Mongolian Mining Corporation Announces 2025 Interim Results

Rhea-AI Summary

Mongolian Mining Corporation (OTCQX:MOGLF), Mongolia's largest producer and exporter of washed hard coking coal, reported challenging interim results for H1 2025. The company's revenue declined by 35.9% year-over-year to USD346.6 million, with sales volume steady at 4.2 million tonnes but affected by softer average selling prices.

The company recorded a net loss of USD23.3 million, compared to a profit of USD133.0 million in H1 2024, impacted by lower selling prices and a USD25.0 million one-off loss from debt refinancing. On a positive note, MMC is diversifying its portfolio with the Bayan Khundii gold mine, which is expected to begin commercial production in Q3 2025.

Positive

• Successful advancement of Bayan Khundii gold mine development with commercial production expected in Q3 2025
• Maintained stable sales volume of 4.2 million tonnes of washed coal products
• Market sentiment improvement observed starting Q3 2025
• Successful commissioning of gold mine processing plant and support facilities

Negative

• Revenue declined 35.9% year-over-year to USD346.6 million
• Net loss of USD23.3 million compared to USD133.0 million profit in H1 2024
• One-off loss of USD25.0 million from debt refinancing
• Weaker average selling prices due to soft market conditions

HONG KONG, Aug. 28, 2025 (GLOBE NEWSWIRE) -- Mongolian Mining Corporation (“MMC” or the “Company”, or together with its subsidiaries, the “Group”; HKEx: 975; OTCQX: MOGLF), the largest producer and exporter of washed hard coking coal (“HCC”) in Mongolia, today announced its interim results for the six months ended 30 June 2025 (“1H2025” or the “period under review”).

During 1H2025, the Group generated a total revenue of approximately USD346.6 million (1H24: USD541.1 million), representing approximately 35.9% year-on-year decrease. The Group sold approximately 4.2 million tonnes (“Mt”) of washed coal products, comprising 3.3 Mt of primary products and 0.9 Mt of secondary products. As such, sales volume remained at similar levels compared to the first half of 2024, however, the revenue declined as average selling prices (“ASP”) softened due to weaker market sentiment during the period under review.

The Group’s gross profit for the period under review was approximately USD62.9 million. The Group recorded a net loss attributable to equity shareholders of approximately USD23.3 million for the six months ended 30 June 2025, compared to a net profit of USD133.0 million for the corresponding period in 2024. Such decline was primarily attributable to lower ASP, as well as an one-off loss of USD25.0 million related to debt refinancing.

The Group successfully advanced construction works to develop Bayan Khundii (“BKH”) gold mine located in Bayankhongor aimag (province), Mongolia. During the quarter ended 30 June 2025, commissioning of the BKH gold mine processing plant and site support facilities (including power, heat and water supply infrastructure, laboratory, warehouse, chemicals and blasting materials storages, office and accommodation camp) were conducted by relevant authorities. Initial overburden removal operations commenced at the end of the second quarter, with commercial gold production expected to begin within the third quarter of 2025.

Dr. Battsengel Gotov, Chief Executive Officer of MMC, said, “We remain fully committed to the corporate strategies adopted by the Board that secure our position as the largest internationally listed private mining company in Mongolia. While coal market conditions were weaker during first half of this year, we observe improved sentiment starting from the third quarter of this year. Moreover, the forthcoming imminent commencement of gold production at the BKH mine shall support our belief of positive outlook for the remainder of the year and beyond. The Group remains focused on maintaining a prudent financial policy and a strong balance sheet, while continuing to implement activities to diversify its business portfolio and revenue sources by identifying potential investment targets in Mongolia.”

About Mongolian Mining Corporation (HKEx: 975; OTCQX: MOGLF)

MMC is the largest producer and exporter of washed hard coking coal in Mongolia. It owns and operates two open-pit coking coal mines, namely, the Ukhaa Khudag mine located within the Tavan Tolgoi coal formation, as well as the Baruun Naran mine, both located in Umnugobi aimag (province), Mongolia.

MMC is developing the Bayan Khundii gold mine, located in Bayankhongor aimag (province), Mongolia. The gold production of Bayan Khundii mine is expected to commence in 2025.

MMC was listed on The Stock Exchange of Hong Kong Limited in October 2010. To learn more about the Group, please visit MMCˇs 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

Carlos Chen
+852 2864 4847
carlos.chen@sprg.com.hk

FAQ

What were MOGLF's key financial results for H1 2025?

MOGLF reported revenue of USD346.6 million (down 35.9% YoY) and a net loss of USD23.3 million, compared to a USD133.0 million profit in H1 2024.

How much coal did Mongolian Mining Corporation sell in H1 2025?

The company sold 4.2 million tonnes of washed coal products, including 3.3 million tonnes of primary products and 0.9 million tonnes of secondary products.

When will MOGLF's Bayan Khundii gold mine start commercial production?

Commercial gold production at the Bayan Khundii mine is expected to begin within the third quarter of 2025.

What caused MOGLF's net loss in H1 2025?

The loss was primarily due to lower average selling prices and a one-off loss of USD25.0 million related to debt refinancing.

How is MOGLF diversifying its business portfolio?

MOGLF is diversifying through the development of the Bayan Khundii gold mine and continues to identify potential investment targets in Mongolia.