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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.
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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