Summary
Financial Highlights. CNMC announced 1H2026 revenue increase of 23.4% YoY to US$65.2 million. Consequently, 1H2026 Group profit after tax increased by 18.7% YoY to US$23.1 million. This was largely attributable to the surge in 1H2026 gold prices by 39.1% YoY to an average realized price of US$4,446/oz. Meanwhile, 1H2026 gold sales volume decreased slightly by 6.0% YoY to 11,105 oz. Sustained Gold Prices and Demand with Supportive Broader Metals Environment. The outlook for gold remains supportive through 2026, with prices expected to remain at ±5% of current levels, while output may see modest growth. According to the World Gold Council, gold remains sensitive to heightened geopolitical concerns and abrupt shifts in investor sentiment. Current gold prices are aligned with moderate growth globally. Continued elevated inflation could increase the appeal of holding gold as a store of value, but expectations of central bank tightening could make deposits more attractive as interest rates rise, resulting in less demand for gold. At Jackson Hole, FED Chairman Kevin Warsh also stated in his speech that inflation has been running above the 2% target and that short term interest rates are the predominant tool to manage inflation. These opposing dynamics will likely result in gold prices holding steady. Moving into 2H2026, central banks are expected to remain significant buyers, and demand will likely remain supported by Asian buying and slightly higher technology demand from AI investment. Overall, these conditions are likely to support output, and gold production is expected to increase modestly. Beyond gold, the broader metals environment remains constructive. Demand for lead and silver is expected to grow with the electrification megatrend, where both materials are key inputs in batteries, electronics, etc. Meanwhile, demand for zinc is expected to continue to grow with infrastructure and automotive demand, since it is crucial for galvanization. Transfer to Main Board. As a testament to its track record of strong earnings, which has grown tenfold since 2023, CNMC has successfully transferred from Catalist to the SGX Main Board on 28 August 2026. With this transfer, CNMC is expected to benefit from broader analyst coverage and the stronger reputation of the SGX Main Board. Additionally, trading liquidity is expected to improve as there tends to be more volume on the SGX Main Board than on Catalist.
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