Solidcore Resources plc (“Solidcore” or the “Company”) announced its production results for the first quarter ended 31 March 2025. Despite facing temporary shipment delays that impacted sales, the Company reaffirmed its full-year production and cost guidance, citing confidence in a strong recovery during the second half of the year.
Chief Executive Officer Vitaly Nesis commented, “While sales have been deferred due to shipment delays, the fundamentals of our business remain solid. We expect a meaningful recovery beginning in May as concentrate stockpiles start to unwind.”
Operational Highlights:
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Solidcore recorded no fatalities or lost time injuries among its employees and contractors during the quarter.
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Gold equivalent (GE) production totaled 68 thousand ounces (Koz), a 42% decrease year-on-year, largely due to delays in concentrate shipments from the Kyzyl mine to Amursk POX, impacted by operational challenges linked to international sanctions.
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Kyzyl’s production of gold in concentrate rose 6% to 97 Koz due to higher ore grades, though shipment delays led to a stockpile of 41 Koz of payable metal.
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At Varvara, production fell 10% year-on-year as planned, reflecting lower grades and reduced third-party processing.
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Sales were notably down to 38 GE Koz from 116 GE Koz a year earlier, resulting in revenue of US$ 109 million, a 63% decline year-on-year. A strong rebound is anticipated in the second half as operations normalize.
Strategic Developments:
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Solidcore announced the acquisition of the Tokhtar gold property, located near its Varvara hub. The property adds 1.1 million ounces of JORC-compliant Mineral Resources at an average head grade of 2.4 g/t, bolstering the Company’s long-term growth pipeline.
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The acquisition of the initial 51% interest is on track to complete in Q3 2025, pending regulatory approvals.
Outlook: The Company reiterated its full-year guidance of 470 GE Koz in production, with Total Cash Costs (TCC) and All-In Sustaining Costs (AISC) expected within the ranges of US$ 1,000–1,100/oz and US$ 1,350–1,450/oz, respectively.
Solidcore remains well-positioned to navigate near-term operational hurdles and capitalize on favorable gold market dynamics.
