Q3 2024 production results and management changes


29 October 2024

Solidcore Resources plc (“Solidcore” or the “Company”) reports production results for the third quarter ended September 30, 2024 and changes in its management team.

“In Q3, we have remained on track with our production guidance, maintaining strong operational performance and progressing Ertis POX and Kyzyl underground investment projects”, said Vitaly Nesis, Group CEO of Solidcore Resources plc.

HIGHLIGHTS

  • No fatal accidents occurred and no lost time injuries were recorded among the Company’s employees and contractors during the first nine months of 2024.

  • Gold equivalent (“GE”) production fell by 7% year-on-year (y-o-y) to 119 Koz in Q3 2024 on the back of a decrease in payable gold shipments at Kyzyl. GE production for the first nine months of 2024 was 371 Koz, a 9% increase y-o-y and in line with the full-year production guidance.

  • GE sales in Q3 increased by 10% y-o-y to 122 Koz, although the Company recorded lower sales volume versus high base the previous quarter, when a significant part of inventories was released.

  • Revenue for the reporting quarter and nine-month period increased by 45% and 67% y-o-y to US$ 302 and US$ 1,006 million respectively driven by higher gold prices and sales.

  • Solidcore is on track to meet its full-year production guidance of 475 Koz of GE. TCC and AISC guidance of US$ 900-1,000/GE oz and US$ 1,250-1,350/GE oz respectively is also maintained. The estimate remains contingent on the KZT/USD exchange rate, which has a significant effect on the Group’s local currency denominated operating costs.

  • Maxim Nazimok, the Company’s CFO, will step down from his position effective November 10, 2024 to pursue career opportunities outside of Solidcore. Evgenia Onuschenko, EVP for Corporate Finance, will assume the position immediately thereafter. As part of the transition, all management and supervisory functions have been transferred to the Company’s headquarters in Astana.

    “I am deeply grateful to Maxim for his invaluable contribution to our development over the past 13 years with the company, especially for his efforts during the recent challenging years. I am also pleased to welcome Evgenia Onuschenko as our new CFO. Evgenia brings extensive and outstanding experience in leading our corporate finance function, thus I am confident she will successfully navigate the challenges ahead as the Company works towards its ambitious strategic goals”, said Omar Bahram, Chair of the Company’s Board of Directors.

PRODUCTION RESULTS

3 months ended Sep 30,

% change1

9 months ended Sep 30,

% change1

2024

2023

2024

2023

Waste mined2, Mt

31.0

31.9

-3%

95.4

92.1

+4%

Ore mined (open pit), Kt

1,205

1,320

-9%

3,689

4,008

-8%

Ore processed, Kt

1,609

1,619

-1%

4,754

4,734

+0%

Average GE grade processed, g/t

2.6

2.8

-9%

2.9

2.9

-1%

Production, GE Koz3

119

127

-7%

371

340

+9%

   Kyzyl

77

84

-9%

246

212

+16%

   Varvara

42

43

-2%

125

128

-3%

Sales, GE Koz

122

111

+10%

414

317

+31%

   Kyzyl

77

73

+7%

285

185

+54%

   Varvara

45

38

+17%

129

131

-2%

Revenue, US$m4, 5

302

209

+45%

1 006

602

+67%

 

 

 

 

 

 

Safety

 

 

 

 

 

 

LTIFR6

0

0

NA

0

0

NA

Fatalities

0

0

NA

0

0

NA

Notes:
(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) Kyzyl waste mined reporting approach has been amended starting from Q2 2024 to include specification of volume weight coefficients used to convert cubes into tons by mines and periods.
(3) 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) Revenue includes re-sale of third party metal. Sales are shown net of re-sale of third party metal.
(6) LTIFR = lost time injury frequency rate per 200,000 hours worked. Company employees only are taken into account.

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