Will CNMC Goldmine continue to shine? 

[SINGAPORE] Back in April, as global markets were reeling from US President Donald Trump’s “Liberation Day” tariffs, this column opined that a little company called CNMC Goldmine might offer respite from the mayhem.

Since then, its shares have shot up 118.8 per cent, versus the Straits Times Index’s (STI) rise of 19.9 per cent. On a year-to-date basis, CNMC has trounced the STI by an even wider margin: it climbed 279.6 per cent, while the STI rose 14.8 per cent.

This strong rally was fuelled by a surge in profitability at CNMC’s mining operations in the Malaysian state of Kelantan. For the first half of 2025, the group reported a 256.1 per cent year-on-year increase in earnings to US$15.8 million, on a 78 per cent rise in revenue to US$52.8 million.