Solidcore Resources (POYYF) Company presentation summary

Kazakhstan platform

• Operating in Kazakhstan since 2009; ranked a top-three gold producer, with ~4,000 employees and 11.9 Moz of Ore Reserves at 3.2 g/t gold grade.

• 2025 mine metal output was 508 Koz; market capitalisation was ~$3.5bn, and shares were listed on AIX.

• Shareholder structure: 67.5% free float, 31.7% Maaden International Investment and 0.8% management and directors.

• Board majority is independent; leadership includes CEO Vitaly Nesis, who has 23 years of mining experience and joined in 2003.

Operating assets

• Kyzyl: 9.7 Moz Ore Reserves at 5.0 g/t, 2.5 Moz Mineral Resources at 5.1 g/t, LOM to 2054 and average LOM production of 300 Koz GE/year.

• Kyzyl 2025 total cash costs were $839/oz; headcount was 1,519.

• Varvara hub: 2.2 Moz Ore Reserves at 1.1 g/t, 1.3 Moz Mineral Resources at 1.3 g/t, LOM to 2042 and average LOM production of 130 Koz GE/year.

• Varvara produces doré bars and copper concentrate; 2025 total cash costs were $1,556/oz, with 1,630 employees.

FY 2025 performance

• Production was 395 Koz GE, down 19% YoY and 6% below revised 420 Koz guidance; third-party processing delays at Kyzyl drove H1 inventory accumulation, with processing stabilising in H2.

• Revenue rose 13% YoY to $1.50bn; adjusted EBITDA increased 37% to $972m, with a 65% margin versus 54% in 2024.

• Total cash costs rose 17% YoY to $1,138/GE oz; AISC increased 18% to $1,532/GE oz, within the $1,450–1,550 guidance range.

• Net operating cash flow was $603m, free cash flow $348m and free cash flow post-M&A $196m; year-end net cash increased 24% to $464m.

• Ore Reserves decreased marginally to 11.9 Moz GE at 3.2 g/t; Mineral Resources excluding reserves rose 9% YoY to 3.8 Moz GE at 2.6 g/t.