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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Solidcore Resources
Solidcore Resources (POYYF) investor relations material
Solidcore Resources has been private
Solidcore Resources Corporate presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Corporate presentation summary2 Jun, 2026
Portfolio and operations
Kazakhstan operations since 2009; top 3 gold producer, 2025 mine metal output 508 Koz, 11.9 Moz of Ore Reserves at 3.2 g/t, and ~4,000 employees. Market capitalisation ~ $4.0bn; listed on AIX.
Kyzyl: 9.7 Moz of Ore Reserves at 5.0 g/t, LOM to 2054, 2025 total cash costs of $839/oz and LOM average production of 300 Koz/y.
Varvara hub: 2.2 Moz of Ore Reserves at 1.1 g/t, LOM to 2042, 2025 total cash costs of $1,556/oz and LOM average production of 130 Koz/y.
Ore Reserves edged down to 11.9 Moz in 2025 after depletion, partly offset by revaluation; additional Mineral Resources rose 9% YoY to 3.8 Moz.
FY 2025 performance and financial position
Production was 395 Koz, down 19% YoY; mine-level output was 508 Koz. H1 third-party processing disruptions built concentrate inventories; processing stabilised in H2, with remaining inventories expected to be released during 2026.
Revenue rose 13% to $1.50bn, adjusted EBITDA increased to $972m, and underlying net earnings rose 40% to $701m; adjusted EBITDA margin was 65%.
Total cash costs increased 17% to $1,138/GE oz; AISC rose 18% to $1,532/GE oz, within the $1,450–1,550/GE oz guidance range.
Free cash flow was $348m; year-end net cash increased 24% YoY to $464m. At 30 April 2026, cash was $1,025m, debt $259m and net cash $766m.
Growth strategy
Long-term goals include doubling Ore Reserves to 25 Moz and production to 1 Moz/y through M&A and exploration, diversifying metals, and building regional leadership in refractory processing.
Production outlook for 2026–2030: 420 Koz in 2026E, 540 Koz in 2027E, 560 Koz in 2028E, 525 Koz in 2029E and 500 Koz in 2030E.
Geographic focus is Central Asia and potentially the Middle East, guided by resource potential, political and economic risk, tax policies, language barriers and entry barriers.
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Latest events from Solidcore Resources
- Higher FY 2025 revenue and EBITDA underpin a 540 Koz production rebound target for 2026.POYYF
Company presentation - Revenue and earnings rose on higher gold prices, but costs and CapEx are set to climb in 2026.POYYFH2 2025
- Revenue up 79% and net cash position achieved after Russian business divestment.POYYFH1 2024
- Doubling reserves and production by 2029, prioritizing Ertis POX, growth, and ESG over dividends.POYYFCMD 2024
- Adjusted EBITDA rose 62% in 2024, supporting growth projects and a strong net cash position.POYYFH2 2024
Solidcore Resources
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Frequently asked questions
Solidcore Resources plc (Polymetal International plc) operates as a precious metals mining company. It engages in the exploration, development, production and processing of gold, silver and copper ores; as well as the sale of gold and silver concentrates in Russia, Kazakhstan, Myanmar, China and Finland. The company's sales channels are direct marketing; third party distributors; long-term agreements with end-users; and strategic commercial partners.