Navoi Mining and Metallurgical Company, JSC (“NMMC” or the “Company”) reports its IFRS financial results for 2025.

Highlights

NMMC concluded 2025 as a top-tier global gold producer, further strengthening its position among the world’s leading mining companies. In 2025, gold production totalled 3.15 million ounces, up 1.9% from 3.09 million ounces in 2024, driven by increased ore mining and processing volumes.
Revenue reached $10,827 million, an increase of 46.4% versus $7,395 million in 2024, primarily reflecting higher LBMA gold prices and increased sales volumes.
All-in sustaining costs (AISC) were $1,358/oz, up from $979/oz in 2024. The increase was in line with expectations and reflected higher royalty payments due to elevated gold prices, increased mining volumes, and the impact of inflation on consumables and input costs. NMMC sustained its cost leadership, maintaining one of the most competitive AISC profiles among the world’s top gold producers.
Adjusted EBITDA was $6,951 million, up 52.4% from $4,561 million in 2024. Gold price and sales growth outpacing cost increases in 2025 lifted the adjusted EBITDA margin to 64.2% (2024: 61.7%).
Cash CAPEX totalled $1,019 million, up 11.5% from $914 million in 2024, reflecting ongoing investments in expanding production capacity at existing mines and advancing exploration projects to grow the resource base.
Leverage (Net Debt / Adjusted EBITDA) improved from 0.5x in 2024 to 0.3x in 2025, underscoring the Company’s commitment to financial discipline.

PRESS RELEASE

The Press Service of the Company