Research on AltynGold Plc (ALTN:LON)  from Capital Access Group

AltynGold reported record results for the half to June with net profit up 58.4% YoY to US$42.7m and adjusted EBITDA up 55.4% to US$68.5m, driven by higher gold prices and sales. Production and sales should be stronger still in 2H26, following completion of the bridging work across lower grade transitional zones completed in 2Q26. AltynGold remains extremely lowly rated versus peers with EV/gold Reserves of just US$77/oz versus the peer average of US$539/oz, on attractive multiples, and around the net present value of current net cash flow based on flat production through 2030 alone, prior to implementation of the planned doubling of production at the Sekisovskoye mine.

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