AltynGold plc Annual Report and Consolidated Financial Statements for the Year Ended 31 December 2022

AltynGold Plc (LSE: ALTN) is an exploration and development company, which listed on the main market segment of the London Stock Exchange in December 2014. To read more about AltynGold Plc please visit our website www.altyngold.uk. At a glance AltynGold’s main asset is its 100% interest in the Sekisovskoye gold mine and its exploration site at Teren-Sai. Both mine sites are based in north east Kazakhstan. In the most recent CPR in 2019 (page 17 of the Annual Report) the Sekisovskoye site has proved reserves of 3.47Moz and probable reserves of 0.33Moz. In 2022, the mine sold 34,499oz increasing from the prior year of 27,747oz, production and profits have been increasing in line with the budgeted plan for the mine. The mining licence for Sekisovskoye is valid until 17 July 2029. The Teren Sai Project is made up of a number of exploration targets in an area adjacent to the Sekisovskoye mine site. In the most recent licence application in 2022, the original licence granted in 2016 for six years is to be extended for a further 2 years to continue with the exploration of the area with a view to bringing the area into production in the near term. At Teren-Sai the proved reserves amount to 0.8moz and probable reserves of 0.65moz. This is based on one area that contains 4 breccia bodies known as area No.2 for which the CPR was obtained (see page 19 of the annual report). This is the principal target for exploration as the first stage of production will be from this area. Key achievements in 2022 The key highlights are documented below: Financial highlights ▲ Turnover increased in the year to US$62m (2021: US$50m). ▲ 34,499oz of gold sold (2021: 27,747oz). ▲ Average gold price achieved (including silver), US$1,762oz, (2021: US$1,803oz). ▲ The Group made a profit before tax of US$13.4m (2021: US$18.3m). ▲ Adjusted EBITDA (Earnings before interest, tax, depreciation and amortisation) of US$21.9m (2021: US$26.4m). This decrease was due to significant costs incurred in the year for sponsorship and consultancy, in total amounting to US$6.6m. ▲ The Group obtained a further advance of US$40m from Bank Center Credit for capital development. ▲ The Group repaid borrowings of US$15m (2021: US$7.9m). Operational highlights ▲ Ore processed 527,000t, (2021: 571,000t) ▲ Gold poured 34,023oz, (2021: 28,450oz) ▲ Mined gold grade 2.17g/t, (2021: 1.97g/t). ▲ Operating cash cost US$805/oz, (2021: US$649/oz). ▲ Gold recovery rate 83.43% (2021: 83.05%). Underground development & exploration ▲ Transport declines 1 is at 50masl (2021: 117masl), transport decline 2 is now also at 50masl (2021: 134masl). ▲ Development of the shaft and tunnelling amounted to 6,699 linear metres, (2021: 6,209 linear metres) ▲ Exploration drilling at Sekisovskoye amounted to 129,928 linear metres (2021: 119,438 linear metres). ▲ An extension to the mining licence for two years at Teren-Sai has been applied for and is expected to be finalised in the second half of 2023. WELCOME TO ALTYNGOLD PLC To read more about AltynGold plc please visit our website www.altyngold.uk

1 AltynGold plc Annual Report 2022 Sekisovskoye The Sekisovskoye deposit is the Company’s flagship asset and is located close to the village of Sekisovka, approximately 40km from the north east Kazakhstan regional capital, Ust Kamenogorsk. The current licence expires in July 2029. The mineral rights at Sekisovskoye are held by a 100% owned subsidiary of the Company, DTOO GRP Baurgold, and the processing plant is owned by a 100% owned subsidiary of the Company TOO GMK Altyn MM. The Sekisovskoye deposit was discovered in 1833 with surface mining taking place during the periods 1833 to 1847, 1932 to 1935, and 1943 to 1946. From 1975 to 1986, a range of exploration work was carried out. Between 1978 and 1982 “AltaiZoloto” of the Ministry of Non-Ferrous Industry, KazSSR, mined the oxidised area of the ore body. In 2003, under Hambledon Mining’s ownership (subsequently renamed to AltynGold Plc), further exploration work was undertaken and gold production from the mine and processing plant commenced in 2008. In 2019, the Company released the findings of the mining consultant, Ernst and Young’s Competent Persons Report on the mine, which demonstrated substantial JORC reserves and resources, see page 21 for further details. With new plant acquired in 2020 the Company is ramping up to significantly increase production. This will significantly increase the number of oz of gold produced, with the aim of achieving 100,000oz in the future. This will be achieved by increasing output and accessing higher grade reserves through the continued development of the underground mine. The group has obtained additional funding in 2023 to expand the processing plant in order to increase its production capacity, with the aim to move to 800,000tpa and gradually to 1mtpa. 1 Teren-Sai Ore Fields In May 2016, the Company was awarded the subsoil exploration contract to conduct exploration testing at the Teren-Sai ore field for the 6 year term, this expired in May 2022 and the Company that holds the licence in Kazakhstan has applied to extend the licence for a further 2 years. The licence is initially for further exploration with the aim of bringing areas No.2. into production in the near term. The geological data that the Company acquired indicates that there are at least fifteen mineralised zones at Teren-Sai and this leads the Company to believe that this project has the potential to contain significant gold resources. A CPR was conducted in 2019 in one of the areas (area No.2); see the report on page 17. The Company is continuing to validate the geological data by twinning previous drill holes and undertaking additional metallurgical testing on the other sites. 2 Strategic report Strategic Report ..................................................................1 to 20 At a glance ......................................................................................IFC Areas of exploration ......................................................................1 Chairman’s statement ..................................................................2 Chief Executive Officer’s review..............................................3 Financial performance..................................................................6 Market review and share price performance................7 Our strategy and business model ........................................8 Principal risks and uncertainties ............................................9 Non-financial and sustainability information statement ..........................................................................................11 Directors’ Section 172 statement ......................................12 Corporate social responsibility ............................................13 Mineral resources statement ................................................17 Governance Corporate Governance ..............................................21 to 43 Corporate Governance statement ....................................21 Board of Directors ........................................................................24 Directors Report ............................................................................27 Statement of Directors’ Responsibilities ........................30 Audit Committee report ............................................31 to 32 Remuneration Committee – Statement ......................33 Annual remuneration report ................................................34 Remuneration policy report ..................................................38 Independent Auditor’s Report ..............................39 to 43 Financial statements Consolidated Income Statement ......................................44 Consolidated Statement of Comprehensive Income ................................................................................................44 Consolidated Statement of Financial Position ..........45 Company Statement of Financial Position ..................46 Consolidated Statement of Changes in Equity ........47 Company Statement of Changes in Equity ................48 Consolidated Statement of Cash Flows ........................49 Company Statement of Cash Flows ................................50 Notes to the Financial Statements ......................51 to 73 Notice of Annual General Meeting ....................74 to 79 Company Information ..............................................................80 CONTENTS Areas of exploration KAZAKHSTAN Russia Russia 1 2 Governance Strategic report Financial statements

AltynGold plc Annual Report 2022 2 The Company had another successful year increasing its sales output to 34,499oz, generating a turnover of US$62m and a profit before tax of US$13.4m. The Company is advancing on its development plan having successfully secured US$40m funding at attractive terms. The ensuing objective is to increase ore production to 760ktpa in 2023 as a springboard to achieving 1mtpa thereafter in line with the processing plant expansion planned for 2023 – 2024. In conjunction with its development strategy, the Company is closely monitoring and controlling its carbon emissions. AltynGold currently ranks among the lowest emitters according to Kazakhstan’s environmental legislation. The Board is continuing to develop plans and reviewing technologies that will reduce future carbon emissions. The development of Teren Sai has been progressing slower than anticipated but the management is committed to continuing the exploration programme and accelerating ore extraction; initially open pit and then underground. The mining license for an additional two year term is in process and expected to be granted in the second half of 2023. The application for renewal is with the appropriate government department for consideration, and the delay has been due to checks to be performed by the relevant government body on the land to be returned that is not required for commercial development. The checks have been delayed until weather conditions improve on site, but the Company sees no issues in progressing the application once this has been done. Looking forward, the Company is anticipating solid growth. While higher interest rates and the strong dollar may hinder the demand and price of gold, the latter should be supported by geopolitical turmoil. Indeed, professional consensus forecasts see the gold price trading at the US$1,800oz – US$1,900oz range. Although Kazakhstan is not immune to the global inflationary dynamic, this pressure should be mitigated by the stronger dollar in which our revenues are denominated. With continuing positive operational developments, it is hoped that the share price will be more reflective of the Company’s progress and its future prospects. Finally I would like to conclude by thanking our Board members and employees for their unwavering support and I look forward to another successful year. Kanat Assaubayev Chairman 5 May 2023 CHAIRMAN’S STATEMENT

3 AltynGold plc Annual Report 2022 CHIEF EXECUTIVE OFFICER’S REVIEW Overview The company’s gold production increased 19.6% with gold poured reaching 34,023oz, the highest level since operations at Sekisovskoye mine commenced. This was achieved despite the setback of extreme weather which resulted in abnormally low production of 527,000tpa of processed ore which was mitigated by higher grades of 2.17g/t and drawing on stockpile with 585,000tpa ore milled. The budgets for the year ended 2023 have been set to reach a run rate output of 760-800,000tpa which is dependent on the commissioning of the additional capex equipment as planned. Following extensive drilling works at Teren-Sai, the exploration area has been remapped versus the original licence with areas that are no longer of commercial interest returned to the government. This process has slowed the licence renewal which is now expected to be finalised in the second half of 2023. In the interim, the Company has put plans in place for further drilling and site preparation pending the agreement on the new licence details. The Company entered into credit arrangements with Bank Center Credit to finance the processing plant expansion and the acquisition of new mining equipment. While this financing was completed in November 2022, the funds will only be fully drawn in 2023. Concurrently, the processing plant expansion work has already commenced and substantial equipment purchases were placed post year end, which should result in higher level of ore production. Mine development The Company has continued its development at Sekisovskoye in line with its mining plan. The pace of development should further accelerate in 2023 as the US$40m funding is deployed for the acquisition of new equipment and infrastructure development. The majority of the new equipment is expected to be in place during the first half of 2023 (see note 27). The principal development milestones achieved during the period were:  Tunnelling and shaft sinking of 6,699 linear metres, (2021: 6,209). This included 1,040 linear metres at 150masl to open up further reserves for exploration in 2023.  Blast hole drilling of 129,928 linear metres (2021: 119,438).  Exploration drilling was carried out and amounted to 13,928 linear metres (2021: 18,943). The exploration drilling was carried out at horizons 174masl and 150masl along ore bodies 11 and 5. Underground development Strategic report Governance Financial statements

4 AltynGold plc Annual Report 2022  Backfilling of voids was carried out as the declines are moving down and the blocks are mined. The principal mining operations in the period were at ore bodies 6-8, ore body 5 and 11 at horizons 117masl, 134masl, and 150masl. Both transport declines have been developed to 50masl with expected continuation of this development in 2023 as shown on the underground map of the mine. In order to continue safe mining operations and enable efficient engagement with the local environment, the following capital and maintenance works were carried out at the mine site and surrounding areas:  Connections were made to the local water supply and maintenance carried out on the water pumps.  The local stream was cleared and the bridge giving access to the mine and the local village repaired. The main roads were also repaired and cleared during the winter season.  The Company undertook the repair of the local stadium and park zones of the local village from where the majority of the work force are hired. Exploration – Teren-Sai As mentioned above the Company is awaiting the extension of the licence for a two year period, therefore, only a limited exploration activity was carried out. During the period, 2,000 linear metres of exploration drilling were carried out. A map of the proposed new exploration area is shown below. The areas of interest are No. 2, 4 and 5 with area 2 being the first target of development. A competent persons report was conducted on this area, the results of which are shown on pages 17-20. As noted previously, the results from the test production obtained from open pit workings for Area No. 2 indicated an average grade of 1.8g/t. The exploration work carried out in the period under the original 2016 licence is as follows:  exploratory pneumatic percussion drilling of 1,352 wells, with a total volume of 67,581 running meters;  core drilling – 74 wells, with a total volume of 18,360 running meters;  sludge sampling – 33,791 samples;  core sampling – 18,350 samples. Based on the results of prospecting work conducted during the reporting period, three prospective areas for the discovery of gold mineralisation were identified in the ore field areas Nos. 2, 4 and 5. CHIEF EXECUTIVE OFFICER’S REVIEW continued The key production figures are shown below: Mining results ore extraction 2022 2021 Ore mined T 527,231 571,035 Gold grade g/t 2.17 1.94 Silver grade g/t 1.78 1.81 Contained gold oz 36,835 35,580 Contained silver oz 30,233 33,296 Mining results processing 2022 2021 Crushing T 574,614 534,426 Milling T 585,480 541,576 Gold grade g/t 2.17 1.97 Silver grade g/t 1.64 1.63 Gold recovery % 83.43 83.05 Silver recovery % 72.87 73.54 Contained gold oz 40,782 34,258 Contained silver oz 30,927 28,408 Gold Poured oz 34,023 28,450 Silver poured oz 22,538 20,891  Other geological operations (development of design documents, work, etc.). The exploration activities are aimed at obtaining sufficient geological data to make a preliminary estimate of mineral resources, which will be followed by production. Capital requirements The Company raised a US$40m facility in order to fund its capital requirements for 2023 as detailed in the table below: The principal focus will be on capacity expansion which entails upgrading the processing plant and infrastructure. An extra grinding mill and new underground mining equipment will also be added. The mill is expected to be installed with minimal disruption to existing operations in 2023 with the capex program extending into 2024. Regarding Teren-Sai, the current capex budget foresees continuation of exploration at the site In area No. 2, 25 major ore intersections were identified in 7 wells. In area No. 4, 15 major ore intersections were identified in 6 wells. In area No. 5, 14 major ore intersections were identified in 14 wells. The main tasks relating to the updated licence consists of the following geological and geophysical works:  topographic and geodetic works;  drilling of core wells;  logging works;  testing;  laboratory and analytical work;  Topographic tie-in of the 133 wells to be drilled;  Geophysical research in 1,995 linear meters wells;  Drilling operations (core inclined drilling) with a volume of 39,900 linear meters;  Laboratory work on 50,474 samples; Projected capital expenditure Total 2023 2024 US$m US$m US$m Prospect drilling 4 2 2 Underground development 19 8 11 Infrastructure 2 2 – Ore handling facilities 17 11 6 Process plant incremental expansion 2 1 1 Total 44 24 20

5 AltynGold plc Annual Report 2022 pending the approval of the updated development plan. Further advancement of the project will subsequently depend on raising additional funding. Longer term plan The budget for 2023 foresees ore production increasing to a run rate 760,000-800,000t per annum in line with the projected expansion of the processing plant in the second half of 2023. The drilling and exploration targets for Sekisovskoye are set at a similar level to the prior year with continued development of the declines in order to access further reserves. Development plans relating to the open pit operations at Teren-Sai are awaiting approval and require a minimal capital budget, as the Company has the necessary equipment in place to commence site preparation. The total capital required as outlined above amounts to US$44m and will be largely met from funds raised in the year. Additional capital will be injected as necessary if funding allows. The current tailings dam has capacity until 2025 for the planned production hence it will be reviewed for upgrade and redevelopment during 2024. Map of Area – Teren-Sai Strategic report The scheme of the contract territory with a return site and 3 sites for evaluation works with an area of 4,489 sq.km Governance Financial statements

6 AltynGold plc Annual Report 2022 The production results at Sekisovskoye are encouraging with the investment in capital and more efficient working practices increasing the key figures of mineral processing towards target levels. Further investment is planned, with the funds received from Bank Center Credit to increase the capacity of the process plant. As this will be an add on to the existing structures there is no disruption anticipated while the works are being carried out to implement the upgrades. Ore mined totalled 527,000t which was lower than the previous year due to extreme weather. Part of the shortfall was covered by stockpiles from prior years. Gold poured increased 19.6% to 34,023oz (2021: 28,450oz). Recovery rate also improved to 83.43% (2021: 83.05%). During 2022, the Company sold 34,499oz of gold (2021: 27,747oz) at an average price US$1,762per oz (2021: US$1,803). As such, revenue expansion was solely driven by volume increase in production. The Company budgets a medium term price range of US$1,700 – US$1,800. The total Company’s output was taken by the Kazakh national refinery, in line with the long standing off-take agreement. As in previous years, sales were translated using the spot US$ exchange rate at the point of sales. The total cash cost of production which includes administrative costs but excludes depreciation and provisions amounted to US$1,160/oz, (2021: US$834/oz). The operating cash cost excluding administrative costs amounted to US$805/oz (2021: US$649/oz). The increase in the total cash cost was as a result of significant additional administrative costs as explained below. The administrative costs have increased by US$6.6m mainly as a result of one off items. The Company sponsored projects worth US$3.6m for the benefit of the community in line with central government recommendations. These related to a project ongoing from the prior year for the provision of a library at the university that the Company contributed towards. A further US$3m was spent on mine upgrade, ecological research, carbon offset programmes and climate change reporting. An aspect of this was to investigate if the Company would be able to sell any unused carbon foot print to other companies. The expenditure on these projects is expected to decline in the forthcoming 2023 period. The Company realised a gross profit of US$29.3m (2021: US$27.8m) and net profit before tax of US$13.4m (2021: US$18.3m). Adjusted EBITDA decreased to US$21.9m (2021: US$26.4m) as a result of the non-recurring increase in administrative costs identified above. Details of the calculation are shown in note 13 of the financial statements. Cash at year end was US$116,000 (2021: US$3.6m). Funds utilisation included US$9.7m change in working capital following significant prepayments for equipment, US$6.4m bond and other loans and interest repayment net of new loans and US$9.2m capital additions. The Company raised funds post year end from the issue of a Bond on the Astana International Exchange, raising US$9.4m. FINANCIAL PERFORMANCE Revenue (US$m) US$62 2022 62.0 2021 2020 Annual gold poured (oz) 34,023 2022 28,450 34,023 2021 2020 Operating cash cost of production (US$/oz) US$805 2022 805 2021 2020 EBITDA (US$m) US$21.9 2022 21.9 2021 2020 Net assets (US$m) US$62.2 2022 62.2 2021 2020 17,028 30.0 50.0 800 649 13.5 26.4 35.3 55.2 Annual gold sales (oz) 34,499 2022 27,747 34,499 2021 2020 16,535

7 AltynGold plc Annual Report 2022 5,000 7,000 9,000 11,000 13,000 15,000 17,000 19,000 21,000 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 FTSE 350 Mining Index MARKET REVIEW AND SHARE PRICE PERFORMANCE Commentary AltynGold share price commenced the year at a level of £1.14 and currently trades in the range of £1.30-£1.40. The Company fundamentals are strong with growing turnover, solid balance sheet and a fully funded capital expenditure programme for the upcoming period. The Board is pleased to see the share price recovering but maintain the view that the company remains undervalued given its future growth prospects. In particular, the Company outperformed the FTSE 350 mining index in the period and the directors expect further re-rating given strong fundamentals and growth expectations. In addition to increasing production, a key factor for the Company’s performance is the strength of the gold price and the USD/KZT exchange rate. The charts below indicate that the fundamentals of both have remained strong during the period. Gold started the year at US$1,800oz and finished at US$1,826, rising at one point to over US$2,000oz. During 2022, the Company’s average sales price was US$1,798oz resulting in overall turnover of US$62m. As at the end of March 2023, gold was trading in the range of US$1,900oz to US$1,950oz. Given current trading dynamics, it is expected that the average gold price to be achieved in the forthcoming period will be higher. The other key factor is the performance of the US Dollar against the Kazakh Tenge. USD/KZT exchange rate averaged 460 over the period, starting the year at 435 and ending at 462. At the end of March 2023, USD/KZT was around 450, benefiting the company given that a large part of its cost base is denominated in Kazakh Tenge while its revenues are earned in dollars. Assuming the current dynamics hold and a prompt execution of the capital programme, the ensuing growth in production should result in stronger share price growth in the future. 50 60 70 80 90 100 110 120 130 140 150 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 ALTN p per share 1,500 1,600 1,700 1,800 1,900 2,000 2,100 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Gold price US$/oz 400 420 440 460 480 500 520 540 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 KZT/USD Strategic report Governance Financial statements

8 AltynGold plc Annual Report 2022 Our business model is two-pronged, consisting in the continued development of the flagship high grade underground Sekisovskoye mine while seeking further growth opportunities at the adjacent Teren-Sai Ore Fields. For Sekisovskoye, the short term target is to reach an annual ore extraction level of 800,000t, which will be further increased to 2mt over the longer term. For Teren-Sai, drilling tests have already indicated grades of 1.8g/t which paves the way to open pit mining operations. In combination, our strategy aims to achieve a longer term target of 100,000oz annual gold production. In addition the Company is always evaluating other projects to complement existing operations with selective acquisitions. The business strategy rests on four pillars: Mining – The Company has a proven track record with its successful development of the Sekisovskoye mine. We intend to continue the expansion of Sekisovskoye mine in the most cost effective and efficient manner, while moving Teren-Sai to the production phase; initially open pit then underground. Development – The underground mine and processing facility need to be further developed in order to access significant ore reserves at increased depth which should extend the life of the Sekisovskoye mine. The development of open pit operations at Teren-Sai should allow an increase in production towards 100,000oz annual gold production target. Exploration – The Company has been conducting extensive exploration at the Teren-Sai site with the completed CPR and extraction of test production yielding good results. The Company is moving towards the development stage in 2023. Growth – We are committed to adding value to our shareholders by setting solid foundations for future production growth. As such, we frequently evaluate investment opportunities in Kazakhstan and Central Asia in case of potentially synergetic additions to our core assets. Development Exploration Growth and Evaluation Mining OUR STRATEGY AND BUSINESS MODEL Develop Continue to develop our high grade underground mine at Sekisovskoye Grow Production and asset base growth via the highly prospective Karasuyskoye Ore Fields Progress Continue to grow

9 AltynGold plc Annual Report 2022 Strategic report The Company has reviewed the principal risks associated with the development of the Company, and there has been no material changes in the level or likelihood of the risks. The Company has considered the current situation in relation to COVID-19, the effect of environmental factors, and the current political and economic environment, details of which are noted below: Risk Mitigation Encountering technical difficulties in further developing the underground mine at Sekisovskoye and developing the site at Teren-Sai to bring the prospective exploration site into production, would be negative for the future of the Company. To mitigate this, the Company uses external consultants as appropriate to provide technical assistance when required, and works to a mine plan and budget that is regularly checked and updated. The current test production at Teren-Sai indicates that the production of dore from the site is technically feasible. A production plan in relation to future development of the site is being prepared. Failure to achieve production estimates Failure to achieve production estimates could arise due to various circumstances, not least the mining issues, processing plant issues and breakdowns, and political and other disruptions. Given that Company revenues are dependent on producing gold and silver from the Sekisovskoye mine, failure to achieve production targets would adversely affect the Company’s profitability and ability to generate cash. The Company mitigates this risk by careful operational planning and detailed technical appraisal work, as well as regular maintenance work. The Company’s management has analysed the risks and uncertainties and has in place control systems that monitor daily the performance of the business via key performance indicators. Certain factors are beyond the control of the Company such as the fluctuations in the price of gold and possible political upheaval. However, the Company is aware of these factors and tries to mitigate these as far as possible. In relation to the gold price the Company is pushing to achieve a lower cost base in order to minimise possible downward pressure of gold prices on profitability. In addition it maintains close relationships with the Kazakhstan authorities in order to minimise bureaucratic delays and problems. Fiscal changes in Kazakhstan Given that Altyn operates solely in Kazakhstan, the Company is naturally at risk of adverse changes to the fiscal regime in the country. Kazakhstan is a relatively young country and there have been fiscal changes in recent years, in some cases related to the mining industry. However, the country is outward looking and committed to attracting foreign direct investment. Kazakhstan has hosted international exhibitions and sporting events, and is positively encouraging investment, including relaxing visa requirements. We therefore believe that the Kazakh government is aligned with potential foreign investors and would be very cautious in implementing any fiscal changes which could deter investment. Recent tax audits of the subsidiary companies have not revealed any material discrepancies. The Company has consulted with the tax authorities and provided all necessary information as and when required, and will seek expert tax advice as and when necessary. No access to capital Funding Sekisovskoye – in order to continue with the underground development at Sekisovskoye, the Company must incur additional capital expenditure. The capital raised recently has provided sufficient investment for the Company to move towards its medium term target of 850kt. In order to develop the site at Teren Sai and Sekisovskoye to their full potential the Company is dependent on cash from external sources to develop the mine after this point and therefore its future is at risk if funds from these external sources are unavailable. The Company is developing a number of lines of funding to provide the required level of funding. The Assaubayev family, which owns the majority of the shares through its vehicle, African Resources, has invested in and provided loans to the Company in the past and is keen to see the Company succeed. However, without further external funding to complete the underground mine, production would proceed at a much slower pace. The Company is looking at a number of avenues to raise the necessary funds when required. Technical difficulties developing the underground mine at Sekisovskoye and exploration site at Teren-Sai PRINCIPAL RISKS AND UNCERTAINTIES Strategic report Governance Financial statements

10 AltynGold plc Annual Report 2022 Risk Mitigation Commodity price risk The Company generates its revenue from the sale of gold and silver that it has produced. While the Company has no control over commodity prices, it is in a fortunate position of having a very robust mine and development project in Sekisovskoye that can withstand prolonged weak precious metals prices. The Company is significantly increasing production, once further equipment is obtained. The lower resulting cash cost of production will provide a significant buffer from failing commodity prices. Inflationary & Currency risk Inflationary pressures are increasing throughout the world leading to higher commodity and overhead costs. In Kazaksthan this is balanced by the fact that some costs are paid in Kazakh Tenge, but the revenues are earned in dollars. The US Dollar has been appreciating against the Kazakh Tenge again this year moving from last year’s closing level of KZT430 to current levels of KZT460. As the revenue is generated in US Dollars any strengthening of the US Dollar against the Kazakh Tenge will favour the Company. In addition the Company has a relatively low cost of production, and as noted above a number of costs are being met locally in Kazakh Tenge. Reliance on operating in one country Currently all of the Company’s mining assets are in Kazakhstan. The Company believes that Kazakhstan has significant future mineral potential, hence the choice of jurisdiction. The Company makes it its business to be well informed of any in-country changes which may adversely affect the business. While the Company knows and understands Kazakhstan well and hence has a strong position in-country, it has stated that it would look at other opportunities in the future within the Central Asia region and this may mitigate risk. Altyn’s reliance on one operation Currently, the Company only generates revenue from one mine – Sekisovskoye. The Group is actively exploring its adjacent property, Teren Sai, with a view to developing this asset to achieve production in the future, and in this respect recently completed a CPR on one area known as area No.2 within the exploration site containing 4 breccias ,and also recently obtained the results of the test production which were positive. Political uncertainties There was some disruption and unrest in Kazakhstan in the early part of the prior year, but recent government policies appear to have helped stabilise the country. There are also the continuing imposition of sanctions on Russia. In relation to the first point the Company maintains good relations with its workforce which is sourced locally near the mine and is largely insulated from the disruptions in the major cities. There have been no issues with supply chains, and the Company maintains a good communication with its suppliers to ensure any issues are highlighted and dealt with early. In relation to the second issue the Company currently has no reliance in terms of trade or funding from Russia. Plans have been adapted and the consumables purchased from Russian companies have been switched to alternative sources, procedures have been reviewed and relevant departments notified to ensure that no sanctions are breached and no reliance is placed on future trading/financing from Russia. The country is currently in compliance with the sanctions regime that is being applied to Russia. The Company will keep the situation under review. Health, safety and environmental issues The Company is aware of its obligations to all stakeholders in relation to maintaining a safe work environment. It liaises on a regular basis, with the authorities and monitors and reports on a regular basis key environmental indicators such as air and water quality. There were no reporting incidences or accidents in the year at the mine. The Kazakh authorities have recently reviewed and updated the environmental code in Kazakhstan. This has imposed a number of new regulations and requirements on the Company. The Company has reviewed its obligations under the code to ensure that it monitors and complies with the new requirements. The Company is also aware of its longer term obligations in relation to reducing its carbon footprint and aims to ensure that this is considered in its decision making processes and the impact and costs to the wider environment. In this regard it has set up a board committee to monitor and progress its obligations. PRINCIPAL RISKS AND UNCERTAINTIES continued

11 AltynGold plc Annual Report 2022 Strategic report The Company has reviewed the principal risks associated with climate change and sustainability, covering the physical risks associated with the climatic change of higher temperatures and changing weather patterns, and the transition risks associated with a move to net zero in terms of new technology and working practices. As required by The Companies (strategic report) (climate related financial disclosure) Regulations 2022, and the listing rules, the Company’s actions have been mapped against the recommendations as developed by the task force on climate-related financial disclosures (TCFD). From the initial analysis the Company has not set targets or KPIs to review the impact of actual or potential climate related risks as the impact on the Company in terms of physical and transition risk are not deemed material at this stage to its business model from the internal reviews conducted. In terms of supply chain risks, these are also not considered critical as the Company has a policy of maintaining sufficient quantities of spares and consumables for its operations to continue operations until alternative supplies can organised. Governance arrangements in assessing and managing climate-related risks and opportunities The Company see this issue, as does the wider community, as growing in importance. In 2022 it appointed two independent Non-Executive Directors to oversee the Company’s compliance with local environmental laws, and to assess the impact of climate change and the move to net zero on the Company. The two Directors, Maryam Buribayeva and Vladimir Shkolnik, have received initial reports on the Company’s current environmental approach and plans to move towards net zero which are outlined below. Process of identifying and assessing climate-related risks and opportunities identified and integrated into the overall operations of Company’s management process As the Company operates in a sensitive environmental industry in Kazakhstan it has a dedicated environmental department that deals with its obligations under its mining licences. This department has been charged with the remit of assessing the impact of any climatic changes that may occur in the future on the operations of the Company, together with the consideration of the risks and opportunities of the transition of the Company to net zero. As part of this process the Company will consider the future plans in relation to development of the mine at Sekisovskoye and the exploration site at Teren-Sai. This will cover as part of the review purchasing of equipment and resources, development of the infrastructure, transport of materials to and from the site, energy usage, dealing with rehabilitation of the site in the future. At present this is being considered through internal evaluations. The Company has also been utilising external consultants to aid the Company in its evaluation processes. Principal climate-related risks and opportunities Physical risks The two mining trading subsidiaries are both operating in Kazakhstan. Kazakhstan is a land locked country. In the interior of the continent it experiences extremes in temperatures ranging from -30c to +30c in Sekisovskoye where the mine is operational. Any impact in relation to changes in the climate are not expected to impact the operational capabilities of the Company as it already operates in an extremely challenging environment. In Almaty and Astana which are the administrative centres of the Company the temperatures are not so extreme, and there would be expected to be minimal operational impact on the Company from physical changes in the environment. Transition risks of moving to lower carbon technology Risk type Risk Opportunity Policy Technology Legal & reporting Reputational The regulations in the country may change, which results in additional administrative costs and also impacts production. Use of government grants, incentives and support to switch to low carbon equipment. New machinery may need to be acquired with a lower carbon technology, with impacts in relation to lead times, installation and training. High polluting assets may be retired early, with consequent knock on to further costs for replacement assets. The newer machines will provide a cleaner working environment for the workforce. Increased reporting requirements, the use of resources internally and possibly externally to fulfil reporting requirements. Greater awareness of the challenges facing the Company and the wider community with regard to climate change. The move to a low carbon economy, and investor and wider public sentiment moving against those seen as high polluting companies may affect the ability of the Company to train and recruit people and ultimately result in a lowering on the value of the Company. As well as a reduction in demand from both investor and shareholder interest. Embrace plans to review and move to low carbon working practices at all levels of the organisation including Company, customer and supply chain levels. NON-FINANCIAL AND SUSTAINABILITY INFORMATION STATEMENT Strategic report Governance Financial statements

12 AltynGold plc Annual Report 2022 Statement by the directors in performance of their statutory duties in accordance with s172 (1) Companies Act 2006. The Board of Directors of AltynGold Plc both individually and collectively act in the way they consider in good faith would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and considerations set out in s172 (1) (a-f ) of the Act). In decisions taken to the year ended 31 December 2022, we would reference our approach to our business plan, social and corporate responsibility and the supporting control environment which deliver good outcomes for the company and wider stakeholders. In achieving this, the following areas are highlighted: The Company maintains good lines of communication with the workforce and relevant government bodies, and there have been no material disruptions in the year. In making their decisions the Board carefully assessed the future long-term aim of growing the Company. It has made its decisions balanced against the need to maintain safe working practices for its employees, achieving the increase in production capacity at a reasonable cost of capital, being aware of the environmental consideration and to obtain a good return to shareholders. The Board has maintained regular contact with its principal customer and suppliers, as well as cooperating with the national and regional authorities to ensure all regulatory and legal requirements were met. Regular contact has also been maintained with bankers and suppliers on a personal level and with its refiner. Shareholders have been communicated with, through the online messaging services and the website where presentations and Company broadcasts are available. The Company AGM also provides a portal where shareholders will be able to physically attend and ask any questions that they may have. The Board made the following key decisions in the year; a) Our Company’s plans were designed to have a long-term beneficial impact on the Company and to contribute to the success in delivering the business of exploration and developing and operating a mine to produce gold and other precious metals as outlined in our strategy and business model on page 118, and in relation to our longer term plan in the Chief Executives’ report on page 3. We continue to operate our business within a structured control environment and comply with all necessary regulated requirements necessary to maintain the operating licences. Key decisions in the year were:  In order to progress the development plan and provide funding to increase the capacity of the processing plant, further funds were obtained from Bank Center Credit during the year.  The contract with the subcontractor responsible for the extraction of ore and capital development of the underground mine was continued and will be renewed.  The terms of the licence at Teren-Sai were renegotiated with the relevant authorities in the year, and this is expected to be renewed in the second half of 2023.  The management renegotiated the off take agreement with its principal customer, detailing the quantity of dore to be supplied and payment terms for the period to December 2023.  Post year end in April 2023 further funding was raised from a US$10m bond at a coupon of 10.5% (US$9.4m net of expenses) on the Astana International Exchange (AIX). b) Our employees are fundamental to the delivery of our business. AltynGold wants to build teams that are loyal and committed to the long term success of the Company and create a pleasant work environment where all employees can thrive. We have put steps in place for workforce engagement, training and development, employee networks, and regular communication updates with senior management. During the year the company has worked closely with its employees and local authorities at both head office and the mine site to ensure that the staff were able to engage in the Company’s activities in a safe working environment. During the year the Company recognised its wider responsibilities to the wider community and assisted the development of the local community infrastructure, as well as supporting government led initiatives for the wider benefit of residents of Kazakhstan. c) At AltynGold, we think about the implications of our decisions on everyone in our Group, our industry and our community, because we are committed to building a sustainable business with a legacy we can all be proud of. Our success depends on our relationships with employees, a network of experts, customers and suppliers beyond our business. The majority of the workforce live and work in Sekisovska village located next to the mine. The Company is aware of the need to foster good relationships with the local community and try to engage with them, keeping them informed of the business activities. All of our activities are informed by appropriate engagement with stakeholders to gain an understanding of our operating environment and the market in which we operate. At present the Company has a single customer for its gold output as regulated by the Kazakh authorities and it complies with all requirements for timings and deliveries as appropriate. We value our suppliers and maintain regular communication with them. The Board has regular meetings with key equipment suppliers, principal consumable suppliers and its sub-contractors to agree contract terms and to discuss any issues that may have arisen. It has also established a good line of communication with its principal finance providers at the bank and AIX, to ensure that operations run smoothly and they are kept abreast of Company developments. d) Our plans take into account the impact of the company’s operations on the community, the environment and wider societal responsibilities, some of which are mandated by government legislation but others are taken up by the Company voluntarily. The Company was able to grow employee numbers, aiding and supporting the local community in which the mine is the key employer. Further details on this and the Company’s impact on the environment are as detailed in the corporate Social Responsibility report on page 13. AltynGold aims to ensure that it plays a responsible part in society as a whole. We also evolve and adapt as regulation changes and public interest in emerging issues grow. The plans the Company has developed helps it to stay focussed and make an impact and, it is keenly aware of the mine’s environmental impact and the dangers of not staying focused. It ensures the Company is pragmatic and consistent, and using local resources and people as necessary. There are regular checks made on the environmental parameters by independent third parties and government departments. No issues were highlighted in the year. See further details in the Corporate Social Responsibility Report on page 13. e) The Board of Directors’ intention is to behave responsibly and ensure that the business operates in a responsible manner within the high standards of business conduct and good governance: Our Company ensures that we meet standards expected by our Regulators in order to ensure that our license to operate is maintained. The Company has regular contact with the environmental authorities to ensure the Company complies in all aspects with the government standards required for the operation of the mine in Kazakhstan. There is a policy in place for whistle blowing and this ensures that employees feel empowered to raise concerns in confidence and without fear of unfair treatment. Employees can report anonymously any areas that are of concern to the compliance officer in charge of monitoring fraud, money laundering and bribery. The Audit Committee as a whole ensures that the processes in place are adequate. f) We aim to act fairly between members and act for all shareholders. The Company does have a controlling shareholder. However, their conduct is controlled by a relationship agreement which aims to ensure that they act in a fair, transparent and responsible manner. All shareholders are welcome at the Annual General Meeting to express their views. The Company website has a facility to obtain regular feedback from all shareholders. DIRECTORS’ SECTION 172 STATEMENT

13 AltynGold plc Annual Report 2022 CORPORATE SOCIAL RESPONSIBILITY Human resources The workforce at the Sekisovskoye mine site averaged 337 in the year (2021: 333), while the administration staff increased slightly at 89 (2021: 80). The total number of employees at the year end was 426 (2021: 413). The Company remains committed to the local village, employing 80% of the population of the Glubokov district in East Kazakhstan region in which the Sekisovskoye and the Teren-Sai deposit are located. As in the prior year outsourced labour is still being utilised, but their role is now being limited to specific operations related to the development of the mine and ore production. Human rights Whilst the Company does not have a specific human rights policy, it does have policies such as Equal Opportunities and an Anti-bribery policy that adhere to internationally proclaimed human rights principles. Employment policies and diversity The Company has an equality and diversity policy and has communicated it to its employees in a formal manner after consultation with the local authorities. It is fully supported by senior management and employee representatives. The policy is monitored and reviewed annually to ensure that equality and diversity is continually promoted in the workplace. The aim is to ensure that all employees and job applicants are given equal opportunity and that our organisation is representative of all sections of society. Each employee will be respected and valued and able to give their best as a result. This policy reinforces our commitment to providing equality and fairness to all in our employment and not provide less favourable facilities or treatment on the grounds of age, disability, gender, marriage and civil partnership, pregnancy and maternity, race, ethnic origin, colour, nationality, national origin, religion or belief, and sexual orientation. The Company provides the following to staff:  A medical station available to all employees.  Free provision of canteen facilities.  Bonuses/awards to staff as merited. The Company is opposed to all forms of unlawful and unfair discrimination. All employees, no matter whether they are part-time, full-time, or temporary, will be treated fairly and with respect. The Company will enforce current work practice and work within the spirit of the law. When selecting candidates for employment, promotion, training, or any other benefit, it will be on the basis of their aptitude and ability. The policy will aim to create an environment in which individual differences and the contributions of all team members are recognised and valued to create a working environment that promotes dignity and respect for every employee. To not tolerate any form of intimidation, bullying, or harassment, and to discipline those that breach this policy. To make training, development, and progression opportunities available to all staff. To promote equality in the workplace. To encourage anyone who feels they have been subject to discrimination to raise their concerns so we can apply corrective measures. To encourage employees to treat everyone with dignity and respect. We regularly review all our employment practices and procedures so that fairness is maintained at all times. Employee involvement Members of the management team regularly visit subsidiaries and discuss matters of current interest and concern with members of staff. Gender diversity Male Female Total 2022 325 101 426 2021 322 91 413 The table above shows the staff employment by gender. The Company places a great deal of emphasis on gender equality and diversity. At present there are 26 women in senior management positions (2021: 23), male senior managers in 2022 were 40 (2021: 38, including Directors). Company environmental checks Each of the Company’s facilities as is required by the government authorities was environmentally monitored on a quarterly basis by accredited outsourced companies. This included the following checks which were all within environmental standards set:  Checks were made on the water at surface and sub-surface levels to ensure that it was within safe limits, within both the production site and the tailings dump site – no incidences were noted during the year and as at the date of this report.  Checks were regularly made on the air quality at the production site, to include testing of the air extraction systems at the crushing and grinding plant, laboratory and transfer conveyors. Appropriate repairs were carried out during the year if there was any deviation from the accepted norms – no incidences noted.  Soil samples were analysed at the tailings dumps to ensure that there were no adverse effects on the environment – no incidences noted. Of primary importance to the Company is to ensure that the tailings dam and water discharges are within environmentally safe limits. The facility Strategic report Governance Financial statements

14 AltynGold plc Annual Report 2022 has a system in place that provides treatment and discharge of mine water into the surface reservoir – quarterly testing is done to ensure all required standards are met. This is reported to the authorities on a quarterly basis, again there were no incidences to report. The Company has systems to control the processing of waste in a controlled and environmentally complaint manner. All household waste produced is disposed of to specialised landfill sites. Tyres are temporarily stored prior to removal to a specialised site. Hazardous waste such as Mercury is carefully sent for recycling as are plastic waste from plastic packaging and other plastic waste from pipes, cuttings and geomembrane to reduce the amount being sent to the landfill sites. Metal scraps and exhausted oils are recycled as far as possible on the production site. The Company is continuing to refine and develop its environmental management systems, particularly in light of the new government imposed environmental laws. The impact of these have been considered in detail on the future operations of the Company. Health and safety AltynGold is pleased to report that during 2022 there were no accidents at the Sekisovskoye mine. The Company maintains its first aid rooms to the highest standards and ensures that rescue contracts are in place for employees in the event of an emergency. Our community The support of the local community is key to the success of the Company, and the various initiatives and projects have been undertaken to ensure that the success of the mine is of benefit to all parties. This is regarded as an ongoing commitment by the Company to the local community and has been formalised in a memorandum of co-operation by the Company with the authorities of the rural district. The company regularly contributes to local projects and participates in local events. Some of the activities that the Company participated in the year are as noted below:  The Sekisovskoya region in winter has very large snow drifts, the Company regularly clears the road and access paths at Sekisovska village.  Assisting in the regeneration of the local area and redevelopment of green spaces.  Assisting in anti-flood measures and clean up operations.  Participating and providing gifts for children of the local community and two orphanages in the local area.  Assisting and providing food for the elderly and pensioners in the local community. Climate change and our approach to the environment The Company’s policies outline our commitment to environmental responsibility. Safeguarding the environment and training our employees to minimise the environmental impact of our activities are important aspects of our business. We remain committed to achieving the highest environmental standards. CORPORATE SOCIAL RESPONSIBILITY continued

15 AltynGold plc Annual Report 2022 Strategic report The Company has reviewed its obligations under the guidelines and framework as noted with in the Task Force on Climate-related Financial Disclosures (TCFD). The framework has been devised to allow companies to disclose the potential and actual impacts on the business of climate-related risks, see report on page 13. As part of the review the Company has assessed the impact of the new environmental code in Kazakhstan that may have an impact on the operations, finances and reporting required by the Company. The Company currently has an environmental and ecology department that monitors and reports on a regular basis to the relevant authorities on air, water and soil contamination levels. The new environmental code became effective in Kazakhstan last year. It moves the issues of climate change to the top of the agenda, providing guidance together with a penalty regime for non-compliance. The main points are listed below:  Environmental violations are to be assessed over much longer period of 30 years.  Each Company is to be designated to a category based on the potential impact on the environment. Baurgold has been designated to the first category, and Altyn MM to the second. There are more stringent controls on the first category.  The enterprises in category one are obliged to accept the best available technologies on a list that is approved by the government authorities, and failure to do so will result in penalties.  The government has introduced a scaled increase in the charges for environmental pollution, from 2025 they will double, doubling again from the level in 2025 in 2028 and again in 2031 from the level in 2028.  It is recommended that large polluters in category one (producing CO 2 in excess of 500 tonnes) implement automated monitoring systems, Baurgold currently emits approximately 50 tonnes of CO 2 .  Fines and penalties have been increased as well as the use of only licensed waste carriers. From a review conducted by the Board the Company has complied with the requirements of the environmental law as outlined above. The Board remains committed to reduce its carbon footprint and will keep this constantly under review. Greenhouse gas reporting The calculations are prepared by an external consultancy and are approved by the Minister of Environmental Protection in Kazakhstan, which has strict guidelines and statutory requirements in relation to the measurement of emissions. The emissions as recorded below relate entirely to the Company’s activities in Kazakhstan. The head office function in the UK has a very small carbon footprint. The Company’s emissions by scope The Company’s emissions by scope Tonnes CO 2 Tonnes CO 2 Scope Source 2022 2021 Scope 1 Plant 4,120 3,919 Scope 2 Electricity 1,669 1,657 Scope 3 Other equipment 11 11 Total 5,800 5,587 Intensity 1 Tonnes per CO 2 Per US$ of revenue 0.000055048 0.000111096 Intensity 2 Tonnes per CO 2 Per oz of gold produced 0.168 0.201 The energy consumption used to calculate emissions was 150,272 kWh (2021: 136,905 kWh) Strategic report Governance Financial statements

16 AltynGold plc Annual Report 2022 Greenhouse gas emissions (GHG), are classified as either direct or indirect and which are divided further into Scope 1, Scope 2 and Scope 3 emissions. Direct GHG emissions are emissions from sources that are owned or controlled by the Company. Indirect GHG emissions are emissions that are a consequence of the activities of the Company but that occur at sources owned or controlled by other entities. Scope 1 emissions Direct emissions controlled by the Company arising from plant. Scope 2 emissions Indirect emissions attributable to the Company due to its consumption of purchased electricity. Scope 3 emissions Other indirect emissions associated with activities that support or supply towards the Company’s operations. CORPORATE SOCIAL RESPONSIBILITY continued

17 AltynGold plc Annual Report 2022 Overview Ernst and Young Advisory Services (Pty) Ltd (“EY”) were commissioned by the directors of AltynGold Plc (“Altyn”) in 2019 to prepare Independent Competent Persons’ Reports (“CPR”) on the Sekisovskoye Gold Mine (“the Sekisovskoye Mine”) and Teren-Sai gold project (“the Teren-Sai Project”). Both the Sekisovskoye Mine, which is an operating mine targeting gold and silver, and Teren-Sai, which is an exploration licence area, are located in eastern Kazakhstan, adjacent to the Sekisovka village. EY has compiled the reports in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 edition (“the JORC Code”). In the case of the Sekisovskoye mine it is an update to the CPR completed in 2014, entitled “Independent Competent Persons’ Report on the Sekisovskoye Gold Project prepared for Goldbridges Global Resources Plc, (subsequently renamed AltynGold Plc)” as at 31 May 2014 by Venmyn Deloitte (Pty) Ltd (“Venmyn Deloitte”) referred to as “the 2014 CPR”. In the case of Teren-Sai this will be a maiden Mineral Resource and Ore Reserve estimate for the Project based on exploration completed by AltynGold since granting of the subsoil use contract in 2016. The report describes reviews and documents the technical and economic parameters of the Sekisovskoye mine and Teren-Sai Project, in order to identify all factors of a technical and economic nature that would influence the future viability of the project. Geological Setting The sites are located in a complex geological setting that has been subject to much alteration and metamorphism. The projects are exploiting gold that is hosted in a number of pipe-like breccia bodies that have intruded into the Rudny Altai poly-metallic belt, which is part of the larger Central Asian Orogenic Belt. Ten breccias have been mapped in and around the Sekisovskoye Mine. Of these, seven breccias fall within the Sekisovskoye Mine licence boundary. Mineralisation is hosted in the breccia bodies and includes free gold and gold sulphides. Gold is embedded in the cement of the explosive hydrothermal breccias and is smeared across the lithology. The breccias are cut by barren igneous dykes that are typically planar and dip steeply to the northeast. The Teren-Sai Project is made up of 15 targets based on historical exploration. Of these 15 targets, Altyn has identified 3 areas for exploration that they see as significant Areas No.2, 4 and 5, consisting of various identified targets. Altyn is currently focussed on exploration and development of one of these 15 targets, namely Area No.2. Area No.2 consists of four breccia bodies. Exploration Sekisovskoye Recent exploration refers to all exploration carried out since the project was acquired by AltynGold (then known as Hambledon). The Sekisovskoye MINERAL RESOURCES STATEMENT Strategic report Governance Financial statements

18 AltynGold plc Annual Report 2022 MINERAL RESOURCES STATEMENT continued Mine has undergone numerous exploration programmes including geophysics, trenching and diamond drilling. Recent exploration has consisted of several drilling campaigns and a total of 1,490 drillholes have been completed. These drillholes include both surface and underground drilling but exclude all drilling prior to acquisition of the Sekisovskoye Mine by Hambledon. Of these drillholes, a total of 982 holes have been drilled between 2011 and 2019 and these form the basis of the orebody modelling and underground resource estimation used in the CPR. Exploration and orebody modelling has focussed increasingly on delineation of the orebody at depth and on infill drilling to improve geological confidence in the underground Mineral Resources since closure of the open pit. More recent exploration campaigns have consisted of almost exclusively underground drilling. Teren-Sai Recent exploration refers to all exploration carried out since the project was acquired by AltynGold in 2016. Recent exploration carried out by AltynGold includes pitting, trenching and diamond drilling. Exploration has focussed on the two breccias within Area No.2 and includes a total of 41 drill holes completed by AltynGold. A further 12 historical drill holes are included in the geological database. These historical holes were drilled in 1993. The 53 drill holes drilled in Area No.2 form the basis of the geological modelling and resource estimation used in this CPR. Drilling has been completed to a depth of approximately 465m below surface. In relation to the more recent exploration activities since 2019 these are detailed in the Chief Executive’s report on page 3. Mineral Resource Estimates Mineral Resource classification is based on the level of geoscientific confidence and primarily, drilling density. Due to the nature of the deposit, which is generally narrow and extending in a pipe-like deposit at depth, drilling and the resultant number of samples is denser near the surface and becomes less dense with depth. Sekisovskoye Measured and Indicated Resources are estimated from the current working depth of -185masl to a depth of -400masl. Inferred Mineral Resources have been estimated from -400masl to -800masl. An Exploration Result has been estimated from -800masl to -1,500masl. Teren-Sai Measured Resources from surface (approximately +490masl) to a depth of +260masl and Indicated Resources from +260masl to a depth of +25masl. No Inferred Mineral Resources have been estimated. An Exploration Result has been estimated from +25masl to -375masl. The open pit to underground boundary is at +350masl.

19 AltynGold plc Annual Report 2022 Strategic report Sekisovskoye 31 May 2019 Average Cut-off Average Contained Silver Contained Level Tonnage Grade gold grade Gold Grade Silver Resource Classification Masl (Mt) (g/t) (g/t) (Moz) (g/t) (Moz) Measured +250 to -400 29.03 1.50 3.76 3.51 6.20 5.79 Indicated +250 to -400 3.48 1.50 3.03 0.34 5.08 0.57 Sub-total 32.51 1.50 3.68 3.85 6.08 6.35 Inferred -400 to -800 37.15 1.50 2.37 2.83 3.99 4.77 Total mineral resources 69.66 1.50 2.98 6.68 4.97 11.12 Since 1 June 2019 to 31 December 2022 the Company has extracted 1.75mt of ore, at an average gold grade of 1.90g/t (107,162oz of contained gold) and an average silver grade of 1.62g/t (87,609oz of contained silver). Teren-Sai 31 May 2019 Average Cut-off Average Contained Silver Contained Level Tonnage Grade gold grade Gold Grade Silver Resource Classification Masl (Mt) (g/t) (g/t) (Moz) (g/t) (Moz) Measured – open pit +490 to +350 5.99 0.50 1.89 0.36 3.25 0.63 Measured – Underground +350 to +25 3.80 1.50 3.75 0.46 6.13 0.75 Sub-total 9.79 2.61 0.82 4.37 1.37 Indicated – underground +350 to +25 6.06 1.50 3.38 0.66 5.52 1.07 Total mineral Resources 15.85 2.91 1.48 4.81 2.45 The Teren-Sai CPR has measured Resources from surface (approximately +490masl) to a depth of +260masl and Indicated Resources from +260masl to a depth of +25masl. No Inferred Mineral Resources have been estimated. An Exploration Result has been estimated from +25masl to -375masl. The open pit to underground boundary is at +350masl. Exploration Target Estimate Sekisovskoye 31 May 2019 Average Cut-off Average Contained Silver Contained Level Tonnage Grade gold grade Gold Grade Silver Resource Classification Masl (Mt) (g/t) (g/t) (Moz) (g/t) (Moz) Exploration -800 to -1,500 22.79 1.5 2.37 1.74 no estimate no estimate Teren-Sai 31 May 2019 Average Cut-off Average Contained Silver Contained Level Tonnage Grade gold grade Gold Grade Silver Resource Classification Masl (Mt) (g/t) (g/t) (Moz) (g/t) (Moz) Exploration +25 to -375 9.28 1.50 3.46 1.03 no estimate no estimate Ore Reserve Estimate Sekisovskoye The Ore Reserves have been estimated from surface (approximately +430masl) to a depth of -400masl. All the Mineral Resource blocks that are above the Mineral Resource cut-off grade were included in the Ore Reserve, as no selective mining has been assumed for the Ore Reserve estimation. The Ore Reserve calculation includes a 5% dilution factor, 2% mining loss and 100% extraction factor. Based on the estimated Ore Reserves. Governance Financial statements

20 AltynGold plc Annual Report 2022 MINERAL RESOURCES STATEMENT continued Sekisovskoye 31 May 2019 Average Average Contained Silver Contained Tonnage gold grade Gold Grade Silver Resource Classification (Mt) (g/t) (g/t) (Moz) (g/t) Proved 29.87 3.61 3.47 5.88 5.65 Probable 3.58 2.91 0.33 4.81 0.55 Total 33.45 3.53 3.80 5.77 6.20 Teren-Sai 31 May 2019 Average Average Contained Silver Contained Tonnage gold grade Gold Grade Silver Resource Classification (Mt) (g/t) (g/t) (Moz) (g/t) Proved – open pit 6.29 1.71 0.35 2.94 0.59 Proved – underground 3.91 3.60 0.45 5.87 0.74 Sub-total 10.20 2.43 0.80 4.06 1.33 Probable 6.23 3.25 0.65 5.33 1.07 Total 16.43 2.74 1.45 4.54 2.40 For Teren-Sai the ore reserve calculation includes a dilution factor, mining loss and extraction factor. The average estimated losses and dilution are mining losses of 5% for the open pit and 2% for the underground and mining dilution of 10% for the open pit and 5% for the underground. An average mining extraction factor of 90% has been utilised for the Ore Reserve estimation. Mineral asset valuation The assumption of no selective mining was informed by both the mining method and by guidance included in the Kazakhstan mining legislation, which does not allow for the selective mining of blocks above the cut-off grade approved by the Committee of Geology of Kazakhstan. Therefore, no pay limit was used for mining selectivity and the definition of Ore Reserves. The key modifying factors used are as follows:  long term prices for gold and silver of USD1,280/oz and USD17/oz, respectively; the current prices are above US$1,900/oz and in the short-term the Company is using US$1,700-US$1,800 in modelling;  a processing recovery of 83% for gold and 73% for silver, which is in line with the current production;  an average underground mining cost of USD425/oz, which is based on a longer term projection based on an increased level of ore mined. The current cash cost is in the range of US$850/oz. EY estimated the preferred value of Sekisovskoye Mine as the average value between the Income-based approach and the Market-based approach. Therefore, the preferred value for Sekisovskoye Mine is estimated between US$383m to US$415m and that of Teran-Sai as estimated as between US$92m and US$104m. Summary JORC gold mineral resources total 6.68Moz. In addition, a further 1.74Moz have been identified as an Exploration Result below the – 800masl. While these will require further exploration drilling to be potentially upgraded to Mineral Resources, this result does highlight the potential for a larger Mineral Resource than is currently estimated. Assuming that this potential were to be realised, the current projects as developed would contain approximately 8.42Moz of gold. In addition the JORC gold resources at Teren-Sai total 1.48Moz with a further 1.03Moz as an exploration target. Strategic report approved by the Board on 5 May 2023 and signed on its behalf by: Mr Aidar Assaubayev (Chief Executive Officer) Director

21 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements CORPORATE GOVERNANCE STATEMENT Our Corporate Governance Statement, explains how AltynGold’s governance framework supports the principles of integrity, strong ethical values and professionalism integral to our business. The Board recognises that we are accountable to shareholders for good corporate governance, and this report, together with the Reports of the Audit and Remuneration Committees, seeks to demonstrate our commitment to high standards of governance that are recognised and understood by all. The Company is keenly aware of its obligations under the London Stock Exchange disclosure and transparency rules and is continually reviewing its corporate structure. Given the size of the Company it has not adopted the 2018 UK Corporate Governance Code, however the Company believes that the policies in place ensures that there are high standards of accountability and corporate governance. Full details in relation to the composition of the Board are given on pages 24-26. There are now in total four Non-Executive Directors on the Board, and two Executive Directors together with a Chairperson. The Company appointed its first female Director in 2022 and will continue to keep under review the composition of the Board and its committees to ensure that we have the right balance of skills, independence, experience and diversity. The Company is aware of the growing importance on climate change and appointed a new Board committee to monitor the Company’s impact on the environment. The environmental social and governance committee is composed of Vladimir Shkolnik, a non-executive director on AltynGold’s Board of Directors since 2017 and Maryam Buribayeva. They will play an important role in assessing and reducing the Company’s impact on the environment and reviewing the compliance with the relevant local laws. In the opinion of the Directors these Annual Financial Statements present a fair, balanced and understandable assessment of the Group’s position and prospects and provide the information necessary for shareholders to assess the Group’s position and performance, business model and strategy. This is presented in more detail in the CEO review and review of financial performance on pages 3-6. The respective responsibilities of the Directors and the Auditor in connection with the Financial Statements are explained in the Statement of Directors’ Responsibilities and the Auditor’s Report. The Board delegates specific responsibilities to the Audit and Remuneration Committees, full details of their responsibilities are detailed below. The Company currently does not have a Nomination Committee, and given its stage of development does not believe it is appropriate. Full details of the responsibilities of the committees are detailed below. Day-to-day management and the implementation of strategies agreed by the Board are delegated to the Executive Directors. The Group’s reporting structure below Board level is designed so that decisions are made by the most appropriate people in a timely manner. Management teams report to members of the Executive Committee. The Executive Directors and other managers give regular briefings to the Board in relation to business issues and developments. Clear and measurable KPIs are in place to enable the Board to monitor progress. These policies and procedures enable the Board to make informed decisions on key issues including strategy and risk management. The Chair leads the Board and is responsible for its overall effectiveness, ensuring adequate time is available for discussion of all agenda items, in particular strategic issues, promoting openness and debate, ensuring all Directors, particularly the Non-Executive Directors, are able to contribute, and facilitating a constructive relationship between the Executive and Non-Executive Directors. The current Chair is not independent as he together with the two Executive Directors are the controlling shareholders of the Company. Their conduct is controlled by a relationship agreement that will ensure that they act in a way for the benefit of shareholders as a whole. The Non-Executive Directors will also ensure that the principals of the agreement are adhered to. The Chief Executive Officer has responsibility for all operational matters which include the implementation of strategy and policies approved by the Board. The senior Independent Non Executive Directors provide a sounding board for the Chair and also acts as an intermediary for other Directors and shareholders. In terms of culture and engagement the Executive Directors liaise on a regular basis with the workforce and key suppliers and customer and report back to the Board. The human resources department has a framework to improve the way in which employee views are communicated to the Board, how employees engage with values and culture, and how we align strategy with our workforce development and reward policies. Details in relation to the Company’s corporate social responsibility are given on page 13, and engagement with other stakeholders in the Directors S172 Statement on page 12. The Board has adopted procedures for the identification, authorisation (where appropriate) and monitoring of situations which may give rise to a conflict of interest. There is a relationship agreement with the major shareholder which defines their responsibility if a situation arises. The Board has reviewed the procedures and is satisfied that they are operating effectively. The Company’s Articles of Association contain powers of removal, appointment, election and re-election of Directors and provide that at least one-third of the Board must retire at each Annual General Meeting and each Director must retire by rotation every 3 years. There is no formal induction programme for new Directors, however they are given a full briefing and familiarised with all aspects of the Company’s operations. The Company maintains directors’ and officers’ liability insurance to cover legal proceedings against Directors and Officers acting in that capacity. The Group has a comprehensive financial review process, including detailed annual budgets, business plans and regular forecasting. There are a range of performance indicators which are tracked by management on a daily, weekly and monthly basis, and addressed through a programme of operational meetings and action plans. All Directors receive regular and timely information to enable them to perform their duties, including information on the Group’s operational and financial performance, customer service, health and safety performance and forward trends. At each regular Board meeting the financial results are reviewed, taking account of performance indicators and the detailed annual business plan and budget. The Board also considers forward trends and performance against other key indicators, including areas where performance departs from forecasts, and contingency plans. The Board reviews medium and long-term strategy on a regular basis. In this way, the Board assesses the prospects of the Group using all the information at its disposal, and considering historical performance, forecast performance for the current year and longer-term forecasts over the 3-year business planning cycle as appropriate. Details of the Company’s strategy and business model are given on page 8 of the Annual Report.

22 AltynGold plc Annual Report 2022 The Board has responsibility for determining the nature and extent of the principal risks the Company is willing to take to achieve its strategic objectives, and for the Group’s internal control framework. The Board has a well-established procedure to identify, monitor and manage risk, and has carried out reviews of the Group’s risk management and internal control systems and the effectiveness of all material controls, including financial, operational and compliance controls. The principal risks facing the Group are detailed on page 9. The Board places great emphasis on communication and engagement with the Company’s shareholders. It is an area of focus that the Board wishes to strengthen in the future. The principal forum at present to engage with the shareholders given the stage of development of the Company is at the Annual General Meeting details of which are on page 74. In relation to engaging with our stakeholders the Board recognises the importance of our wider stakeholders in delivering our strategy and business sustainability and are conscientious of the responsibilities and duties to the stakeholders under section 172 of the Companies Act 2006. We believe that effective corporate governance is critical to delivering our strategy and creating long-term value for our shareholders. Board structure The Board is comprised of the Executive Chairman, the CEO an Executive Director and four Non-Executive Directors, one of which is not independent as he holds shares in the Company. Their details appear on pages 24-26, which lists their experience and expertise. Although none of the Directors other than the currently employed Director Maryam Buribayeva have had any formal training in finance they have all had a great deal of experience operating at the top level of management in a number of companies dealing with all aspects of operating a business and will call in experts as and when required. The Board is responsible to shareholders for the proper management of the Company. The statement of Directors’ responsibilities in respect of the accounts is set out on page 30. The Non-Executive Directors have a particular responsibility to ensure that the strategies proposed by the Executive Directors are fully considered. To enable the Board to discharge its duties, all Directors have full and timely access to all relevant information and there is a procedure for all Directors, in furtherance of their duties, to take independent professional advice, if necessary, at the expense of the Company. The Board has a formal schedule of matters reserved to it, and meets on a regular basis. The Board is responsible for overall Group strategy, approval of major capital expenditure projects and consideration of significant financing matters. Audit Committee The Audit Committee is comprised of, Ashar Qureshi, Vladimir Shkolnik and Maryam Buribayeva who was appointed in the year. The Board reviews the composition of the Audit Committee on a regular basis, and will make changes as appropriate. During the year BDO LLP were replaced by PKF Littlejohn LLP as auditors after the completion of a tender process that was supervised by the Audit Committee. A resolution to confirm the reappointment of PKF Littlejohn LLP has been proposed at the Annual General Meeting to be held on 22 June 2023. The Audit Committee’s prime tasks is to review the scope of the external audit, to receive regular reports from the Company’s auditor and to review the half-yearly and annual accounts before they are presented to the Board, focusing in particular on accounting policies and areas of management judgement and estimation. The Committee is responsible for monitoring the controls which are in force to ensure the integrity of the information reported to the shareholders. The Committee acts as a forum for discussion of internal control issues and contributes to the Board’s review of the effectiveness of the Company’s internal control and risk management systems and processes. The Audit Committee also undertakes a formal assessment of the auditor’s independence each year which includes: p a review of non-audit services provided to the Company and related fees; p discussion with the auditors of a written report detailing all relationships with the Company and any other parties that could affect independence or the perception of independence; p a review of the auditors’ own procedures for ensuring the independence of the audit firm and partners and staff involved in the audit, including the regular rotation of the audit partner; and p obtaining written confirmation from the auditors that, in their professional judgement, they are independent. An analysis of the fees payable to the external audit firm in respect of both audit and non-audit services during the year is set out in Note 10 on page 58 of the financial statements. Remuneration Committee The Remuneration Committee currently comprises of two Directors - Ashar Qureshi and Vladimir Shkolnik, which meets as required. It is responsible for determining the contract terms, remuneration and other benefits of the Executive Directors. The remuneration of the Non-Executive Directors is determined by the Board within the limits set out in the articles of association. None of the Committee members has any personal financial interest in the matters to be decided (other than as shareholders), potential conflicts of interest arising from cross-Directorships, or any day-to-day involvement in running the business. The Committee has access to professional advice from inside and outside the Company at the Company’s expense. CORPORATE GOVERNANCE STATEMENT continued

23 AltynGold plc Annual Report 2022 Company Secretary The Company Secretary is responsible for the scheduling and administration of Company meetings, updating of the statutory information, filing requirements at Companies House, and liaising with the relevant authorities at the FCA and London stock exchange as directed by the Board. Board and Board committee meetings The number of meetings during 2022 and attendance at regular Board meetings and Board committees was as follows: Meeting Number held Number attended Kanat Assaubayev Board 6 6 Aidar Assaubayev Board 6 6 Sanzhar Assaubayev Board 6 6 Ashar Qureshi Board 6 6 Audit Committee 2 2 Vladimir Shkolnik Board 6 6 Audit Committee 2 2 Maryam Buribayeva Board 6 5 Andrew Terry Board 6 5 Kanat Assuabayev Chairman 5 May 2023 Governance Strategic report Financial statements

24 AltynGold plc Annual Report 2022 BOARD OF DIRECTORS Sanzhar Assaubayev Appointment Sanzhar Assaubayev was appointed to the Board as Executive Director on 29 February 2016. Experience Sanzhar Assaubayev was formerly Director of International Affairs of JSC MMC Kazakhaltyn and an Executive Director of KazakhGold Group Limited, the gold mining corporation. He was educated at the Leysin American School in Switzerland, where he specialised in management, and the American University in the United Kingdom. Sanzhar Assaubayev is the son of Kanat Assaubayev. Non-Independent Executive Director Kanat Assaubayev Appointment Kanat Assaubayev was appointed to the Board as Chairman on 23 October 2013. Experience Kanat Assaubayev is one of Kazakhstan’s leading entrepreneurs in the natural resources sector. Mr Assaubayev was the first Kazakh to get a doctorate in metallurgy. His early career was in academia where he was the Chairman of the Metallurgy and Mining Department of Kazakh National Polytechnic University. He subsequently began his business career in the 1990s and has led a number of natural resources enterprises to national and international success. Non-independent Chairman Aidar Assaubayev Appointment Aidar Assaubayev was appointed to the Board as Chief Executive Officer on 25 February 2013. Experience Aidar Assaubayev was formerly Executive Vice Chairman of KazakhGold Limited, the gold mining corporation, and he was also formerly Vice-President and a director of JSC MMC Kazakhaltyn. Mr. Assaubayev graduated from the Kazakh National Technical University in Almaty and he also holds a degree in Economics from the Institute of Systemic Analysis in Moscow. Non-Independent Executive Director

25 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements Ashar Qureshi Appointment Ashar Qureshi was appointed to the Board as Non-Executive Director on 7 December 2012. Experience Ashar Qureshi is a London based US-qualified lawyer. He was formerly the Vice Chairman of Renaissance Group, where his position was a senior investment-banking role, and prior to that he worked with international firm Cleary Gottlieb Steen & Hamilton LLP. He is currently a partner at Fried, Frank, Harris. Shriver & Jacobson LLP. Mr. Qureshi holds a Juris Doctorate and is a graduate of Harvard Law School and Harvard College. Non-Independent Non-Executive Director Vladimir Shkolnik Appointment Vladimir Shkolnik was appointed to the Board as Non-Executive Director on 21 November 2017. Experience Vladimir Shkolnik has held a number of high profile positions in the Kazakhstan government, and is currently advising the Kazakhstan government on industrial and energy matters.His previous positions included the office of Minister of Energy, Minister of Trade and Industry, and also Deputy Head of Presidential administration, reporting directly to the President. He is an academic with a doctorate in physics and has written a number of papers and books in the field of energy, natural resources and other scientific fields. He has been influential in setting up academic institutions, in the areas of mineral processing and also nuclear power in Kazakhstan, working with a number of leading Companies from Japan, France and Russia in setting up joint enterprises. Independent Non-Executive Director Maryam Buribayeva Appointment Maryam Buribayeva was appointed to the Board as Non-Executive Director on 24 January 2022. Experience Maryam Buribayeva is a finance professional with extensive experience and industry expertise gained while working for such companies as North Caspian Operating Company, KazMunayGaz and Mercury Properties. A graduate of KIMEP University in Almaty, Maryam also holds an MSc in International Accounting and Finance from Cass Business School in London. Independent Non-Executive Director

26 AltynGold plc Annual Report 2022 BOARD OF DIRECTORS continued Andrew Terry Appointment Andrew Terry was appointed to the Board as Non-Executive Director on 24 January 2022. Experience Andrew Terry is an English-qualified solicitor specialising in international corporate and personal taxation issues with a focus on clients from Kazakhstan, Russia, Ukraine, Georgia and Kyrgyzstan. He has extensive experience in setting up international holdings ahead of IPOs, debt finance transactions, private equity investments and trade sales. Andrew Terry currently practices as a tax partner at Keystone Law in London and is a member of the advisory board at Amber Lion Partners in Zurich. Independent Non-Executive Director

The directors present their report and the consolidated financial statements for the year ended 31 December 2022. Principal activity and business review The principal activity of the Company is that of a holding company and a provider of support and management services to its operating subsidiaries. Together with its subsidiaries, it is involved in the production of gold and other precious metals from its mine sites in Kazakhstan, together with the development of further suitable investment opportunities. A review of the activities of the business throughout the year and up to April 2023 is set out in the Strategic report on pages 1 to 20 which includes information on the Company’s risks, uncertainties and performance indicators. The Company accounts are prepared on a going concern basis. Results and dividends The Group’s profit for the year after taxation amounts to US$13.2m (2021: US$18.3m). The results of the year are set out on page 44 in the consolidated income statement. The Directors do not recommend the payment of a dividend for the year (2021: nil). Financial instruments The total Company borrowings as at 31 December 2022, including accrued interest is US$23.1m (2021:US$27.3m). Details in relation to the Company’s borrowings are as disclosed in note 22. The principal loans held by the Company are the borrowings from JSC Bank Center Credit, the total borrowings at 31 December 2022 increased to US$23.1m as further loans were entered into (2021: US$17.4m), at rates ranging between 6%-7%. The new facilities with Bank Center Credit totalled US$40m of which US$10m was drawn in the year. In relation to the US$30m credit line further details are given in note 27. The Company repaid the US$10m 9% coupon bonds that were issued on the Astana International Exchange in Kazakhstan in December 2022. In April 2023 the Company raised US$10m (US$9.4m after fees) at a coupon rate of 10.5% on AIX. The main risks arising from the Company’s financial instruments are liquidity risk, credit risk, foreign exchange risk and interest rate risk. Further details are provided in note 25 on pages 69 to 72 of the Company’s financial statements. Share capital details of the Company’s issued share capital, are set out in note 24 on page 68. The Company has one class of ordinary share and they carry no right to fixed income. Each ordinary share carries the right to one vote at the general meetings of the Company. All issued ordinary shares are fully paid. There are no specific restrictions on the size of the holding or on the transfer of the ordinary shares, which are both governed by the general provisions of the articles of association and prevailing legislation. The Directors are not aware of any agreements between holders of the Company’s ordinary shares that may result in restrictions on the transfer of securities or on voting rights. Certain Directors have an interest in the ordinary shares in the Company and these are disclosed below. Qualifying indemnity provision The Company has entered into an insurance policy to indemnify the Directors of the Company against any liability when acting for the Company. Charitable donations and sponsorship During the year the Company made no charitable contributions or political donations. The Company did provide sponsorship funds relating to the construction of a university library a continuation of a project from 2021. Annual General Meeting The Annual General Meeting of the Company will be held at Langham Court Hotel, 31-35 Langham Street, London W1W 6BU, United Kingdom on Thursday 22 June 2023 at 11.00am. The details of the resolutions are given on page 74. The Directors consider that all of the resolutions to be put to the meeting are in the best interests of the Company and its shareholders as a whole. The Board recommends that shareholders vote in favour of all resolutions. Takeover directive The Company has one class of share capital, which are ordinary shares. Each ordinary share carries one vote. All the ordinary shares rank pari passu. There are no securities issued by the Company which carry special rights with regard to control of the Company. The identity of all substantial direct or indirect holders of securities in the Company and the size and nature of their holdings is shown under the “Substantial interests” section of this report below. A relationship agreement (the “Relationship Agreement”) that controls the conduct and voting restrictions was entered into between the Company and AGold Mining Group Plc (formerly African Resources Limited) in regard to the arrangements between them whilst AGold Mining Group Plc is a controlling shareholder of the Company. 27 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements DIRECTORS REPORT for the Year Ended 31 December 2022

28 AltynGold plc Annual Report 2022 DIRECTORS REPORT continued There are no restrictions on voting rights or on the transfer of ordinary shares in the Company. The rules governing the appointment and replacement of Directors, alteration of the articles of association of the Company and the powers of the Company’s Directors accord with usual English company law provisions. The Directors are re-elected on a rotational basis each year. The Company is not party to any significant agreements that take effect, alter or terminate upon a change of control of the Company following a takeover bid. The Company is not aware of any agreements between holders of its ordinary shares that may result in restrictions on the transfer of its ordinary shares or on voting rights. There are no agreements between the Company and its Directors or employees providing for compensation for loss of office or employment that occurs because of a takeover bid. Directors’ Section 172 statement’ Information on the Directors’ Section 172 statement is given on page 12. Environmental matters Information on greenhouse emissions for the Group is shown on page 15. The Company used very little energy during the period in the UK and offshore thus no SECR (Streamlined Energy and Carbon Reporting) disclosures are included. Social and community issues The Corporate Social Responsibility performance of the Company is detailed on pages 13 to 16. Future developments and post balance sheet events The Company’s future plans are detailed in the Chief Executive Officer’s review on pages 3 to 5. Details of events after the end of the financial year are set out in note 27 on page 73 of the financial statements. Communication with shareholders Communications with shareholders are considered important by the Directors. The Directors regularly speak to investors and analysts during the year. Press releases have been issued throughout the year; the Company’s website www.altyngold.uk is regularly updated and contains a wide range of information about the Company. Enquiries from individuals on matters relating to their shareholdings and the business of the Company are dealt with informatively and promptly. The Directors are responsible for ensuring the annual report and the financial statements are made available on a website. Financial statements are published on the Company’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Company’s website is the responsibility of the Directors. The Directors’ responsibility also extends to the ongoing integrity of the financial statements contained therein. Internal control The Directors are responsible for the Group’s system of internal control and review of its effectiveness annually. The Board has designed the Group’s system of internal control in order to provide the Directors with reasonable assurance that its assets are safeguarded, that transactions are authorised and properly recorded and that material errors and irregularities are either prevented or would be detected within a timely period. The key elements of the control system in operation are: p The Board meets regularly with a formal schedule of matters reserved to it for decision and has put in place an organisational structure with clearly defined lines of responsibility and with appropriate delegation of authority; p There are established procedures for planning, approval and monitoring of capital expenditure and information systems for monitoring the Group’s financial performance against approved budgets and forecasts; p UK Financial reporting is closely monitored by members of the Board to enable them to assess risk and address the adequacy of measures in place for its monitoring and control. The Kazakh operations are closely supervised by the Board reviewing monthly, half yearly and annual financial reports from the Directors and senior officers in Kazakhstan. This is normally supplemented by regular visits of the UK based finance officer to Kazakh operations which include checking the integrity of financial information supplied to the UK. During the current year this process was performed remotely by teleconference calls with the accounts teams based in Kazakhstan. The financial officer is ultimately responsible for the preparation of the consolidated financial statements that are then reviewed by the Directors. During the period, the Audit Committee has reviewed the effectiveness of internal controls as described above. This was with a view to strengthening the controls in light of the qualified audit report received in the prior period, identifying certain weaknesses in the approval and authorisation of contracts. Additional steps have been taken to ensure that this is controlled which have been elaborated on in the Audit Committee report. There are no significant issues disclosed in the Annual Report for the year ended 31 December 2022 (and up to the date of approval of the report) concerning material internal control issues. The Directors confirm that the Board has reviewed the effectiveness of the system of internal control as described during the period.

Going concern The Group increased turnover in the year to US$62m, with a stable gold price and increased production profitability was expected to be higher. The Group generated an EBITDA of US$21.9m (2021 US$26.4m). The EBITDA was lower than the prior year due to additional costs incurred in the period, as a result of costs in relation to government initiated sponsorship of community projects, these amounted to US$3.6m, together with fees paid in relation to project appraisals and consultancy amounting to US$3m. These fees are not expected to be at the same level in future years. In summary the EBITDA was utilised in repayment of debt, falling from US$27.4m to US$23.1m, the investment in capital equipment of US$9m, and advances to suppliers to commence works at Sekisovskoye which resulted in an increase of working capital of US$8m. As the US$10m Bond was repaid in December 2022, this resulted in a low cash balance at the year end of US$116,000 (2021: US$3.6m). The Board have reviewed the Group’s forecast cash flows for the period to June 2024, which include the capital and interest repayments to be made in relation to the Group’s borrowings. The bank loans to fund the increase in production have been agreed with capital repayment holidays to allow production to increase before principal loan repayments are required. In addition the Company has raised further funds amounting to US$9.4m (after fees) by placing a bond on AIX in April 2023 to provide additional working capital to fund operations in its growth stage. Capital and operating costs are based on approved budgets and latest forecasts and development plans. Based on the Group’s cash flow forecasts, the Directors believe that the net cash flows from operations, and increased production based on projections of future growth, are sufficient for the Company to achieve its current plans and cash requirements including the repayment of loans which are due for repayment in the period. The Board have considered possible stress case scenarios that they consider may be likely to impact on the Group’s operations, financial position and forecasts. Factors considered are ones that may lower the production at the mine and possible impact on the price of gold if this was to fall. From the analysis undertaken the Board have concluded that Group will be able to continue to trade by the careful management of its existing resources. The stress tests included the following scenarios amongst others, a fall in the gold price by 10% from current levels, a drop in budgeted production by 10% or a combination of both factors together. In each case the Group would not experience a cash shortfall in either scenario. If required the Group would manage its resources, reducing investment and managing its payables in order to maintain liquidity. The Board therefore considers it is appropriate to adopt the going concern basis of accounting in preparing these financial statements. Directors interest in shares and substantial shareholdings The following information in relation to shareholdings has been audited. The interests of the Directors in the shares of the Company are shown below: Number % owned Ashar Qureshi 78,800 0.30 Neither Vladimir Shkolnik, Andrew Terry or Maryam Buribayeva hold any interests in the shares of the Company. The following have advised that they have an interest in 3% or more of the issued share capital of the Company as at 28 April 2023. Number % owned AGold Mining Group Plc (formerly African Resources Limited) 17,920,545 65.6 JSC Freedom Finance 1,589,973 5.8 Kanat, Aidar and Sanzhar Assaubayev have a beneficial interest in the ultimate controlling party of AGold Mining Group Plc. Reappointment of auditors All Directors that are in office at the date of this report have confirmed that they are not aware of any relevant audit information of which the auditor is unaware. Each of the Directors has confirmed they have taken all reasonable steps they ought to have taken as Directors to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor. A resolution to confirm the appointment of PKF Littlejohn LLP who were appointed as auditors in the year after the conclusion of a competitive tender process will be proposed in the forthcoming Annual General Meeting. Approved by the Board on 5 May 2023 and signed on its behalf by: Mr Aidar Assaubayev (Chief Executive Officer) Director 29 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements

30 AltynGold plc Annual Report 2022 STATEMENT OF DIRECTORS’ RESPONSIBILITIES The directors are responsible for preparing the annual report and the financial statements in accordance with UK adopted international accounting standards and applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors are required to prepare the group financial statements and have elected to prepare the company financial statements in accordance with UK adopted international accounting standards. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company and of the profit or loss for the group and company for that period. In preparing these financial statements, the directors are required to: p select suitable accounting policies and then apply them consistently; p make judgements and accounting estimates that are reasonable and prudent; p state whether they have been prepared in accordance with UK adopted international accounting standards, subject to any material departures disclosed and explained in the financial statements; p prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and the company will continue in business; p prepare a directors’ report, a strategic report and directors’ remuneration report which comply with the requirements of the Companies Act 2006. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for ensuring that the annual report and accounts, taken as a whole, are fair, balanced, and understandable and provides the information necessary for shareholders to assess the group’s performance, business model and strategy. Website publication The directors are responsible for ensuring the annual report and the financial statements are made available on a website. Financial statements are published on the company’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the company’s website is the responsibility of the directors. The directors’ responsibility also extends to the ongoing integrity of the financial statements contained therein. Directors’ responsibilities pursuant to DTR4 The directors confirm to the best of their knowledge: p The financial statements have been prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit and loss of the group and company. p The annual report includes a fair review of the development and performance of the business and the financial position of the Group and Company, together with a description of the principal risks and uncertainties that they face.

The Committee’s terms of reference have been approved by the Board and follow published guidelines, which are available from the Company Secretary. The Audit Committee comprises the Non-Executive Directors, Ashar Qureshi, Vladimir Shkolnik and Maryam Buribayeva. The Audit Committee’s prime tasks are to: p review the scope of external audit, to receive regular reports from the auditor and to review the half-yearly and annual accounts before they are presented to the Board, focusing in particular on accounting policies and areas of management judgement and estimation; p review key areas of the financial statements which are assessed as being the carrying values of the intangible and tangible assets; p monitor the controls which are in force to ensure the integrity of the information reported to the shareholders; p assess key risks and to act as a forum for discussion of risk issues and contribute to the Board’s review of the effectiveness of the Group’s risk management control and processes; p act as a forum for discussion of internal control issues and contribute to the Board’s review of the effectiveness of the Group’s internal control and risk management systems and processes; p consider each year the need for an internal audit function; p advise the Board on the appointment of external auditors and rotation of the audit partner every five years, and on their remuneration for both audit and non audit work, and discuss the nature and scope of their audit work; p participate in the selection of a new external audit partner and agree the appointment when required; p undertake a formal assessment of the auditors’ independence each year which includes: – a review of non-audit services provided to the Group and related fees; – discussion with the auditors of a written report detailing all relationships with the Company and any other parties that could affect independence or the perception of independence; – a review of the auditors’ own procedures for ensuring the independence of the audit firm and partners and staff involved in the audit, including the regular rotation of the audit partner; and – obtaining written confirmation from the auditors that, in their professional judgement, they are independent. Meetings The Committee meets prior to the annual audit with the external auditors to discuss the audit plan and again prior to the publication of the annual results. Prior to bi-monthly Board meetings the members of the Committee meet on an informal basis to discuss any relevant matters which may have arisen. Additional formal meetings are held as necessary. During the past year the Committee: p met with the external auditors, and discussed their report to the Audit Committee; p approved the publication of annual and half-year financial results; p considered and approved the annual review of internal controls; p decided that due to the size and nature of operation there was not a current need for an internal audit function; p after a competitive tender selected PKF Littlejohn LLP as the new auditors after the resignation of BDO LLP; p agreed the independence of the auditors and approved their fees for audit services as set out in note 10 on page 58 of the financial statements. Review of internal controls Background During the audit conducted in 2021 the scale of the contractor prepayment increased significantly from prior years, and on review by the auditors it became apparent that company policies on the tender process had not been followed, and sufficient documented checks had not been conducted. Due to the amounts involved and the nature of the contractor, this created uncertainty with the auditor as to the internal process involved in authorizing the large prepayment. There were significant controls in place however not always fully documented and followed. It was agreed by the Board that due to the nature and amount of the transaction that the internal reporting and procedures should be tightened up in relation to corporate governance and approval of significant contracts by the main Board and not just by the directors/senior management of the subsidiary companies. Update on procedures It was agreed that transactions that were not in the normal course of business or large in nature should be communicated to the Board as a whole as part of the normal internal control process as part of the regular Board meetings, and to be formally documented, and no contract should be awarded if a tender process was required until signed off by the Board. In the current year this procedure was applied to the following issues: p The status of the prepayment and plans in 2023 on completion of the current contract with the subcontractor. p The raising of the bank loan which involved raising US$40m and the pledging of significant guarantees. p The possibility of raising finance involving the issuing of shares and options, which was ultimately not actioned. 31 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements AUDIT COMMITTEE REPORT

32 AltynGold plc Annual Report 2022 AUDIT COMMITTEE REPORT continued Audit Committee It was agreed that the Audit Committee should be strengthened by the appointment of a Director with a finance background. Maryam Buribayeva who has an accounting and finance background was appointed and made aware of her responsibilities by attending a course at the ICAEW in relation to duties and obligations of NEDSs and specific responsibilities as a member of the Audit Committee. Fraud/money laundering Internal reviews were made during the year in relation to the anti-corruption, fraud and money laundering policies. Albeit already in place, the policies were updated and an employee hand book was introduced and made available for all staff. The policies cover detailed procedures in relation to staff duties in relation to fraud and bribery and a clear reporting line to inform management or third parties in relation to the above. The policies in relation to both have been made available on the website, and distributed to all employees. External auditors PKF Littlejohn LLP were appointed as auditors during the year, and their reappointment will be confirmed at the Annual General Meeting to be held on 22 June 2023. Maryam Buribayeva Audit Committee 5 May 2023

The Remuneration Committee presents its report for the year ended 31 December 2022 which is presented in two parts. The first part is the annual remuneration report which details remuneration awarded to Directors and Non-Executive Directors during the year. The shareholders will be asked to approve the annual remuneration report as an ordinary resolution (as in previous years) at the Annual General Meeting. Details in relation to voting at last year’s AGM in relation to approval of the remuneration report, the remuneration policy of the Company, (which is voted on tri-annually – was voted on in 2021) are detailed on pages 35 to 38. The second part is the remuneration policy report which details the remuneration policy for Directors. The Remuneration Committee reviewed the existing policy and deemed no changes necessary to the current arrangements. Both of the above reports have been prepared in accordance with The Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2018. The Company’s auditors are required by law to audit certain disclosures and where disclosures have been audited they are indicated as such. 33 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements REMUNERATION COMMITTEE – STATEMENT

34 AltynGold plc Annual Report 2022 ANNUAL REMUNERATION REPORT Remuneration Committee The Remuneration Committee currently comprises of two Directors - Ashar Qureshi and Vladimir Shkolnik. The Committee, which meets as required, is responsible for determining the contract terms, remuneration and other benefits of the Executive Directors. The remuneration of the Non-Executive Directors is determined by the Board within the limits set out in the articles of association. None of the Committee members has any personal financial interest in the matters to be decided (other than as shareholders), potential conflicts of interest arising from cross-Directorships, or any day-to-day involvement in running the business. The Committee has access to professional advice from inside and outside the Company at the Company’s expense. Details of the remuneration paid in the year are shown below. Approach to recruitment remuneration All appointments to the Board are made on merit. The components of a new Director’s remuneration package (who is recruited within the life of the approved remuneration policy) would comprise at present a base salary. The Company will pay such levels of remuneration to new Directors that would enable the Company to attract appropriately skilled and experienced individuals that is not in the opinion of the Remuneration Committee excessive. Service contracts All Executive Directors have full-time contracts of employment with the Company. Non-Executive Directors have contracts of service. No Director has a contract of employment or contract of service with the Company, its joint venture or associated companies with a fixed term which exceeds three years. Directors’ notice periods are set in line with market practice and of a length considered sufficient to ensure an effective handover of duties should a Director leave the Company. All Directors’ “contracts” as amended from time to time, have run from the date of appointment. Service contracts are kept at the registered office. Summary of Directors’ terms Unexpired Notice period Date of contract term months Executive Directors Kanat Assaubayev 23 October 2017 Continuing 3 Aidar Assaubayev 20 February 2013 Continuing 3 Sanzhar Assaubayev 29 February 2017 Continuing 3 Non-Executive Directors Ashar Qureshi 7 December 2015 Continuing 3 Vladimir Shkolnik 21 November 2018 Continuing 3 Maryam Buribayeva 24 January 2022 Continuing 3 Andrew Terry 24 January 2022 Continuing 3 Policy on payment for loss of office There are no contractual provisions agreed that could impact on a termination payment. Termination payments will be calculated in accordance with the existing contract of employment or service contract. It is the policy of the Remuneration Committee to issue employment contracts to Executive Directors with normal commercial terms and without extended terms of notice which could give rise to extraordinary termination payments. Consideration of employment conditions elsewhere in the Group In setting this policy for Directors’ remuneration the Remuneration Committee has been mindful of the Company’s objective to reward all employees fairly according to their role, performance and market forces. In setting the policy for Directors’ remuneration the Remuneration Committee has considered the pay and employment conditions of the other employees within the Group. No formal consultation has been undertaken with employees in drawing up the policy. The Remuneration Committee has not used formal comparison measures. Consideration of shareholder views Shareholder views have been taken into account when formulating this policy, and was approved at the Annual General Meeting in 2022.

Remuneration The total Directors fees and salaries of US$285,670 (2021: US$235,980) shown in the table below has been audited. Directors salaries and fees (Audited) 2022 2021 US$ US$ Executive Directors Kanat Assaubayev 37,500 41,400 Aidar Assaubayev 79,688 41,400 Sanzhar Assaubayev 37,500 41,400 Non-Executive Directors Ashar Qureshi 33,750 37,260 Vladimir Shkolnik 33,750 37,260 Andrew Terry 31,741 – Maryam Buribayeva 31,741 – Thomas Gallagher – 37,260 Total 285,670 235,980 The total amount remaining unpaid with respect to Directors’ remuneration amounted to US$149,000 (2021: US$122,000). The total directors’ remuneration for 2022 and 2021 includes only salaries and fees. The Directors’ remuneration in total will be in the range of US$300,000 in the forthcoming year. Statement of implementation of remuneration policy in the following year The policy was approved at the Annual General Meeting in June 2021, the policy is reviewed tri-annually. The vote on the remuneration policy is binding in nature. The Company may not then make a remuneration payment or payment for loss of office to a person who is, is to be, or has been a Director of the Company unless that payment is consistent with the approved remuneration policy, or has otherwise been approved by a resolution of members. Consideration by the Directors of matters relating to Directors’ remuneration The Remuneration Committee considered the Executive Directors’ remuneration and the Board considered the Non-Executive Directors’ remuneration in the year ended 31 December 2022. An increase was awarded to the Chief Executive Officer based on the performance of the Company. No external advice was taken in reaching this decision. Shareholder voting At the Annual General Meeting (AGM), in June 2021, there was a vote to approve the remuneration report and the Directors remuneration policy which is considered on a tri-annual basis with the next vote to be conducted in the year 2024. Details of the Directors remuneration policy can be found on the Company’s website www.AltynGold.uk. The results of shareholder voting at the AGM’s on the 24 June 2021 and 30 June 2022 are shown below: Votes in favour Votes against Votes in favour Votes against Number Number Number Number 000’s Number 000’s Number 000’s 2022 2022 Maximum votes 2021 2021 Maximum votes* Voting to approve the Directors’ remuneration 11,776,889 8,593 27,332,934 11,722,422 12,626 27,332,934 Voting to approve the Directors’ remuneration policy 11,776,889 8,593 27,332,934 11,722,422 12,626 27,332,934 Members of the Remuneration Committee The following Directors are members of the Remuneration Committee: Ashar Qureshi and Vladimir Shkolnik. Pension schemes and incentives No Directors are members of the Company pension scheme. Share option schemes There are no share option schemes currently in the Company. Share options issued in 2020 were all exercised in 2021. Payments to past Directors No payments were made to past Directors during the year. Payments for loss of office No payments for loss of office were made in the year ended 31 December 2022. Statement of Directors’ shareholding and share interest The interests of the Directors in the shares of the Company, including family and trustee holdings are disclosed on page 29 of the Annual Report. 35 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements

36 AltynGold plc Annual Report 2022 ANNUAL REMUNERATION REPORT continued Performance targets There are no performance measure targets associated with the Directors Remuneration. Performance graph The following information is unaudited. Shown below is Altyn’s performance against the FTSE 350 mining index, which the Directors believe is the most appropriate market measure to judge the performance of the Company against. Directors interest in shares and substantial shareholdings The information which has been audited is disclosed on page 29 of the Directors’ Report. Remuneration of the Chief Executive Officer over the last ten years Aidar Assaubayev was appointed on 20 February 2013, replacing Timothy Daffern who was appointed on 5 November 2009. Included in the remuneration of Timothy Daffern for the year 2013 is an amount of US$307,432 relating to a payment in respect of a change of control of the Company. The table below demonstrates the remuneration of the CEO for the last ten years Total remuneration Year Chief Executive Officer US$000 2022 Aidar Assaubayev 79 2021 Aidar Assaubayev 41 2020 Aidar Assaubayev 38 2019 Aidar Assaubayev 38 2018 Aidar Assaubayev 83 2017 Aidar Assaubayev 201 2016 Aidar Assaubayev 215 2015 Aidar Assaubayev 175 2014 Aidar Assaubayev 82 2013 Timothy Daffern 626 2012 Timothy Daffern 282 0 50 100 150 200 250 300 2010 2011 2012 2013 2014 2022 2021 2020 2019 2018 2017 2016 2015 % FTSE 350 Mining Index Altyn Gold Plc

37 AltynGold plc Annual Report 2022 Relative importance of spend on pay The total expenditure of the Company on remuneration to all employees in shown in note 7 to the financial statements and in the table below. 2022 2021 Remuneration US$ US$ Directors emoluments 286 236 Employee salaries 3,266 3,087 Employer social tax and national insurance 866 761 Total 4,418 4,084 As the Company is currently not making distributions the relative importance of pay has been measured against debt repayments in the year. In 2022 the salaries represented 0.29 times the amount paid back in loan repayments in the year (2021: 0.51 times). Annual change in compensation for members of the Board and the remuneration of average employees over the last five years 2018 2019 2020 2021 2022 US$ US$ US$ US$ US$ Remuneration fees Kanat Assaubayev – appointed on 23 October 2013 – – – 41,400 37,500 – Year-on-year difference – – – 41,400 (3,900) – Year-on-year difference – % – – – 100 (9) Remuneration fees Aidar Assuabayev – appointed 20 February 2013 83,952 38,400 38,400 41,400 79,688 – Year-on-year difference (117,288) (45,552) – 3,000 38,288 – Year-on-year difference – % (58.28) (54.26) – 7.81 92 Remuneration fees Sanzhar Assaubayev – appointed on 29 February 2016 – – – 41,400 37,500 – Year-on-year difference – – – 41,400 (3,900) – Year-on-year difference – % – – – 100 (9) Remuneration fees Ashar Qureshi – appointed 7 December 2012 35,899 34,560 34,560 37,260 33,750 – Year-on-year difference 1,069 (1,339) 0 2,700 (3,510) – Year-on-year difference – % 3.07 (3.73) – 7.81 (9) Remuneration fees Vladimir Shkolnik – appointed 22 November 2017 35,899 34,560 34,560 37,260 33,750 – Year-on-year difference 1,069 (1,339) – 2,700 (3,510) – Year-on-year difference – % 3.07 (3.73) – 7.81 (9) Remuneration fees Thomas Gallagher – appointed 9 December 2020, resigned 24 January 2022 – – 3,886 37,260 – – Year-on-year difference – – 3,886 33,374 – – Year-on-year difference – % – – 100 858.83 – Remuneration fees Maryam Buribayeva – appointed 24 January 2022 – – – – 31,741 – Year-on-year difference – – – – – – Year-on-year difference – % – – – – – Remuneration fees Andrew Terry – appointed 24 January 2022 – – – – 31,741 – Year-on-year difference – – – – – – Year-on-year difference – % – – – – – Remuneration of average employees 7,318 6,285 4,984 7,585 7,776 – Year-on-year difference 1,525 (1,033) (1,301) 2,600 191 – Year-on-year difference – % 26 (14) (21) 52 3 The average remuneration of employees is based on group employees numbers employed in Kazakhstan, in part the changes in average pay will also be a function of changes in exchange rates as the salaries are paid in Kazakh Tenge. Governance Strategic report Financial statements

38 AltynGold plc Annual Report 2022 REMUNERATION POLICY REPORT The remuneration policy of the Company was approved by a binding vote at the Annual General Meeting held on 24 June 2021, see details on page 35. As the policy is determined tri-annually the next vote to determine the remuneration policy of Company will be in 2024. At present the only remuneration payable to the Directors is that of a base salary. In setting the policy the Remuneration Committee has taken the following into account: p the need to attract, retain and motivate individuals of a calibre who will ensure successful leadership and management of the Company; p the Company’s general aim of seeking to reward all employees fairly according to the nature of their role and their performance; p remuneration packages offered by similar companies in the same sector; p the need to align the interests of the shareholders with the long term growth and interests of the Company; p the need to be flexible and adjust with operational changes throughout the term of the policy. The remuneration of the Non-Executive Directors is determined by the Board, and takes into account additional remuneration for services outside the scope of the ordinary duties of the Non-Executive Directors. The details in relation to the Directors remuneration policy are available on the website www.altynGold.uk.

39 AltynGold plc Annual Report 2022 Opinion We have audited the financial statements of AltynGold Plc (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2022 which comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated and Parent Company Statements of Financial Position, Consolidated and Parent Company Statements of Changes in Equity, Consolidated and Parent Company Statements of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK-adopted international accounting standards and as regards the parent company financial statements, as applied in accordance with the provisions of the Companies Act 2006. In our opinion: p the financial statements give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 December 2022 and of the group’s profit for thee year then ended; p the group financial statements have been properly prepared in accordance with UK-adopted international accounting standards; p the parent company financial statements have been properly prepared in accordance with UK-adopted international accounting standards and as applied in accordance with the provisions of the Companies Act 2006; and p the financial statements have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the director’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the group’s and parent company’s ability to continue to adopt the going concern basis of accounting included: p Testing the integrity of the forecast model, checking the accuracy and completeness of the model, including challenging the appropriateness of estimates and assumptions with reference to empirical data and external evidence with specific focus on the following assumptions: gold price, production, costs, gold grade, recoveries and foreign exchange rates and assessed their consistency with approved budgets and the mine development plan, as applicable; p Comparing budgets to actual figures achieved to assess the reliability of director’s forecasts; p Evaluating director’s sensitivity analysis and performing our own sensitivity analysis in respect of the key assumptions underpinning the forecasts. We assessed the validity of any mitigating actions identified by directors; and p Confirming the terms of all borrowing facilities in place and that the terms are not breached and reviewing the repayments to check these are accurately reflected in the cash flow forecast. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Our application of materiality The scope of our audit was influenced by our application of materiality. The quantitative and qualitative thresholds for materiality determine the scope of our audit and the nature, timing and extent of our audit procedures. Materiality applied to the group financial statements was $975,000 with performance materiality set at $585,000. This amount was based upon 1% of the group’s total assets. Our determination was considered appropriate as the group’s main asset is its 100% interest in the Sekisovskoye gold mine and its exploration site at Teren-Sai in North East Kazakhstan. The underlying driver of activity in the business are the gold deposits in Kazakhstan which are encapsulated within Property, Plant & Equipment and Intangible assets. We believe gross assets to be the key metric in determining materiality. We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of misstatement. At the planning stage, materiality is used to determine the financial statement areas that are included within the scope of our audit. We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope of our audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, for example in determining sample sizes. In determining performance materiality, we considered the following factors: p the consistency in the level of judgement required in key accounting estimates; p the stability in key management personnel; and p the level of centralisation in the Group’s financial reporting controls and processes. Governance Strategic report Financial statements INDEPENDENT AUDITOR’S REPORT

40 AltynGold plc Annual Report 2022 INDEPENDENT AUDITOR’S REPORT continued For each significant component in the scope of our audit, we allocated a component materiality based on the maximum aggregate component materiality. The range of materiality allocated across components was between $477,000 and $828,000, being a percentage of between 49% and 85% of group materiality which is based upon 1% of total assets. We agreed with the audit committee that we would report all individual audit differences identified for the group during the course of our audit in excess of $49,000. We also agreed to report any other audit misstatements below that threshold that we believe warranted reporting on qualitative grounds. Materiality applied to the parent company’s financial statements was $828,000. The benchmark for determining materiality of the parent company was 85% of group materiality and equates to 0.7% of the parent company’s gross assets. We agreed with the audit committee that we would report all individual audit differences identified for the parent company during the course of our audit in excess of $41,000 together with any other audit misstatements below that threshold that we believe warranted reporting on qualitative grounds. Our approach to the audit In designing our audit, we determined materiality, as above, and assessed the risk of material misstatement in the financial statements. In particular, we looked at areas involving significant accounting estimates and judgement by the directors and considered future events that are inherently uncertain. We note that the group has significant carrying values in both intangible assets and property, plant & equipment which is underpinned by the quantity and quality of resources being mined. Both of these areas are inherently complicated and require a significant amount of judgement by management. We also addressed the risk of management override of internal controls, including evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud. Our approach also considered the impact of qualification in the prior year audit report on our own audit opinion. We determined that of the 3 subsidiaries 2 were considered material and significant components and were subjected to a full scope audit. The remaining component was not considered material, we performed a limited scope analytical review together with substantive testing, as appropriate. The two material and significant components were both located in Kazakhstan. They were audited by PKF Littlejohn LLP using a team from the PKF network firm based in Kazakhstan with specific experience of auditing mining companies. We interacted regularly with the audit team during all stages of the audit and we were responsible for the scope and direction of the audit process. This, in conjunction with additional procedures performed, gave us appropriate evidence for our opinion on the group and parent company financial statements. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key Audit Matter How our scope addressed this matter Carrying value of Mining Assets (Note 15) Property, plant & equipment amounts to $36.9m and includes $14.4m of mining assets and $2.3m of assets under construction. There is a risk that the carrying value of these assets are not recoverable and that these amounts should be impaired. There are further risks that licenses and mining rights may be discontinued or non-renewed. The value in these assets is derived from the rights and obligations of the mining licenses at Sekisovskoye & Teren-Sai. This is considered to be a KAM due to the material nature of the balance and the level of estimation and judgement required by management when they are assessing the carrying value of these assets. Our work in this area included: p Assessing and reviewing indicators of impairment as per IAS 36 and considering whether any apply to the group; p Obtaining, reviewing and challenging management’s present value calculations for indicators of impairment; p Assessing the appropriateness of estimates and inputs used in management’s value in use model, including commodity price, production, operating costs, capital costs, discount rates, foreign exchange rates; p Comparing the proven and probable reserves included in the models to the independent Competent Person’s report and performed procedures to assess their independence and competence; and p Physically attending the mine site and observing operations. Key Observation: Based on management’s impairment assessment the carrying value of the mining asset is reasonable as at 31 December 2022.

41 AltynGold plc Annual Report 2022 Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the group and parent company financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Key Audit Matter How our scope addressed this matter Valuation of capitalised exploration costs capitalised as intangible assets under IFRS 6 (Note 14) Intangible assets comprise of geological data and exploration and evaluation costs in relation to the Teren-Sai ore fields and are valued at $12.7m. The recoverability of these intangible assets are key to the long-term success of the group. There is the risk that the carrying values of these assets are not recoverable and that these amounts should be impaired. This is considered to be a KAM due to the material nature of the balance and the level of estimation and judgement required by management when they are assessing the carrying value of these assets. Our work in this area included: p Obtaining the current exploration licences and ensuring that they remain valid; p Reviewing the indicators of impairment listed in IFRS 6 which may include a review of internal / external drilling results produced during the year; p Reviewing the key external reports for indicators of impairment; p Enquiring of management over the future plans for each license including obtaining cashflow projections where necessary; p Reviewing the exploration and evaluation expenditures to assess their eligibility for capitalisation under IFRS 6 by corroborating to the original source documentation; and p Comparing the proven and probable reserves included in the models to the independent Competent Person’s report and performed procedures to assess their independence and competence. Key Observation: Based on the audit work performed we do not consider intangible assets as at 31 December 2022 to be materially misstated. It is however important to draw users attention to the fact that the recoverable value of the intangible assets is dependent on the Group obtaining the necessary licence renewals. Failure to obtain the necessary licence renewals may result in a full impairment to the carrying value of the intangible assets held. Management override of controls The prior year audit opinion was qualified as insufficient appropriate audit evidence was able to be obtained to confirm the validity and recoverability of a prepayment to a supplier and whether or not the supplier in question was a related party. There is the risk that the processes surrounding such prepayments have not improved in the period and that appropriate audit evidence remains unavailable. This has been identified as a KAM due to the fact that the matter led to a qualified opinion in the prior period. Our work in this area included: p Reviewing local tendering processes as well as evidencing award of contracts through publicly available information; p Assessing whether policies and procedures introduced following the review of internal controls are operating effectively; p Inquiring local management and reviewing local legal opinions obtained; p Testing journals through a methodology designed specifically to identify any journals that fit the characteristics of that event and whether this indicates further management override of control or additional related parties that management have not previously disclosed; and p Evaluating whether there is a clear business rationale to support any significant transactions outside the normal course of the business of the entity, or transactions which otherwise appear to be unusual. Key Observation: Based on the work performed, no further instances of management override of controls, beyond those reported by the company in respect of the matter on page [37], were identified in the period subject to audit.carrying value of the intangible assets held. Governance Strategic report Financial statements

42 AltynGold plc Annual Report 2022 INDEPENDENT AUDITOR’S REPORT continued Opinions on other matters prescribed by the Companies Act 2006 In our opinion the part of the directors’ remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006. In our opinion, based on the work undertaken in the course of the audit: p the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and p the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: p adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or p the parent company financial statements and the part of the directors’ remuneration report to be audited are not in agreement with the accounting records and returns; or p certain disclosures of directors’ remuneration specified by law are not made; or p we have not received all the information and explanations we require for our audit. Responsibilities of directors As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the group and parent company financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the group and parent company financial statements, the directors are responsible for assessing the group’s and the parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: p We obtained an understanding of the group and parent company and the sector in which they operate to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with local management, local advisors and the local audit team; p We tested the appropriateness of journal entries made through the year by applying specific criteria to detect possible irregularities and fraud; p For significant and unusual transactions, particularly those occurring at or near year-end, we obtained evidence for the rationale of these transactions and the sources of financial resources supporting the transactions; p We reviewed minutes from board meetings of those charges with governance to identify any instances of non-compliance with laws and regulations; and p We assessed the judgements made by management when making key accounting estimates and judgements, and challenging management on the appropriateness of these judgements, including in person site visits to the mining operations and engaging with specialists to assess the results of mining operations. p We determined the principal laws and regulations relevant to the group and parent company to include elements of the significant laws and regulations relating to the industry, financial reporting framework, listing rules, tax legislation and environmental regulations in the UK and Kazakstan; p We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the group and parent company with those laws and regulations. These procedures included, but were not limited to: p Holding discussions with management to determine any known or suspected instances of non-compliance with laws and regulations or fraud identified by them; p Review of legal and regulatory correspondence; and p Review of Board minutes. p We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that these were in respect of the key audit matters (see section above).

p As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business with a focus on any prepayments made in respect of mining development. p A local network firm worked as part of the audit team to support with local matters and we directed them to ensure an assessment was performed on the extent of the components compliance with the relevant local and regulatory framework. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Other matters which we are required to address We were appointed by the Audit Committee on 19 January 2023 to audit the financial statements for the period ending 31 December 2022 and subsequent financial periods. Our total uninterrupted period of engagement is 1 year, covering the period ended 31 December 2022. The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the group or the parent company and we remain independent of the group and the parent company in conducting our audit. Our audit opinion is consistent with the additional report to the audit committee. Use of our report This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone, other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Joseph Archer (Senior Statutory Auditor) 15 Westferry Circus For and on behalf of PKF Littlejohn LLP Canary Wharf Statutory Auditor London E14 4HD 5 May 2023 43 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements

44 AltynGold plc Annual Report 2022 CONSOLIDATED INCOME STATEMENT for the year ended 31 December 2022 2022 2021 Note $000 $000 Revenue 5 62,037 50,290 Cost of sales (32,697) (22,496) Gross profit 29,340 27,794 Administrative expenses (8,590) (4,648) Administrative expenses – sponsorship programmes 10 (3,654) (490) Impairments 8 (82) (734) Operating profit 17,014 21,922 Foreign exchange (504) (366) Finance expense (3,096) (3,289) Total finance cost 9 (3,600) (3,655) Profit before tax 10 13,414 18,267 Taxation (expense)/receipt 11 (181) 56 Profit for the year attributable to the equity holders of the parent 13,233 18,323 Profit per ordinary share Basic 48.42c 67.04c Diluted 12 48.42c 67.04c The notes on pages 51 to 73 form an integral part of these financial statements. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2022 2022 2021 Note $000 $000 Profit for the year 13,233 18,323 Items that may be reclassified subsequently to the income statement Currency translation differences arising on translations of foreign operations (4,822) (1,491) Currency translation differences on translation of foreign operations relating to tax (1,408) 3,038 (6,230) 1,547 Total comprehensive profit for the year 7,003 19,870 Total comprehensive profit attributable to: Equity holders of the parent 7,003 19,870 The notes on pages 51 to 73 form an integral part of these financial statements.

45 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements 2022 2021 (Registration number: 05048549) Note $000 $000 Assets Non-current assets Intangible assets 14 12,698 13,346 Property, plant and equipment 15 36,975 35,350 Deferred tax assets 11 6,052 8,189 Trade and other receivables 18 14,600 3,925 Restricted cash 50 70 70,375 60,880 Current assets Inventories 17 11,260 9,121 Trade and other receivables 18 16,622 21,530 Cash and cash equivalents 116 3,593 27,998 34,244 Total assets 98,373 95,124 Equity and liabilities Current liabilities Trade and other payables 19 (6,253) (5,684) Provisions 21 (263) (232) Loans and borrowings 22 (13,611) (15,087) (20,127) (21,003) Non-current liabilities VAT payable 19 (332) (242) Other payables 19 (688) (1,000) Provisions 21 (5,517) (5,453) Loans and borrowings 22 (9,501) (12,221) (16,038) (18,916) Total liabilities (36,165) (39,919) Equity Share capital 24 4,267 4,267 Share premium 152,839 152,839 Merger reserve (282) (282) Foreign currency translation reserve (57,642) (51,412) Accumulated losses (36,974) (50,207) Equity attributable to owners of the company (62,208) (55,205) Total equity and liabilities (98,373) (95,124) Approved by the Board on 5 May 2023 and signed on its behalf by: Mr Aidar Assaubayev (Chief Executive Officer) Mr Sanzhar Assaubayev (Executive Director) Director Director The notes on pages 51 to 73 form an integral part of these financial statements. CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 31 December 2022

46 AltynGold plc Annual Report 2022 2022 2021 (Registration number: 05048549) Note $000 $000 Assets Non-current assets Investments in subsidiaries 16 48,132 50,339 Loans due from subsidiaries 16 72,996 63,795 121,128 114,134 Current assets Trade and other receivables 18 14 95 Cash and cash equivalents 70 1,826 84 1,921 Total assets 121,212 116,055 Equity and liabilities Current liabilities Trade and other payables 19 (971) (989) Loans and borrowings 22 – (9,723) (971) (10,712) Non-current liabilities Loans due to subsidiary 22 (31,118) (29,110) Total liabilities (32,089) (39,822) Equity Share capital 24 4,267 4,267 Share premium 152,839 152,839 Foreign currency translation reserve (16,338) (16,338) Accumulated losses (51,645) (64,535) Total equity (89,123) (76,233) Total equity and liabilities (121,212) (116,055) The parent Company is claiming the exemption under the Companies Act 2006 s408 not to present it’s individual income statement. The Company made a profit of US$12,891,000 in the year (2021: loss US$375,000). Approved by the Board on 5 May 2023 and signed on its behalf by: Mr Aidar Assaubayev (Chief Executive Officer) Mr Sanzhar Assaubayev (Executive Director) Director Director The notes on pages 51 to 73 form an integral part of these financial statements. COMPANY STATEMENT OF FINANCIAL POSITION as at 31 December 2022

47 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements Currency Share Share Merger translation Other Accumulated Total capital premium reserve reserve reserves losses equity $000 $000 $000 $000 $000 $000 $000 At 1 January 2021 4,267 152,839 (282) (52,959) 333 (68,863) 35,335 Profit for the year – – – – – 18,323 18,323 Other comprehensive income – – – 1,547 – – 1,547 Total comprehensive income – – – 1,547 – 18,323 19,870 Share options exercised – – – – (333) 333 – At 31 December 2021 4,267 152,839 (282) (51,412) – (50,207) 55,205 At 1 January 2022 4,267 152,839 (282) (51,412) – (50,207) 55,205 Profit for the year – – – – – 13,233 13,233 Other comprehensive loss – – – (6,230) – – (6,230) Total comprehensive income – – – (6,230) – 13,233 7,003 At 31 December 2022 4,267 152,839 (282) (57,642) – (36,974) 62,208 Group Reserves Share capital Amount of the contributions made by shareholders in return for issue of shares at their nominal value. Share premium Amount subscribed for share capital in excess of nominal value. Merger reserve Reserve created on application of merger accounting under a previous GAAP. Currency translation reserve Gains/losses arising on re-translating the net assets of overseas operations into US Dollars. Other reserve Amount of proceeds on issue of convertible debt relating to the equity component, transferred to reserves in 2021 when the debt was repaid. The notes on pages 51 to 73 form an integral part of these financial statements. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 31 December 2022

48 AltynGold plc Annual Report 2022 Currency Share Share translation Other Accumulated capital premium reserve reserves losses Total $000 $000 $000 $000 $000 $000 At 1 January 2021 4,267 152,839 (16,338) 333 (64,493) 76,608 Loss for the year – – – – (375) (375) Total comprehensive income – – – – (375) (375) Share options exercised – – – (333) 333 – At 31 December 2021 4,267 152,839 (16,338) – (64,535) 76,233 At 1 January 2022 4,267 152,839 (16,338) – (64,535) 76,233 Profit for the year – – – – 12,890 12,890 Total comprehensive income – – – – 12,890 12,890 At 31 December 2022 4,267 152,839 (16,338) – (51,645) 89,123 Company reserves Share capital Amount of the contributions made by shareholders in return for the issue of shares at their nominal value. Share premium Amount subscribed for share capital in excess of nominal value. Currency translation reserve Gains/losses arising on re-translating the net assets of overseas operations into US Dollars. Other reserve Amount of proceeds on issue of convertible debt relating to the equity component transferred to reserves as the debt was repaid. The notes on pages 51 to 73 form an integral part of these financial statements. COMPANY STATEMENT OF CHANGES IN EQUITY for the year ended 31 December 2022

49 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements 2022 2021 Note $000 $000 Cash flows from operating activities Net cash flow from operating activities 23 12,234 6,797 Cash flows from investing activities Acquisitions of property plant and equipment (8,948) (5,502) Acquisition of intangible assets 14 (240) (830) Net cash flows from investing activities (9,188) (6,332) Cash flows from financing activities Interest paid 23 (2,388) (2,411) Loans received 11,025 6,356 Loans repaid (15,028) (7,985) Net cash flows from financing activities (6,391) (4,040) Net decrease in cash and cash equivalents (3,345) (3,575) Cash and cash equivalents at 1 January 3,593 7,154 Effect of exchange rate fluctuations on cash held (132) 14 Cash and cash equivalents at 31 December 116 3,593 The notes on pages 51 to 73 form an integral part of these financial statements. CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 December 2022

50 AltynGold plc Annual Report 2022 2022 2021 Note $000 $000 Cash flows from operating activities Net cash outflow from operating activities 23 (1,096) (1,219) Net cash flow from operating activities (1,096) (1,219) Cash flows from financing activities Loans received 10,182 – Interest repaid (842) (992) Loans repaid (10,000) (2,279) Net cash flows from financing activities (660) (3,271) Net decrease in cash and cash equivalents (1,756) (4,490) Cash and cash equivalents at 1 January 1,826 6,316 Cash and cash equivalents at 31 December 70 1,826 The notes on pages 51 to 73 form an integral part of these financial statements. COMPANY STATEMENT OF CASH FLOWS for the year ended 31 December 2022

51 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements 1 General information AltynGold Plc (the “Company”) is a Company incorporated in England and Wales under the Companies Act 2006. The address of its registered office, and place of business of the Company and its subsidiaries is set out within the Company information on page 80 of this annual report. The principal activities of the Company and subsidiaries are set out on page 27 and, the strategic review within this annual report. 2 Basis of preparation The annual report is for the year ended 31 December 2022 and includes the consolidated and parent company’s financial statements. The financial statements have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The financial statements have been prepared using accounting policies set out in note 4 which are consistent with all applicable IFRSs and with those parts of the Companies Act 2006 applicable to companies reporting under IFRSs. For these purposes, IFRSs comprises the standards issued by the International Accounting Standards Board and interpretations issued by the International Financial Reporting Interpretations Committee as adopted by the United Kingdom. The financial statements have been prepared under the historical cost convention, and on a going concern basis. Going concern The Group increased turnover in the year to US$62m, with a stable gold price and increased production profitability was expected to be higher. The Group generated an EBITDA of US$21.9m (2021 US$26.4m). The EBITDA was lower than the prior year due to additional costs incurred in the period, as a result of costs in relation to government initiated sponsorship of community projects, these amounted to US$3.6m, together with fees paid in relation to project appraisals and consultancy amounting to US$3m. These fees are not expected to be at the same level in future years. In summary the EBITDA was utilised in repayment of debt, falling from US$27.4m to US$23.1m, the investment in capital equipment of US$9m, and advances to suppliers to commence works at Sekisovskoye which resulted in an increase of working capital of US$8m. As the US$10m Bond was repaid in December 2022, this resulted in a low cash balance at the year end of US$116,000 (2021: US$3.6m). The Board have reviewed the Group’s forecast cash flows for the period to June 2024, which include the capital and interest repayments to be made in relation to the Group’s borrowings. The bank loans to fund the increase in production have been agreed with capital repayment holidays to allow production to increase before principal loan repayments are required. In addition the Company has raised further funds amounting to US$9.4m (after fees) by placing a bond on AIX in April 2023 to provide additional working capital to fund operations in its growth stage. Capital and operating costs are based on approved budgets and latest forecasts and development plans. Based on the Group’s cash flow forecasts, the Directors believe that the net cash flows from operations, and increased production based on projections of future growth, are sufficient for the Company to achieve its current plans and cash requirements including the repayment of loans which are due for repayment in the period. The Board have considered possible stress case scenarios that they consider may be likely to impact on the Group’s operations, financial position and forecasts. Factors considered are ones that may lower the production at the mine and possible impact on the price of gold if this was to fall. From the analysis undertaken the Board have concluded that Group will be able to continue to trade by the careful management of its existing resources. The stress tests included the following scenarios amongst others, a fall in the gold price by 10% from current levels, a drop in budgeted production by 10% or a combination of both factors together. In each case the Group would not experience a cash shortfall in either scenario. If required the Group would manage its resources, reducing investment and managing its payables in order to maintain liquidity. The Board therefore considers it is appropriate to adopt the going concern basis of accounting in preparing these financial statements. 3 Adoption of new and revised standards A number of new standards, amendments to standards and interpretations, are effective for annual periods beginning on or after 1 January 2022. They have been adopted and applied in preparing these financial statements as appropriate. p Annual Improvements to IFRS 2018-2020, Amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards-Subsidiary as a First-time Adopter, Amendment to IFRS 9 Financial Instruments –Fees in the ‘10 per cent’ Test for Derecognition of Financial Liabilities. p Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37) p Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) p Reference to the Conceptual Framework (Amendments to IFRS 3) Standards and interpretations published, but not yet applicable for the annual period beginning on 1 January 2022, have not been applied in preparing these financial statements. The Company is reviewing the new standards, amendments to standards and interpretations as noted to assess the potential impact on the financial statements they have not been applied in preparing these financial statements. p Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) p Definition of Accounting Estimates (Amendments to IAS 8) p IFRS 17 Insurance Contracts, Amendments to IFRS 17, Initial Application of IFRS 17 and IFRS 9 Comparative Information Definition of Accounting Estimates (Amendments to IAS 8) There was no material impact on the adoption of new or revised standards on the results in December 2022. NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2022

52 AltynGold plc Annual Report 2022 NOTES TO THE FINANCIAL STATEMENTS continued for the year ended 31 December 2022 4 Accounting policies Basis of consolidation Where a company has control over an investee, the investee is classified as a subsidiary. A company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. The consolidated financial statements present the results of the company and its subsidiaries (“the Group”) as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree’s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are de-consolidated from the date on which control ceases. Revenue recognition Revenue represents amounts received for goods provided in the normal course of business, net of VAT and any other sales related taxes. The Company’s revenue is generated entirely from the sale of the gold and silver (“Precious Metal”) content of doré. The doré was delivered to a precious metal refiner, based in Kazakhstan during 2022 and 2021, which also purchased all precious metal that was refined. Title of the precious metal passes upon acceptance of the delivery from the Company to the refiner. Sales of precious metal are only recognised when the delivery has been accepted and title for the precious metal has accordingly been passed to the refiner. The Company does not hedge or otherwise enter into any derivatives in respect of its sales of doré. Sales are recorded at the actual selling price of the doré which is based on current market prices. The Company receives 90% less fees of the revenue on delivery of the dore to the refiner based on the spot dollar and gold and silver prices on the day of delivery. The balance is paid once the dore is refined into gold or silver and is usually paid with 14 days, based on the original gold price or silver price and spot price of the US dollar on the day of settlement. Foreign currencies The Company has prepared its financial statements in United States Dollars (US$). The functional currency of the companies in Kazakhstan is the Kazakhstan Tenge (KZT). The functional currency of the Company and AltynGold Holdings Limited (formerly Hambledon Mining Company Limited) is the United States Dollars (US$). The rates used to convert Pound Sterling and Kazakhstan Tenge into United States Dollar in these financial statements are as follows: US$ to Pound Sterling closing 1.21 (2021: 1.35), average 1.24 (2021: 1.38), US$ to Kazakh Tenge closing 462.65 (2021: 431.67) average 460.48 (2021: 426.03). The year end and average rates used for the Kazakh Tenge have been obtained from the National Bank of Kazakhstan. Transactions denominated in currencies other than the functional currency of each respective entity are recorded at the rate of exchange prevailing at the date of the transaction. Monetary assets and liabilities are translated into the relevant functional currency at the closing rates of exchange at the reporting date. Exchange differences arising from the restatement of monetary assets and liabilities at the closing rate of exchange at the reporting date or from the settlement of monetary transactions at a rate different from that at which the asset or liability was recorded are dealt with through the statement of profit or loss. On consolidation, the results of overseas operations are translated into US dollars, the presentation currency, at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the balance sheet date. Exchange differences arising on translating the opening net assets at the opening rate and the results of overseas operations at the actual rate are recognised directly in the consolidated statement of other comprehensive income. The intercompany loans form a part of the Company’s investment in a foreign operation. The exchange difference arising on the intercompany loans on translation in the company income statement is being recognised in other comprehensive income which on consolidation is recognised in a separate component of equity until disposal of the foreign operations. In the individual Parent Company financial statements foreign exchange gains/losses are recognised in the income statement. Intangible assets Externally acquired intangible assets are initially recognised at cost and subsequently amortised on a straight-line basis over their expected economic life. In the Directors’ opinion this is 10 years from May 2016 being the licenced period of the Teren-Sai exploration project. There is no effect on the income statement as amortisation costs of the geological data are capitalised in line with the accounting policy on exploration and evaluation costs.

53 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements 4 Accounting policiescontinued Exploration and evaluation costs All costs incurred prior to obtaining the legal right to undertake exploration and evaluation activities on a project are written off as incurred. All costs associated with mineral exploration and investments are capitalised on a project by project basis, pending determination of the feasibility of the project. Costs incurred include appropriate technical and administrative expenses. If an exploration project is successful and the project is determined to be commercially viable, the related costs will be transferred to mining assets and amortised over the estimated life of the mineral reserves on a unit of production basis. Where a project is relinquished, abandoned, or is considered to be of no further commercial value to the Group, the related costs are written off. Impairment reviews performed under IFRS 6 ‘Exploration for and evaluation of mineral resources’ are carried out on a project by project basis, with each project representing a potential single cash generating unit. An impairment review is undertaken when indicators of impairment arise; typically when one of the following circumstances applies: p sufficient data exists that render the resource uneconomic and unlikely to be developed; p title to the asset is compromised; p budgeted or planned expenditure is not expected in the foreseeable future; p insufficient discovery of commercially viable resources leading to the discontinuation of activities. Property, plant and equipment Mining properties comprise previously capitalised exploration, evaluation and development expenditure incurred during the exploration and development stages of the Company’s mining projects. Other items of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost include directly attributable costs and estimated present value of any future unavoidable costs of dismantling and removing items. The corresponding liability is recognised within provisions. Assets under construction represent assets under development that are not at the stage that can be used commercially to generate revenues, no depreciation is applied to these assets. Depreciation Depreciation of property, plant and equipment is calculated on a straight line or units of production basis, as appropriate. Assets are fully depreciated over their economic lives, or over the remaining life of the mine if shorter. Assets under construction and freehold land are not depreciated. Asset class Depreciation method and rate Buildings 8-10 per cent per annum straight line basis Equipment, fixtures and fittings 10-40 percent per annum straight line basis Plant,machinery and vehicles 7-30 per cent. per annum straight line basis Mining properties Unit of production based on the proven reserves Impairment of non-current assets Property, plant and equipment and intangible assets are assessed for impairment at each reporting date when events or a change in circumstances suggest that the carrying amount of an asset may exceed the recoverable amount. Where there has been an indication of a possible impairment, management assesses the recoverability of the carrying value of the asset by comparing it with the estimated discounted future net cash flows generated by the asset based on management’s expectation of future production and selling prices. Any identified impairment is charged to the statement of profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount but such that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss is recognised in the profit or loss immediately. Inventories Inventories are valued at the lower of cost or net realisable value. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Costs incurred in bringing each product to its present location and condition are accounted for as follows: Spare parts and consumables – Purchase costs on a first in, first out basis; Ore stockpiles, work in progress and finished gold – Dependent on the current stage in the production cycle, the cost will reflect cost of direct materials, power, labour and a proportion of overhead, to bring the product to its current state.

54 AltynGold plc Annual Report 2022 NOTES TO THE FINANCIAL STATEMENTS continued for the year ended 31 December 2022 4 Accounting policies continued Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the statement of profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for by using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged to other comprehensive income or credited directly to equity, in which case the deferred tax is also dealt within equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Financial Instruments Financial assets and financial liabilities are recognised in the consolidated statement of financial position when the Group becomes party to the contractual provisions of the instrument. Trade and other receivables Trade and other receivables are recognised initially at their transaction price in accordance with IFRS 9 and are subsequently measured at amortised cost. The Group applies the simplified approach to providing for expected credit losses (ECL) prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables measured on a collection basis. Expected credit losses are assessed on a forward looking basis, using information such as the expected future currency, commodity and inflation rates. The loss allowance is measured at initial recognition and throughout its life at an amount equal to lifetime ECL. Any impairment is recognised in the income statement. Detail in relation to the ECL provision are given in note 16. If there is no reasonable expectation of recovery after assessing the ability of the debtor to repay the amount due it will be written off but further legal action may be taken to recover the amount due subject to a cost benefit assessment of the amounts involved. The Company will deem an amount to go into default if the terms of the contractual payment are breached and the subsequent follow up to remedy the breach and agree a revised repayment schedule is unsatisfactory. Cash and cash equivalents Cash and cash equivalents comprise cash in hand and demand deposits, and other short-term highly liquid investments with original maturities of less than three months and which are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value, for the purposes of statement of cash flow. Cash retained for the purposes of restoration of the land after the end of the licence period is not included within cash resources see note 21. Investments Investment in subsidiaries are included at cost less impairment. Loans and receivables from subsidiaries Loans to subsidiary undertakings are subject to IFRS 9’s expected credit loss model. The intercompany loans are repayable on a deferred basis, and a three year notice of repayment can only be given after full repayment of the Bank Center Credit loan, which is repayable in October 2026. The earliest the loans can be repaid is October 2029. The intercompany loans at present are considered to be in stage 2, and have been assessed as indicated in the IFRS 9 ECL model, with extensions being made on the repayment terms of the original loans that were given. As the loans are considered to be in stage 2A lifetime ECL is determined using all relevant, reasonable and supportable historical, current and forward-looking information that provides evidence about the risk that the subsidiaries will default on the loan and the amount of losses that would arise as a result of that default. Financial liabilities The Group classifies its financial liabilities into one of two categories discussed below, depending on the purpose for which the liability was acquired.

55 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements 4 Accounting policies continued Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with changes in fair value recognised in the consolidated income statement. The Group does not have any liabilities held for trading nor has it designated any other financial liabilities as being at fair value through profit or loss. Other financial liabilities Other financial liabilities comprise borrowings, trade payables and other short-term monetary liabilities. These are initially measured at fair value and subsequently recognised at amortised cost using effective interest rate method. Derecognition of financial liabilities Financial liabilities are derecognised when, and only when, the Group’s obligations are discharged, cancelled, or they expire. Fair value measurement hierarchy The Group classifies its financial assets and financial liabilities measured at fair value using a fair value hierarchy that reflects the significance of the inputs used in making the fair value measurement. The fair value hierarchy has the following levels: p quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); p inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (level 2); p inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3); p the level in the fair value hierarchy within the financial asset or financial liability is determined on the basis of the lowest level input that is significant to the fair value measurement. Compound instruments The component parts of compound instruments (convertible notes and loans with detachable warrants) issued by the Company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. A conversion option that will be settled by the exchange of a fixed amount of cash for a fixed number of the Company’s own equity instruments is an equity instrument. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non convertible instruments. This amount is subsequently recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument’s maturity date. The conversion option or detachable warrant classified as equity is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity, net of income tax effects, and is not subsequently re-measured. Gains or losses are recognised in profit or loss upon conversion or expiration of the conversion option. Transaction costs that relate to the issue of the compound instruments are allocated to the liability and equity components in proportion to the fair value of the debt and equity components. Transaction costs relating to the equity component are recognised directly in equity. Transaction costs relating to the liability component are included in the carrying amount of the liability component and are amortised over the lives of the compound instruments using the effective interest method. The Company repaid its convertible bond liabilities in the year, and currently has no compound instruments. Share capital Financial instruments used by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Company’s ordinary shares are classified as equity instruments and are recorded as proceeds received, net of direct issue costs. Provision for commitments and contingencies Provisions are recognised when the Company has a present obligation at the reporting date, which occurred as a result of a past event, and it is probable that the Company will be required to settle that obligation and the amount of the obligation can be reliably estimated. Possible obligations that are less than probable, and commitments to make purchases and incur expenditure in future periods, are not recognised as provisions but are disclosed as commitments and contingencies. Provision for site rehabilitation and decommissioning costs and the associated asset is recorded at the present value of the expected expenditure required to settle the Company’s future obligations. Actual outcomes may vary. Details regarding the provision for site rehabilitation and decommissioning costs are set out in note 21 to the financial statements.

56 AltynGold plc Annual Report 2022 NOTES TO THE FINANCIAL STATEMENTS continued for the year ended 31 December 2022 4 Accounting policies continued Critical accounting judgements and key sources of estimation uncertainty In the application of the Company’s accounting policies, the Directors have made judgements and estimates that may have a significant effect on the amount recognised in the financial statements. These include: p carrying value of property, plant and equipment, including estimates made in respect of reserves and resources, discount rate and future gold prices (note 15): Costs capitalised as mining assets in property, plant and equipment, and intangible assets are assessed for impairment when circumstances suggest that the carrying value may exceed its recoverable value. As part of this assessment, management has not carried out an impairment test, as no indicators of impairment have been identified. This test compares the carrying value of the assets at the reporting date with the expected discounted cash flows. For the discounted cash flows to be calculated, management has used a production profile based on its best estimate of proven and probable reserves of the assets and a range of assumptions, including an estimated price of gold and a discount rate which, taking into account other assumptions used in the calculation, management considers to be reflective of the risks. This assessment involves judgement as to (i) the likely commerciality of the asset, (ii) proven, probable reserves which are estimated, (iii) future revenues and estimated development costs pertaining to the asset, (iv) the discount rate to be applied for the purposes of deriving a recoverable value. There were no impairment indicators identified, therefore a full impairment test was not carried out. p recoverability of inventories (note 17): The recoverability of inventories is dependent upon the future production of the Company, and future prices achievable, which will determine if any provision is required against inventories. The directors have assessed the impairment indicators, and made judgements in reflection to future prices achievable and production and make impairments as appropriate. p carrying value of provisions (note 21): Estimates of the cost of future decommissioning and restoration of production facilities are based on current legal and constructive requirements, technology and price levels, while estimates of when decommissioning will occur depend on assumptions made regarding the economic life of fields which in turn depend on such factors as gold prices, decommissioning costs, discount rates and inflation rates. The management reviewed the estimation process and the basis for the principal assumptions underlying the cost estimates, noting in particular the reasons for any major changes in estimates as compared with the previous year. The Company was satisfied that the approach applied was fair and reasonable. The Company was also satisfied that the discount and inflation rates used to calculate the provision were appropriate. p recognition of deferred taxation assets (note 11): Deferred tax assets are recognised only to the extent it is considered probable that those assets will be recoverable. This involves an assessment of when those deferred tax assets are likely to reverse, and a judgement as to whether or not there will be sufficient taxable profits available to offset the tax assets when they do reverse. This requires assumptions regarding future profitability and is therefore inherently uncertain. To the extent assumptions regarding future profitability change, there can be an increase or decrease in the level of deferred tax assets recognised that can result in a charge or credit in the period in which the change occurs. p carrying value of intangible assets (note 14): The carrying value for intangible exploration and evaluation assets, represent the costs of active exploration projects the commerciality of which is unevaluated until reserves can be appraised. Where properties are appraised to have no commercial value, the associated costs are treated as an impairment loss in the period in which the determination is made. The recoverability of intangible exploration assets is assessed by comparing the carrying value to estimates of the present value of projects where indicators of impairment have been identified on an asset. The present values of intangible exploration assets are inherently judgemental. Exploration and evaluation costs will be written off to the income statement unless commercial reserves are established or the determination process is not completed and there are no indications of impairment. The outcome of ongoing exploration, and therefore whether the carrying value of exploration and evaluation assets will ultimately be recovered, is inherently uncertain. There were no impairment indicators identified, therefore a full impairment test was not carried out. p Provision for taxation (note 11 and 18) Management make judgements in relation to the recognition of various taxes payable by the Group and VAT recoverability for which the recoverability and timing of recovery is assessed. The Group operates in jurisdictions which necessarily require judgement to be applied when assessing the applicable tax treatment for transactions and the Group obtains professional advice where appropriate to ensure compliance with applicable legislation. p Estimation of credit losses (note 16) The management make judgements in relation to the future recoverability of receivables, in relation to the parent Company there are substantial loans to the subsidiaries. The management has used the guidance as noted in IFRS9 to make judgements in relation to the future risk of default, the ability of the Company to achieve its production targets and achieve a sufficient level of profits to repay the loans, inherent in this model are a number of judgements. The management has estimated that a provision was required of US$22m at the year end. (2021 US$33m); and p Extension of Teren-Sai licence (note 14) The management have made an application to extend the exploration licence at Teren-Sai, which is to be extended from its current expiration date which was in May 2022. The process is ongoing however the likelihood of the licence ultimately being extended is dependent on the Company satisfying the conditions required for renewal. Inherent in this process for the application for renewal and beyond are judgements of determining if the conditions can be satisfied. The current indications are that the licence will be renewed, the length of time taken to renew the licence is as a result of the changes being made to the area of the site to be used for mining purposes under the new licence.

57 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements 5 Revenue The analysis of the Group’s revenue for the year from continuing operations is as follows: 2022 2021 US$000 US$000 Sale of gold and silver 61,053 50,031 Other sales 984 259 62,037 50,290 Included in revenues from sale of gold and silver are revenues of US$61,053,000 (2021: US$50,031,000) which arose from sales of precious metals to one customer based in Kazakhstan. Other sales amounted to US$984,000 (2021: US$259,000) and related to lease and rental income. 6 Segmental information Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments and making strategic decision, has been identified as the Board of Directors. The Board of Directors consider there to be two operating segments, the exploration and development of mineral resources at Sekisovskyoe and at Teren-Sai, both based in one geographical segment, being Kazakhstan. All sales were made in Kazakhstan from the mine at Sekisovskoye. However in relation to Teren-Sai, as there is discrete financial information available and the assets account for greater than 10% of the combined total assets of all segments, it is considered to be a separate operating segment. Teren-Sai is an exploration asset, details of the carrying value of the asset are shown in note 14. There is currently no turnover or other associated costs in relation to this asset. 7 Staff number and costs Group The aggregate remuneration comprised: 2022 2021 US$000 US$000 Directors’ emoluments 286 236 Employee wages and salaries 3,266 3,087 Employer social tax and national insurance 866 761 4,418 4,084 The average number of employees (including Directors) was: 2022 2021 Production 337 333 Administration 89 80 426 413 Company The average number of employees (including Directors) was: 2022 2021 Administration 6 6 Further details in relation to Directors remuneration and wages and salaries is given in the Remuneration Report. The aggregate remuneration comprised: 2022 2021 US$000 US$000 Directors’ emoluments 286 236 Employer social tax and national insurance 21 14 307 250

58 AltynGold plc Annual Report 2022 NOTES TO THE FINANCIAL STATEMENTS continued for the year ended 31 December 2022 8 Impairments 2022 2021 US$000 US$000 Impairments provided – ore 62 24 Impairment provided – other 20 710 82 734 The other impairment relates to a provision for the estimated credit loss on receivables. 9 Finance income and costs 2022 2021 $000 $000 Finance costs Foreign exchange loss 504 366 Unwinding of discount on provisions 343 402 Interest expense 2,320 2,506 Unwinding of discount other financial liabilities 433 381 Total finance costs 3,600 3,655 10 Profit before taxation The profit on ordinary activities before taxation is stated after (crediting/charging): 2022 2021 US$000 US$000 Staff costs (note 7) 4,418 4,084 Depreciation of tangible assets 4,591 4,486 Cost of inventories recognised as an expense 7,651 4,223 Sponsorship programme 3,654 490 Provision for impairment of receivables 20 710 Provision for impairment of inventory 62 24 Irrecoverable VAT written off 184 1 Penalties and fines 514 347 Fees payable to the Company’s auditors for the audit of the Company 28 56 Fees payable to the Company’s auditors for the audit of the Group financial statements 150 149 Fees payable to the auditors of the Company’s Subsidiaries pursuant to legislation – 29 Fees payable to the Company’s auditors for the interim review of the Group financial statements – 69 The 2022 fees relate to PKF Littlejohn LLP who were appointed as auditors during the year, the 2021 fees relate to BDO LLP the auditors in that year. The Company sponsored projects worth US$3.6m for the benefit of the community in line with central government recommendations. These related to a project ongoing from the prior year for the provision of a library at a university that the Company contributed towards. 11 Income tax Tax charged/(credited) in the income statement 2022 2021 $000 $000 Deferred taxation Arising from origination and reversal of temporary differences 181 (56) The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2021 - lower than the standard rate of corporation tax in the UK) of 19% (2021 – 19%).

59 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements 11 Income tax continued The differences are reconciled below: 2022 2021 $000 $000 Profit before tax 13,414 18,267 Corporation tax at standard rate 2,683 3,471 Effect of different UK tax rates on some earnings (129) 146 Effect of expenses not deductible in determining taxable profit 720 297 Current year tax losses and other temporary differences not recognised 141 (196) Foreign exchange allowable losses in subsidiary (3,234) (3,774) Total tax charge/(credit) 181 (56) Deferred tax Group Deferred tax assets and liabilities are offset where they arise within the subsidiaries in Kazakhstan. The Group has recognised the deferred tax asset only to the extent that it is probable that the taxable profit will be available against which the deductible temporary difference can be utilised. The future tax profits are expected to derive from the gold mining operations in Kazakhstan. The tax losses arising in the prior periods will reduce the Company’s and its subsidiaries’ future tax liabilities. Deferred tax assets are recognised as the Directors believe that sufficient taxable profits will be made against which the carried forward losses can be utilised. Unutilised taxation losses arising in Kazakhstan of US$34.6m (2021: US$44.6m) are available to carry forward for a maximum of 10 years. It is estimated that the tax losses available to carry forward will be utilised by 2031. Unutilised tax losses arising in the UK amount to US7.7m (2021: US$7.7m). Expiry of tax losses in Kazakhstan 2023 2024 2025 2026 2027 2028 2029 2030 2031 Total US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000 Expiry – – – 9,729 470 1,633 16,587 1,834 4,374 34,627 Unrecognised deferred taxation assets 2022 2021 US$000 US$000 Taxation losses 1,808 1,457 The unrecognised taxable losses above arise in relation to the parent Company, this amount has been carried forward as the Directors are uncertain if there will be sufficient taxable profits in the foreseeable future to offset the losses incurred. Accelerated Other Taxation taxation timing losses depreciation differences Total US$000 US$000 US$000 US$000 1 January 2021 6,061 (499) (251) 5,311 Credit/(debit) to income – 306 (244) 62 Credit to other comprehensive income 3,038 – – 3,038 Currency translation (191) (35) 4 (222) 31 December 2021 and 1 January 2022 8,908 (228) (491) 8,189 Credit/(debit) to income – 163 (344) (181) Debit to other comprehensive income (1,407) – – (1,407) Currency translation (576) 12 15 (549) 31 December 2022 6,925 (53) (820) 6,052

60 AltynGold plc Annual Report 2022 NOTES TO THE FINANCIAL STATEMENTS continued for the year ended 31 December 2022 12 Earnings per ordinary share The calculation of basic and diluted earnings per share from continuing operations is based upon the retained profit from continuing operations for the financial year of US$13.2m (2021: US$18.3m). The weighted average number of ordinary shares for calculating the basic earnings per share in 2022 and 2021 is shown below. 2022 2021 No. No. Basic 27,332,933 27,332,933 Diluted 27,332,933 27,332,933 13 Adjusted EBITDA The Directors of the Company have presented the performance measure adjusted EBITDA (earnings before interest, tax, and depreciation) as they monitor this performance measure at a consolidated level, and the Directors believe it is relevant to measuring the Groups performance. Adjusted EBITDA is calculated by adjusting the net profit for interest, tax and depreciation. Adjusted EBITDA is not a defined performance measure in IFRS. The Group’s definition of adjusted EBITDA may not be comparable with similarly titled performance measures as disclosed by other entities. Reconciliation of adjusted EBITDA to profit after tax 2022 2021 US$000 US$000 Profit after tax 13,233 18,323 Income tax expense/(credit) 181 (56) Finance expense 3,096 3,289 Foreign exchange 504 366 Depreciation 4,936 4,486 Adjusted EBITDA 21,950 26,408 14 Intangible assets Group Teren-Sai Teren-Sai Exploration and geological data evaluation costs Total $000 $000 $000 Cost or valuation At 1 January 2021 9,026 8,650 17,676 Additions – 830 830 Amortisation capitalised – 585 585 Currency translation (225) (240) (465) At 31 December 2021 8,801 9,825 18,626 At 1 January 2022 8,801 9,825 18,626 Additions – 240 240 Amortisation capitalised – 541 541 Currency translation (589) (654) (1,243) At 31 December 2022 8,212 9,952 18,164 Amortisation At 1 January 2021 4,662 165 4,827 Amortisation charge 585 – 585 Currency translation (125) (7) (132) At 31 December 2021 5,122 158 5,280 At 1 January 2022 5,122 158 5,280 Amortisation charge 541 – 541 Currency translation (343) (12) (355) At 31 December 2022 5,320 146 5,466 Carrying amount At 31 December 2022 2,892 9,806 12,698 At 31 December 2021 3,679 9,667 13,346 At 1 January 2021 4,364 8,485 12,849

61AltynGold plc Annual Report 2022 Governance Strategic report Financial statements 14 Intangible assets continued The intangible assets relate to the historic geological information pertaining to the Teren-Sai ore fields. The ore fields are located in close proximity to the current mining operations of Sekisovskoye. The Company obtained a contract for exploration and evaluation on the site in May 2016 from the Kazakh authorities, the licence expired in May 2022. The Company is in the process of extending the licence for a further two years, there are no indications that the licence will not be granted and as there are sufficient resources to continue to develop the asset in line with the proposed licence terms, the asset has been carried forward with no recognition for impairment. The Company has the right to extend the licence under the original agreement and, after a number of revisions has submitted the final proposals to the authorities. As part of the application the Company is going to return some areas back to the authorities which had little value in terms of potential development, the area retained is approximately 200 square kilometres. The value of the geological data purchased is in the opinion of the Directors the value that would have been incurred if the drilling had been undertaken by a third party (or internally). The Company has continued to develop the site with a CPR completed in 2019 on one of the fifteen target zones area 2, which includes 3 potential targets, and further exploration works in the other areas. Full details are given in the mineral resources statement included as part of the Annual Report. The directors consider that no impairment is required taking into account the CPR results, exploration and planned production in the future. The write off of the geological data over the period of the licence to the end of the extended licence period is appropriate. After that period the costs amortised are capitalised in line with the Company’s accounting policy within the subsidiary TOO GMK Altyn MM LLP, there are no impairment indicators. The bank loan from Bank Center Credit is secured in the assets of the Group see note 22. 15 Property, plant and equipment Group Freehold Equipment, Plant, Mining Land and fixtures and machinery and Assets under properties buildings fittings buildings construction Total $000 $000 $000 $000 $000 $000 Cost or valuation At 1 January 2021 13,264 24,050 11,780 9,322 1,973 60,389 Additions 3,356 197 2,147 653 2,187 8,540 Disposals – – (655) (4) – (659) Transfers – 1,441 – – (1,441) – Transfer from inventories – – – – 170 170 Currency translation (611) (654) (203) (261) (67) (1,796) At 31 December 2021 16,009 25,034 13,069 9,710 2,822 66,644 At 1 January 2022 16,009 25,034 13,069 9,710 2,822 66,644 Additions 3,936 42 837 6 4,295 9,116 Disposals – – (476) (33) – (509) Transfers – 4,387 187 65 (4,639) – Transfer to inventories – – – – (16) (16) Currency translation (1,584) (1,673) (929) (674) (183) (5,043) At 31 December 2022 18,361 27,790 12,688 9,074 2,279 70,192 Depreciation At 1 January 2021 2,869 11,371 9,182 4,875 – 28,297 Charge for year 699 2,188 817 782 – 4,486 Eliminated on disposal – (2) (655) (4) – (661) Currency translation (218) (238) (239) (133) – (828) Transfers – – – – – – At 31 December 2021 3,350 13,319 9,105 5,520 – 31,294 At 1 January 2022 3,350 13,319 9,105 5,520 – 31,294 Charge for the year 800 2,128 893 770 – 4,591 Eliminated on disposal – – (464) (33) – (497) Currency translation (227) (986) (590) (368) – (2,171) Transfers – – – – – – At 31 December 2022 3,923 14,461 8,944 5,889 – 33,217 Carrying amount At 31 December 2022 14,438 13,329 3,744 3,185 2,279 36,975 At 31 December 2021 12,659 11,715 3,964 4,190 2,822 35,350 At 1 January 2021 10,395 12,679 2,598 4,447 1,973 32,092

62 AltynGold plc Annual Report 2022 NOTES TO THE FINANCIAL STATEMENTS continued for the year ended 31 December 2022 15 Property, plant and equipment continued Capitalised cost of mining property are amortised over the life of the licence from commencement of production on a unit of production basis. This basis uses the ratio of production in the period compared to the mineral reserves at the end of the period. Mineral reserves estimates are based on a number of underlying assumptions, which are inherently uncertain. Mineral reserves estimates take into consideration estimates by independent geological consultants. However, the amount of mineral that will ultimately be recovered cannot be known until the end of the life of the mine. Any changes in reserve estimates are, for amortisation purposes, treated on a prospective basis. The recovery of the capitalised cost of the Group’s property, plant and equipment is dependent on the development of the underground mine. The Directors are required to consider whether the non-current assets comprising, mineral properties, plant and equipment have suffered any impairment. The recoverable amount is determined based on value in use calculations. The use of this method requires the estimation of future cash flows the key assumptions used were the choice of a discount rate (12.7%) in order to calculate the present value of the cash flows. The directors considered entity specific factors such as available finance, cost of production (based on actual and budget), grades achievable (83.2%), and sales price of gold (moving from US$1,850 to US$1,650 per oz in 2030). The directors applied the same reductions as noted in the going concern model to test the robustness and have concluded that no adjustment is required for impairment. The bank loan from Bank Center Credit is secured on the assets of the Group see note 22. 16 Investments Summary of the company investments Country of Percentage registration Name held & operation Directly held AltynGold Holdings Limited 100 British Virgin Islands TOO GMK Altyn MM 100 Kazakhstan Indirectly held DTOO Gornorudnoe Predpriatie Baurgold 100 Kazakhstan The principal activity of all companies relates to gold mining and production with the exception of AltynGold Holdings Limited which is an investment holding Company and is currently dormant, its registered address is Palm Grove House, P O Box 438,Road Town, Tortola, British Virgin Islands. Both companies are based in Republic of Kazakhstan, the registered office address for both is Building 19, Amangeldi Imanov Street, Baikonyr district, Astana. Contribution to investment Subsidiaries Shares adjustment loans Total US$000 US$000 US$000 US$000 1 January 2021 225 50,114 59,640 109,979 Management charges and interest – – 6,059 6,059 Impairment charge – IFRS9 – – (1,904) (1,904) Adjustment as a result of loan repayment terms – 31 December 2021 225 50,114 63,795 114,134 Repayment of loans from subsidiary (10,182) (10,182) Adjustment as a result of loan repayment (2,207) 2,207 – Management charges and interest – – 5,815 5,815 Impairment reversal – IFRS9 – – 11,361 11,361 31 December 2022 225 47,907 72,996 121,128 Total US$000 Movement of expected credit loss 1 January 2021 31,676 Impairment – IFRS9 1,904 31 December 2021 33,580 Impairment reversal – IFRS9 (11,361) 31 December 2022 22,219 The investments together with the loans which are denominated in US Dollars represent the investments into the subsidiaries and in the opinion of the directors the aggregate value of the investments in the subsidiaries is not less than the amount shown in these financial statements. The directors review the intercompany borrowings on a regular basis, together with the associated cash flows of each company, and assess under the expected credit loss (ECL) model as required by IFRS 9.

63 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements 16 Investments continued The loans to subsidiaries are charged at interest rates ranging from interest free to a range of 5-7%. The intercompany loans are repayable at the earliest in October 2029 as the parent Company needs to give a three year formal request for repayment after the Bank Center Credit loan has been repaid which is due for payment in October 2026. The Company has applied IFRS 9 in the current period and estimates that there is a reversal of the ECL calculated of US$11,361,000 (2021: charge US$1,904,000) on the receivables from the subsidiaries. The total ECL as at 31 December 2022 is US$22.2m (2021: US$33.6m). The intercompany loans at present are considered to be in stage 2, and have been assessed as indicated in the IFRS 9 ECL model. As the loans are considered to be in stage 2 a lifetime ECL is determined using all relevant, reasonable and supportable historical, current and forward-looking information that provides evidence about the risk that the subsidiaries will default on the loan and the amount of losses that would arise as a result of that default. The Company applied a spread of sensitivities ranging from full recovery estimated at 10%, to a recovery of 80% of the loans at a 75% probability, based on a weighted average of the probabilities the Company estimated a total ECL to be provided of US$22.2m. If the probability of recoverability worsened by 10% the ECL would increase by US$5.6m. The impairment is recognised in the income statement within administrative expenses. 17 Inventories Group 2022 2021 $000 $000 Ore 6,184 5,014 Raw materials and consumables 2,578 2,017 Work in progress 379 372 Finished goods and goods for resale 2,119 1,718 11,260 9,121 The value of inventories above is stated net of a provision for low grade ore made in prior periods of US$1.1m (2021: US$1.1m). A provision was made in the year against spare parts and consumables that are assessed as being slow moving that may not be required for future repairs or production of US$387,000 (2021: US$341,000), resulting in a provision in the year of US$46,000 (2021: US$6,000). This together with impairments against low grade of ore of US$16,000 resulted in a total provision against inventories of US$62,000 (2021:US$24,000). The movement in inventory recognised as an expense in the income statement is US$7.65m (2021: US$4.22m). 18 Trade and other receivables Non-current Group Group Company Company 2022 2021 2022 2021 US$000 US$000 US$000 US$000 Other receivables 1,870 1,375 – – Prepayments – advances for equipment 12,730 2,550 – – 14,600 3,925 – – Current Group Company 2022 2021 2022 2021 $000 $000 $000 $000 Trade receivables 1,992 – – – Provision for impairment of trade receivables (165) – – – Net trade receivables 1,827 – – – VAT recoverable 6,654 5,054 8 20 Prepayments 8,914 16,286 6 5 Prepayments – provision (795) (664) – – Other receivables – recoverable 22 1,131 – 69 Other receivables – provision – (277) – – 16,622 21,530 14 94 Total current trade and other receivables 16,622 21,530 14 94 The trade receivables are stated at full carrying value and their aging is less than 30 days old. The Directors consider that the carrying value of trade receivables approximates to their fair value. A provision has been assessed against receivables that may not be recoverable having applied IFRS9 of US$795,000 (2021 US$941,000).

64AltynGold plc Annual Report 2022 NOTES TO THE FINANCIAL STATEMENTS continued for the year ended 31 December 2022 18 Trade and other receivables continued Prepayments recoverable in more than one year relate to amounts to be capitalised for plant and mining services prepaid in advance. Prepayments recoverable within one year include amounts paid of US$1m (2021 US$14.5m) in relation to prepaid amounts for mining services. Other receivables included within non- current assets for 2022 and 2021 relate to an amount recoverable in relation to Value Added Tax, this is expected to be recovered by offset against VAT payable in future periods. 19 Trade and other payables Non-current Group Group Company Company 2022 2021 2022 2021 US$000 US$000 US$000 US$000 VAT payable 332 242 – – Other taxes payable 688 1,000 – – 1,020 1,242 – – Current Group Company 2022 2021 2022 2021 $000 $000 $000 $000 Trade payables 1,590 1,732 12 125 Other taxes payable 2,906 2,564 50 566 Other payables and accruals 1,251 630 909 298 VAT payable 506 758 – – 6,253 5,684 971 989 Trade creditors and accruals principally comprise amounts outstanding for trade purchases of goods and services. The majority of the trade creditors relate to the Company’s trading subsidiaries in Kazakhstan. For most suppliers, interest is not charged on trade payables. The Company regularly reviews all outstanding payables to ensure they are paid within the appropriate time frame. VAT payable relates to amounts due and payable and scheduled for payment to the Kazakh tax authorities. The Company has agreed a payment plan with the Kazakh authorities in relation to the payment of royalties which are due. The portion agreed to be paid within one year is US$2,594,000 (2021:US$1,870,000) the balance due of US$688,000 (2021 US$1,000,000) is payable in more than one year, of this amount US$558,000 is payable in 2024 and US$130,000 in 2025. The Directors consider that the carrying amount of trade payables approximates to their fair value. 20 Related party transactions Remuneration of key management personnel The remuneration of the Directors, who are the key management personnel of the Company, is set out below in aggregate for each of the categories specified in IAS 24 –“Related Party Disclosures”. The total amount remaining unpaid with respect to remuneration of key management personnel amounted to US$149,000 in the current year (2021: US$5122,000). Further information about the remuneration of the individual directors is set out in the audited section of the report on directors’ remuneration on page 35. Group Group Company Company 2022 2021 2022 2021 US$000 US$000 US$000 US$000 Short term employee benefits 286 236 286 236 Social security costs 21 14 21 14 307 250 307 250 Related party transactions The transactions between the Company and the subsidiaries are disclosed in Note 16. These relate to management and interest charges on services/loans from the parent to the subsidiaries in Kazakhstan. During the year the following transactions were carried out with companies controlled by the Assaubayev family: p Asia Mining Group (AMG), a company controlled by the Assaubayev family supplied equipment and spares to the Company in prior years. At the year end an amount of US$78,224 was due to AMG (2021 US$83,850); p Amounts due by the Group to Amrita Investments Limited a company controlled by the Assaubayev family, total US$1,000 (US$12,000). This is repayable on demand; p Altyn MM made sales of services to Altyn Group Qazaqstan LLP of US$279,000 (2021:US$151,000) in the year. Of this amount US$430,000 (2021 : US$131,400) was outstanding at 31 December 2022; p US$1,000 (2021 US$1,000) is due to Bolat Assaubayev a family member.

65 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements 21 Provisions Abandonment & restoration Holiday pay Total US$000 US$000 US$000 Group 1 January 2021 4,763 151 4,914 Change in estimate of provision 430 196 626 Unwinding of discount 383 – 383 Paid during the year – (111) (111) Currency translation adjustment (123) (4) (127) 31 December 2021 & 1 January 2022 5,453 232 5,685 Change in estimate of provision 195 195 Unwinding of discount 440 – 440 Paid during the year – (143) (143) Currency translation adjustment (376) (21) (397) 31 December 2022 5,517 263 5,780 31 December 2022 Current – 263 263 Non-current 5,517 – 5,517 5,517 263 5,780 31 December 2021 Current – 232 232 Non-current 5,453 – 5,453 5,453 232 5,685 Abandonment and restoration costs In accordance with the provisions of the subsoil use contract (the “Contract”), DTOO GRP Baurgold is liable for site restoration costs upon completion of production activities. It is not possible to predict accurately the amount which might ultimately be payable for site restoration as it includes assumptions such as inflation in Kazakhstan over the life of the Contract which are inherently uncertain. An estimate of the future cost of restoration has been discounted and a provision recognised. The discounted amount for cost of restoration has been capitalised within mining properties as a tangible fixed asset (note 15) and will be amortised using the unit of production method over the life of the mine. In accordance with the subsoil use agreement, DTOO GRP Baurgold has established a cash fund to pay for the cost of restoration. The cash fund is maintained in a separate bank account in the name of DTOO GRP Baurgold. DTOO GRP Baurgold is required to contribute each year an amount equal to 1% of its operating expenses, (being the cost of sales of DTOO GRP Baurgold in extracting the ore) to this fund. Any transfers from the bank account require the authorisation of the Government of Kazakhstan. This fund will be used to pay for the costs of restoration as and when they become due. If the funds in the account are insufficient to pay for the costs, DTOO GRP Baurgold will be required to pay any deficit. If there are funds surplus to those required for restoration these will be returned to DTOO GRP Baurgold. At the year end the amount in the fund amounted to US$50,000 (2021: US$70,000). The Company has an obligation to contribute to the restricted cash fund as stipulated in its licence, and has been in communication with the relevant authorities to restore the fund to the required level in future periods. The failure to comply in the year with certain administrative requirements of the licence including the maintenance of the cash fund may result in a penalty estimated to be less than US$2,000.

66 AltynGold plc Annual Report 2022 NOTES TO THE FINANCIAL STATEMENTS continued for the year ended 31 December 2022 22 Loans and borrowings Group Group Company Company 2022 2021 2022 2021 US$000 US$000 US$000 US$000 Current loans and borrowings Bonds – 9,723 – 9,723 Bank loans 13,609 5,298 – – Related party loans (see note 20) 2 12 – – Other borrowings – 54 – – 13,611 15,087 – 9,723 Due one – two years Bank loans 3,482 3,546 – – 3,482 3,546 – – Due two – five years Bank loans 6,019 8,675 – – 6,019 8,675 – – Due more than five years Amount due to subsidiary Company – – 31,118 29,110 Total non-current loans and borrowings 9,501 12,221 31,118 29,110 Bond Listed on Astana International Exchange Bonds to the value of US$10m at a coupon rate of 9% were repaid on schedule in December 2022. Bank loans In September 2019 the Company agreed a facility with JSC Bank Center Credit (BCC) for an amount of US$17m. The bank loan is repayable in instalments and bears interest at 6%-7%, with the final instalment due in 2026. At the year end US$8.5m was outstanding. In December 2020 the Company agreed a new facility with BCC of US$5.5m (2.3bn Tenge), The loan is denominated in Kazakh Tenge with interest at 15.5% repayable in instalments with the final instalment due in 2025, at the year end 1.6bn Kazakh Tenge was outstanding, (US$3.5m). New credit lines were entered into with Bank Center Credit in 2022 to provide additional financing for US$40m, of this amount US10m was a direct cash injection and US$30m as a credit line administered by the bank to purchase additional machinery. The initial loan of US$10m was drawn down in November 2022, the loan is on a rolling basis and incurs interest at a fixed rate of 7.2%. The Company has the option to roll over the loan on a monthly basis, with the final payment due on the loan by November 2025, by monthly instalments commencing December 2024. The US$30m credit line has a capital repayment holiday until January 2024, and incurs interest at 7% with a 3% draw-down charge on each tranche. An initial draw-down of US372,000 was made in December 2022, since this date US$14m has been drawn down in order to purchase equipment. The credit line remains open until November 2027. The bank loans are secured over the assets of the Company by a floating charge. The total borrowings of the Group disclosing the scheduled repayments of capital and interest are disclosed in note 25. Amount owed to subsidiary The amount due by the Company to the subsidiary is repayable in 2026 and incurs interest at a fixed rate of 5% per annum.

67AltynGold plc Annual Report 2022 Governance Strategic report Financial statements 23 Notes to the cash flow statement Group Group Company Company 2022 2021 2022 2021 US$000 US$000 US$000 US$000 Profit/(loss) before taxation 13,414 18,267 12,891 (375) Adjusted for: Finance income – – (2,771) (2,771) Finance expenses 2,320 2,506 2,502 2,620 Unwinding of discount 776 783 (2,270) (2,601) Depreciation of tangible fixed assets 4,589 4,486 – – Provisions (reversal)/provision 195 626 (11,292) 1,904 Impairments against receivables 82 734 – – (Increase) in inventories (2,796) (3,998) – – (Increase) in trade and other receivables (7,486) (15,075) (78) (110) Loss on disposal 13 – – – Decrease/(increase) in trade and other payables 623 (1,898) (78) 114 Foreign currency translation 504 366 – – Cash inflow/(outflow) from operations 12,234 6,797 (1,096) (1,219) Reconciliation of movement of loans and borrowings Group Cashflow Cash changes Non-cash changes —–––––––––––––––––––– —————— –––––––––––––––––––––––––––––––– 1 January 31 December 2022 2022 Loans Interest Interest Foreign Receivables B/fwd New loans repaid repaid charges exchange net-off C/fwd US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000 Loan element of Kazakhstan listed bond 9,723 – (10,000) (900) 1,177 – – – Other borrowings 17,573 11,025 (5,018) (1,488) 1,522 (504) – 23,110 Related party borrowings* 12 – (10) – – – 2 Net cash outflow from financing activities 27,308 11,025 (15,028) (2,388) 2,699 (504) – 23,112 Due within one year 15,087 13,611 Due after one year 12,221 9,501 27,308 23,112 * This amount was paid to Amrita Investments Limited a company controlled by the Assaubayev family see note 20. Company Cashflow Cash changes Non-cash changes —–––––––––––––––––––– —————— –––––––––––––––––––––––––––––––– 1 January interest 31 December 2022 charges and 2022 Loans interest unwinding of Foreign Receivables B/fwd New loans repaid repaid discount exchange net-off C/fwd US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000 Loan element of Kazakhstan listed bond 9,723 – (10,000) (900) 1,177 – – – Net cash outflow from financing activities 9,723 – (10,000) (900) 1,177 – – – Due within one year 9,723 – Due after one year – – 9,723 –

68 AltynGold plc Annual Report 2022 NOTES TO THE FINANCIAL STATEMENTS continued for the year ended 31 December 2022 23 Notes to the cash flow statement continued Group Cashflow Cash changes Non-cash changes —–––––––––––––––––––– —————— –––––––––––––––––––––––––––––––– 1 January 31 December 2021 2021 Loans Interest Interest Foreign Receivables B/fwd New loans repaid repaid charges exchange net-off C/fwd US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000 Loan element of US$10m convertible bond 651 – (279) (13) 17 – (376) – Loan element of US$2m convertible bond* 2,173 – (2,000) (79) 75 – (169) – Loan element of Kazakhstan listed bond 9,375 – – (900) 1,248 – – 9,723 Other borrowings 16,849 6,356 (5,697) (1,419) 1,397 87 – 17,573 Related party borrowings 45 – (9) – 11 – (35) 12 Net cash outflow from financing activities 29,093 6,356 (7,985) (2,411) 2,748 87 (580) 27,308 Due within one year 5,833 15,087 Due after one year 23,260 12,221 29,093 27,308 Company Cashflow Cash changes Non-cash changes —–––––––––––––––––––– —————— –––––––––––––––––––––––––––––––– 1 January interest 31 December 2021 charges and 2021 Loans interest unwinding of Foreign Receivables B/fwd New loans repaid repaid discount exchange net-off C/fwd US$000 US$000 US$000 US$000 US$000 US$000 US$000 US$000 Loan element of US$10m convertible bond 651 – (279) (13) 17 – (376) – Loan element of US$2m convertible bond 2,173 – (2,000) (79) 75 – (169) – Loan element of Kazakhstan listed bond 9,375 – – (900) 1,248 – – 9,723 Related party borrowings 35 – – – – – (35) – Net cash outflow from financing activities 12,234 (2,279) (992) 1,340 – (580) 9,723 Due within one year 2,917 9,723 Due after one year 9,317 – 12,234 9,723 24 Share capital Issued and fully paid Number US$000 At 31 December 2022 – Ordinary shares of £0.10 each 27,332,933 4,267 At 31 December 2021 – Ordinary shares of £0.10 each 27,332,933 4,267 The rights attaching to the shares are detailed in the Directors report on page 27. 25 Financial instruments Financial instruments by category Financial assets Group Group Company Company* 2022 2021 2022 2021 US$000 US$000 US$000 US$000 Cash and cash equivalents 116 3,593 70 1,826 Other receivables and advance payments 14,590 854 – 70 Intercompany loans – – 72,996 63,795 14,706 4,447 73,066 65,691

69 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements 25 Financial instruments (continued) Financial instruments by category Financial liabilities Group Group Company Company* 2022 2021 2022 2021 US$000 US$000 US$000 US$000 Trade and other payables 21,592 2,362 12 423 Loans and borrowings 23,112 27,308 – 9,723 Intercompany borrowings – – 31,119 29,111 44,704 29,670 31,131 39,257 Financial assets and liabilities are measured at amortised cost. Policy on financial risk management The Company’s principal financial instruments comprise cash and cash equivalents, trade receivables, trade and other payables, other financial liabilities and borrowings. The Company’s accounting policies and methods adopted, including the criteria for recognition, the basis on which income and expenses are recognised in respect of each class of financial asset, financial liability and equity instrument are set out in note 4 –“accounting policies”. The Company does not use financial instruments for speculative purposes. The carrying value of all financial assets and liabilities approximates to their fair value. Capital risk management The Company’s primary objective when managing risk is to ensure there is sufficient capital available to support the Company’s funding requirements, including capital expenditure, in a way that optimises the cost of capital maximises shareholders’ returns and ensures the Company’s ability to continue as a going concern. There were no changes to the Company’s capital management approach in the year. The Company may make adjustments to the capital structure as opportunities arise, as and when borrowings mature or as and when funding is required. This may take the form of raising equity, debt finance, equipment supplier credit or a combination thereof. The Company monitors capital on the basis of the gearing ratio, which is defined as net debt divided by total capital. Net debt is calculated as total borrowings (including current and non-current borrowings as shown in the consolidated statement of financial position) less cash and cash equivalents (which excludes restricted cash). Total capital is calculated as equity as shown in the consolidated statement of financial position plus net debt. While the Company does not set absolute limits on the ratio, the Company believes that a ratio of 30%-40% is acceptable as the Company continues the development of the underground of the Sekisovskoye mine and the exploration site at Teren-Sai, and that optimally this should reduce to and remain below 25% thereafter. The Company’s policy in respect of capital risk management is the same as that of the Group. 2022 2021 US$000 US$000 Group Total borrowings 23,112 27,308 Less: cash and cash equivalents (116) (3,593) Net debt 22,996 23,715 Total equity 62,208 55,205 Total Capital 85,204 78,920 Gearing ratio 27.00% 30.05% 2022 2021 US$000 US$000 Company Borrowings – 9,723 Intercompany loans 31,118 29,111 Less: cash and cash equivalents (70) (1,826) Net debt 31,048 37,008 Total equity 89,123 76,233 Total Capital 120,171 113,241 Gearing ratio 25.84% 32.68% Derivatives, financial instruments and risk management The Company does not use derivative instruments or other financial instruments to manage its exposure to fluctuations in foreign currency exchange rates, interest rates and commodity prices.

70 AltynGold plc Annual Report 2022 NOTES TO THE FINANCIAL STATEMENTS continued for the year ended 31 December 2022 25 Financial instruments (continued) Foreign currency risk management The Company and its subsidiaries have transactional currency exposures. Such exposures arise from sales or purchases by the Company’s two subsidiaries in Kazakhstan in currencies other than the Company’s functional currency. The functional currency of TOO GMK Altyn MM and DTOO Gornorudnoe Predpriatie Baurgold is the Kazakh Tenge. The currency transactions giving rise to this foreign currency risk are primarily USD denominated revenues, USD denominated borrowings and other financial liabilities and certain USD denominated trade payables. The Company and its subsidiaries do not enter into hedging positions in respect of its exposure to foreign currency risk. The carrying amounts of the Group’s foreign currency denominated net monetary assets and monetary liabilities at 31 December 2022, are as follows: Group 2022 US$000 2021 US$000 Functional currency Functional currency Currency of monetary asset/liability US$ KZT Total US$ KZT Total US Dollar (5) (19,405) (19,410) (7,953) (11,005) (18,958) British Pound 65 – 65 1 – 1 Kazakhstan Tenge – (3,388) (3,388) – (5,484) (5,484) Russian Rouble – – – (173) (173) Net Monetary position (22,733) (24,614) Company US Dollar 41,873 41,873 26,732 26,732 British Pound 65 65 1 1 Net Monetary position 41,938 26,733 Sensitivity analysis The analysis below shows the effect a 10% (2021:20%) strengthening, or weakening, of any one of the above currencies against the US Dollar. The Directors are of the opinion that the Kazakh Tenge may recover from this devaluation but not to any great extent. As the Company earns it revenues in US Dollars and incurs significant expenditure in Kazakh Tenge, the devaluation is seen as benefiting the overall financial position of the Company. 2022 2021 Group US$000 US$000 10%/20% weakening/strengthening of Kazakh Tenge against the US Dollar (2,279) (3,332) Commodity price risk The Company is exposed to the effect of fluctuations in the price of gold and silver which are quoted in US Dollars on the international markets. The Company prepares annual budgets and periodic forecasts including sensitivity analyses in respect of various levels of prices of these metals. The Company’s only significant sales during the years ended 31 December 2022 and 2021 were sales of gold doré containing gold and silver. The sales proceeds for gold doré is fixed by reference to the gold and silver prices on the day of sale. The Company does not plan in the future to hedge its exposure to the risk of fluctuations in the price of gold or silver and therefore it held no financial instruments that are sensitive to commodity price changes at either reporting date. Credit risk Credit risk refers to the risk that a counter-party will default on its contractual obligations resulting in a financial loss to the Company. The Group has adopted a policy of only dealing with creditworthy counter-parties. The Group’s exposure and the credit ratings of its counter-parties are monitored by the Board of Directors to ensure that the aggregate value of transactions is spread amongst approved counter-parties. In the current climate of uncertainty and the situation regarding sanctions being imposed on Russia, the Company is aware that there may be issues in relation to recoverability and safe guarding of its assets and has built this into their assessments of the creditworthiness of counter-parties. The Company currently has no trading with Russia and there are no material assets at risk. The Group’s principal financial assets are cash and cash equivalents, trade debtors and other accounts receivables. Cash equivalents include amounts held on deposit with financial institutions. The Group is mainly exposed to credit risk on its cash equivalents and trade and other receivables as per the balance sheet. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet which at the year end amounted to Cash and cash equivalents of US$116,000 (2021: US$3.6m) , and other receivables (excluding VAT and other taxes ) of US$24m (2021: US$16.5m). These include significant prepayments for mining and capital works which are being recovered as work progresses and equipment is delivered during 2023. Although full tax audits have been completed in the prior years and showed no material issues, there is always the possibility of fiscal change in the country. Kazakhstan is a relatively young country and there have been a number of fiscal changes in recent years, which in some cases related to the mining industry.

71 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements 25 Financial instruments (continued) The credit risk on liquid funds held in current accounts and available on demand is limited because the Group’s counter-parties are mainly banks with high credit ratings assigned by international credit-rating agencies. It is often impractical in Kazakhstan to carry out a check of creditworthiness of suppliers before making the contracted prepayments. However significant contracts have to go through a tender process prior to the contract being awarded in the subsidiary that holds the mining licence. In order to apply under the tender process the creditworthiness of the supplier will be assessed as part of the procedures. There were no significant balances at 31 December 2022 and 2021 in respect of which suppliers had defaulted on their obligations. The parent Company’s maximum exposure to credit risk is limited to the carrying amount of loans recorded in the financial statements. The majority of the loans are on fixed repayment terms. In relation to intercompany borrowings the Company has applied IFRS 9 which resulted in a significant impairment in the prior periods. The recoverability of the loans has been reassessed in the current year which resulted in a decrease in the provision see note 16. Liquidity risk During the year ended 31 December 2022, the Company was financed by internally generated funds, and other borrowings principally from bank borrowings. The Company manages its liquidity risk, the Directors monitor cash flow and cash flow forecasts on a regular basis and ensure that the loan commitments and working capital commitments are adequately funded. The following tables detail the Group and the Company’s remaining contractual maturity for its financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company and its subsidiaries can be required to pay. The table includes both interest and principal cash flows. Trade and other Borrowings payables Total Group US$000 US$000 US$000 31 December 2022 Due after more than five years – – – From two to five years 9,769 – 9,769 From one to two years 4,593 – 4,593 Due after more than one year 14,362 – 14,362 Due within one year 6,673 1,581 8,254 21,035 1,581 22,616 Trade and other Borrowings payables Total Group US$000 US$000 US$000 31 December 2021 Due after more than five years – – – From two to five years 9,769 – 9,769 For one to two years 4,593 – 4,593 Due after more than one year 14,362 – 14,362 Due within one year 17,551 1,732 19,283 31,913 1,732 33,645 Trade Intercompany and other loan Borrowings payables Total Company US$000 US$000 US$000 US$000 31 December 2022 Due after more than five years 47,995 – – 47,995 Due within one year – – 12 12 47,995 – 12 48,007

72 AltynGold plc Annual Report 2022 NOTES TO THE FINANCIAL STATEMENTS continued for the year ended 31 December 2022 25 Financial instruments (continued) Trade Intercompany and other loan Borrowings payables Total Company US$000 US$000 US$000 US$000 31 December 2021 Due after more than five years 47,995 – – 47,995 Due within one year – 10,878 125 11,003 47,995 10,878 125 58,998 Borrowings and interest rate risk There is no exposure to interest rate risk as the current principal borrowings in the Company and its subsidiaries are at fixed rates. The bank borrowings are predominately at average interest rates of 6-7%, see note 22. The significant commitments and contingencies in relation to the group are as noted below:. (a) Contractual liabilities Subsoil use rights are not provided to the Company on an indefinite basis, and each renewal shall be applied for before the current contract or licence expires. These rights can be cancelled by the Government of the Republic of Kazakhstan (hereinafter referred to as “the Government”) if the Company does not fulfil contractual liabilities. Deposit development costs In accordance with the subsoil use contract, the Company has an approved working programme which may be reviewed and reconsidered depending on the economic viability and operational conditions of the deposit. The management of the Company believes it has fulfilled the requirements of the Contract. Training for Kazakhstani specialists In accordance with the terms of the contract the Company is liable for the annual costs incurred in respect of the professional training of the Kazakhstani personnel involved in the work. The costs are estimated to be at least 1% of the operational costs during the development and operational process. Development of the social sphere of the region According to the terms of the contract, the Company is liable for supporting the development and ensuring social support for the activity of the communities near the area of operations of the Company. As at 31 December 2022, the Company has met all the conditions of the Contract. Liabilities on the restoration of the mine Within eighty calendar days upon the expiration of the contract the Company is liable for the development of the mine restoration programme and its inspection by the competent authority of the Government of the Republic of Kazakhstan. The Company is liable for implementation of the programme upon its approval. (b) Taxation risks The tax system of Kazakhstan, being relatively new, is characterised by frequent changes to the legal norms, official interpretations and court decisions, which are often not explicit and can be contradictory. This leads to differing interpretations by the tax authorities. The examination and investigations of the accounts to ensure that the tax payable is accurate are carried out by several regulatory bodies. These bodies have the power to impose heavy fines and penalties. The accuracy of the tax computation can be investigated five calendar years after the end of the accounting period. In certain circumstances this period can be increased. (c) Insurance In accordance with the subsoil use contract the Company is liable for the development of the insurance programme and its submission for approval by the competent authority. The Company has several contracts of obligatory insurance including insurance of the vehicle owners, the employer’s liability and insurance of the subsoil users’ liability where the activity of such subsoil users is connected to the damage to third parties. (d) Court proceedings The claims on the Company are periodically set out in the courts along with the Company’s activities. As at the reporting date, there are no material claims against the Company. As part of the settlement in relation to the tailings dam restoration programme a number of years ago, the Company has a memorandum signed with the local authorities, whereby the Company is liable for arranging the construction of the paste plant for US$1.1m (600m Kazakh Tenge). It has been agreed that the Company will use its best endeavours to have this completed once all necessary permits are obtained, the necessary permits have not been obtained at the date of this report. Other than the paste plant as at the reporting date the Company has fulfilled all of its obligations in relation to the outstanding works which were required in relation to the tailings dam restoration programme. This matter is still ongoing. 26 Parent and ultimate parent undertaking The controlling party and parent entity of the Company is AGold Mining Group Plc (formerly African Resources Limited), by virtue of the fact that at the date of this report it owns 65.6% (2021: 65.6%) of the voting rights in the Company. There is no requirement to prepare consolidated accounts for AGold Mining Group Plc, which is registered in the British Virgin Islands. The ultimate controlling party are the Assaubayev family, by virtue of the fact that they are the controlling party of AGold Mining Group Plc.

73 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements 27 Non adjusting events after the financial period and capital commitments The Company agreed a total facility of US$40m from Bank Center Credit, with US$10m being drawn pre-year end. The balance to be utilised for the purchase of equipment, of which US$14m has been drawn down post year-end, and US$13.8m related to deposits paid for equipment in relation to contracts signed pre year end. The total value of the contracts amounted to US$22.8m. On 5 April 2023 the Company issued a US$10m bond on the Astana International Exchange (AIX) at a coupon rate of 10.5%. Net proceeds received after commission and charges amounted to US$9.4m which was received in April 2023.

74 AltynGold plc Annual Report 2022 NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN THAT the Annual General Meeting of the AltynGold Plc (the “Company”) will be held at Langham Court Hotel, 31-35 Langham Street, London W1W 6BU, United Kingdom on 22 June 2023 at 11.00am in order to consider and, if thought fit, pass resolutions 1 to 7 as ordinary resolutions and resolution 8 as a special resolution: ORDINARY RESOLUTIONS 1. To receive the audited accounts and the reports of the Directors and auditors for the year ended 31 December 2022. 2. To approve the Directors’ remuneration report. 3. To re-elect Kanat Assaubayev as a Director of the Company. 4. To re-elect Sanzhar Assaubayev as a Director (Executive) of the Company. 5. To re-elect Vladimir Shkolnik as a Director (Non-Executive) of the Company. 6. To confirm the appointment of PKF Littlejohn LLP as the Company’s auditors to hold office until the conclusion of the next general meeting at which the annual accounts are to be laid before the Company, and to authorise the Audit Committee of the Board to determine the auditors’ remuneration. 7. That, in accordance with section 551 of the Companies Act 2006 (as amended) (the “Act”) the directors be generally and unconditionally authorised to allot Relevant Securities (as defined in the notes to this Notice): a. comprising equity securities (as defined by section 560 of the Act) up to an aggregate nominal amount of £1,738,005 (such amount to be reduced by the nominal amount of any Relevant Securities allotted under paragraph 8b. below) in connection with an offer by way of a rights issue: i. to holders of ordinary shares in proportion (as nearly as may be practicable) to their respective holdings; and ii. to holders of other equity securities as required by the rights of those securities or as the directors otherwise consider necessary, but subject to such exclusions or other arrangements as the directors may deem necessary or expedient in relation to treasury shares, fractional entitlements, record dates, legal or practical problems in or under the laws of any territory or the requirements of any regulatory body or stock exchange; and b. in any other case, up to an aggregate nominal amount of £869,003 (such amount to be reduced by the nominal amount of any equity securities allotted under paragraph 9a. above in excess of £869,003), provided that this authority shall, unless renewed, varied or revoked by the Company, expire on the date which is 18 months after the date on which this resolution is passed or, if earlier, the date of the next annual general meeting of the Company save that the Company may, before such expiry, make offers or agreements which would or might require Relevant Securities to be allotted and the directors may allot Relevant Securities in pursuance of such offer or agreement notwithstanding that the authority conferred by this resolution has expired. This resolution revokes and replaces all unexercised authorities previously granted to the directors to allot Relevant Securities but without prejudice to any allotment of shares or grant of rights already made, offered or agreed to be made pursuant to such authorities.

75 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements SPECIAL RESOLUTION 8. That, conditional on the passing of Resolution 7, the directors be given the general power to allot equity securities (as defined by section 560 of the Companies Act 2006 (as amended) (the “Act”) for cash, either pursuant to the authority conferred by resolution 7 or by way of a sale of treasury shares, as if section 561(1) of the Act did not apply to any such allotment, provided that this power shall be limited to: a. the allotment of equity securities in connection with an offer of equity securities (but, in the case of the authority granted under 7b., by way of a rights issue only): i. to the holders of ordinary shares in proportion (as nearly as may be practicable) to their respective holdings; and ii. to holders of other equity securities as required by the rights of those securities or as the directors otherwise consider necessary, but subject to such exclusions or other arrangements as the directors may deem necessary or expedient in relation to treasury shares, fractional entitlements, record dates, legal or practical problems in or under the laws of any territory or the requirements of any regulatory body or stock exchange; and b. the allotment (otherwise than pursuant to paragraph 8a. above) of equity securities up to an aggregate nominal amount of £260,700. The power granted by this resolution will expire on the date which is 18 months after the date on which this resolution is passed or, if earlier, the conclusion of the Company’s next annual general meeting (unless renewed, varied or revoked by the Company prior to or on such date) save that the Company may, before such expiry make offers or agreements which would or might require equity securities to be allotted after such expiry and the directors may allot equity securities in pursuance of any such offer or agreement notwithstanding that the power conferred by this resolution has expired. This resolution revokes and replaces all unexercised powers previously granted to the directors to allot equity securities as if section 561(1) of the Act did not apply but without prejudice to any allotment of equity securities already made or agreed to be made pursuant to such authorities. By order of the Board Rajinder Basra Company Secretary Registered Office: 28 Eccleston Square London SW1V 1NZ Dated 5 May 2023 Company Number: 05048549

76 AltynGold plc Annual Report 2022 Relevant Securities means: p Shares in the Company other than shares allotted pursuant to: – an employee share scheme (as defined by section 1166 of the Act); – a right to subscribe for shares in the Company where the grant of the right itself constituted a Relevant Security; or – a right to convert securities into shares in the Company where the grant of the right itself constituted a Relevant Security. p Any right to subscribe for or to convert any security into shares in the Company other than rights to subscribe for or convert any security into shares allotted pursuant to an employee share scheme (as defined by section 1166 of the Act). References to the allotment of Relevant Securities in the resolution include the grant of such rights. Entitlement to attend and vote 1. Only those shareholders registered in the Company’s register of members at: p 6.00pm on Tuesday 20 June 2023; or, p if this meeting is adjourned, at 6.00pm on the day two days prior to the adjourned meeting, shall be entitled to attend and vote at the meeting. Changes to the register of members after the relevant deadline shall be disregarded in determining the rights of any person to attend and vote at the meeting. Appointment of proxies 2. If you are a shareholder who is entitled to attend and vote at the meeting, you are entitled to appoint a proxy to exercise all or any of your rights to attend, speak and vote at the meeting and you should have received a proxy form with this notice of meeting. You can only appoint a proxy using the procedures set out in these notes and the notes to the proxy form. 3. If you are not a member of the Company but you have been nominated by a member of the Company to enjoy information rights, you do not have a right to appoint any proxies under the procedures set out in this “Appointment of proxies” section. Please read the section “Nominated persons” below. 4. A proxy does not need to be a shareholder of the Company but must attend the meeting to represent you. You may appoint more than one proxy provided each proxy is appointed to exercise rights attached to different shares. You may not appoint more than one proxy to exercise rights attached to any one share. To appoint more than one proxy, each proxy must be appointed on a separate proxy form. If you wish your proxy to speak on your behalf at the meeting you will need to appoint your own choice of proxy (not the chairman) and give your instructions directly to them. 5. Shareholders can: p appoint a proxy and give proxy instructions by returning the enclosed proxy form by post (see note 7); p register their proxy appointment electronically (see note 8); p if a CREST member, register their proxy appointment by utilising the CREST electronic proxy appointment service (see note 9). Appointment of a proxy does not preclude you from attending the meeting and voting in person. If you have appointed a proxy and attend the meeting and vote in person, your proxy appointment will automatically be terminated. 6. A vote withheld is not a vote in law, which means that the vote will not be counted in the calculation of votes for or against the resolution. If no voting indication is given, your proxy will vote or abstain from voting at his or her discretion. Your proxy will vote (or abstain from voting) as he or she thinks fit in relation to any other matter which is put before the meeting. Appointment of proxy by post 7. The notes to the proxy form explain how to direct your proxy how to vote on each resolution or withhold their vote. To appoint a proxy using the proxy form, the form must be: p completed and signed; p sent or delivered to Neville Registrars (the “Registrar”), at Neville House, Steelpark Road, Halesowen, West Midlands B62 8HD; and p received by the Registrar no later than 11.00am on 20 June 2023. In the case of a shareholder which is a company, the proxy form must be executed under its common seal or signed on its behalf by an officer of the company or an attorney for the company. Any power of attorney or any other authority under which the proxy form is signed (or a duly certified copy of such power or authority) must be included with the proxy form. If you have not received a proxy form and believe that you should have one, or if you require additional proxy forms, please contact the Registrar on +44 (0) 121 585 1131. Appointment of proxies electronically 8. As an alternative to completing the hard-copy proxy form, you can appoint a proxy electronically online at www.sharegateway.co.uk and completing the authentication requirements as set out on the proxy form. For an electronic proxy appointment to be valid, your appointment must be received by the Registrar no later than 11.00am on 20 June 2023. Appointment of proxies through CREST 9. CREST members who wish to appoint a proxy or proxies by utilising the CREST electronic proxy appointment service may do so for the meeting and any adjournment(s) of it by using the procedures described in the CREST Manual (available via www.euroclear.com). CREST Personal Members or other CREST sponsored members, and those CREST members who have appointed a voting service provider(s), should refer to their CREST sponsor or voting service provider(s), who will be able to take the appropriate action on their behalf. In order for a proxy appointment made using the CREST service to be valid, the appropriate CREST message (a CREST Proxy Instruction) must be properly authenticated in accordance with Euroclear UK & Ireland Limited’s (EUI) specifications and must contain the information required for such instructions, as NOTES TO THE NOTICE OF ANNUAL GENERAL MEETING

77 AltynGold plc Annual Report 2022 described in the CREST Manual. The message, regardless of whether it constitutes the appointment of a proxy or is an amendment to the instruction given to a previously appointed proxy, must, in order to be valid, be transmitted so as to be received by the Registrar ID 7RA11 no later than 11.00am on 20 June 2023, or, in the event of an adjournment of the meeting, 48 hours before the adjourned meeting. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to the message by the CREST Applications Host) from which the issuer’s agent is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time, any change of instructions to proxies appointed through CREST should be communicated to the appointee through other means. CREST members and, where applicable, their CREST sponsors or voting service providers should note that EUI does not make available special procedures in CREST for any particular message. Normal system timings and limitations will therefore apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member or sponsored member, or has appointed a voting service provider(s), to procure that his/her CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting service providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings. The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities Regulations 2001. Appointment of proxy by joint members 10.In the case of joint holders, where more than one of the joint holders completes a proxy appointment, only the appointment submitted by the most senior holder will be accepted. Seniority is determined by the order in which the names of the joint holders appear in the Company’s register of members in respect of the joint holding (the first-named being the most senior). Changing proxy instructions 11. Shareholders may change proxy instructions by submitting a new proxy appointment using the methods set out above. Note that the cut-off time for receipt of proxy appointments (see above) also apply in relation to amended instructions; any amended proxy appointment received after the relevant cut-off time will be disregarded. Where you have appointed a proxy using the hard-copy proxy form and would like to change the instructions using another hard-copy proxy form, please contact the Registrar on +44 (0) 121 585 1131. If you submit more than one valid proxy appointment, the appointment received last before the latest time for the receipt of proxies will take precedence. Termination of proxy appointments 12. A shareholder may change a proxy instruction but to do so you will need to inform the Company in writing by: p Sending a signed hard copy notice clearly stating your intention to revoke your proxy appointment to Neville Registrars, at Neville House, Steelpark Road, Halesowen, West Midlands B62 8HD. In the case of a shareholder which is a company, the revocation notice must be executed under its common seal or signed on its behalf by an officer of the company or an attorney for the company. Any power of attorney or any other authority under which the revocation notice is signed (or a duly certified copy of such power or authority) must be included with the revocation notice. The revocation notice must be received by the Registrar no later than 11.00am on 20 June 2023. If you attempt to revoke your proxy appointment but the revocation is received after the time specified, your original proxy appointment will remain valid unless you attend the meeting and vote in person. Corporate representatives 13.A corporation which is a shareholder can appoint one or more corporate representatives who may exercise, on its behalf, all its powers as a member provided that no more than one corporate representative exercises powers over the same share. Issued shares and total voting rights 14. As on 6pm at 29 April 2023, the Company’s issued share capital comprised 27,332,934 ordinary shares of £ 0.10 each. Each ordinary share carries the right to one vote at a general meeting of the Company and, therefore, the total number of voting rights in the Company is 27,332,934. The Company’s website, www.altyngold.uk will include information on the number of shares and voting rights. Notification of shareholdings 15. Any person holding 3% or more of the total voting rights of the Company who appoints a person other than the Chairman of the Annual General Meeting as their proxy will need to ensure that both they, and their proxy, comply with their respective disclosure obligations under the Disclosure Rules and Transparency Rules. Questions at the meeting 16.Any member attending the meeting has the right to ask questions. The Company must answer any question you ask relating to the business being dealt with at the meeting unless: p answering the question would interfere unduly with the preparation for the meeting or involve the disclosure of confidential information; the answer has already been given on a website in the form of an answer to a question; or it is undesirable in the interests of the Company or the good order of the meeting that the question be answered. Governance Strategic report Financial statements

78 AltynGold plc Annual Report 2022 NOTES TO THE NOTICE OF ANNUAL GENERAL MEETING continued Nominated persons 17. If you are a person who has been nominated under section 146 of the Companies Act 2006 to enjoy information rights (Nominated Person): p You may have a right under an agreement between you and the shareholder of the Company who has nominated you to have information rights (Relevant Shareholder) to be appointed or to have someone else appointed as a proxy for the meeting. p If you either do not have such a right or if you have such a right but do not wish to exercise it, you may have a right under an agreement between you and the Relevant Shareholder to give instructions to the Relevant Shareholder as to the exercise of voting rights. p Your main point of contact in terms of your investment in the Company remains the Relevant Shareholder (or, perhaps, your custodian or broker) and you should continue to contact them (and not the Company) regarding any changes or queries relating to your personal details and your interest in the Company (including any administrative matters). The only exception to this is where the Company expressly requests a response from you. Documents on display 18.Copies of the service contracts of the executive directors and the non-executive directors’ contracts for services are available for inspection at the Company’s registered office during normal business hours and at the place of the meeting from at least 15 minutes prior to the meeting until the end of the meeting. Communication 19.Except as provided above, shareholders who have general queries about the meeting should use the following means of communication (no other methods of communication will be accepted): p Contact the Company by e-mail to info@altyngold.uk.

79 AltynGold plc Annual Report 2022 Governance Strategic report Financial statements An explanation of each of the resolutions is set out below. ORDINARY BUSINESS Resolutions 1 to 7 will be proposed as ordinary resolutions and will be passed if more than 50% of shareholders’ votes cast are in favour. Resolution 1: To receive the 2022 Report and Accounts The directors of the Company (the ‘Directors’) must present their Annual Report and Accounts of the Company for the year ended 31 December 2022 (the ‘Annual Report’) to shareholders for formal adoption at the Annual General Meeting. Resolution 2: Directors’ remuneration report The Directors’ remuneration report is set out in the Annual Report. In accordance with the provisions of the Act the Directors’ remuneration report is the Annual Report contains: p a statement by the Chairman of the Remuneration Committee; p the Directors’ remuneration policy in relation to future payments to the Directors and former Directors’; and the Annual Report on remuneration, which sets out payments made in the financial year ending 31 December 2022. The statement by the Remuneration Committee Chairman and the Annual Report on remuneration will be put to an annual advisory shareholder vote by ordinary resolution. Accordingly, Resolution 2 is the ordinary resolution to approve the Directors’ remuneration report. As it is an advisory vote it does not affect the actual remuneration paid to any Director. Resolutions 3 to 5: To re-elect the Directors Under the Company’s articles of association, one third of the Directors or, if their number is not a multiple of three, then the number nearest to but not less than one-third must retire from office and then stand for re-election. Biographical details of directors to be re-elected are set out in the Annual Report and are also available for viewing on the Company’s website at www.altyngold.uk Resolution 6: To confirm the appointment of the auditors and authorise the Audit Committee of the Board to determine their remuneration The Company is required to appoint auditors at each general meeting at which the annual accounts and report are to be laid before the Company, to hold office until the conclusion of the next such meeting. The Audit Committee has reviewed the effectiveness, independence and objectivity of the external auditors, PKF Littlejohn LLP, on behalf of the Board which now proposes their appointment as auditors of the Company. Resolution 6 also authorises the Audit Committee of the Board, in accordance with standard practice, to negotiate and agree the remuneration of the auditors. SPECIAL BUSINESS As well as the ordinary business of the meeting outlined above, a number of special matters will be dealt with at the Annual General Meeting. Resolution 7 will be proposed as an ordinary resolution and will be passed if more than 50% of shareholders’ votes cast are in favour. Resolution 8 will be proposed as a special resolution. For this resolution to be passed, at least 75% of shareholders’ votes cast must be in favour. Resolution 7: Directors’ authority to allot shares At the 2022 Annual General Meeting in June 2022 the Directors were given authority to allot shares in the Company, and Resolution 7 seeks to renew this authority for a period until the date which is 18 months after the date on which this resolution is passed or, if earlier, the date of the next annual general meeting of the Company. This resolution would give the Directors authority to allot ordinary shares, and grant rights to subscribe for or convert any security into shares in the Company, up to an aggregate nominal value of £855,891.82. This amount represents approximately one-third (33.33%) of the issued ordinary share capital of the Company, as at 28 April 2023, the last practicable date prior to the publication of this document. The Company does not currently hold any shares in treasury. The extent of the authority follows the guidelines issued by institutional investors. The Directors consider that it is appropriate for this authority and these powers to be granted to preserve maximum flexibility for the future. Resolution 8: Disapplication of pre-emption rights Section 561 of the Companies Act 2006 gives all shareholders the right to participate on a pro-rata basis in all issues of equity securities for cash, unless they agree that this right should be disapplied. The effect of this resolution is to empower the Directors, until the date which is 18 months after the date on which this resolution is passed or, if earlier, the date of the next annual general meeting of the Company, to allot equity securities for cash, without first offering them on a pro-rata basis to existing shareholders, but only up to a maximum nominal amount of £233,434.21 representing approximately 10% of the Company’s issued ordinary share capital on 28 April 2023 (being the latest practicable date before the date of this document). In addition, the resolution empowers the Directors to deal with fractional entitlements and any practical problems arising in any overseas territory on any offer made on a pro-rata basis. The Directors consider that it is appropriate for this authority and these powers to be granted to preserve maximum flexibility for the future. EXPLANATION OF RESOLUTIONS

Directors Mr Kanat Assaubayev (Chairman) Mr Aidar Assaubayev (Chief Executive Officer) Mr Sanzhar Assaubayev (Executive Director) Mr Ashar Qureshi (Non-Executive Director) Mr Vladimir Shkolnik (Non-Executive Director) Mr Andrew Charles Terry (Non-Executive Director appointed 24 January 2022) Ms Maryam Buribayeva (Non-Executive Director appointed 24 January 2022) Company secretary Mr Rajinder Basra Registered office & Company number 28 Eccleston Square London SW1V 1NZ Company number: 05048549 Kazakhstan office 10 Novostroyevskaya Sekisovkoye Village Kazakhstan Solicitors Keystone Law Limited 48 Chancery Lane, London WC2A 1JF Wragge Lawrence Graham & Co. LLP 4 More London Pl. London SE1 2AU Auditors PKF Littlejohn LLP 15 Westferry Circus London E14 4HD COMPANY INFORMATION 80

AltynGold plc Annual Report 2022 AltynGold plc Annual Report 2022 AltynGold plc 28 Eccleston Square London SW1V 1NZ www.altyngold.uk