Overview Key strengths Key risks Fourth-largest gold producer with 2.9 million ounces (moz) of output in 2023. Concentration of assets and production in a single high-risk country, Uzbekistan. Long reserve life thanks to mineral resources of 148 moz, which provide potential for organic growth of production. Exposure to Muruntau-Myutenbay mine, which produces about 60% of output and accounts for comparable share of resources. Low cost of production leading to above-average profitability. Evolving financial and dividend policies, including the government?s approach to long-term financial strategy of the company. Currently conservative leverage. Inherent volatility of the mining industry. NMMC is one of the largest companies in Uzbekistan and is the single largest source of revenue for the government--roughly 16.7% of the state
