Solidcore Resources plc: Q3 2024 production results

Solidcore Resources plc (“Solidcore” or the “Company”) reports production results for the third quarter ended September 30, 2024 and changes in its management team.

“In Q3, we have remained on track with our production guidance, maintaining strong operational performance and progressing Ertis POX and Kyzyl underground investment projects”, said Vitaly Nesis, Group CEO of Solidcore Resources plc.

HIGHLIGHTS

·      No fatal accidents occurred and no lost time injuries were recorded among the Company’s employees and contractors during the first nine months of 2024.

·      Gold equivalent (“GE”) production fell by 7% year-on-year (y-o-y) to 119 Koz in Q3 2024 on the back of a decrease in payable gold shipments at Kyzyl. GE production for the first nine months of 2024 was 371 Koz, a 9% increase y-o-y and in line with the full-year production guidance.

·      GE sales in the Q3 increased by 10% y-o-y to 122 Koz, although the Company recorded lower sales volume versus high base the previous quarter, when a significant part of inventories was released.

·      Revenue for the reporting quarter and nine-month period increased by 45% and 67% y-o-y to US$ 302 and US$ 1,006 million respectively driven by higher gold prices and sales.

·      Solidcore is on track to meet its full-year production guidance of 475 Koz of GE. TCC and AISC guidance of US$ 900-1,000/GE oz and US$ 1,250-1,350/GE oz respectively is also maintained. The estimate remains contingent on the KZT/USD exchange rate, which has a significant effect on the Group’s local currency denominated operating costs.

·      Maxim Nazimok, the Company’s CFO, will step down from his position effective November 10, 2024 to pursue career opportunities outside of Solidcore. Evgenia Onuschenko, EVP for Corporate Finance, will assume the position immediately thereafter. As part of the transition, all management and supervisory functions have been transferred to the Company’s headquarters in Astana.

“I am deeply grateful to Maxim for his invaluable contribution to our development over the past 13 years with the company, especially for his efforts during the recent challenging years. I am also pleased to welcome Evgenia Onuschenko as our new CFO. Evgenia brings extensive and outstanding experience in leading our corporate finance function, thus I am confident she will successfully navigate the challenges ahead as the Company works towards its ambitious strategic goals”, said Omar Bahram, Chair of the Company’s Board of Directors.