Solidcore Resources (POYYF) Corporate presentation summary

Portfolio and operations

• Kazakhstan operations since 2009; top 3 gold producer, 2025 mine metal output 508 Koz, 11.9 Moz of Ore Reserves at 3.2 g/t, and ~4,000 employees. Market capitalisation ~ $4.0bn; listed on AIX.

• Kyzyl: 9.7 Moz of Ore Reserves at 5.0 g/t, LOM to 2054, 2025 total cash costs of $839/oz and LOM average production of 300 Koz/y.

• Varvara hub: 2.2 Moz of Ore Reserves at 1.1 g/t, LOM to 2042, 2025 total cash costs of $1,556/oz and LOM average production of 130 Koz/y.

• Ore Reserves edged down to 11.9 Moz in 2025 after depletion, partly offset by revaluation; additional Mineral Resources rose 9% YoY to 3.8 Moz.

FY 2025 performance and financial position

• Production was 395 Koz, down 19% YoY; mine-level output was 508 Koz. H1 third-party processing disruptions built concentrate inventories; processing stabilised in H2, with remaining inventories expected to be released during 2026.

• Revenue rose 13% to $1.50bn, adjusted EBITDA increased to $972m, and underlying net earnings rose 40% to $701m; adjusted EBITDA margin was 65%.

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

• Free cash flow was $348m; year-end net cash increased 24% YoY to $464m. At 30 April 2026, cash was $1,025m, debt $259m and net cash $766m.

Growth strategy

• Long-term goals include doubling Ore Reserves to 25 Moz and production to 1 Moz/y through M&A and exploration, diversifying metals, and building regional leadership in refractory processing.

• Production outlook for 2026–2030: 420 Koz in 2026E, 540 Koz in 2027E, 560 Koz in 2028E, 525 Koz in 2029E and 500 Koz in 2030E.

• Geographic focus is Central Asia and potentially the Middle East, guided by resource potential, political and economic risk, tax policies, language barriers and entry barriers.