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Solidcore Resources (POYYF) investor relations material

Solidcore Resources H2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2024 earnings summary1 Apr, 2025

Executive summary

  • FY2024 saw revenue rise 49% to $1,328m, adjusted EBITDA up 62% to $712m, and underlying net earnings up 230% to $499m, driven by higher gold prices, stable production, and the sale of Russian assets.

  • No lost time injuries or fatalities were recorded in 2024, marking the seventh consecutive year without fatal incidents at Kazakhstan sites and strong ESG progress.

  • Major investments launched in Ertis POX, renewables, and green transition metals, with a new growth strategy focused on Central Asia.

  • Disposal of Russian business in March 2024 de-risked the company from sanctions, improved free cash flow, and enabled a net cash position.

  • ESG initiatives advanced, including a 45% GHG reduction target by 2030 and significant water efficiency improvements.

Financial highlights

  • Revenue increased 49% year-over-year to $1,328m, with adjusted EBITDA up 62% to $712m and a margin of 54%.

  • Underlying net earnings surged 230% to $499m; net earnings reached $533m; underlying EPS $1.05, basic EPS $1.13.

  • Free cash flow was $435m, a turnaround from negative $3m in 2023, aided by Russian asset sale.

  • Net cash position at year-end was $374m, reversing from $174m net debt in 2023; gross debt at $322m.

  • Capital expenditure increased 44% to $208m, with major CapEx increases planned for 2025.

Outlook and guidance

  • 2025 gold equivalent output expected at 470 Koz, a 4–5% decrease due to lower grades and recoveries.

  • TCC forecast at $1,000–1,100/GE oz and AISC at $1,350–1,450/GE oz, reflecting inflation and lower grades.

  • Capital expenditure projected to rise to $300m in 2025, mainly for Ertis POX and renewables.

  • Q1 2025 revenue at Kyzyl may be impacted by concentrate delivery delays due to sanctions; management expects gold prices to decline and is planning conservatively.

  • No dividends proposed for 2024; distributions to resume only after major CapEx phase and growth milestones.

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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.

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