Solidcore Resources plc is a gold mining company that operates in Kazakhstan, focusing on the extraction and processing of gold ore at its own mines and processing facilities.
Sector: Gold mining
SOLIDCORE
Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.
Shares: connector/market_inputs
Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.
| Date | Period | Status | RevenueM USD | Operating profitM USD | D&AM USD | EBITDAM USD | Net profitM USD | Operating CFM USD | Capex + M&AM USD | AssetsM USD | EquityM USD | ROE (annualized) | Net debtM USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | H1 2026 (6M) | OK | — y/y 199.1% | — y/y 369.3% | — y/y 80.0% | — y/y 321.7% | — y/y 432.9% | — | -193.0 | 3256.0 y/y 59.6% | 2733.0 y/y 70.0% | 36.7% | -653.0 | Link |
| 2025-12-31 | H2 2025 (6M) | OK | — y/y — | — y/y — | — y/y — | — y/y — | — y/y — | — | -127.0 | 2699.0 y/y 30.4% | 2202.0 y/y 45.3% | 34.8% | -464.0 | Link |
| 2025-06-30 | H1 2025 (6M) | OK | — y/y -53.8% | — y/y -56.5% | — y/y — | — y/y -48.0% | — y/y -64.3% | — | -128.0 | 2040.0 y/y — | 1608.0 y/y — | 10.9% | -143.0 | Link |
| 2024-12-31 | H2 2024 (6M) | OK | — y/y — | — y/y — | — y/y — | — y/y — | — y/y — | — | 191.0 | 2069.0 y/y -67.1% | 1515.0 y/y -32.8% | — | -374.0 | Report (PDF) |
| 2024-06-30 | H1 2024 (6M) | PARTIAL | — y/y — | — y/y — | — y/y — | — y/y — | — y/y — | — | -470.0 | — y/y — | — y/y — | — | — | Report (PDF) |
| 2023-12-31 | FY 2023 (12M) | PARTIAL | — y/y — | — y/y — | — y/y — | — y/y — | — y/y — | — | — | 6280.0 y/y — | 2253.0 y/y — | — | -772.0 | Report (PDF) |
| Short-term debt (incl. ST leases) | 75 |
| Long-term debt (incl. LT leases) | 150 |
| − Cash & equivalents | 878 |
| Net debt | -653 |
|---|
Net debt / cash ($ mln)
| year | 2024 | 2025 |
|---|---|---|
| cash flow / profit | — | 0.91x |
| accruals, % of assets | -112.9% | 2.2% |
Our earnings breakdowns and investment notes on this issuer.
Physical operating metrics — supplementary, not part of the financial statements
Gold
| Year | Reserves, Moz GEO |
|---|---|
| 2025 | 12.15 |
| Year | Production, koz GEO |
|---|---|
| 2025 | 395 −19.4% |
| 2024 | 490 +1.2% |
| 2023 | 484 |
Solidcore Resources plc (ex-Polymetal Kazakhstan) FY2024: 490 koz GE produced (484 koz 2023); JORC proved+probable reserves 12.147 Moz GE at 1 Jan 2025 (Kyzyl + Varvara). FY2025: 395 koz GE produced (-19%, Kyzyl concentrate delayed at third-party POX); 2026 guidance ~540 koz GE (Q4/FY2025 production release 30.01.2026).
Current 3 998spot vs LTM -7%
Target market cap from conservative EBITDA and the historical EV/EBITDA
Upside: -16.6%
Main driver: Gold -6% vs LTM; revenue ×0.93 vs costs ×1.15; EBITDA 1 461→1 069; at 3.9× EV/EBITDA → -17%.
Product prices — moves vs the LTM average
| Commodity | Share | Spot | LTM | 3-yr | vs LTM, $ | 3y vs LTM |
|---|---|---|---|---|---|---|
| Gold (rev) | +82% | 3 998.15 | 4 242.24 | 3 402.70 | -6% | -20% |
| Silver (rev) | +15% | 53.27 | 62.30 | 45.12 | -15% | -28% |
How it is calculated — revenue → costs → EBITDA → target market cap
| 1 · Reported baseline (LTM) | |
| LTM revenue | 2 147 |
| LTM EBITDA | 1 461 |
| LTM cash costs (revenue − EBITDA) | 686 |
| 2 · Revenue projection | |
| Revenue multiplier — spot | ×0.931 (-7%) |
| = Spot revenue | 1 999 |
| Revenue multiplier — 3y price | ×0.796 (-20%) |
| = 3-year-price revenue | 1 710 |
| 3 · Costs projection | |
| Cost multiplier — spot | ×1.145 (+15%) |
| = Spot cash costs | 786 |
| Cost multiplier — 3y price | ×1.145 (+15%) |
| = 3-year-price cash costs | 786 |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | 1 213 |
| = 3-year-price EBITDA | 924 |
| Conservative EBITDA = min(spot, avg) | 1 069 |
| 5 · Valuation → target market cap | |
| Historical EV/projected-EBITDA (75th pct) | 3.9x |
| Target EV = EV/EBITDA × conservative EBITDA | 4 147 |
| Net debt | -653 |
| Target market cap = EV − net debt | 4 800 |
| Current market cap | 5 756 |
Upside = target market cap ÷ current − 1 = -16.6%
Projected EV/EBITDA 3.9x · target 75th pct (3y) 3.9x · LTM avg 3.4x
No dividend rows found for this issuer (checked: KASE news).
Investor reporting (IR): https://www.solidcore-resources.com/en/investors-and-media/reports-and-results/result-centre/
Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)
Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Solidcore Resources plc — from primary filings.
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