Solidcore Resources plc (“Solidcore” or the “Company”) announces financial results for the year ended 31 December 2025.
“In 2025, we recorded an increase in profitability metrics amid the record gold prices, yet the results were constrained by sales disruptions at Kyzyl. 2026 will see further inventory release, increased CAPEX into Ertis POX and Kyzyl underground, and potentially the start of investing into new development projects”, said Vitaly Nesis, CEO of Solidcore Resources plc, commenting on the results.
FINANCIAL HIGHLIGHTS
The results for 2024 exclude those from the discontinued Russian segment of our business, which was divested in March 2024 and is categorised as a discontinued operation in the accompanying prior year financial statements.
In 2025, revenue increased by 13% year-on-year (y-o-y) to US$ 1,500 million on the back of higher gold prices. Gold equivalent (GE) production and GE sales were 19% and 23% lower y-o-y at 395 Koz and 412 Koz respectively due to delays in Kyzyl concentrate processing at a third-party POX in H1 2025.
The Company’s Total Cash Costs (TCC)[1] were US$ 1,138/GE oz, up 17% y-o-y and 3% above the top end of the guidance range of US$ 1,000-1,100/GE oz. The dynamics were driven by lower sales at Kyzyl, domestic inflation and price-driven higher expenses on mineral extraction tax (MET) and cost of the purchased ore, partly offset by the Kazakhstani tenge (KZT) depreciation.All-in Sustaining Cash Costs (AISC)1 amounted to US$ 1,532/GE oz, within the US$ 1,450-1,550/GE oz guidance. An 18% y-o-y increase was driven by the same factors as TCC.
Adjusted EBITDA1 increased by 37% y-o-y to US$ 972 million. Adjusted EBITDA margin rose to 65% (2024: 54%).
Underlying net earnings1 grew by 40% y-o-y to US$ 701 million (2024: US$ 499 million) with net earnings[2] of US$ 662 million (2024: US$ 533 million).
Net operating cash inflow decreased by 7% y-o-y to US$ 603 million (2024: US$ 650 million) on the back of concentrate inventories accumulation at Kyzyl.
Capital expenditure (CAPEX) was up 23% y-o-y to US$ 255 million[3] due to the commencement of the Ertis POX construction, however it was 15% below the original guidance of US$ 300 million as some Ertis POX purchases were deferred to 2026.
Free cash flow1 decreased by 20% to US$ 348 million (2024: US$ 435 million). Free cash flow post-M&A was US$ 196 million.CAPITAL ALLOCATION
The Company’s net cash1 position as of 2025 year end was US$ 464 million (2024: US$ 374 million). Cash and cash equivalents balance stood at US$ 731 million. Gross debt was US$ 267 million, of which US$ 105 million is scheduled to mature in 2026. The Company remains focused on proactive debt management and is considering various refinancing opportunities. Solidcore is advancing negotiations with several international banks for US$ 600-700 million of credit facilities to finance the Ertis POX construction, and expects the signing of agreements in Q2 2026. In February 2026, an indicative term sheet with KfW IPEX-Bank for a seven-year loan of up to US$ 100 million was signed.
The Company continues to prioritise investments in growth, including capital expenditures for development, M&A transactions and exploration over cash returns to shareholders. The approach to capital allocation may be revised after sufficient financing for the current investment plans is secured and the legal risks related to concentrate tolling are further clarified. Accordingly, no dividend is proposed for 2025.2026 OUTLOOK
In 2026, the Company expects to deliver c. 540 Koz of GE production. The increase will be mostly driven by the concentrate inventories release.
Costs are estimated to be in the ranges of US$ 1,350-1,550/GE oz for TCC (20-35% increase y-o-y) and US$ 1,850-2,050/GE oz for AISC (20-35% increase y-o-y). A y-o-y increase is expected mostly due to higher MET expenses[4] – reflecting the introduction of a progressive MET tax rate under the new Tax Code in Kazakhstan, which is linked to gold prices and inflationary pressures. The estimate remains contingent on the KZT/US$ exchange rate, which has a significant effect on the Company’s local currency denominated operating costs.
Capital expenditures are expected to double and reach c. US$ 510 million. The y-o-y increase will be driven by higher spending on the Ertis POX construction as the project progresses (US$ 315 million), construction of underground mining infrastructure at Kyzyl, fleet replacement at the Varvara hub and the expansion of tailings storage facilities at both Kyzyl and Varvara. In addition to the capital expenditure, the Company will provide an up to US$ 50 million loan to the Syrymbet JV before the investment decision to finance a feasibility study preparation, pre-construction costs and early procurement.In 2026, the Board will take investment decisions on Syrymbet construction and Besshoky copper-porphyry exploration project (Bai Tau Minerals).
OPERATING HIGHLIGHTS
For the eighth consecutive year, no fatal accidents occurred among Solidcore’s employees and contractors. No lost time injuries among the Company’s employees and contractors have been recorded since 2022. Accordingly, days lost due to work-related injuries (DIS) remained at zero.2025 GE production totalled 395 Koz, 19% lower y-o-y and 6% below the production guidance of 420 Koz, due to disruptions in Kyzyl concentrate processing at a third-party POX in H1 2025. At the mine level, combined Kyzyl gold in concentrate and Varvara GE output was broadly unchanged y-o-y at 508 Koz[8].
At Ertis POX, a significant milestone was achieved with the autoclave delivery to the construction site. The project is progressing according to schedule. At Syrymbet, the definitive feasibility study is in progress and the project is moving toward Board approval the end of 2026. In Q4 2025, the Company completed construction of the solar power plant at the Varvara site with the ramp-up expected in H1 2026.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) HIGHLIGHTS
Solidcore remains committed to sustainable development and has made significant progress in implementing its refined Sustainability Strategy and Climate Action Plan. The Company is targeting a 45% reduction in Scope 1 and 2 emissions by 2030 and carbon neutrality by 2050. As part of this pathway, Solidcore is prioritising the development of its own energy generation capacity to strengthen asset-level energy security and reduce reliance on external power grids.In 2025, we significantly increased investment in climate and environmental initiatives, with operating and capital expenditures totalling US$ 24 million, compared with US$ 13 million in 2024. A key milestone was the commissioning of a 23 MW solar power plant at Varvara in December 2025. This facility represents the first phase of the Varvara Energy Hub and, together with the planned 40 MW gas-fired power plant scheduled for launch in late 2026, is expected to cover nearly all of the processing plant’s electricity demand.
We continued to advance our voluntary afforestation programme, planting 160 hectares near the Varvara site in the Kostanay region in 2025 and increasing the total afforested area to nearly 190 hectares.
Water stewardship remains a priority, with 91% of water recirculated across our operations, significantly reducing freshwater dependence. Fresh drinking water intensity for ore processing increased to 43 m3 per 1,000 tonnes (2024: 14 m3 per 1,000 tonnes) due to drier weather conditions, while remaining within the target range.Solidcore invested US$ 9.1 million in social programmes in 2025 (2024: US$ 9.8 million), supporting education, local infrastructure, sports and cultural initiatives in our host communities.
By building a comprehensive and transparent ESG strategy, Solidcore has received strong external recognition for its efforts. The Company ranked in the top 10% of global metals and mining companies in the S&P Corporate Sustainability Assessment, achieving a score of 63 out of 100 (91st percentile) and securing the highest position among mining and metallurgical companies in Kazakhstan. The transparency of Solidcore’s corporate disclosures and data availability was assessed as “high” by S&P and was awarded an “A” rating (on a scale from “D” to “A+”) in an independent evaluation by PwC.
Conference call and webcast
The Company will hold a webcast on Thursday, 19 March 2026, at 4 p.m. Astana time (11 a.m. London time).
To participate in the webcast, please register using the following link:
https://edge.media-server.com/mmc/p/d5wuf79s
Webcast details will be sent to you via email after registration.
About Solidcore
Solidcore Resources is a leading gold producer registered in AIFC, Kazakhstan, and listed on Astana International Exchange. Solidcore operates two producing gold mines and a major growth project (Ertis POX) in Kazakhstan.
Enquiries
Investor Relations
Media
Kirill Kuznetsov
Alina Assanova
+7 7172 47 66 55 (Kazakhstan)
ir@solidcore-resources.com
Yerkin Uderbay
+7 7172 47 66 55 (Kazakhstan)
media@solidcore-resources.kz
FORWARD-LOOKING STATEMENTS
This release may include statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements speak only as at the date of this release. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “could” or “should” or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Forward-looking statements are not guarantees of future performance. There are many factors that could cause the Company’s actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
“In 2025, we recorded an increase in profitability metrics amid the record gold prices, yet the results were constrained by sales disruptions at Kyzyl. 2026 will see further inventory release, increased CAPEX into Ertis POX and Kyzyl underground, and potentially the start of investing into new development projects”, said Vitaly Nesis, CEO of Solidcore Resources plc, commenting on the results.
FINANCIAL HIGHLIGHTS
The results for 2024 exclude those from the discontinued Russian segment of our business, which was divested in March 2024 and is categorised as a discontinued operation in the accompanying prior year financial statements.
In 2025, revenue increased by 13% year-on-year (y-o-y) to US$ 1,500 million on the back of higher gold prices. Gold equivalent (GE) production and GE sales were 19% and 23% lower y-o-y at 395 Koz and 412 Koz respectively due to delays in Kyzyl concentrate processing at a third-party POX in H1 2025.
The Company’s Total Cash Costs (TCC)[1] were US$ 1,138/GE oz, up 17% y-o-y and 3% above the top end of the guidance range of US$ 1,000-1,100/GE oz. The dynamics were driven by lower sales at Kyzyl, domestic inflation and price-driven higher expenses on mineral extraction tax (MET) and cost of the purchased ore, partly offset by the Kazakhstani tenge (KZT) depreciation.All-in Sustaining Cash Costs (AISC)1 amounted to US$ 1,532/GE oz, within the US$ 1,450-1,550/GE oz guidance. An 18% y-o-y increase was driven by the same factors as TCC.
Adjusted EBITDA1 increased by 37% y-o-y to US$ 972 million. Adjusted EBITDA margin rose to 65% (2024: 54%).
Underlying net earnings1 grew by 40% y-o-y to US$ 701 million (2024: US$ 499 million) with net earnings[2] of US$ 662 million (2024: US$ 533 million).
Net operating cash inflow decreased by 7% y-o-y to US$ 603 million (2024: US$ 650 million) on the back of concentrate inventories accumulation at Kyzyl.
Capital expenditure (CAPEX) was up 23% y-o-y to US$ 255 million[3] due to the commencement of the Ertis POX construction, however it was 15% below the original guidance of US$ 300 million as some Ertis POX purchases were deferred to 2026.
Free cash flow1 decreased by 20% to US$ 348 million (2024: US$ 435 million). Free cash flow post-M&A was US$ 196 million.CAPITAL ALLOCATION
The Company’s net cash1 position as of 2025 year end was US$ 464 million (2024: US$ 374 million). Cash and cash equivalents balance stood at US$ 731 million. Gross debt was US$ 267 million, of which US$ 105 million is scheduled to mature in 2026. The Company remains focused on proactive debt management and is considering various refinancing opportunities. Solidcore is advancing negotiations with several international banks for US$ 600-700 million of credit facilities to finance the Ertis POX construction, and expects the signing of agreements in Q2 2026. In February 2026, an indicative term sheet with KfW IPEX-Bank for a seven-year loan of up to US$ 100 million was signed.
The Company continues to prioritise investments in growth, including capital expenditures for development, M&A transactions and exploration over cash returns to shareholders. The approach to capital allocation may be revised after sufficient financing for the current investment plans is secured and the legal risks related to concentrate tolling are further clarified. Accordingly, no dividend is proposed for 2025.2026 OUTLOOK
In 2026, the Company expects to deliver c. 540 Koz of GE production. The increase will be mostly driven by the concentrate inventories release.
Costs are estimated to be in the ranges of US$ 1,350-1,550/GE oz for TCC (20-35% increase y-o-y) and US$ 1,850-2,050/GE oz for AISC (20-35% increase y-o-y). A y-o-y increase is expected mostly due to higher MET expenses[4] – reflecting the introduction of a progressive MET tax rate under the new Tax Code in Kazakhstan, which is linked to gold prices and inflationary pressures. The estimate remains contingent on the KZT/US$ exchange rate, which has a significant effect on the Company’s local currency denominated operating costs.
Capital expenditures are expected to double and reach c. US$ 510 million. The y-o-y increase will be driven by higher spending on the Ertis POX construction as the project progresses (US$ 315 million), construction of underground mining infrastructure at Kyzyl, fleet replacement at the Varvara hub and the expansion of tailings storage facilities at both Kyzyl and Varvara. In addition to the capital expenditure, the Company will provide an up to US$ 50 million loan to the Syrymbet JV before the investment decision to finance a feasibility study preparation, pre-construction costs and early procurement.In 2026, the Board will take investment decisions on Syrymbet construction and Besshoky copper-porphyry exploration project (Bai Tau Minerals).
OPERATING HIGHLIGHTS
For the eighth consecutive year, no fatal accidents occurred among Solidcore’s employees and contractors. No lost time injuries among the Company’s employees and contractors have been recorded since 2022. Accordingly, days lost due to work-related injuries (DIS) remained at zero.2025 GE production totalled 395 Koz, 19% lower y-o-y and 6% below the production guidance of 420 Koz, due to disruptions in Kyzyl concentrate processing at a third-party POX in H1 2025. At the mine level, combined Kyzyl gold in concentrate and Varvara GE output was broadly unchanged y-o-y at 508 Koz[8].
At Ertis POX, a significant milestone was achieved with the autoclave delivery to the construction site. The project is progressing according to schedule. At Syrymbet, the definitive feasibility study is in progress and the project is moving toward Board approval the end of 2026. In Q4 2025, the Company completed construction of the solar power plant at the Varvara site with the ramp-up expected in H1 2026.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) HIGHLIGHTS
Solidcore remains committed to sustainable development and has made significant progress in implementing its refined Sustainability Strategy and Climate Action Plan. The Company is targeting a 45% reduction in Scope 1 and 2 emissions by 2030 and carbon neutrality by 2050. As part of this pathway, Solidcore is prioritising the development of its own energy generation capacity to strengthen asset-level energy security and reduce reliance on external power grids.In 2025, we significantly increased investment in climate and environmental initiatives, with operating and capital expenditures totalling US$ 24 million, compared with US$ 13 million in 2024. A key milestone was the commissioning of a 23 MW solar power plant at Varvara in December 2025. This facility represents the first phase of the Varvara Energy Hub and, together with the planned 40 MW gas-fired power plant scheduled for launch in late 2026, is expected to cover nearly all of the processing plant’s electricity demand.
We continued to advance our voluntary afforestation programme, planting 160 hectares near the Varvara site in the Kostanay region in 2025 and increasing the total afforested area to nearly 190 hectares.
Water stewardship remains a priority, with 91% of water recirculated across our operations, significantly reducing freshwater dependence. Fresh drinking water intensity for ore processing increased to 43 m3 per 1,000 tonnes (2024: 14 m3 per 1,000 tonnes) due to drier weather conditions, while remaining within the target range.Solidcore invested US$ 9.1 million in social programmes in 2025 (2024: US$ 9.8 million), supporting education, local infrastructure, sports and cultural initiatives in our host communities.
By building a comprehensive and transparent ESG strategy, Solidcore has received strong external recognition for its efforts. The Company ranked in the top 10% of global metals and mining companies in the S&P Corporate Sustainability Assessment, achieving a score of 63 out of 100 (91st percentile) and securing the highest position among mining and metallurgical companies in Kazakhstan. The transparency of Solidcore’s corporate disclosures and data availability was assessed as “high” by S&P and was awarded an “A” rating (on a scale from “D” to “A+”) in an independent evaluation by PwC.
Conference call and webcast
The Company will hold a webcast on Thursday, 19 March 2026, at 4 p.m. Astana time (11 a.m. London time).
To participate in the webcast, please register using the following link:
https://edge.media-server.com/mmc/p/d5wuf79s
Webcast details will be sent to you via email after registration.
About Solidcore
Solidcore Resources is a leading gold producer registered in AIFC, Kazakhstan, and listed on Astana International Exchange. Solidcore operates two producing gold mines and a major growth project (Ertis POX) in Kazakhstan.
Enquiries
Investor Relations
Media
Kirill Kuznetsov
Alina Assanova
+7 7172 47 66 55 (Kazakhstan)
ir@solidcore-resources.com
Yerkin Uderbay
+7 7172 47 66 55 (Kazakhstan)
media@solidcore-resources.kz
FORWARD-LOOKING STATEMENTS
This release may include statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements speak only as at the date of this release. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “could” or “should” or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Forward-looking statements are not guarantees of future performance. There are many factors that could cause the Company’s actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
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