Mongolian Mining Corporation Announces 2025 Annual Results

Rhea-AI Summary

Mongolian Mining Corporation (OTCQX: MOGLF, SEHK: 975) reported FY2025 revenue of USD823.4 million, down from USD1,039.9 million in FY2024, and profit attributable of USD6.1 million (FY2024: USD242.0 million). Gross profit was USD144.0 million. The Group sold 10.1 Mt of coal and recorded USD31.3 million revenue from new gold production at Bayan Khundii.

Management cited lower coking coal ASPs as the primary driver of weaker earnings and highlighted diversification into gold and continued focus on balance-sheet strength.

Positive

• Commenced gold production at Bayan Khundii generating USD31.3M revenue
• Sold 10.1 Mt of coal products in FY2025
• Maintaining diversified portfolio across coal, gold, copper and metals

Negative

• Revenue declined ~20.8% YoY to USD823.4 million
• Profit attributable fell to USD6.1M from USD242.0M (FY2024)
• Gross profit dropped to USD144.0M from USD411.7M

HONG KONG, March 17, 2026 (GLOBE NEWSWIRE) -- Mongolian Mining Corporation (“MMC” or the “Company”, and together with its subsidiaries, the “Group”; stock code: 975), the largest producer and exporter of washed coking coal products in Mongolia, today announced its annual results for the year ended 31 December 2025 (“FY2025” or the “Year”).

The Group generated a total revenue of USD823.4 million in FY2025 (FY2024: USD1,039.9 million), of which USD792.1 million (FY2024: USD1,039.9 million) was generated by its coking (metallurgical) coal operations and USD31.3 million (FY2024: Nil) was generated by its gold and metals operations.

The Group sold a total of 10.1 million tonnes (“Mt”) of coal products in FY2025, comprising of 4.9 Mt washed hard coking coal, 0.5 Mt washed semi-soft coking coal and 2.9 Mt of washed mid-ash semi-hard coking coal. The Group’s average selling price (“ASP”) for all washed coal products sold under various delivery terms, was USD82.2 per tonne in FY2025.

The Group sold to the Bank of Mongolia and its designated commercial banks 7,434 oz of gold and 2,634 oz of silver in 2025, generating total revenue of USD31.3 million. Weighted ASP was USD4,187 per oz for gold and USD54 per oz for silver, respectively.

The Group’s gross profit for the Year was approximately USD144.0 million (FY2024: 411.7 million). The profit attributable to equity shareholders of the Company for FY2025 was USD6.1 million (FY2024: USD242.0 million). The decline in earnings was primarily due to a lower ASP of washed coking coal products.

Dr. Battsengel Gotov, Chief Executive Officer of MMC, said, “We remain steadfast in our pursuit of the key strategies that underpin our position as the largest internationally listed private mining company with operations focused on and located in Mongolia. Despite near-term volatility in the coal market, we are encouraged by the improved sentiment observed in the second half of the Year. The commencement of gold production at our Bayan Khundii mine marks a significant milestone, reinforcing our confidence in a robust outlook and providing a new avenue for revenue diversification. As we move forward, our focus remains on executing a prudent financial policy to maintain a strong balance sheet, while simultaneously advancing initiatives to expand our operational footprint and identify strategic investment opportunities within Mongolia.”

About Mongolian Mining Corporation (Stock code: 975)

Mongolian Mining Corporation (“MMC” or the “Company”, or and together with its subsidiaries, “the Group”, SEHK: 975; OTCQX: MOGLF) is the largest internationally listed private mining company with operations focused on and located in Mongolia. The Group has consolidated a diversified business portfolio to develop and operate coking (metallurgical) coal, gold, copper, and other non-ferrous metals mining assets in southern and western regions of Mongolia. The Group is the largest producer and exporter of washed hard coking coal in Mongolia. It owns and operates the Ukhaa Khudag and the Baruun Naran open-pit coking coal mines, both located in the Umnugobi aimag (South Gobi province), Mongolia.

MMC owns 50% equity interest in Erdene Mongol LLC, which holds two mining licenses, including Bayan Khundii and one exploration license located in Bayankhongor aimag (province), Mongolia. MMC also owns 50.5% equity interest in Universal Copper LLC, which holds three mining licenses located in Bayankhongor aimag (province), Mongolia.

MMC was listed on The Stock Exchange of Hong Kong Limited in October 2010. To learn more about the Group, please visit MMC’s website at: www.mmc.mn.

Enquiries:

Strategic Financial Relations Limited

Cindy Lung
+852 2864 4867
cindy.lung@sprg.com.hk

Rachel Ko
+852 2114 2370
rachel.ko@sprg.com.hk

Cleo Cheung
+852 2114 4900
cleo.cheung@sprg.com.hk

FAQ

What were Mongolian Mining Corporation (MOGLF) FY2025 revenues and profit?

MOGLF reported USD823.4 million revenue and USD6.1 million profit attributable in FY2025. According to the company, revenue fell from USD1,039.9 million in FY2024, driven mainly by lower average selling prices for washed coking coal.

How much coal did MOGLF sell in FY2025 and what was the ASP?

The Group sold 10.1 million tonnes of coal in FY2025 at a weighted ASP of USD82.2/tonne. According to the company, sales included washed hard, semi-soft and mid-ash semi-hard coking coal under various delivery terms.

What impact did gold production at Bayan Khundii have on MOGLF FY2025 results?

Gold and metals operations contributed USD31.3 million to FY2025 revenue following gold production start-up. According to the company, sales included 7,434 oz gold and 2,634 oz silver to the Bank of Mongolia and designated banks.

Why did MOGLF earnings decline sharply in FY2025 versus FY2024?

Earnings declined primarily due to a lower average selling price for washed coking coal, reducing revenue and margins. According to the company, weaker coal ASPs materially compressed gross profit versus FY2024 levels.

How did MOGLF’s gross profit and margins change in FY2025?

Gross profit fell to USD144.0 million in FY2025 from USD411.7 million in FY2024, reflecting margin compression. According to the company, lower coking coal prices were the principal factor behind the reduced gross profit.

What is MOGLF’s stated near-term focus after the FY2025 results?

Management said the company will prioritise a prudent financial policy and balance-sheet strength while pursuing operational expansion and strategic opportunities in Mongolia. According to the company, this includes advancing gold production and identifying new investments.