Solidcore Resources plc, formerly Polymetal, surpassed its 2024 production target by 3%, producing 490,000 ounces of gold equivalent, according to the company’s official report. This marks a modest 1% increase year-on-year.
The bulk of the production came from the Kyzyl asset (Bakyrchik deposit), contributing 320,000 ounces, with the remainder produced at the Varvarinsk hub facilities.
Gold-bearing ore extraction reached 5.2 million tonnes, slightly below 2023 levels. The processing of this ore remained stable at 6.37 million tonnes. However, the average gold content in the ore gradually declined year-on-year to 2.8 g/t.
In terms of sales, Solidcore saw a 17% increase in the volume of finished products sold, reaching 536,000 ounces of gold equivalent. This was largely driven by the Kyzyl project, which contributed 365,000 ounces to the total, a 35% rise from the previous year. The positive performance was partially due to the unloading of concentrate stockpiled the previous year, following logistical challenges.
The increased sales volume, combined with record-high gold prices, led to a near-doubling of Solidcore’s revenue, which reached $1.327 billion. As of the end of 2024, the company’s net cash position had risen to $374 million.
Looking ahead to 2025, Solidcore forecasts a decrease in production to 470,000 ounces, primarily due to the planned reduction in gold content and recovery rates at both the Kyzyl and Varvarinsk operations.
