Solidcore – Good for yet Another 3x?

Key Takeaways

• Sold Russian assets for $3.7 bn, now Kazakh‑focused
• 500k oz gold output; target 1 m oz by 2030
• Trades at 1.8× EV/EBITDA, 60% discount to peers
• Potential relisting could trigger multiple re‑rating
• Omani investor backs expansion into Middle East

Pulse Analysis

Solidcore’s transformation from a Russia‑linked miner to a Kazakhstan‑centric gold producer illustrates how geopolitical turbulence can create investment opportunities. After the 2022 sanctions shock, the company divested its Russian operations for $3.7 bn, cancelled its London listing, and rebranded, leaving a lean asset base in a politically neutral jurisdiction. This restructuring not only removed sanction risk but also left the stock severely undervalued, trading at roughly 1.8× 2026 EV/EBITDA—a stark contrast to peers that command double‑digit multiples.

Operationally, Solidcore now ranks among Kazakhstan’s three largest gold producers, extracting about 500,000 ounces a year at an estimated $1,850‑$2,050 per ounce cost. Management’s roadmap aims to double output to 1 million ounces by 2030 and lift reserves to 20‑25 million ounces, extending mine life into the 2050s. The firm’s valuation rests on conservative gold‑price forecasts of $4,200 per ounce for 2026, well below today’s $4,700 spot, suggesting ample upside if prices hold or rise. Compared with global peers, Solidcore enjoys a 60% discount, positioning it as a low‑cost, high‑potential asset in a sector where many companies trade at premium multiples.

The next catalyst could be a relisting on a major exchange such as London or Hong Kong, which would broaden the investor base and likely compress the discount. Additionally, a pending acquisition in Kazakhstan and prospective projects in Oman and Saudi Arabia, backed by a 31.7% Omani ownership stake, could further diversify the portfolio. If the company resumes dividend payouts and capitalizes on a sustained gold rally, a three‑fold price appreciation—mirroring its past performance—is plausible, making Solidcore a noteworthy candidate for frontier‑market focused portfolios.