Competent Person’s Report for London Stock Exchange (LSE) Listing

The Challenge / The Scope:

Polymetal International PLC (now Solidcore Resources) engaged Micon to prepare an independent Competent Person’s Report (CPR) on a selection of its producing gold assets in Kazakhstan to support a proposed primary listing of those assets on the London Stock Exchange (LSE). The CPR was required to meet the disclosure standards outlined in the UK Financial Conduct Authority’s Technical Note 619.1 and follow the JORC Code (2012) reporting framework.

Micon’s scope involved site inspections and technical assessments of the Bakyrchik deposit and processing plant at the Kyzyl Operation in eastern Kazakhstan, and the Varvarinskoye and Komarovskoye deposits and infrastructure at the Varvara Hub in the west. The CPR had to provide an independent and transparent evaluation of the assets’ technical and economic parameters based on historical and current data, updated Mineral Resource and Ore Reserve estimates, and long-term mine planning. It also needed to reflect operational strategies in place, including the planned transition to underground mining at Kyzyl and the continued development of open pit operations at Varvara.

Micon’s Approach:

Micon conducted site visits to both the Kyzyl and Varvara operations to observe mining activities, processing facilities, and supporting infrastructure, and to meet with site personnel. At Kyzyl, the team reviewed the Bakyrchik deposit and refractory ore processing plant. At Varvara, the team assessed the open pit operations at Varvarinskoye and Komarovskoye and the central processing facilities. These inspections informed the review of current mining practices, plant performance, and future development plans.

A detailed technical review followed in line with JORC Code (2012) and UK FCA guidance. The CPR included assessments of geology and exploration data, Mineral Resources and Ore Reserves, open pit and underground mining methods, metallurgical testwork, plant performance, infrastructure, ESG factors, and economic analysis. Micon also reviewed the proposed transition to underground mining at Kyzyl, confirming the suitability of the planned cut-and-fill method for the deposit’s geometry and geotechnical conditions.

Results:

Micon’s review confirmed that the Kazakhstan operations are supported by reliable geological data, sound mine plans, and consistent plant performance. The Bakyrchik deposit is currently mined by open pit, with a planned shift to underground mining around 2030. The cut-and-fill method was deemed appropriate for selective extraction of irregular ore bodies. Gold recoveries from the Kyzyl plant ranged from 88% to 90%, with concentrate grades of 77–99 g/t Au, depending on feed grade. These figures were supported by testwork and plant data from 2018 to 2022.

At Varvara, the Varvarinskoye open pit is planned to produce 9.4 Mt of ore over 11 years at an average grade of 1.15 g/t Au and 0.64% Cu, with a strip ratio of 8:1. The Komarovskoye pit is expected to operate until 2030, mining 17.9 Mt of ore at 1.61 g/t Au and a strip ratio of 12:1. Micon concluded that the Life-of-Mine plans are realistic and achievable based on past production and current plant performance. The CPR established a clear technical foundation for Solidcore’s proposed listing, with a valuation effective as of 1 April 2023.