation
to lead times, installation
and training. The benefit
to the Company would
be that newer machinery
may be more efficient
and less polluting to
provide a better working
environment to the
workforce, but may be
initially more expensive.
High polluting assets
may be retired early,
with consequent knock
on to further costs for
replacement assets.
Further funding may be
required to finance the
switch to low carbon
assets, which may require
further equity/debt
financing.
Medium term - not
material
The newer machines
will provide a cleaner
working environment for
the workforce. As the
majority of machines
and the infrastructure at
Sekisovskoye has been
recently upgraded this
is currently not seen as a
significant issue for the
Company. In the medium
term there may be some
impact as Teren-Sai is
developed and moves to
the production stage, in
terms of the acquisition of
potentially more expensive
low carbon machinery and
plant processes.
Legal &
reporting
Increased reporting
requirements, the use
of resources internally
and possibly externally
to meet reporting
requirements. There would
be greater awareness of
the challenges facing the
Company and the wider
community with regard to
climate change.
The Company could be
at risk to climate-related
legal action, reputational
issues (social licence to
operate) and investor risk
which could materialise as
increased costs, longer
permitting delays, higher
interest loans, or reduced
access to capital.
Short term - not material The Company is
developing a greater
awareness of the
challenges facing the
Company and the wider
community with regard to
climate change.
22 AltynGold plc Annual Report 2025
NON-FINANCIAL AND SUSTAINABILITY
INFORMATION STATEMENT continued
Metrics and targets
The Company is aware of its wider social responsibilities and has
set targets to aim to reduce greenhouse emissions, (GHG) by
15% in Scope 1 and 2 by 2030 from the current base line of 2019
in line with government set targets 2025. It has produced for the
first time its scope 3 analysis of emissions and will be reviewing
the metrics and targets in relation to Scope 3 in the current year in
order to ascertain together with its suppliers/customer how they
can work together to reduce emissions.
AltynGold is committed to achieving net-zero carbon emissions
by 2060 in line with the current governmental and global targets.
The Company target-driven Decarbonisation Strategy is
structured around a framework that prioritises energy resilience
and cost-effective reduction in emissions while optimising
operational efficiency and maintaining business sustainability.
The Company has reported on the current level of greenhouse
gas emissions, (GHG) on pages 25-30 of the report, noting Scope
1, 2 and 3 emissions as compiled by external consultants. The
accounting department will collate all data in terms of energy
usage for the Group. The usage of diesel is monitored on a
quarterly basis. The data and details of the supply and customer
chains are passed to the external consultant to calculate the
actual metrics. The principal GHG emissions produced by the
Company are carbon dioxide, Nitrous Oxide, and Methane. These
principally arise at the Company premises at Sekisovskoye, the
Company uses accepted coefficient factors in order to assess the
GHG emissions.
In terms of water management the total water withdrawn for use in
operations amounted to 1.726 thousand m3. This was drawn from
underground reservoirs, being pumped up into sludge ponds.
Of this amount 489 thousand m3 was used in operations and
801thousand m3 of clean water was returned to the local stream.
The testing of discharged water is conducted on a quarterly
basis in compliance with environmental legislation. There was
no instances of non-compliance noted in the reports filed. The
mine site is not regarded as an area of high water stress as there is
sufficient water available from natural resources for the Company
and local community.
Risk type Risk/opportunity
Impact on the
Company
Materiality and
timing
Risk management
actions and strategy
Reputational The move to a low
carbon economy, and
investor and wider public
sentiment moving against
those seen as high
polluting companies. If
the Company moves to
embrace plans to review
and move to low carbon
working practices at all
levels of the organisation
including Company,
customer and supply chain
levels, it will enhance the
profile of the Company.
This may affect the ability
of the Company to train
and recruit people as
well as raising finance.
Ultimately resulting in a
lowering of the value of the
Company, as there may
be a reduction in demand
from both investors and
shareholders.
Medium to long term - not
material
The Company is
developing plans to review
and move to low carbon
working practices at all
levels of the organisation
including Company,
customer and supply chain
levels.
Increasing
taxes
Policymakers in Kazakhstan
are implementing taxes
on carbon emissions and
over time these may be
increasing in weight and
scope. The Company will
be increasingly exposed to
the cost of carbon.
As a result, it is possible that
the operations and supply
chain will fall under some
form of carbon pricing
mechanism in the future,
leading to increased direct
and pass-through costs.
Failing to prepare for this
could lead to significant
financial pressure on the
Company to decarbonise
quickly to avoid the worst
impacts. In the short-term,
it is expected to be low. We
therefore do not anticipate
any significant impacts until
the mid to long term.
Medium term - material Further develop and
implement our emissions
reduction targets and
plans - currently
the subsidiaries are
categorised as low carbon
polluting companies.
Continue to engage
with governments to
evaluate renewable
energy opportunities,
and assess feasibility of
using renewable energy
for any new operations,
using government grants if
available.
23AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
DIRECTORS’ SECTION
172 STATEMENT
Statement by the directors in performance
of their statutory duties in accordance with
s172 (1) Companies Act 2006.
In summary the statement provides that a director of a Company
must act in a way that he considers, in good faith, would be most
likely to promote the long term success of the Company for the
benefit of its members as a whole, and in doing so have regard
(amongst other matters) to various other stakeholder interests.
The 6 key factors are:
• the likely consequences of any decision in the long term;
• the interests of the company’s employees;
• the need to foster the company’s business relationships with
suppliers, customers and others;
• the impact of the company’s operations on the community
and the environment;
• the desirability of the company maintaining a reputation for
high standards of business conduct; and
• the need to act fairly between members of the company.
The Board of Directors of AltynGold Plc both individually and
collectively act in the way they consider in good faith would be
most likely to promote the success of the Company for the benefit
of its members as a whole (having regard to the stakeholders and
considerations set out in s172 (1) (a-f) of the Act). In decisions taken
to the year ended 31 December 2025, we would reference our
approach to our business plan, social and corporate responsibility
and the supporting control environment which deliver good
outcomes for the company and wider stakeholders. In achieving
this, the following areas are highlighted:
The Company maintains good lines of communication with the
workforce and relevant government bodies, and there have been
no material disruptions in the year.
In making their decisions the Board carefully assessed the future
long-term aim of growing the Company. It has made its decisions
balanced against the need to maintain safe working practices for
its employees, achieving the increase in production capacity at
a reasonable cost of capital, being aware of the environmental
consideration and to obtain a good return to shareholders.
The Board has maintained regular contact with it’s principal
customer and suppliers, as well as cooperating with the
national and regional authorities to ensure all regulatory and
legal requirements were met. Regular contact has also been
maintained with bankers and suppliers on a personal level and with
its refiner. Shareholders have been communicated, through the
online messaging services and the website where presentations
and Company broadcasts are available. The Company AGM also
provides a portal where shareholders will be able to physically
attend and ask any questions that they may have.
The Board made the following key decisions in the year;
a) Our Company’s plans were designed to have a long-term
beneficial impact on the Company and to contribute to
the success in delivering the business of exploration and
developing and operating a mine to produce gold and other
precious metals as outlined in our strategy and business
model on page 15, and in relation to our longer term plan in the
Chief Executives’ report on page 8. We continue to operate
our business within a structured control environment and
comply with all necessary regulated requirements necessary
to maintain the operating licences. Key decisions in the year
were:
• The management agreed the budgets for 2026, to maintain
the production at current levels of 50,000-55,000 oz.
• The contract with the subcontractor responsible for
the extraction of ore and capital development of the
underground mine was reviewed and updated for revised
pricing and quantities during the year.
• The management renegotiated the off take agreement
with its principal customer, detailing the quantity of dore
to be supplied and payment terms for the period to
December2026, and revised costs of refining.
• A bond of US$10m was raised on AIX in order to provide
financing to service the capital investment in the year.
• Investment plans were put in place to investigate the
possibility of expansion of the processing capacity at
Sekisovskoye, increasing the capacity to an additional 1mt of
ore to be processed.
• The sub-soil contract at Teren-Sai expired in March 2026, an
extension was granted to June 2026 in order to submit an
application to move to a production licence to commence in
2026.
b) Our employees are fundamental to the delivery of our
business. AltynGold wants to build teams that are loyal and
committed to the long term success of the Company and
create a pleasant work environment where all employees can
thrive. We have put steps in place for workforce engagement,
training and development, employee networks, and regular
communication updates with senior management. During
the year the company has worked closely with its employees
and local authorities at both head office and the mine site to
ensure that the staff were able to engage in the Company’s
activities in safe working environment.
During the year the Company recognised its wider
responsibilities to the wider community and assisted the
development of the local community infrastructure, as well as
supporting government led initiatives for the wider benefit of
residents of Kazakhstan.
c) At AltynGold, we think about the implications of our decisions
on everyone in our Group, our industry and our community,
because we are committed to building a sustainable business
with a legacy we can all be proud of. Our success depends
on our relationships with employees, a network of experts,
customers and suppliers beyond our business.
The majority of the workforce live and work in Sekisovska
village located next to the mine. The Company is aware of the
need to foster good relationships with the local community
and try to engage with them, keeping them informed of the
business activities.
All of our activities are informed by appropriate engagement
with stakeholders to gain an understanding of our operating
environment and the market in which we operate. At present
the Company has a single customer for its gold output as
regulated by the Kazakh authorities and it complies with all
requirements for timings and deliveries as appropriate. We
value our suppliers and maintain regular communication with
them. The Board has regular meetings with key equipment
suppliers, principal consumable suppliers and its sub-
contractors to agree contract terms and to discuss any
24 AltynGold plc Annual Report 2025
issues that may have arisen. It has also established a good
line of communication with its principal finance providers at
the bank and AIX, to ensure that operations run smoothly and
they are kept abreast of Company developments.
d) Our plans take into account the impact of the company’s
operations on the community, the environment and wider
societal responsibilities, some of which are mandated
by government legislation but others are taken up by the
Company voluntarily. The Company was able to grow
employee numbers, aiding and supporting the local
community in which the mine is the key employer.
Further details on this and the Company’s impact on
the environment are as detailed in the Corporate Social
Responsibility report on page 25. AltynGold aims to ensure
that it plays a responsible part in society as a whole. We
also evolve and adapt as regulation changes and public
interest in emerging issues grow. The plans the Company has
developed helps it to stay focused and make an impact and,
it is keenly aware of the mine’s environmental impact and
the dangers of not staying focused. It ensures the Company
is pragmatic and consistent, and using local resources and
people as necessary. There are regular checks made on the
environmental parameters by independent third parties
and government departments. No issues were highlighted
in the year. See further details in the Corporate Social
Responsibility Report on page 25.
e) The Board of Directors’ intention is to behave responsibly and
ensure that the business operates in a responsible manner
within the high standards of business conduct and good
governance. Our Company ensures that we meet standards
expected by our Regulators in order to ensure that our license
to operate is maintained. The Company has regular contact
with the environmental authorities to ensure the Company
complies in all aspects with the government standards
required for the operation of the mine in Kazakhstan.
There is a policy in place for whistle blowing and this ensures
that employees feel empowered to raise concerns in
confidence and without fear of unfair treatment. Employees
can report anonymously any areas that are of concern to the
compliance officer in charge of monitoring fraud, money
laundering and bribery.
The Audit Committee as a whole ensures that the processes
in place are adequate.
f) We aim to act fairly between members and act for all
shareholders. The Company does have a controlling
shareholder. However, their conduct is controlled by a
relationship agreement which aims to ensure that they act in
a fair, transparent and responsible manner. All shareholders
are welcome at the Annual General Meeting to express their
views. The Company website has a facility to obtain regular
feedback from all shareholders.
DIRECTORS’ SECTION
172 STATEMENT continued
25AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
CORPORATE SOCIAL
RESPONSIBILITY
Human resources
The workforce at the Sekisovskoye mine site increased in the year
as the third line of production became operational. Production
staff averaged 463 in the year (2024: 443), while the administration
staff increased to 103 (2024: 87). The total number of employees
at the year end was 566 (2024: 530). During the year the average
wage also increased by 21 % to US$11,400 (2024: US$9,400).
The Company remains committed to the local village, with 55%
of the workforce employed from the Glubokoy district in East
Kazakhstan region in which the Sekisovskoye and the Teren-Sai
deposit are located.
In addition to the labour force as in the prior years outsourced
labour is still being utilised, in order to develop the mine and for the
extraction of ore.
Human rights
Whilst the Company does not have a specific human rights policy, it
does have policies such as Equal Opportunities and an Anti-bribery
policy that adhere to internationally proclaimed human rights principles.
Employment policies and diversity
The Company has an equality and diversity policy and has
communicated it to its employees in a formal manner after
consultation with the local authorities. It is fully supported by
senior management and employee representatives. The policy
is monitored and reviewed annually to ensure that equality and
diversity is continually promoted in the workplace.
The aim is to ensure that all employees and job applicants are given
equal opportunity and that our organisation is representative
of all sections of society. Each employee will be respected and
valued and able to give their best as a result. This policy reinforces
our commitment to providing equality and fairness to all in our
employment and not provide less favourable facilities or treatment
on the grounds of age, disability, gender, marriage and civil
partnership, pregnancy and maternity, race, ethnic origin, colour,
nationality, national origin, religion or belief, and sexual orientation.
The Company provides the following to staff:
• A medical station available to all employees.
• Free provision of canteen facilities.
• Bonuses/awards to staff as merited.
The Company is opposed to all forms of unlawful and unfair
discrimination. All employees, no matter whether they are part-
time, full-time, or temporary, will be treated fairly and with respect.
The Company will enforce current work practice and work within
the spirit of the law. When selecting candidates for employment,
promotion, training, or any other benefit, it will be on the basis of
their aptitude and ability.
The policy will aim to create an environment in which individual
differences and the contributions of all team members are
recognised and valued. To create a working environment that
promotes dignity and respect for every employee. To not tolerate
any form of intimidation, bullying or harassment, and to discipline
those that breach this policy. To make training, development,
and progression opportunities available to all staff. To promote
equality in the workplace. To encourage anyone who feels they
have been subject to discrimination to raise their concerns so we
can apply corrective measures. To encourage employees to treat
everyone with dignity and respect. The Company reviews on a
regular basis the employment practices and procedures so that
fairness is maintained at all times.
26 AltynGold plc Annual Report 2025
Employee involvement
Members of the management team regularly visit the site at
Sekisovskoye and discuss matters of current interest and concern
with members of staff.
Gender
diversity Male Female Total
2025 446 120 566
2024 413 117 530
The table above shows the staff employment by gender. The
Company places a great deal of emphasis on gender equality and
diversity. At present there are 15 women in senior management
positions as heads of department (2024: 16), male heads of
departments/Directors in 2025 were 32 (2024:25). Comparative
figures have been adjusted in order to compare the information in
2025 on a like for like basis with the prior year.
Company environmental checks
Each of the Company’s facilities as is required by the government
authorities was environmentally monitored on a quarterly basis by
accredited outsourced companies. This included the following
checks which were all within environmental standards set:
• Checks were made on the water at surface and sub-surface
levels to ensure that it was within safe limits, within both the
production site and the tailings dump site – no incidences
were noted during the year and as at the date of this report.
• Checks were regularly made on the air quality at the
production site, to include testing of the air extraction
systems at the crushing and grinding plant, laboratory and
transfer conveyors. Appropriate repairs were carried out
during the year if there was any deviation from the accepted
norms - no incidences noted.
• Soil samples were analysed at the tailings dumps to ensure
that there was no adverse effects on the environment – no
incidences noted.
Of primary importance to the Company is to ensure that the
tailings dam and water discharges are within environmentally safe
limits. The facility has a system in place that provides treatment
and discharge of mine water into the surface reservoir – quarterly
testing is done to ensure all required standards are met. This is
reported to the authorities on a quarterly basis, again there were
no incidents to report.
The Company has systems to control the processing of waste in a
controlled and environmentally compliant manner. All household
waste produced is disposed of to specialised landfill sites. Tyres
are temporarily stored prior to removal to a specialised site.
Hazardous waste such as Mercury is carefully sent for recycling as
are plastic waste from plastic packaging and other plastic waste
from pipes cuttings and geomembrane to reduce the amount
being sent to the landfill sites. Metal scraps and exhausted oils are
recycled as far as possible on the production site.
The Company has complied with its environmental management
obligations in all respects.
Health and safety
AltynGold is pleased to report that during 2025 as in the prior year
there were no accidents at the Sekisovskoye mine. The Company
maintains its first aid rooms to the highest standards and ensures
that rescue contracts are in place for employees in the event of an
emergency.
CORPORATE SOCIAL
RESPONSIBILITY continued
27AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
Our community
The support of the local community is key to the success of the
Company, and the various initiatives and projects have been
undertaken to ensure that the success of the mine is of benefit
to all parties. This is regarded as an ongoing commitment by
the Company to the local community and has been formalised
in a memorandum of co-operation by the Company with the
authorities of the rural district. The company regularly contributes
to local projects and participates in local events. Some of the
activities that the Company participated in the year are as noted
below:
• The Sekisovskoya region in winter has very large snow drifts,
the Company regularly clears the road and access paths at
Sekisovska village.
• Assisting in the regeneration of the local area and
redevelopment of green spaces.
• Assisting in anti-flood measures and clean up operations.
• During the year the Company provided financial support for
the charity fund, ‘foundation for sustainable development,
health of the nation’, for the purchase of sports equipment
for local children.
• Assisting and providing food for the elderly and pensioners in
the local community.
Climate change and our approach to the
environment
The Company’s policies outline our commitment to environmental
responsibility. Safeguarding the environment and training our
employees to minimise the environmental impact of our activities
are important aspects of our business. We remain committed to
achieving the highest environmental standards.
The Company has reviewed its obligations under the guidelines
and framework as noted within the Task Force on Climate-
related Financial Disclosures (TCFD), and its obligations under
the Companies Act to comply with climate change disclosures
of actions it is taking in relation to the impacts of climate change,
(CFD). The TCFD framework has been devised to allow companies
to disclose the potential and actual impacts on the business of
climate-related risks, see report on page 18.
As part of the review the Company has assessed the impact of the
environmental code in Kazakhstan that may have an impact on the
operations, finances and reporting required by the Company. The
environmental and ecology department in the Company reported
that no significant issues were noted in relation to the reports sent
on a regular basis to the relevant authorities on air, water and soil
contamination levels.
The main points are listed below:
• Environmental violations are to be assessed over a period of
30 years.
• Each Company is to be designated to a category based on
the potential impact on the environment. Baurgold has been
designated to the first category, and Altyn MM to the second.
There are more stringent controls on the first category.
• The enterprises in category one are obliged to accept the
best available technologies on a list that is approved by
the government authorities, and failure to do so will result in
penalties.
28 AltynGold plc Annual Report 2025
• The government has introduced a scaled increase in the
charges for environmental pollution, from 2025 they will
double, doubling again from the level in 2025 in 2028 and
again in 2031 from the level in 2028.
• It is recommended that large polluters in category one
(producing Co
2
in excess of 500tons) implement automated
monitoring systems.
• Fines and penalties have been increased as well as the use of
only licensed waste carriers.
From a review conducted by the Board the Company has
complied with the requirements of the environmental law as
outlined above. The Board remains committed to reduce its
carbon footprint and will keep this constantly under review.
During the year the following additional environmental measures
were implemented:
• The Company is on a rolling program to replace existing
lighting with lower energy using LED fittings.
• The Company is implementing more efficient production
processes, reviewing processes in each area by conducting
energy audits.
• In the mine workings regular service checks ensures that the
dust extraction and pollution levels are reduced.
Greenhouse gas reporting
The calculations are prepared by using the parameters as set
and approved by the Minister of Environmental Protection in
Kazakhstan, which has strict guidelines and statutory requirements
in relation to the measurement of emissions, and are in compliance
with GHG Emissions by Scope 1, 2, and 3. The GHG emissions
scope is established to ensure a comprehensive assessment of
GHG emissions and identify opportunities to reduce emissions
at and off-site facilities. The GHG Protocol has been used for
over 20 years under the GHG Protocol , a comprehensive, global
set of standards for measuring and managing GHG emissions
across various industries and ownership types. The GHG Protocol
supports the most widely used GHG emissions accounting
standards worldwide. We report all the emission sources required
under “The Companies Act 2006 (Strategic Report and Directors’
Reports) Regulations 2013”.
Carbon emissions are the amount of carbon dioxide equivalent
emissions (CO
2
e) emitted during the reporting period as a result of
operational activities undertaken by the business. The Company
uses the total CO
2
e emission conversion factor, which includes
other greenhouse gas emissions expressed in terms of CO
2
and
based on their relative global warming potential (GWP).
The emissions as recorded below relate entirely to the Company’s
activities in Kazakhstan. The head office function in the UK has a
very small carbon foot print. Data in relation to diesel, coal and
electricity is gathered by the environmental department and
passed to the accounting department to check, and prepare the
relevant calculations.
Greenhouse gas emissions (GHG), are classified as either direct
or indirect and which are divided further into Scope 1, Scope 2
and Scope 3 emissions. Direct GHG emissions are emissions from
sources that are owned or controlled by the Company. Indirect
GHG emissions are emissions that are a consequence of the
activities of the Company but that occur at sources owned or
controlled by other entities.
Scope 1 emissions
Direct emissions controlled by the Company arising from plant.
Scope 2 emissions
Indirect emissions attributable to the Company due to its
consumption of purchased electricity.
Scope 3 emissions
Other indirect emissions associated with activities that support or
supply towards the Company’s operations.
Source: Greenhouse Gas Protocol: Corporate Value Chain (Scope 3)
Accounting and Reporting Standard
Summary Company’s emissions by scope
Scope Source
Tonnes
CO
2
e
2025
(Restated)
Tonnes
CO
2
e
2024
Scope 1 Plant 3,357 7,864
Scope 2 Electricity 31,350 22,019**
Scope 3 2,366 see below*
Total 37,073 29,883
Intensity 1
Tonnes
per
CO
2
e
Per
US$ of
revenue 0.000212 0.000310
Intensity 2
Tonnes
per
CO
2
e
Per oz
of gold
produced 0.688 1.247
*The Company did not report on scope 3 in the prior year as the
management were not satisfied with the level of estimation and
completeness of the data and was not fully compliant with the TCFD
requirements in that year.
**The 2024 figures reported in 2022 have been restated to correctly
account for scope 2 emissions as previously reported
The energy consumption used to calculate emissions was
64,772kwh (2024: 44,520kwh) purchased from external resources.
This has increased as a consequence of the expansion of the
processing plant and associated infrastructure.
CORPORATE SOCIAL
RESPONSIBILITY continued
29AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
Direct emissions – Scope 1
Scope 1 - Direct Emissions: GHG emissions from sources owned
or controlled by the company.
The company compiles a greenhouse gas inventory report annually.
The greenhouse gas inventory results for 2025 are presented below.
Total mass of direct greenhouse gas emissions
scope 1
Indicator
Tonnes
CO
2
e
2025
Carbon dioxide (CO
2
) 3,255.47
Methane (CH
4
) 10.06
Nitrous oxide (N
2
O) 91.35
Total 3356.88
Indirect energy emissions – Scope 2
Scope 2 – Indirect energy emissions: emissions from the
production of electricity or heat used in the company’s
production processes and supplied from outside.
Total mass of indirect greenhouse gas emissions
scope 2
Indicator
Unit of
measurement 2025
Annual consumption of
purchased electricity – coal MWh 64,772.20
Benchmark (electricity) tCO
2
/MWh 0.484
CO
2
emissions in weight units tn 31,349.75
Indirect energy emissions – Scope 3
Scope 3 – Other Indirect Emissions – are indirect emissions
associated with the company’s activities but originating from
sources owned or controlled by other organisations. These
sources of emissions include, for example, the production of
raw materials and fuels consumed, the transportation of goods,
and the use of manufactured products by consumers. This also
includes other sources of indirect emissions, such as employee
vehicles, etc. In other words, GHG emissions from Scope 3 include
indirect emissions from value chain activities not included in
Scopes 1 and 2.
Indirect Scope 3 emissions under the GHG Protocol are divided
into 15 different categories. This multi-channel division allows
for easier accounting of all potential greenhouse gas emissions.
These 15 categories are also divided into two types of flows in the
supply chain: upstream and downstream: Upstream emissions
and downstream emissions respectively.
The relevant categories for the Company are:
Category 1 – Purchased goods and services. This takes into
account emissions from transport vehicles during the delivery of
purchased goods and services of the reporting company.
Category 6 – Business and travel trips of employees This takes into
account emissions from business trips and travel expenses of the
reporting company’s employees, which may arise as a result of
trips:
• by car
• by bus
• railway transport
• by air
Category 7 – Employee commuting. This category includes
GHG emissions from the reporting company’s employees’
transportation between home and work during the reporting year.
These emissions may arise as a result of trips:
• car
• by bus
Category 9 - Transportation and delivery of finished products.
This category includes GHG emissions from transportation and
delivery of finished products in the reporting year.
Total mass of indirect greenhouse gas emissions
scope 3
Category
name
CO
2
emissions
Scope
Volume of
indirect
CH
4
Scope 3
emissions
in CO
2
e
Volume of
indirect
N
2
O
Scope 3
emissions
in CO
2
e
Total
Scope 3
emissions
in CO
2
e
Category 1 1,145.27 0.34 3.10 1,148.71
Category 6 27.80 - 0.26 28.06
Category 7 42.71 0.80 3.29 46.80
Category 9 1,139.01 0.34 3.09 1,142.43
Total 2,354.79 1.48 9.75 2,366.01
30 AltynGold plc Annual Report 2025
Measures to reduce GHG emissions
As a brief background in 2021 the IPCC assessment was that
climate change will intensify in all regions in the coming decades,
and without immediate and large-scale action to reduce GHG
emissions, limiting global warming to 2 °C will be unachievable.
Therefore, to implement the Paris Agreement, all parties
submitted their climate action plans-Nationally Determined
Contributions (NDCs), and would update them every five years.
On August 2, 2016, Kazakhstan signed the Paris Agreement and
ratified it on December 6, 2016.
Kazakhstan commitment was as follows:
• an unconditional reduction of GHG emissions by 15% by
December 2030 compared to 1990;
• a conditional reduction of GHG emissions by 25% by
December 2030 compared to 1990, subject to additional
international investment, access to the Low Carbon
Technology Transfer Mechanism, funds from the Green
Climate Fund and the Flexible Mechanism for Countries with
Economies in Transition.
The authorities have been tightening environmental laws, with
increasing severity of penalties for noncompliance commencing
in 2025 to 2031.
The Company is taking measures to reduce its direct and
indirect production of GHG emissions and is complying with the
environmental regulations by:
• Improving the energy efficiency of production. This is being
achieved by aiming to use more efficient technologies and
processes, reducing energy consumption, and reducing
harmful emissions;
• The Company is looking into the use of renewable energy
sources and use of electrical vehicle to reduce the
consumption and emissions of fossil fuels such as oil and gas;
• The use of carbon dioxide capture and utilisation technology.
This involves capturing and then converting carbon dioxide
into safer forms;
• Conducting an energy audit of the premises to analyse
energy consumption and develop recommendations for its
optimisation.
CORPORATE SOCIAL
RESPONSIBILITY continued
31AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
MINERAL RESOURCES
STATEMENT
Geological Setting
The sites are located in a complex geological setting that has
been subject to much alteration and metamorphism. The projects
are exploiting gold that is hosted in a number of pipe-like breccia
bodies that have intruded into the Rudny Altai poly-metallic belt,
which is part of the larger Central Asian Orogenic Belt.
Ten breccias have been mapped in and around the Sekisovskoye
Mine. Of these, seven breccias fall within the Sekisovskoye Mine
licence boundary. Mineralisation is hosted in the breccia bodies
and includes free gold and gold sulphides. Gold is embedded
in the cement of the explosive hydrothermal breccias and is
smeared across the lithology. The breccias are cut by barren
igneous dykes that are typically planar and dip steeply to the
northeast.
The Teren-Sai Project is made up of 15 targets based on historical
exploration. Of these 15 targets, Altyn has identified 3 areas for
exploration that they see as significant plots 2, 4 and 5, consisting
of various identified targets.
Exploration
Sekisovskoye
Recent exploration refers to all exploration carried out since the
project was acquired by AltynGold (then known as Hambledon).
The Sekisovskoye Mine has undergone numerous exploration
programmes including geophysics, trenching and diamond
drilling. Recent exploration has consisted of several drilling
campaigns and a total of 1,490 drillholes have been completed.
These drillholes include both surface and underground drilling
but exclude all drilling prior to acquisition of the Sekisovskoye
Mine by Hambledon. Of these drillholes, a total of 982 holes have
been drilled between 2011 and 2019 and these form the basis of
the orebody modelling and underground resource estimation
Overview
Ernst and Young Advisory Services (Pty) Ltd (“EY”) were
commissioned by the directors of AltynGold Plc (“Altyn”)
in 2019 to prepare an Independent Competent Persons’
Reports (“CPR”) on the Sekisovskoye Gold Mine (“the
Sekisovskoye Mine”) and Teren-Sai gold project (“the
Teren-Sai Project”).
Both the Sekisovskoye Mine which is an operating mine
targeting gold and silver, and Teren-Sai which is an
exploration licence area are located in eastern Kazakhstan,
adjacent to the Sekisovka village.
EY has compiled the reports in accordance with the
Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves, 2012 edition (“the
JORC Code”). In the case of the Sekisovskoye mine it is an
update of the CPR completed in 2014, entitled “Independent
Competent Persons’ Report on the Sekisovskoye Gold
Project prepared for Goldbridges Global Resources Plc,
(subsequently renamed AltynGold Plc)” as at 31 May 2014 by
Venmyn Deloitte (Pty) Ltd (“Venmyn Deloitte”) referred to as
“the 2014 CPR”. In the case of Teren-Sai this will be a maiden
Mineral Resource and Ore Reserve estimate for the Project
based on exploration completed by AltynGold since granting
of the subsoil use contract in 2016.
The report describes reviews and documents the technical
and economic parameters of the Sekisovskoye mine and
Teren- Sai Project, in order to identify all factors of a technical
and economic nature that would influence the future viability
of the project.
32 AltynGold plc Annual Report 2025
used in the CPR. Exploration and orebody modelling has focused
increasingly on delineation of the orebody at depth and on infill
drilling to improve geological confidence in the underground
Mineral Resources since closure of the open pit. More recent
exploration campaigns have consisted of almost exclusively
underground drilling.
Teren-Sai
Recent exploration refers to all exploration carried out since the
project was acquired by Altyn in 2016. Recent exploration carried
out by AltynGold includes pitting, trenching and diamond drilling.
Exploration has focused on the two breccias within the area and
includes a total of 41 drill holes completed by AltynGold. A further
12 historical drill holes are included in the geological database.
These historical holes were drilled in 1993. The 53 drill holes
drilled in the area form the basis of the geological modelling and
resource estimation used in this CPR. Drilling has been completed
to a depth of approximately 465m below surface.
In relation to the more recent exploration activities since 2019
these are detailed in the Chief Executives report on page 8.
Mineral Resource Estimates
Mineral Resource classification is based on the level of
geoscientific confidence and primarily, drilling density. Due to the
nature of the deposit, which is generally narrow and extending in
a pipe-like deposit at depth, drilling and the resultant number of
samples is denser near the surface and becomes less dense with
depth.
Sekisovskoye
Measured and Indicated Resources are estimated from the
current working depth of -185masl to a depth of -400masl.
Inferred Mineral Resources have been estimated from -400masl
to -800masl. An Exploration Result has been estimated from
-800masl to -1,500masl.
Teren-Sai
Measured Resources from surface (approximately +490masl) to
a depth of +260masl and Indicated Resources from +260masl
to a depth of +25masl. No Inferred Mineral Resources have
been estimated. An Exploration Result has been estimated from
+25masl to -375masl. The open pit to underground boundary is at
+350masl.
Sekisovskoye
31 May 2019
Level Tonnage
Cut-off
Grade
Average
gold grade
Contained
Gold
Average
Silver Grade
Contained
Silver
Resource Classification Masl (Mt) (g/t) (g/t) (Moz) (g/t) (Moz)
Measured +250 to -400 29.03 1.50 3.76 3.51 6.2 5.79
Indicated +250 to -400 3.48 1.50 3.03 0.34 5.08 0.56
Sub-total 32.51 1.50 3.68 3.85 6.08 6.35
Inferred -400 to -800 37.15 1.50 2.37 2.83 3.99 4.77
Total mineral resources 69.66 1.50 2.98 6.68 4.97 11.12
Since 1 June 2019 to 31 December 2025 the Company has extracted 4.13mt of ore, at an average gold grade of 1.99g/t (263,000oz of
contained gold) and an average silver grade of 1.99g/t (260,025oz of contained silver).
Teren-Sai
31 May 2019
Level Tonnage
Cut-off
Grade
Average
gold grade
Contained
Gold
Average
Silver Grade
Contained
Silver
Resource Classification Masl (Mt) (g/t) (g/t) (Moz) (g/t) (Moz)
Measured - open pit +480 to +350 5.99 0.50 1.89 0.36 3.25 0.63
Measured - Underground +350 to +25 3.80 1.50 3.75 0.46 6.13 0.75
Sub-total 9.79 2.61 0.82 4.37 1.38
Indicated - underground +350 to +25 6.06 1.50 3.38 0.66 5.52 1.07
Total mineral Resources 15.85 2.91 1.48 4.81 2.45
The Teren-Sai CPR has measured Resources from surface (approximately +490masl) to a depth of +260masl and Indicated Resources
from +260masl to a depth of +25masl. No Inferred Mineral Resources have been estimated. An Exploration Result has been estimated
from +25masl to -375masl. The open pit to underground boundary is at +350masl.
MINERAL RESOURCES
STATEMENT continued
33AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
Exploration Target Estimate
Sekisovskoye
31 May 2019
Level Tonnage
Cut-off
Grade
Average
gold grade
Contained
Gold
Average
Silver Grade
Contained
Silver
Resource Classification Masl (Mt) (g/t) (g/t) (Moz) (g/t) (Moz)
Exploration -800 to -1,500 22.79 1.5 2.37 1.74 no estimate no estimate
Teren-Sai
31 May 2019
Level Tonnage
Cut-off
Grade
Average
gold grade
Contained
Gold
Average
Silver Grade
Contained
Silver
Resource Classification Masl (Mt) (g/t) (g/t) (Moz) (g/t) (Moz)
Exploration +25 to -375 9.28 1.50 3.46 1.03 no estimate no estimate
Ore Reserve Estimate
Sekisovskoye
The Ore Reserves have been estimated from surface (approximately +430masl) to a depth of -400masl. All the Mineral Resource blocks
that are above the Mineral Resource cut-off grade were included in the Ore Reserve, as no selective mining has been assumed for the Ore
Reserve estimation. The Ore Reserve calculation includes a 5% dilution factor, 2% mining loss and 100% extraction factor. Based on the
estimated Ore Reserves.
Sekisovskoye
31 May 2019
Tonnage
Average
gold grade
Contained
Gold
Average Silver
Grade
Contained
Silver
Resource Classification (Mt) (g/t) (g/t) (Moz) (g/t)
Proved 29.87 3.61 3.47 5.88 5.65
Probable 3.58 2.91 0.33 4.81 0.55
Total 33.45 3.53 3.80 5.77 6.20
Teren-Sai
31 May 2019
Tonnage
Average
gold grade
Contained
Gold
Average Silver
Grade
Contained
Silver
Resource Classification (Mt) (g/t) (g/t) (Moz) (g/t)
Proved - open pit 6.29 1.71 0.35 2.94 0.59
Proved - underground 3.91 3.60 0.45 5.87 0.74
Sub-total 10.20 2.43 0.80 4.06 1.33
Probable 6.23 3.25 0.65 5.33 1.07
Total 16.43 2.74 1.45 4.54 2.40
For Teren-Sai the ore reserve calculation includes a dilution factor, mining loss and extraction factor. The average estimated losses and
dilution are mining losses of 5% for the open pit and 2% for the underground and mining dilution of 10% for the open pit and 5% for the
underground. An average mining extraction factor of 90% has been utilised for the Ore Reserve estimation.
34 AltynGold plc Annual Report 2025
Mineral asset valuation
The assumption of no selective mining was informed by both
the mining method and by guidance included in the Kazakhstan
mining legislation, which does not allow for the selective mining
of blocks above the cut-off grade approved by the Committee
of Geology of Kazakhstan. Therefore, no pay limit was used for
mining selectivity and the definition of Ore Reserves.
The key modifying factors used are as follows:
• long term prices for gold and silver of USD1,280/oz and
USD17/oz, respectively; the current prices are trending
around US$4,800/oz;
• a processing recovery of 83% for gold and 73% for silver,
which is in line with the current production.
• an average underground mining cost of USD425/oz, which
is based on a longer term projection based on an increased
level of ore mined. The current cash cost is in the range of
US$1,250/oz.
EY estimated the preferred value of Sekisovskoye Mine as the
average value between the Income-based approach and the
Market-based approach. Therefore, the preferred value for
Sekisovskoye Mine is estimated between US$383m to US$415m
and that of Teren-Sai as estimated as between US$92m and
US$104m.
Summary
JORC gold mineral resources total 6.68Moz. In addition, a further
1.74Moz have been identified as an Exploration Result below
the – 800masl. While these will require further exploration
drilling to be potentially upgraded to Mineral Resources, this
result does highlight the potential for a larger Mineral Resource
than is currently estimated. Assuming that this potential were to
be realised, the current projects as developed would contain
approximately 8.42Moz of gold.
In addition the JORC gold resources at Teren-Sai total 1.48Moz
with a further 1.03Moz as an exploration target.
Strategic report approved by the Board on 28 April 2026 and
signed on its behalf by:
Mr Aidar Assaubayev (Chief Executive Officer)
Director
MINERAL RESOURCES
STATEMENT continued
35AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
AltynGold plc Annual Report 2024 | 35
GOVERNANCE
Corporate Governance Statement 36
Board of Directors 39
Directors Report 41
Statement of Directors’ Responsibilities 44
Audit Committee report 45
Remuneration Committee - Statement 46
Annual remuneration report 47
Remuneration policy report 52
Independent Auditors’ Report 53
35AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
36 AltynGold plc Annual Report 2025
Our Corporate Governance Statement, explains how AltynGold’s governance framework supports the principles of integrity, strong
ethical values and professionalism integral to our business. The Board recognises that we are accountable to shareholders for good
corporate governance, and this report, together with the Reports of the Audit and Remuneration Committees, seeks to demonstrate our
commitment to high standards of governance that are recognised and understood by all.
The Company is keenly aware of its obligations under the London Stock Exchange disclosure and transparency rules and is continually
reviewing its corporate structure. Given the size of the Company it is following the guidance in the Quoted Companies Alliance (QCA)
Corporate Governance Code (2023 Code) instead of the 2024 UK Corporate Governance Code. The Company believes that the policies
in place ensures that there are high standards of accountability and corporate governance. The areas of non-compliance with the code
are noted below.
Full details in relation to the composition of the Board are given on pages 39 to 40. There are in total three Non-Executive Directors on the
Board, and three Executive Directors together with a Chairperson. The Board considers two Non-Executive Directors to be independent
of management and exercise independent judgment. In the case of Ashar Qureshi as he has served more than nine years as a Non-
Executive Director he is no longer regarded as Independent.
Due to recent changes in the Board, the composition falls outside the accepted criteria of the 2023 code, and it is in the process of
recruiting and changing the Board structure. It is also reviewing the composition of its committees to ensure that it has the right balance
of skills, independence, experience and diversity. The process of finding the right fit for the roles is time consuming, however the
Company is planning to have the new structure in place during 2026, with an equal number of Executive and Non-Executive Directors. No
external annual review was undertaken during the year as the Board is in the process of making changes, and will conduct this exercise
once the restructure is complete.
The Company is aware of the growing importance on climate change and has a Board committee to monitor the Company’s impact on
the environment. The environmental social and governance committee is composed of Vladimir Shkolnik, a non-executive director on
AltynGold’s Board of Directors since 2017 and by Andrew Terry.
In the opinion of the Directors these Annual Financial Statements present a fair, balanced and understandable assessment of the Group’s
position and prospects and provide the information necessary for shareholders to assess the Group’s position and performance,
business model and strategy. This is presented in more detail in the CEO review and review of financial performance on pages 8-12. The
respective responsibilities of the Directors and the Auditor in connection with the Financial Statements are explained in the Statement of
Directors’ Responsibilities and the Auditor’s Report.
The Board delegate’s specific responsibilities to the Audit and Remuneration Committees, full details of their responsibilities are detailed
below. The Company currently does not have a Nomination Committee, and given its stage of development does not believe it is
appropriate. Full details of the responsibilities of the committees are detailed below.
Day-to-day management and the implementation of strategies agreed by the Board are delegated to the Executive Directors. The
Group’s reporting structure below Board level is designed so that decisions are made by the most appropriate people in a timely
manner. Management teams report to members of the Executive Committee. The Executive Directors and other managers give regular
briefings to the Board in relation to business issues and developments. Clear and measurable KPIs are in place to enable the Board to
monitor progress. These policies and procedures enable the Board to make informed decisions on key issues including strategy and risk
management.
The Chair leads the Board and is responsible for its overall effectiveness, ensuring adequate time is available for discussion of all agenda
items, in particular strategic issues, promoting openness and debate, ensuring all Directors, particularly the Non-Executive Directors,
are able to contribute, and facilitating a constructive relationship between the Executive and Non-Executive Directors. The current Chair
is not independent as he together with the two Executive Directors are the controlling shareholders of the Company. Their conduct is
controlled by a relationship agreement that will ensure that they act in a way for the benefit of shareholders as a whole. The Non-Executive
Directors will also ensure that the principles of the agreement are adhered to.
The Chief Executive Officer has responsibility for all operational matters which include the implementation of strategy and policies
approved by the Board. The senior Independent Non-Executive Directors provides a sounding board for the Chair and also acts as an
intermediary for other Directors and shareholders.
In terms of culture and engagement the Executive Directors liaise on a regular basis with the workforce and key suppliers and customer
and reports back to the Board. The human resources department has a framework to improve the way in which employee views are
communicated to the Board, how employees engage with values and culture, and how we align strategy with our workforce development
and reward policies. Details in relation to the Company’s corporate social responsibility are given on page 25, and engagement with other
stakeholders in the Directors S172 Statement on page 23.
The Board has adopted procedures for the identification, authorisation (where appropriate) and monitoring of situations which may give
rise to a conflict of interest. There is a relationship agreement with the major shareholder which defines their responsibility if a situation
arises. The Board has reviewed the procedures and is satisfied that they are operating effectively.
The Company’s Articles of Association contain powers of removal, appointment, election and re-election of Directors and provide that at
least one-third of the Board must retire at each Annual General Meeting and each Director must retire by rotation every 3 years.
There is no formal induction programme for new Directors, however they are given a full briefing and familiarised with all aspects of the
Company’s operations. The Company maintains directors’ and officers’ liability insurance to cover legal proceedings against Directors
and Officers acting in that capacity.
CORPORATE GOVERNANCE
STATEMENT
37AltynGold plc Annual Report 2025
Remuneration Committee
The Remuneration Committee currently comprises of two Directors - Ashar Qureshi and Vladimir Shkolnik, which meets as required.
It is responsible for determining the contract terms, remuneration and other benefits of the Executive Directors. The remuneration of
the Non-Executive Directors is determined by the Board within the limits set out in the articles of association. None of the Committee
members has any personal financial interest in the matters to be decided (other than as shareholders), potential conflicts of interest
arising from cross-Directorships, or any day-to-day involvement in running the business. The Committee has access to professional
advice from inside and outside the Company at the Company’s expense.
Company Secretary
The Company Secretary is responsible for the scheduling and administration of Company meetings, updating of the statutory
information, filing requirements at Companies House, and liaising with the relevant authorities at the FCA and London stock exchange as
directed by the Board.
Board and Board committee meetings
The number of meetings during 2025 and attendance at regular Board meetings and Board committees was as follows:
Meeting Number held Number attended
Kanat Assaubayev Board 11 11
Aidar Assaubayev Board 11 11
Sanzhar Assaubayev Board 11 11
Ashar Qureshi Board 11 11
Audit Committee 2 2
Vladimir Shkolnik Board 11 11
Audit Committee 2 1
Maryam Buribayeva Board 11 11
Audit Committee 2 2
Andrew Terry Board 11 11
Audit Committee
The Audit Committee is comprised of Ashar Qureshi and Andrew Terry. During the year Vladimir Shkolnik and Maryam Buribayeva both
resigned from the committee The Board reviews the composition of the Audit Committee on a regular basis, and will make changes as
appropriate. A resolution for the reappointment of PKF Littlejohn LLP has been proposed at the Annual General Meeting.
The Audit Committee’s prime tasks is to review the scope of the external audit, to receive regular reports from the Company’s auditor and
to review the half-yearly and annual accounts before they are presented to the Board, focusing in particular on accounting policies and
areas of management judgement and estimation. The Committee is responsible for monitoring the controls which are in force to ensure
the integrity of the information reported to the shareholders. The Committee acts as a forum for discussion of internal control issues and
contributes to the Board’s review of the effectiveness of the Company’s internal control and risk management systems and processes.
The Audit Committee also undertakes a formal assessment of the auditor’s independence each year which includes:
• a review of non-audit services provided to the Company and related fees;
• discussion with the auditors of a written report detailing all relationships with the Company and any other parties that could affect
independence or the perception of independence;
• a review of the auditors’ own procedures for ensuring the independence of the audit firm and partners and staff involved in the audit,
including the regular rotation of the audit partner; and
• obtaining written confirmation from the auditors that, in their professional judgement, they are independent.
An analysis of the fees payable to the external audit firm in respect of both audit and non-audit services during the year is set out in Note 10
on page 74 of the financial statements.
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
38 AltynGold plc Annual Report 2025
CORPORATE GOVERNANCE
STATEMENT continued
Board structure
The Board is comprised of the Executive Chairman, the CEO and two Executive Directors and three Non-Executive Directors, one of which
is not independent as he has been in office greater than 9 years Their details appear on pages 39-40, which lists their experience and
expertise. Although none of the Directors other than the currently employed Director Maryam Buribayeva have had any formal training in
finance they have all had a great deal of experience operating at the top level of management in a number of companies dealing with all
aspects of operating a business and will call in experts as and when required.
The Board is responsible to shareholders for the proper management of the Company. The statement of Directors’ responsibilities in
respect of the accounts is set out on page 44.
The Non-Executive Directors have a particular responsibility to ensure that the strategies proposed by the Executive Directors are fully
considered. To enable the Board to discharge its duties, all Directors have full and timely access to all relevant information and there is
a procedure for all Directors, in furtherance of their duties, to take independent professional advice, if necessary, at the expense of the
Company. The Board has a formal schedule of matters reserved to it, and meets on a regular basis.
The Board is responsible for overall Group strategy, approval of major capital expenditure projects and consideration of significant
financing matters.
The Company has a comprehensive financial review process, including detailed annual budgets, business plans and regular forecasting.
There are a range of performance indicators which are tracked by management on a daily, weekly and monthly basis, and addressed
through a programme of operational meetings and action plans. All Directors receive regular and timely information to enable them
to perform their duties, including information on the Company’s operational and financial performance, customer service, health and
safety performance and forward trends. At each regular Board meeting the financial results are reviewed, taking account of performance
indicators and the detailed annual business plan and budget. The Board also considers forward trends and performance against other
key indicators, including areas where performance departs from forecasts, and contingency plans. The Board reviews medium and long-
term strategy on a regular basis. In this way, the Board assesses the prospects of the Company using all the information at its disposal,
and considering historical performance, forecast performance for the current year and longer-term forecasts over the 3-year business
planning cycle as appropriate. Details of the Company’s strategy and business model are given on page 15 of the Annual Report.
The Board has responsibility for determining the nature and extent of the principal risks the Company is willing to take to achieve its
strategic objectives, and for the Company’s internal control framework. The Board has a well-established procedure to identify, monitor
and manage risk, and has carried out reviews of the Company’s risk management and internal control systems and the effectiveness of
all material controls, including financial, operational and compliance controls. The principal risks facing the Company are detailed on
page16.
The Board places great emphasis on communication and engagement with the Company’s shareholders. It is an area of focus that the
Board wishes to strengthen in the future. The principal forum at present to engage with the shareholders given the stage of development
of the Company is at the Annual General Meeting details of which are on page 93.
In relation to engaging with our stakeholders the Board recognises the importance of our wider stakeholders in delivering our strategy
and business sustainability and are conscientious on the responsibilities and duties to the stakeholders under section 172 of the
Companies Act 2006.
We believe that effective corporate governance is critical to delivering our strategy and creating long-term value for our shareholders.
Kanat Assaubayev
Chairman
28 April 2026
39AltynGold plc Annual Report 2025
BOARD OF DIRECTORS
Kanat Assaubayev
Non-Independent Chairman
Appointment
Kanat Assaubayev was appointed to the
Board as Chairman on 23 October 2013.
Experience
Kanat Assaubayev is one of Kazakhstan’s
leading entrepreneurs in the natural
resources sector. Mr Assaubayev was the
first Kazakh to get a doctorate in metallurgy.
His early career was in academia where he
was the Chairman of the Metallurgy and
Mining Department of Kazakh National
Polytechnic University. He subsequently
began his business career in the 1990s
and has led a number of natural resources
enterprises to national and international
success.
Aidar Assaubayev
Non-Independent Executive
Director
Appointment
Aidar Assaubayev was appointed to
the Board as Chief Executive Officer on
25 February 2013.
Experience
Aidar Assaubayev was formerly Executive
Vice Chairman of KazakhGold Limited, the
gold mining corporation, and he was also
formerly Vice-President and a director
of JSC MMC Kazakhaltyn. Mr. Assaubayev
graduated from the Kazakh National
Technical University in Almaty and he also
holds a degree in Economics from the
Institute of Systemic Analysis in Moscow.
Aidar Assaubayev is the son of Kanat
Assaubayev.
Sanzhar Assaubayev
Non-Independent Executive
Director
Appointment
Sanzhar Assaubayev was appointed to the
Board as Executive Director on 29 February
2016.
Experience
Sanzhar Assaubayev was formerly Director
of International Affairs of JSC MMC
Kazakhaltyn and an Executive Director of
KazakhGold Group Limited, the gold mining
corporation. He was educated at the Leysin
American School in Switzerland, where
he specialised in management, and the
American University in the United Kingdom.
Sanzhar Assaubayev is the son of Kanat
Assaubayev.
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
40 AltynGold plc Annual Report 2025
Maryam Buribayeva
Executive Director
Appointment
Maryam Buribayeva was
appointed to the Board as Non-
Executive Director on 24 January
2022 and moved position to
that of Chief Financial officer in
September 2025.
Experience
Maryam Buribayeva is a finance
professional with extensive
experience and industry
expertise gained while working
for such companies as North
Caspian Operating Company,
KazMunayGaz and Mercury
Properties. A graduate of
KIMEP University in Almaty,
Maryam also holds an MSc in
International Accounting and
Finance from Cass Business
School in London.
Andrew Terry
Independent
Non-Executive Director
Appointment
Andrew Terry was appointed
to the Board as Non-Executive
Director on 24 January 2022.
Experience
Andrew Terry is an English-
qualified solicitor specialising
in international corporate
and personal taxation issues
with a focus on clients from
Kazakhstan, Russia, Ukraine,
Georgia and Kyrgyzstan. He
has extensive experience
in setting up international
holdings ahead of IPOs, debt
finance transactions, private
equity investments and trade
sales. Andrew Terry currently
practices as a tax partner at
Keystone Law in London and
is a director of Rocquaine
Management Limited a London
based advisory company
and its subsidiary Rocquaine
(Mauritius) Limited a trust and
corporate services company
based in Mauritius.
BOARD OF DIRECTORS continued
Vladimir Shkolnik
Independent
Non-Executive Director
Appointment
Vladimir Shkolnik was appointed
to the Board as Non-Executive
Director on 21 November 2017.
Experience
Vladimir Shkolnik has held a
number of high profile positions
in the Kazakhstan government,
and is currently advising the
Kazakhstan government on
industrial and energy matters.
His previous positions included
the office of Minister of Energy,
Minister of Trade and Industry,
and also Deputy Head of
Presidential administration,
reporting directly to the
President. He is an academic
with a doctorate in physics
and has written a number of
papers and books in the field
of energy, natural resources
and other scientific fields. He
has been influential in setting
up academic institutions, in the
areas of mineral processing
and also nuclear power in
Kazakhstan, working with a
number of leading Companies
from Japan, France and Russia in
setting up joint enterprises.
Ashar Qureshi
Non-Independent
Non-Executive Director
Appointment
Ashar Qureshi was appointed
to the Board as Non-Executive
Director on 7 December 2012.
Experience
Ashar Qureshi is a London
based US-qualified lawyer.
He was formerly the Vice
Chairman of Renaissance
Group, where his position was
a senior investment-banking
role, and prior to that he worked
with international firm Cleary
Gottlieb Steen & Hamilton LLP.
He is currently a partner at Fried,
Frank, Harris. Shriver & Jacobson
LLP. Mr. Qureshi holds a Juris
Doctorate and is a graduate
of Harvard Law School and
Harvard College.
41AltynGold plc Annual Report 2025
The directors present their report and the consolidated financial statements for the year ended 31 December 2025.
Principal activity and business review
The principal activity of the parent Company is that of a holding company and a provider of support and management services to its
operating subsidiaries, as well exploring further investment opportunities. The Company’s subsidiaries are involved in the exploration and
production of gold and other precious metals from its mine sites in Kazakhstan.
A review of the activities of the business throughout the year and up to April 2026 is set out in the Strategic report on pages 3 to 35 which
includes information on the Group wide risks, uncertainties and performance indicators. The accounts are prepared on a going concern
basis.
Results and dividends
The Group’s profit for the year after taxation amounts to US$60.0m (2024: US$26.4m). The results of the year are set out on page 60 in the
consolidated income statement.
The Directors do not recommend the payment of a dividend for the year (2024: nil).
Financial instruments
The total Group borrowings as at 31 December 2025, including accrued interest is US$41.2m (2024:US60.1m). Details in relation to the
borrowings are as disclosed in note 22.
The principal loans held by the Group are the following:
• Borrowings from JSC Bank Center Credit, the total borrowings at 31 December 2025 were US$21.2m (2024: US$50.2m), at rates
ranging between 6%-7%, further details are given in note 22. The loans are due for repayment during 2027;
• The Company has two US$10m bonds. In July 2024 the Company issued a bond on the Astana Stock Exchange in Kazakhstan for
US$10m repayable in 3 years at a coupon rate of 11.25%. In addition the Company has a Bond of US$10m raised in April 2025 with a
coupon rate of 9.75% maturing in 2028. The Bond that was raised in 2023 of US$10m with a two year maturity was repaid in March
2025.
The main risks arising from the financial instruments are liquidity risk, credit risk, foreign exchange risk and interest rate risk. Further details
are provided in note 25 on pages 89 to 92 of the financial statements.
Share capital details of the Company’s issued share capital, are set out in note 24 on page 88. The Company has one class of ordinary
share and they carry no right to fixed income. Each ordinary share carries the right to one vote at the general meetings of the Company. All
issued ordinary shares are fully paid. There are no specific restrictions on the size of the holding or on the transf
er of the ordinary shares,
which are both governed by the general provisions of the articles of association and prevailing legislation. The Directors are not aware of
any agreements between holders of the Company’s ordinary shares that may result in restrictions on the transfer of securities or on voting
rights. Certain Directors have an interest in the ordinary shares in the Company and these are disclosed below.
Qualifying indemnity provision
The Company has entered into an insurance policy to indemnify the Directors of the Company against any liability when acting for the
Company.
Charitable and political donations
During the year the Company made no charitable contributions or political donations.
Annual General Meeting
AltynGold Plc will hold its 2026 Annual General Meeting on June 2, 2026, at 11 am BST at Hudson Sandler office, 25 Charterhouse Square,
London.
The details of the resolutions are given on page 93. The Directors consider that all of the resolutions to be put to the meeting are in the
best interests of the Company and its shareholders as a whole. The Board recommends that shareholders vote in favour of all resolutions.
Takeover directive
The Company has one class of share capital, which are ordinary shares. Each ordinary share carries one vote. All the ordinary shares rank
pari passu. There are no securities issued in the Company which carry special rights with regard to control of the Company. The identity
of all substantial direct or indirect holders of securities in the Company and the size and nature of their holdings is shown under the
“Substantial interests” section of this report below.
A relationship agreement (the “Relationship Agreement”) that controls the conduct and voting restrictions was entered into between
the Company and AGold Mining in regard to the arrangements between them whilst AGold Mining is a controlling shareholder of the
Company.
There are no restrictions on voting rights or on the transfer of ordinary shares in the Company. The rules governing the appointment and
replacement of Directors, alteration of the articles of association of the Company and the powers of the Company’s Directors accord
DIRECTORS REPORT
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
42 AltynGold plc Annual Report 2025
DIRECTORS REPORT continued
with usual English company law provisions. The Directors are re-elected on a rotational basis each year. The Company is not party to
any significant agreements that take effect, alter or terminate upon a change of control of the Company following a takeover bid. The
Company is not aware of any agreements between holders of its ordinary shares that may result in restrictions on the transfer of its
ordinary shares or on voting rights.
There are no agreements between the Company and its Directors or employees providing for compensation for loss of office or
employment that occurs because of a takeover bid.
Directors’ Section 172 statement
Information on the Directors’ Section 172 statement is given on page 23.
Environmental matters
Information on greenhouse emissions for the Group is shown on page 28. The Company used very little energy during the period in the UK
and offshore thus no SECR (Streamlined Energy and Carbon Reporting) disclosures are included.
During the year the Company re-assessed its obligations under its rehabilitation program to ensure that all costs are being accounted for
to reinstate the environment for any damage caused by the mine workings. In this regard as required by the governmental authorities in
Kazakhstan a separate restricted fund has been established to meet the Company’s obligations.
Social and community issues
The Corporate Social Responsibility performance of the Company is detailed on pages 25 to 30.
Future developments and post balance sheet events
The Company’s future plans are detailed in the Chief Executive Officer’s review on pages 8 to 11.
There were no reportable events after the end of the financial year.
Communication with shareholders
Communications with shareholders are considered important by the Directors. The Directors regularly speak to investors and analysts
during the year. Press releases have been issued throughout the year; the Company’s website www.altyngold.uk is regularly updated and
contains a wide range of information about the Company. Enquiries from individuals on matters relating to their shareholdings and the
business of the Company are dealt with informatively and promptly. The Directors are responsible for ensuring the annual report and the
financial statements are made available on a website. Financial statements are published on the Company’s website in accordance with
legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation
in other jurisdictions. The maintenance and integrity of the Company’s website is the responsibility of the Directors. The Directors’
responsibility also extends to the ongoing integrity of the financial statements contained therein.
Internal control
The Directors are responsible for the Group’s system of internal control and review of its effectiveness annually. The Board has designed
the Group’s system of internal control in order to provide the Directors with reasonable assurance that its assets are safeguarded, that
transactions are authorised and properly recorded and that material errors and irregularities are either prevented or would be detected
within a timely period.
The key elements of the control system in operation are:
• The Board meets regularly with a formal schedule of matters reserved to it for decision and has put in place an organisational
structure with clearly defined lines of responsibility and with appropriate delegation of authority;
• There are established procedures for planning, approval and monitoring of capital expenditure and information systems for
monitoring the Group’s financial performance against approved budgets and forecasts;
• UK Financial reporting is closely monitored by members of the Board to enable them to assess risk and address the adequacy of
measures in place for its monitoring and control. The Kazakh operations are closely supervised by the Board reviewing monthly, half
yearly and annual financial reports from the Directors and senior officers in Kazakhstan. This is normally supplemented by regular visits
of the UK based finance officer to Kazakh operations which include checking the integrity of financial information supplied to the UK.
The financial officer is ultimately responsible for the preparation of the consolidated financial statements that are then reviewed by
the Directors.
During the period, the Audit Committee has reviewed the effectiveness of internal controls as described above, no changes were
required to be made to the existing procedures.
43AltynGold plc Annual Report 2025
There are no significant issues disclosed in the Annual Report for the year ended 31 December 2025 (and up to the date of approval of the
report) concerning material internal control issues. The Directors confirm that the Board has reviewed the effectiveness of the system of
internal control as described during the period.
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’s forecast cash flows for the period to June 2027, which include the capital and interest repayments
to be made in relation to the Group’s 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’s 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.
Directors interest in shares and substantial shareholdings
The following information in relation to shareholdings has been audited.
The interests of the Directors in the shares of the Company are shown below:
Kanat, Aidar and Sanzhar Assaubayev have a beneficial interest in the ultimate controlling party of AGold Mining Group Plc, the details of
which are shown below. Related party transactions in which the Directors had an interest are disclosed in note 20, on page 83.
Number % owned
Ashar Qureshi 78,800 0.30
Neither Vladimir Shkolnik, Andrew Terry or Maryam Buribayeva hold any interests in the shares of the Company.
The following have advised that they have an interest in 3% or more of the issued share capital of the Company as at the year end and the
date of this report.
Number % owned
AGold Mining Group Plc 17,920,545 65.6
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of PKF Littlejohn LLP as auditors of the
company is to be proposed at the forthcoming Annual General Meeting.
Approved by the Board on 28 April 2026 and signed on its behalf by:
Mr Aidar Assaubayev (Chief Executive Officer)
Director
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
44 AltynGold plc Annual Report 2025
STATEMENT OF DIRECTORS’
RESPONSIBILITIES
The directors are responsible for preparing the annual report and the financial statements in accordance with UK adopted international
accounting standards and applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors are required to
prepare the group financial statements and have elected to prepare the Group and Company financial statements in accordance with UK
adopted international accounting standards. Under company law the directors must not approve the financial statements unless they are
satisfied that they give a true and fair view of the state of affairs of the group and company and of the profit or loss for the group for that
period.
In preparing these financial statements, the directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent;
• state whether they have been prepared in accordance with UK adopted international accounting standards, subject to any material
departures disclosed and explained in the financial statements;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and the company
will continue in business;
• prepare a directors’ report, a strategic report and directors’ remuneration report which comply with the requirements of the
Companies Act 2006.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s and
Group’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and Group that enables
them to ensure that the financial statements comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of the Company and Group and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities. The Directors are responsible for ensuring that the annual report and accounts,
taken as a whole, are fair, balanced, and understandable and provides the information necessary for shareholders to assess the
Company’s and Group’s performance, business model and strategy.
Website publication
The directors are responsible for ensuring the annual report and the financial statements are made available on a website. Financial
statements are published on the company’s website in accordance with legislation in the United Kingdom governing the preparation
and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the
company’s website is the responsibility of the directors. The directors’ responsibility also extends to the ongoing integrity of the financial
statements contained therein.
Directors’ responsibilities pursuant to DTR4
The directors confirm to the best of their knowledge:
• The financial statements have been prepared in accordance with the applicable set of accounting standards, and give a true and fair
view of the assets, liabilities, financial position and profit and loss of the group and company.
• The annual report includes a fair review of the development and performance of the business and the financial position of the Group
and Company, together with a description of the principal risks and uncertainties that they face.
• All Directors that are in office at the date of this report have confirmed that they are not aware of any relevant audit information of
which the auditor is unaware. Each of the Directors has confirmed they have taken all reasonable steps they ought to have taken as
Directors to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.
45AltynGold plc Annual Report 2025
AUDIT COMMITTEE
REPORT
The Committee’s terms of reference have been approved by the Board and follow published guidelines, which are available from the
Company Secretary. The Audit Committee comprises the Non-Executive Directors, Ashar Qureshi, and Andrew Terry. During the year
Maryam Buribayeva resigned as she was appointed as an Executive Director, and Vladimir Shkolnik was replaced by Andrew Terry. Andrew
Terry was appointed chair of the Audit Committee, he has extensive experience in dealing with complex financial transactions and
dealings in corporate reconstructions.
The Audit Committee’s prime tasks are to:
• review the scope of external audit, to receive regular reports from the auditor and to review the half-yearly and annual accounts
before they are presented to the Board, focusing in particular on accounting policies and areas of management judgement and
estimation;
• review key areas of the financial statements which are assessed as being the carrying values of the intangible and tangible assets;
• monitor the controls which are in force to ensure the integrity of the information reported to the shareholders;
• assess key risks and to act as a forum for discussion of risk issues and contribute to the Board’s review of the effectiveness of the
Group’s risk management control and processes;
• act as a forum for discussion of internal control issues and contribute to the Board’s review of the effectiveness of the Group’s
internal control and risk management systems and processes;
• consider each year the need for an internal audit function;
• advise the Board on the appointment of external auditors and rotation of the audit partner every five years, and on their remuneration
for both audit and non audit work, and discuss the nature and scope of their audit work;
• participate in the selection of a new external audit partner and agree the appointment when required;
• undertake a formal assessment of the auditors’ independence each year which includes:
- a review of non-audit services provided to the Group and related fees;
- discussion with the auditors of a written report detailing all relationships with the Company and any other parties that could
affect independence or the perception of independence;
- a review of the auditors’ own procedures for ensuring the independence of the audit firm and partners and staff involved in the
audit, including the regular rotation of the audit partner; and
- obtaining written confirmation from the auditors that, in their professional judgement, they are independent.
Meetings
The Committee meets prior to the annual audit with the external auditors to discuss the audit plan and again prior to the publication of
the annual results. Prior to bi-monthly Board meetings the members of the Committee meet on an informal basis to discuss any relevant
matters which may have arisen. Additional formal meetings are held as necessary.
During the past year the Committee:
• met with the external auditors, and discussed their report to the Audit Committee;
• approved the publication of annual and half-year financial results;
• considered and approved the annual review of internal controls;
• decided that due to the size and nature of operation there was not a current need for an internal audit function;
• agreed the independence of the auditors and approved their fees for audit services as set out in note 10 on page 74 of the financial
statements.
Review of internal controls
Internal control procedures as noted in the annual report last year were adhered to, transactions that were not in the normal course of
business or large in nature were communicated to the Board as a whole as part of the normal internal control process as part of the regular
Board meetings, and to be formally documented, and no contract should be awarded if a tender process was required until signed off by
the executive Director.
Fraud/money laundering
Internal reviews were made during the year in relation to the anti-corruption, fraud and money laundering policies. No changes were made
to the employee hand book available for all staff. The policies cover detailed procedures in relation to staff duties in relation to fraud and
bribery and a clear reporting lines to inform management or third parties in relation to the above. The policies in relation to both have been
made available on the website, and distributed to all employees.
External auditors
PKF Littlejohn LLP reappointment will be confirmed at the Annual General Meeting to be held on 2 June 2026.
Andrew Terry
Audit Committee
28 April 2026
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
46 AltynGold plc Annual Report 2025
The Remuneration Committee presents its report for the year ended 31 December 2025 which is presented in two parts.
The first part is the annual remuneration report which details remuneration awarded to Directors and Non-Executive Directors during
the year. The shareholders will be asked to approve the annual remuneration report as an ordinary resolution (as in previous years) at the
Annual General Meeting. Details in relation to voting at last year’s AGM in relation to approval of the remuneration report, the remuneration
policy of the Company, (which is voted on tri-annually - was voted on in 2024) are detailed on pages 47 to 51.
The second part is the remuneration policy report which details the remuneration policy for Directors.
The Remuneration Committee reviewed the existing policy and deemed no changes necessary to the current arrangements.
Both of the above reports have been prepared in accordance with The Large and Medium-sized Companies and Groups (Accounts and
Reports) (Amendment) Regulations 2018.
The Company’s auditors, are required by law to audit certain disclosures and where disclosures have been audited they are indicated as
such.
Ashar Qureshi
Remuneration Committee
28 April 2026
REMUNERATION COMMITTEE -
STATEMENT
47AltynGold plc Annual Report 2025
Remuneration Committee
The Remuneration Committee currently comprises of two Directors - Ashar Qureshi and Vladimir Shkolnik. The Committee, which
meets as required, is responsible for determining the contract terms, remuneration and other benefits of the Executive Directors. The
remuneration of the Non-Executive directors is determined by the Board within the limits set out in the articles of association. None of
the Committee members has any personal financial interest in the matters to be decided (other than as shareholders), potential conflicts
of interest arising from cross-Directorships, or any day-to-day involvement in running the business. The Committee has access to
professional advice from inside and outside the Company at the Company’s expense. The Committee met in January 2026, and after
considering professional advice recommended an increase in salary for the newly appointed CFO, and are considering the introduction
of an incentive scheme once further information has been received The total annual remuneration comprised of the base salaries are
expected to be in the region of US$390,000 for the year ended 31 December 2026.
Details of the remuneration paid in the year are shown below.
Approach to recruitment remuneration
All appointments to the Board are made on merit. The components of a new Director’s remuneration package would comprise at present
a base salary. The Company will pay such levels of remuneration to new Directors that would enable the Company to attract appropriately
skilled and experienced individuals that is not in the opinion of the Remuneration Committee excessive.
Service contracts
All Executive Directors have full-time contracts of employment with the Company. Non-Executive Directors have contracts of service.
No Director has a contract of employment or contract of service with the Company, its joint venture or associated companies with a fixed
term which exceeds three years. Directors’ notice periods are set in line with market practice and of a length considered sufficient to
ensure an effective handover of duties should a Director leave the Company.
All Directors’ “contracts” as amended from time to time, have run from the date of appointment. Service contracts are kept at the
registered office.
Summary of Directors’ terms
Date of contract Unexpired term
Notice period
months
Executive Directors
Kanat Assaubayev 23 October 2017 Continuing 3
Aidar Assaubayev 20 February 2013 Continuing 3
Sanzhar Assaubayev 29 February 2017 Continuing 3
Maryam Buribayeva 24 January 2022* Continuing 3
Non- Executive Directors
Ashar Qureshi 7 December 2015 Continuing 3
Vladimir Shkolnik 21 November 2018 Continuing 3
Andrew Terry 24 January 2022 Continuing 3
* The original date of the contract of appointment as a Director was in January 2022, this was subsequently updated to that of an Executive Director in
September 2025.
Policy on payment for loss of office
There are no contractual provisions agreed that could impact on a termination payment. Termination payments will be calculated in
accordance with the existing contract of employment or service contract. It is the policy of the Remuneration Committee to issue
employment contracts to Executive Directors with normal commercial terms and without extended terms of notice which could give rise
to extraordinary termination payments.
Consideration of employment conditions elsewhere in the Group
In setting this policy for Directors’ remuneration the Remuneration Committee has been mindful of the Company’s objective to
reward all employees fairly according to their role, performance and market forces. In setting the policy for Directors’ remuneration
the Remuneration Committee has considered the pay and employment conditions of the other employees within the Group. No
formal consultation has been undertaken with employees in drawing up the policy. The Remuneration Committee has not used formal
comparison measures.
ANNUAL REMUNERATION
REPORT
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
48 AltynGold plc Annual Report 2025
Consideration of shareholder views
Shareholder views have been taken into account when formulating this policy, and was approved at the Annual General Meeting in 2024.
Remuneration
The total Directors fees and salaries of US$333,068 (2024: US$311,040) shown in the table below has been audited.
Directors salaries and fees (Audited)
2025
US$
2024
US$
Executive Directors
Kanat Assaubayev 39,300 38,400
Aidar Assaubayev 98,250 96,000
Sanzhar Assaubayev 39,300 38,400
Maryam Buribayeva 50,108 34,560
Non- Executive Directors
Ashar Qureshi 35,370 34,560
Vladimir Shkolnik 35,370 34,560
Andrew Terry 35,370 34,560
Total 333,068 311,040
The total amount remaining unpaid with respect to Directors’ remuneration amounted to US$88,949 (2024: US$62,337). The total
directors’ remuneration for 2025 and 2024 includes only salaries and fees.
The total Directors’ remuneration will be in the range of US$390,000 in the forthcoming year as pay increases were authorised in the
salaries by the remuneration committee in January 2026.
Statement of implementation of remuneration policy in the following year
The policy was approved at the Annual General Meeting in June 2024.
The vote on the remuneration policy is binding in nature. The Company may not then make a remuneration payment or payment for
loss of office to a person who is, is to be, or has been a Director of the Company unless that payment is consistent with the approved
remuneration policy, or has otherwise been approved by a resolution of members.
Consideration by the Directors of matters relating to Directors’ remuneration
There were no changes to the level of remuneration from the prior year.
Shareholder voting
At the Annual General Meeting (AGM), in June 2024, there was a vote to approve the Directors remuneration policy which is considered on
a tri-annual basis with the next vote to be conducted in the year 2027. At that AGM out of the eligible votes of 27,332,934, 18,437,796 voted
in favour of the policy and 8,695 against.
Details of the Directors remuneration policy can be found on the Company’s website www.AltynGold.uk. The results of shareholder voting
to approve the Directors remuneration report at the AGM’s on the 20 June 2025 and 21 June 2024 are shown below:
ANNUAL REMUNERATION
REPORT
continued
Votes in
favour Votes against
Votes in
favour Votes against
No No No No 000’s No 000’s No 000’s
2025 2025
Maximum
votes 2024 2024
Maximum
votes
Voting to approve the Directors’
remuneration report 12,490,988 11,191 27,332,934 18,437,796 8,695 27,332,934
49AltynGold plc Annual Report 2025
Members of the Remuneration Committee
The following Directors are members of the Remuneration Committee:
Ashar Qureshi and Vladimir Shkolnik.
Pension schemes and incentives
No Directors are members of the Company pension scheme.
Share option schemes
There are no share option schemes currently in the Company.
Payments to past Directors
No payments were made to past Directors during the year.
Payments for loss of office
No payments for loss of office were made in the year ended 31 December 2025.
Statement of Directors’ shareholding and share interest
The interests of the Directors in the shares of the Company, including family and trustee holdings are disclosed on pages 43 of the Annual
Report.
Performance targets
There are no performance measure targets associated with the Directors Remuneration.
Performance graph
The following information is unaudited.
Shown below is Altyngold’s performance against the FTSE 350 mining index, which the Directors believe is the most appropriate market
measure to judge the performance of the Company against.
Directors interest in shares and substantial shareholdings
The information which has been audited is disclosed on page 43 of the Directors’ Report.
Remuneration of the Chief Executive Officer over the last ten years
The table below demonstrates the remuneration of the CEO for the last ten years.
Year Chief Executive Officer Total remuneration US$000
2025 Aidar Assaubayev 98
2024 Aidar Assaubayev 96
2023 Aidar Assaubayev 93
2022 Aidar Assaubayev 79
2021 Aidar Assaubayev 41
2020 Aidar Assaubayev 38
2019 Aidar Assaubayev 38
2018 Aidar Assaubayev 83
2017 Aidar Assaubayev 201
2016 Aidar Assaubayev 215
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
50 AltynGold plc Annual Report 2025
ANNUAL REMUNERATION
REPORT
continued
Relative importance of spend on pay
The total expenditure of the Company on remuneration to all employees in shown in note 7 to the financial statements and in the table
below.
Remuneration
2025
US$000
2024
US$000
Directors’ emoluments 333 311
Employee salaries 6,459 5,192
Employer social tax and national insurance 2,250 1,682
Total 9,042 7,185
As the Company is currently not making distributions the relative importance of pay has been measured against debt repayments in the
year. In 2025 the salaries represented 0.26 times the amount paid back in loan repayments in the year (2024:0.35 times).
Annual change in compensation for members of the Board and the remuneration of average employees
over the last five years
2021
US$
2022
US$
2023
US$
2024
US$
2025
US$
Remuneration fees Kanat Assaubayev
- appointed on 23 October 2013 41,400 37,500 37,200 38,400 39,300
- Year-on-year difference 41,400 (3,900) (300) 1,200 900
- Year-on-year difference - % 100 (9) (0.1) 3 2
Remuneration fees Aidar Assaubayev
- appointed 20 February 2013 41,400 79,688 93,000 96,000 98,250
- Year-on-year difference 3,000 38,288 13,312 3,000 2,250
- Year-on-year difference - % 8 92 17 3 2
Remuneration fees Sanzhar Assaubayev
- appointed on 29 February 2016 41,400 37,500 37,200 38,400 39,300
- Year-on-year difference 41,400 (3,900) (300) 1,200 900
- Year-on-year difference - % 100 (9) (0.1) 3 2
Remuneration fees Ashar Qureshi
- appointed 7 December 2012 37,260 33,750 33,480 34,560 35,370
- Year-on-year difference 2700 (3,510) (270) 1,080 810
- Year-on-year difference - % 8 (9) (0.1) 3 2
Remuneration fees Vladimir Shkolnik
- appointed 22 November 2017 37,260 33,750 33,480 34,560 35,370
- Year-on-year difference 2,700 (3,510) (270) 1,080 810
- Year-on-year difference - % 8 (9) (0.1) 3 2
Remuneration fees Maryam Buribayeva
- appointed 24 January 2022 - 31,741 33,480 34,560 50,108
- Year-on-year difference - - 1,739 1,080 15,548
- Year-on-year difference - % - - 5 3 45
51AltynGold plc Annual Report 2025
2021
US$
2022
US$
2023
US$
2024
US$
2025
US$
Remuneration fees Andrew Terry
- appointed 24 January 2022 - 31,741 33,480 34,560 35,370
- Year-on-year difference - - 1,739 1,080 810
- Year-on-year difference - % - - 5 3 2
Remuneration of average employees 7,585 7,776 9,086 9,927 11,412
- Year-on-year difference 2,600 191 1,310 841 1,485
- Year-on-year difference - % 52 3 17 9 15
The average remuneration of employees is based on group employees numbers employed in Kazakhstan, in part the changes in average
pay will be a function of changes in exchange rates as the salaries are paid in Kazakh Tenge. The only Director to receive pay increase was
Maryam Buribayeva, the other changes are as a result of exchange movements.
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
52 AltynGold plc Annual Report 2025
REMUNERATION POLICY
REPORT
The remuneration policy of the Company was approved by a binding vote at the Annual General Meeting held on 21 June 2024, see details
on pages 47 to 51.
At present the only remuneration payable to the Directors is that of a base salary, consideration is currently being given to put in place a
performance related incentive scheme In setting the policy the Remuneration Committee has taken the following into account:
• the need to attract, retain and motivate individuals of a calibre who will ensure successful leadership and management of the
Company;
• the Company’s general aim of seeking to reward all employees fairly according to the nature of their role and their performance;
• remuneration packages offered by similar companies in the same sector;
• the need to align the interests of the shareholders with the long term growth and interests of the Company;
• the need to be flexible and adjust with operational changes throughout the term of the policy.
The remuneration of the Non-Executive Directors is determined by the Board, and takes into account additional remuneration for services
outside the scope of the ordinary duties of the Non-Executive Directors.
The details in relation to the Directors remuneration policy are available on the website www.altyngold.uk
53AltynGold plc Annual Report 2025
INDEPENDENT AUDITORS’ REPORT TO THE
MEMBERS OF ALTYNGOLD PLC
Opinion
We have audited the financial statements of AltynGold Plc (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended
31 December 2025 which comprise the Consolidated Income Statement and Statement of Comprehensive Income, the Consolidated
and Parent Company Statements of Financial Position, the Consolidated and Parent Company Statements of Changes in Equity, the
Consolidated and Parent Company Statements of Cash Flows and notes to the financial statements, including significant accounting
policies. The financial reporting framework that has been applied in their preparation is applicable law and UK-adopted international
accounting standards and as regards the parent company financial statements, as applied in accordance with the provisions of the
Companies Act 2006.
In our opinion:
• the financial statements give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 December
2025 and of the group’s profit for the year then ended;
• the group financial statements have been properly prepared in accordance with UK-adopted international accounting standards;
• the parent company financial statements have been properly prepared in accordance with UK-adopted international accounting
standards and as applied in accordance with the provisions of the Companies Act 2006; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities
under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report.
We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the
financial statements in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities, and we have fulfilled our
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the group’s and parent company’s
ability to continue to adopt the going concern basis of accounting included:
• Testing the integrity of the forecast model, checking the mathematical accuracy and completeness of the model, including
challenging the appropriateness of estimates and assumptions with reference to empirical data and external evidence. Our testing
focused on the following key assumptions: gold price, production costs, gold grade, recoveries and foreign exchange rates and we
assessed their consistency with Board approved budgets and the mine development plan, as applicable;
• Comparing budgets to actual figures achieved to assess the reliability of management’s forecasts;
• Evaluating management’s sensitivity analysis and performing our own sensitivity analysis in respect of the key assumptions
underpinning the forecasts. Where applicable, we assessed the validity of any mitigating actions identified by management;
• Confirming the terms of all borrowing facilities in place and that the terms are not breached. Reviewing the contractual repayments
to check these are accurately reflected in the cash flow forecast; and
• Assessing if the going concern disclosures in the financial statements are appropriate and accurately reflect management’s going
assessment.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually
or collectively, may cast significant doubt on the group’s or parent company’s ability to continue as a going concern for a period of at
least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this
report.
Our application of materiality
The scope of our audit was influenced by our application of materiality. The quantitative and qualitative thresholds for materiality
determine the scope of our audit and the nature, timing and extent of our audit procedures.
Materiality applied to the group financial statements was $1,500,000 (2024: $1,150,000) with performance materiality set at $1,050,000
(2024: $800,000), being 70% (2024: 70%) of group materiality. We have chosen to apply 70% for the purposes of the performance
materiality calculation as this is our fourth audit and no material adjustments or significant control deficiencies were identified in prior
years. Overall materiality was based on 1.5% of the group’s average revenue for the financial years ended 2023, 2024 and 2025. (2024:
1.5% of group revenue for the year). We believe revenue to be the key metric in determining materiality and a key performance indicator
for the group, however, current year revenues are significantly higher in comparison to prior year revenues due to a significant increase
in gold prices in the current year. In order to prevent the sharp increase in current year revenues resulting in a higher than appropriate
materiality we have utilized the average revenue of the past three years as the benchmark for our materiality calculations to ensure that
significant classes of transactions are captured in our audit testing.
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
54 AltynGold plc Annual Report 2025
We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of misstatements. At the
planning stage, materiality is used to determine the financial statement areas that are included within the scope of our audit.
We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and
undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope of our audit
and the nature and extent of our testing of account balances, classes of transactions and disclosures, for example in determining sample
sizes.
In determining performance materiality, we considered the following factors:
• the consistency in the level of judgement required in key accounting estimates;
• the stability in key management personnel; and
• the level of centralisation in the Group’s financial reporting controls and processes.
For each significant component in the scope of our audit, we allocated a component performance materiality based on the maximum
aggregate component performance materiality. The range of performance materiality allocated across components was between
$800,000 and $850,000 (2024: $600,000 to $700,000), being a percentage of between 76% and 81% of group performance
materiality.
Materiality applied to the parent company’s financial statements was $1,250,000 (2024: $1,000,000). The benchmark for determining
materiality of the parent company was 0.8% (2024: 0.75%) of the Company’s gross assets. 0.8% was applied to ensure that Company
materiality did not exceed overall group materiality.
Performance materiality was set at $800,000, being 64% of company overall materiality. In determining performance materiality, we
have chosen to apply 64% for the purposes of the performance materiality calculation as this is our fourth year as auditor and no material
adjustments or significant control deficiencies were identified in prior years.
We agreed with the audit committee that we would report all individual audit differences identified for the group during the course of
our audit in excess of $70,000 (2024: $50,000). We also agreed to report any other audit misstatements below that threshold that we
believe warranted reporting on qualitative grounds.
Our approach to the audit
In designing our audit, we determined materiality, as above, and assessed the risk of material misstatement in the financial statements. In
particular, we looked at areas involving significant accounting estimates and judgement by the directors and considered future events
that are inherently uncertain.
We note that the group has significant carrying values in both intangible assets and property, plant & equipment which is underpinned by
the quantity and quality of resources being mined and exploration projects. Both of these areas are inherently complicated and require
a significant amount of judgement by management. We also addressed the risk of management override of internal controls, including
evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.
Of the group’s five components, including the parent company, three were material and subject to full scope audit for group purposes.
The remaining components were not considered material and we performed specific scope procedures, as appropriate. The two
full scope components were located in Kazakhstan and audited by the same component auditor. All work with respect to the two
components has been performed by the component auditor under our instruction and we reviewed the component auditor’s files via
virtual conferences. The parent company audit was conducted by us using a team with specific experience of auditing mining entities
and publicly listed entities. The Senior Statutory Auditor interacted regularly with the component audit team during all stages of the audit
and was responsible for the scope and direction of the audit process. This, in conjunction with additional procedures performed, gave us
sufficient and appropriate audit evidence to support the audit opinion of the group and parent company financial statements.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements
of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) we identified,
including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the
efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
INDEPENDENT AUDITORS’ REPORT TO THE
MEMBERS OF ALTYNGOLD PLC continued
55AltynGold plc Annual Report 2025
Key Audit Matter How our scope addressed this matter
Valuation of Property, plant and equipment (Note 15)
There is a risk that the Property, Plant and Equipment (“PPE”),
including mining properties, are valued incorrectly. This is a
material account balance to the group financial statements and
as of 31 December 2025, PPE was valued at $87.9 million (2024:
$72.6 million).
There is a significant risk that the carrying value of these assets are
not recoverable and that these amounts should be impaired.
There are further risks that licenses and mining rights may be
discontinued or non-renewed. The value in these assets is
derived from the rights and obligations of the mining licenses at
Sekisovskoye.
Given the significant estimates regarding gold prices, reserves
and resources, production rates, operating costs and capital
expenditure as well as economic variables such as discount rates,
and the material value of PPE we consider the carrying value of
PPE to be a significant audit risk and a key audit matter.
Our work in this area included:
• Assessing and reviewing indicators of impairment per IAS 36
and considering whether any apply to the group.
• Obtaining, reviewing and challenging management’s
impairment review, including operational and financial data
for indicators of impairment.
• Assessing the appropriateness and accuracy of
management’s ability to forecast by reviewing estimates
and inputs including commodity prices, production,
operating costs, capital costs, discount rates and foreign
exchange rates. Obtaining corroborating and contradictory
evidence for management assumptions.
• Engaging an auditor expert to assess the upgrades to
the processing facility, mine plan and mining techniques
which predominately form the basis for estimates and
assumptions used in the impairment model. The expert
visited the mine site and corroborated technical information
used within the mine and production plans as well as
confirming the production capacity following the expansion
of the processing facility.
• Comparing the proven and probable reserves included in
the models to the independent Competent Person’s Report
and performed procedures to assess their independence
and competence. This included the use of our own expert
to attend the site and discuss amongst other matters the
progress of the mine plan and the quality of grades being
mined; and
• Visiting the mine site in the year and observing operations.
Key Observation:
Based on the audit procedures performed, we consider
management’s impairment assessment of PPE as at
31 December 2025 to be reasonable.
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
56 AltynGold plc Annual Report 2025
Key Audit Matter How our scope addressed this matter
Valuation of exploration costs capitalised as intangible assets under IFRS 6 (Note 14)
Intangible assets comprise a material balance sheet item and
are valued at $20.6m (2024: $14.9m). The recoverability of these
intangible assets is key to the long-term success of the group.
There is a significant risk that the carrying values of intangible
assets are not recoverable and should be impaired. The recorded
balances of capitalised costs should truly reflect their economic
value and be valued accurately within the context of IFRS 6.
The carrying value will be assessed in accordance with the
following criteria:
• The Group holds sufficient title to the exploration licences
which will verify existence, rights and obligations and
whether the group has satisfactorily met any terms and
conditions contained therein;
• Exploration and evaluation work to date has indicated the
existence of commercially viable quantities of mineral
resource; and
• Costs capitalised during the year are in accordance
with IFRS 6, and the disclosed accounting policy and is
consistent with previous periods.
Significant judgement and estimation is required by management
to assess the recoverability of the balances and as a result there
is the risk that these balances are incorrectly valued.
The Directors have carried out an assessment of impairment
indicators during the year and concluded that there are no
indicators of impairment. There are a number of estimates and
judgements used by management in assessing the indicators of
impairment including non-financial and financial data.
Therefore, given the subjectivity involved in determining whether
there is an indication of impairment, the carrying value of the
intangible assets is considered to be a key audit matter.
Our work in this area included:
• Reviewing of the exploration and evaluation expenditures
to assess their eligibility for capitalisation under IFRS 6 by
corroborating to the original source documentation and
assessing whether an asset should be reclassified to mining
property to be amortised.
• We obtained and reviewed the current exploration license
documentation, including the stated expiry date.
• Enquiring of management over the future plans for each
license including obtaining cashflow projections where
necessary.
• Reviewing the indicators of impairment listed in IFRS 6
which included a review of internal / external drilling results
produced during the year.
• Reviewing the key external reports for indications of
impairment, together with an assessment of any other
indicators of impairment.
• Comparing the resources included in the models to the
independent Competent Person’s Report and perform
procedures to assess their independence and competence.
Key Observation:
Based on the audit procedures performed, we consider
management’s impairment assessment of intangible assets at
31 December 2025 to be reasonable.
We draw your attention to the exploration mining licence at Teren
Sai which was due to expire in March 2026 but has been extended
for a further 3 months. During this period a formal production plan
to the mining authorities will be prepared to obtain a
long-term production licence. From our work, there are no
indicators to suggest that the application will be unsuccessful.
Should the licence not be successful, there is a risk the carrying
value of assets are impaired.
Valuation of Investments and Intercompany Receivables (Parent Company only – Note 16)
The carrying value of investments in subsidiaries and
intercompany receivables is ultimately dependent on the value of
the underlying assets in those subsidiaries. The carrying value of
these investments is currently $147.9 million (2024: $140.8m) and
is material to the parent company financial statements.
Valuations for these assets are based on judgments and
estimates made by the directors - which leads to a risk of
misstatement.
There is a risk that the accuracy, valuation and recovery of these
investments is misstated as a result of inputs and assumptions
tied to the underlying assets held by the subsidiaries. The
valuation of investments in subsidiaries and intercompany
receivables is therefore considered to be a key audit matter.
Our work in this area included:
• Confirming ownership of investments by obtaining share
certificates or equivalent.
• Review of impairment indicators as set out in IAS 36 and IFRS
9 to identify the presence of any indicators that could trigger
impairment.
• Obtaining the impairment review for all investments held
from management and corroborate the assumptions made
to third party evidence; and
• Reviewing the value of the net investment in subsidiaries
against the underlying assets and verify and corroborate the
judgements/estimates used by management to assess the
recoverability of investments and intercompany receivables.
Key Observation:
Based on the audit procedures performed, we consider
management’s valuation of investments and intercompany
receivables at 31 December 2025 to be reasonable.
INDEPENDENT AUDITORS’ REPORT TO THE
MEMBERS OF ALTYNGOLD PLC
continued
57AltynGold plc Annual Report 2025
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report
thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the group and parent
company financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we
do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit,
or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are
required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we
have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion the part of the directors’ remuneration report to be audited has been properly prepared in accordance with the Companies
Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the strategic report and the directors’ report for the financial year for which the financial statements are
prepared is consistent with the financial statements; and
• the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of
the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in
our opinion:
• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received
from branches not visited by us; or
• the parent company financial statements and the part of the directors’ remuneration report to be audited are not in agreement with
the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the group and
parent company financial statements and for being satisfied that they give a true and fair view, and for such internal control as the
directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due
to fraud or error.
In preparing the group and parent company financial statements, the directors are responsible for assessing the group’s and the parent
company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or
have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities, including fraud is detailed below:
• We obtained an understanding of the group and parent company and the sector in which they operate to identify laws and
regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding
in this regard through detailed discussions with management about any potential instances of non-compliance with laws and
regulations both in the UK and in overseas subsidiaries. We also selected a specific audit team based on experience with auditing
entities within this industry of a similar size;
• We determined the principal laws and regulations relevant to the group and parent company to include elements of the significant
laws and regulations relating to the industry, financial reporting framework, listing rules, tax legislation and environmental regulations
in the UK and Kazakhstan;
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
58 AltynGold plc Annual Report 2025
• We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by
the group and parent company with those laws and regulations. These procedures included, but were not limited to:
– Holding discussions with management and those charged with governance to determine any known or suspected instances of
non-compliance with laws and regulations or fraud identified by them;
– Reviewing legal and professional fees for evidence of any litigation or claims against the group;
– Review of legal and regulatory correspondence; and
– Review of Board minutes
• We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the
non-rebuttable presumption of a risk of fraud arising from management override of controls, that the potential for management bias
was identified in relation to the carrying value of PPE (group), the valuation of capitalised exploration costs capitalised as intangible
assets under IFRS 6 (group) and the valuation of investment and intercompany receivables (parent company). (see Key audit matters
section above).
• As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures
which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating
the business rationale of any significant transactions that are unusual or outside the normal course of business.
• A local network firm was engaged to act as component auditors for group reporting purposes. As part of the group audit, we have
communicated with component auditors the fraud risks associated with the group and the need for the component auditors to
address the risk of fraud in their testing. We have reviewed the component auditor working papers and obtained responses to our
group instructions from the component auditors.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material
misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or
regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware
of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website
at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Other matters which we are required to address
We were appointed by the Audit committee on 19 January 2023 to audit the financial statements for the period ending 31 December 2022
and subsequent financial periods. Our total uninterrupted period of engagement is 4 years.
The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the group or the parent company and we remain
independent of the group and the parent company in conducting our audit.
Our audit opinion is consistent with the additional report to the audit committee.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our
audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an
auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone,
other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Timothy Harris (Senior Statutory Auditor) 30 Churchill Place
For and on behalf of PKF Littlejohn LLP London E14 5RE
Statutory Auditor
28 April 2026
INDEPENDENT AUDITORS’ REPORT TO THE
MEMBERS OF ALTYNGOLD PLC
continued
59AltynGold plc Annual Report 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
FINANCIAL
STATEMENTS
Consolidated Income Statement and
Statement of Comprehensive Income 60
Consolidated Statement of Financial Position 61
Company Statement of Financial Position 62
Consolidated Statement of Changes in Equity 63
Company Statement of Changes in Equity 64
Consolidated Statement of Cash Flows 65
Company Statement of Cash Flows 66
Notes to the Financial Statements 67
Notice of Annual General Meeting 93
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
59AltynGold plc Annual Report 2025
60 AltynGold plc Annual Report 2025
Note
| 2025 | 2024 | ||
| US$000 | US$000 | ||
Revenue | 5 | ||
Cost of sales | ( | ( | |
Gross profit | |||
Administrative expenses | ( | ( | |
Impairments | 8 | ( | ( |
Operating profit | |||
Finance income | |||
Foreign exchange | ( | ||
Finance expense | ( | ( | |
Total finance cost | 9 | ( | ( |
Profit before tax | 10 | ||
Taxation expense | 11 | ( | ( |
Profit for the year attributable to the equity holders of the parent | |||
Profit for the year | |||
| Items that may be reclassified subsequently to the income statement | |||
Currency translation differences arising on translations of foreign operations | ( | ||
| Total comprehensive profit attributable to: | |||
Equity holders of the parent | |||
Earnings per ordinary share | 12 | ||
Basic | |||
Diluted |
The notes on pages 67 to 92 form an integral part of these financial statements.
CONSOLIDATED INCOME STATEMENT AND
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
61AltynGold plc Annual Report 2025
(Registration number: 05048549)
Note
| 2025 | 2024 | ||
| US$000 | US$000 | ||
| Assets | |||
| Non-current assets | |||
Intangible assets | 14 | ||
Property, plant and equipment | 15 | ||
Trade and other receivables | 18 | ||
Restricted cash | 21 | ||
| Current assets | |||
Inventories | 17 | ||
Trade and other receivables | 18 | ||
Cash and cash equivalents | |||
Total assets | |||
| Equity and liabilities | |||
| Current liabilities | |||
Trade and other payables | 19 | ( | ( |
Income tax liability | ( | ( | |
Provisions | 21 | ( | ( |
Loans and borrowings | 22 | ( | ( |
( | ( | ||
| Non-current liabilities | |||
Deferred tax liabilities | 11 | ( | ( |
Provisions | 21 | ( | ( |
Loans and borrowings | 22 | ( | ( |
( | ( | ||
Total liabilities | ( | ( | |
| Equity | |||
Share capital | 24 | ( | ( |
Share premium | ( | ( | |
Merger reserve | |||
Foreign currency translation reserve | |||
Accumulated profits | ( | ( | |
Equity attributable to owners of the company | ( | ( | |
Total equity and liabilities | ( | ( | |
| Approved by the Board on 28 April 2026 and signed on its behalf by: |
Mr Aidar Assaubayev (Chief Executive Officer)
Mr Sanzhar Assaubayev (Executive Director)
Director Director
The notes on pages 67 to 92 form an integral part of these financial statements.
CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
as at 31 December 2025
62 AltynGold plc Annual Report 2025
(Registration number: 05048549)
Note
2025
US$000
2024
US$000
Assets
Non-current assets
Investments in subsidiaries 16 48,132 48,132
Loans due from subsidiaries 16 99,795 92,661
147,927 140,793
Current assets
Trade and other receivables 18 36 39
Cash and cash equivalents 5,090 8,956
5,126 8,995
Total assets 153,053 149,788
Equity and liabilities
Current liabilities
Trade and other payables 19 (2,151) (1,906)
Loans and borrowings 22 – (9,912)
Income tax liability (437) –
(2,588) (11,818)
Non-current liabilities
Loans and borrowings 22 (19,336) (9,568)
Total liabilities (21,924) (21,386)
Equity
Share capital 24 (4,267) (4,267)
Share premium (152,839) (152,839)
Foreign currency translation reserve 16,338 16,338
Accumulated losses 9,639 12,366
Total equity (131,129) (128,402)
Total equity and liabilities (153,053) (149,788)
Approved by the Board on 28 April 2026 and signed on its behalf by:
Mr Aidar Assaubayev (Chief Executive Officer) Mr Sanzhar Assaubayev (Executive Director)
Director Director
The parent Company is claiming the exemption under the Companies Act 2006 s408 not to present it’s individual income statement. The
Company made a profit of US$2,727,000 in the year (2024: US$5,671,000).
The notes on pages 67 to 92 form an integral part of these financial statements.
COMPANY STATEMENT OF
FINANCIAL POSITION
as at 31 December 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
63AltynGold plc Annual Report 2025
| Currency | ||||||
| Share | Share | Merger | translation | Accumulated | Total | |
| capital | premium | reserve | reserve | profits/(losses) | equity | |
| US$000 | US$000 | US$000 | US$000 | US$000 | US$000 | |
At 1 January 2024 | ( | ( | ( | |||
Profit for the year | ( | ( | ||||
Other comprehensive loss | ||||||
Total comprehensive loss | ( | ( | ||||
At 31 December 2024 | ( | ( | ( | ( | ||
| Currency | ||||||
| Share | Share | Merger | translation | Accumulated | Total | |
| capital | premium | reserve | reserve | profits | equity | |
| US$000 | US$000 | US$000 | US$000 | US$000 | US$000 | |
At 1 January 2025 | ( | ( | ( | ( | ||
Profit for the year | ( | ( | ||||
Other comprehensive income | ( | ( | ||||
Total comprehensive income | ( | ( | ( | |||
At 31 December 2025 | ( | ( | ( | ( |
Group Reserves
Share capital
Amount of the contributions made by shareholders in return for issue of shares at their nominal value.
Share premium
Amount subscribed for share capital in excess of nominal value.
Merger reserve
Reserve created on application of merger accounting under a previous GAAP.
Currency translation reserve
Gains/losses arising on re-translating the net assets of overseas operations into US Dollars.
The notes on pages 67 to 92 form an integral part of these financial statements.
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
for the year ended 31 December 2025
64 AltynGold plc Annual Report 2025
Share
capital
US$000
Share
premium
US$000
Currency
translation
reserve
US$000
Accumulated
losses
US$000
Total
US$000
At 1 January 2024 (4,267) (152,839) 16,338 18,037 (122,731)
Profit for the year - - - (5,671) (5,671)
Total comprehensive income - - - (5,671) (5,671)
At 31 December 2024 (4,267) (152,839) 16,338 12,366 (128,402)
Share
capital
US$000
Share
premium
US$000
Currency
translation
reserve
US$000
Accumulated
losses
US$000
Total
equity
US$000
At 1 January 2025 (4,267) (152,839) 16,338 12,366 (128,402)
Profit for the year - - - (2,727) (2,727)
Total comprehensive income - - - (2,727) (2,727)
At 31 December 2025 (4,267) (152,839) 16,338 9,639 (131,129)
Company reserves
Share capital
Amount of the contributions made by shareholders in return for the issue of shares at their nominal value.
Share premium
Amount subscribed for share capital in excess of nominal value.
Currency translation reserve
Gains/losses arising on re-translating the net assets of overseas operations into US Dollars.
The notes on pages 67 to 92 form an integral part of these financial statements.
COMPANY STATEMENT OF
CHANGES IN EQUITY
for the year ended 31 December 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
65AltynGold plc Annual Report 2025
Note
| 2025 | 2024 | ||
| $000 | $000 | ||
| Cash flows from operating activities | |||
Net cash flow inflow from operating activities | 23 | ||
| Cash flows from investing activities | |||
Interest received | 9 | ||
Acquisitions of property plant and equipment* | ( | ( | |
Acquisition of intangible assets | 14 | ( | ( |
Net cash flows from investing activities | ( | ( | |
| Cash flows from financing activities | |||
Interest paid | 23 | ( | ( |
Loans received** | 23 | ||
Loans repaid | 23 | ( | ( |
Net cash flows from financing activities | ( | ( | |
Net increase in cash and cash equivalents | |||
Cash and cash equivalents at 1 January | |||
Effect of exchange rate fluctuations on cash held | ( | ||
Cash and cash equivalents at 31 December |
*Acquisitions of fixed assets in the year amounted to US$28.05m (2024: US$24.03m), the amount shown within the cash flow represents the amount after adjusting for the
movement of advance payments and creditor payments due at the year end.
**Net of commission payments made US$497,000 (2024: US$584,000).
The notes on pages 67 to 92 form an integral part of these financial statements.
CONSOLIDATED STATEMENT OF
CASH FLOWS
for the year ended 31 December 2025
66 AltynGold plc Annual Report 2025
Note
2025
US$000
2024
US$000
Cash flows from operating activities
Net cash outflow from operating activities 23 (1,439) (1,224)
Net cash flow from operating activities (1,439) (1,224)
Cash flows from investing activities
Interest received 9 205 202
Loans repaid – (2,500)
Net cash flows from investing activities 205 (2,298)
Cash flows from financing activities
Loans received* 9,503 9,416
Loans repaid (10,000) –
Interest repaid (2,138) (1,351)
Net cash flows from financing activities (2,635) 8,065
Net (decrease)/increase in cash and cash equivalents (3,869) 4,543
Cash and cash equivalents at 1 January 8,956 4,413
Effect of exchange rate fluctuations on cash held 3 -
Cash and cash equivalents at 31 December 5,090 8,956
*Net of commission payments made US$497,000 (2024: US$584,000)
The notes on pages 67 to 92 form an integral part of these financial statements.
COMPANY STATEMENT OF
CASH FLOWS
for the year ended 31 December 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
67AltynGold plc Annual Report 2025
1. General information
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.
2. Basis of preparation
The annual report is for the year ended 31 December 2025 and includes the consolidated and parent company’s 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.
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.
• Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7);
• 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.
• IFRS 18 Presentation and Disclosures in Financial Statements.
• IFRS 19 Subsidiaries without Public Accountability: Disclosures.
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2025
68 AltynGold plc Annual Report 2025
4. Accounting policies continued
NOTES TO THE FINANCIAL STATEMENTS continued
for the year ended 31 December 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
69AltynGold plc Annual Report 2025
4. Accounting policies continued
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 |
70 AltynGold plc Annual Report 2025
4. Accounting policies continued
NOTES TO THE FINANCIAL STATEMENTS continued
for the year ended 31 December 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
71AltynGold plc Annual Report 2025
4. Accounting policies continued
72 AltynGold plc Annual Report 2025
4. Accounting policies continued
5. Revenue
The analysis of the Group’s 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.
NOTES TO THE FINANCIAL STATEMENTS continued
for the year ended 31 December 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
73AltynGold plc Annual Report 2025
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.
7. Staff number and costs
Group
The aggregate remuneration comprised:
| 2025 | 2024 | |
| US$000 | US$000 | |
Directors’ 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’ emoluments | 333 | 311 |
Employer social tax and national insurance | 21 | 22 |
354 | 333 |
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 |
74 AltynGold plc Annual Report 2025
| 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) |
10. Profit before taxation
| 2025 | 2024 | |
| The profit on ordinary activities before taxation is stated after (crediting)/charging | US$000 | US$000 |
Staff costs (note 7) | 9,042 | 7,185 |
Depreciation of assets (note 15) | 15,880 | 8,963 |
Amortisation (note 14 )* | 296 | 80 |
Cost of inventories recognised as an expense | 8,898 | 10,457 |
Provision of impairment of receivables and inventory (note 8) | 1,061 | 121 |
Irrecoverable VAT written off | 2,323 | 284 |
Penalties and fines (credited)/charged** | (497) | 747 |
Fees payable to the auditors - other services | - | 26 |
Fees payable to the Company’s auditors for the audit of the Company | 28 | 28 |
Fees payable to the Company’s auditors for the audit of the Group financial statements | 200 | 171 |
*The amortisation is net of the amount capitalised in Teren-Sai.
**The penalties are in credit in 2025,as amounts which were due to be paid on an instalment basis that included additional charges were made on an accelerated basis
resulting in a refund.
NOTES TO THE FINANCIAL STATEMENTS continued
for the year ended 31 December 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
75AltynGold plc Annual Report 2025
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 |
| 2025 | 2024 | |
| US$000 | US$000 | |
Taxation losses | 1,200 | 1,956 |
76 AltynGold plc Annual Report 2025
11. Income tax continued
| 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) |
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 |
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.
NOTES TO THE FINANCIAL STATEMENTS continued
for the year ended 31 December 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
77AltynGold plc Annual Report 2025
13. Alternative performance measures continued
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.
78 AltynGold plc Annual Report 2025
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’s accounting policy.
NOTES TO THE FINANCIAL STATEMENTS continued
for the year ended 31 December 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
79AltynGold plc Annual Report 2025
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) | – |
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 |
80 AltynGold plc Annual Report 2025
15. Property, plant and equipment continued
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’s 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.
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 |
NOTES TO THE FINANCIAL STATEMENTS continued
for the year ended 31 December 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
81AltynGold plc Annual Report 2025
16. Investments continued
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.
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.
82 AltynGold plc Annual Report 2025
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.
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’s 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.
NOTES TO THE FINANCIAL STATEMENTS continued
for the year ended 31 December 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
83AltynGold plc Annual Report 2025
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 - “Related Party Disclosures”. 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’ 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:
• 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).
• Amounts due to Amrita Investments Limited US$12,000 (2024: US$11,750). This is repayable on demand.
• 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:
• 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.
84 AltynGold plc Annual Report 2025
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 | – | 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 |
NOTES TO THE FINANCIAL STATEMENTS continued
for the year ended 31 December 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
85AltynGold plc Annual Report 2025
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.
86 AltynGold plc Annual Report 2025
| 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) | – | – | – |
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) |
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 |
NOTES TO THE FINANCIAL STATEMENTS continued
for the year ended 31 December 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
87AltynGold plc Annual Report 2025
23. Notes to the cash flow statement continued
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.
88 AltynGold plc Annual Report 2025
24. Share capital
Issued and fully paid
Number | US$000 | |
At 31 December 2025 - Ordinary shares of £0.10 each | 27,332,934 | 4,267 |
At 31 December 2024 - Ordinary shares of £0.10 each | 27,332,934 | 4,267 |
The rights attaching to the shares are detailed in the Directors report on page 41.
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 | - | – |
Intercompany loans | - | – | 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.
Capital risk management
The Company’s primary objective when managing risk is to ensure there is sufficient capital available to support the Company’s funding
requirements, including capital expenditure, in a way that optimises the cost of capital maximises shareholders’ returns and ensures the
Company’s ability to continue as a going concern. There were no changes to the Company’s 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.
NOTES TO THE FINANCIAL STATEMENTS continued
for the year ended 31 December 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
89AltynGold plc Annual Report 2025
25. Financial instruments continued
The Company’s 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% |
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) | ||||
90 AltynGold plc Annual Report 2025
25. Financial instruments continued
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’s only significant sales during the years ended 31 December 2025 and 2024 were sales of gold doré containing gold and
silver. The sales proceeds for gold doré 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.
NOTES TO THE FINANCIAL STATEMENTS continued
for the year ended 31 December 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
91AltynGold plc Annual Report 2025
25. Financial instruments continued
| 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 |
92 AltynGold plc Annual Report 2025
25. Financial instruments continued
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
“the Government”) 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’s liability and insurance of the subsoil users’ 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’s activities. As at the reporting date, there are no
material claims against the Company.
26. Parent and ultimate parent undertaking
The controlling party and parent entity of the Company is AGold Mining Group Plc , by virtue of the fact that at the date of this report it
owns 65.6% (2024: 65.6%) of the voting rights in the Company. There is no requirement to prepare consolidated accounts for AGold
The ultimate controlling party are the Assaubayev family, by virtue of the fact that they are the controlling party of AGold Mining Group Plc.
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.
NOTES TO THE FINANCIAL STATEMENTS continued
for the year ended 31 December 2025
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
93AltynGold plc Annual Report 2025
NOTICE IS HEREBY GIVEN THAT the Annual General Meeting of the AltynGold Plc (the “Company”) will be held at Hudson Sandler Offices,
25 Charterhouse Square, London EC1M 6AE, United Kingdom on 2 June 2026 at 11.00am in order to consider and, if thought fit, pass
resolutions 1 to 7 as ordinary resolutions and resolution 8 as a special resolution:
ORDINARY RESOLUTIONS
1. To receive the audited accounts and the reports of the Directors and auditors for the year ended 31 December 2025.
2. To approve the Directors’ remuneration report and policy.
3. To re-elect Maryam Buribayeva as a Director of the Company.
4. To re-elect Andrew Terry as a Director of the Company.
5. To re-elect Sanzhar Assaubayev as a Director of the Company.
6. To confirm the re-appointment of PKF Littlejohn LLP as the Company’s auditors to hold office until the conclusion of the next general
meeting at which the annual accounts are to be laid before the Company, and to authorise the Audit Committee of the Board to
determine the auditors’ remuneration.
7. That, in accordance with section 551 of the Companies Act 2006 (as amended) (the “Act”) the directors be generally and
unconditionally authorised to allot Relevant Securities (as defined in the notes to this Notice):
a. comprising equity securities (as defined by section 560 of the Act) up to an aggregate nominal amount of £1,822,000 (such
amount to be reduced by the nominal amount of any Relevant Securities allotted under paragraph 8b. below) in connection with
an offer by way of a rights issue:
i. to holders of ordinary shares in proportion (as nearly as may be practicable) to their respective holdings; and
ii. to holders of other equity securities as required by the rights of those securities or as the directors otherwise consider
necessary, but subject to such exclusions or other arrangements as the directors may deem necessary or expedient in relation
to treasury shares, fractional entitlements, record dates, legal or practical problems in or under the laws of any territory or the
requirements of any regulatory body or stock exchange; and
b. in any other case, up to an aggregate nominal amount of £911,000 (such amount to be reduced by the nominal amount of any
equity securities allotted in excess of £911,000 under 7a), provided that this authority shall, unless renewed, varied or revoked by
the Company, expire on the date which is 18 months after the date on which this resolution is passed or, if earlier, the date of the
next annual general meeting of the Company save that the Company may, before such expiry, make offers or agreements which
would or might require Relevant Securities to be allotted and the directors may allot Relevant Securities in pursuance of such offer
or agreement notwithstanding that the authority conferred by this resolution has expired.
This resolution revokes and replaces all unexercised authorities previously granted to the directors to allot Relevant Securities but without
prejudice to any allotment of shares or grant of rights already made, offered or agreed to be made pursuant to such authorities.
NOTICE OF ANNUAL GENERAL MEETING
94 AltynGold plc Annual Report 2025
SPECIAL RESOLUTION
8. That, conditional on the passing of Resolution 7, the directors be given the general power to allot equity securities (as defined by
section 560 of the Companies Act 2006 (as amended) (the “Act”) for cash, either pursuant to the authority conferred by resolution 7 or
by way of a sale of treasury shares, as if section 561(1) of the Act did not apply to any such allotment, provided that this power shall be
limited to:
a. the allotment of equity securities in connection with an offer of equity securities (but, in the case of the authority granted under
7b., by way of a rights issue only):
i. to the holders of ordinary shares in proportion (as nearly as may be practicable) to their respective holdings; and
ii. to holders of other equity securities as required by the rights of those securities or as the directors otherwise consider
necessary, but subject to such exclusions or other arrangements as the directors may deem necessary or expedient in relation
to treasury shares, fractional entitlements, record dates, legal or practical problems in or under the laws of any territory or the
requirements of any regulatory body or stock exchange; and
b. the allotment (otherwise than pursuant to paragraph 8a. above) of equity securities up to an aggregate nominal amount of
£273,000.
The power granted by this resolution will expire on the date which is 18 months after the date on which this resolution is passed or, if earlier,
the conclusion of the Company’s next annual general meeting (unless renewed, varied or revoked by the Company prior to or on such
date) save that the Company may, before such expiry make offers or agreements which would or might require equity securities to be
allotted after such expiry and the directors may allot equity securities in pursuance of any such offer or agreement notwithstanding that
the power conferred by this resolution has expired.
This resolution revokes and replaces all unexercised powers previously granted to the directors to allot equity securities as if section 561(1)
of the Act did not apply but without prejudice to any allotment of equity securities already made or agreed to be made pursuant to such
authorities.
By order of the Board
Rajinder Basra
Company Secretary
Registered Office:
28 Eccleston Square
London
SW1V INZ
Dated 27 April 2026
Company Number: 05048549
NOTICE OF ANNUAL GENERAL MEETING continued
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
95AltynGold plc Annual Report 2025
NOTES TO THE NOTICE OF ANNUAL GENERAL MEETING
Relevant Securities means:
• Shares in the Company other than shares allotted pursuant to:
- an employee share scheme (as defined by section 1166 of the Act);
- a right to subscribe for shares in the Company where the grant of the right itself constituted a Relevant Security; or
- a right to convert securities into shares in the Company where the grant of the right itself constituted a Relevant Security.
• Any right to subscribe for or to convert any security into shares in the Company other than rights to subscribe for or convert any
security into shares allotted pursuant to an employee share scheme (as defined by section 1166 of the Act). References to the
allotment of Relevant Securities in the resolution include the grant of such rights.
Entitlement to attend and vote
1. Only those shareholders registered in the Company’s register of members at:
• 6.00 pm on Friday 29 May 2026; or
• if this meeting is adjourned, at 6.00 pm on the day two days prior to the adjourned meeting, shall be entitled to attend and vote at
the meeting. Changes to the register of members after the relevant deadline shall be disregarded in determining the rights of any
person to attend and vote at the meeting.
Appointment of proxies
2. If you are a shareholder who is entitled to attend and vote at the meeting, you are entitled to appoint a proxy to exercise all or any of
your rights to attend, speak and vote at the meeting and you should have received a proxy form with this notice of meeting. You can
only appoint a proxy using the procedures set out in these notes and the notes to the proxy form.
3. If you are not a member of the Company but you have been nominated by a member of the Company to enjoy information rights,
you do not have a right to appoint any proxies under the procedures set out in this “Appointment of proxies” section. Please read the
section “Nominated persons” below.
4. A proxy does not need to be a shareholder of the Company but must attend the meeting to represent you. You may appoint more
than one proxy provided each proxy is appointed to exercise rights attached to different shares. You may not appoint more than one
proxy to exercise rights attached to any one share. To appoint more than one proxy, each proxy must be appointed on a separate
proxy form. If you wish your proxy to speak on your behalf at the meeting you will need to appoint your own choice of proxy (not the
chairman) and give your instructions directly to them.
5. Shareholders can:
• appoint a proxy and give proxy instructions by returning the enclosed proxy form by post (see note 7);
• register their proxy appointment electronically (see note 8);
• if a CREST member, register their proxy appointment by utilising the CREST electronic proxy appointment service (see note 9).
Appointment of a proxy does not preclude you from attending the meeting and voting in person. If you have appointed a proxy and
attend the meeting and vote in person, your proxy appointment will automatically be terminated.
6. A vote withheld is not a vote in law, which means that the vote will not be counted in the calculation of votes for or against the
resolution. If no voting indication is given, your proxy will vote or abstain from voting at his or her discretion. Your proxy will vote (or
abstain from voting) as he or she thinks fit in relation to any other matter which is put before the meeting.
Appointment of proxy by post
7. The notes to the proxy form explain how to direct your proxy how to vote on each resolution or withhold their vote.
To appoint a proxy using the proxy form, the form must be:
• completed and signed;
• sent or delivered to Neville Registrars (the “Registrar”), at Neville House, Steelpark Road, Halesowen, West Midlands B62 8HD; and
• received by the Registrar no later than 11.00am on 29 May 2026.
In the case of a shareholder which is a company, the proxy form must be executed under its common seal or signed on its behalf by
an officer of the company or an attorney for the company. Any power of attorney or any other authority under which the proxy form is
signed (or a duly certified copy of such power or authority) must be included with the proxy form. If you have not received a proxy form
and believe that you should have one, or if you require additional proxy forms, please contact the Registrar on +44 (0) 121 585 1131.
96 AltynGold plc Annual Report 2025
NOTES TO THE NOTICE OF ANNUAL GENERAL MEETING continued
Appointment of proxies electronically
8. As an alternative to completing the hard-copy proxy form, you can appoint a proxy electronically online at www.sharegateway.co.uk
and completing the authentication requirements as set out on the proxy form. For an electronic proxy appointment to be valid, your
appointment must be received by the Registrar no later than 11.00am on 29 May 2026.
Appointment of proxies through CREST
9. CREST members who wish to appoint a proxy or proxies by utilising the CREST electronic proxy appointment service may do so for
the meeting and any adjournment(s) of it by using the procedures described in the CREST Manual (available via www.euroclear.com).
CREST Personal Members or other CREST sponsored members, and those CREST members who have appointed a voting service
provider(s), should refer to their CREST sponsor or voting service provider(s), who will be able to take the appropriate action on their
behalf.
In order for a proxy appointment made using the CREST service to be valid, the appropriate CREST message (a CREST Proxy
Instruction) must be properly authenticated in accordance with Euroclear UK & International’s Limited’s (EUI) specifications and
must contain the information required for such instructions, as described in the CREST Manual. The message, regardless of whether
it constitutes the appointment of a proxy or is an amendment to the instruction given to a previously appointed proxy, must, in order
to be valid, be transmitted so as to be received by the Registrar ID 7RA11 no later than 11.00am on 29 May 2026, or, in the event of an
adjournment of the meeting, 48 hours before the adjourned meeting. For this purpose, the time of receipt will be taken to be the time
(as determined by the timestamp applied to the message by the CREST Applications Host) from which the issuer’s agent is able to
retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time, any change of instructions to proxies
appointed through CREST should be communicated to the appointee through other means.
CREST members and, where applicable, their CREST sponsors or voting service providers should note that EUI does not make
available special procedures in CREST for any particular message. Normal system timings and limitations will therefore apply in
relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST
member is a CREST personal member or sponsored member, or has appointed a voting service provider(s), to procure that his/her
CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by
means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors
or voting service providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the
CREST system and timings.
The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated
Securities Regulations 2001.
Appointment of proxy by joint members
10. In the case of joint holders, where more than one of the joint holders completes a proxy appointment, only the appointment
submitted by the most senior holder will be accepted. Seniority is determined by the order in which the names of the joint holders
appear in the Company’s register of members in respect of the joint holding (the first-named being the most senior).
Changing proxy instructions
11. Shareholders may change proxy instructions by submitting a new proxy appointment using the methods set out above. Note that
the cut-off time for receipt of proxy appointments (see above) also apply in relation to amended instructions; any amended proxy
appointment received after the relevant cut-off time will be disregarded.
Where you have appointed a proxy using the hard-copy proxy form and would like to change the instructions using another hard-copy
proxy form, please contact the Registrar on +44 (0) 121 585 1131.
If you submit more than one valid proxy appointment, the appointment received last before the latest time for the receipt of proxies
will take precedence.
Termination of proxy appointments
12. A shareholder may change a proxy instruction but to do so you will need to inform the Company in writing by:
• Sending a signed hard copy notice clearly stating your intention to revoke your proxy appointment to Neville Registrars, at Neville
House, Steelpark Road, Halesowen, West Midlands B62 8HD. In the case of a shareholder which is a company, the revocation
notice must be executed under its common seal or signed on its behalf by an officer of the company or an attorney for the
company. Any power of attorney or any other authority under which the revocation notice is signed (or a duly certified copy of such
power or authority) must be included with the revocation notice.
The revocation notice must be received by the Registrar no later than 11.00am on 29 May 2026.
If you attempt to revoke your proxy appointment but the revocation is received after the time specified, your original proxy
appointment will remain valid unless you attend the meeting and vote in person.
NOTICE OF ANNUAL GENERAL MEETING continued
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
97AltynGold plc Annual Report 2025
NOTES TO THE NOTICE OF ANNUAL GENERAL MEETING continued
Corporate representatives
13. A corporation which is a shareholder can appoint one or more corporate representatives who may exercise, on its behalf, all its powers
as a member provided that no more than one corporate representative exercises powers over the same share.
Issued shares and total voting rights
14. As on 6pm at 24 April 2026, the Company’s issued share capital comprised 27,332,934 ordinary shares of £ 0.10 each. Each ordinary
share carries the right to one vote at a general meeting of the Company and, therefore, the total number of voting rights in the
Company is 27,332,934.
The Company’s website, www.altyngold.uk will include information on the number of shares and voting rights.
Notification of shareholdings
15. Any person holding 3% or more of the total voting rights of the Company who appoints a person other than the Chairman of the Annual
General Meeting as their proxy will need to ensure that both they, and their proxy, comply with their respective disclosure obligations
under the Disclosure Rules and Transparency Rules.
Questions at the meeting
16. Any member attending the meeting has the right to ask questions. The Company must answer any question you ask relating to the
business being dealt with at the meeting unless:
• answering the question would interfere unduly with the preparation for the meeting or involve the disclosure of confidential
information; the answer has already been given on a website in the form of an answer to a question; or it is undesirable in the
interests of the Company or the good order of the meeting that the question be answered.
Nominated persons
17. If you are a person who has been nominated under section 146 of the Companies Act 2006 to enjoy information rights (Nominated
Person):
• You may have a right under an agreement between you and the shareholder of the Company who has nominated you to have
information rights (Relevant Shareholder) to be appointed or to have someone else appointed as a proxy for the meeting.
• If you either do not have such a right or if you have such a right but do not wish to exercise it, you may have a right under an
agreement between you and the Relevant Shareholder to give instructions to the Relevant Shareholder as to the exercise of voting
rights.
• Your main point of contact in terms of your investment in the Company remains the Relevant Shareholder (or, perhaps, your
custodian or broker) and you should continue to contact them (and not the Company) regarding any changes or queries relating
to your personal details and your interest in the Company (including any administrative matters). The only exception to this is where
the Company expressly requests a response from you.
Documents on display
18. Copies of the service contracts of the executive directors and the non-executive directors’ contracts for services are available for
inspection at the Company’s registered office during normal business hours and at the place of the meeting from at least 15 minutes
prior to the meeting until the end of the meeting.
Communication
19. Except as provided above, shareholders who have general queries about the meeting should use the following means of
communication (no other methods of communication will be accepted):
• Contact the Company by e-mail to info@altyngold.uk.
98 AltynGold plc Annual Report 2025
EXPLANATION OF RESOLUTIONS
An explanation of each of the resolutions is set out below.
ORDINARY BUSINESS
Resolutions 1 to 7 will be proposed as ordinary resolutions and will be passed if more than 50% of shareholders’ votes cast are in favour.
Resolution 1: To receive the 2025 Report and Accounts
The directors of the Company (the ‘Directors’) must present their Annual Report and Accounts of the Company for the year ended 31
December 2025 (the ‘Annual Report’) to shareholders for formal adoption at the Annual General Meeting.
Resolution 2: Directors’ remuneration report and policy
The Directors’ remuneration report is set out in the Annual Report. In accordance with the provisions of the Act the Directors’ remuneration
report is the Annual Report contains:
• a statement by the Chairman of the Remuneration Committee;
• the Directors’ remuneration policy in relation to future payments to the Directors and former Directors’; and the Annual Report on
remuneration, which sets out payments made in the financial year ending 31 December 2025.
The statement by the Remuneration Committee Chairman and the Annual Report on remuneration will be put to an annual advisory
shareholder vote by ordinary resolution. Accordingly, Resolution 2 is the ordinary resolution to approve the Directors’ remuneration
report. As it is an advisory vote it does not affect the actual remuneration paid to any Director.
Resolutions 3 to 5: To re-elect the Directors
Under the Company’s articles of association, one third of the Directors or, if their number is not a multiple of three, then the number
nearest to but not less than one-third must retire from office and then stand for re-election.
Biographical details of directors to be re-elected are set out in the Annual Report and are also available for viewing on the Company’s
website at www.altyngold.uk
Resolution 6: To confirm the appointment of the auditors and authorise the Audit Committee of the Board to determine their
remuneration
The Company is required to appoint auditors at each annual general meeting at which the annual accounts and report are to be laid
before the Company, to hold office until the conclusion of the next such meeting. The Audit Committee has reviewed the effectiveness,
independence and objectivity of the external auditors, PKF Littlejohn LLP, on behalf of the Board which now proposes their re-
appointment as auditors of the Company. Resolution 6 also authorises the Audit Committee of the Board, in accordance with standard
practice, to negotiate and agree the remuneration of the auditors.
NOTICE OF ANNUAL GENERAL MEETING continued
STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS
99AltynGold plc Annual Report 2025
SPECIAL BUSINESS
As well as the ordinary business of the meeting outlined above, a number of special matters will be dealt with at the Annual General
Meeting. Resolution 7 will be proposed as an ordinary resolution and will be passed if more than 50% of shareholders’ votes cast are in
favour. Resolution 8 will be proposed as a special resolution. For this resolution to be passed, at least 75% of shareholders’ votes cast
must be in favour.
Resolution 7: Directors’ authority to allot shares
At the 2025 Annual General Meeting in June 2025 the Directors were given authority to allot shares in the Company, and Resolution 7 seeks
to renew this authority for a period until the date which is 18 months after the date on which this resolution is passed or, if earlier, the date of
the next annual general meeting of the Company.
This resolution would give the Directors authority to allot ordinary shares, and grant rights to subscribe for or convert any security into
shares in the Company, up to an aggregate nominal value of £911,000. This amount represents approximately one-third (33.33%) of the
issued ordinary share capital of the Company, as at 24 April 2026, the last practicable date prior to the publication of this document. The
Company does not currently hold any shares in treasury. The extent of the authority follows the guidelines issued by institutional investors.
The Directors consider that it is appropriate for this authority and these powers to be granted to preserve maximum flexibility for the
future.
Resolution 8: Disapplication of pre-emption rights
Section 561 of the Companies Act 2006 gives all shareholders the right to participate on a pro-rata basis in all issues of equity securities
for cash, unless they agree that this right should be disapplied. The effect of this resolution is to empower the Directors, until the date
which is 18 months after the date on which this resolution is passed or, if earlier, the date of the next annual general meeting of the
Company, to allot equity securities for cash, without first offering them on a pro-rata basis to existing shareholders, but only up to a
maximum nominal amount of £273,000 representing approximately 10% of the Company’s issued ordinary share capital on 24 April 2026
(being the latest practicable date before the date of this document). In addition, the resolution empowers the Directors to deal with
fractional entitlements and any practical problems arising in any overseas territory on any offer made on a pro-rata basis. The Directors
consider that it is appropriate for this authority and these powers to be granted to preserve maximum flexibility for the future.
100 AltynGold plc Annual Report 2025
Directors
Mr Kanat Assaubayev (Chairman)
Mr Aidar Assaubayev (Chief Executive Officer)
Mr Sanzhar Assaubayev (Executive Director)
Ms Maryam Buribayeva (Chief Financial Officer)
Mr Ashar Qureshi (Non-Executive Director)
Mr Vladimir Shkolnik (Non-Executive Director)
Mr Andrew Charles Terry (Non-Executive Director)
Company secretary
Mr Rajinder Basra
Registered office & Company number
Company number: 05048549
Solicitors
Cleary Gottlieb Steen & Hamilton LLP
2 London Wall Pl.
London
EC2Y 5AU
Statutory Auditor
PKF Littlejohn LLP
30 Churchill Place
Canary Wharf
London
E14 5RE
COMPANY INFORMATION
Sterling Financial Print
178025
AltynGold plc
28 Eccleston Square
London
SW1V 1NZ
www.altyngold.uk