Overview Key strengths Key risks Mid-to-large scale globally and integrated business model, with operations in mining, refining, and processing. Financial leverage to remain elevated on significant capital expenditure (capex). Good-quality and long-life mines, with relatively low cost globally on normalizing production. Fast expansion in low-margin trading business to weigh on margins and test working capital management and risk management capability. Good access to capital markets and solid banking relationships support adequate liquidity. Dependence on gold, with geographical concentration in China. High likelihood of support from the Shandong government if needed. We forecast the company?s output of mined gold will recover to 44-45 tons this year, from 29 tons in 2021, still below the pre-COVID-19 level of about 48 tons. Most
