31 October 2025
Solidcore Resources plc ("Solidcore" or the "Company") reports production results for the third quarter ended 30 September 2025.
"Q3 saw good progress in unwinding of the concentrate stockpiles and a significant increase in gold price, resulting in a strong cash flow for the quarter. The Company continues to demonstrate good progress with the Ertis POX project and is advancing on the definitive feasibility study for Syrymbet", 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 the first nine months of 2025.
- Ore mining and processing at both Kyzyl and Varvara proceeded without disruptions.
- Quarterly gold equivalent (“GE”) production increased by 5% year-on-year (y-o-y) and 128% quarter-on-quarter (q-o-q) to 125 Koz, reflecting the resumption of Kyzyl concentrate processing at the Amursk POX.
- Quarterly sales were up 28% y-o-y and 136% q-o-q to 156 Koz, driven by Kyzyl concentrate inventories release.
- At the mine level, combined Kyzyl (gold in concentrate) and Varvara (GE) production totalled 395 Koz for 9M 2025, broadly unchanged y-o-y. However, due to the previously announced delays in toll-processing of Kyzyl concentrate during H1, total payable and refined GE production for nine months lagged mine output and amounted to 248 Koz, while sales reached 260 Koz.
- Revenue grew to US$ 536 million in the quarter and US$ 861 million for nine months, reflecting higher gold prices and concentrate inventory release. The average realised gold price for nine months was US$ 3,315/oz, up 46% y-o-y (9M 2024: US$ 2,269/oz).
- The Company generated a significant positive free cash flow in Q3 2025 resulting in an increase of the Net Сash position to US$ 355 million as of 30 September 2025 (30 June 2025: US$ 143 million).
Production results
|
|
Q3 2025 | Q3 2024 | change1, % |
|---|---|---|---|
| Waste mined, Mt |
31.6 |
31.0 |
+2% |
| Ore mined (open pit), Kt |
1,329 |
1,205 |
+10% |
| Ore processed, Kt |
1,644 |
1,609 |
+3% |
| Average GE grade processed, g/t |
3.0 |
2.6 |
+17% |
| Production, GE Koz2 | 125 |
119 |
+6% |
|
Kyzyl |
86 |
77 |
+11% |
|
Varvara |
40 |
42 |
-5% |
| Sales, GE Koz |
156 |
122 |
+28% |
|
Kyzyl |
115 |
77 |
+48% |
|
Varvara |
41 |
45 | -8% |
| Revenue, US$m3,4 |
536 |
302 |
+77% |
| LTIFR5 |
0 |
0 |
|
| Fatalities | 0 |
0 |
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) 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.
(3) Calculated based on the unaudited consolidated management accounts.
(4) Revenue for 2024 includes re-sale of third-party metal. Sales are shown net of re-sale of third-party metal (if applicable).
(5) LTIFR = lost time injury frequency rate per 200,000 hours worked and includes only the Company’s own employees.
Tel. +7.7172.476.655
Kirill Kuznetsovir@solidcore-resources.com