Solidcore Resources plc has released its production results for the second quarter of 2025, covering operations through June 30. The company reported a decline in gold equivalent (GE) production and sales compared to the same period last year, largely due to earlier delays in processing concentrate at the Amursk POX facility.
Vitaly Nesis, CEO of Solidcore Resources plc, commented on recent developments: “We have successfully resumed concentrate shipments to the Amursk POX and therefore anticipate a steady ramp-up in production and cash flow through the second half of the year.”
During the first half of 2025, no fatal accidents or lost time injuries were recorded among employees or contractors. Mining and processing activities at both Kyzyl and Varvara sites continued without disruption.
The company’s GE production dropped by 59% year-on-year to 55 thousand ounces (Koz) in Q2 and by 51% to 123 Koz for H1 2025. This decrease was primarily attributed to delayed processing at Amursk POX. Shipments resumed late in Q2, with additional batches sent to China and a third-party smelter in Kazakhstan.
GE sales also fell by 64% year-on-year for H1, totaling 104 Koz and generating $325 million in revenue—a drop of 54%. The company linked this decrease mainly to temporary sales lags at Kyzyl but projects a recovery as inventories unwind during the second half of the year. According to its forecast, tolling and third-party sales stabilized in July, with expectations that nearly 150 Koz of an accumulated 200 Koz gold concentrate will be released before year-end.
With some stockpiles expected to be carried into next year, full-year GE production is now projected at 420 Koz—an adjustment from an earlier estimate of 470 Koz.
Cost guidance was updated as well. Total cash cost (TCC) is anticipated at the upper end of previous estimates ($1,000–$1,100 per GE ounce), while all-in sustaining cost (AISC) guidance has been revised upward to $1,450–$1,550 per GE ounce from $1,350–$1,450. These changes reflect currency fluctuations involving a stronger-than-expected tenge exchange rate during H1 and lower projected output from Kyzyl.
Net cash declined by 62% from $374 million at year-end 2024 to $143 million as of June 30. However, Solidcore stated its liquidity position remains strong after signing a new credit facility agreement with ING Bank for up to $100 million in July intended to refinance maturing debt.
Detailed operational figures showed that waste mined decreased slightly while ore processed increased modestly compared with last year’s levels. Average grades remained stable across both periods.
“We have successfully resumed concentrate shipments to the Amursk POX and therefore anticipate a steady ramp-up in production and cash flow through the second half of the year”, said Vitaly Nesis, CEO of Solidcore Resources plc.
