Q2 2025 production results

Solidcore Resources plc (“Solidcore” or the “Company”) reports production results for the second quarter ended June 30, 2025.

“We have successfully resumed concentrate shipments to the Amursk POX and therefore anticipate a steady ramp-up in production and cash flow through the second half of the year”, said Vitaly Nesis, CEO of Solidcore Resources plc.

HIGHLIGHTS

• No fatal accidents or lost time injuries were recorded among the Company’s employees and contractors during H1 2025, reflecting our continued commitment to safety.
• Ore mining and processing at both Kyzyl and Varvara proceeded without disruptions.
• Gold equivalent (“GE”) production declined by 59% year-on-year (y-o-y) to 55 Koz in Q2 and by 51% to 123 Koz in H1 2025, primarily due to delays in Kyzyl concentrate processing at the Amursk POX. Shipments to the Amursk POX resumed in late Q2, with additional batches dispatched to China and a third-party smelter in Kazakhstan.
• GE sales in H1 2025 decreased by 65% y-o-y, totalling 102 Koz, generating revenue of US$ 325 million, which fell by 54% y-o-y. The y-o-y decline reflects the temporary sales lag at Kyzyl. In H2 2025, the Company projects a recovery along with the inventories unwinding. Tolling and third-party sales have stabilised in July, and the Company expects to release nearly 150 Koz of the accumulated 200 Koz of Gold in concentrate by the year end.
• With a portion of the stockpiles expected to be carried forward, full-year 2025 GE production is now forecast at 420 Koz, down from the original 470 Koz by 11%.
• TCC is expected to be at the upper end of the previously announced guidance range of US$ 1,000-1,100/GE oz. Updated guidance for AISC has been revised to US$ 1,450-1,550/GE oz, up from the original US$ 1,350-1,450/GE oz, primarily due to a stronger-than-budgeted tenge exchange rate in H1 of the year and lower projected production output at Kyzyl.
• Net cash declined by 62% to US$ 143 million as of 30 June 2025 (US$ 374 million at year-end 2024). The liquidity position remains strong. In July, the Company signed a new credit facility agreement with ING for up to US$ 100 million which is expected to replace some of the maturing debt.

PRODUCTION RESULTS

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 in Kazakhstan.

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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.

KYZYL

At Kyzyl, quarterly gold in concentrate volume increased by 12% y-o-y to 103 Koz, bringing H1 output to 200 Koz. The growth was driven by higher ore grades stemming from mining deeper higher-grade ore zones, and increased processing volumes, reflecting the planned expansion of the plant’s capacity to 2.45 Mtpa.

At the same time, gold production was impacted by delays in concentrate shipments for tolling at the Amursk POX resulting in the accumulation of concentrate stockpiles, the need to rearrange the sales, and a deferral of reported production to the second half of the year.

Shipments of concentrate to the Amursk POX have successfully resumed in June, with a part of the high-carbon concentrate set to be processed in China and at third-party smelters domestically. As a result, sales are expected to stabilise in H2 2025, supporting a significant reduction in inventory by year-end.

The decrease in stripping volumes reflects the planned, gradual reduction of open-pit mining operations as the Company prepares to commence underground ore mining in 2030.

VARVARA

At Varvara, the decrease in production is attributable to the planned decrease in Komar and third-party ore grades.

Stripping and mining volumes increased due to the development of the perspective areas at the Komar open pit.

ERTIS POX

Key milestones achieved at the Ertis POX development project in Q2:

• A conclusion defining the scope of the Environmental Impact Assessment (EIA) has been received and preparation of the EIA report has commenced in accordance with Kazakhstan’s national standards;
• The preliminary independent Environmental and Social Impact Assessment (ESIA) has been completed and the preparation of the corresponding report in line with international standards has been initiated;
• The autoclave was delivered to the river port in Pavlodar and will be transported to the construction site in Q4 2025;
• The construction of foundations for temporary buildings and structures has been completed;
• The construction of the foundation for autoclave storage is in progress with the reinforcement frame assembly underway.

PERSONNEL

Vladimir Dudin has been appointed General Director of Ertis Hydrometallurgical Plant LLP effective 16 June 2025. Prior to the appointment, he led the construction and successful start-up of the Amursk POX and was Deputy General Director for Logistics at Kyzyl. Vladimir joined Solidcore in 2010. He graduated from the Kaliningrad State Technical University in 1999 with a degree in Electric Power Plants.