China Gold International Resources Corp. Ltd. released first-quarter 2026 results showing strong top- and bottom-line growth driven by sharply higher realised metal prices at both its Jiama copper mine and CSH gold mine.
Revenue and Earnings • Revenue surged 66.0 % year-on-year to USD 453.20 million, lifted mainly by a 79 % jump in realised copper prices to USD 4.54/lb and a 67 % rise in realised gold prices to USD 4,832/oz. • Mine operating earnings expanded to USD 292.77 million, up USD 175.12 million from the prior-year period. • Net profit climbed to USD 236.37 million, an increase of USD 150.39 million from Q1 2025. Basic earnings per share more than doubled to USD 0.5902. • Operating cash flow reached USD 268.70 million versus USD 143.53 million a year earlier.
Segment Performance CSH Gold Mine – Revenue: USD 126.70 million (↑60 %). – Gold sales: 26,224 oz (-4 %), production: 21,354 oz (-10 %). – Total production cost rose to USD 1,779/oz; cash cost increased to USD 1,297/oz.
Jiama Copper-Gold Mine – Revenue: USD 326.50 million (↑68 %). – Copper sales: 17,049 t (↑2 %); production: 17,030 t (↑1 %). – Total production cost before by-product credits: USD 3.56/lb (↑4 %); after by-product credits, costs fell to USD -0.55/lb. – Gold production declined to 13,466 oz (-36 %), while silver production slipped 6 % to 1.23 million oz.
Balance-Sheet and Liquidity • Cash, restricted cash and term deposits totalled USD 1.01 billion at 31 March 2026. • Working capital stood at USD 657.74 million and total debt at USD 535.60 million, giving a gearing ratio of 0.22. • Net cash used for investing amounted to USD 64.86 million, largely for capex and term-deposit movements; financing outflows were USD 5.96 million.
Dividend and Capital Policy The Board declared a USD 0.47 per-share distribution (USD 0.35 basic dividend plus USD 0.12 special dividend), totalling USD 186.31 million. The company reaffirmed its dividend framework of a base payout at 30 % of prior-year net profit, supplemented by discretionary special dividends subject to market conditions and cash levels.
2026 Production Guidance • CSH Mine: 70,732–83,592 oz gold. • Jiama Mine: 63,500–67,500 t copper; 70,732–75,554 oz gold; 4.18–4.82 million oz silver. • Jiama’s Phase III tailings facility is scheduled for commissioning in H1 2027, expected to lift processing capacity from 34,000 tpd to 44,000 tpd.
Capital Projects and Outlook Jiama’s long-term plan targets restoring throughput to 50,000 tpd post-2027, supported by resource integration and exploration at satellite deposits. At CSH, open-pit operations are nearing end-of-life; the company prioritises slope stability while evaluating underground options.
Risk and Compliance Management highlighted currency fluctuations, ongoing litigation with contractors, and regulatory considerations in China as principal risks but reported no impairment triggers for its two mines during the quarter.
Overall, China Gold International enters the remainder of 2026 with record quarterly earnings, robust liquidity exceeding USD 1 billion, and a strengthened balance sheet, positioning it to fund expansion at Jiama while maintaining shareholder returns through its revised dividend policy.
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