CNMC Goldmine Secures Shareholder Approval for SGX Mainboard Upgrade

Shareholders Back Mainboard Move

CNMC Goldmine shareholders delivered overwhelming support for the company's planned transfer to the Singapore Exchange mainboard, with 97.5 percent of votes cast in favor at an extraordinary general meeting held on August 19. The gold producer announced the results on August 20, confirming that the upgrade from the Catalist board will take effect on August 28.

The move, first proposed in May, represents a milestone for the company as it seeks to broaden its investor base and improve trading liquidity. PrimePartners Corporate Finance, which has served as CNMC's sponsor on Catalist, will transition to the role of compliance adviser once the transfer is complete.

"This vote is evidence that shareholders are backing what our numbers have already shown," said Chris Lim, CEO of CNMC. "Our earnings have grown more than tenfold since 2023."

Profit Trajectory Drives Confidence

The company's financial performance has accelerated sharply over the past three years. Net profit jumped 326.5 percent to US$42 million in fiscal 2025, up from US$9.8 million the previous year. That 2024 figure itself represented more than double the US$4.1 million recorded in 2023.

First-half results for 2026 showed continued momentum, with net profit reaching US$18.6 million, a 17.8 percent increase compared to the same period in 2025. The company declared an interim dividend of S$0.02 per share, payable on September 11.

The profit expansion has been fueled by rising gold prices and increased production at CNMC's flagship Sokor gold field in Kelantan, Malaysia. The company has been investing heavily in underground mining infrastructure to access higher-grade ore deposits that promise stronger margins.

Underground Expansion Underway

CNMC is continuing to deepen its underground operations at Sokor, with two new vertical shafts budgeted at US$12 million on track for completion in 2027. An additional underground mining facility is also under construction as the company positions itself to scale production.

The transition to mainboard status is expected to support these capital-intensive projects by widening the pool of potential investors. Lim noted that the upgraded listing should help the company tap institutional capital as it enters the next phase of underground development.

Mainboard Benefits

Mainboard-listed companies in Singapore typically attract broader research coverage from analysts, which can improve visibility among institutional investors and support higher trading volumes. CNMC said it expects the upgrade to lift its profile with both local and international investors, potentially leading to a market valuation that better reflects its underlying fundamentals.

The company's shares closed at S$1.40 on August 20, up 2.2 percent or S$0.03, before the announcement was released.

Regional Context

The move comes as Southeast Asian mining companies seek to capitalize on elevated gold prices, which have remained above US$2,000 per ounce for much of 2025 and 2026. Gold has attracted strong demand from Asian central banks and retail investors hedging against currency volatility and geopolitical uncertainty.

Singapore's mainboard has become an increasingly attractive venue for resource companies operating across the region, offering access to a deep pool of institutional capital and a regulatory framework that appeals to both Asian and Western investors. The city-state's position as a regional financial hub makes it a natural listing venue for companies with operations in Malaysia, Indonesia, and other nearby markets.

CNMC's upgrade reflects a broader trend of companies graduating from Catalist to the mainboard after demonstrating sustained profitability and scale. The transfer requirements include minimum market capitalization, profit track record, and shareholder distribution thresholds designed to ensure that only companies with sufficient liquidity and governance standards make the move.

For CNMC, the timing aligns with its capital needs as it pursues underground expansion at Sokor. The company has been clear that accessing higher-grade ore through deeper mining is central to its growth strategy, and the mainboard listing is expected to support that ambition by improving access to funding and enhancing investor confidence.