AltynGold, a company owned by the prominent Asaubayev family of Kazakhstan, reported a net profit of $42.7 million for the first half of the year, up 58% year on year. Revenue jumped 64.6% to $115.2 million, while adjusted EBITDA reached $68.5 million. These are record half-year results for the company, according to infohub.kz.
The sharp rise in revenue and profit was driven by a 50.3% year-on-year increase in the realized gold price, to $4,600 per ounce. Over the six months, AltynGold sold 24,600 troy ounces of gold, 9% more than a year earlier.
Sales figures, however, do not fully reflect output. In the first half of 2026, the company produced 23,900 ounces of gold in doré bars, down 4.7% from 25,000 ounces a year earlier. The decline stemmed from a drop in the gold grade of processed ore, from 2.04 to 1.76 grams per tonne.
At the same time, the company's costs rose sharply, reaching $55.3 million for the half-year, up 85.6%. The increase was driven by a $7 million rise in mineral extraction tax costs, higher sales and processing volumes, and a stronger tenge. All-in sustaining costs (AISC) per ounce of gold reached $1,990, compared with $1,500 for the whole of 2025.
The company is now stepping up investment in mining. Capital expenditure nearly doubled to $26.1 million. Of that, about $20.1 million went to development and one-off works, and $6 million to sustaining existing capacity. The main investment items were crushing and grinding equipment, mining and haulage machinery, and underground mine development.
AltynGold intends to raise the capacity of its processing plant at the Sekisovskoye deposit from 1 million to 2–2.5 million tonnes of ore per year. Technical work has identified the potential to increase the existing plant's capacity by about 200,000 tonnes per year in the short term.
In addition to Sekisovskoye, the company is advancing the Teren-Sai project. On August 25, 2026, a working group of Kazakhstan's Ministry of Industry and Construction approved an extension of the subsoil use contract. The documents were sent to the ministry for signature in late August.
The company plans to apply to move to the mining stage at blocks 2, 4 and 5. AltynGold intends to present a mineral resource estimate for Teren-Sai separately and expects to publish an update on the project's progress in the fourth quarter of 2026.
AltynGold confirmed its production guidance for the full year 2026 of 52,000–55,000 ounces of gold.
Notably, the Asaubayev family holds a 65.6% stake in AltynGold Plc. The family is well known in Kazakhstan and is related by marriage to the country's first president, Nursultan Nazarbayev. The wife of Aidar Asaubayev, Lyazzat Asaubayeva, is a niece of the first president's wife, Sara Nazarbayeva.