于截至2025年9月30日止季度，EM向蒙古银行及获授权商业银行售出342盎司黄金及96盎司白银，黄金 加权平均价格为3805.18美元╱盎司，白银加权平均价格为44.15美元╱盎司，乃使用以图格里克(当地货 币)计值的现货价及适用图格里克兑美元汇率计算。 于截至2025年9月30日止季度成功完成施工及调试后，BKH矿场有望于2025年第四季度内实现额定产 能。黄金加工厂的年装机产能可以加工65万吨矿石，根据2023年完成的最新可行性研究有望每年出产最 多约8.5万盎司黄金。 MONGOL MINING(00975)发布公告，集团的全资附属公司Energy Resources LLC(ER)经 营 Ukhaa Khudag (UHG)焦煤煤矿，集团控股附属公司Khangad Exploration LLC(KEX)经营Baruun Naran(BN)焦煤 煤矿，两者均位于蒙古国Umnugobi盟(省)。集团为蒙古国内最大的洗选焦煤产品生产商及出口商。 于2025年第三季度，集团的营运附属公司ER及KEX合共售出230.32万吨洗选焦煤产品。与截至2025年6 月30日止上一季度相比，环比增长32%，而与202 ...

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [4][6][36]. Core Views - The company achieved a significant revenue increase of 178% year-on-year, reaching $580 million in the first half of the year, and turned a profit with a net income of $200 million [10][4]. - The Q2 revenue showed a 12% quarter-on-quarter growth, with net profit increasing by 35% from Q1 to Q2, driven by rising gold prices, increased copper sales, and cost optimization [10][4]. - The company is expected to exceed its annual production guidance for both gold and copper, with strong production performance in the first half of the year [12][34]. Financial Performance - The company reported gold production of 2.74 tons and copper production of 34,900 tons in the first half of the year, with Q1/Q2 production figures indicating stable output [12][10]. - The unit production cost for gold was $1,619 per ounce, while the copper unit production cost was $3.29 per pound, showing significant cost optimization in Q2 [2][16]. - The forecast for 2025-2027 indicates revenue growth rates of 47.4%, 1.3%, and 10.2%, respectively, with net profit growth rates of 528.9%, 3.1%, and 12.1% [4][5][34]. Production and Cost Data - The company’s core products include gold and copper, with production guidance for 2025 indicating stable output levels [34][12]. - The Longshanhao gold mine is nearing the end of its lifespan, while the Jiama copper-gold polymetallic mine is expected to resume operations in mid-2024, enhancing production capacity [3][29]. Valuation - The report suggests a valuation target of 12-13 times earnings for 2025, translating to a stock price range of HKD 92.90 to HKD 100.64, indicating an upside potential of approximately 18%-28% from the current price [4][36].