CNMC Goldmine Holdings Limited Delivers Record Growth, Profit Surge, and Robust Outlook at 2026 AGM

Key Highlights from the 2026 Annual General Meeting

• Massive Revenue and Profit Growth: FY2025 revenue nearly doubled (+96.9%) to US\$128.37 million, while profit after tax soared 327.1% to US\$52.20 million. Net profit margin reached an impressive 40.7%.
• Significant Gold Production Expansion: Carbon-in-Leach (CIL) plant capacity expanded by 60%, with commercial production from the upgraded facility starting in May 2025. Gold output from the CIL plant jumped 65% in 2H2025 versus 2H2024.
• Substantial Increase in Gold Resources and Reserves: Gold mineral resources for CIL processing rose 27% to 1,157,000 ounces, and ore reserves increased 9% to 316,000 ounces.
• Dividend Bonanza: Total payout for FY2025 is 5.0 cents per share (37% payout ratio), including interim, final, and special dividends.
• Growth Initiatives: Construction of two new underground vertical gold mining shafts at Sokor and resumed exploration at the Kelgold concession.
• Strong Balance Sheet: Net cash position of US\$62.56 million, extremely low debt/equity ratio (0.02), and healthy current ratio (3.27).
• Bullish Gold Price Outlook: Institutional forecasts suggest gold could trade between US\$4,700/oz and US\$5,800/oz in 2026.

Detailed Financial Performance

CNMC Goldmine Holdings reported a stellar set of results for FY2025, with revenue surging to US\$128.37 million from US\$65.20 million, driven by a sharp increase in gold production and a 46% jump in realised gold prices (US\$3,589/oz in FY2025 vs US\$2,455/oz in FY2024). Profit attributable to shareholders leapt to US\$42.00 million (US 10.36 cents/share; SG 13.57 cents/share), up from US\$9.85 million a year ago.

Cost control remained disciplined, with all-in sustaining costs per gold ounce at US\$1,357 (up only 5.9% year-on-year), and all-in costs actually fell slightly to US\$1,459 per ounce. The strong cost performance, paired with surging gold prices, resulted in a substantial margin expansion.

Key financial metrics show ongoing strength:

• Net Asset Value: US\$81.15 million
• Current Ratio: 3.27
• Net Cash: US\$62.56 million
• Debt/Equity Ratio: 0.02

Production and Resource Updates

The company’s upgraded CIL plant, which began commercial production in May 2025, increased processing capacity by 60% to 800 tonnes per day. As a result, gold output from the CIL plant soared 65% in the second half of 2025. Total fine gold produced in FY2025 was 26,039 ounces, up 45% from 17,959 ounces in FY2024.

Mineral Resources and Ore Reserves:

• Gold resources (CIL): 1,157,000 ounces (+27%)
• Gold resources (Flotation): 38,000 ounces (+2%)
• Total gold resources: 1,195,000 ounces
• Gold ore reserves: 316,000 ounces (+9%)
• Silver, lead, and zinc resources and reserves declined due to limited exploration, as efforts were focused on boosting gold resources.

Dividend Track Record and Shareholder Returns

In an exceptional move, CNMC declared a total dividend of 5.0 cents per share for FY2025 (including interim, final, and special dividends), representing a 37% payout of earnings. This payout is notably higher than previous years, reflecting management’s confidence in sustained profitability and robust cashflows.

Growth Initiatives and Exploration

The company is aggressively pursuing new growth. Construction is underway for two new underground vertical shafts at the Sokor goldfield—Vertical Shaft 1 (New Found) targeting a depth of 358 meters, and Vertical Shaft 2 (Manson’s Lode) targeting 335 meters. These facilities are expected to open up deeper ore zones and potentially further increase gold production.

Exploration activities resumed at the wholly owned Kelgold concession in 2H2025. The Kelgold project, located about 30km northwest of Sokor, is a greenfield site with significant potential to add new gold resources and reserves.

Market Outlook and Gold Price Forecasts

The company provided a bullish outlook for gold, noting that prices have traded between ~US\$4,300/oz and US\$5,600/oz in early 2026, driven by geopolitical tensions and interest rate uncertainties. Major institutional forecasts cluster around US\$4,700/oz to US\$5,800/oz. Such historically high gold prices are expected to underpin continued profitability for CNMC and could further boost shareholder value.

Key Takeaways for Investors

• Exceptional financial performance and dividend payout could support further share price appreciation.
• Growth initiatives (plant expansion, new shafts, exploration at Kelgold) point to potential for further resource and production upside.
• Strong gold price environment creates a highly favourable backdrop for continued earnings growth.
• Conservative balance sheet and significant net cash position provide flexibility for future investments and shareholder returns.

Potential Price-Sensitive Developments

• Significant increase in gold resources and reserves following focused exploration efforts.
• Major increase in gold output and revenue, against a backdrop of record high gold prices.
• Generous dividend payout policy, including special dividends, potentially making the stock more attractive to yield-focused investors.
• Resumption of exploration activities at Kelgold could lead to further resource upgrades and production growth.
• Continued development of underground mining infrastructure may support sustained high production levels in future years.

Bottom Line: With surging profits, aggressive growth initiatives, and a robust gold price outlook, CNMC Goldmine Holdings Limited is positioned for continued strong performance, which could drive further share price upside and enhanced shareholder value in 2026 and beyond.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Investors are advised to review the company’s official announcements, financial statements, and consult professional advisors before making investment decisions. Past performance is not indicative of future results. The views and data presented reflect information available as of the date of the company’s AGM and may be subject to change.

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