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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 (+199% y/y, H1 2026)✓Profit growing (×5.3 y/y, H1 2026)✓Margins improving (47%→66%, H1 2026)✓Net cash balance sheet

Sector: Gold mining

SOLIDCORE

Price chart

13.26 USDDay —

Key metrics

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.

Market

Price
13.26 USD
Market cap
5.9 bn USD

Growth

Δ revenue y/y
199.1%
Δ EBITDA y/y
321.7%

Multiples

P/E (LTM)
5.7x
P/B (FY)
2.7x
P/E (ann.)
6.5x
EV/EBITDA (LTM)
3.6x
EV/EBITDA (ann.)
4.1x

Cash return

Dividend yield
—
FCF yield (LTM)
14.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-18.3%
↓ details

Liquidity

Daily turnover
—

Shares: connector/market_inputs

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
2026-06-30H1 2026 (6M)OK972.0
y/y 199.1%
596.0
y/y 369.3%
45.0
y/y 80.0%
641.0
y/y 321.7%
453.0
y/y 432.9%
436.0-193.03256.0
y/y 59.6%
2733.0
y/y 70.0%
36.7%-653.0Link
2025-12-31H2 2025 (6M)OK1175.0
y/y 88.3%
762.0
y/y 140.4%
58.0
y/y -41.4%
820.0
y/y 97.1%
577.0
y/y 133.0%
689.0-127.02699.0
y/y 30.4%
2202.0
y/y 45.3%
34.8%-464.0Link
2025-06-30H1 2025 (6M)OK325.0
y/y -53.8%
127.0
y/y -56.5%
25.0
y/y —
152.0
y/y -48.0%
85.0
y/y -64.3%
-86.0-128.02040.0
y/y —
1608.0
y/y —
10.9%-143.0Link
2024-12-31H2 2024 (6M)OK624.0
y/y —
317.0
y/y —
99.0
y/y —
416.0
y/y —
-1750.0
y/y —
-518.0191.02069.0
y/y -67.1%
1515.0
y/y -32.8%
—-374.0Report (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 —
—≈ -772.0Report (PDF)
2023-12-31FY 2023 (12M)PARTIAL893.0
y/y —
347.0
y/y —
93.0
y/y —
440.0
y/y —
272.0
y/y —
——6280.0
y/y —
2253.0
y/y —
—-772.0Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)75
Long-term debt (incl. LT leases)150
− Cash & equivalents878
Net debt-653

Net debt / LTM EBITDA: -0.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02505007501 0001 2502023 FY2024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-100%0%100%200%300%400%2023 FY2024 H12024 H22025 H12025 H22026 H1

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-1 000-750-500-25002505002023 FY2024 H12024 H22025 H12025 H22026 H1

Net debt / cash ($ mln)

-800-600-400-20002023 FY2024 H12024 FY2025 H12025 FY2026 H1

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-112.9%2.2%
Last twelve months (to 2026-06-30): 1.09x of profit came back as operating cash flow.
net debt / EBITDA -0.5x · capex 1.9x of depreciation
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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

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

Gold

Proved reserves
12.15 Moz GEO
2025
Reserve life (R/P)
30.8 yrs
reserves ÷ annual output
Annual production
395 koz GEO
2025
Production guidance
~540 koz GEO
2026

Production, koz GEO

484202349020243952025

Proved reserves

YearReserves, Moz GEO
202512.15

Production

YearProduction, koz GEO
2025395
−19.4%
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). 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).

Key-commodity price — Gold

Current 3 984spot vs LTM -8%

Commodity-player potential

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

Upside: -18.3%

Main driver: Gold -6% vs LTM; revenue ×0.92 vs costs ×1.14; EBITDA 1 461→1 064; at 3.9× EV/EBITDA → -18%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+82%3 983.524 242.243 408.64-6%-20%
Silver (rev)+15%50.5862.3045.21-19%-27%

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

1 · Reported baseline (LTM)
LTM revenue2 147
LTM EBITDA1 461
LTM cash costs (revenue − EBITDA)686
2 · Revenue projection
Revenue multiplier — spot×0.922 (-8%)
= Spot revenue1 979
Revenue multiplier — 3y price×0.798 (-20%)
= 3-year-price revenue1 713
3 · Costs projection
Cost multiplier — spot×1.140 (+14%)
= Spot cash costs782
Cost multiplier — 3y price×1.140 (+14%)
= 3-year-price cash costs782
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 197
= 3-year-price EBITDA931
Conservative EBITDA = min(spot, avg)1 064
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)3.9x
Target EV = EV/EBITDA × conservative EBITDA4 150
Net debt-653
Target market cap = EV − net debt4 803
Current market cap5 876

Upside = target market cap ÷ current − 1 = -18.3%

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).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 4.0x · target 75th pct (3y) 3.9x · LTM avg 3.4x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Gold mining. Each peer is shown as it trades and re-priced onto this company's market (Kazakhstan) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
IAMGOLDglobal9.64.3x3.4x
Kinross Goldglobal25.94.4x3.5x
Harmony GoldSouth Africa9.93.5x3.9x
Barrick Mining Corporationglobal64.85.0x3.9x
Coeur Miningglobal9.05.5x4.4x
Newmont Corporationglobal121.87.1x5.6x
Evolution MiningAustralia16.97.7x6.0x
AngloGold AshantiSouth Africa43.05.6x6.3x
Alamos Goldglobal12.28.0x6.4x
Agnico Eagle Minesglobal88.38.4x6.6x
Northern Star ResourcesAustralia25.58.6x6.8x
Hecla Mining Companyglobal9.710.0x8.0x
Group median6.3x5.8x
Group average6.5x5.4x
This companyKazakhstan5.93.6x3.6x

Group median 6.3x as traded, 5.8x adjusted; this company 3.6x — a 39% discount.

Group average 6.5x as traded, 5.4x adjusted; against the average this company is at a 34% discount.

At the adjusted group median the market cap would be +58% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.1x, Russia 3.8x, South Africa 5.5x, Kazakhstan 6.2x, India 17.7x, Indonesia 4.6x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-30; the company's own is live.

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 5.7x (price to trailing 12-month earnings).
What is Solidcore Resources plc's EV/EBITDA?
Solidcore Resources plc trades at 3.6x EV/EBITDA.
What is Solidcore Resources plc's P/B ratio?
Solidcore Resources plc trades at a P/B of 2.7x.
What is Solidcore Resources plc's return on equity (ROE)?
Solidcore Resources plc's ROE is 36.7%.
What is Solidcore Resources plc's market capitalization?
Solidcore Resources plc's market cap is 5.9 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