Syrymbet construction approval

Solidcore Resources plc (“Solidcore” or the “Company”) is pleased to announce that its Board of Directors has made the final investment decision on the Syrymbet tin-copper project in Kazakhstan. First production is expected in H2 2029.

“The project assessment has delivered strong results while preserving substantial future optionality. Solidcore made the commitment to a strategic metal with strong long-term demand driven by the energy transition with limited global supply opportunities”, said Vitaly Nesis, CEO of Solidcore Resources plc. “With site preparation complete and basic engineering finalised, the project is ready for full-scale construction. Together with our partner, Lancaster Group, we look forward to bringing Syrymbet into production in H2 2029 and becoming a major player in the global tin market.”

HIGHLIGHTS

The figures below represent 100% of Syrymbet. Solidcore’s share in the project is 55%.

• The current mine plan is based solely on the Central open pit with Ore Reserves in accordance with the JORC Code in 2026 of 24.2 Mt of primary ore with an average grade of 0.42% Sn and 0.15% Cu, containing 101 Kt of tin and 36 Kt of copper.
• According to the current plan, Syrymbet will be developed as a low-risk, conventional open-pit operation with a 10-year mine life (2029-2038), stripping ratio of 6.3 t/t and a 2.5 Mtpa processing plant combining gravity separation of tin and copper flotation. The facility will produce tin concentrate grading approximately 50% Sn and copper concentrate grading approximately 20% Cu for direct sale to third-party offtakers. Tin recovery to concentrate is expected to be 53-55% and copper recovery – 79%.
• Life-of-mine production is estimated at 53 Kt of tin and 29 Kt of copper in concentrate, or approximately 6 Kt of tin and 4 Kt of copper per year, at life-of-mine average TCC of US$ 20,600/t and AISC of US$ 22,200/t of tin equivalent or approximately US$ 1,500 and US$ 1,600 per ounce of Gold equivalent respectively.
• The project will deliver a strong shareholder returns with an IRR of 19% at a mid-cycle tin price of US$ 42,000/t, copper price of US$ 12,000/t and KZT/USD exchange rate of 450.
• The start-up project CAPEX is estimated at US$ 468 million with approximately 60% to be spent locally. Commissioning and first production are scheduled for H2 2029 and a full operational ramp-up in 2030.
• The project offers substantial opportunities for further value enhancement through:
  • Exploration at the flanks: North-Eastern, South-Western and Sarybulak ore zones offer significant potential to expand the Mineral Resource base. Exploration is expected to commence in 2027, with an initial 10 km drilling programme planned for 2027–2028. Mineral Resource estimates for these areas are expected in 2029.
  • Processing of oxidised ore: the Company is evaluating suitable processing technologies for oxidised material from the Central pit and flanks. The ore will be mined and stockpiled pending the selection of an appropriate solution, with processing potentially commencing after 2038.
  • Potential reduction in the cut-off grade: higher assumed metal prices and/or improved metallurgical recoveries could support a lower cut-off grade, potentially expanding the Ore Reserve base and increasing plant throughput.
• The project will be financed through a combination of bank loans and cash contributions from Solidcore and Lancaster Group in proportion to their shareholdings. Solidcore acts as project operator and accounts for the project’s financial results using the equity method (share of profit/loss from JV) in its consolidated financial statements.
• Syrymbet will create over 800 permanent jobs, with priority given to qualified local residents, and more than 1,000 indirect jobs during the active phase of construction.

STRATEGIC RATIONALE

Syrymbet fits well with Solidcore’s strategy in the following ways:

• Diversification of the metal portfolio with exposure to tin and copper, metals critical for electronics and the energy transition;
• Robust project economics with additional upside from processing oxidised ore, higher throughput and development of the North-Eastern, South-Western and Sarybulak ore zones;
• Attractive tin market fundamentals create a strong case for upside, driven by a growing supply deficit and secular demand from AI, data centres, electric vehicles, and solar power;
• Development of in-house expertise in tin metallurgy, gravity separation and concentrate marketing;
• Balanced risk-sharing partnership with Lancaster Group, supported by local employment and domestic procurement, aligning the interests of the Company, the Government of Kazakhstan and local communities.

PROJECT TIMELINE

Solidcore envisages the following development timeline for the Syrymbet project:

• State expert review of project documentation for infrastructure facilities and the processing plant: Q3 2026
• Start of construction of main facilities: Q3 2026
• Start of open-pit mining: Q3 2027
• Completion of construction and installation works for infrastructure facilities: Q1 2029
• Completion of the processing plant and tailings storage facility: Q2 2029
• Commissioning and first production: H2 2029
• Full ramp-up: 2030

ORE RESERVE ESTIMATE

The Ore Reserve estimate is reported on a 100% basis in accordance with the JORC Code (2012) and was prepared by the Company in 2026 for the Central area and primary ore only. A cut-off grade of 0.2% Sn has been applied.

MINERAL RESOURCE ESTIMATE (INCLUSIVE OF ORE RESERVES)

The Mineral Resource estimate is reported on a 100% basis in accordance with the JORC Code (2012) and was prepared by CSA Global in 2018 for the Central area only. A cut-off grade of 0.20% Sn has been applied for both oxidised and sulphide ore.

SUSTAINABLE DEVELOPMENT

Solidcore is committed to developing Syrymbet in line with international best practice. Preparation of a comprehensive environmental and social impact assessment (ESIA) in accordance with international lender requirements commenced in September 2026, with public disclosure expected in Q4 2027. The ESIA will be complemented by a climate risk assessment and a Climate Action Plan.

The project design includes dedicated water treatment facilities and a tailings storage facility that returns clarified water to the processing plant, reducing freshwater demand. Seepage, water quality and dam stability will be monitored throughout operation and closure. Solidcore will implement a Health & Safety Management Plan for the construction and operational phases, and a Social Management Plan underpinned by transparent public consultations and stakeholder engagement.

Syrymbet will create over 800 permanent jobs, with priority given to qualified local residents from the North-Kazakhstan region, and more than 1,000 indirect jobs during construction.

ABOUT SYRYMBET

Syrymbet is one of the largest undeveloped tin deposits globally, located in the Ayirtau district of the North-Kazakhstan region, 80 km north-west of Kokshetau (population of approx. 180,000), 280 km from the regional centre Petropavl (population of approx. 220,000) and 440 km from Astana. The nearest settlement, Sholakozek, is located 6 km from the site. The licence area covers 10.15 km². The property is accessible via the Ugolki railway station (30 km away) and will be connected to the 220 kV power grid.

Syrymbet was discovered in 1985, with further exploration and assessment works conducted between 1986 and 2012. A Mineral Resource estimate in accordance with the JORC Code (2012) was completed in 2015, followed by a pre-feasibility study in 2016 and an updated Mineral Resource estimate in 2018. In October 2024, Solidcore agreed to acquire a 55% interest in the project from Berkut Mining LLP, a subsidiary of Lancaster Group, for a cash consideration of US$ 82.5 million. In June 2025, the project was presented at the 37th meeting of the Foreign Investors’ Council and has been officially endorsed by the Government of Kazakhstan.

About Solidcore

Solidcore Resources is a leading gold producer registered in AIFC, Kazakhstan, and listed on AIX. Solidcore operates two producing gold mines in Kazakhstan and is developing two growth projects: Ertis POX, a state-of-the-art gold concentrate processing hub, and Syrymbet, one of the largest undeveloped tin deposits globally. The Company is also pursuing greenfield exploration projects in Oman and Japan.

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FORWARD-LOOKING STATEMENTS

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