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EQS Newswire / 31/03/2025 / 17:00 MSK Solidcore Resources plc (“Solidcore” or the “Company”) announces strong preliminary financial results for the year ended 31 December 2024. “In 2024, our stable operational performance and favourable gold prices drove robust financial results. We met our production and cost guidance as well as launched our ambitious long-term investment program. 2025 should see continued ramp-up in our investments, particularly with the start of the active construction of Ertis POX and Green Power Project at Varvara”, said Vitaly Nesis, CEO of Solidcore Resources plc, commenting on the results. FINANCIAL HIGHLIGHTS The discussion below covers the results of continuing operations, excluding those from the discontinued Russian segment of our business, which was sold in March 2024 and is categorised as a discontinued operation in the accompanying financial statements. The comparatives are restated in the same way. As required by IFRS 5, cash flows include amounts of discontinued operations unless otherwise stated. In 2024, revenue increased by 49% to US$ 1,328 million. Average realised gold price surged by 23% against the backdrop of the corresponding market dynamics. Gold equivalent (GE) production was largely stable year-on-year (y-o-y) at 490 Koz, while GE sales increased by 22% y-o-y to 566 Koz as in H1 the Company managed to unwind significant volumes of Kyzyl concentrate stockpiles. The Company’s Total Cash Costs (TCC)[1] were US$ 971/GE oz within US$ 900-1,000/GE oz guidance, up 8% y-o-y. The increase was driven by domestic inflation and price-driven higher mining tax, partly offset by the KZT (Kazakhstani tenge) devaluation and inventory sales. All-in Sustaining Cash Costs (AISC)1 amounted to US$ 1,298/GE oz, within the US$ 1,250-1,350/GE oz guidance. A 3% y-o-y increase was driven by the same factors as TCC, though the Company recorded a decrease in sustaining CAPEX per ounce. Adjusted EBITDA1 increased by 62% to US$ 712 million, driven by revenue growth that more than offset a rise in costs. The adjusted EBITDA margin rose to 54% (2023: 49%). Underlying net earnings1 grew to US$ 499 million (2023: US$ 151 million), while net earnings[2] were US$ 533 million (2023: US$ 272 million including US$ 170 million forex gains). Net operating cash inflow from continuing operations increased fivefold to US$ 650 million (2023: US$ 126 million). Capital expenditure (CAPEX) from continuing operations was up 44% to US$ 208 million[3], 8% below the original guidance of US$ 225 million, mostly due to delayed purchases at Ertis POX. The Company generated positive free cash flow1 from continuing operations of US$ 435 million, a significant improvement from negative US$ 3 million in 2023. Of this, US$ 178 million was strategically allocated to M&A and growth investments in H2, namely the acquisition of Syrymbet and an investment loan to Bai Tau Minerals. In March 2024, the Company completed the sale of its Russian business by way of disposal of 100% of the JSC Polymetal share capital to JSC Mangazeya Plus. As a result, the Company deconsolidated US$ 2.20 billion of external net debt, settled US$ 1.04 billion of its intragroup liabilities net of tax and received after-tax cash proceeds of US$ 300 million, comprising cash consideration of US$ 50 million and intercompany dividends retained by the Company amounting to US$ 250 million. DEBT AND DIVIDEND No dividend will be proposed for the full year 2024. In 2024, the Board of Directors suspended dividend payments until the Company achieves its medium-term growth targets and launches Ertis POX. This decision reflects the Company’s commitment to prioritising long-term value creation through reinvestment in key strategic initiatives. Future dividend distributions will be considered in alignment with the Company’s financial performance, liquidity position, and growth trajectory. The Company’s net cash[4] position was US$ 374 million as of year-end versus US$ 174 million net debt on continuing operations at previous year-end, or US$ 2,383 million net debt including discontinued operations. Gross debt was US$ 322 million as of year-end, of which US$ 179 million is scheduled to mature in 2025. The Company remains focused on proactive debt management and is considering various refinancing opportunities. In February 2025, the Company secured a US$ 60 million 7-year loan from Bank CenterCredit to finance the construction of renewable energy projects and signed a new US$ 100 million revolving credit facility with the Eurasian Development Bank. 2025 OUTLOOK In FY 2025, the Company expects to deliver 470 Koz of GE output. The expected y-o-y decrease is driven by the planned grade and recovery declines at both Kyzyl and Varvara operations. At Kyzyl, concentrate delivery delays to the Amursk POX, resulting from operational challenges linked to the impact of international sanctions against Russia, are expected to negatively impact revenue in Q1. These delays have led to the accumulation of concentrate stockpiles in January-February in the amount of 57 Koz of metal contained and the deferral of associated sales. Costs are estimated to be in the ranges of US$ 1,000-1,100/GE oz for TCC and US$ 1,350-1,450/GE oz for AISC[5]. A y-o-y increase is expected mostly due to the grade and recovery decrease, and persisting domestic inflation, which will offset expected positive effects from the KZT devaluation. The estimate remains contingent on the KZT/US$ exchange rate, which has a significant effect on the Company’s local currency denominated operating costs. Capital expenditures are expected to reach US$ 300 million. The y-o-y increase will be driven by construction of the Ertis POX (US$ 160 million in 2025) and solar and gas power stations at Varvara. Sustaining CAPEX will be represented by further expansion of a tailings storage facility (TSF) at Kyzyl, fleet replacement at Komar, exploration at the Elevator deposit (Varvara hub), and construction of a fire-assay laboratory in Karaganda, Kazakhstan. With the start of the full-scale construction of Ertis POX, the Company is entering an intensive investment phase, committing over US$ 1 billion in development CAPEX over the next five years. The funding will represent a mix of the Company’s cash flow and new financing. The Company is also progressing the Syrymbet tin project, with initial investments scheduled to begin in 2026. The current mid-term capital expenditure forecast does not yet reflect the next phase of CAPEX for Syrymbet, which remains subject to Board review.     Financial highlights[6] 2024 2023[7] Change 2023[8]   Continuing operations   Continuing and discontinued operations           Revenue, US$m 1,328 893 +49% 3,025 Total cash cost[9], US$/GE oz 971 903 +8% 861 All-in sustaining cash cost4, US$/GE oz 1,298 1,263 +3% 1,276 Adjusted EBITDA4, US$m 712 440 +62% 1,458           Average realised gold price[10], US$/oz 2,409 1,953 +23% 1,929           Net earnings, US$m 533 272 +96% 528 Underlying net earnings4, US$m 499 151 +230% 615 Return on Assets4, % 28% N/A[11] N/A 17% Return on Equity (underlying)4, % 28% N/A6 N/A 15%           Basic earnings per share, US$ 1.13 0.57 +98% 1.11 Underlying EPS4, US$ 1.05 0.32 +228% 1.30           Net (cash)/debt4, US$m (374) 174 N/M[12] 2,383 Net (cash) or debt / Adjusted EBITDA (0.53) 0.40 N/M7 1.64                     CASH FLOW DISCLOSURE1 2024 20232 Change         Cash flows from continuing operations       Net operating cash flow, US$m 650 126 +417% Capital expenditure, US$m 208 144 +44% Free cash flow4, US$m 435 (3) N/M Free cash flow post-M&A4, US$m 548 (17) N/M         Cash flows, total on continuing and discontinued operations       Free cash flow4, US$m  532  (101) N/M Net cash outflow on disposal of Russian business, US$m (215) - N/A Free cash flow post-M&A4, US$m 64 (131) N/M                   OPERATING HIGHLIGHTS[13] For the third consecutive year, there were no lost time injuries recorded among the Company’s employees and contractors within continuing operations. Accordingly, days lost due to work-related injuries (DIS) remained at zero. Gold equivalent output at continuing operations was largely stable y-o-y at 490 Koz and 3% above the original production guidance of 475 Koz. In 2023, the Company produced 1.7 Moz of GE, including 1.2 Moz from Russian assets sold in March 2024. In 2024, the construction of Ertis POX was formally approved by the Board and the Company achieved significant milestones in advancing the project. It remains on track with the delivery of the autoclave and the commencement of full-scale construction proceeding as planned.   2024 2023 Change         Production, GE Koz[14] 490 486 +1% Kyzyl 320 316 +1% Varvara 170 169 +0%         Safety       LTIFR[15] 0 0 - DIS2 0 0 - Fatalities           Employees 0 0 -     Contractors 0 0 - ENVIRONMENTAL, SOCIAL AND GOVERNANCE (“ESG”) HIGHLIGHTS Solidcore remains committed to sustainable development. In 2024, we refined our sustainability strategy to align with recent structural changes, updating our medium- and long-term environmental and climate targets to reflect our evolving asset portfolio and new development goals. The Company is now targeting a 45% reduction in Scope 1 and 2 emissions by 2030 and carbon neutrality by 2050. As part of this strategy, Solidcore will be focusing on developing its own energy sources to ensure the energy independence of our assets from external power grids. In 2024, our GHG emissions (Scope 1 and Scope 2) increased by 6%, primarily due to our changing mining conditions, longer transportation routes and limitations on direct procurement of clean electricity from grid suppliers. We are advancing our voluntary afforestation project, aiming to expand it to 1,500 hectares by 2030. In 2024, we successfully afforested a 28-hectare pilot plot near the Varvara site in the Kostanay region and secured official registration in the National Register of Carbon Projects of Kazakhstan. In 2024, we reduced fresh water intensity for ore processing by 72%, lowering usage to 50 m3/1,000t, compared to 178 m3/1,000t in 2023 thanks to favourable weather and our closed-loop water recycling systems. Currently, 96% of the water used at our sites is recirculated, minimising our reliance on freshwater resources. Solidcore increased its social investments in 2024 to US$ 9.8 million, up 34% from US$ 7.3 million in 2023. These funds were directed toward education, local infrastructure, sports and cultural initiatives, reinforcing our commitment to the well-being and sustainable development of the communities where we operate.   Conference call and webcast The Company will hold a webcast on Tuesday, 1 April 2025, at 14:00 Astana time (10:00 London time). To participate in the webcast, please register using the following link: https://edge.media-server.com/mmc/p/agiu6x54 Webcast details will be sent to you via email after registration. About Solidcore Solidcore Resources is a leading gold producer registered in AIFC, Kazakhstan, and listed on Astana International Exchange. Solidcore operates two producing gold mines and a major growth project (Ertis POX) in Kazakhstan. 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 FORWARD-LOOKING STATEMENTS   This release may include statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements speak only as at the date of this release. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “could” or “should” or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Forward-looking statements are not guarantees of future performance. There are many factors that could cause the Company’s actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.   TABLE OF CONTENTS Chair’s statement CEO statement Operating review Financial review Principal risks and uncertainties Going concern Directors’ responsibility statement Financial statements Alternative performance measures       CHAIR’S STATEMENT 2024 marked the first year of my tenure as both a Board member and as the Chair. It was a challenging yet rewarding time to join, as the Board navigated a range of external issues, undertook major corporate restructuring and worked diligently to redefine the Company’s strategy and internal processes. The last 12 months have given me the opportunity to engage fully with the Board of Directors, whose opinions and contributions significantly influenced key discussions and decisions. As a representative of the largest shareholder, Maaden International Investment, and with their support, I am honoured to be a member and Chair of your Board and, using my professional expertise, particularly in Central Asia, to lead the Company toward its ambitious targets and restore shareholder value. New scope, new vision 2024 saw the beginning of a new chapter in the Company’s history with the completion of the divestment of the Russian business and subsequent cancellation of our listing on the Moscow Exchange. Crucially, this mitigated the risk of sanctions and paved the way for future independent development. We have adopted a new growth strategy, in which we set out our ambitions to double in size by expanding our operations in Central Asia and exploring possible options in the Middle East. Along with a new corporate structure and a new strategy, we also took the decision to adopt a new name for the Company – Solidcore Resources – in order to clearly differentiate us from the previous entity. Kazakhstan Kazakhstan remains our primary jurisdiction for exploration and M&A activities. We have operated our business successfully and responsibly in the country since 2009. We were among the first listings on Astana International Exchange (“AIX”), shortly after it was established in 2019, and we have managed to build a strong reputation and political capital. The country presents great opportunities in gold and base metals exploration backed by favourable regulatory framework. We are grateful for the ongoing cooperation and support from the Astana International Financial Centre (“AIFC”) and Kazakhstan’s authorities. We have already introduced a winning combination of high-quality assets and technological expertise to Kazakhstan and are committed to further investment in new operations and exploration. Alongside this, we will continue to be a responsible corporate citizen supporting local communities and contributing to the country’s climate goals. In December 2024, the Board approved the Ertis POX project. Located in the Pavlodar region, this will be the first POX plant and the largest high-tech refractory gold processing hub in Central Asia. Ertis POX will not only secure 100% of in-house processing for 80% of our reserve base but also create capacity for other underutilised deposits in the country. The plant is expected to generate 500 direct new jobs for the region. From an environmental perspective, POX is recognised as the cleanest available refractory gold processing technology. Board composition During 2024, I was the sole addition to an established Board, composed of members with a well-rounded blend of skills and professional backgrounds in finance, law and corporate development. However, as we began to implement our growth strategy, it was clear that we needed to increase the depth of mining experience that we have. As such, we had been actively considering independent candidates for the Board with extensive expertise in mining and exploration, and in late January 2025, we appointed Abdulmonem Al-Murshidi as an Independent Non-Executive Director. His many years at senior roles within the mining industry combined with deep local knowledge of the Middle East, strengthens the Board’s contribution to the Company’s ambitious growth strategy. Shareholder returns We view the divestment of our Russian assets and the adoption of our new strategy as value-accretive moves. However, for the most part, that was not reflected in the share price during 2024. We believe the main reasons for this were twofold: firstly, the lack of international infrastructure in our home market to enable purchases by international investors and, secondly, an overhang of legacy investors from our listings on London and Moscow stock exchanges with a pure sell interest.   While the latter should taper off over time, we are actively working towards a resolution of the former and hope that AIFC will continue to support our efforts. For our own part, we acknowledge that we also need to achieve sufficient progress in the implementation of our strategy to restore shareholder value. The company continues to consider the possibility of an additional stock listing on a major exchange, but does not expect it to occur in the near future, as it must first address remaining legacy sanctions challenges related to the tolling arrangement and achieve its growth targets. We continue to regard dividend payments as the most effective instrument of returning value to shareholders and essential in underpinning our investment case. However, given the substantial investment needed to fund our growth strategy, including over US$1 billion of committed development capital expenditure over the next five years – the Board decided to suspend the dividend policy and regular dividends until the Ertis POX construction has been completed. It also should be noted that about 7% of our share capital excluding treasury shares remains blocked under Euroclear after re-domiciliation in 2023. While we successfully unblocked a significant portion of shares through share exchanges in 2023-2024, dividends on the remaining blocked shares will be frozen on Euroclear accounts if they are paid. We are actively working to resolve this issue. The dividend payout may be reassessed based on our success in this regard and the availability of liquidity needed to support our growth plans. Focused on sustainability and governance excellence As the Chair of the Board, I would like to assure all our stakeholders that we are committed to maintaining the outstanding sustainability, social and corporate governance practices and standards, developed and adopted by the Company over many years. We continue to act responsibly, minimise our environmental footprint and support the communities where we operate as well as our employees and local authorities. We promote a safety-positive culture: there have been no accidents at our assets in Kazakhstan since 2021 and zero fatalities since 2017. Maintaining this level of performance is the core goal for our business. As part of our commitment to mitigating climate change, we have updated our climate goals and aim to decrease our absolute GHG emissions by 45% and source 30% of electricity from renewable energy sources by 2030 and achieve net-zero by 2050. Vote of thanks Over the last three years, we have navigated steadfastly through some difficult times and successfully overcome numerous obstacles. None of this would have been possible without the dedication of our employees, management, Board and shareholders, as well as the support of Kazakhstan’s authorities and all our other stakeholders. I would like to express my sincere gratitude to everyone for their hard work and commitment in the face of such complex circumstances and congratulate them on a job well done. I am confident that we are in a position to achieve the ambitious goals we have set ourselves for the future.   Chair Omar Bahram       CEO STATEMENT We began 2024 with a major milestone – the divestment of our Russian business. This predetermined the sequence of other developments throughout the year, all aimed at cementing our ambitions to become a significant diversified industry player. The end of the year was marked with outstanding operating and financial results. Corporate restructuring The sale of the Russian assets in March 2024 was a pivotal transaction, crucial for the business continuity and value creation in the long run. With its completion, we are confident in the stability of our operations and our ability to develop and expand the business.  Following the completion of the transaction, we concentrated our essential management functions in a new corporate HQ in Astana and established robust engineering, project management, construction, IT, accounting and procurement functions, growing our HQ workforce from 100 to nearly 200 employees, while total average headcount reached 3,600 people. We are rebuilding our partnerships with contractors and have successfully secured contracts with key equipment suppliers and service providers. With a new corporate structure and strategy in place, we have redefined our identity to better reflect our evolving business and values. This is captured in our new name, Solidcore Resources, and supporting branding, which encapsulates the scope of our ambitions, commitment to growth and mining expertise. Ambitious goals Our focus on recovering shareholder value, bolstered by our extensive experience and solid financial position, will drive our new strategic targets of 1 Moz of GE in production and 25 Moz of GE in ore reserves by 2030, both representing a twofold increase from current levels. In order to achieve these goals, we will pursue new acquisitions, extensive exploration and processing of third-party material at Ertis POX. We will concentrate our activities primarily in Kazakhstan, while additionally considering emerging opportunities in other Central Asian countries and in the Middle East. In the light of the envisaged significant increase in size and few potential value-accretive targets within the gold mining sector, we believe it is sensible to also expand into green transition metals, including copper and tin. This is apposite given that our chosen jurisdictions have proven to have substantial resources of such commodities. During 2024, we made first steps within our M&A pipeline. We acquired a 55% stake in Syrymbet, a large tin deposit in North Kazakhstan, for US$ 82 million; Lancaster Group remains a partner with a 45% stake. We will leverage our project execution expertise and our partner’s support to refine the processing approach with the aim of coming to a construction decision in 2025. In March 2025, we entered into a binding agreement to acquire 100% interest in the Tokhtar gold property in the Kostanay region of Kazakhstan, which unlocks substantial synergies given its proximity to Varvara hub and will serve as an additional feed source for Ertis POX. Exploration is another cornerstone of our strategy, driving growth and securing our long-term pipeline. In 2024, we invested strategically in gold and copper exploration projects both greenfield and brownfield, bringing our experience and knowhow to robust partnerships that enhance our overall capabilities. This reflects our intent to build value and deliver results, and we are committed to keeping our stakeholders informed of our progress. Ertis POX With Board approval received in December 2024, we will begin the full-scale construction of Ertis POX in 2025. First regulatory approvals for temporary buildings have been obtained, basic engineering will be completed later this year and the autoclave is currently in the winter port, awaiting delivering to the construction site at the start of the navigation season. Crucially, we have procured and relocated a highly experienced construction team. We will prioritise the timely execution of the project and plan to complete construction in H2 2028. The plant ramp-up will allow us to de-risk the Company’s operations by eliminating our reliance on third-party offtake and tolling arrangements for Kyzyl concentrates. Once operational, approximately 40% of the capacity will be available commercially and we will be approaching potential feed suppliers as the construction progresses to a more advanced stage.   Financing growth In 2024, we allocated US$ 208 million to capital expenditure, with an emphasis on enhancing production efficiency and laying the groundwork for the active investment phase, set to begin in 2025. Over the next five years, our existing project pipeline requires investment of more than US$ 1 billion. We ended the year with net cash of US$ 374 million, and at current gold prices our operations generate sustainable operating cash flow to finance both our sustaining and growth capital expenditure. However, to enable both growth and financial flexibility, we are targeting new financing options in 2025, including bond-market opportunities. Solid assets, solid performance We prioritise onsite safety and foster a zero-harm culture. Our record stands as a testimony to this with zero injury frequency rate for continuing operations, the last recorded in Kazakhstan in 2021. Our two operating assets, Kyzyl and Varvara, are set to generate stable production and robust returns throughout their mine life and market cycle. In 2024, we successfully met our production guidance achieving 490 Koz GE output. We are pleased to report record revenue and adjusted EBITDA for our ongoing operations. Revenue was up 49% year-on-year to US$ 1,328 million, while adjusted EBITDA saw an impressive 62% increase to reach US$ 712 million on the back of positive metal prices dynamics, higher sales driven by release of inventories, and the Kazakhstani tenge devaluation. Total cash costs were 8% higher year-on-year at US$ 971/GE oz, and all-in sustaining costs 3% higher at US$ 1,298/GE oz, although they were in line with our guidance ranges of US$ 900-1,000/GE oz and US$ 1,250-1,350/GE oz, respectively. The increase was attributable to significant cost inflation in Kazakhstan, which offset the positive impact of the devaluation of the Kazakhstani tenge on local-currency costs. Thanks to the strong profit and working capital release, we generated US$ 435 million free cash flow and, after the investments discussed above, net cash was US$ 374 million as at the year-end. 2025 milestones This coming year will be important in terms of gauging the progress in implementing our strategy. We will complete some fundamental stages at Ertis POX, advance the feasibility study preparation for Syrymbet, and concentrate on building our growth pipeline through exploration and M&A. With regard to our existing operations, production is expected to be marginally down at 470 Koz of GE, TCC and AISC will be within US$ 1,000-1,100/GE oz and US$ 1,350-1,450/GE oz, respectively, while capital expenditure will increase to nearly US$ 300 million as we start to incur full-scale construction costs at Ertis POX. At Kyzyl, a proposal for the construction of a solar power plant will be submitted to the Board for approval with the aim of providing a stable energy supply and reduce costs. We will also progress with preparation for the underground mining with first ore expected to be delivered in 2030. We have laid the foundation towards becoming a diversified larger-scale mining company and technological leader in the mining industry in Central Asia. I am confident in our ability to reach our goals, because we have the key capital for our success – our employees. They have proved themselves to be resilient and highly professional in challenging times and have the motivation to fully embrace our new endeavours. On behalf of the whole senior management, I would like to thank everyone – and to wish us all a successful future.   Chief Executive Officer Vitaly Nesis     OPERATING REVIEW ROBUST PRODUCTION In 2024, Solidcore's gold equivalent production amounted to 490 Koz, representing an increase of 1% y-o-y (2023: 486 Koz), 3% above the original production guidance of 475 Koz. GE sales of 537 Koz (excluding trading operations) increased by 17% y-o-y and outpaced production level as the Company managed to unwind significant volumes of Kyzyl concentrate stockpiles accumulated before 2024 due to logistical challenges. Full-year GE payable production at both Kyzyl and Varvara remained largely unchanged at 320 Koz and 170 Koz respectively. In 2024, the Company achieved significant milestones in advancing the Ertis POX project, in line with its long-term strategic plan. These included the formal project approval by the Board of Directors, assembly and delivery of the autoclave to the transhipment port for winter storage, commencement of procurement activities for processing equipment and long-lead items and obtaining positive expert reviews on the detailed design for the construction of temporary buildings and structures. Bore pile tests for the POX building were successfully completed, paving the way for the start of installation of building piles for the autoclave foundation. Engineering survey work was progressing according to schedule. The project remains on track with the delivery of the autoclave and the commencement of full-scale construction proceeding as planned. RESERVES AND RESOURCES In 2024, Solidcore’s Ore Reserves increased by 4% y-o-y to 12.1 Moz of GE, mostly on the back of positive revaluation results for underground mining at Kyzyl, revaluation at Elevator, as well as the initial evaluation at Baksy (both Varvara hub), fully offsetting mining depletion. The average grade in Ore Reserves stood at 3.2 g/t of GE, remaining at the last-year level. The share of Ore Reserves for open-pit mining in Kazakhstan decreased further by 4 p.p compared with the previous year and stood at 43% on the back of underground reserves extension at Kyzyl. The Company’s Mineral Resources (additional to Ore Reserves) decreased by 14% y-o-y to 3.5 Moz of GE, predominantly due to conversion into Ore Reserves. The average GE grade in Mineral Resources increased by 5% y-o-y to 3.0 g/t. In 2024, the Company completed validation of the historical exploration results at Syrymbet, estimating Mineral Resources of 206 Kt of tin and 74 Kt of copper attributable to 55% share of the Company in the project. In 2024, exploration activities were carried out at 20 licensed and contract areas. In total, 44.4 km of drilling was completed. A 25% y-o-y decrease was driven by the completion of the exploration program at Baksy. Ore Reserves reconciliation, GE Moz[16]   Ore Reserves, as at 1 January 2024 Depletion Revaluation Initial Ore Reserves estimate Change of GE Conversion ratio Ore Reserves, as at 1 January 2025 Kyzyl 9.6 -0.4 +0.8 - - 10.0 Varvara 2.0 -0.1 +0.1 +0.1 +0.1 2.2 Total 11.6 -0.5 +0.9 +0.1 +0.1 12.1     Ore Reserves and Mineral Resources summary[17]   1 Jan 2025 1 Jan 2024 Change Ore Reserves (Proved + Probable), GE Moz 12.1 11.6 +4% Kyzyl 10.0 9.6 +4% Varvara 2.2 2.0 +6% Average reserve grade, g/t 3.2 3.2 +0%         Mineral Resources (Measured + Indicated + Inferred), GE Moz 3.5 4.0 -14% Kyzyl 2.4 3.0 -18% Varvara 1.0 1.0 -2% Average resource grade, g/t 3.0 2.9 +5% Ore Reserves and Mineral Resources as at 1 January 20251   Tonnage Mt Grade GE g/t Content GE, Moz Ore Reserves       Proved 28.6 1.7 1.5 Probable 87.8 3.8 10.6 Proved + Probable 116.4 3.2 12.1         Mineral Resources       Measured 4.2 1.4 0.2 Indicated 17.6 2.3 1.3 Measured + Indicated 21.8 2.1 1.5 Inferred 14.0 4.5 2.0 Measured + Indicated + Inferred 35.7 3.0 3.5 Syrymbet Mineral Resources at 1 January 2025[18]   Tonnage, Mt Grade Content Mineral Resources (Measured + Indicated + Inferred) 99.7 Cu, % Sn, % Cu, Kt Sn, Kt 0.07 0.21 74.4 206.3   HEALTH AND SAFETY There were no fatal accidents, injuries and lost-time incidents in 2024 at Solidcore’s assets. However, near-misses were recorded, emphasising the need for ongoing efforts to ensure safety. Solidcore still took responsive measures by updating risk maps for relevant facilities, providing additional instructions to employees and encouraging contractors to carry out an investigation if the accident involved a contractor’s worker.   2024 2023       Injuries 0 0 LTIFR (per 200,000 hours worked) 0 0 Days off work following accidents 0 0       Contractors     Injuries 0 0 LTIFR (per 200,000 hours worked) 0 0 EMPLOYEES In 2024, our average headcount increased by 12% to 3,577 employees (2023: 3,202), with approximately 40% working on a fly-in/fly-out basis. This growth was driven by the implementation of our development strategy in Kazakhstan, the advancement of Ertis POX and Syrymbet investment projects, and the expansion of our engineering team and other administrative staff in Astana. Due to structural changes within the Company, the voluntary turnover rate slightly increased to 2% in 2024 (2023: 1.4%). We continue to face increased competition in the labour market and a growing demand for mining professionals. To attract and retain talent, we offer competitive salaries and a range of professional development opportunities, including succession planning and our Talent Pool programme. In 2024, the Talent Pool included 185 employees, with 10% receiving promotions. Additionally, more than 17% of total hiring positions in 2024 were filled by internal candidates from the Talent Pool. The proportion of women in our workforce increased to 21% in 2024 (2023: 20%). We continue to promote a culture of equal opportunity through training and communication initiatives aimed at eliminating workplace bias, empowering diverse teams, and attracting and retaining talent from different backgrounds. These efforts contributed to a 3% increase in women in leadership positions, reaching 24% in 2024. In addition to addressing gender diversity, we are committed to eliminating discrimination based on age or disability. As part of this effort, we continue to implement our interactive online course on inclusion practices, which provides insights into disability inclusion, highlights workplace bias risks, and promotes best practices for fostering an inclusive work environment. This course has also been incorporated into our employee induction programme.   2024 2023 Change         Average headcount 3,577 3,202 +12% Share of female employees 21% 20% +5% Share of female managers 24% 21% +14%         Voluntary turnover 2.0% 1.4% +43% For female employees 2.0% 2.5% -20% For male employees 1.9% 1.1% +73% CLIMATE AND ENERGY We remain committed to reducing our climate footprint and reaffirm our intention to achieve carbon neutrality by 2050. Our strategy prioritises projects that significantly reduce greenhouse gas (GHG) emissions while also minimising the net adverse impact on water resources and biodiversity. In 2024, we updated and refined our medium- and long-term climate strategy, setting more ambitious climate goals, including a 45% reduction in Scope 1 and 2 emissions by 2030 (2023 as the baseline) and carbon neutrality by 2050. These updates ensure continuity with our previous commitments while aligning with our current asset portfolio and the objectives of our new development projects. Our direct and indirect energy-related emissions (Scope 1 and Scope 2) increased by 6% in 2024 y-o-y, primarily due to changing mining conditions, longer transportation routes and limitations on direct procurement of clean electricity from grid suppliers. To address this challenge, we are developing our own energy clusters, comprising solar and gas power plants with a total capacity of up to 80 MW at Varvara and Kyzyl. This initiative is the cornerstone of our Climate Plan, providing a foundation for our decarbonisation pathway and ensuring energy independence from external power grids. We continue to advance our voluntary afforestation project in Kazakhstan. In 2024, we successfully afforested a 28-hectare pilot plot near the Varvara site in the Kostanay region and achieved official registration in the National Register of Carbon Projects of Kazakhstan. By 2030, we plan to afforest 1,500 hectares of non-forested land from the land reserve, expanding our efforts across all our operational regions in Kazakhstan.   2024 2023 Change Energy       Total energy consumed (GJ) 4,186,979 3,787,881 +11% Energy intensity (GJ per Koz of GE produced) 8,553 7,802 +10%         Greenhouse gas (GHG) emissions       Scope 1 GHG emissions (CO2 eq. Kt) 236,875 207,990 +14% Scope 2 GHG emissions (market based, CO2 eq. Kt) 251,905 251,732 +0% Scope 1 + Scope 2 (CO2 eq. Kt) 488,781 459,722 +6% GHG intensity of Scope 1 and Scope 2 emissions (kg of CO2e per oz of GE) 998 947  +5% ENVIRONMENT Our Environmental Management System (EMS) is the cornerstone of our approach. All our production sites are certified to the ISO 14001 global standard. Our EMS is supported by specific systems for cyanide and tailings management, as well as internal and external auditing. The monitoring of both water quantity and quality is a key focus within our EMS. Given the predicted physical impacts of climate change on our operations, vigilance in monitoring water risks is crucial for our assets. We strive to continually enhance our water efficiency by employing metering and auditing practices for water consumption, coupled with the meticulous management of the quality of wastewater. The majority of the water we use in ore processing is circulated in closed water cycles. Overall, 96% of our on-site water consumption is via a closed cycle of treated waste water (2023: 90%). We also remain committed to our goal of maintaining fresh water usage for processing per unit of production at a minimum achievable level. In 2024, we decreased our fresh water intensity for ore processing by 72%, compared with 2023, to 50 m3/1,000 t (2023: 178 m3/1,000 t).   2024 2023 Change Water       Fresh water use (th. m3) 471 1,273 -63% Water reused and recycled (th. m3) 12,183 11,569 +5% Total water used (th. m3) 12,654 12,842 -1% Share of water recycled and reused 96% 90% +7% Fresh water use for processing intensity (m3/ Kt of processed ore)[19] 50 178 -72%         Waste       Share of waste recycled (including overburden) 8% 8% N/A     Communities We aim to maintain open dialogue with neighbouring communities, ensuring transparent feedback mechanisms in all regions where we operate. In 2024, we responded to all of the 271 enquiries received from locals and held 24 stakeholder engagement events. The outcomes of such engagement inform our social investment programmes. Solidcore’s social investments amounted to US$ 9.8 million in 2024 and were targeted to projects in education, local infrastructure, sports and culture (2023: US$ 7.3 million).   2024 2023 Change Total community investment, US$m 9.83 7.28 +35% Enquiries from communities received and responded to 271 335 -19% Stakeholder meetings and events 24 21 +14% OUTLOOK FOR 2025 In 2025, we anticipate a significant progress with the first major construction phase at Ertis POX, continued exploration activities, and further strengthening of our growth pipeline. Full-year production is expected at 470 Koz of GE, with a 4% y-o-y decrease driven by the planned grade and recovery declines at both Kyzyl and Varvara operations. Safety remains a top priority for Solidcore, with a firm commitment to maintaining zero fatalities across operations and among on-site contractors. The Company is dedicated to implementing initiatives that enhance health and safety conditions. At Kyzyl, the Company is preparing for underground mining. In Q1, delays of concentrate processing at Amursk POX and respective revenue deferral have been recorded, due to sanctions-related operational issues at the Russian plant. At Varvara, we will continue preliminary works at two near-mine projects as well as advance our renewable and low-carbon energy initiatives by moving forward the construction of a 23 MW solar power plant and a 40 MW gas-piston power plant. Additionally, the Board will review a proposal for a 17 MW solar power plant construction at Kyzyl. The power stations will enhance energy security, lower costs, and reduce GHG emissions. As part of our broader sustainability strategy, we remain focused on minimising our reliance on diesel fuel to further reduce our environmental footprint. At Ertis POX, the Company plans to commence full-scale construction, complete basic engineering, deliver and install the autoclave on its foundations, complete temporary buildings and structures, finalise the Environmental and Social Impact Assessment (ESIA) and contracting of the main processing equipment. Solidcore continues to expect to meet the major milestones as planned with the end of commissioning and first production in H2 2028. At Syrymbet, the Company is planning to advance the feasibility study for the tin deposit and submit the project for the Board approval by the end of 2025.     FINANCIAL REVIEW market summary Gold price and demand momentum Entering 2024, a higher than anticipated inflation rate, tight labour markets in the US, and a deteriorating geopolitical environment, including uncertainty surrounding the US election, eroded optimistic rate-cut expectations. As a result, gold price hit the lowest 2024 point in February at US$ 1,991/oz. However, gold gained momentum in Q2 2024 and maintained a strong performance through the end of the year with three rate cuts in the US fuelling a gold price rally to US$ 2,784/oz in October. The average LBMA gold price for 2024 was US$ 2,389/oz, reflecting a 23% increase y-o-y. Gold demand remained robust in 2024, continuing the strong performance of the previous year. It rose by 1% to 4,554 tonnes (2023: 4,492 tonnes), driven by global economic uncertainty and heightened geopolitical tensions. The trend of gold accumulation seen in recent years persisted, amounting to 1,045 tonnes (2023: 1,051), with central banks continuing allocations of this safe-haven asset at a strong pace, highlighting the risk of a potential economic downturn. The National Bank of Poland was the largest purchaser of the year, expanding its reserves by 90 tonnes, while the National Bank of Kazakhstan and the Central Bank of the Philippines were among the top net sellers, offloading gold to support their local currencies. 2024 marked the fourth consecutive year of outflows from gold-backed Exchange-Traded Funds (ETFs). However, a net outflow of just 7 tonnes (2023: 244 tonnes) signalled a reversal of this negative trend for the first time since 2022, with ETFs attracting an inflow of 113 tonnes in H2 2024. Demand for gold bars and investment coins remained steady at 1,186 tonnes (2023: 1,190 tonnes), demonstrating resilience and exceeding the 10-year average of 1,073 tonnes. Overall, global gold investment volume increased by 25% y-o-y, reaching a four-year high of 1,180 tonnes. Gold demand in the technology sector experienced a 7% increase to 326 tonnes (2023: 305 tonnes), supported by the rapid expansion of AI-related infrastructure and strong consumer electronics shipments in emerging markets, which fully offset the declining demand in dentistry. The strong upward fluctuation in gold prices impacted jewellery affordability, leading to a 9% y-o-y decline in fabrication to 2,004 tonnes (2023: 2,191 tonnes). Confidence among jewellery consumers in China and India, traditionally the largest markets, was weakened by a slowdown in income growth. Total jewellery demand in both countries amounted to 1,075 tonnes, 15% below the 10-year average. The total gold supply in 2024 remained largely stable at 4,974 tonnes, marking a marginal 1% increase and setting a new all-time high (2023: 4,946 tonnes). Global mine production surpassed the previous peak from 2018, driven primarily by increased output in Canada, Mexico, and Peru. This growth fully offset declines in the US, Australia, and Bolivia, where lower ore grades impacted production. Kazakhstan remained a key contributor, accounting for 2.5% of global gold output with approximately 90 tonnes (2023: 86 tonnes), 33% above its 10-year average. Notably, the higher metal price led to an 11% rise in recycled gold supply, reaching 1,370 tonnes (2023: 1,234 tonnes), with the largest y-o-y increase in recycling volumes recorded in East Asia and Europe. Foreign exchange The Company’s revenues are denominated in the US dollars, while most the Company’s operating costs are denominated in local currency, the Kazakhstani tenge (KZT). As a result, changes in exchange rates had an impact on financial results and performance. KZT remained relatively strong in the H1 2024, in the range between 439 and 467 KZT/US$. However, it experienced a sharp depreciation towards the end of the year, hitting an all-time low of 525 KZT/US$ in December. The downward momentum was driven by negative trade dynamics with the CIS partners, the strengthening of the US dollar index, and continued pressure from weaker oil prices. The average annual exchange rate was 469 KZT/US$ (2023: 456 KZT/US$). Inflation Throughout 2024, inflation in Kazakhstan was slightly below the previous year, averaging at 8.9% (2023: 9.5%). The National Bank of Kazakhstan maintained tight monetary policy, conducting several reviews throughout the year. The base rate fluctuated within a range of 14.25% to 15.25%, with the final rate set at 15.25% in December, aimed at managing inflationary pressures and ensuring economic stability. Revenue SALES VOLUMES 2024 2023 Change Gold, Koz 557 452 +23% Gold equivalent sold[20], Koz 566 464 +22%     Sales by metal (US$m unless otherwise stated)   2024 2023 Change Volume variance,  US$m Price variance,  US$m Gold   1,308 871 +50% 203 234 Average realised price[21] US$ /oz 2,409 1,953 +23%     Average LBMA price US$ /oz 2,389 1,942 +23%     Share of revenues   98% 98%       Other metals   20 22 -9%     Share of revenues   2% 2%       Total revenue   1,328 893 +49% 197 238 In 2024, revenue increased by 49% to US$ 1,328 million driven by growth of gold average realised prices and sales. The latter was attributable to the release of significant volumes of Kyzyl concentrate stockpiles that accumulated in 2023 due to logistical challenges. The Company’s average realised gold price was US$ 2,409/oz, 23% higher than the 2023 average and slightly above the LBMA average. Other metals comprising Varvara’s copper concentrate are not meaningful for the consolidated Company’s results.   Revenue, US$m Gold equivalent sold, Koz OPERATION 2024 2023 Сhange 2024 2023 Сhange Kyzyl 857 518 +65% 365 271 +35% Varvara 412 365 +13% 172 188 -9% Corporate and other[22] 59 10 +490% 29 5 +480% Total revenue 1,328 893 +49% 566 464 +22% Kyzyl recorded a significant growth in revenue on the back of favourable gold price dynamics and an increase in sales amidst stable production (see above). At Varvara, higher prices compensated for a decrease in sales which related to a year-end lag between concentrate shipment to refinery and Dore production.   COST OF SALES (US$m) 2024 2023 Change         On-mine costs 164 149 +10% Smelting costs 114 105 +9% Purchase of metal inventories from third parties 98 127 -23% Mining tax 91 76 +20% Cash operating costs 467 457 +2%         Depreciation and depletion of operating assets 97 71 +37% Costs of production 564 528 +7%         Change in metal inventories 56 (87) N/M Idle capacities and abnormal production costs 1 - N/A Total cost of sales 621 441 +41%   CASH OPERATING COST STRUCTURE 2024 2023 US$m Share US$m Share           Services 133 28% 118 26% Consumables and spare parts 97 21% 98 21% Labour 40 9% 33 7% Mining tax 91 19% 76 17% Purchase of metal inventories from third parties 98 21% 127 28% Other expenses 8 2% 5 1% Total cash operating cost 467 100% 457 100% The total cost of sales grew by 41% to US$ 621 million mostly because of: higher sales attributable to metal inventory release; domestic inflation in Kazakhstan (+9% y-o-y) against the backdrop of a relatively stable average KZT/US$ rate (469 KZT/US$ in 2024 vs 456 KZT/US$ in 2023); higher mining tax; and an increase in depreciation charges. In 2024, the Company incurred a US$ 56 million net change in metal inventory largely reflecting the cost of sale of concentrate inventories accumulated in 2023; in 2023, a respective increase in metal inventories was recorded. The cost of services was up 13% driven by domestic inflation. Consumables and spare parts were stable as the Company managed to decrease diesel and reagents purchasing prices. Labour costs increased by 21%, reflecting an annual salary raise to track inflation and an increase in the average headcount. Mining tax grew by 20% on the back of the increase in the average realised gold price. Purchase of metal inventories from third parties declined by 23% due to lower purchases of the refined gold within trading operations. Depreciation and depletion were up 37% driven by expansion of mining, fleet renewal, and accelerated depletion of the tailings storage facility (TSF) No. 1 at Varvara on the back of the launch of the second TSF construction completion.   General, administrative and selling expenses (US$m) 2024 2023 Сhange                 Labour 37 31 +19% Services 11 18 -39% Share-based compensation 2 11 -82% Depreciation 2 2 +0% Other 13 9 +44% Total general, administrative and selling expenses 65 71 -8% General, administrative and selling expenses (SGA) decreased by 8% to US$ 65 million on the back of: decrease in services costs attributable to one-off advisory costs related to the re-domiciliation incurred in 2023; and lower share-based compensation as no options under the long-term incentive plan (LTIP) have been granted since 2021. The amount recognised in current year income statement represents residual amortisation of the fair value of the awards granted up to 2021 over the vesting period. Labour costs were up 19% due to annual salary growth tracking inflation and administrative headcount growth. Other operating expenses (US$m) 2024 2023 Change         Social payments 13 9 +44% Exploration expenses 8 4 +100% Taxes, other than income tax 7 3 +133% Change in estimate of environmental obligations - (2) N/A Other expenses 3 4 -25% Total other operating expenses 31 18 +72% Other operating expenses grew by 72% to US$ 31 million driven by the expansion of social programmes in the regions of operations and higher greenfield exploration expenses supporting the Company’s growth strategy.   TOTAL Cash costs[23] In 2024, total cash costs were US$ 971/GE oz, recording 8% y-o-y increase mostly due to inflationary pressure and price-driven mining tax increase outweighing higher sales. The table below summarises major factors that have affected the Company’s TCC and AISC dynamics y-o-y: RECONCILIATION OF TCC AND AISC MOVEMENTS TCC, US$/oz Change AISC, US$/oz Change Cost per GE oz 2023 903 1,263 Domestic inflation +141 +16% +198 +16% Mining tax change +15 +2% +15 +1% Change in sales structure (44) -5% (60) -5% Increase in sales (40) -4% (55) -4% Sustaining capex increase - - (41) -3% KZT rate change (20) -2% (28) -2% Other 16 +2% 8 +1% Cost per GE oz 2024 971 +8% 1,298 +3% Total cash cost by segment/operation   Cash cost per GE oz, US$/GE oz Gold equivalent sold, Koz OPERATION 2024 2023 Change 2024 2023 Change Kyzyl 777 704 +10% 365 271 +35% Varvara 1,383 1,189 +16% 172 188 -9% Total TCC 971 903 +8% 537 459 +17% Inflationary headwinds affected cost dynamics at both mines: at Kyzyl it offset larger sales volumes and as a result TCC were up 10% to US$ 777/GE; and at Varvara it was combined with lower sales driven by a time lag in production and sales (see Revenue discussion above) and TCC grew by 16% to US$ 1,383/GE oz. Analysis of H2 2024 versus H1 2024 performance:   Cash cost per GE oz, US$ /oz Gold equivalent sold, Koz OPERATION H2 2024 H1 2024 Change H2 2024 H1 2024 Change Kyzyl 749 799 -6% 157 207 -24% Varvara 1,412 1,353 +4% 87 85 +3% Total TCC 985 960 +3% 245 292 -16% In H2 2024, TCC were 3% higher compared to H1 2024 at US$ 985/GE oz. Kyzyl recorded a half-on-half decrease in costs thanks to the KZT depreciation in H2 balancing inflationary impact.     ALL-IN SUSTAINING AND all-in cash costs[24] All-in sustaining cash costs were up 3% to US$ 1,298/GE oz, a lower increase versus TCC dynamics due to a decrease in sustaining CAPEX per ounce stemming from the spread of expenditure over a larger amount of ounces sold. AISC by operations were driven by same factors and were as follows: All-in sustaining cash costs by segment/operation (US$/GE oz) OPERATION 2024 2023 Change Kyzyl 993 920 +8% Varvara 1,765 1,592 +11% Total AISC 1,298 1,263 +3%   Total, US$m US$/GE oz RECONCILIATION OF ALL-IN COSTS[25] 2024 2023 Change 2024 2023 Change Cost of sales, excluding depreciation, depletion and write-down of inventory to net realisable value (Note 4 of the condensed financial statements) 463 369 +25% 862 806 +7% Adjusted for:             Idle capacities (1) - N/A (2) - N/A Treatment charges deductions reclassification to cost of sales 24 13 +83% 45 29 +55% SGA expenses, excluding depreciation, amortisation and share-based compensation (Note 4 of condensed financial statements) 35 32 +9% 65 70 -7% Total cash costs 521 414 +26% 971 903 +8% Corporate SGA expenses and other operating expenses 56 45 +23% 103 97 +6% Capital expenditure excluding development projects 75 79 -5% 140 172 -19% Exploration expenditure (capitalised) 1 0 N/A 1 - N/A Capitalised stripping 44 42 +6% 82 91 -10% All-in sustaining cash costs 697 580 +20% 1,298 1,263 +3% Net finance costs/(income) (9) 13 -169% (18) 28 -164% Capitalised interest 3 2 +51% 5 4 +25% Income tax paid 116 230 -50% 215 502 -57% After-tax all-in cash costs 807 825 -2% 1,502 1,797 -16% Capital expenditure for development projects 88 23 +278% 163 51 +220% SGA and other expenses for development assets 2 - N/A 3 - N/A All-in costs 897 848 +6% 1,669 1,848 -10%     Adjusted EBITDA[26] and EBITDA margin  (US$m)   2024 2023 Change Profit for the year 533 272 +96% Net finance cost/(income) (9) 13 -169% Income tax expense 116 230 -50% Depreciation and depletion 99 66 +50% EBITDA 739 581 +27%         Net foreign exchange (gain)/loss (31) (170) -82% Impairment of non-current assets, net 2 16 -88% Share-based compensation 2 11 -80% Change in fair value of contingent consideration liability - 2 -100% Adjusted EBITDA 712 440 +62% Adjusted EBITDA margin 54% 49% +4% Adjusted EBITDA per GE oz 1,259 947 +33% Adjusted EBITDA by segment/operation (US$m)   OPERATION 2024 2023 Change Kyzyl 577 333 +73% Varvara 168 137 +22% Attributable corporate and other costs (33) (30) +10% Total Adjusted EBITDA 712 440 +62% Adjusted EBITDA was US$ 712 million, 62% higher y-o-y, with an adjusted EBITDA margin of 54%, reflecting the increase in sales and the average realised price of gold, combined with costs dynamics described above. Other income statement items In 2024, Solidcore recorded a net foreign exchange gain of US$ 31 million compared to an exchange gain of US$ 170 million in 2023 attributable to revaluation of intercompany loans to Solidcore from its former subsidiary in Russia. These loans were repaid as a part of the divestment transaction. The Company does not use any hedging instruments for managing foreign exchange risk, other than a natural hedge arising from the fact that the majority of the Company’s revenue is denominated or calculated in US Dollars. Net finance income was US$ 9 million versus net finance expense of US$ 13 million due to a reduction in gross debt and higher interest income from the Company’s cash and cash equivalents. Income tax expense was US$ 116 million compared to US$ 230 million 2023, charged at an effective tax rate of 18%. The decrease was mainly attributable to the 2023 tax effect of withholding tax on intercompany dividends paid as a part of the Russian subsidiary divestment transaction (see Note 13 of the condensed consolidated financial statements).   Net earnings, earnings per share In 2024, Solidcore had a net profit of US$ 533 million, compared to US$ 272 million net profit in 2023. The underlying net earnings were US$ 499 million, compared to US$ 151 million in 2023. Reconciliation of underlying net earnings[27]   (US$m) 2024 2023 Change         Profit for the year 533 272 +96% Foreign exchange gain (31) (170) -82% Change in fair value of contingent consideration liability - 2 N/A Impairment of non-current assets, net 2 16 -88% Tax effect (5) 31 -117% Underlying net earnings 499 151 +230% Basic profit per share was US$ 1.13 compared to US$ 0.57 in 2023. Underlying basic EPS[28] was US$ 1.05 compared to US$ 0.32 in 2023. Capital expenditurE[29] (US$m) Sustaining Development Capital stripping and underground development Total 2024 Total 2023 Ertis POX - 88 - 88 23 Kyzyl 37 - 26 63 53 Varvara 38 - 19 57 68 Total capital expenditure 75 88 44 208 144 In 2024, total capital expenditure from continuing operations was US$ 208 million[30], below the initial guidance of US$ 225 million due to the positive devaluation impact and as some purchases related to Ertis POX were carried over to 2025. A y-o-y increase of 44% is attributable to investments in preparation for construction at Ertis POX. Capital expenditure excluding capitalised stripping costs was US$ 163 million (2023: US$ 102 million). The major capital expenditure items in 2024 were as follows: Development projects: Capital expenditure of US$ 88 million was related to pre-construction investments into the Ertis POX facility (base engineering, autoclave transportation, bore pile tests for the POX building, site surveying activities etc). Stay-in-business sustaining CAPEX at operating assets totalled US$ 75 million (2023: US$ 79 million): At Kyzyl, capital expenditure comprised US$ 37 million including scheduled technical upgrades, fleet renewal and expansion of the tailings storage facility. At Varvara, capital expenditure of US$ 38 million was mainly represented by the construction of a tailing storage facility and upgrade of the mining fleet. Capitalised stripping was US$ 44 million (2023: US$ 42 million). Capitalised stripping at Kyzyl was lower y-o-y due to the gradual and systematic reduction of open-pit mining operations, while at Varvara an increase was recorded on the back of resource model adjustments at Komar.   Cash flows As required by IFRS 5, cash flows include amounts of discontinued operations, unless otherwise stated. (US$m) 2024 2023 Сhange Operating cash flows before changes in working capital 785 1,073 -27% Changes in working capital 38 (498) N/M Total operating cash flows 823 575 +43% Continuing operations 650 126 +417% Discontinued operations 173 449 -61%         Capital expenditure (279) (679) -59% Net cash (outflow)/inflow on disposal of subsidiaries (215) 21 N/M Loans advanced (193) (60) +217% Investments in joint ventures (82) - N/A Other 10 12 -17% Investing cash flows (759) (706) +8% Continuing operations (393) (143) +175% Discontinued operations (366) (563) -35%         Financing cash flows       Net changes in gross debt (180) 380 -147% Repayments of principal under lease liabilities (1) (21) -95% Total financing cash flows (181) 359 -150% Continuing operations (176) (92) +91% Discontinued operations (5) 451 -101%         Net (decrease)/increase in cash and cash equivalents (117) 228 -151% Cash and cash equivalents at the beginning of the year 842 633 +33% Effect of foreign exchange rate changes on cash and cash equivalents (29) (19) +53% Cash and cash equivalents at the end of the year 696 842 -17% Total cash and cash equivalents at the end of 2024 stood at US$ 696 million, which comprised: Operating cash flows of US$ 823 million supported by strong adjusted EBITDA and reduction in concentrate stockpile; Net cash outflow on disposal of subsidiaries of US$ 215 million (see Note 3 of the condensed consolidated financial statements); Capital expenditure of US$ 279 million, including US$ 208 million related to continuing operations; Net change in loans advanced of US$ 176 million, including US$ 101 million related to continuing operations; Investments in joint ventures of US$ 82 million related to continuing operations (acquisition of 55% in Syrymbet tin mine); and The gross borrowings decrease of US$ 180 million. Free cash flow (FCF)[31] from continuing operations amounted to US$ 435 million (2023: negative FCF US$ 3 million). Free cash flow from continuing and discontinued operations was US$ 64 million (2023: negative FCF US$ 131 million). Reconciliation of FCF post-M&A1 from continuing operations (US$m) 2024     Net operating cash flow 650 Capital expenditure (208) Other (7) FCF from continuing operations 435 M&A and other investments (178) Proceeds from divestment of Russian business retained by continuing operations 300 Other (9) FCF post-M&A from continuing operations 548 balance sheet, Liquidity and funding NET DEBT1 As at 31 December 2024 As at 31 December 2023 Change Short-term debt and current portion of long-term debt 179 1,005 -82% Long-term debt 143 2,220 -94% Gross debt 322 3,225 -90% Less: cash and cash equivalents 696 842 -17% Net (cash)/debt (374) 2,383 N/M Continuing operations (374) 174 N/M Discontinued operations - 2,209 N/A Adjusted EBITDA (continuing operations) 712 440 +62% Net (cash)/debt / Adjusted EBITDA (continuing operations) (0.53x) 0.40x -233% Due to the cash proceeds from the disposal of the Russian business, strong cash inflow from ongoing operations and sale of inventory, the Company recorded a net cash position of US$ 374 million versus pro forma net debt of US$ 174 million as at the end of 2023. Gross debt stood at US$ 322 million versus US$ 3,225 million as at the end of 2023 due to deconsolidation of the Russian business and repayment of US$ 180 million of borrowings. Long-term borrowings comprised 44% of total borrowings. The average effective cost of debt in 2024 was 4.4%. 93% of available cash balances of US$ 696 million is denominated in hard currency. The Company is confident in its ability to repay its existing borrowings as they fall due.   PRINCIPAL RISKS AND UNCERTAINTIES There are several potential risks and uncertainties which could have a material impact on the Company’s performance and could cause actual results to differ materially from expected and historical results. The principal risks and uncertainties facing the Company are categorised as follows:    Operational risks: Production risk Construction and development risk Supply chain risk Exploration risk    Sustainability risks: Health and safety risk Environmental risk Human capital risk    Political and social risks: Legal and compliance risk Political risk Taxation risk    Financial risks: Market risk Currency risk Liquidity risk A detailed explanation of these risks and uncertainties can be found on pages 70 to 83 of the 2023 annual report which is available at https://www.solidcore-resources.com/en/. The directors consider that political, and legal and compliance risks have materially decreased following the sale of the Russian business in 2024. Other principal risks and uncertainties have remained largely unchanged since the publication of the annual report for the year ended 31 December 2023 and continue to apply to the Company for the 2024 financial year. Further updates will be presented in the full annual financial report for 2024. GOING CONCERN In assessing its going concern status, the Company has taken account of its financial position, anticipated future trading performance, its borrowings and other available credit facilities, its forecast compliance with covenants on those borrowings and capital expenditure commitments and plans. The Board is satisfied that the Company’s forecasts and projections, having taken account of reasonably possible changes in trading performance, show that the Company has adequate resources to continue in operational existence for at least the next 12 months from the date of this report and that it is appropriate to adopt the going concern basis in preparing these interim condensed consolidated financial statements.   DIRECTORS’ RESPONSIBILITY STATEMENT Directors are responsible for the preparation of the condensed consolidated financial statements that present fairly the financial position of Solidcore Resources plc (the Company) and its subsidiaries (the Group) as of 31 December 2024, and the results of its operations, cash flows and changes in equity for the year then ended, in compliance with International Financial Reporting Standards (IFRS).   In preparing the condensed consolidated financial statements, directors are responsible for: properly selecting and applying accounting policies; presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information; providing additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Group’s consolidated financial position and financial performance; and making an assessment of the Group’s ability to continue as a going concern.   Directors also are responsible for: designing, implementing and maintaining an effective and sound system of internal controls throughout the Group; maintaining adequate accounting records that are sufficient to show and explain the Group’s transactions and disclose with reasonable accuracy at any time the consolidated financial position of the Group, and which enable them to ensure that condensed consolidated financial statements of the Group comply with IFRS; taking such steps as are reasonably available to them to safeguard the assets of the Group; and preventing and detecting fraud and other irregularities.   These condensed consolidated financial statements of the Group for the year ended 31 December 2024 were approved by Board of Directors on 31 March 2025.   By order of Board of Directors:   Omar Bahram Chair of the Board of Directors   Vitaly Nesis Chief Executive Officer 31 March 2025     CONDENSED FINANCIAL STATEMENTS SOLIDCORE RESOURCES PLC CONDENSED CONSOLIDATED INCOME STATEMENT          Year ended    Year ended   Note 31 December 2024   31 December 2023     US$m   US$m Continuing operations         Revenue 5 1,328   893 Cost of sales 6 (621)   (441) Gross profit   707   452           General, administrative and selling expenses 10 (65)   (71) Other operating expenses, net 11 (31)   (18) Impairment of non-current assets 15 (2)   (16) Operating profit   609   347           Foreign exchange gain, net   31   170 Change in fair value of financial instruments   -   (2) Finance costs 12 (21)   (29) Finance income  22 30   16 Profit before income tax from continuing operations   649   502           Income tax 13 (116)   (230) Profit for the year from continuing operations   533   272           Discontinued operations         Net (loss)/gain from discontinued operations 3 (2,045)   256 Net (loss)/profit   (1,512)   528           (Loss)/profit for the year attributable to:         Equity shareholders of the Parent   (1,512)   528     (1,512)   528 Earnings per share for continuing operations (US$)         Basic 20 1.13   0.57 Diluted 20 1.13   0.57           Loss/ (Earnings) per share for discontinued operations (US$)         Basic 20 (4.32)   0.54 Diluted 20 (4.32)   0.54           (Loss)/ Earnings per share for continuing and discontinued operations (US$)         Basic 20 (3.19)   1.11 Diluted 20 (3.19)   1.11     SOLIDCORE RESOURCES PLC CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME              Year ended    Year ended    Note 31 December 2024   31 December 2023     US$m   US$m           (Loss)/profit for the year   (1,512)   528 Other comprehensive income/(loss), net of income tax   772   (528) Items that will not be reclassified subsequently to profit or loss         Effect of translation to presentation currency[32]   (207)   17           Items that may be reclassified to profit or loss         Fair value loss arising on hedging instruments during year 19 (3)   (8) Exchange differences on translating foreign operations   (2)   (592) Currency translation recycling on disposal of foreign operation             3 984   - Currency exchange differences on intercompany loans forming net investment in foreign operations, net of income tax   -   55 Total comprehensive loss for the year   (740)   -           Total comprehensive loss for the year attributable to:   (740)   - Equity shareholders of the Parent   (740)   -               SOLIDCORE RESOURCES PLC CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION         Note 31 December 2024   31 December 2023 Assets   US$m   US$m           Property, plant and equipment 14 819   2,998 Right-of-use assets   2   76 Goodwill  3 -   11 Investments in associates and joint ventures 15 80   129 Non-current inventories 16 41   115 Non-current accounts receivable   129   107 Other non-current financial assets   5   9 Deferred tax assets 13 5   192 Total non-current assets   1,081   3,637           Current inventories 16 178   1,178 Prepayments to suppliers   34   180 Income tax prepaid   12   46 VAT receivable   42   131 Trade and other receivables   26   266 Cash and cash equivalents 22 696   842 Total current assets   988   2,643           Total assets   2,069   6,280           Liabilities and shareholders' equity                   Non-current borrowings 17 (143)   (2,220) Contingent consideration liabilities   (16)   (29) Provisions 18 (40)   (77) Non-current lease liabilities   (2)   (52) Other non-current liabilities   -   (18) Deferred tax liabilities 13 (47)   (252) Total non-current liabilities   (248)   (2,648)           Accounts payable and accrued liabilities   (70)   (240) Current borrowings 17 (179)   (1,005) Income tax payable   (25)   (20) Other taxes payable   (31)   (81) Current portion of contingent consideration liability   -   (15) Current lease liabilities   (1)   (18) Total current liabilities   (306)   (1,379) Total liabilities   (554)   (4,027) NET ASSETS   1,515   2,253           Share capital 20 14   14 Share premium 20 2,436   2,436 Share-based compensation reserve 20 4   33 Cash flow hedging reserve   5   8 Translation reserve   (1,288)   (2,063) Retained earnings   344   1,825 Total equity   1,515   2,253           Total liabilities and shareholders’ equity                         (2,069)                         (6,280)     SOLIDCORE RESOURCES PLC CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS             Year ended[33]   Year ended       31 December 2024   31 December 2023 Note US$m   US$m             Net cash generated by operating activities 22   823   575 Relating to:           Continuing operations     650   126 Discontinued operations     173   449             Cash flows from investing activities           Purchases of property, plant and equipment     (279)   (679) Acquisition of interest in joint ventures 15   (82)   - Net cash (outflow)/inflow on disposal of subsidiaries 3   (215)   21 Net cash outflow on asset acquisitions2     (6)   (24) Loans advanced     (193)   (60) Repayment of loans provided     16   29 Contingent consideration received     -   7             Net cash used in investing activities     (759)   (706) Relating to:           Continuing operations     (393)   (143) Discontinued operations     (366)   (563)             Cash flows from financing activities           Borrowings obtained 22   359   1,324 Repayments of borrowings 22   (539)   (944) Repayments of principal under lease liabilities 22   (1)   (21) Net cash (used in)/ from financing activities     (181)   359             Continuing operations     (176)   (92) Discontinued operations     (5)   451             Net (decrease)/increase in cash and cash equivalents     (117)   228 Cash and cash equivalents at the beginning of the year 22   842   633 Effect of foreign exchange rate changes on cash and cash equivalents     (29)   (19) Cash and cash equivalents at the end of the financial year 22   696   842     SOLIDCORE RESOURCES PLC   CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY         Note Stated capital account Share capital Share premium Share-based compensation reserve Cash flow hedging reserve Translation reserve Retained earnings Total equity     US$m US$m US$m US$m US$m US$m US$m US$m                     Balance at 1 January 2023   2,450 - - 35 16 (1,543) 1,284 2,242 Profit for the financial year   - - - - - - 528 528 Other comprehensive loss, net of income tax   - - - - (8) (520) - (528) Total comprehensive income/(loss)   - - - - (8) (520) 528 - Re-domiciliation to AIFC   (2,450) 14 2,436 - - - - - Share-based compensation   - - - 11 - - - 11 Transfer to retained earnings   - - - (13) - - 13 - Balance at 31 December 2023   - 14 2,436 33 8 (2,063) 1,825 2,253                     Loss for the financial year   - - - - - - (1,512) (1,512) Other comprehensive income/(loss), net of income tax   - - - - (3) 775 - 772 Total comprehensive income/(loss)   - - - - (3) 775 (1,512) (740) Share-based compensation   -     2 - - - 2 Transfer to retained earnings 20 -     (31) - - 31 - Balance at 31 December 2024   - 14 2,436 4 5 (1,288) 344 1,515     GENERAL Corporate information Solidcore Resources Group (the Group), previously Polymetal International, is a leading gold producer based in Kazakhstan and listed on the Astana International Exchange. During the year ended 31 December 2024 the Group completed the divestment of its Russian business through sale of 100% share of JSC Polymetal (Polymetal Russia) (Note 3) and was delisted from the Moscow Stock Exchange. Solidcore Resources plc (the Company) is the ultimate parent entity of the Solidcore Resources Group. The Company was incorporated on 29 July 2010 as a public limited company under Companies (Jersey) Law 1991 as Polymetal International plc. On 8 August 2023, the Group completed the re-domiciliation of the Company from Jersey to the Astana International Financial Centre (AIFC) in Kazakhstan. The Company changed its name on 11 June 2024 following the sale of Polymetal Russia, which retained its former name. Significant subsidiaries As of 31 December 2024 the Company held the following significant mining and production subsidiaries:           Effective interest held, % Name of subsidiary Deposits and production facilities Segment Country of incorporation 31 December2024   31 December 2023               Varvarinskoye JSC Varvara Kazakhstan Kazakhstan 100   100 Bakyrchik Mining Venture LLC Kyzyl Kazakhstan Kazakhstan 100   100 Komarovskoye Mining Company LLC Komar Kazakhstan Kazakhstan 100   100 Ertis Hydrometallurgical Plant LLC Ertis POX Kazakhstan Kazakhstan 100   100 Going concern  In assessing its going concern status, the Group has taken account of its financial position, anticipated future trading performance, its borrowings and other available credit facilities, its forecast compliance with covenants on those borrowings and capital expenditure commitments and plans. The Board is satisfied that the Group’s forecasts and projections, having taken account of reasonably possible changes in trading performance, show that the Group has adequate resources to continue in operational existence for at least the next 12 months from the date of this report and that it is appropriate to adopt the going concern basis in preparing these condensed consolidated financial statements. Basis of presentation The Group’s annual condensed consolidated financial statements for the year ended 31 December 2024 are prepared in accordance with IFRS accounting standards (IFRS) as issued by the International Accounting Standards Board (IASB). The financial statements have been prepared on the historical cost basis, except for certain financial instruments which are measured at fair value as of end of the reporting period and share-based payments which are recognised at fair value as of the measurement date. New standards and amendments applicable for the current periods Classification of liabilities as current or non-current liabilities with covenants (Amendments to IAS 1 Presentation of Financial Statements) specify the requirements for classifying liabilities as current or non-current. The amendments clarify that a right to defer settlement must exist at the end of the reporting period and that classification is unaffected by the likelihood that an entity will exercise its deferral right. In addition, a requirement has been introduced whereby an entity must disclose when a liability arising from a loan agreement is classified as non-current and the entity’s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments do not have a material impact on the Group Lease liability in a sale and leaseback (Amendments to IFRS 16 Leases) specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction. The amendments do not have an impact on the Group. Supplier finance arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures) clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The amendments do not have a material impact on the Group. New standards or amendments issued but not yet effective At the date of authorisation of these condensed consolidated financial statements, the Group has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective:   Amendments to IAS 21 Lack of Exchangeability; IFRS 18 Presentation and Disclosures in Financial Statements; IFRS 19 Subsidiaries without Public Accountability: Disclosures. Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments; Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 (issued on 18 December 2024); and Annual Improvements to IFRS Accounting Standards – Volume 11. The Group is in the process of determining the impact of these standards on its condensed consolidated financial statements.   CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the course of preparing the condensed consolidated financial statements, management necessarily makes judgements and estimates that can have a significant impact on those financial statements. The determination of estimates requires judgements which are based on historical experience, current and expected economic conditions, and all other available information. Estimates and underlying assumptions are reviewed on an ongoing basis, with revisions recognised in the period in which the estimates are revised and in the future periods affected. The judgements involving a higher degree of estimation or complexity are set out below. Critical accounting judgements The following are the critical accounting judgements (apart from judgements involving estimation which are dealt with separately below), made during the year that had the most significant effect on the amounts recognised in the condensed consolidated financial statements. Syrymbet Joint Venture In November 2024, the Group acquired a 55% stake in а private company Tin One Holding (holder of the Syrymbet subsoil licence). As part of the transaction, the Group entered into the shareholders agreement, governing the management of the investee. When the Group enters into an arrangement where it has the power to participate in the financial and operating policy decisions of an investee or into arrangements with other parties for the joint ownership of particular assets or developments, it must assess whether the arrangements constitute significant influence, control, joint operations or a joint venture based on the rights and obligations of the parties to the arrangements. Based on the governance structure of the investee, it was determined that the arrangement requires the unanimous consent of the parties sharing control. It was concluded that the joint arrangement provides the parties with rights to the net assets of the arrangement and, therefore, the investment represents a joint venture (Note 15). Use of estimates The preparation of financial statements requires the Group to make estimates and assumptions that affect the amounts of the assets and liabilities recognised, amounts of revenue and expenses reported, and contingent liabilities disclosed, as of the reporting date. The determination of estimates is based on current and expected economic conditions, as well as historical data and statistical and mathematical methods as appropriate. Key sources of estimation uncertainty Based on the current favourable market conditions, including strong commodity prices and the local currency devaluation, as well as the stable outlook for commodity prices and their volatilities, management has determined that as of the reporting date there are no assumptions or other sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Other sources of estimation uncertainty Other sources of estimation uncertainty reflect those sources of estimation uncertainty of which management believe users should be aware, but which are not judged to have a reasonably possible material impact of resulting in a material adjustment to the carrying amount of assets and liabilities within the next financial year. They include: cash flow projections for impairment testing and impairment reversal, valuation of contingent consideration assets and liabilities and calculation of net realisable value of stockpiles and work-in progress.   DCF models are developed for the purposes of impairment testing, valuation of contingent consideration assets and liabilities and calculation of net realisable value of metal inventories. Expected future cash flows used in DCF models are inherently uncertain and could change over time. They are affected by a number of factors including ore reserves, together with economic factors such as commodity prices, exchange rates, discount rates and estimates of production costs and future capital expenditure. Ore reserves and mineral resources – Recoverable reserves and resources are based on the proven and probable reserves and resources in existence. Reserves and resources are incorporated in projected cash flows based on ore reserve statements and exploration and evaluation work undertaken by appropriately qualified persons (see below). Mineral resources, adjusted by certain conversion ratios, are included where management has a high degree of confidence in their economic extraction, despite additional evaluation still being required prior to meeting the required confidence to convert to ore reserves. Commodity prices – Commodity prices are based on latest internal forecasts, benchmarked against external sources of information. The Group currently uses flat real long-term gold prices of US$ 2,500 per ounce for 2025, US$ 2,050 per ounce for 2026 and US$ 2,000 from 2027 per ounce (2023: US$ 1,900 per ounce for 2024, US$ 1,800 per ounce from 2025 per ounce). Foreign exchange rates – foreign exchange rates are based on observable spot rates, or on latest internal forecasts, benchmarked with external sources of information for relevant countries of operation, as appropriate. Management have analysed RUB/$rate movements for the year ended 31 December 2024. The long-term and medium-term rate KZT/US$ exchange rate is estimated at 560 KZT/US$ (2023: 500 KZT/US$). Discount rates – The Group used a post-tax real discount rate of 8.5% (2023: 8.7%). Operating costs, capital expenditure and other operating factors – Cost assumptions incorporate management experience and expectations, as well as the nature and location of the operation and the risks associated therewith. Underlying input cost assumptions are consistent with related output price assumptions. Other operating factors, such as the timelines of granting licences and permits are based on management’s best estimate of the outcome of uncertain future events at the balance sheet date. Based on the estimates described above the Group concluded that there were no indicators of impairment for property, plant and equipment identified as of 31 December 2024 and no write downs to net realisable value of metal inventories was recognised for the year ended 31 December 2024 (31 December 2023: none). Environmental obligations The Group’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. The Group’s provision for future decommissioning and land restoration cost represents management’s best estimate of the present value of the future cash outflows required to settle the liability which reflects estimates of future costs, inflation, movements in foreign exchange rates and assumptions of risks associated with the future cash outflows; and the applicable interest rate for discounting the future cash outflows. Actual costs incurred in future periods could differ materially from the estimates. Additionally, future changes to environmental laws and regulations, life of mine estimates and discount rates could affect the carrying amount of this provision. Climate change We have assessed and set out the Group’s climate risks and opportunities as part of our commitment to climate disclosure within the Strategic Report. Mitigation and adaptation measures that may be required in the future to combat the physical and transition risks of climate change could also have potential implications for the Group’s financial statements. This would be the case where assets and liabilities are measured based on an estimate of future cash flows. In preparing the Group’s financial statements, climate-related strategic decisions have impacted the following: Our decarbonisation and clean energy initiatives considered and approved by the Board were included in future cash flow projections, underpinned by estimates for recoverable amounts of property, plant and equipment, as deemed relevant; and The provision for mine closure costs impacted by climate risks and opportunities. We have adopted both mitigation and adaptation measures within our climate management system. We focus on renewable energy, carbon-intensive fuel replacement and innovative technologies to both mitigate climate change impacts and to reduce our carbon footprint. The adaptation measures we use are based on climate models, which inform the design, construction, operation and closure of our mining assets. Significant judgements and key estimates made by the Group may be impacted in the future by changes to our climate change strategy or in global commitments to decarbonisation. This could, in turn, result in material changes to the financial results and the carrying values of certain assets and liabilities in future reporting periods. As at the reporting date, the Group believes that there is no material impact on balance sheet carrying values of assets or liabilities.   DIVESTMENT OF THE RUSSIAN BUSINESS AND DISCONTINUED OPERATIONS Оn 18 February 2024 the Group entered into contracts for the divestment of its Russian business through a sale of 100% JSC Polymetal’s shares to a third party, JSC Mangazeya Plus (the Purchaser). On 7 March 2024 the transaction was completed following approval at the General Shareholders Meeting and receipt of the regulatory approvals. Following this date, the Group ceased to have any interest in JSC Polymetal and therefore determined that it lost control over JSC Polymetal on 7 March 2024. As Polymetal Russia was a separate geographical area of operation and a major line of business, the sale represented discontinued operations for the Group. The transaction entailed US$ 50 million cash consideration which was paid to the Company at completion. Prior to completion, an aggregate dividend of US$ 1,429 million (before tax) was paid by JSC Polymetal to the Company, of which US$ 278 million were retained by the Company for its general corporate purposes and US$ 1,151 million were used to repay, and fully discharge, the intra-group debt and related interest owed to JSC Polymetal. Net cash proceeds from the Purchaser and cash received through dividends retained by the Company (after tax) amounted to US$ 300 million. Major classes of assets and liabilities of JSC Polymetal and its subsidiaries (JSC Polymetal Group), net of dividends payable and intercompany loans receivable as described above, that were settled in March 2024 before the actual disposal date and which were not part of assets and liabilities of the divested subsidiaries as of disposal date, are presented as follows:     US$m Assets   Property, plant and equipment                    2,227 Right-of-use assets                         79 Goodwill                         11 Investments in associates and joint ventures                       124 Non-current accounts receivable                         107 Deferred tax asset                           194 Non-current inventories                       78 Total non-current assets                    2,820     Current inventories                       939 Prepayments to suppliers                       149 Income tax prepaid                         16 VAT receivable                         46 Trade and other receivables                       310 Cash and cash equivalents                       265 Total current assets                    1,725     Non-current borrowings                   (1,974) Deferred tax liability                        (49) Other non-current liabilities                      (140) Total non-current liabilities                   (2,163)     Accounts payable and accrued liabilities                      (218) Current borrowings                      (725) Other taxes payable                      (185) Income tax payable                        (38) Other current liabilities                        (30) Total current liabilities                   (1,196) Total liabilities                   (3,359) NET ASSETS                    1,186   Loss from discontinued operations is detailed as follows:   US$m Net assets disposed of                   (1,186) Cash consideration received                         50 Currency translation recycling on disposal of foreign operation[34]                      (984) Tax expense attributable to disposal of discontinued operations                          (6) Loss on disposal of discontinued operations                   (2,126)     Profit for the period attributable to the discontinued operations                         84 Directly attributable expenses                          (3) Net loss attributable to the discontinued operations                   (2,045)     Disposed cash and cash equivalents as of 7 March                       265 Cash consideration received                        (50) Net cash outflow on disposal of subsidiaries                      (215)   The rationale for the transaction was associated with the significant political and financial risks that the pre-divestment structure posed to the Group, as well as the extreme difficulty and related uncertainty of executing any alternative transaction. Therefore management believes that the transaction terms do not represent an indicator of impairment of any CGU within the JSC Polymetal Group prior to the disposal date. Re-presentation of Condensed Consolidated Income Statement of the Group The Group’s condensed consolidated income statement was prepared in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations so that the results of discontinued operations would be excluded from the continuing operations and presented as a single amount. The comparatives in the condensed consolidated income statement were re-presented in the same way. No adjustments to comparative data were made for the assets and liabilities in the statement of financial position. The condensed consolidated results of the Group were divided into transactions with external parties, which are classified as either continuing or discontinued operations, and intra-group transactions between continuing and discontinued operations, which were eliminated in the Group’s condensed consolidated financial statements. The Group's intragroup transactions were eliminated, but adjustments were made to reflect how transactions will be reflected in continuing operations going forward. For that purpose, the sales of Kyzyl doré by discontinued operations in 2023 to third parties were reclassified to continuing operations. Presentation is in line with the Group segment reporting as presented in condensed consolidated financial statements for the year ended 31 December 2023. Therefore the Group recognised revenue and related cost of sales in the operation where the source ore was mined, regardless of whether it was processed on behalf of that segment at production facilities related to another hub. The result of the discontinued operations, which were included in the profit and loss for the period, were as follows:   Period ended   7 March 2024 31 December 2023   US$m US$m Revenue                         415 2,132 Expenses                      (315) (1,791) Profit before tax                         100 341 Attributable tax expense                        (16) (85) Profit for the period attributable to the discontinued operations                           84 256   Cash flows from discontinued operations are presented on the face of the cash flow statement.   SEGMENT INFORMATION The Group’s operating segments are aligned to those businesses that are evaluated regularly by the chief operating decision maker (the CODM) in deciding how to allocate resources and in assessing performance. Operating segments with similar economic characteristics are aggregated into reportable segments. In March 2024, following the divestment of Russian business (Note 3), the Company re-assessed the presentation of financial information by segments. It was concluded that production hub-based reporting format is more meaningful from a management and forecasting perspective, as well as better aligned to the management structure, internal reporting and processes of the retained Group. Segment information for the period ended 31 December 2023 was restated accordingly. Therefore the Group has identified two reportable segments: Varvara (Varvarinskoye JSC, Komarovskoye Mining Company LLC); and Kyzyl (Bakyrchik Mining Venture LLP).   Minor companies and activities (management, exploration, purchasing and other companies) which do not meet the reportable segment criteria are disclosed within the corporate and other segment.   The measure which management and the CODM use to evaluate the performance of the Group is a segment adjusted EBITDA, which is an Alternative Performance Measure (APM). For more information on the APMs used by the Group, including definitions, please refer to page 54. The accounting policies of the reportable segments are consistent with those of the Group’s accounting policies under IFRS. Revenue and cost of sales of the production entities are reported net of any intersegmental revenue and cost of sales, related to the intercompany sales of ore and concentrates. Business segment current assets and liabilities, other than current inventory, are not reviewed by the CODM and therefore are not disclosed in these condensed consolidated financial statements. Additionally, net debt is included in performance measures, reviewed by CODM. The segment adjusted EBITDA reconciles to the profit before income tax from continuing operations as follows:   SEGMENT INFORMATION (CONTINUED)   Year ended 31 December 2024, US$m Year ended 31 December 2023, US$m     Varvara   Kyzyl   Total reportable segments   Corporate and other   Total     Varvara   Kyzyl   Total reportable segments   Corporate and other   Total                                                 Revenue from external customers   412   857   1,269   59   1,328     365   518   883   10   893   Cost of sales, excluding depreciation, depletion and write-down of inventory to net realisable value   217   246   463   61   524     206   162   368   9   377   Cost of sales   250   310   560   61   621     226   206   432   9   441   Depreciation included in cost of sales   (33)   (64)   (97)   -   (97)     (20)   (44)   (64)   -   (64)   General, administrative and selling expenses, excluding depreciation, amortisation and share based compensation   18   17   35   26   61     14   17   31   27   58   General, administrative and selling expenses   19   18   37   28   65     15   18   33   38   71   Depreciation included in SGA   (1)   (1)   (2)   -   (2)     (1)   (1)   (2)   -   (2)   Share-based compensation   -   -   -   (2)   (2)     -   -   -   (11)   (11)   Other operating expenses excluding additional tax charges   9   17   26   5   31     8   6   14   4   18   Other operating expenses, net   9   17   26   5   31     8   6   14   4   18   Bad debt and expected credit loss allowance   -   -   -   -   -     -   -   -   -   -   Additional tax charges/fines/penalties   -   -   -   -   -     -   -   -   -   -   Share of loss of associates and joint ventures   -   -   -   -   -             -       -   Adjusted EBITDA   168   577   745   (33)   712     137   333   470   (30)   440   Depreciation expense   34   65   99   -   99     21   45   66   -   66   Impairment of non-current assets   -   -   -   2   2     -   -   -   16   16   Share-based compensation   -   -   -   2   2     -   -   -   11   11   Operating profit   134   512   646   (37)   609     116   288   404   (57)   347   Foreign exchange gain/(loss), net                   31                     170   Change in fair value of contingent consideration liability                   -                     (2)   Finance expenses                   (21)                     (29)   Finance income                   30                     16   Profit before tax                   649                     502   Income tax expense                   (116)                     (230)   Profit for the financial year                   533                     272   Current metal inventories   40   91   131   -   131     58   113   171   -   171   Current non-metal inventories   13   33   46   1   47     23   39   62   -   62   Non-current segment assets:                                             Property, plant and equipment, net   250   447   697   122   819     254   513   767   43   810   Non-current inventory   38   3   41   -   41     39   2   41   -   41   Investments in associates   -   -   -   78   78     -   -   -   6   6   Total segment assets   341   574   915   201   1,116     374   667   1,041   49   1,090   Additions to non-current assets:                                             Property, plant and equipment   64   68   132   89   221     71   57   128   22   150       REVENUE   Year ended 31 December 2024     Volume shipped Volume payable Average price (US$ per oz/t payable) US$m               Gold (thousand ounces)             574                     557                    2,346           1,308 Silver (thousand ounces)               76                      73                      27.5                 2 Copper (tonnes)           2,001                  1,876                    9,597               18 Total       1,328             Year ended 31 December 2023   Volume shipped Volume payable Average price (US$ per oz/t payable) US$m               Gold (thousand ounces)             460                     452                    1,926              871 Silver (thousand ounces)               74                      70                      28.6                 2 Copper (tonnes)           2,720                  2,553                    7,834               20 Total       893   Included in revenues for the year ended 31 December 2024 are revenues from the sales to the Group’s largest customers, whose contribution to the Group’s revenue presented 10% or more of the total revenue. In 2024, revenues from such customers amounted to US$ 827 million and US$ 117 million (2023: US$ 547 million and US$ 114 million). Geographical analysis of revenue by destination is presented below:     Year ended     31 December 2024 31 December 2023     US$m US$m Sales within Kazakhstan   954 660 Sales to Asia   374 233 Total   1,328 893   Presented below is an analysis per revenue streams:     Year ended     31 December 2024 31 December 2023     US$m US$m Doré   837 547 Concentrate   432 230 Bullions   59 116 Total   1,328 893   COST OF SALES   Year ended   31 December 2024   31 December 2023   US$m   US$m Cash operating costs       On-mine costs (Note 7) 164   149 Smelting costs (Note 8) 114   105 Purchase of metal inventories from third parties 98   127 Mining tax 91   76 Total cash operating costs 467   457         Depreciation and depletion of operating assets (Note 9) 97   71 Total costs of production 564   528         Increase in metal inventories 56   (87) Idle capacities and abnormal production costs 1   - Total 621   441     ON-MINE COSTS   Year ended   31 December 2024   31 December 2023 US$m   US$m Services 84   78 Labour 23   19 Consumables and spare parts 51   48 Other expenses 6   4 Total (Note 6) 164   149                                                                       SMELTING COSTS   Year ended   31 December 2024   31 December 2023 US$m   US$m Consumables and spare parts 46   50 Services 49   40 Labour 17   14 Other expenses 2   1 Total (Note 6) 114   105   DEPLETION AND DEPRECIATION OF OPERATING ASSETS   Year ended   31 December 2024   31 December 2023   US$m   US$m On-mine 77   58 Smelting 20   13 Total in cost of production (Note 6) 97   71 Less: absorbed into metal inventories -   (7) Depreciation included in cost of sales 97   64   Depreciation of operating assets excludes depreciation relating to non-operating assets (included in general, administrative and selling expenses) and depreciation related to assets employed in development projects where the charge is capitalised.   GENERAL, ADMINISTRATIVE AND SELLING EXPENSES   Year ended   31 December 2024   31 December 2023   US$m   US$m Labour 37   9 Services 11   18 Share-based compensation 2   11 Depreciation 2   2 Other 13   9 Total 65   71   OTHER OPERATING EXPENSES, NET     Year ended   31 December 2024   31 December 2023   US$m   US$m Social payments 13   9 Exploration expenses 8   4 Taxes, other than income tax 7   3 Change in estimate of environmental obligations -   (2) Other expenses 3   4 Total 31   18   Operating cash flows spent on exploration activities amounted to US$ 8 million (2023: US$ 34 million). FINANCE COSTS   Year ended   31 December 2024   31 December 2023   US$m   US$m Interest expense on borrowings 19   28 Unwinding of discount on lease liabilities 1   - Unwinding of discount on environmental obligations 1   1 Total 21   29   During the year ended 31 December 2024 interest expense on borrowings excluded borrowing costs capitalised in the cost of qualifying assets of US$ 3 million (2023: US$ 2 million). These amounts were calculated based on the Group’s general borrowing pool and by applying an effective interest rate of 4.39% (2023: 5.57%) to weighted average balance of expenditure associated with qualifying assets. INCOME TAX Income tax expense for the years ended 31 December 2024 and 2023 recognised in the condensed consolidated income statement was as follows:   Year ended 31 December 2024   31 December 2023 US$m   US$m Current income taxes (271)   (82) Deferred income taxes 155   (148) Total (116)   (230)   A reconciliation between the reported amounts of income tax expense attributable to income before income tax is as follows:   Year ended   31 December 2024   31 December 2023   US$m   US$m Profit before income tax 649   502 Theoretical income tax expense at the tax rate of 20%                              (130)                                 (100) Tax effect of WHT on intercompany dividends                                 11                                 (161) (Non-deductible)/non-taxable net foreign exchange (loss)/gains                                  (3)                                    37 Disposal of subsidiary                                   4                                    17 Change in unrecognised deferred taxes                                   7     Non-deductible interest expense                                  (2)                                   (17) Other non-taxable income and non-deductible expenses                                  (3)                                    (5) Adjustments in respect of prior periods                                    -                                    (1) Total income tax expense (116)   (230)   The actual tax expense differs from the amount which would have been determined by applying the statutory rate of 20% for Kazakhstan to profit before income tax as a result of the application of relevant jurisdictional tax regulations, which disallow certain deductions which are included in the determination of accounting profit. Deferred taxation Deferred taxation is attributable to the temporary differences that exist between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. The following are the major deferred tax assets and liabilities recognised by the Group and movements thereon during the reporting period.     Mineral rights Stripping costs Tax losses Unremitted earnings Other Total continuing operations Discontinued operations TOTAL             US$m US$m US$m At 1 January 2023 (59) (8) 8 - 8 (51) 87 36 Charge to income statement 5 (4) - (151) 2 (148) 68 (80) Disposal of subsidiaries - - - - - - 14 14 Exchange differences (2) - (1) (1) - (4) (26) (30) At 31 December 2023 (56) (12) 7 (152) 10 (203) 143 (60) Charge to income statement - (6) (3) 154 10 155 3 158 Disposal of subsidiaries - - - - - - (145) (145) Exchange differences 8 1 (1) (2) - 6 (1) 5 At 31 December 2024 (48) (17) 3 - 20 (42) - (42)   Deferred tax assets and liabilities are offset where the Group has a legally enforceable right to do so. The following analysis shows deferred tax balances presented for financial reporting purposes:      Year ended    31 December 2024   31 December 2023   US$m   US$m Deferred tax liabilities (47)   (252) Deferred tax assets 5   192 Total (42)   (60)   The Group believes that recoverability of the recognised deferred tax asset (DTA) of US$ 5 million at 31 December 2024 (2023: US$ 7 million as applicable to the continuing operations), which is related to the tax losses carried forward, is more likely than not based upon expectations of future taxable income. It was concluded that there is sufficient evidence to overcome the recent history of losses based on forecasts of sufficient taxable income in the carry-forward period. The Group’s estimate of future taxable income is based on established proven and probable reserves which can be economically developed. The related detailed mine plans and forecasts provide sufficient supporting evidence that the Group will generate taxable earnings to be able to fully realise its net DTA even under various stressed scenarios. The amount of the DTA considered realisable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced due to delays in production start dates, decreases in ore reserve estimates, increases in environmental obligations, or reductions in precious metal prices. As of 31 December 2023 the Group recognised deferred tax liability of US$ 152 million in respect of the undistributed retained earnings of certain of the Group subsidiaries, which were expected to be remitted by JSC Polymetal Russia to the Company prior to the completion of the divestment of the Russian business (Note 3). During the year ended 31 December 2024 this amount was released, while the withholding tax of US$ 141 million related to the dividends remitted was recognised within current income taxes.   No deferred tax liabilities for taxes that would be payable on the unremitted earnings of the Group subsidiaries and joint ventures is recognised where the Group determines that the undistributed profit of its subsidiaries and joint ventures will not be distributed in a foreseeable future (judged to be one year). The temporary differences associated with investments in subsidiaries, for which deferred tax liabilities have not been recognised, amounted to US$ 0.9 billion (2023: US$ 2.3 billion).     PROPERTY, PLANT AND EQUIPMENT   Development assets  Exploration assets  Mining assets  Non-mining assets  Capital construction in-progress  Total US$m US$m US$m US$m US$m US$m Cost             Balance at 1 January 2023 500 85 3,743 93 1,147 5,568 Additions 47 26 255 7 421 756 Transfers (282) (18) 491 2 (193) - Change in environmental obligations - - 7 - (1) 6 Acquisitions - 52 - - - 52 Eliminated on disposal of subsidiaries (18) (4) (113) (2) (36) (173) Disposals and write-offs including fully depleted mines - (16) (55) (3) (17) (91) Translation to presentation currency (82) (14) (603) (23) (263) (985) Balance at 31 December 2023 165 111 3,725 74 1,058 5,133 Additions 7 2 119 10 167 305 Transfers (4) (6) 66 1 (57) - Change in provisions - - 16 - - 16 Acquisitions - 13 - - - 13 Eliminated on disposal of subsidiaries (Note 3) (162) (101) (2,550) (63) (1,005) (3,881) Disposals and write-offs including fully depleted mines - (1) (23) 1 - (23) Translation to presentation currency (4) (1) (182) (5) (28) (220) Balance at 31 December 2024 2 17 1,171 18 135 1,343                 Development assets  Exploration assets  Mining assets  Non-mining assets  Capital construction in-progress  Total   US$m US$m US$m US$m US$m US$m Accumulated depreciation, amortisation             Balance at 1 January 2023 (252) (2) (1,834) (53) (35) (2,176) Charge for the year - - (297) (7) - (304) Transfers 202 - (214) - 12 - Eliminated on disposal of subsidiaries - - 10 1 - 11 Reversal of Impairment recognised during year, net 8 (27) 19 - (126) (126) Disposals and write-offs including fully depleted mines - 16 52 2 - 70 Translation to presentation currency 35 2 334 13 6 390 Balance at 31 December 2023 (7) (11) (1,930) (44) (143) (2,135) Charge for the year - - (141) (6) - (147) Eliminated on disposal of subsidiaries (Note 3) 7 11 1,452 44 140 1,654 Disposals and write-offs including fully depleted mines - - 16 - - 16 Translation to presentation currency - - 86 1 1 88 Balance at 31 December 2024 - - (517) (5) (2) (524)               Net book value             31 December 2023 158 100 1,795 30 915 2,998 31 December 2024 2 17 654 13 133 819   Mining, exploration and development assets at 31 December 2024 included mineral rights with a net book value of US$ 257 million (31 December 2023: US$ 621 million) and capitalised stripping costs with a net book value of US$ 172 million (31 December 2023: US$ 262 million). Mineral rights of the Group comprise assets acquired upon acquisition of subsidiaries. No property, plant and equipment was pledged as collateral at 31 December 2024 and 2023.   INVESTMENTS IN ASSOCIATES AND JOINT VENTURES     31 December 2024   31 December 2023     Voting power % Carrying Value   Voting power % Carrying Value       US$m   US$m Interests in associates and joint ventures           Syrymbet   55.0%                        78     n/a   - Individually immaterial investments   n/a  2     n/a                       5   Total     80     5               Investments related to the discontinued operations   -     124       -     124 Total investments in associates and joint ventures   80     129   Movement during the reporting periods was as follows:   31 December 2024   31 December 2023   US$m   US$m At 1 January 129   13 Disposal of investments in associates and joint ventures due to disposal of JSC Polymetal Group (Note 3) (124)   - Acquisition of interest in joint venture 82   0 Fair value of interest in joint venture retained -                                  110 Consolidated as subsidiaries -   (11) Loans advanced forming part of net investment -   11 Write-down of interest in JVs and associates (2)   - Share of loss in joint venture, included in discontinued operations (1)   (2) Currency translation adjustment (4)   8 Total at 31 December 80   129   Syrymbet Joint Venture In November 2024, the Group acquired a 55% stake in а private company Tin One Holding (holder of the Syrymbet subsoil licence) for the total cash consideration of US$ 82 million, comprising US$ 61 million paid for outstanding shares and US$ 21 million paid for newly issued shares of the investee. As part of the transaction, the Group entered into the shareholders’ agreement, governing the management of the investee. The Syrymbet licence covers the area of over 10 km2 and is located in the Ayirtau district of the North-Kazakhstan region and represent the polymetallic deposit suitable for open-pit mining. The Group has determined that the arrangement requires the unanimous consent of the parties sharing control. As a result, it was concluded that the joint arrangement provides the parties with rights to the net assets of the arrangement and, therefore, the investment represents a joint venture as defined by IFRS 10 Joint Arrangements. Consideration paid is attributable to the fair value of the mineral rights of the investee, which was reflected in purchase price allocations performed. No deferred tax liability was recognised as it was determined that the investee does not meet the definition of business in accordance IFRS 3 Business Combinations. During the period from transaction completion to 31 December 2024, no significant share of profit/(loss) from Syrymbet was recognised and there no significant cash balance held as of 31 December 2024. Summarised financial position of the investments   31 December 2024   31 December 2023   Syrymbet   Discontinued operations   US$m   US$m Non-current assets 141   368 Current assets 1   13 Non-current liabilities (1)   (42) Current liabilities -   (94) Net assets 141   245         Reconciliation of Syrymbet net assets to the investment recognised in the Group balance sheet Group interest 55.0%     Net assets 141     Group's ownership interest 78     INVENTORIES   Year ended   31 December 2024   31 December 2023 US$m   US$m Inventories expected to be recovered after twelve months     Ore stock piles 33   51 Consumables and spare parts 8   43 Work in-process -   13 Сopper, gold and silver concentrate -   8 Total non-current inventories                             41                                    115           Inventories expected to be recovered in the next twelve months   Сopper, gold and silver concentrate 44   324 Ore stock piles 50   208 Work in-process 29   146 Doré 8   70 Metal for refining -   25 Refined metals -   45 Total current metal inventories                           131                                    818           Consumables and spare parts 47   360 Total current inventories                           178                                  1,178     Write-downs of metal inventories to net realisable value There were no write-downs or reversals to net realisable value of metal and other inventories during years 2023 and 2024 ended 31 December. No inventories held at net realisable value at 31 December 2024 and 31 December 2023. BORROWINGS       Effective interest rate at 31 December 2024 31 December 2023   Type of rate   31 Dec 2024 31 Dec 2023 Current Non-current Total Current Non-current Total Secured loans from third parties         US$m US$m US$m US$m US$m US$m US dollar denominated fixed   4.58% 4.32% 42 72 114 27 114 141 Total secured loans from third parties         42 72 114 27 114 141 Unsecured loans from third parties                     US dollar denominated floating   6.79% 6.74% 40 60 100 240 100 340 US dollar denominated fixed   2.17% 3.50% 95 - 95 432 274 706 Euro denominated floating   4.04% 4.32% 2 11 13 2 18 20 RUB denominated floating   n/a 17.95% - - - 20 694 714 RUB denominated fixed   n/a 13.17% - - - 19 142 161 CNY denominated fixed   n/a 5.54% - - - 265 808 1,073 CNY denominated floating   n/a 4.95% - - - - 70 70 Total unsecured loans from third parties         137 71 208 978 2,106 3,084 Total loans from third parties         179 143 322 1,005 2,220 3,225   Bank loans The Group has a number of borrowing arrangements with various lenders. These borrowings consist of unsecured and secured loans and credit facilities as detailed above. Movements in borrowings are presented in Note 22. Long-term borrowings, as detailed above, are governed by various financial and procedural covenants, in line with the standard terms of such agreements. If these covenants are not met, this may result in the borrowings becoming repayable on demand. For all outstanding loan balances, the Group has complied with all covenants that were required to be met on, or before 31 December 2024, and has the right to defer settlement for the non-current loans for a period of at least twelve months.   The table below summarises maturities of borrowings:   Year ended   31 December 2024   31 December 2023   US$m   US$m Less than 1 year                          179                           1,005   1-5 years                          141                           1,752   More than 5 years                              2                              468   Total                           322                           3,225     PROVISIONS   Year ended   31 December 2024   31 December 2023   US$m   US$m Non-current       Environmental obligations                               19                                   69 Social liabilities                               21                                    8                                 40                                   77 Current       Social liabilities                                2                                     -         TOTAL                               42                                   77   The principal assumptions are related to the Kazakhstani tenge projected cash flows. The assumptions used for the estimation of environmental obligations were as follows:   2024   2023 Discount rates 11.15%-13.73%   10.66%-14.01% Inflation rates 5%-8.6%   4%-8.5% Expected mine closure dates 3-28 years   1-27 years   The discount rates applied are based on the applicable government bond rates in Kazakhstan. The expected mine closure dates are consistent with life of mine models and applicable mining licence requirements. Social liabilities are represented by various social programmes and payments stipulated by the mining licences and contracts. Discount rates applied to the social liabilities are consistent with those used for environmental obligations.   Year ended 31 December 2024   Environmental obligations   Social liabilities   TOTAL US$m   US$m   US$m Opening balance 69                                    8                       77 Disposal of JSC Polymetal Group                              (45)                                     -                      (45) Change in estimate                               (8)                                    2                        (6) Recognised as increase in Property  plant and equipment (Note 17)                                2                                   14                       16 Rehabilitation expenses                               (2)                                     -                        (2) Effect of unwinding of discount                                5                                     -                         5 Translation effect                               (2)                                   (1)                        (3) Closing balance                               19                                   23                       42   COMMITMENTS AND CONTINGENCIES Commitments Capital commitments The Group’s contractual capital expenditure commitments as of 31 December 2024 amounted to US$ 11 million, net of VAT (2023: US$ 171 million).   Contingent liabilities Social commitments In accordance with a memorandum with Kostanay Oblast Akimat (local Kazakhstan government), the Group participates in financing of certain social and infrastructure development projects of the region. The total social expense commitment as at 31 December 2024 amounts to US$ 7 million (undiscounted), payable in the future periods. Taxation Kazakh tax, currency and customs legislation is subject to varying interpretations, and changes, which can occur frequently. Management’s interpretation of such legislation as applied to the transactions and activities of the companies of the Group may be challenged by the relevant regional and federal authorities and as a result, significant additional taxes, penalties and interest may be assessed. Fiscal periods remain open to review by the authorities in respect of taxes for five calendar years preceding the year of review. Under certain circumstances reviews may cover longer periods. As at 31 December 2024 management has not identified any tax exposure in respect of contingent liabilities (31 December 2023: US$ 41 million, mainly related to income tax).   STATED CAPITAL ACCOUNT The movements in the Stated capital account in the year were as follows:   Stated capital account   Stated capital account   Share capital   Share premium   Treasury shares no. of shares US$m US$m   US$m   no. of shares                                         Balance at 31 December 2022 473,626,239   2,450   -   -   39,070,838 Re-domiciliation to AIFC -   (2,450)   14   2,436   - Own shares exchanged during year (2,543,840)   -   -   -   2,543,840 Own shares issued in exchange 2,543,840   -   -   -   - Deferred shares issued 18,902   -   -   -   - Balance at 31 December 2023 473,645,141   -   14   2,436   41,614,678 Own shares exchanged during year (45,440,241)   -   -   -   45,440,241 Own shares issued in exchange 45,440,241   -   -   -   - Deferred shares issued 45,179   -   -   -   - Balance at 31 December 2024 473,690,320   -   14   2,436   87,054,919   On 23 November 2023, the Board announced its intention to conduct an exchange offer, which was approved by Shareholders at the General Meeting on 8 December 2023. The exchange offer invited shareholders whose rights have been affected by the sanctions imposed on NSD, subject to fulfilling eligibility criteria, to tender such shares for exchange in consideration for the issuance of a certificated share, on a one-for-one basis. The exchange was completed in October 2024. In total, 45,440,241 shares were repurchased since the beginning of the Exchange Offer during the year ended 31 December 2024. The exchange of shares did not give rise to any cash settlement and hence does not give rise to any financial liability. These shares were exchanged at par, on a one-for-one basis and the exchange does not affect the Company's net asset and resources position or capital structure.   The ordinary shares reflect 100% of the total issued share capital of the Company.   The calculation of the basic and diluted earnings per share is based on the following data: Weighted average number of shares: Diluted earnings per share Both basic and diluted earnings per share were calculated by dividing profit for the year attributable to equity holders of the parent by the weighted average number of outstanding common shares before/after dilution respectively. The calculation of the weighted average number of outstanding common shares after dilution is as follows:     Year ended 31 December 2024   31 December 2023         Weighted average number of outstanding common shares                  473,690,320                 473,645,141   Weighted average number of outstanding common shares after dilution                  473,690,320                473,645,141      There were no adjustments required to earnings for the purposes of calculating the diluted earnings per share during the year ended 31 December 2024 (year ended 31 December 2023: nil). There are no dilutive potential ordinary shares with respect to earnings per share from continuing operations as these are out of money as of the reporting date (2023: no dilutive potential ordinary shares). The LTIP tranche, granted in 2020 lapsed during year ended 31 December 2024 and accordingly, the related balance of US$ 24 million in the share-based payment reserve was transferred into retained earnings (2023: US$ 13 million was transferred into retained earnings in related to 2018 LTIP tranche). Additionally, the balance of US$ 7 million, related to the LTIP tranche, granted in 2021 to the employees of the divested Russian business (Note 3) was transferred into retained earnings.   RELATED PARTIES Related parties are considered to include shareholders, affiliates, associates, joint ventures and entities under common ownership and control with the Group and members of key management personnel. During the year ended 31 December 2024 there were no significant transactions with the related parties (year ended 31 December 2023: miscellaneous purchases of US$ 4 million and various sales of US$ US$ 0.5 million). Outstanding balances as of 31 December 2024 were represented by long-term loans advanced to the equity method investments amounting to US$ 2 million (31 December 2023: US$ 64 million related to the discontinued operations).  The remuneration of directors and other members of key management personnel during the periods was as follows:   Year ended   31 December 2024   31 December 2023   US$m US$m Short-term benefits of board members 2 3 Short-term employee benefits 1 1                                 3                                 4     SUPPLEMENTARY CASH FLOW INFORMATION       Year ended   Year ended   Notes   31 December 2024   31 December 2023   US$m   US$m             Profit before tax     (1,374)   843 Adjustments for:           Depreciation and depletion recognised in the statement of comprehensive income 4   128   261 Impairment of non-current assets, net     2   126 Loss/ (gain) on disposal of subsidiaries 3   2,120   (113) Write-down of inventories to net realisable value     1   (6) Share-based compensation     2   11 Finance costs     96   162 Finance income     (38)   (27) Change in fair value of financial instruments     -   8 Foreign exchange, net     (30)   174 Other non-cash items     (4)   21       903   1,460 Movements in working capital           Change in inventories     23   (328) Change in VAT and other taxes     30   18 Change in trade and other receivables     (20)   (159) Change in prepayments to suppliers     (8)   (25) Change in trade and other payables     13   (4) Cash generated from operations     941   962 Interest paid     (49)   (190) Interest received     35   19 Income tax paid     (104)   (216) Net cash generated by operating activities     823   575   There were no significant non-cash transactions during the years ended 31 December 2024 and 31 December 2023, other than in respect of exchange of the ordinary shares (Note 20). Cash outflows related to capitalised exploration amounted to US$ 14 million for the year ended 31 December 2024 (2023: US$ 11 million). During the year ended 31 December 2024, the capital expenditure related to the new projects, which increase the Group’s operating capacity amounts to US$ 81 million (2023: US$ 237 million). Cash and cash equivalents   31 December 2024   31 December 2023 US$m   US$m         Bank deposits                      - USD                        382                        17                                              - CNY                            -                       364                                              - KZT                          51                       104 US treasury bills                   - USD                        260                        39 Current bank accounts         - USD                            2                       159                                              - CNY                            -                       107                                              - other currencies                            1                        52 Total                        696                       842   Bank deposits as of 31 December 2024 were mainly presented by the US dollar, bearing an average interest rate of 4.1 % per annum (2023: the US dollar and CNY deposits, bearing an average interest rate of 2.98% and 4.04% per annum, respectively). During year ended 31 December 2024 finance income of US$ 30 million (2023: US$ 16 million) mainly related to the interest income from cash and cash equivalents. Changes in liabilities arising from financing activities The table below details changes in the Group's liabilities arising from financing activities, including both cash and non-cash changes. Liabilities from financing activities are those for which cash flow were, or future cash flows will be, classified in the Group's condensed consolidated cash flow statements as cash flows from financing activities.     31 December 2024   Borrowings   Contingent consideration payable at fair value   Royalty payable   Lease liabilities                 1 January                     3,225                        44                         24                70 Cash inflow                        359                           -                           -                  - Cash outflow                       (539)                           -                           -                (1) Changes from financing cash flows                       (180)                           -                           -                (1)                 Disposal of subsidiary (2,699)   (34)   (24)   (72) Change in fair value, included in profit or loss -   6   -   9 Unwind of discount (1)   -   -   1 New leases -   -   -   (2) Lease termination -   -   -   (1) Net foreign exchange (losses)/gains (52)   1   -   - Exchange differences on translating foreign operations 29   (1)   -   (1) Other changes                    (2,723)                       (28)                        (24)               (66)                 31 December                        322                        16                           -                 3                 Less current portion                       (179)                           -                           -                (1) Total non-current liabilities at 31 December                        143                        16                           -                 2       Year ended 31 December 2023   Borrowings   Contingent consideration payable at fair value   Deferred consideration payable at amortised cost   Royalty payable   Lease liabilities                     1 January 3,026   36   85   24   131 Cash inflow 1,324   -   -   -   - Cash outflow (944)   -   -   -   (21) Changes from financing cash flows 380   -   -   -   (21)                     Disposal of subsidiary -   -   (88)   -   - Change in fair value, included in profit or loss -   4   -   -   - Unwind of discount 1   4   3   -   7 New leases and modifications -   -   -   -   (14) Lease termination -   -   -   -   (7) Net foreign exchange losses 371   6   4   6   - Exchange differences on translating foreign operations (553)   (6)   (4)   (6)   (26) Other changes (181)   8   (85)   -   (40)                     31 December 3,225   44   -   24   70                     Less current portion (1,005)   (15)   -   (5)   (18) Total non-current liabilities at 31 December 2,220   29   -   19   52                                             SUBSEQUENT EVENTS In March 2025 the Group entered into binding agreement to acquire 100% interest in the Tokhtar gold property in northern Kazakhstan. Under the agreement, Solidcore will initially acquire a 51% interest in the Project for the total cash consideration of approximately US$ 25 million. An additional 23% will be acquired following the KazRC-compliant reserve estimate for the Tokhtar and the South Tokhtar areas at a price based on the estimate results, with the remaining 26% to be acquired following the KazRC-compliant reserve estimate for the Barambay area at a price based on the estimate results. In addition, the sellers will receive a deferred variable consideration linked to the future metal processing volumes. Completion of each stage of the transaction will be subject to obtaining the required regulatory approvals, with the acquisition of the initial 51% interest expected to be completed in Q3 2025. The Group is in process of evaluating the appropriate accounting treatment for the transaction.     ALTERNATIVE PERFORMANCE MEASURES Introduction The financial performance reported by the Company contains certain Alternative Performance Measures (APMs), disclosed to complement measures that are defined or specified under International Financial Reporting Standards (IFRS). APMs should be considered in addition to, and not as a substitute for, measures of financial performance, financial position or cash flows reported in accordance with IFRS. The Company believes that these measures, together with measures determined in accordance with IFRS, provide the readers with valuable information and an improved understanding of the underlying performance of the business. APMs are not uniformly defined by all companies, including those within the Group’s industry. Therefore, the APMs used by the Company may not be comparable to similar measures and disclosures made by other companies. Purpose APMs used by the Company represent financial KPIs for clarifying the financial performance of the Company and measuring it against strategic objectives, given the following background: Widely used by the investor and analyst community in the mining sector and, together with IFRS measures, provide a holistic view of the Company; Applied by investors to assess earnings quality, facilitate period to period trend analysis and forecasting of future earnings, and understand performance through eyes of management; Highlight key value drivers within the business that may not be obvious in the financial statements; Ensure comparability of information between reporting periods and operating segments by adjusting for uncontrollable or one-off factors which impact upon IFRS measures; Used internally by management to assess the financial performance of the Company and its operating segments; and Certain APMs are used in setting directors’ and management’s remuneration. APMs and justification for their use Company APM Closest equivalent IFRS measure Adjustments made to IFRS measure Rationale for adjustments Underlying net earnings Profit/(loss) for the financial period attributable to equity shareholders of the Company Write-down of metal inventory to net realisable value (post-tax) Impairment/reversal of previously recognised impairment of non-current assets (post-tax) Foreign exchange (gain)/loss (post-tax) Change in fair value of contingent consideration liability (post-tax) Gains/losses on acquisition, revaluation and disposals of interests in subsidiaries, associates and joint ventures (post-tax)   Excludes the impact of key significant one-off non-recurring items and significant non-cash items (other than depreciation) that can mask underlying changes in core performance. Underlying earnings per share Earnings per share Underlying net earnings (as defined above) Weighted average number of outstanding common shares Excludes the impact of key significant one-off non-recurring items and significant non-cash items (other than depreciation) that can mask underlying changes in core performance. Underlying return on equity No equivalent Underlying net earnings (as defined above)[35] Average equity at the beginning and the end of reporting year, adjusted for translation reserve The most important metric for evaluating the Company’s profitability. Measures the efficiency with which a company generates income using the funds that shareholders have invested. Return on assets No equivalent Underlying net earnings (as defined above)1 before interest and tax Average total assets at the beginning and the end of reporting year A financial ratio that shows the percentage of profit the Company earns in relation to its overall resources.   EBITDA Profit/(loss) before income tax Finance cost (net) Depreciation and depletion   A financial metric used to assess the Company's profitability and financial performance before payment of taxes, interest and depreciation & amortisation costs. Adjusted EBITDA Profit/(loss) before income tax Finance cost (net) Depreciation and depletion Write-down of metal and non-metal inventory to net realisable value Impairment/reversal of previously recognised impairment of non-current assets Share based compensation Bad debt allowance Net foreign exchange gains/losses Change in fair value of contingent consideration liability Rehabilitation costs Additional mining taxes, VAT, penalties and accrued interest Gains/losses on acquisition, revaluation and disposals of interests in subsidiaries, associates and joint ventures Excludes the impact of certain non-cash elements, either recurring or non-recurring, that can mask underlying changes in core operating performance, to be a proxy for operating cash flow generation. Net debt/cash Net total of current and non-current borrowings[36] Cash and cash equivalents Not applicable Measures the Company’s net indebtedness that provides an indicator of the overall balance sheet strength. Used by creditors in bank covenants. Net debt/Adjusted EBITDA ratio No equivalent Not applicable Used by creditors, credit rating agencies and other stakeholders. Free cash flow Cash flows from operating activity less cash flow from investing activities Excluding cash flows relating to business combinations and acquisitions of investments in associates and joint ventures Excluding loans forming part of net investment in joint ventures Excluding investment loans Excluding proceeds from disposal of subsidiaries Reflects cash generating from operations after meeting existing capital expenditure commitments. Measures the success of the company in turning profit into cash through the strong management of working capital and capital expenditure. Free cash flow post-M&A Cash flows from operating activity less cash flow from investing activities Not applicable Free cash flow including cash used in/received from acquisition/disposal of assets and joint ventures. Reflects cash generation to finance returns to shareholders after meeting existing capital expenditure commitments and financing growth opportunities. Total cash costs (TCC) Total cash operating costs General, administrative & selling expenses Depreciation expense and depletion Rehabilitation expenses Write-down of inventory to net realisable value Intersegment unrealised profit elimination Idle capacities and abnormal production costs Exclude Corporate and Other segment and development assets Treatment charges deductions reclassification to cost of sales Calculated according to common mining industry practice using the provisions of Gold Institute Production Cost Standard. Gives a picture of the Company’s current ability to extract its resources at a reasonable cost and generate earnings and cash flows for use in investing and other activities. All-in sustaining cash costs (AISC) Total cash operating costs General, administrative & selling expenses AISC are based on total cash costs, and add items relevant to sustaining production, such as other operating expenses, corporate level SG&A, and capital expenditures and exploration at existing operations (excluding growth capital). After tax all-in cash costs include further adjustments for net finance cost, capitalised interest and income tax expense. All-in costs include additional adjustments for capital expenditure for new development projects. Includes the components identified in World Gold Council’s Guidance Note on Non‐GAAP Metrics – All‐In Sustaining Costs and All‐In Costs (June 2013), which is a non‐IFRS financial measure. Provides investors with better visibility into the true cost of production.     [1] The financial performance reported by the Company contains certain Alternative Performance Measures (APMs) disclosed to complement measures that are defined or specified under International Financial Reporting Standards (IFRS). For more information on the APMs used by the Company, including justification for their use, please refer to the “Alternative performance measures” section below. [2] Profit for the year. [3] On a cash basis, representing cash outflow on purchases of property, plant and equipment in the consolidated statement of cash flows. [4] The financial performance reported by the Company contains certain Alternative Performance Measures (APMs) disclosed to complement measures that are defined or specified under International Financial Reporting Standards (IFRS). For more information on the APMs used by the Company, including justification for their use, please refer to the “Alternative performance measures” section below. [5] Based on 560 KZT/US$. [6] Totals may not correspond to the sum of the separate figures due to rounding. % changes can be different from zero even when absolute amounts are unchanged because of rounding. Likewise, % changes can be equal to zero when absolute amounts differ due to the same reason. This note applies to all tables in this release. [7] The amounts were restated to reflect adjustments made in connection with the presentation of discontinued operations. [8] Reported figures for the financial year ended 31 December 2023, including the discontinued operations. [9] Defined in the “Alternative performance measures” section below. [10] In accordance with IFRS, revenue is presented net of treatment charges which are subtracted in calculating the amount to be invoiced. Average realised prices are calculated as revenue divided by gold volumes sold, without effect of treatment charges deductions from revenue. [11] The metric is not applicable for continuing operations in 2023 as the balance values of assets and equity as of the end of 2023 include discontinued operations while earnings are from continuing operations only. [12] Refers to non-meaningful dynamics hereinafter being either too small or too big difference, or when a number changes from negative to positive value. [13] For the historical operating and safety data for both continuing and discontinued operations please the previous annual reports. [14] Based on 80:1 Au/Ag conversion ratio and excluding base metals. Discrepancies in calculations are due to rounding. [15] Company employees only are taken into account. [16] Discrepancies in calculations are due to rounding. [17] Ore Reserves and Mineral Resources from continuing operations in accordance with the JORC Code (2012). Mineral Resources are additional to Ore Reserves. Discrepancies in calculations are due to rounding. Estimate based on gold price of US$ 2,000/oz. [18] Attributable to 55% ownership. Estimate based on tin price of US$ 20,000/t. [19] Water use for processing does not include water used for non-technological purposes. [20] Based on actual realised prices. [21] Without the effect of deductions for treatment charges from revenue. [22] Commission sales of third-party materials. [23] Defined in the “Alternative performance measures” section below. [24] Defined in the “Alternative performance measures” section below. [25] Discrepancies are due to rounding. [26] Defined in the “Alternative performance measures” section below. [27] Defined in the “Alternative performance measures” section below. [28] Underlying basic EPS are calculated based on underlying net earnings. [29] On a cash basis. [30] On accrual basis, capital expenditure was US$ 222 million in 2024 (2023: US$ 150 million). [31] Defined in the “Alternative performance measures” section below. [32] Related to the Parent and Kazakh entities since re-domiciliation to AIFC. [33] Condensed consolidated cash flows include amounts of discontinued operations (Note 3). 2 Asset acquisitions related to the discontinued operations to the date of disposal. [34] The functional currency of Polymetal is the Russian rouble, which is different from the Solidcore Resources plc functional currency (the US dollar from 1 January 2015 and the Kazakhstani tenge from 1 August 2023). The exchange differences arising on translation of the assets, liabilities and income statements of Polymetal were recorded in other comprehensive income and accumulated in the separate component of equity. On disposal of Polymetal the cumulative amount of the exchange differences relating to Polymetal was recycled to Solidcore Resources plc’s income statement.   [35] Annualised basis for half-year results. [36] Excluding lease liabilities and royalty payments. 31/03/2025 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS Newswire / 31/03/2025 / 09:40 UTC+8 Trio Industrial Electronics Group LimitedAnnounces 2024 Annual ResultsFY2024 Revenue amounted to HK$1,007.5 millionStrong performance turned the first-half loss into a full-year profitResume distribution of final dividend of HK1.2 cents per shareDriving the establishment of ‘Greater Asia New Energy Business Circle’ [Hong Kong – 31 March 2025] Trio Industrial Electronics Group Limited (“Trio Group” or the Group”, Stock code: 1710), a leading manufacturer and distributor of advanced industrial electronic components and products in Hong Kong, is pleased to announce the consolidated annual results of the Company and its subsidiaries (the “Group”) for the year ended 31 December 2024 ( “FY2024”).During FY2024, Europe and North America continued to be the Group’s major markets, contributing 87.9% and 6.5% of total revenue respectively. Due to the ongoing economic challenges in the European and American markets, coupled with high interest rates, currency depreciation, and geopolitical uncertainties leading to a slowdown in economic activity, the Group's order volume has also decreased. For the year, revenue of the Group has decreased by 13.2% to approximately HK$1,007.5 million. Gross profit amounted to approximately HK$187.5 million, while gross profit margin was 18.6%. Profit attributable to owners of the Company amounted to approximately HK$8.6 million. The Group has maintained a strong financial position, with cash and cash equivalents (including restricted bank deposits) of approximately HK$156.5 million, and current ratio of 2.2. The Board has recommended a final dividend of HK1.2 cents per ordinary share of the Company for the year ended 31 December 2024 (2023: nil) to the Shareholders.The Group implemented multiple measures to address challenges and enhance efficiency and competitiveness. In business, the Group has strategically expanded to new energy business sector. In alignment with global sustainability initiatives and the PRC’s Belt and Road strategy, the Group has been actively expanding its new energy business in Kazakhstan, and has partnered with Sinooil (China National Petroleum) to set up electric vehicle (“EV”) charging stations and digital advertising facilities across approximately 140 Sinooil gas stations in the country. During the year, three model EV charging stations have already been established in Almaty, integrating Deltrix-branded EV charging infrastructure, energy storage, intelligent car wash facilities, and digital advertising systems, forming a comprehensive EV charging ecosystem. The integrated advertising platform is designed to support Chinese enterprises in expanding their market presence in Central Asia. The Group also involved in production of key electronic components for solar and wind power equipment, as well as the development of the Group’s renowned EV chargers brand, “Deltrix”.  The Group is expanding its new energy operations into Uzbekistan, with plans to establish smart charging stations and build electric driverless heavy-duty truck manufacturing facilities to support the country’s transition toward sustainable transportation. This strategic expansion reinforces the Group’s commitment to contributing to the new energy transition in Central Asia. Beyond Central Asia, the Group is expanding its new energy business into Hong Kong and Southeast Asia, with an initial focus on Thailand and Indonesia.For the production capacity, new manufacturing facilities in the PRC and Thailand commenced operation in FY2023 and FY2024, respectively. Additionally, a factory building leased in the UK is set to commence operation in the first half of 2025, further boosting production capacity.Mr. Cecil Wong, the Chairman of Trio Industrial Electronics Group Limited said, “Looking forward, the Group remains cautiously optimistic while navigating global economic uncertainties. We expected huge business opportunities in Hong Kong, Central Asia, and Southeast Asia. Aligned with global sustainability initiatives and the PRC’s Belt and Road strategy, the Group is actively expanding its new energy business in Kazakhstan, establishing it as a key regional hub. In addition, the Group will continue to enhance its charging infrastructure by deploying smart charging stations integrating solar power and energy storage systems.These stations aim to become a comprehensive ecosystem, combining digital advertising, intelligent e-commerce, automated car wash services, and convenience retail stores. The integrated advertising platform will support Chinese enterprises in expanding their market presence in Central Asia, reinforcing the Group’s goal of becoming the leading outdoor media provider in Kazakhstan. We are advancing our vision of creating a ‘Greater Asia New Energy Business Circle’, a strategic network that integrates EV charging infrastructure, energy storage, digital advertising, and intelligent service solutions across multiple regions. Trio Group remains dedicated to seizing the opportunities within the new energy sector, fulfilling the Group's enduring commitment to sustainable development, technological innovation, and long-term value creation for stakeholders."   - End - About Trio Group Trio Industrial Electronics Group is a manufacturer and distributor of advanced industrial electronic components and products in Hong Kong with nearly 40 years of industry experience. It is also the first Hong Kong-based industrial electronic company awarded with the Industry 4.0 maturity certificate - Industry 4.01i level. The Group’s major products include smart chargers, electro-mechanical product and switch-mode power supplies, which are widely used in smart city systems, medical and healthcare sector, as well as renewable energy field. The Group has built up a good reputation and become a trusted supplier to various international well-known brands. The majority of its clients are from Europe and the US while some from Southeast Asia and PRC. In addition, the Group and its partner have developed their own EV charger solution - Deltrix since 2017, which has been launched in the European market in response to the global efforts to develop smart economies.  This press release is issued by DLK Advisory Limited on behalf of Trio Industrial Electronics Group Limited. For more details, please contact:  Skye Shum - IR Manager skyeshum@triohk.com.hk   PR media: DLK Advisory pr@dlkadvisory.com  File: 1710_2024AR_press release_EN_20250331 31/03/2025 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS Newswire / 31/03/2025 / 09:00 UTC+8 30 March 2025 – Global Bio-chem Technology Group Company Limited (“Global Bio-chem” or the “Company”, stock code: 00809, together with its subsidiaries, the “Group”) announced that its audited consolidated revenue for the year ended 31 December 2024 (the “Year”) from continuing operations and gross profit increased by 45.7% and 338.1% to approximately HK$2,001.1 million (2023: HK$1,373.9 million) and approximately HK$191.0 million (2023: HK$43.6 million) respectively, with a gross profit margin of 9.5% (2023: 3.2%), as a result of substantial increase in sales volume and decrease in the average corn purchase price.   The Group’s EBITDA (i.e. earnings before interest, taxation, depreciation and amortisation) and profit from continuing operations decreased to approximately HK$1,297.5 million (2023: HK$4,695.0 million) and approximately HK$769.6 million (2023: HK$3,743.1 million) for the Year respectively, mainly attributable to the absence of a one-off gain on derecognition of a subsidiary and gain on debt restructuring, recorded for the corresponding prior year. Despite this, the business operations and the financial position of the Group have improved during the Year.    During the Year, the Group maximised the production capacity of amino acids and introduced a variety of high value-added amino acid products, which led to a 55.9% year-on-year growth in sales volume to approximately 382,000 metric tonnes (“MT”) (2023: 245,000 MT), including the  sale volume of other corn refined products increased by approximately 70.0% to approximately 102,000 MT (2023: 60,000 MT) with a revenue of approximately HK$264.2 million (2023: HK$217.2 million) and the sales volume of the Group’s amino acids segment recorded a significant increase by approximately 51.4% to approximately 280,000 MT (2023:185,000 MT), with a revenue of approximately HK$1,736.9 million (2023: HK$1,156.7 million) during the Year. As a result of the improvement of utilisation rate of the Group’s production facilities and launching a series of high value-added products during the Year, the Group’s gross profits margin of other corn refined products and lysine products increased to 1.0% (2023: gross loss margin: 6.6%) and 10.8% (2023: 5.0%) respectively.   During the Year, the export sales of the Group increased to approximately HK$632.1 million (2023: HK$354.2 million) and accounted for approximately 31.6% (2023: 25.8%) of the Group’s total revenue.   On the other hand, the Group transferred Changchun Dacheng Industrial Group Company Limited and its subsidiaries , including the remaining land and buildings situated in Luyuan District, Changchun City, Jilin Province, the PRC and a portion of outstanding repurchased loans owned by Changchun Rudder Investment Group Co., Ltd. in principal amount of approximately RMB113.5 million, together with outstanding interests, to a third party. As such, the total borrowings and net liabilities of the Group had reduced by approximately HK$1,904.7 million to approximately HK$1,693.7 million and approximately HK$2,082.5 million to approximately HK$1,954.4 million respectively as at 31 December 2024.   In order to maintain its competitiveness, the Group will strive to consolidate its market position, diversify its product range and enhance its capability in developing high value-added products and new applications through in-house research. In the short run, the Group will maintain the stable production of its lysine products and strengthen its position in the industry through distributor collaboration. Moreover, the Group will redesign the proposal of the refurbishment of the boiler facilities and achieve the lower cost of production of lysine. Additionally, the Group will strive to introduce industry players to facilitate the resumption of production of the Xinglongshan site to improve its operational efficiency.   About Global Bio-chem Global Bio-chem (stock code: 00809.HK) has been listed on the Main Board of The Stock Exchange of Hong Kong Limited since 2001. The Group is principally engaged in the manufacture and sale, research and development of corn-based biochemical products in the People’s Republic of China (the “PRC”). The Company’s production facilities are based in Jilin province in the PRC. – End –   Issued by: Global Bio-chem Technology Group Company Limited Through:  CorporateLink Limited   Media Enquiry: CorporateLink Limited Shiu Ka Yue Tel: 2801 6198/ 9029 1865 Email: sky@corporatelink.com.hk Zoe Mak Tel: 2801 6090/ 6539 3300 Email: zoe@corporatelink.com.hk Rainy Zhang Tel: 2801 7393/ 9608 8187 Email: rainy@corporatelink.com.hk     Global Bio-chem’s financial highlights   For the year ended 31 December   2024 2023 Change %         Revenue (HK$ million) 2,001.1 1,373.9 45.7 Gross profit (HK$ million) 191.0 43.6 338.1 Profit for the Year from continuing operations (HK$ million) 769.6 3,743.1 (79.4) Profit for the Year from discontinued operations (HK$ million) - 481.5 n/a Profit for the Year (HK$ million) 769.6 4,224.6 (81.8) Profit attributable to owners of the Company arising from       Continuing operations (HK$ million) 769.6 3,743.1 (79.4) Discontinued operations (HK$ million) - 481.5 n/a         Basic earnings per share (HK cents) arising from       Continuing operations 8.6 42.0 (79.5) Discontinued operations - 5.4 n/a Diluted earnings per share (HK cents) arising from       Continuing operations 2.9   25.7 (88.7) Discontinued operations - 3.4 n/a Proposed final dividend per share (HK cents) - - n/a   31/03/2025 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com

EQS Newswire / 30/03/2025 / 19:21 UTC+8 Press Release (For immediate release)   China XLX Announces 2024 Annual Results “Two Majors, One Share, Joint Service” Marketing Model to Bolster Competitive Edges   2024 Annual Results Highlights:  The Group’s revenue reduced by 1.5% YoY to approximately RMB 23.13 billion. Profit attributable to owners of the parent climbed by 23.0% YoY to approximately RMB 1.46 billion. Final dividend for 2024 was RMB 26 cents per share, up by 8.3% year-on-year. The Group enhanced the competitiveness and brand power of its differentiated products through “Two Majors, One Share, Joint Service” marketing model.   (31 March 2025, Hong Kong) China XLX Fertiliser Ltd. (“China XLX” or the “Company”, together with its subsidiaries collectively known as the “Group”) (HKSE: 01866.HK) announced that the Group’s revenue for the year ended 31 December 2024 (the “Period”) reduced by 1.5% year-on-year to approximately RMB 23.13 billion. Profit attributable to owners of the parent grew by 23.0% year-on-year to approximately RMB 1.46 billion. The Board of Directors proposed the payment of a final dividend of RMB 26 cents per share for 2024, up by 8.3% from the previous year.   During the Period, the coal chemicals industry saw a subdued recovery due to a combination of factors including declined domestic coal prices, a supply glut and tightened export policy, which weighed on the prices of related products and hence the financial performance of market participants. Despite a mild decline in its revenue for the Period, the Group maximized its capability to withstand the pressure on its financial results arising from price fluctuations and the soft market through newly-added high-quality production facilities and greater economies of scale.   While integrating its superior resources and focusing on the development of core businesses, the Group disinvested its entire interest in Tianxin Coal Mine and realized a substantial investment gain. As a result, its profit for the Period expanded by 23.0% year-on-year to approximately RMB 2.01 billion. Riding on the development trend of China’s agriculture, the Group implemented innovative marketing model featuring 兩大一分共服務 to strengthen its brand awareness and market share. Meanwhile, the polyformaldehyde project at Xinjiang Base with annual capacity of 60,000 tons and the Guangxi Base Compound Fertiliser Project with annual capacity of 300,000 tons commenced operation at the end of last year, laying a solid foundation for the Group to tap into new markets and new business areas.   While prioritising the fertiliser business development, the Group coordinated the development of different business segments based on the core operation. During the Period, the sales revenue of fertiliser segment, chemical segment, medical intermediate segment and others accounted for 58%, 37%, 2% and 4% respectively of the Group’s total revenue.   The sales volume of urea for the Period climbed by 29% year-on-year, thanks to a 21% year-on-year growth in urea output on increased production capacity. The sales revenue from urea grew by 6.3% year-on-year to approximately RMB 7.31 billion. Nevertheless, a surge in new production capacity in the market coupled with export controls led to a supply glut and 17% year-on-year decline in the Group’s urea selling price. Therefore, the gross profit margin of urea dropped by 4 percentage points year-on-year to approximately 25%.   The sale revenue from compound fertiliser for the Period slightly decreased by 2% year-on-year to approximately RMB 5.99 billion, mainly attributable to delayed procurement from downstream for farming because China’s ample grain reserves and abundant food supply dragged down the food prices. As a result, the sales volume of compound fertiliser dropped by 0.3% year-on-year. At the same time, the selling price of compound fertiliser reduced by 2% year-on-year due to lower feedstock costs. On the other hand, the production costs of compound fertiliser came down on relatively abundant supply of feedstocks, resulting in 4% year-on-year growth in sales volume and 3 percentage points year-on-year increase in the overall gross profit margin of compound fertilisers.   Underpinned by domestic economic recovery, downstream demand for basic chemicals gradually picked up, leading to 16% year-on-year growth in the sales volume of methanol for the Period. The sales revenue from methanol advanced by 14.5% year-on-year to approximately RMB 2.68 billion. Benefiting from lower coal costs and the Group’s ever-improving production technology, the production costs of methanol retreated by 10.6% and the gross profit margin of methanol for the Period grew by 9.2 percentage points year-on-year to 8.6%.   The Group continued to optimize its debt structure and grasped the opportunities arising from interest rate cuts to replace the high-cost borrowings with the borrowings with lower costs and to lower its finance costs. During the Period, its finance costs came down by approximately 15% from the previous year and its gearing ratio reduced by 2.4 percentage points from a year ago.   Looking ahead into the future, Mr. Liu Xingxu, Chairman of China XLX, said, “The supply and demand condition of domestic nitrogenous fertiliser market is expected to turn relatively stable this year as the growth of supply capacity will slow down amid margin squeeze. Besides, obsolete production facilities will partly offset the impacts of new capacity addition. Therefore, the supply glut issue shall be less severe than expected. Agricultural demand for fertilisers is gaining steam with the start of spring farming. With higher utilisation rates of compound fertiliser production facilities, urea prices will stabilize and trend upwards. Meanwhile, driven by economic recovery and tighter environmental regulations, downstream industrial demand for urea will grow further. As for compound fertiliser, tight balance of demand and supply will emerge on increasing fertiliser demand for spring farming coupled with tighter global supply and higher transportation costs, which will push up global fertiliser prices and will lend support to the compound fertiliser prices.”   Mr. Liu Xingxu noted: China XLX will take advantage of the opportunities arising from market downcycle to propel the steady expansion of high-quality production facilities and to boost its market shares. Based on the industry trends and its own cash flow situation, the Company will carry out investments reasonably with primary focus on projects with high return on investment as well as good economic benefits and cash-generating capability. Once the market stabilises, they will become the Company’s strong competitive edges. Meanwhile, it will extend services to market side and consumer side through the “Two Majors, One Share, Joint Service” marketing model, thereby delivering differentiated services to end-users (farmers) and enhancing the competitiveness and brand power of the Group’s differentiated products.   ~ END ~   About China XLX Fertiliser Ltd. China XLX Fertiliser Ltd. is one of the largest and most cost-efficient coal-based urea producers in China. It is principally engaged in developing, manufacturing and selling of urea, compound fertiliser, methanol, dimethyl ether, melamine, furfuryl alcohol, furfural, 2-methylfuran, pharmaceutical intermediates and related differentiated products. The Group adheres to the development strategy of “maintaining overall cost leadership and creating competitive differentiation" while strengthening the core fertiliser operations. With support of the resources in Xinxiang, Xinjiang and Jiangxi, it extends the value chain to upstream new energy and new materials and diversifies into coal chemical related products. The Company’s shares (stock code: 01866.HK) are traded on the main board of the Hong Kong Stock Exchange.   Investor and Media Enquiries China XLX Fertiliser Ltd. Gui Lin Tel: 86-135-6942-3415 Email: gui.lin@chinaxlx.com.hk PRChina Limited Rachel Chen Tel: 852-2522 1368 / 852-2522 1838 Email: rchen@prchina.com.hk     File: China XLX Announces 2024 Annual Results 30/03/2025 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com