ALTN (AltynGold) is trading at historically cheap valuations (P/E ~3.7-4.3, EV/EBITDA 2.8x) with significant hidden value in balance sheet assets ($128.1m in tangible assets plus inventory) despite 2026 AISC increases of 30% due to new mining tax and currency headwinds. Key risks include Kazakhstani geopolitical/regulatory uncertainty, family control concentration, rising production costs offsetting higher gold prices, and execution risk on new projects.