CNMC Goldmine - Riding on higher gold prices and production momentum

About CNMC Goldmine (SGX: 5TP) - Not Rated

CNMC Goldmine Holdings Limited (CNMC) is the first Catalist-listed gold producer on SGX. 

The Group is primarily engaged in the exploration and mining of gold, alongside processing ore into gold doré bars. 

Its flagship Sokor Gold Field Project, located in Kelantan, Malaysia, has been the key growth driver since CNMC’s first gold pour in July 2010.

CNMC Goldmine delivered a strong set of results in 1H2025

Revenue surged 77.9% year-on-year (YoY) to US$52.8m, driven by higher gold sales volume (+26% YoY to 11,811 oz) and a sharp increase in realised gold prices (+41% YoY to US$3,197/oz). 

Profit after tax jumped more than 3 times to US$19.4m, while profit attributable to shareholders grew 256% YoY to US$15.8m.

Gold production remains core while diversified by-products add resilience

Gold continues to be CNMC Goldmine’s primary revenue contributor, accounting for nearly 72% of 1H2025 sales. 

In addition to gold, CNMC Goldmine generates revenue from lead, silver and zinc concentrates. 

Silver revenue rose 80% YoY, and lead-in-gold concentrate posted 106% revenue growth. 

Zinc concentrate revenue also grew. These by-products provide revenue stability and help offset fluctuations in gold output.

Cost discipline and efficiency gains

All-in sustaining costs (AISC) increased moderately by 6% YoY to US$1,337/oz, mainly due to higher royalties, capex, and general expenses. 

However, with gold prices averaging above US$3,100/oz, CNMC Goldmine maintained healthy operating margins of over US$1,800/oz.

Dividend track record

CNMC Goldmine has declared a total 1.5 cents dividend in 1H2025 (0.4 cents interim + 1.1 cents special), which represents a 29% payout ratio of earnings. 

This is one of the highest interim payouts in recent years, reflecting strong profitability on the back of higher gold production and prices.

Key Risks

CNMC CNMC Goldmine’s key risks lie in its exposure to volatile gold prices and commodity cycles, which directly affect earnings and dividends. 

In addition, rising operating costs, geological uncertainties, and regulatory changes in Malaysia could weigh on profitability and production sustainability.

Outlook hinges on gold prices

CNMC Goldmine reported gold production of 11,811 ounces in 1H2025, the company’s strongest half-year output since 2H2021. 

The increase reflected improved operational performance at its flagship Sokor project, while exploration activities continued across Sokor and its other concessions, CNMC Pulai and Kelgold.

Gold prices remained elevated during the period, and CNMC maintained a disciplined cost base. 

Together, these factors contributed to stronger profitability in the first half of the year. Earnings per share rose more than 250% year-on-year.

In addition to gold, CNMC generates by-product revenues from silver, lead, and zinc, providing some diversification of income. 

The company continues to invest in exploration and resource definition to enhance the visibility of its mineral reserves.

While the company’s financial performance in recent periods has benefited from favourable market conditions, its future outlook will continue to depend largely on prevailing gold prices and production trends.

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