DJ Q1 2025 production results
EQS Newswire / 29/04/2025 / 04:48 MSK
Solidcore Resources plc ("Solidcore" or the "Company") reports production results for the first quarter ended March 31, 2025.
"While sales have been deferred to the second half of the year due to temporary shipment delays, we remain confident in our ability to meet our full-year production guidance. The fundamentals of our business remain strong, and we expect a meaningful recovery in the coming quarters with concentrate stockpiles set to start unwinding in May", said Vitaly Nesis, CEO of Solidcore Resources plc.
HIGHLIGHTS
-- No fatal accidents among the Company's employees and contractors occurred in Q1 2025. No lost timeinjuries were recorded.
-- Gold equivalent ("GE") production for Q1 2025 totalled 68 Koz, representing a 42% decline year-on-year(y-o-y). This decrease was primarily due to delays in Kyzyl concentrate shipments to Amursk POX, caused byoperational challenges at the latter connected to the impact of international sanctions against Russia. As aresult, Kyzyl has accumulated 41 Koz of payable metal in concentrate during Q1, which is expected to beginreleasing in May and be largely processed by year-end.
-- At Kyzyl, gold produced in concentrate increased by 6% to 97 Koz driven by better head grade, whileVarvara recorded an expected 10% y-o-y decline in quarterly production as per the planned grade decrease and lowerthird-party processing volumes.
-- Lower Q1 2025 sales (38 GE Koz) and revenue (USUSD 109 million) reflected the temporary shipment delayswith a strong recovery expected in H2 2025 as toll-processing returns to normal conditions. Meanwhile, gold pricescontinue to outperform last historic levels.
-- In Q1 2025, we announced the acquisition of the Tokhtar gold property, located near Varvara hub,strategically adding 1.1 Moz of JORC-compliant Mineral Resources at an average head grade of 2.4 g/t with strongexploration potential to support our long-term growth pipeline. The Company is on track to obtain the requiredregulatory approvals and complete the acquisition of the initial 51% interest in Q3 2025.
-- The Company reiterates its full-year guidance: production of 470 GE Koz, TCC and AISC within the rangesof USUSD 1,000-1,100/oz and USUSD 1,350-1,450/oz, respectively.
PRODUCTION RESULTS
3 months ended Mar 31,
% change1
2025 2024
Waste mined, Mt 30.6 33.1 -7%
Ore mined (open pit), Kt 1,319 1,172 +13%
Ore processed, Kt 1,573 1,568 +0%
Average GE grade processed, g/t 3.0 3.0 -1%
Production, GE Koz2 68 117 -42%
Kyzyl 31 76 -59%
Varvara 37 41 -11%
Sales, GE Koz 38 116 -67%
Kyzyl 8 75 -90%
Varvara 30 41 -26%
Revenue, USUSDm3, 4 109 294 -63%
LTIFR (Employees)5 0 0
Fatalities 0 0
Notes:
(1) % changes can be different from zero even when absolute numbers are unchanged because of rounding. Likewise, %
changes can be equal to zero when absolute numbers differ due to the same reason. This note applies to all tables in
this release.
(2) Based on 80:1 Au/Ag conversion ratio and excluding base metals. Discrepancies in calculations are due to rounding.
(3) Calculated based on the unaudited consolidated management accounts.
(4) Revenue includes re-sale of third-party metal. Sales are shown net of re-sale of third party metal.
(5) LTIFR = lost time injury frequency rate per 200,000 hours worked. Company employees only are taken into account.
About Solidcore
Solidcore Resources is a leading gold producer registered in AIFC, Kazakhstan, and listed on Astana International Exchange. Solidcore operates two producing gold mines and a major growth project in Kazakhstan.
Enquiries
Investor Relations Media
Kirill Kuznetsov
Yerkin Uderbay
Alina Assanova
+7 7172 47 66 55 (Kazakhstan)
+7 7172 47 66 55 (Kazakhstan)
media@solidcore-resources.kz
ir@solidcore-resources.com
FORWARD-LOOKING STATEMENTS
This release may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements speak only as at the date of this release. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or "should" or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the company's control that could cause the actual results, performance or achievements of the company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the company's present and future business strategies and the environment in which the company will operate in the future. Forward-looking statements are not guarantees of future performance. There are many factors that could cause the company's actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. The company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. KYZYL
3 months ended Mar 31,
% change
2025 2024
MINING
Waste mined1, Mt 17.6 22.0 -20%
Ore mined (open pit), Kt 624 582 +7%
PROCESSING
Ore processed, Kt 589 604 -3%
Gold grade, g/t 5.8 5.3 +8%
Gold recovery 88.8% 88.2% +1%
Concentrate produced, Kt 31.2 30.7 +1%
Concentrate gold grade, g/t 96.5 92.6 +4%
Gold in concentrate, Koz1 97 92 +6%
Concentrate shipped, Kt 0 12.8 N/A
Payable gold shipped, Koz 0 24 N/A
Toll-processing at third-party POX
Concentrate processed, Kt 9 17 -49%
Gold grade, g/t 111.5 116.6 -4%
Gold recovery 89.6% 93.3% -4%
Dore produced, Koz 31 52 -40%
TOTAL PRODUCTION
Gold, Koz 31 76 -59%
Note:
(1) Kyzyl waste mined reporting approach was amended to include specification of volume weight coefficients used to
convert cubes into tons by mines and periods. Previous periods were restated accordingly.
(2) For information only; not considered as gold produced and therefore not reflected in the table representing total
production. It will be included in total production upon shipment to off-taker or Dore production under the tolling
contract at third-party POX.
At Kyzyl, gold production for the quarter was down by 59% y-o-y to 31 Koz due to disruptions of low-carbon concentrate shipments to Amursk POX, resulting from operational challenges related to the impact of international sanctions against Russia. These delays have led to accumulation of concentrate stockpiles and deferral of associated sales. The Company is considering alternative processing solutions for Kyzyl high-carbon concentrate and expects to release the respective inventories in the following quarters.
Ore processing volumes decreased marginally on the back planned plant maintenance. The gold grade remained robust at 5.8 g/t. The Company anticipates a planned decrease in grade starting from H2 2025 with recovery in 2027.
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