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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
2024 saw revenue rise 49% to $1,328m, with adjusted EBITDA up 62% to $712m and underlying net earnings up 230% to $499m, driven by strong gold prices and stable gold equivalent production.
Gold equivalent production was 490 Koz, up 1% year-over-year and 3% above guidance, with stable output at Kyzyl and Varvara.
No lost time injuries or fatalities were recorded in 2024, marking the seventh consecutive year without fatal incidents at Kazakhstan sites.
Financial highlights
Adjusted EBITDA rose 62% to $712m, with a margin of 54%; underlying net earnings surged 230% to $499m and EPS reached $1.05.
Revenue increased 49% year-over-year to $1,328m, with Kyzyl contributing significant growth.
Capital expenditure increased 44% to $208m; free cash flow was $435m, aided by the disposal of the Russian business and high gold prices.
Net cash position at year-end was $374m, reversing from $174m net debt in 2023; gross debt stood at $322m with an average interest rate of 4.4%.
Total cash cost (TCC) was $971/GE oz, up 8% year-over-year, within guidance; AISC was $1,298/GE oz, up 3%.
Outlook and guidance
2025 gold production expected to decline by about 5% to 470 Koz GE, with TCC projected at $1,000–1,100/GE oz and AISC at $1,350–1,450/GE oz.
CapEx to increase by nearly 50% to $300m in 2025, excluding potential M&A.
Management expects current high gold prices to be unsustainable and is planning conservatively.
Q1 2025 revenue at Kyzyl may be negatively impacted by concentrate delivery delays due to international sanctions affecting Russian processing facilities.
No dividends proposed for 2024; growth and investment prioritized.
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