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 64% y-o-y, totalling 104 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

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] Based on 80:1 Au/Ag conversion ratio and excluding base metals. Discrepancies in calculations are due to rounding.
^[3] Calculated based on the unaudited consolidated management accounts.
^[4] Revenue includes re-sale of third-party metal. Sales are shown net of re-sale of third-party metal (if applicable).
^[5] Non-IFRS measure based on unaudited consolidated management accounts. Comparative information is presented for 31 December 2024.
^[6] LTIFR = lost time injury frequency rate per 200,000 hours worked and includes only the Company’s own employees.