On July 30, Chifeng Gold's stock price fell. By the close on July 30, Chifeng Gold had dropped 1.82% to 37.17 yuan/share.
Chifeng Gold disclosed on July 30 a notice regarding the updated resource estimate for the SND project of the Laos Sepon gold-copper mine, stating: Its controlling subsidiary, LaneXang Minerals Limited Company, completed the first-phase resource exploration work for the SND gold-copper project by the end of June 2025, and SRK Consulting (China) Ltd. issued a "Mineral Resource Estimate Report for the Sepon SND Gold-Copper Project" compliant with the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" on August 7, 2025. Based on this, the company released its initial resource estimate. For details, please refer to the "Notice on Initial Resource Estimate for the SND Project of the Laos Sepon Gold-Copper Mine" (Notice No.: 2025-046) disclosed on August 8, 2025. In late June 2026, the exploration team of Vientiane Mining completed the second-phase drilling work for the SND gold-copper project.On July 30, 2026, Snowden Optiro issued an updated mineral resource estimate report compliant with the JORC Code. This report supersedes the initial mineral resource estimate report. Compared with the initial estimate, the gold equivalent metal content increased from 107 mt to 260 mt, up approximately 143%.
The mineral resource estimate disclosed by Chifeng Gold shows: This mineral resource estimation work was completed by the exploration department of Vientiane Mining and reviewed by the independent international mining consultancy Snowden Optiro, using all drill holes completed by the end of May 2026 and all assay data received before July 10, 2026. The review scope covered data quality control and assurance, database update and verification, geological interpretation and modeling, mineralization domain delineation, ore bulk density zoning and interpolation, block model construction, geostatistical kriging neighborhood analysis, grade interpolation, model validation, resource classification, and technical report compilation. The review conclusion of Snowden Optiro's geologist (JORC Competent Person) on the SND mineral resource estimation work was: This resource estimation meets industry standards, has no significant data issues or errors, and is suitable for public disclosure. The effective date of this report is July 30, 2026. Based on the underground sublevel caving mining method, stope optimization was conducted to determine the potential mining area, constrained by a cut-off grade of 0.4 g/t gold equivalent. Indicated resources total approximately 170 million mt, with an average grade of 0.55 g/t gold and 0.26% copper, containing 96 mt of gold metal and 450,000 mt of copper metal. Inferred resources total approximately 190 million mt, with an average grade of 0.39 g/t gold and 0.19% copper, containing 76 mt of gold metal and 360,000 mt of copper metal. Total resources amount to approximately 360 million mt, with a gold equivalent grade of 0.47 g/t, containing 170 mt of gold metal and 810,000 mt of copper metal, and the gold equivalent metal content is approximately 260 mt. The resource estimate is summarized in the following table:
The risk warning disclosed by Chifeng Gold indicates: The SND gold-copper project remains in the exploration stage. The resource estimate in this notice is based on certain assumptions and judgments, contains forward-looking statements, and does not constitute any substantive commitment or investment advice. Investors are advised to be aware of investment risks.
In terms of performance: Chifeng Gold disclosed its semi-annual performance forecast on the evening of July 14, showing that, based on preliminary calculations by the financial department, net profit attributable to shareholders of the publicly listed firm is expected to range from 1.70 billion yuan to 1.78 billion yuan for the first half of 2026, an increase of 593.1 million yuan to 673.1 million yuan, or up 54% to 61% YoY, compared with 1.1069 billion yuan in the same period last year. Net profit attributable to shareholders after deducting non-recurring items is expected to range from 1.71 billion yuan to 1.79 billion yuan, an increase of 598.09 million yuan to 678.09 million yuan, or up 54% to 61% YoY, compared with 1.11191 billion yuan in the same period last year.
Regarding the main reasons for the performance change, Chifeng Gold stated: The significant YoY growth in net profit attributable to shareholders and net profit after deducting non-recurring items for the first half of 2026 was mainly driven by the sharp rise in gold prices compared to the same period last year, with the average gold selling price up approximately 43% YoY, coupled with the company's continuous efforts to strengthen production organization and operational management, which boosted performance for the period.
Regarding its main business, Chifeng Gold introduced in its 2025 annual report: The company belongs to the non-ferrous metal ore mining and beneficiation industry, with main products including precious metals such as gold and non-ferrous metals such as copper cathode. Its core business is gold mining, beneficiation, and sales, while also engaging in multi-metal mining, beneficiation, and comprehensive resource recycling. The company operates 6 gold mines and 1 multi-metal mine globally, with a business footprint covering China, Southeast Asia, and West Africa. Among them, domestic subsidiaries Jilong Mining, Wulong Mining, Huatai Mining, and Jintai Mining focus on gold mining and beneficiation; Hanfeng Mining focuses on multi-metal mining and beneficiation of zinc, lead, copper, and molybdenum; its controlling subsidiary, Laos Vientiane Mining, mainly engages in gold mining, beneficiation, and copper metal mining and smelting; its controlling subsidiary, Ghana-based Wasa, mainly engages in gold mining and beneficiation. Additionally, its controlling subsidiary Guangyuan Technology is deeply involved in comprehensive resource recycling, focusing on environmental protection businesses such as dismantling waste electrical and electronic equipment.
Pacific Securities commented on May 7 on Chifeng Gold's evolution, showing: Multiple project technological transformations combined with routine maintenance led to a YoY decline in mined gold production. In 2026Q1, the company's mined gold production was 2.98 mt, down 10.7% YoY and 21.7% MoM, achieving 20% of the annual target. The production decline was mainly due to factors including multiple project technological transformations and routine maintenance. Specifically: Jilong Mining's hoist underwent a modification from single-rope to multi-rope, and Wulong Mining conducted renovation works on multiple blind shafts, both of which temporarily restricted ore extraction capacity; the beneficiation plant at the Laos Sepon gold-copper mine underwent annual large-scale routine maintenance, coupled with planned downtime maintenance for one of its high-temperature oxygen autoclaves, leading to a YoY decline in ore processing volume. Rising tax rates combined with declining production led to an increase in unit sales costs. The expense ratio remained relatively stable, while the asset-liability ratio continued to decrease. In 2026Q1, the company's ROE was 6.9%, up 2.5 pct YoY; the period expense ratio was 5.9%, down 0.6 pct YoY and up 0.1 pct MoM. As of 2026Q1, the company's asset-liability ratio was 29.4%, down 9.3 pct YoY and 4.5 pct MoM. Risk warning: wild swings in prices, cost side overshoot, and project progress delays.
