Rising gold prices bring NMMC's half-year net profit to $2.4 billion

The Navoi Mining and Metallurgical Combinat generated $2.38 billion in net profit in the first half of 2026. This is 57.2 percent more compared to the same period in 2025. The company did not increase gold production – on the contrary, production decreased by 1.8 percent; the sharp increase in profit is instead linked to the rise in gold prices. Meanwhile, the cost of producing 1 ounce of gold has become 41.5 percent more expensive.

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Rising gold prices brought NMMC's half-year net profit to $2.4 billion

Navoi Mining and Metallurgical Combinat produced 1.51 million troy ounces of gold in January–June 2026. This figure is slightly lower than the 1.54 million troy ounces from a year earlier.

Despite the slight decrease in production, due to rising gold prices, the company's half-year net profit increased by 57.2 percent compared to the same period last year, reaching $2.38 billion.

It is noted that during the reporting period, net revenue increased by 49.9 percent to $7.067 billion. Operating profit rose by 60.5 percent year-on-year to $4.511 billion.

Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) was $4.889 billion, growing by 59.8 percent over the year. The EBITDA margin rose from 64.9 percent to 69.2 percent.

### Gold mining has become more expensive

At the same time, NMMC's all-in sustaining cost (AISC) for producing and supporting an ounce of gold increased significantly.

In the first half of 2026, the AISC was $1,647. In the same period of 2025, this figure was $1,164. That is, costs increased by 41.5 percent.

The company explained this, among other things, by an increase in royalty payments following higher gold prices, rising material costs due to inflation, and increased expenses within the framework of the Muruntau mine development project. In addition, the strengthening of the soum against the dollar led to a further increase in the AISC figure by $101 per ounce.

### NMMC also increased investments

During the reporting period, the company's net funds directed to investment activities amounted to $543 million. This is 31.8 percent more than in the corresponding period of last year. The funds were directed to expanding production capacities at existing mines, expanding the mining equipment fleet, and geological exploration projects aimed at identifying new resources.

The company's debt load decreased: the ratio of net debt to adjusted EBITDA fell from 0.5x to 0.3x. As of June 30, NMMC's debt portfolio included $500 million in international bonds placed on the London Stock Exchange in May 2025 and $1 billion issued in October 2024.