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Solidcore Resources (POYYF) investor relations material
Solidcore Resources has been private
Solidcore Resources H2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2024 earnings summary1 Apr, 2025
Executive summary
2024 saw a 1% increase in gold equivalent production to 490 Koz, a 62% rise in adjusted EBITDA to $712m, and underlying net earnings up 230% to $499m, with EPS more than doubling year-over-year.
Revenue rose 49% to $1,328m, driven by higher gold prices and sales volumes.
Safety performance was strong, with no fatal or lost-time injuries for the seventh consecutive year at Kazakhstan sites.
The year marked a medium-term production peak, with a planned decline in grades at the key Kyzyl operation ahead.
Financial highlights
Adjusted EBITDA rose 62% to $712m, with a 54% margin; underlying net earnings surged 230% to $499m and EPS reached $1.05.
Revenue increased 49% to $1,328m, with Kyzyl contributing significant growth.
Capital expenditures increased 44% to $208m as long-term investment programs ramped up.
Free cash flow was $435m, aided by the disposal of the Russian business and high gold prices.
Ended the year with a net cash position of $374m, reversing from $174m net debt in 2023.
Outlook and guidance
2025 gold production is expected to decline by about 5% to 470 Koz GE due to lower grades.
Total cash costs are forecast to rise by around 10% to $1,000–1,100/GE oz, with AISC at $1,350–1,450/GE oz and CapEx set to increase to $300m.
Management is conservative on gold price sustainability, expecting a potential decline.
Dividends are not proposed for 2024 and will only be considered after major capital projects are completed.
Q1 2025 revenue at Kyzyl may be negatively impacted by concentrate delivery delays due to sanctions.
Funding strategy for peak CapEx years 2026-27?
Besshoky's role in future portfolio diversification?
Amursk POX delays: implications for Ertis POX?
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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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