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Solidcore Resources plc USD

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.

At a glance: strengths & risks
✓Revenue growing (+13%)✓Margins improving (46%→65%)✓Net cash balance sheet

Sector: Gold mining

SOLIDCORE

Excluded from market views: KASE shows no recent active trading (stale quote or very few deals). Financial statements below are unchanged.

Financial results

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.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2025-12-31H2 2025 (6M)OK1175.0
y/y 88.3%
889.0
y/y 46.0%
83.0
y/y —
820.0
y/y 158.7%
577.0
y/y 133.0%
689.0-127.02699.0
y/y 30.4%
2202.0
y/y 45.3%
—-464.0Report (PDF)
2025-06-30H1 2025 (6M)PARTIAL325.0
y/y -53.8%
—
y/y —
—
y/y —
152.0
y/y -48.0%
85.0
y/y -64.3%
-86.0-128.0—
y/y —
—
y/y —
—-143.0Link
2024-12-31H2 2024 (6M)OK624.0
y/y —
317.0
y/y —
-0.1
y/y —
316.9
y/y —
-1750.0
y/y —
-518.0-289.02069.0
y/y -67.1%
1515.0
y/y -32.8%
—-693.0Report (PDF)
2024-06-30H1 2024 (6M)PARTIAL704.0
y/y —
292.0
y/y —
0.1
y/y —
292.1
y/y —
238.0
y/y —
517.0-470.0—
y/y —
—
y/y —
—-960.0Report (PDF)
2023-12-31FY 2023 (12M)PARTIAL893.0
y/y —
1047.0
y/y —
0.0
y/y —
1047.0
y/y —
272.0
y/y —
——6280.0
y/y —
2253.0
y/y —
—-772.0Report (PDF)

Net debt structure (leases included, IFRS 16) 2025-12-31

Short-term debt (incl. ST leases)105
Long-term debt (incl. LT leases)162
− Cash & equivalents731
Net debt-464

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02505007501 0001 2502023 FY2024 H12024 H22025 H12025 H2

Year-over-year change

-100%0%100%200%2023 FY2024 H12024 H22025 H12025 H2

Cash flow

FCF ($ mln)

-1 000-50005002023 FY2024 H12024 H22025 H12025 H2

Net debt / cash ($ mln)

-1 000-800-600-400-20002023 FY2024 H12024 FY2025 H12025 FY

Profit and cash

Profit is broadly cash-backed
In a typical year of 2023–2025 operating cash flow came to 0.91x of reported net profit; after capex, 0.53x. Loss years (2024) are left out of the ratio.
year20242025
cash flow / profit—0.91x
accruals, % of assets-73.0%2.2%
Last twelve months (to 2025-12-31): 0.91x of profit came back as operating cash flow.
net debt / EBITDA -0.5x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Gold

Proved reserves
12.15 Moz GEO
2025
Reserve life (R/P)
24.8 yrs
reserves ÷ annual output
Annual production
490 koz GEO
2024

Production, koz GEO

48420234902024

Proved reserves

YearReserves, Moz GEO
202512.15

Production

YearProduction, koz GEO
2024490
+1.2%
2023484

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).

Key-commodity price — Gold

Current 4 344spot vs LTM +30%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +9.9%

Main driver: Gold +26% vs LTM; revenue ×1.30 vs costs ×1.04; EBITDA 972→1 161; at 4.6× EV/EBITDA → +10%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+82%4 344.463 443.923 303.41+26%-4%
Silver (rev)+15%64.0440.4543.47+58%+7%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue1 500
LTM EBITDA972
LTM cash costs (revenue − EBITDA)528
2 · Revenue projection
Revenue multiplier — spot×1.302 (+30%)
= Spot revenue1 953
Revenue multiplier — 3y price×0.978 (-2%)
= 3-year-price revenue1 467
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs549
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs549
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 404
= 3-year-price EBITDA918
Conservative EBITDA = min(spot, avg)1 161
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)4.6x
Target EV = EV/EBITDA × conservative EBITDA5 326
Net debt-464
Target market cap = EV − net debt5 790
Current market cap5 269

Upside = target market cap ÷ current − 1 = +9.9%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +13% vs +49% the year before — a -35.8 pp move. 3-year CAGR —.
revenue growth by year: 2024 +49% · 2025 +13%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

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.

Frequently asked questions

What is Solidcore Resources plc's P/E ratio?
Solidcore Resources plc trades at a P/E of 8.0x (price to trailing 12-month earnings).
What is Solidcore Resources plc's EV/EBITDA?
Solidcore Resources plc trades at 5.0x EV/EBITDA.
What is Solidcore Resources plc's P/B ratio?
Solidcore Resources plc trades at a P/B of 2.4x.
What is Solidcore Resources plc's return on equity (ROE)?
Solidcore Resources plc's ROE is 35.6%.
What is Solidcore Resources plc's market capitalization?
Solidcore Resources plc's market cap is 5.3 bn USD.

See also: Gold Mining Stocks: The Cheapest Gold Miners by Valuation (2026) · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map