EQS Newswire: Solidcore Resources plc: First exploration JV in Oman

EQS Newswire / 07/07/2026 / 09:01 MSK

Solidcore Resources plc ("Solidcore" or the "Company") is pleased to announce that it has entered into a joint venture ("JV") with Minerals Development Oman ("MDO") to advance exploration and development of a prospective copper-gold property at the Khabiyat project area ("the Project") located in the Sultanate of Oman. The arrangement will allow Solidcore to acquire up to 60% in the JV through an earn-in mechanism.

"We are pleased to partner with MDO on this JV which marks our first exploration venture outside Kazakhstan and fits into Solidcore's strategy of disciplined growth and portfolio diversification. The Khabiyat Project represents an important entry point for the Company's further expansion in the region and has the potential to become a major mining and processing hub in Oman. We look forward to applying our technical expertise while working closely with MDO, whose local knowledge and in-country experience will be invaluable in advancing the project", said Vitaly Nesis, CEO of Solidcore Resources plc.

"We value our partnership with Solidcore, a leading gold producer and one of the most experienced mining operators in Kazakhstan. Solidcore brings extensive background across the full mining value chain, from exploration to development and operations. We believe our JV will help unlock the Project's potential while supporting the development of Oman's mining sector through the application of international best practices, technical know-how and operational excellence. We welcome the opportunity to work closely with Solidcore to advance the Project and create long-term value", said Mattar Al Badi, CEO of Minerals Development Oman.

Pursuant to the earn-in agreement, Solidcore has the right to acquire up to a 60% equity interest in the JV in three stages. Completion and implementation of the earn-in is subject to satisfaction or waiver of certain conditions precedent, including the required carve-out and assignment of the Project area to the JV.

• Stage 1. Solidcore initially acquires a 20% interest in the JV for a cash contribution of US$ 8.0 million to the JV, and an initial cash payment of US$ 0.5 million to MDO. The funds contributed to the JV will be used to finance pre-agreed exploration activities at the Project over a period of up to two years following satisfaction or waiver of the applicable conditions precedent. Upon completion of Stage 1, Solidcore will also make an additional cash payment of US$ 1.5 million to MDO.

• Stage 2. Subject to successful completion of Stage 1, Solidcore may elect to acquire an additional 25% interest in the JV for a cash contribution to the JV of US$ 20 million, which will be allocated to further exploration activities and the preparation of a JORC-compliant Mineral Resource Estimate over a further period of up to two years following Stage 1 completion. Stage 2 will be deemed complete upon completion of the relevant exploration activities and delivery of the Mineral Resource Estimate. Upon completion of Stage 2, if Solidcore elects to proceed to Stage 3, it will also make an additional cash payment of US$ 1.5 million to MDO.

• Stage 3. Subject to successful completion of Stage 2, Solidcore may elect to acquire an additional 15% interest in the JV, taking its total interest to 60%, for a price determined by reference to the contained copper equivalent (CuEq) in Mineral Resources and the average trading multiple of an agreed peer group. Following completion of Stage 3, the JV shall undertake further project development, funded by MDO and Solidcore on a pro rata basis in accordance with their respective shareholdings in the JV.

STRATEGIC RATIONALE

The transaction is consistent with Solidcore's strategy of pursuing disciplined investments in high-quality mining and exploration opportunities in its focus regions with potential for long-term value creation and portfolio diversification.

The Project is prospective for copper-gold volcanogenic massive sulphide ("VMS") mineralisation and provides the Company with exposure to an emerging copper-gold exploration project in the Sultanate of Oman, a mining jurisdiction with a long-established mining history and supportive regulatory framework. In addition, the transaction would broaden the Company's copper exposure, enhancing diversification and providing potential leverage to long-term demand growth driven by global electrification and infrastructure development trends.

The Company believes the Project demonstrates several attractive characteristics, including encouraging historical drilling results, significant exploration upside and potential for a development using a hub-and-spoke processing model, good access to paved infrastructure and potential optionality from an existing third-party processing plant in the area.

The staged earn-in structure provides Solidcore with a capital-efficient pathway to progressively increase its ownership interest as exploration and technical milestones are achieved, while limiting upfront financial exposure and maintaining flexibility in capital allocation.

INFORMATION ON THE PROPERTY

The Project is located in the Al Batinah North Governorate, northern Oman, about 29 km from Sohar, which plays a strategic role as Oman's largest industrial port and could potentially serve as an export hub for the Project. The property is accessible via paved roads, placing it within a well-established mining corridor in the foothills of the Oman Mountains with good paved-road access and established regional infrastructure.

The broader MDO's concession area lies within the Semail Ophiolite Belt which represents the world's largest and best-preserved fragment of ancient oceanic crust. The belt hosts a number of volcanogenic chromite and VMS polymetallic deposits, including the Khabiyat copper-gold project area.

The Khabiyat mineral occurrence is a volcanogenic massive sulphide type copper-gold system associated with north-trending structural controls. Mineralisation remains open along strike and at depth.

Extensive exploration work has been completed across the concession area, including drilling, airborne electromagnetic, magnetic and gravity surveys, detailed ground geophysics, geological mapping, geochemical sampling and hyperspectral satellite imagery interpretation. Historical drilling and recent exploration activities have confirmed the presence of a significant copper-gold mineralisation over a strike length of more than 800 metres, with mineralised zones reaching thicknesses of up to 70 metres.

Preliminary technical work indicates the potential presence of a commercially viable deposit at Khabiyat together with additional exploration upside within the broader concession area. Planned work includes further drilling, target generation and technical studies aimed at supporting future Mineral Resource Estimation and project evaluation.

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 (Ertis POX) in Kazakhstan.

About MDO

Minerals Development Oman is a state-owned mining investment and development company in the Sultanate of Oman. MDO was established to support the development of Oman's mining sector through investment in and advancement of strategic mining projects across the country.

MDO's activities are focused on exploration, project development and partnerships aimed at supporting the commercialisation of Oman's mineral resources.

Enquiries

Investor Relations	Media
Kirill Kuznetsov Alina Assanova [phone] (Kazakhstan) [e-mail]	Yerkin Uderbay [phone] (Kazakhstan) [e-mail]

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.

07/07/2026 Dissemination of a Financial Press Release, transmitted by EQS News.
The issuer is solely responsible for the content of this announcement.

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