Core Viewpoint - Jinling Gold Mine has experienced a significant revival under the management of the multinational gold group, leading to substantial growth in company performance [1][2]. Group 1: Company Performance - Jinling Gold Mine is expected to produce 1.63 tons of gold in 2023 and 2.06 tons in 2024, with a sales cost of 227g/t and a total cost of 273g/t, showcasing a strong cost advantage [1]. - The company's net profit attributable to shareholders is projected to reach 575 million yuan in 2024, a year-on-year increase of 71.56% [1]. - In the first half of 2025, the company anticipates a net profit of 560-600 million yuan, representing a year-on-year growth of 134.99% based on a median estimate of 580 million yuan [1]. Group 2: Resource Potential - Jinling Gold Mine is located in a geologically favorable area with significant exploration potential, having increased its resource volume to 232 tons with an average grade of 1.17g/t as of the end of 2024 [2]. - The current resource estimates are based on a gold price of $1,750 per ounce, which is outdated compared to current market prices, indicating potential for substantial resource growth [2]. Group 3: Expansion Plans - The company has signed a feasibility study contract with Zijin Mining for a 10 million ton expansion project, which is expected to elevate the mine's processing capacity to 14 million tons per year [2]. - With an estimated long-term annual production of 15 tons of gold based on a grade of 1.3g/t and an overall recovery rate of 80%, Jinling Gold Mine is poised to become a world-class gold mining operation [2]. Group 4: Future Outlook - The company is expected to benefit from economies of scale and reduced energy costs from infrastructure developments, leading to further decreases in total costs [3]. - Future projections estimate net profits attributable to shareholders of 1.263 billion yuan, 1.594 billion yuan, and 1.945 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.17, 1.47, and 1.80 yuan [3].
万国黄金集团(3939.HK)动态报告：金岭扩产正当时 世界级金矿冉冉升起