Zijin Gold International (ZIJIN GOLD INTL, 02259) reported a sharp earnings upswing for the six months ended 30 June 2026, driven by higher gold prices, the first full-period contribution from 2025 acquisitions and operating gains at mature assets.

• Financial performance – Revenue doubled year on year to USD 3.99 billion, with gold sales contributing 97.8%. – Profit attributable to shareholders surged 179% to USD 1.45 billion; basic EPS rose 135% to USD 0.54. – Operating cash inflow expanded 331% to USD 1.80 billion, lifting period-end cash to USD 3.87 billion and cutting the gearing ratio to 36% (-5 ppt). – Administrative costs grew 50% to USD 0.12 billion, reflecting the inclusion of the Akyem and Raygorodok mines acquired in 2025. – Income-tax expense increased 197% to USD 0.71 billion, mirroring higher profitability.

• Production and costs – Mined gold output climbed 44% to 27.3 tonnes; sales volume was 26.1 tonnes at an average realised price of USD 4,643/oz (+51%). – Group all-in sustaining cost (AISC) rose 7% to USD 1,678/oz; excluding higher price-linked royalties, unit costs declined. – Controlled mines supplied 26.0 tonnes (+37%), bolstered by full integration of Akyem (Ghana) and Raygorodok (Kazakhstan).

• Asset and project updates – Interest-bearing borrowings fell 26% to USD 0.43 billion; quick ratio held at 3.5x. – Key expansion projects at Raygorodok, Akyem, Rosebel and Jilau are progressing, targeting material capacity additions through 2028. – In-house exploration added an estimated 34.72 tonnes of contained gold during the half, led by Buriticá, Norton Gold Fields and Rosebel.

• Dividend and outlook The Board declared a maiden interim dividend of HKD 1.50 per share, payable on or about 24 September 2026 to shareholders on record as of 31 August 2026. Full-year 2026 mined-gold production guidance remains unchanged.

• Post-period development On 10 August 2026, Zijin Gold International completed a CAD 416.60 million (USD 0.30 billion) private-placement subscription for a 9.2% stake in Allied Gold Corporation, strengthening its growth pipeline.

Management expects gold prices to stay volatile but elevated, while ongoing project ramp-ups, disciplined cost control and a strengthened balance sheet are positioned to support continued earnings momentum.