Mongolian Mining Corporation Delivers Strong Q2 2026 Results Across Coal and Precious Metals

Key Highlights from Q2 2026 Operational Update

• Significant growth in coal and gold output and sales
• Record year-on-year increases in coal production and sales
• Gold sales surged with robust operational performance
• Potential implications for share price due to higher output and improved sales metrics

Company Overview

Mongolian Mining Corporation (MMC, Stock Code: 975) is the largest internationally listed private mining company in Mongolia. MMC operates a diversified business portfolio, encompassing coking (metallurgical) coal, gold, silver, copper, and other non-ferrous metals, with assets located in the southern and western regions of Mongolia.

Coking (Metallurgical) Coal Operations

MMC remains the largest producer and exporter of washed coking coal products in Mongolia. The company’s wholly owned subsidiary, Energy Resources LLC (ER), operates the Ukhaa Khudag (UHG) coking coal mine, while its majority-owned subsidiary, Khangad Exploration LLC (KEX), operates the Baruun Naran (BN) coking coal mine, both in Umnugobi province.

Q2 2026 Operational Data (Coal)

• Washed coking coal sales have soared by 55% year-on-year and 5% quarter-on-quarter, reaching 2,688.1 kt—this is a major growth driver that could impact share prices positively.
• Production of washed coking coal increased 29% YoY and 24% QoQ, reflecting higher operational efficiency and output.
• Although raw coal mined fell 9% QoQ, this was offset by higher processing and output of value-added washed coal.

Gold and Metals Operations

MMC holds a 50% equity stake in Erdene Mongol LLC (EM), which owns and operates the Bayan Khundii (BKH) gold mine, and a 50.5% stake in Universal Copper LLC, developer of the White Hill copper deposit and Urkhut silver deposit in Bayankhongor province.

Q2 2026 Operational Data (Gold and Metals)

• Gold sold increased by 37% QoQ, with 11,709 oz sold in Q2 2026—a substantial boost, which could be price sensitive for shareholders.
• Ore mined jumped 60% QoQ, indicating strong operational scaling.
• Gold prices averaged USD 4,493/oz, down 8% QoQ, but higher sales volume more than offset price decline in terms of revenues.

Shareholder and Price-Sensitive Information

• The significant year-on-year and quarter-on-quarter increases in both coal and gold output and sales are likely to be price sensitive and could have a positive impact on share values.
• Shareholders should note the company’s ability to increase output and sales despite a lower gold price and a slight QoQ dip in raw coal mined, highlighting operational resilience and efficiency improvements.
• These results underscore MMC’s strong execution and growth trajectory, enhancing its position as Mongolia’s premier mining group and boosting investor confidence.
• Management cautions that operational data are unaudited and may differ from periodic reports. External factors such as market conditions, regulatory changes, and force majeure events could affect future performance.

Board and Management Update

The Board is chaired by Mr. Odjargal Jambaljamts, with Dr. Battsengel Gotov as executive director. The board also includes Ms. Enkhtuvshin Gombo and Mr. Ariunbayar Byambadorj as non-executive directors, and Mr. Chan Tze Ching, Ignatius, Ms. Delgerjargal Bayanjargal, and Dr. Tsend-Ayush Tuvshintur as independent non-executive directors.

Disclaimer

This article is based on the company’s unaudited operational update for Q2 2026. Data provided are subject to change and may differ from figures reported in future financial statements. Investors are cautioned not to place undue reliance on these figures, as various factors may affect the company’s future performance. Please exercise due diligence and consult your financial advisor before making investment decisions.

蒙古礦業公司2026年第二季煤炭及貴金屬營運表現強勁

2026年第二季營運重點摘要

• 煤炭及黃金產量及銷售顯著增長
• 煤炭產量及銷售錄得有紀錄以來最大同比升幅
• 黃金銷售急升，營運表現強勁
• 高產量及銷售有機會對股價構成正面影響

公司概覽

蒙古礦業公司（MMC，股份代號：975）是蒙古最大國際上市私人礦業公司。公司業務多元化，涵蓋煉焦（冶金）煤、黃金、白銀、銅及其他有色金屬，資產分佈於蒙古南部及西部地區。

煉焦（冶金）煤業務

MMC仍然是蒙古最大洗選煉焦煤生產及出口商。其全資子公司Energy Resources LLC（ER）負責運營Ukhaa Khudag（UHG）煤礦，多數控股子公司Khangad Exploration LLC（KEX）則負責Baruun Naran（BN）煤礦，兩者均位於南戈壁。

2026年第二季煤業務主要數據

• 洗選煉焦煤銷售同比大升55%，環比增5%，達2,688.1千噸——這是推動股價的重要利好因素。
• 洗選煉焦煤產量同比增29%，環比升24%，反映營運效率及產量提升。
• 儘管原煤開採量環比下跌9%，但透過加工及高附加值洗煤產量上升彌補。

黃金及金屬業務

MMC持有Erdene Mongol LLC（EM）50%股權，該公司擁有及經營Bayan Khundii（BKH）黃金礦；另持有Universal Copper LLC 50.5%股權，該公司開發White Hill銅礦及Urkhut銀礦，地點位於巴彥洪戈爾省。

2026年第二季黃金及金屬業務主要數據

• 黃金銷售量環比上升37%，達11,709盎司，對股價具敏感性。
• 礦石開採量環比大升60%，反映營運規模擴大。
• 雖然黃金價格下跌8%，但銷量大升有望彌補價格跌幅帶來的收入壓力。

股東及敏感事項提示

• 煤炭及黃金產量和銷售同比、環比大幅上升，或對公司股價有正面推動作用。
• 公司在金價下跌及部分原煤開採量減少下仍能提升產量和銷售，顯示營運韌性及效率改善。
• 這些數據反映公司執行力強，增長勢頭良好，有利投資者信心。
• 管理層提醒，所有營運數據為未經審核，未來報告可能有所不同。外部因素如市況、監管、不可抗力等均可能影響業績表現。

董事會及管理層簡介

董事會由主席Odjargal Jambaljamts先生領導，執行董事包括Dr. Battsengel Gotov，非執行董事為Ms. Enkhtuvshin Gombo及Mr. Ariunbayar Byambadorj，獨立非執行董事包括Mr. Chan Tze Ching, Ignatius、Ms. Delgerjargal Bayanjargal及Dr. Tsend-Ayush Tuvshintur。

免責聲明

本文基於公司未經審核的2026年第二季營運數據。相關數據未來或會更改，與財務報表披露有所不同。投資者切勿單靠上述資料作出投資決定，請審慎考慮及諮詢專業意見。

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