Hong Kong – 27 August 2026 – CGN Mining Company Limited (“CGN Mining”) reported interim results for the six months ended 30 June 2026 marked by solid top-line expansion but a wider bottom-line deficit, as lower contributions from its Kazakhstan uranium assets offset stronger trading income.
Financial highlights • Revenue rose 18.5% year on year to HK$2.02 billion, driven by improved uranium spot prices and higher trading activity. • Gross loss narrowed 51.8% to HK$119.02 million, yet the operating deficit persisted. • Loss attributable to shareholders increased 18.5% to HK$80.06 million; basic and diluted loss per share widened to HK1.05 cents (H1 2025: HK0.89 cents). • No interim dividend was declared.
Operating drivers 1. Natural uranium trading – Sales of 173 tU generated HK$306.89 million, with an average realised price of US$87.93/lb U₃O₈ and average cost of US$83.52/lb. – Newly signed contracts totalled 596 tU; undelivered contracted sales stood at 2,442 tU at a weighted average price of US$88.58/lb. – Period-end inventories increased 14% to HK$1.58 billion (967 tU at US$80.88/lb).
2. Equity uranium production – Equity output reached 612 tU, lifting total equity reserves to 17,600 tU.
3. Joint venture and associate performance – Share of profit from 49%-owned Semizbay-U fell 55.5% to HK$56.79 million due to a 3% production shortfall (333 tU vs. 344 tU plan) and higher sulphuric-acid-driven costs (Semizbay Mine: US$53.35/lb; Irkol Mine: US$44.46/lb). – Share of profit from 49%-owned associate Ortalyk declined 54.6% to HK$80.79 million as sales volumes slipped and unit costs rose (Central Mynkuduk: US$37.29/lb; Zhalpak: US$26.45/lb).
Cash flow and balance sheet • Cash and bank balances expanded 40.1% to HK$1.32 billion. • Net current assets eased 22.2% to HK$248.77 million after trade receivable unwinding. • Bank borrowings decreased 38.1% to HK$744.49 million; combined with lower average funding costs, finance expenses fell 28.2% to HK$55.49 million. • Total liabilities dropped 20.9% to HK$3.28 billion, cutting the gearing ratio to 73.2% (31 Dec 2025: 91.0%). • Undrawn credit lines amounted to US$1.42 billion plus RMB50 million, providing ample liquidity headroom.
Operational outlook Management targets completion of full-year production and sales plans for Semizbay-U and Ortalyk, with a focus on mitigating sulphuric-acid supply constraints and advancing the Zhalpak deposit expansion. Trading activities will continue to leverage uranium market volatility while maintaining strict risk controls. Investor outreach remains an emphasis, with reinforced engagement following the adoption of a new memorandum and articles of association and recent Board changes introducing greater gender diversity.