NMMC, the world’s fourth-largest gold producer and Central Asia’s largest gold miner, today reports its IFRS financial results for the half year 2025 (“1H2025” or the “Period”).

Highlights

Total gold production for 1H2025 was 1.54 million ounces, a 1.3% increase from 1.52 million ounces in 1H2024, driven by higher ore extraction and processing volumes.
In 1H2025, revenue reached US$4,715 million, a 40.9% increase from US$3,346 million in 1H2024, primarily driven by the surge in the LBMA gold prices, and to a lesser extent, due to increase in sales volumes.
All-in sustaining costs (AISC) rose to 1,164 $/oz in 1H2025, up from 907 $/oz in 1H2024. The increase was in line with expectations and was primarily driven by higher royalty resulting from increased gold prices, and a greater volume of rock mass extracted during the period.
Adjusted EBITDA for 1H2025 was US$3,060 million, an increase of 51.7% from US$2,017 million in 1H2024. Increase in gold prices and sales volumes outpaced the increase in costs, with Adjusted EBITDA margin rising by 4.6 ppts. to 64.9% in 1H2025 compared to 60.3% in 1H2024.
Net cash used in investing activities (Cash CAPEX) in 1H2025 was US$412 million, up 38.3% compared to US$298 million in 1H2024, reflecting the Company’s continued implementation of its investment program aimed at expanding production at existing mines and advancing near-mine exploration targets.
The leverage of the Company (Net debt / Adjusted EBITDA^TTM ratio) improved from 0.6x in 1H2024 to 0.5x in 1H2025, reflecting the Company’s continued fiscal discipline. NMMC’s debt portfolio as of 30.06.2025 included the Company’s successful debut US$1 billion Eurobonds issued in October 2024, which featured two tranches of US$500 million with tenors of four and seven years as well as US$500 million Eurobonds issued in May 2025.

PRESS RELEASE

The Press Service of the Company