Mongolian Mining (975) H2 2025 earnings summary

Executive summary

• Largest private mining group in Mongolia, diversified across coking coal, gold, silver, copper, and other metals, with major assets in southern and western Mongolia.

• Revenue declined to USD823.4 million in 2025 from USD1,039.9 million in 2024, mainly due to lower average selling prices for coal products.

• Adjusted EBITDA dropped to USD203.0 million from USD495.9 million year-over-year.

• Net profit attributable to equity shareholders fell sharply to USD6.1 million from USD242.0 million.

• Commenced commercial gold production at the Bayan Khundii (BKH) mine in September 2025, expanding beyond coal.

Financial highlights

• Revenue for 2025 was $823 million, down from $1,040 million in 2024.

• EBITDA for 2025 was $203 million, a significant decrease from $496 million in 2024.

• Net profit for 2025 was $6.1 million, compared to $244 million in 2024.

• Cash and cash equivalents increased to USD223.9 million at year-end 2025, from USD140.5 million in 2024.

• Debt increased to $394 million as of year-end 2025, up from $236 million in 2024.

Outlook and guidance

• Gold and silver production expected to ramp up following BKH mine commissioning.

• Focus remains on prudent capital structure, scaling up production, infrastructure development, and exploring strategic partnerships.

• Ongoing investments in both gold/metals and coal/energy assets, with $53 million and $47 million in CAPEX respectively for 2025.

• Plans to update technical reports and resource estimates for gold, copper, and silver assets in 2026.