AltynGold delivered a strong revenue performance in 1Q26 despite operational issues impacting QoQ production and gold grade. Near record quarterly revenue of US$56m was up 122% YoY and off 3% QoQ with the YoY performance benefitting from gold sales up 29% to 11,532oz and the realised price increasing by 70% to US$4,809/oz. Production and processing fell QoQ, impacted by the planned mining of upper horizons to address a vertical gap in the main ore bodies at Sekisovskoye which also reduced the mined gold grade. This work was completed in April and gold grades have since returned to normal levels. We continue to expect ore processed to approach 1Mtepa and make no changes to our forecasts which are based on an average realised gold price of US$4,000/oz. AltynGold remains extremely lowly rated versus peers with EV/gold Reserves of just US$80/oz versus the peer average of US$708/oz, on attractive multiples, and below the net present value of current net cash flow based on flat production through 2030 alone.