AltynGold PLC on Monday saw its shares jump as it reported strong third-quarter revenue following increased gold production.

The London-based exploration and development company with assets in Kazakhstan revealed its revenue grew 40% to $25.1 million from $17.9 million year-on-year, with the average gold price achieved sitting above $2,300 per ounce for the period, adding that the price currently sits above $2,700 per ounce.

Shares in the gold miner were up 19% to 247.75 pence on Monday afternoon in London.

Ore mined throughout its third-quarter rose 11% to 206,199 tonnes from 186,120 the year prior, with contained gold up 12% to 12,347 ounces from 10,986 ounces.

Year-to-date, Altyn revealed equally strong figures, with revenue up 39% to $63.7 million from $45.7 million the prior year.

It said the average gold grade mined to-date in 2024 was 2.30 grams a tonne, improving from 2.13 grams a tonne the prior year, with this reflecting the use of higher-grade ore from the ore stockpiles.

Altyn said production for the period remained inline with the firm’s existing production plan.

It added that the extensive testing as part of its ongoing processing plant upgrade is currently going to plan, with the increased capacity expected to go live within a month.

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