Mongolian Mining Corporation Operational Update for the Quarter Ended 30 September 2025
MWN-AI** Summary
Mongolian Mining Corporation (MMC) provided an operational update today for the quarter ending September 30, 2025, highlighting its performance in coking coal and gold production. As the largest internationally listed private mining company in Mongolia, MMC operates significant assets, including the Ukhaa Khudag and Baruun Naran coking coal mines.
In Q3 2025, MMC experienced a strong quarter, selling 2,303.2 thousand tonnes of washed coking coal, marking a 32% increase from the previous quarter and a 13% increase year-on-year. The run-of-mine (ROM) coal output reached 3,604.3 kt, reflecting a 5% improvement from Q2 2025 but a 16% decline compared to Q3 2024. The Group processed 3,753.8 kt of ROM coal, producing 2,103.0 kt of washed coking coal, representing a slight decrease of 3% from the preceding quarter but a 9% increase year-on-year.
Additionally, MMC's 50% subsidiary, Erdene Mongol LLC, launched commercial gold production at the Bayan Khundii mine during a ceremony held on September 14, 2025. During this quarter, the mine sold 342 ounces of gold at an average price of $3,805.18 per ounce, alongside silver sales. The gold processing facility, with a capacity to process 650,000 tonnes annually, is expected to produce approximately 85,000 ounces of gold annually once it achieves its full production capacity in the fourth quarter of 2025.
The Group emphasized that these operational figures are intended to provide an overview only and do not constitute forecasts of future performance. Investors are advised to consider potential risks, such as market fluctuations and regulatory changes, when evaluating this information.
MWN-AI** Analysis
Mongolian Mining Corporation's (MMC) operational update for the third quarter ending September 30, 2025, indicates a robust performance in its coking coal operations, marked by a significant 32% quarter-on-quarter increase in the sale of washed coking coal products, totaling 2,303.2 thousand tonnes. This momentum, alongside a 13% year-on-year growth, reflects positively on MMC’s market position, particularly as it continues to be the largest producer and exporter of washed coking coal in Mongolia.
However, the report notes a 16% decrease in run-of-mine (ROM) coal output compared to the same quarter in 2024. While this decline could raise questions about resource management and operational efficiency, the QoQ increase of 5% suggests a recovery trend that investors may view favorably, potentially indicating effective adjustments in mining operations.
The company's entry into gold production through the Bayan Khundii mine introduces new revenue streams, despite initial sales of only 342 ounces of gold in the quarter. The projected annual output of up to 85,000 ounces of gold, as the mine reaches its full production capacity by Q4 2025, could significantly enhance MMC’s revenue profile going forward.
Investors should be cautious, given that operational updates are subject to fluctuations based on external factors like market conditions and regulatory changes. As such, while the company's performance in coal aggregates favorable momentum, ongoing scrutiny of gold production capabilities and overall market conditions is essential.
Considering these dynamics, potential investors might see MMC as a speculative opportunity with growth potential in coking coal and emerging gold revenues. Risk tolerance should be evaluated, balancing against global commodity price fluctuations and operational uncertainties. In summary, seeking entry into MMC shares may be advisable for those willing to accept the inherent risks of commodity-based sectors while potentially benefiting from optimistic production forecasts.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
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MONGOLIAN MINING CORPORATION
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 975)
OPERATIONAL UPDATE
FOR THE QUARTER ENDED 30 SEPTEMBER 2025
HONG KONG, Oct. 15, 2025 (GLOBE NEWSWIRE) -- The board of directors (the “ Board ”) of Mongolian Mining Corporation (the “ Company ”, together with its subsidiaries, collectively the “ Group ”) wishes to announce the unaudited operational update for the quarter ended 30 September 2025. The comparative figures for the quarter ended 30 September 2024 and the quarter ended 30 June 2025 are also disclosed in this announcement (if and as applicable).
The Company is the largest internationally listed private mining company with operations focused on and located in Mongolia. The Group has consolidated a diversified business portfolio to develop and operate coking (metallurgical) coal, gold, copper, and other non-ferrous metals mining assets in southern and western regions of Mongolia.
Coking (metallurgical) coal operations
Energy Resources LLC (“ ER ”), the Group’s wholly-owned subsidiary, operates Ukhaa Khudag (“ UHG ”) coking coal mine and Khangad Exploration LLC (“ KEX ”), the Group’s majority-owned subsidiary, operates Baruun Naran (“ BN ”) coking coal mine, both located in Umnugobi aimag (province), Mongolia. The Group is the largest producer and exporter of washed coking coal products in Mongolia.
The Group’s operating subsidiaries ER and KEX sold a total of 2,303.2 thousand tonnes (“ kt ”) of washed coking coal products in the third quarter of 2025. This represents 32% quarter-on- quarter (“ QoQ ”) increase compared to the previous quarter ended 30 June 2025 and 13% year-on- year (“ YoY ”) increase compared to the corresponding period of 2024. During the quarter ended 30 September 2025, the Group’s run-of-mine (“ ROM ”) coal mining combined output from UHG and BN mines was 3,604.3 kt, representing 5% QoQ increase and 16% YoY decrease as compared to the corresponding period ended 30 June 2025 and 30 September 2024, respectively. The Group processed a total 3,753.8 kt of ROM coking coal to produce 2,103.0 kt of washed coking coal products, representing 3% QoQ decrease compared to the previous quarter ended 30 June 2025 and 9% YoY increase compared to the corresponding period ended 30 September 2024.
The main operational data for coking (metallurgical) coal operations summarised and shown below in Table 1 are all rounded and derived from the internal records of the Group and are intended to give investors an overview of the Group’s operations in a timely manner and may differ from the data disclosed in periodic reports of the Company.
Table 1. Main operational data for coking coal operations for the quarter ended 30 September 2025:
| The quarter ended 30 September | The quarter ended 30 June | QoQ change | The quarter ended 30 September | YoY change | ||
| Item | Unit | 2025 | 2025 | (%) | 2024 | (%) |
| ROM coal mined | kt | 3,604.3 | 3,428.4 | +5% | 4,298.9 | -16% |
| ROM coking coal processed | kt | 3,753.8 | 3,605.7 | +4% | 3,658.7 | +3% |
| Washed coking coal produced | kt | 2,103.0 | 2,178.1 | -3% | 1,928.9 | +9% |
| Washed coking coal sold | kt | 2,303.2 | 1,739.7 | +32% | 2,031.4 | +13% |
Gold and metals operations
The Group is 50% equity holder in Erdene Mongol LLC (“ EM ”), which owns and operates Bayan Khundii (“ BKH ”) gold mine located in Bayankhongor aimag (province), Mongolia.
Photo (from left to right): Mr. Baasandorj Tsogoo, Chief Operating Officer of EM, Mr. Bilguun Ankhbayar, Chief Executive Officer of EM, Mr. Damdinnyam Gongor, Minister of Industry and Mineral Resources, and Mr. Enkhtaivan Ganbold, Deputy Governor of the Bank of Mongolia with the inaugural gold doré bar from BKH mine.
The commercial gold production of BKH mine was launched during an official ceremony held on 14 September 2025. The management, staff and contractors of the Company, Erdene Resource Development Corporation, and EM and official representatives from the Ministry of Industry and Mineral Resources, Bank of Mongolia, and Bayankhongor aimag (province) attended the ceremony.
During the quarter ended 30 September 2025, EM sold 342 ounces (“ oz ”) of gold and 96 oz of silver to the Bank of Mongolia and authorised commercial banks with weighted average gold price of 3,805.18 USD/oz and silver price of 44.15 USD/oz as calculated by using spot prices denominated in MNT (local currency) and applicable MNT/USD exchange rates.
After successfully completing construction and commissioning during the quarter ended 30 September 2025, the BKH mine is expected to achieve its nameplate production capacity within the fourth quarter of 2025. The gold processing plant has installed annual capacity to process 650,000 tonnes of ore and is expected to produce approximately up to 85,000 oz of gold per year according to the latest feasibility study completed in 2023.
Important notice
The aforesaid operational data are not an express or implied forecast or guarantee in respect of the Company’s future operating conditions.
In addition, various factors may affect results, including (but not limited to) force majeure events, changes in market conditions and regulatory interferences, as such material differences may exist in the operational data published from quarter to quarter.
Investors should note that undue reliance on or use of the above information may cause investment risks.
For and on behalf of the Board
Mongolian Mining Corporation
Odjargal Jambaljamts
Chairman
Hong Kong, 15 October 2025
As at the date of this announcement, the board of directors of the Company consists of Mr. Odjargal Jambaljamts and Dr. Battsengel Gotov, being the executive directors of the Company, Ms. Enkhtuvshin Gombo and Mr. Myagmarjav Ganbyamba, being the non-executive directors of the Company, and Mr. Chan Tze Ching, Ignatius, Ms. Delgerjargal Bayanjargal and Dr. Tsend-Ayush Tuvshintur, being the independent non-executive directors of the Company .
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/017aed07-f4c1-4d26-a89e-f7d045758662
Contact: investor@mmc.mn
FAQ**
What are the key factors contributing to the quarter-on-quarter increase in washed coking coal sales for Mongolian Mining Corp Ord MOGLF in Q3 2025, and how does this compare to the industry trends?
Given the operational data, what strategies is Mongolian Mining Corp Ord MOGLF planning to implement to address the 16% year-on-year decrease in run-of-mine coal output reported for Q3 2025?
How will the successful launch of commercial gold production at the Bayan Khundii mine impact the overall revenue projections for Mongolian Mining Corp Ord MOGLF in the upcoming quarters?
Can you provide insights on potential regulatory challenges that may affect the operations and profitability of Mongolian Mining Corp Ord MOGLF, especially in light of recent market conditions?
**MWN-AI FAQ is based on asking OpenAI questions about Mongolian Mining Corp Ord (OTC: MOGLF).
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