Overview of Solidcore Resources PLC — the leading gold producer in Kazakhstan

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12.01.2026

We are initiating analytical coverage of Solidcore Resources plc — the leading gold producer in Kazakhstan, currently in a transitional phase from its current production level of 0.5 million ounces to scaling the business to 1 million ounces by 2030.


We plan to update the fair value of the shares semi-annually, which corresponds to the frequency of the Company's financial reporting. Our target price for the shares, based on the H1 2025 financial results, is USD 9.94, representing an upside potential of 53.5%.


Recommendation — "Buy"