Mongolian Mining Corporation - Operational Update for the Quarter Ended 30 September 2026

Gold output surged 3,366% year-on-year, but coking coal sales dropped 26% quarter-on-quarter.

What the company is saying

Mongolian Mining Corporation reports a mixed operational update for Q3 2026, emphasizing a sharp rebound in coking coal prices in China due to domestic supply constraints. The company highlights strong year-on-year growth in gold production and sales from the Bayan Khundii mine, with gold sold rising to 11,853 oz, up 3,366% year-on-year, following the start of commercial production in September 2025. For coking coal, the narrative acknowledges a significant drop in cross-border truck volumes—averaging 897 trucks per day, down 34% from Q2 and 29% from Q1—while noting that the year-to-date average remains 15% above 2025 levels. Operational data are presented as unaudited and potentially subject to revision, with the company explicitly cautioning that figures may differ from those in periodic reports. The announcement is factual in tone, avoids promotional language, and provides detailed period-over-period comparisons for both coal and gold operations. The board, led by Chairman Odjargal Jambaljamts, is fully named, but no executive commentary is included.

What the data suggests

The disclosed figures show robust year-on-year growth in gold operations, with ore mined up 212%, ore processed up 710%, and gold sold up 3,366% to 11,853 oz, reflecting the ramp-up after commercial production began at Bayan Khundii in September 2025. The weighted average gold price realized was USD 4,315/oz, up 13% year-on-year but down 4% from Q2. In coking coal, ROM coal mined increased 33% year-on-year to 4,791.2 kt, but washed coking coal sold fell 26% quarter-on-quarter and 13% year-on-year to 1,996.9 kt, despite production being up 19% year-on-year. The average number of coal-loaded trucks crossing the border to GM dropped sharply to 897 per day in Q3, though the year-to-date average of 1,177 is still 15% above 2025. The company attributes the coal price rebound to constrained Chinese domestic supply but does not provide specific price or revenue data. All figures are unaudited and may differ from future periodic reports, limiting reliability for financial forecasting.

Analysis

The announcement is a factual, data-driven operational update with no exaggerated or promotional language. Nearly all claims are realised and supported by specific production and sales figures for both coking coal and gold operations, with clear quarter-on-quarter and year-on-year comparisons. The only forward-looking element is a standard disclaimer about the provisional nature of the data, not a projection or aspirational claim. There is no attempt to overstate future benefits or to frame operational setbacks (such as lower coal sales) in a positive light. No large capital outlay or long-dated benefit is discussed; the gold mine is already in commercial production. The absence of profitability metrics means the signal cannot be strong_positive, but the operational growth in gold and coal is real and measurable. The tone is neutral and proportionate to the evidence.

Risk flags

• ●The operational data are unaudited, rounded, and may differ from future periodic reports, introducing uncertainty about the accuracy and comparability of the figures. This could affect investor confidence if material revisions are later required.
• ●Washed coking coal sales volumes declined 26% quarter-on-quarter and 13% year-on-year, despite higher production, suggesting potential demand, logistics, or border-crossing constraints that could pressure cash flow if the trend persists.
• ●The sharp drop in average daily coal-loaded trucks crossing the border to GM—down 34% from Q2 and 29% from Q1—signals ongoing logistical or regulatory bottlenecks, which may continue to impact coal sales and revenue.

Bottom line

This update shows Mongolian Mining Corporation's gold business ramping up rapidly, with gold sold up 3,366% year-on-year and ore processed up 710% following the start of commercial production at Bayan Khundii. However, coking coal sales volumes fell sharply, down 26% quarter-on-quarter and 13% year-on-year, even as production increased, highlighting possible demand or logistics challenges. The company provides detailed operational metrics but omits revenue, cost, and profit figures, and all data are unaudited and subject to revision. Investors should focus on whether coal sales recover in coming quarters and watch for audited financials to confirm the operational gains. The most important takeaway is the divergence between strong gold growth and weakening coal sales, both of which will shape near-term financial performance.

Announcement summary

(OTC:MOGLF) Mongolian Mining Corporation announced its unaudited operational update for the quarter ended 30 September 2026, covering both coking coal and gold operations in China. Coking coal prices in China rebounded strongly during the quarter, with MV HCC sold by the Group through auctions on the Mongolian Stock Exchange under DAP GM terms, with each auction batch representing 12,800 tonnes. The number of coal-loaded trucks crossing the border to GM averaged 897 trucks per operating day in Q3 2026, which was 34% and 29% lower than the averages of 1,366 and 1,270 trucks per operating day for Q2 2026 and Q1 2026, respectively. The year-to-date average as at 30 September 2026 was 1,177 trucks per operating day, 15% higher than the 1,023 trucks per operating day for the year ended 31 December 2025. For coking coal operations, ROM coal mined was 4,791.2 kt in Q3 2026, up 8% quarter-on-quarter and 33% year-on-year. ROM coking coal processed was 4,253.2 kt, down 6% quarter-on-quarter but up 13% year-on-year. Washed coking coal produced was 2,503.1 kt, down 11% quarter-on-quarter but up 19% year-on-year. Washed coking coal sold was 1,996.9 kt, down 26% quarter-on-quarter and down 13% year-on-year. For gold and metals operations at the Bayan Khundii mine, ore mined was 414.9 kt in Q3 2026, up 68% quarter-on-quarter and 212% year-on-year. Ore processed was 164.5 kt, up 7% quarter-on-quarter and 710% year-on-year. Gold sold was 11,853 oz, up 1% quarter-on-quarter and 3,366% year-on-year. The weighted average gold price was USD 4,315 per oz, down 4% quarter-on-quarter but up 13% year-on-year. Commercial gold production at the BKH mine commenced from 14 September 2025. The operational data are rounded and derived from internal records and may differ from periodic reports. The board of directors includes Mr. Odjargal Jambaljamts (Chairman and executive director), Dr. Battsengel Gotov (executive director), Ms. Enkhtuvshin Gombo (non-executive director), Mr. Ariunbayar Byambadorj (non-executive director), Mr. Chan Tze Ching, Ignatius (independent non-executive director), Ms. Delgerjargal Bayanjargal (independent non-executive director), and Dr. Tsend-Ayush Tuvshintur (independent non-executive director).

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