Gold miner Solidcore boosts Q2 output 1.6-fold to 86,000 oz

MOSCOW. July 31 (Interfax) - Gold miner Solidcore increased production 1.6-fold year-on-year to 86,000 ounces of gold equivalent in the second quarter of 2026, the company said.

"Our operating results for Q2 were strong, but our cash flow was negatively affected by temporary disruptions in shipments of Dore bars from third-party POX. Shipments have returned to normal in July, and we are still planning to sell the accumulated reserves by the end of the year and produce 540,000 oz of gold," CEO Vitaly Nesis said, commenting on the quarterly results.

Solidcore processes concentrate from its Kyzyl mine in Kazakhstan into Dore gold at the Amur POX, a Polymetal asset in Russia. Dore shipments from the Amur POX to Kazakhstan were suspended from late May to early July due to changes in Russian gold export rules, the company said. This led to a temporary build-up of metal reserves at the Amur POX, before shipments resumed in early July.

Gold equivalent sales rose 24% to 82,000 oz in Q2 thanks to higher production. Revenue rose 1.7-fold to $369 million due to higher gold prices and increased sales.

The company's net cash position fell 7% to $648 million.

After selling its Russian business, Solidcore remains Kazakhstan's second biggest gold producer. With a 31.7% stake, its biggest shareholder is a consortium of Omani investors headed by Oman's state-owned Mercury Investments International.