Summary
A Golden Year of Record Earnings CNMC delivered a stellar financial performance in FY25. The Group’s FY25 net profit surged 327.1% YoY to US$52.2 million and FY25 revenue increased 96.9% YoY to US$128.4 million. The strong performance was primarily driven by higher realised gold prices and increased production volumes, with the average realised gold price rising 46.2% YoY to US$3,589/oz in FY25 from US$2,455/oz in FY24 , while gold sales volume increased 45.0% YoY to 26,038.72 ounces. As at 31 December 2025, the Group held a record amount of US$62.6 million in net cash, representing approximately 11% of its market capitalisation. Impressive Dividend for FY25. The Board proposed a final dividend of 0.8 SG cents per share and an additional special dividend of 2.7 SG cents per share. When aggregated with the interim dividend of 1.5 SG cents distributed in September 2025, the total FY2025 payout amounts to 5.0 SG cents per share, representing a payout ratio of about 36.8% of FY25 net profit attributable to shareholders. This is a massive increase of 257% YoY from 1.4 SG cents distributed for the entirety of FY24. We forecast the dividend yield for FY26E to be 4.3%. Structural Tailwinds Across Gold, Silver, and Base Metals. The outlook for Gold remains constructive heading into 2026 as macroeconomic conditions continue to favour safe-haven assets. According to the World Gold Council, the industry is entering a period characterised by geopolitical tensions, shifting monetary policy and persistent market uncertainty, all of which are expected to sustain firm investment demand. Lower interest rates and a softer United States Dollar reduce the opportunity cost of holding non-yielding assets such as gold, while elevated geopolitical risks continue to reinforce its role as a portfolio hedge. Central bank purchases remain near recent highs, providing a structural demand anchor that supports prices. At the same time, gold supply growth from mining and recycling is expected to remain modest, while holdings in gold exchangetraded funds remain below historical peaks, leaving room for renewed investment inflows. These dynamics allow gold producers to benefit from healthy operating margins despite limited output growth. Beyond gold, the broader metals environment also remains supportive, with demand for zinc and lead underpinned by infrastructure development, urbanisation and automotive applications, while silver continues to gain traction from both safe-haven investment demand and expanding industrial uses in electronics, solar power and electrification. Together, these trends provide a favourable macro backdrop for polymetallic mining companies and reinforce the medium-term strength of the precious metals sector. Increased Processing Capacity. In early 2025, CNMC completed a significant expansion of its Carbon-in-Leach (CIL) processing plant. The plant’s processing capacity increased by approximately 60% to 800 tonnes of ore per day. This expansion represents a key operational lever to support higher gold production and improved operational efficiency, enabling the Group to process greater volumes of ore as mining activities scale up.
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