At the meeting with the President of Kazakhstan Kassym-Jomart Tokayev, held last week as a part of the 36th plenary session of the Foreign Investors’ Council in Astana, Vitaly Nesis, CEO of Solidcore Resources plc (“Solidcore” or the “Company”), outlined the Company's performance and investment plans, including construction of Ertis hydrometallurgical complex (EPOX) in Pavlodar and development of Syrymbet polymetallic deposit in North-Kazakhstan region. EPOX “EPOX is our flagship development project”, said Vitaly Nesis. “It will process refractory and double-refractory gold concentrates using autoclave oxidation technology. This is a unique technology recognized as the safest and most sustainable in the hydrometallurgical industry.” Mr. Nesis also elaborated on the ongoing pre-project preparation for construction. The plant will be located in the special economic zone “Pavlodar” with design processing capacity of 300 Kt of concentrate per year. It is expected to produce gold dore bars with up to 98% gold purity. Once in operation, the facility will create about 500 new jobs in the region. The planned investments are estimated at approx. US$ 800 million, which will be financed through a combination of the Company’s existing cash resources and funding from development banks and international financial institutions. SYRYMBET Vitaly Nesis also informed President Tokayev about the Company's acquisition of a 55% interest in Syrymbet, an undeveloped polymetallic deposit located in North-Kazakhstan region. “Syrymbet is a polymetallic deposit with tin as a major component, which perfectly fits our strategy of enhancing and diversifying Solidcore’s exposure to the green transition. Management believes the project will benefit from the Company’s execution expertise and successful track record in out-of-the box processing strategies”, he said. Solidcore will refine the existing approach to processing to accelerate path to production, optimise capital expenditures and reduce the environmental footprint of the project. The project will bring about social investments in the region and create a significant number of permanent jobs with a focus on the local workforce. LABORATORY “With the growing volume of geological exploration work carried out by the Company, we decided to establish our own geological fire assay laboratory to facilitate analysis and evaluation processes”, said Vitaly Nesis. The laboratory will be located in the special economic zone “Saryarka”. Commissioning is scheduled for the end of the next year. It will have a processing capacity of 200,000 samples annually and will create about 100 jobs for highly qualified specialists. PERSONNEL DEVELOPMENT With 2025 declared the Year of Working Professions in Kazakhstan, Vitaly Nesis also highlighted the Company’s initiatives in training and development of workforce in the regions of Solidcore’s presence. A notable example is the Company’s collaboration with local authorities to develop Zharma Technological College in Abai region. The College has been equipped with modern educational tools, including excavator and dump truck simulators, as well as machinery and other training equipment. President Kassym-Jomart Tokayev emphasized the importance of the Company’s efforts for Kazakhstan’s mining sector. Enquiries Investor Relations Media Kirill Kuznetsov Alina Assanova +7 7172 47 66 55 (Kazakhstan) ir@solidcore-resources.com Yerkin Uderbay +7 7172 47 66 55 (Kazakhstan) media@solidcore-resources.kz
Solidcore Resources plc (“Solidcore” or the “Company”) is pleased to announce that it has entered into an agreement with Berkut Mining LLP (“Partner”), a subsidiary of Lancaster Group (multidisciplinary holding company), to acquire 55% interest in Syrymbet, an undeveloped polymetallic deposit located in North-Kazakhstan region. “Syrymbet is a polymetallic deposit with tin as a major component, which perfectly fits our strategy of enhancing and diversifying Solidcore’s exposure to the green transition. Management believes the project will benefit from the Company’s execution expertise and successful track record in out-of-the box processing strategies”, said Vitaly Nesis, Group CEO of Solidcore Resources plc. “Together with the Partner, we are committed to driving the project forward while ensuring sustainable practices. We are aiming for Board approval for construction in 2025”. HIGHLIGHTS The Syrymbet licence covers the area of over 10 km2 and is located in the Ayirtau district of the North-Kazakhstan region. Under the agreement, Solidcore will acquire a 55% interest in а private company “Tin One Holding” which indirectly holds the subsoil licence for Syrymbet, for the total cash consideration of US$ 82.5 million. The transaction will be financed from the Company’s existing cash resources and is expected to complete in Q4 2024, subject to obtaining of the required regulatory approvals. In 2024, Solidcore completed 3 km of drilling, aimed at validating historical exploration results and conducting metallurgical studies. The deposit is suitable for open-pit mining. Solidcore will refine the existing approach to processing to accelerate path to production, optimise capital expenditures and reduce environmental footprint of the project. The partnership with Lancaster Group is a strategic alignment that allows to apply joint extensive experience to develop such a technologically complex polymetallic deposit as Syrymbet. Solidcore will be working closely with the Partner to accelerate project development, aiming to secure Board approval for construction in 2025. The project will bring about social investments in the region and create a significant number of permanent jobs with a focus on the local workforce. STRATEGIC RATIONALE Syrymbet fits well with Solidcore’s strategy in the following ways: Large asset with good exploration upside; Metal portfolio diversification with green transition exposure; Potential for fast development approach based on open-pit mining and conventional processing; Balanced risk-sharing ownership structure, providing Solidcore with the Partner’s valuable expertise and support, while allowing the Company to retain operational control over the project. ABOUT THE PROPERTY The Syrymbet licence area covers 10.15 km2 and is located in the Ayirtau district of the North-Kazakhstan region. The property is located 280 km from the regional centre, Petropavl (population of approx. 220,000), and 80 km from Kokshetau (population of approx. 180,000), an administrative centre of Aqmola Region. Currently, the property is accessible by unpaved roads and via the Ugolki railway station with loading facility under construction (30 km away). Full-scale operations will have access to a 220 kW power station located 27 km away. Syrymbet was discovered in 1985, with further exploration activities and assessment works conducted between 1986 and 2012. A Mineral Resource estimate in accordance with the JORC Code (2012) was completed in 2015, followed by a pre-feasibility study in 2016. An updated Mineral Resource estimate was issued in 2018 as a part of the Definitive Feasibility Study. Technological studies and metallurgy design were continued between 2018 and 2020. A JORC-compliant Mineral Resource estimate comprised 492.4 Kt of tin at a grade of 0.40% and 91.4 Kt of copper at a grade of 0.07% (5.9 Moz of GE[1]). The deposit is a complex rare-earth-polymetallic deposit (Sn, W, Cu, CaF2) occurring within favorable lithological and structural settings. Four mineralisation zones within Syrymbet ore field are comprised of oxide and sulphide ore. ABOUT TIN Tin (periodic table symbol Sn) is a silvery-white, malleable metal with a slight blue hue. Although scarce, with only 0.001% found in the earth’s crust, tin is not considered rare. It is primarily found in cassiterite ores, often alongside base and rare earth metals. Tin’s unique properties and recyclability position it as a crucial material in production: the key applications include electronics, where it is essential for soldering, as well as in alloys, tin plating, and emerging technologies such as lithium-ion batteries for electric vehicles and photovoltaic cells for solar panels. Enquiries Investor Relations Media Kirill Kuznetsov Alina Assanova +7 7172 47 66 55 (Kazakhstan) ir@solidcore-resources.com Yerkin Uderbay +7 7172 47 66 55 (Kazakhstan) media@solidcore-resources.kz
Further to the disclosure made by the Company on 4 September 2024, Solidcore Resources plc (“Solidcore” or the “Company”) confirms that its shares have been excluded from the official list and cancelled from admission to trading on the Moscow Exchange, effective 15 October 2024. Following the Exchange Offer completion and the subsequent delisting of shares from the Moscow Exchange, the Company’s shareholder structure is as follows: Solidcore’s largest shareholder is Maaden International Investment SPC (“Maaden”), a company incorporated and resident in the Sultanate of Oman, which directly holds 29.7% interest in the Company as disclosed in the Disclosure of interest by connected person: https://cdn.solidcore-resources.com/upload/ib/689056/2024_07_26_Disclosure_of_interest_by_connected_person_(Maaden)_eng.pdf. As of 15 October 2024, the Company does not have any other shareholders holding more than 5% of the outstanding shares, which is the notifiable threshold according to the AIX Market Disclosure Rules. The Company's free float stands at 69.6% as of the date of this press release (shares held by Maaden, management, and directors are excluded from the free float). The up-to-date shareholder structure is available on the Company’s website at the link https://www.solidcore-resources.com/en/investors-and-media/shareholder-centre/shareholder-structure/?type=2024. For the avoidance of doubt, Solidcore confirms that this announcement does not affect the listing status of the Company’s shares on AIX, which is the Company’s primary and the only listing venue. Enquiries Investor Relations Media Evgeny Monakhov Alikhan Bissengali +44 20 7887 1475 (UK) Kirill Kuznetsov Alina Assanova +7 7172 47 66 55 (Kazakhstan) ir@solidcore-resources.com Yerkin Uderbay +7 7172 47 66 55 (Kazakhstan) media@solidcore-resources.kz
Solidcore Resources plc (“Solidcore” or the “Company”) announces completion of the MOEX Share Exchange Offer on 30 September 2024, according to the original schedule. The Board of Directors has resolved to complete the Exchange Offer in accordance with the original schedule: the last Eligible Shares will be transferred from Nominated Brokers to the Company Securities Account on 30 September 2024, with the last (sixth) tranche of Exchange Shares to be issued on AIX shortly thereafter, but not later than 31 October 2024. As a result of the Exchange Offer, which has been launched in December 2023 and lasted for 10 months, the total number of shares repurchased by the Company will amount to 45.2 mln or 9.5% of the outstanding share capital. This represents ca. 66% of the shares blocked in NSD and other Russian depositories prior to the start of the Exchange Offer. Approximately 22 mln shares, or 4.6% of the outstanding share capital, currently remain blocked in NSD. The Company reminds that on 15 October 2024, the Company’s shares will be excluded from the official list of the Moscow Exchange and their admission to trading on that exchange will be canceled. Unless otherwise defined herein, defined terms have the same meaning as those attributed to them in the Circular: https://www.solidcore-resources.com/en/investors-and-media/shareholder-centre/general-meetings/#id-617010. For the avoidance of doubt, Solidcore confirms that this announcement does not affect the listing status of the Company’s shares on AIX, which is the Company’s primary listing venue. Enquiries Investor Relations Evgeny Monakhov Alikhan Bissengali +44 20 7887 1475 (UK) Kirill Kuznetsov Alina Assanova +7 7172 47 66 55 (Kazakhstan) ir@solidcore-resources.com MediaYerkin Uderbay +7 7172 47 66 55 (Kazakhstan) media@solidcore-resources.kz
Solidcore Resources plc (“Solidcore” or the “Company”) is pleased to announce that the Board of Directors has approved the construction of green energy power plants at Varvara mine. “Our path to net zero along with Kazakhstan’s decarbonisation efforts underpin Solidcore’s full transition to clean energy sources. Today the Board approved the construction of solar and gas power plants at Varvara, which will result in significant carbon footprint and energy cost reductions”, said Vitaly Nesis, Group CEO of Solidcore Resources plc. The Company plans to invest approximately US$ 55 million in the construction of a 23 MW solar power plant and a 40 MW gas piston power plant at Varvara. The gas piston station aims to maintain a steady power supply by balancing uneven solar energy generation. The plants are expected to be launched in Q2 2026 and will almost fully replace third-party electricity from coal power stations, reducing dependence on external power sources and mitigating the impact of rising energy tariffs. Next year, the Board will be considering construction of a 17 MW solar power plant at Kyzyl. With its commissioning planned by the end of 2026, both of the Company’s mines will switch from purchased grid to self-generated clean energy, leading to a projected 27% reduction in the Company’s GHG emissions compared to 2023. Enquiries Investor Relations Media Evgeny Monakhov Alikhan Bissengali +44 20 7887 1475 (UK) Kirill Kuznetsov Alina Assanova +7 7172 47 66 55 (Kazakhstan) ir@solidcore-resources.com Yerkin Uderbay +7 7172 47 66 55 (Kazakhstan) media@solidcore-resources.kz
Solidcore Resources plc (“Solidcore” or the “Company”) on 24 June 2024 has served an application to delist the Company’s shares (ticker: POLY, ISIN JE00B6T5S470) from the Moscow Exchange (“MOEX”). Eligible Shareholders have the right to exchange their MOEX shares for shares traded on the Astana International Exchange (AIX), the Company’s primary listing venue. In the light of the recent OFAC sanctions on the Moscow Exchange, the Board of the Company has determined its firm intent to delist the Company’s shares from MOEX. The application requests that the trading in the Company’s shares on MOEX will terminate on 30 September 2024. The application is subject to approval of the Moscow Exchange. The effective delisting date will be announced by the Moscow Exchange after review of the application and may differ from the above-mentioned date. “OFAC sanctions against MOEX, and associated risks of continuing listing for Solidcore, as well as severely restricted shareholder rights for the shareholders on MOEX, undermine the case for Solidcore’s MOEX listing. Further, the Company does not have any Russian nexus following the sale of the Russian assets in March 2024. Therefore management and the Board have decided to immediately apply for the listing cancellation. Shareholders are able, and will continue to be able, to secure their access to trading and full shareholder rights by exchanging their shares on MOEX to shares on AIX under the ongoing exchange offer”, said Vitaly Nesis, Group CEO of Solidcore Resources plc. Following the delisting, trading in the Company's shares will not be available on the Moscow Exchange. Furthermore, due to sanctions imposed against the NSD (National Settlement Depository) and other Russian depositories, shareholders whose shares were purchased on MOEX are unable to participate in the Company's corporate actions. In this regard, the Company urges shareholders to tender their Eligible Shares in consideration for the issuance of the AIX Exchange Shares, on a one-for-one basis by 30 September 2024. Participation in the Exchange Offer will allow Eligible Shareholders to trade shares through the stock exchange infrastructure and fully restore their shareholder rights. Shareholders on AIX enjoy the full range of shareholder rights and are not under any restrictions. Unless otherwise defined herein, defined terms have the same meaning as those attributed to them in the Circular: https://www.solidcore-resources.com/en/investors-and-media/shareholder-centre/general-meetings/. Further details of the Exchange Offer and answers to the frequently asked questions are available at the Company's website: https://www.solidcore-resources.com/ru/share-exchange/. For the avoidance of doubt, Solidcore confirms that this announcement does not affect the listing status of the Company’s shares on AIX, which is the Company’s primary listing venue. Enquiries Investor Relations Media Evgeny Monakhov +44 20 7887 1475 (UK) Kirill Kuznetsov Alikhan Bissengali +7 7172 47 66 55 (Kazakhstan) ir@solidcore-resources.com Yerkin Uderbay +7 7172 47 66 55 (Kazakhstan) media@solidcore-resources.kz
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