Q3 2026 production results

Solidcore Resources plc (Solidcore or the Company) reports production results for the third quarter ended 30 September 2026.

“Our operations continue to deliver stable results, and we remain on track to meet our full-year production guidance. We are also making significant progress in releasing accumulated concentrate inventories, which is expected to support stronger sales and robust cash flow generation towards the year-end. In parallel, we achieved an important milestone in our strategic development with the Board’s approval of the Syrymbet tin project, marking a key step towards diversifying our portfolio and expanding our long-term growth opportunities”, said Vitaly Nesis, CEO of Solidcore Resources plc.

HIGHLIGHTS

• No fatalities occurred among the Company’s employees and contractors in Q3. Seven injuries were recorded at Varvara as a result of a traffic accident caused by contractor. No violations of occupational health and safety (OHS) regulations by the affected employees were identified. Five employees have since returned to work, while two remain in recovery and their health is not at risk. Detailed information is provided below. No work-related injuries were recorded among contractors.
• Q3 and 9M Gold equivalent (GE) production increased by 18% and 44% year-on-year (y-o-y) to 148 and 358 Koz, respectively, supported by third-party concentrate processing and respective inventory destockpiling.
• Quarterly mine-level metal output totalled 143 Koz on the back of higher gold concentrate production at Kyzyl which is in turn driven by higher head grade. 9M mine-level output was 410 Koz, a 4% increase y-o-y.
• Quarterly sales decreased by 10% y-o-y to 141 Koz, as the beginning of Q3 saw the continued impact of concentrate stockpiles accumulated following changes to Russian gold export regulations in the previous quarter. Shipments subsequently resumed at a normal pace later in the reporting period. 9M sales increased by 33% to 345 Koz, driven by higher production.
• Revenue grew to US$ 602 million in the quarter (+12% y-o-y) and US$ 1,575 million (+83%y-o-y) for nine months, reflecting higher gold prices and 9M sales. The average realised gold price for nine months was US$ 4,561/oz, up 46% y-o-y (9M 2025: US$ 3,315/oz).
• The Company generated a significant positive free cash flow in Q3 resulting in the increase of net cash to US$ 841 million as of 30 September 2026 (30 June 2026: US$ 648 million). In October, the Company successfully completed the market share buyback and paid out US$ 1.2 billion to shareholders.
• The Board of Directors approved the construction of the Syrymbet tin-copper project, in which Solidcore holds a 55% interest. The start-up is scheduled for H2 2029. The mine is expected to produce approximately 6 Kt of tin and 4 Kt of copper per year on average over its 10-year mine life. Please see the recent announcement for more details: https://www.solidcore-resources.com/en/investors-and-media/news/press-releases/29-10-2026/.
• The Company reiterates its full-year 2026 guidance: production of c. 540 GE Koz, TCC and AISC within the ranges of US$ 1,350-1,550/GE oz and US$ 1,850-2,050/GE oz, respectively and CAPEX guidance of US$ 510 million.

 

PRODUCTION RESULTS

Werbung	3 months ended Sep 30,		% change1	9 months ended Sep 30,		% change1
	2026	2025		2026	2025
Waste mined, Mt	24.3	31.6	-23%	73.6	92.3	-20%
Ore mined (open pit), Kt	1,486	1,329	+12%	4,255	3,908	+9%
Ore processed, Kt	1,709	1,664	+3%	4,928	4,880	+1%
Average GE grade processed, g/t	2.9	2.5	+15%	2.9	2.9	+1%
Mine metal output, GE Koz2	143	119	+20%	410	395	+4%
Kyzyl (gold in concentrate)	99	79	+25%	278	280	-0%
Varvara	44	40	+9%	132	116	+14%
Production, GE Koz3	148	125	+18%	358	248	+44%
Kyzyl	104	86	+21%	226	133	+70%
Varvara	44	40	+9%	132	116	+14%
Sales, GE Koz	141	156	-10%	345	260	+33%
Kyzyl	96	115	-17%	217	139	+56%
Varvara	45	41	+9%	129	121	+6%
Revenue, US$m4	602	536	+12%	1,575	861	+83%
Net cash/(debt), US$m5	841	648	+30%	841	461	+83%
TRIR6	0.74	0	N/A	0.30	0	N/A
Fatalities	0	0	-	0	0	-
Note: (1) % changes can be different from zero even when absolute numbers are unchanged because of rounding. Likewise, % changes can be equal to zero when absolute numbers differ due to the same reason. This note applies to all tables in this release. (2) Gross metal output generated at the mine site before accounting for third-party refining or processing losses. Based on 80:1 Au/Ag conversion ratio and excluding base metals. Discrepancies in calculations are due to rounding. (3) Represents payable production delivered for final processing or sale to off-takers and with accounting for third-party processing and refining losses. Based on 80:1 Au/Ag conversion ratio and excluding base metals. Discrepancies in calculations are due to rounding. (4) Calculated based on the unaudited consolidated management accounts. (5) Non-IFRS measure based on unaudited consolidated management accounts. Comparative information is presented for 30 June 2026 (for the three months period) and 31 December 2025 (for the nine months period). (6) Total recordable work-related injuries rate (GRI 403-9.a.iii) calculated in accordance with GRI 403: Occupational Health and Safety 2018 as a number of recordable work-related injuries among the Company’s own employees per 200,000 hours worked.

About Solidcore

Solidcore Resources is a leading gold producer registered in AIFC, Kazakhstan, and listed on AIX. Solidcore operates two producing gold mines in Kazakhstan and is developing two growth projects: Ertis POX, a state-of-the-art gold concentrate processing hub, and Syrymbet, one of the largest undeveloped tin deposits globally. The Company is also pursuing greenfield exploration projects in Oman and Japan.

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.

 

KYZYL

	3 months ended Sep 30,		% change	9 months ended Sep 30,		% change
	2026	2025		2026	2025
MINING
Waste mined, Mt	10.6	17.2	-38%	35.1	51.0	-31%
Ore mined (open pit), Kt	609	607	+0%	1,807	1,848	-2%
PROCESSING
Ore processed, Kt	642	628	+2%	1,877	1,858	+1%
Gold grade, g/t	5.4	4.4	+23%	5.2	5.2	-1%
Gold recovery	88.9%	89.4%	-1%	88.8	89.3	-1%
Concentrate produced, Kt	34.6	26.5	+31%	94.3	89.9	+5%
Concentrate gold grade, g/t	89.1	93.1	-4%	91.7	96.7	-5%
Gold in concentrate, Koz1	99	79	+25%	278	280	-0%
Toll-processing at third-party smelter in Kazakhstan
Concentrate processed, Kt	19	-	N/A	47	-	N/A
Dore produced, Koz	88	-	N/A	82	-	N/A
Toll-processing at third-party POX
Concentrate processed, Kt	16	42	-63%	32	51	-37%
Gold grade, g/t	111.4	98.6	+13%	112.7	100.8	+12%
Gold recovery	92.9%	92.8%	+0%	93.2%	92.2%	+1%
Dore produced, Koz	52	73	-28%	108	104	+5%
TOTAL PRODUCTION
Gold, Koz	104	86	+21%	226	133	+70%
Note: (1) For information only; not considered as gold produced and therefore not reflected in the table representing total production. It will be included in total production upon shipment to off-taker or Dore production under the tolling contract at third-party POX.

Quarterly production at Kyzyl increased by 21% y-o-y to 104 Koz as the Company continued to reduce concentrate inventories through toll-processing at Kazakhmys and Amursk POX. For the first nine months of 2026, dore production at Kazakhmys and POX contributed 82 Koz and 108 Koz to total production, respectively. Dore production at third-party POX lowered by 28% y-o-y on the back of temporary customs-related shipment delays in July 2026 as well as higher base of Q3 2025 when processing resumed after 6-month disruption. 

Gold in concentrate increased by 25% reflecting a planned increase in gold grade of ore mined.

Stripping volumes decreased due to the gradual scaling-down of open-pit mining operations. The Company plans to begin underground ore mining in 2030. Ore mined remained stable y-o-y in Q3 and 9M.

 

 

VARVARA

	3 months ended Sep 30,		% change	9 months ended Sep 30,		% change
	2026	2025		2026	2025
MINING
Waste mined, Mt	13.7	14.4	-5%	38.5	41.3	-7%
Ore mined (open pit), Kt	878	722	+22%	2,448	2,060	+19%
PROCESSING
Leaching
Ore processed, Kt	953	904	+5%	2,713	2,492	+9%
Gold grade, g/t	1.3	1.3	+3%	1.4	1.2	+13%
Gold recovery1	90.5%	91.5%	-1%	90.3%	90.5%	-0%
Gold production (in Dore), Koz	37	33	+12%	113	93	+22%
Flotation
Ore processed, Kt	114	132	-13%	338	530	-36%
Gold grade, g/t	2.4	2.1	+12%	2.4	1.9	+25%
Recovery1	90.2%	90.2%	+1%	88.3%	88.3%	-1%
Gold in concentrate, Koz	7	7	-3%	19	23	-18%
TOTAL PRODUCTION
Gold, Koz	44	40	+9%	132	115	+14%
Note: (1) Technological recovery, includes gold and copper within work-in-progress inventory. Does not include toll-treated ore.

At Varvara, Q3 and 9M production increased by 9% and 14% y-o-y to 44 and 132 Koz, respectively, mainly due to higher grades of third-party and Komar ores at the leaching circuit.

The flotation circuit recorded a decline in production, reflecting lower processing volumes attributable to the depletion of Varvara's high-copper-grade reserves within the current pit. The plant processed mainly third-party material with higher grades, which increased the average grade at the circuit.

DEVELOPMENT PROJECTS

• At Ertis POX, significant progress has been achieved. Heavy process equipment has been delivered to the construction site, all contracts for delivery of the main process equipment have been concluded. Large-scale construction of the Hydrometallurgical Complex and infrastructure facilities has commenced: arrangement of pile fields has been completed, installation of sandwich panels on the POX building has been started. In September, the Company secured US$ 100 million from KfW IPEX-Bank in addition to the syndicate financing of US$ 600 million for the Ertis POX construction.
• The Syrymbet project continued to advance during Q3 2026. Basic engineering and engineering surveys have been finalised. Site preparation has been completed, and foundation works for infrastructure facilities have commenced. Tendering for the main process equipment is actively progressing. Detailed design of the processing plant and infrastructure is ongoing, and preparation of the Environmental and Social Impact Assessment (ESIA) has commenced.

The Board of Directors has made the final investment decision on the project. Construction will run until H2 2029. The project is expected to produce approximately 6 Kt of tin and 4 Kt of copper per year on average over its 10-year mine life.

 

SUSTAINABILITY, HEALTH AND SAFETY

In the reporting quarter, no fatalities were recorded among employees or contractors, and no work-related injuries were recorded among contractors. In September, seven work-related injuries were recorded among the Company’s employees: a road traffic accident occurred while Varvara employees were being transported to work. Seven Varvara employees sustained injuries; under the GRI classification, none of these are categorised as high-consequence work-related injuries. As of the reporting date, five of the Company’s employees have since returned to their duties, while two remain on medical leave – they are recovering and their health is not at risk. The Company’s contractors did not sustain any work-related injuries.

A special investigation commission was created and it has been concluded that the accident was caused by human error on the part of the transport contractor’s employee as the bus driver performed an unsafe manoeuvre on the road. No violations of occupational health and safety (OHS) regulations by the affected employees were identified. Varvara staff is currently conducting additional engagement with contractors as well as unscheduled inspections and OHS training sessions.

Accordingly, the Q3 and 9M TRIR was 0.74 and 0.30 respectively (9M 2025: 0). Safety remains the top priority for Solidcore as we aim to maintain zero fatalities across our operations and among on-site contractors. The Company is committed to implementing initiatives that enhance health and safety conditions and will avoid work-related incidents in the future.

Starting from Q3, we have aligned the terminology used in our internal occupational health and safety (OHS) systems and public reporting with the GRI 403 standard to improve the quality of disclosure and the methodology for tracking and monitoring safety metrics. The changes are reflected in this report: LTIFR (lost-time injury frequency rate) has been updated to TRIR (total recordable work-related injuries rate), and ‘lost-time injuries’ is now referred to as ‘recordable work-related injuries’. Notwithstanding, the underlying definitions and calculation formulas remain unchanged; therefore, data from previous disclosures remain relevant and comparable with the updated figures.

In August 2026, the Company’s ISS STOXX ESG Corporate Rating has been upgraded from ‘B-’ to ‘B’ while the Company has retained its ‘Prime’ status, placing it among the industry leaders worldwide. Solidcore ranked in the top decile of the Mining & Integrated Production industry, with an overall Performance Score of 59 and a ‘Very High’ transparency level. ‘Prime’ status is granted to companies whose ESG performance meets or exceeds a sector-specific threshold. For industries such as mining, ISS STOXX applies its highest Prime threshold.

As part of voluntary afforestation initiative, the Company is completing its 2026 afforestation programme, covering 111 hectares; the total area planted to date has reached approximately 300 hectares. In total, the project entails the establishment of 487 hectares of new forest on reserve lands near the Varvara site by 2028. The first carbon units under the project will be issued after 2030 and will be used to partially offset the hard-to-abate direct emissions from Solidcore’s operations.