Navoi Mining and Metallurgical Company JSC (“NMMC” or the “Company”) reports its IFRS financial results for the 1H 2026.

Highlights

In 1H 2026, the Company’s revenue reached USD 7,067 million, an increase of 49.9% compared to USD 4,715 million in 1H 2025. The key driver of growth was the increase in gold prices (LBMA), alongside gold production volumes of 1.51 million troy ounces, which was 1.8% lower than the 1.54 million troy ounces recorded in 1H 2025.
All-in sustaining costs (AISC) stood at USD 1,647 per ounce compared to USD 1,164 per ounce in 1H 2025. The key driver of this increase was higher royalty (mineral extraction tax), accounted for the largest share (31%) of AISC per ounce, driven by high gold prices, as well as the impact of inflation on consumable costs.
An additional factor driving AISC growth was the increase in stripping costs at Muruntau, associated with the implementation of the project "Mining of the Muruntau Open Pit — Stage V, Phase II," which aims to boost production volumes in the medium and long term.
The strengthening of the Uzbek sum against the US dollar by 6.1% in 1H 2026 (12,102.41 UZS/USD) compared to 1H 2025 (12,892.91 UZS/USD) led to an AISC increase of $101 per ounce, accounting for 8.7% of the total growth of this metric.
At the same time, NMMC JSC continues to maintain its leading position in terms of AISC among the world's largest gold mining companies.

Adjusted EBITDA was USD 4,889 million, an increase of 8% compared to USD 3,060 million in 1H 2025. Outpacing growth in gold prices and sales revenue relative to costs enabled the adjusted EBITDA margin to expand to 69.2% in 1H 2026 (64.9% in 1H 2025).
Net cash used in investing activities (Cash CAPEX) totaled USD 543 million, an increase of 8% compared to USD 412 million in 1H 2025. Investments were primarily directed toward expanding production capacities at operating mines, including the expansion of the mining fleet, and developing exploration projects to grow the resource base.
Leverage (Net Debt / Adjusted EBITDA^TTM) improved from 5x in 1H 2025 to 0.3x in 1H 2026, reflecting the Company's strict financial discipline and a sustainable level of leverage.

As of 30 June 2026, NMMC’s debt portfolio included:

$500 million Eurobonds, issued in May 2025 on the London Stock Exchange;
$1 billion Eurobonds, issued in October 2024.

The weighted average effective interest rate on the debt portfolio decreased to 6.67% per annum in 1H 2026, compared to 7.71% per annum in 1H 2025, contributing to the optimization of debt servicing costs and a reduction in finance cost on accrued interest.

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