BAKU, Azerbaijan, October 29. Solidcore
Resources plc has made the final investment decision on its
Syrymbet tin-copper project in Kazakhstan, with first production
expected in the second half of 2029, according to a company press
release.


"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,"
Vitaly Nesis, CEO of Solidcore Resources plc, said.


He added that 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," Nesis said.


Solidcore holds a 55% stake in the project, with the remaining
interest held by its partner, Lancaster Group. All production,
reserve and financial figures below represent 100% of the
project.


Syrymbet is planned as a conventional open-pit operation with a
10-year mine life from 2029 to 2038, based on the Central deposit.
The current mine plan uses ore reserves of 24.2 million tonnes of
primary ore, compliant with the JORC Code, with an average tin
grade of 0.42% and a copper grade of 0.15%. The reserves contain
approximately 101,000 tonnes of tin and 36,000 tonnes of
copper.


The project will include a processing plant with an annual
capacity of 2.5 million tonnes, combining gravity separation for
tin and flotation for copper. It is expected to produce tin
concentrate with a grade of approximately 50% and copper
concentrate with a grade of around 20%, for direct sale to
third-party offtakers. Expected recovery rates are 53-55% for tin
and 79% for copper. The planned stripping ratio is 6.3 tonnes of
waste rock per tonne of ore.


Life-of-mine production is estimated at 53,000 tonnes of tin and
29,000 tonnes of copper in concentrate, equivalent to approximately
6,000 tonnes of tin and 4,000 tonnes of copper annually.


The project is expected to generate an internal rate of return
of 19%, based on a mid-cycle tin price of $42,000 per tonne, a
copper price of $12,000 per tonne and an exchange rate of 450 tenge
per US dollar. The average life-of-mine total cash cost is
estimated at $20,600 per tonne of tin equivalent, while all-in
sustaining costs are projected at $22,200 per tonne of tin
equivalent.


Initial capital expenditure is estimated at $468 million,
approximately 60% of which is expected to be spent locally in
Kazakhstan. The project will be financed through a combination of
bank loans and cash contributions from Solidcore and Lancaster
Group in proportion to their respective shareholdings. Solidcore
will act as the project operator and account for its financial
results using the equity method in its consolidated financial
statements.







The project timeline envisages the start of construction of the
main facilities and the state expert review of documentation for
infrastructure facilities and the processing plant in the third
quarter of 2026. Open-pit mining is scheduled to begin in the third
quarter of 2027. Construction and installation work on
infrastructure facilities is expected to be completed in the first
quarter of 2029, while the processing plant and tailings storage
facility are scheduled for completion in the second quarter of
2029. Commissioning and first production are expected in the second
half of 2029, followed by a full operational ramp-up in 2030.


Beyond the current mine plan, the project offers opportunities
to expand its mineral resource base through exploration at the
North-Eastern, South-Western and Sarybulak ore zones. Exploration
is expected to begin in 2027, with an initial 10-kilometer drilling
program planned for 2027-2028. Mineral resource estimates for these
areas are expected in 2029.


The company is also evaluating processing technologies for
oxidized ore from the Central pit and surrounding areas. The
material will be mined and stockpiled until a suitable processing
solution is selected, with processing potentially beginning after
2038. In addition, higher assumed metal prices or improved
metallurgical recovery rates could support a lower cut-off grade,
potentially expanding ore reserves and increasing plant
throughput.


Syrymbet is expected to create more than 800 permanent jobs,
with priority given to qualified local residents, including those
from the North Kazakhstan region, as well as more than 1,000
indirect jobs during the active construction phase.


Syrymbet is one of the world's largest undeveloped tin deposits
and is located in the Ayirtau district of Kazakhstan's North
Kazakhstan region. The deposit is approximately 80 kilometers
northwest of Kokshetau, 280 kilometers from Petropavl and 440
kilometers from Astana. The nearest settlement, Sholakozek, is six
kilometers from the site, while the licensed area covers 10.15
square kilometers.


The site can be accessed via Ugolki railway station, located 30
kilometers away, and is planned to be connected to the 220-kilovolt
power grid.


Solidcore agreed in October 2024 to acquire a 55% stake in
Syrymbet from Berkut Mining LLP, a subsidiary of Lancaster Group,
for $82.5 million in cash. The project was presented at the 37th
meeting of the Foreign Investors' Council in June 2025 and has been
officially endorsed by the government of Kazakhstan.


Solidcore Resources is a gold producer registered in the Astana
International Financial Centre and listed on the Astana
International Exchange. The company operates two producing gold
mines in Kazakhstan and is developing two growth projects: Ertis
POX, a gold concentrate processing hub, and Syrymbet. It also
pursues greenfield exploration projects in Oman and Japan.