Solidcore Resources plc ("Solidcore" or the "Company") announces production results for the fourth quarter and FY 2025.

"Q4 was marked by substantial destockpiling which, together with very favourable gold prices, helped to partially compensate sales disruptions experienced in H1. We expect the remaining inventories to be fully released in 2026. Our projects remain on track: this year will see meaningful progress at our Ertis POX development and the start of construction at Syrymbet, subject to Board approval", said Vitaly Nesis, CEO of Solidcore Resources plc.

Highlights

For the fourth consecutive year, there were no lost time injuries recorded among the Company's employees and contractors. Accordingly, days lost due to work-related injuries (DIS) remained at zero.
Full-year (FY) gold equivalent (GE) production totalled 395 Koz, a 19% year-on-year (y-o-y) decrease and 6% below the revised production guidance of 420 Koz, due to delays in Kyzyl concentrate processing at a third-party POX in H1, with more metal inventories carried forward to 2026 than previously expected. As processing stabilised, Q4 production grew by 23% y-o-y and 17% q-o-q to 146 Koz.
GE sales in 2025 amounted to 412 Koz and were 23% lower y-o-y due to the production disruptions in H1. Quarterly sales grew by 24% y-o-y to 152 Koz on the back of the metal output recovery in H2.
FY revenue increased by 13% to US$ 1.5 billion, driven by higher gold prices, which compensated for the lower sales. Quarterly revenue amounted to US$ 639 million on the back of favourable prices and strong quarterly sales.
The Company expects full-year Total Cash Costs (TCC) and All-in Sustaining Cash Costs (AISC) to be approximately 5% above the top end of the guidance range of US$ 1,000-1,100/GE oz and US$ 1,450-1,550/GE oz, due to a higher mining extraction tax (MET) expense.
CAPEX is expected to be below the guidance of US$ 300 million at approximately US$ 270 million, as some Ertis POX expenses have been deferred to 2026. Net Cash position as at the end of 2025 stood at US$ 461 million versus net cash of US$ 355 million as at the end of Q3 2025 and US$ 374 mln as at the end of 2024.
At Ertis POX, a significant milestone was achieved with the autoclave delivery to the construction site. The project is progressing according to schedule. At Syrymbet, the definitive feasibility study is in progress and the project is moving toward Board approval in H2 2026. In Q4 2025, the Company completed construction of the solar power plant at the Varvara site with the ramp-up expected in H1 2026.
The Company will publish its full-year financial results on 19 March 2026.

Outlook

In 2026, the Company expects to produce с. 540 Koz of GE. The increase will be driven by concentrate inventories release. For 2027, preliminary guidance envisages GE output of c. 500 Koz.
2026 costs are estimated at US$ 1,350-1,550/GE oz for TCC (15-35% increase y-o-y) and US$ 1,850-2,050/GE oz for AISC (15-30% increase y-o-y) subject to the KZT/USD exchange rate, as well as gold price dynamics impacting MET level. The increase relative to 2025 is driven by higher MET expenses — reflecting the introduction of a progressive MET tax rate under the new Tax Code in Kazakhstan, which is linked to gold prices¹ — the effect of higher gold prices, and inflationary pressures.
Capital expenditures in 2026 are projected at c. US$ 510 million (almost a twofold increase y-o-y). The y-o-y increase will be driven by higher spending on the Ertis POX construction as the project progresses (US$ 315 million), construction of underground mining infrastructure at Kyzyl, fleet replacement at Varvara hub and the expansion of tailings storage facilities at both Kyzyl and Varvara. In addition to the capital expenditure, the Company will provide a c. US$30 million loan to the Syrymbet JV to finance a feasibility study and other pre-construction costs.

Production results

	3 months ended Dec 31		% change¹	12 months ended Dec 31		% change¹
	2025	2024	% change¹	2025	2024	% change¹

Waste mined, Mt	30.9	33.6	-8%	123.2	129.0	-4%
Ore mined (open pit), Kt	1,392	1,512	-8%	5,300	5,201	+2%
Ore processed, Kt	1,642	1,618	+1%	6,522	6,372	+2%
Average GE grade processed, g/t	2.4	2.5	-4%	2.7	2.8	-2%

Mine metal output, GE Koz²	112	122	-8%	508	513	-1%
Kyzyl (gold in concentrate)	67	77	-12%	347	343	+1%
Varvara	45	45	+0%	161	170	-5%

Production, GE Koz³	146	119	+23%	395	490	-19%
Kyzyl	101	74	+37%	234	320	-27%
Varvara	45	45	+0%	161	170	-5%

Sales, GE Koz	152	122	+24%	412	536	-23%
Kyzyl	102	80	+27%	240	365	-34%
Varvara	50	42	+19%	171	172	-0%

Revenue, US$m⁴,⁵	639	322	+99%	1,500	1,327	+13%
Net cash/(debt), US$m⁶	461	355	+30%	461	374	+23%

LTIFR⁷	0	0	NM	0	0	NM
DIS (Employees)⁸				0	0	NM
Fatalities
Employees	0	0	NM	0	0	NM
Contractors	0	0	NM	0	0	NM
Average headcount				3,975	3,577	+11%

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) Revenue for 2024 includes re-sale of third-party metal. Sales are shown net of re-sale of third-party metal (if applicable).
(6) Non-IFRS measure based on unaudited consolidated management accounts. Comparative information is presented for 30 September 2025 (for the three months period) and 31 December 2024 (for the twelve months period).
(7) LTIFR = lost time injury frequency rate per 200,000 hours worked and includes only the Company's own employees.
(8) DIS — days lost due to work-related injuries.

¹ At US$ 3,800/oz and above the MET rate is at its ceiling of 11%.