September 8, 2026
EQS via SeaPRwire.com / 08/09/2026 / 15:47 MSK Solidcore Resources plc (“Solidcore” or the “Company”) announces financial results for the six months ended 31 June 2026. “In H1, sales were held back due to temporary metal shipment delays from Amursk POX on the back of new custom regulations. However, we achieved good results thanks to higher gold prices and third-party processing recovery which helped offset cost pressure from the higher mineral extraction tax, domestic inflation and a stronger tenge. Our current financial position underpinned the board’s decision on capital return to shareholders inthe form of a one-off on-market tender offer which represents an efficient and equitable method to return capital to our shareholders”, said Vitaly Nesis, CEO of Solidcore Resources plc, commenting on the results. FINANCIAL HIGHLIGHTS In H1 2026, revenue totalled US$ 972 million (H1 2025: US$ 325 million) supported by third-party concentrate processing and respective sales recovery as well as higher gold prices. Performance in H1 2026 was weighted towards the first quarter: Q2 revenue was US$ 369 million (Q1 2026: US$ 603 million) and gold equivalent sales were 82 Koz (Q1 2026: 123 Koz), as doré shipments from Amursk POX were suspended from late May until early July following changes to Russian gold export regulations. Cash costs were within full-year guidance: US$ 1,435/GE oz for total cash costs (TCC)[1], mostly unchanged year-on-year (“y-o-y”), and US$ 1,912/GE oz for all-in sustaining cash costs (AISC)1, 13% lower y-o-y. As expected, in absolute terms cash operating costs increased by 38% y-o-y to US$ 353 million mostly on the back of the higher Mineral Extraction Tax rate, domestic inflation, KZT appreciation and headcount growth. Following the dynamics in revenue and costs, adjusted EBITDA1 totalled US$ 641 million (H1 2025: US$ 152 million), with the margin of 66% (H1 2025: 47%). The Company reiterates its full-year 2026 guidance: production of c. 540 GE Koz, TCC and AISC within the ranges of US$ 1,350-1,550/GE oz and US$ 1,850-2,050/GE oz, respectively. The management notes a further build-up of metal inventories at the Amursk POX in H1 resulting from changes to the Russian gold export regulation and consequent metal shipment delays. The shipments normalised starting from July. However, Kyzyl concentrate will continue to depend on third-party processing until Ertis POX is fully commissioned. The Company will keep the market informed in case of any further impact of the occurred inventory accumulation on its guidance. Underlying net earnings1 and net earnings[2] in H1 2026 were US$ 465 million and US$ 453 million respectively (H1 2025: US$ 101 million and US$ 85 million, respectively). Capital expenditure (CAPEX) increased by 51% y-o-y to US$ 193 million[3] mainly due to the Ertis POX construction where half-yearly CAPEX totalled US$ 153 million. The Company reiterates its full-year CAPEX guidance of US$ 510 million including US$ 315 million for Ertis POX as most of the expenditures are expected to be incurred in H2. The guidance does not include any construction expenditures on Syrymbet which is yet to be approved in Q4. Net operating cash flow was US$ 436 million (H1 2025: net outflow of US$ 86 million) reflecting higher adjusted EBITDA and better working capital dynamics. The Company generated positive free cash flow1 of US$ 243 million (H1 2025: negative US$ 220 million). Given the second-half weighting of capital expenditure, free cash flow in H2 2026 may be lower than in H1. As a result, cash position stood at US$ 878 million and net cash grew to US$ 653 million as at 30 June 2026 (US$ 464 million as at 2025 year-end). As at 31 August 2026, cash balance reached US$ 1.4 billion, while net cash totalled US$ 747 million. The Company’s growth project development update: Ertis POX construction is progressing in line with the schedule. In July 2026, the Company signed a US$ 600 million project financing package, comprising a US$ 300 million loan from the European Bank for Reconstruction and Development and a US$ 300 million syndicated facility arranged by ING, Société Générale and Abu Dhabi Commercial Bank. In addition, in September 2026, the Company secured a US$ 100 million loan from KfW IPEX-Bank to finance Ertis POX construction. The Board’s investment decision on Syrymbet construction is now expected in Q4 2026 (previously September 2026), following finalisation of the feasibility study. Having considered the Company’s performance, financial and liquidity position, investment needs and capital allocation priorities, the Board has resolved to return US$ 1.2 billion of cash to shareholders in a form of the on-market tender offer at a price of US$ 11.66 per share. The Tender Offer will be open from 11 a.m. (Astana time) on 9 September 2026 to 5 p.m. (Astana time, GMT+5) on 12 October 2026. The completion of the Tender Offer will be subject to shareholder approval at a General Meeting of the Company to be held at 11 a.m. (Astana Time) on 30 September 2026 at Sheraton Hotel, Baiterek room, 60/1 Syganak Street, Astana, Kazakhstan. The Tender Offer is a one-off return of cash in excess of the Company’s funding requirements and does not establish a capital return policy. For more details on the Tender Offer please see a separate announcement and the Circular which will be published on the Company’s website shortly: https://www.solidcore-resources.com/en/investors-and-media/shareholder-centre/general-meetings/. Following completion of the Tender Offer, the Company expects to remain in a sound financial position: leverage is projected to remain below 0.3x Net Debt/Adjusted EBITDA assuming the entire Tender Offer amount is repurchased, the Company will maintain sufficient liquidity, including US$ 374 million of undrawn credit lines, which, together with the operating cash flow, is expected to provide adequate capacity to meet its obligations as they fall due. The Tender Offer is not expected to impact 2026 guidance. Financial highlights[4] H1 2026 H1 2025 Change Revenue, US$m 972 325 +199% Total cash cost[5], US$ /GE oz 1,435 1,458 -2% All-in sustaining cash cost2, US$ /GE oz 1,912 2,201 -13% Adjusted EBITDA2, US$m 641 152 +322% Average realised gold price[6], US$ /oz 4,748 3,161 +50% Net earnings, US$m 453 85 +433% Underlying net earnings2, US$m 465 101 +358% Return on assets2, % 40% 11% +249% Return on equity (underlying)2, % 26% 7% +260% Basic earnings per share, US$ 1.02 0.18 +467% Underlying EPS2, US$ 1.05 0.21 +399% Net (cash)/debt[7], US$m (653) (464) +41% Net (cash)/debt4 / Adjusted 12M EBITDA (0.45) (0.48) -6% Net operating cash flow, US$m 436 (86) N/M[8] Capital expenditure, US$m 193 128 +51% Free cash flow2, US$m 243 (220) N/M Free cash flow post-M&A2, US$m 173 (235) N/M OPERATING HIGHLIGHTS No fatal accidents among the Company’s employees and contractors occurred in H1 2026 (consistent with H1 2025). One lost-time injury was recorded in April, the employee received the necessary medical treatment, and there is no threat to their life or long-term health. H1 gold equivalent (GE) output increased by 71% y-o-y to 210 Koz, driven by third-party concentrate processing recovery. Mine level metal output was 3% lower y-o-y at 267 GE Koz, reflecting a planned decline in the Kyzyl head grade. In H1 2026, the Company continued to advance both the Ertis POX and Syrymbet projects. The Ertis POX project development is progressing in line with the schedule. The project design documentation has received a positive state construction expertise approval, and the construction-phase environmental permit has been issued. The Board’s investment decision on Syrymbet construction is now expected in Q4 2026 (previously September 2026). A Feasibility Study is being finalised, engineering surveys are mostly complete, with site preparation and vendor engagement is underway. H1 2026 H1 2025 Change Mine metal output, GE Koz[9] 267 276 -3% Kyzyl 179 200 -11% Varvara 88 76 +17% Production, GE Koz[10] 210 123 +71% Kyzyl 122 47 +159% Varvara 88 76 +17% Safety LTIFR[11] 0.06 0 N/M Fatalities 0 0 N/A Conference call and webcast The Company will hold a webcast on Wednesday, 9 September 2026, at 17:00 Astana time (13:00 London time). To participate in the webcast, please register using the following link: https://edge.media-server.com/mmc/p/5dkfte3b Webcast details will be sent to you via email after registration. About Solidcore Solidcore Resources is a leading gold producer registered in AIFC, Kazakhstan, and listed on Astana International Exchange. Solidcore operates two producing gold mines and a major growth project (Ertis POX) in Kazakhstan. Enquiries Investor Relations Media Kirill Kuznetsov Alina Assanova +7 7172 47 66 55 (Kazakhstan) ir@solidcore-resources.com Yerkin Uderbay +7 7172 47 66 55 (Kazakhstan) media@solidcore-resources.kz FORWARD-LOOKING STATEMENTS This release may include statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements speak only as at the date of this release. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “could” or “should” or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Forward-looking statements are not guarantees of future performance. There are many factors that could cause the Company’s actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. TABLE OF CONTENTS Financial review Principal risks and uncertainties Going concern Directors’ responsibility statement Report on review of interim condensed consolidated financial statements Interim condensed consolidated financial statements Notes to the interim condensed consolidated financial statements Alternative performance measures FINANCIAL REVIEW market summary Gold price and demand momentum In H1 2026, the gold price reached new records before entering a correction phase: sustained investment momentum and heightened geopolitical tensions drove the price to an all-time high of US$ 5,405/oz in late January 2026, after which softer Western investor flows and profit-taking brought the price down to US$ 4,026/oz as of 30 June 2026 – a 7% decline since the beginning of the year, but still 22% higher y-o-y. The average LBMA gold price for H1 2026 was US$ 4,693/oz – an increase of 53% y-o-y. Demand for gold (excluding OTC) for H1 2026 decreased by 19% y-o-y to 1,951 tonnes, though total demand including OTC edged up 2% to 2,522 tonnes, worth a record US$ 380 billion. The decline largely reflects the normalisation of ETF flows. Net inflows into gold-backed ETFs amounted to 18 tonnes (H1 2025: 402 tonnes), with Q2 2026 seeing net outflows on the weaker gold price, revised US inflation and interest rate expectations and a stronger US dollar. In contrast, bar and coin investment rose by 21% y-o-y to 784 tonnes as retail investors bought into the correction. Global jewellery consumption in H1 fell by 21% y-o-y to 572 tonnes, falling to post-pandemic lows, as record price levels continued to weigh on consumer confidence and affordability in the biggest markets such as China and India. The increase in India’s gold import duty from 6% to 15% put further pressure on local demand. Central bank purchases for H1 2026 slowed by 17% y-o-y to 345 tonnes. However, after a muted Q1, buying recovered sharply in Q2 to 289 tonnes (+62% y-o-y). The National Bank of Kazakhstan remained among the most notable buyers, adding 27 tonnes of gold in H1 2026 to reach total reserves of over 360 tonnes. Gold demand in the technology sector remained resilient at 162 tonnes, up 2% y-o-y, as AI-related demand offset weakness in consumer electronics. Total H1 2026 gold supply increased by 2% y-o-y to 2,522 tonnes, with mine production reaching a record first-half level of 1,867 tonnes. Foreign exchange The Company’s revenues are denominated in the US dollars, while the majority of the Company’s operating costs are denominated in the local currency, the Kazakhstani tenge (KZT). As a result, changes in exchange rates have an impact on the Company’s financial results and performance. In H1 2026, the Kazakhstani tenge appreciated against the US dollar, averaging 486 KZT/US$, 5% stronger y-o-y (H1 2025: 512 KZT/US$), and stood at 486 KZT/US$ at the end of the period (H1 2025: 520 KZT/US$). The tenge was supported by tight monetary policy and foreign currency sales by the National Bank and the quasi-public sector. Annualised inflation moderated to 10.3% by June 2026 (June 2025: 11.8%), allowing the National Bank to cut the base rate from 18.0% to 17.0% in June 2026. Revenue SALES VOLUMES H1 2026 H1 2025 Change Gold, Koz 203 102 +99% Gold equivalent sold[12], Koz 205 104 +97% Sales by metal (US$m unless otherwise stated) H1 2026 H1 2025 Change Volume variance Price variance Gold 966 318 +204% 317 331 Average realised price[13] US$/oz 4,748 3,161 +50% Average LBMA price US$/oz 4,693 3,067 +53% Share of revenues % 99% 98% Other metals 6 7 -13% (2) 1 Share of revenues % 1% 2% Total revenue 972 325 +199% 315 332 In H1 2026, revenue tripled y-o-y as a result of the normalisation of third-party concentrate processing of Kyzyl concentrate and a respective increase in sales as well as gold price growth. The Company’s average realised price for gold was US$ 4,748/oz in H1 2026, up 50% from US$ 3,161/oz in H1 2025. Average market price stood at US$ 4,693/oz. Revenue, US$m Gold equivalent sold, Koz OPERATION H1 2026 H1 2025 Change H1 2026 H1 2025 Change Kyzyl 579 74 +682% 121 24 +404% Varvara 393 251 +57% 84 80 +5% Total revenue 972 325 +199% 205 104 +97% Sales at Kyzyl increased fivefold y-o-y as a result of concentrate toll-processing recovery (see above). Sales at Varvara increased marginally on the back of higher grades at the leaching circuit. Combined with higher gold prices for the period both operations recorded substantial revenue increases. Cost of sales (US$m) H1 2026 H1 2025 Change On-mine costs 95 90 +6% Smelting costs 63 54 +17% Purchase of ore and concentrates from third parties 53 48 +10% Mining tax 142 64 +122% Cash operating costs 353 256 +38% Depreciation and depletion of operating assets 52 48 +8% Costs of production 405 304 +33% Change in metal inventories (88) (149) -41% Total cost of sales 317 155 +105% CASH OPERATING COST STRUCTURE H1 2026 H1 2025 US$m Share US$m Share Mining tax 142 40% 64 25% Services 76 22% 70 27% Purchase of ore from third parties 53 15% 48 19% Consumables and spare parts 50 14% 52 20% Labour 29 8% 21 8% Other expenses 3 1% 1 1% Total cash operating cost 353 100% 256 100% Cost of sales grew to US$ 317 million (H1 2025: US$ 155 million), largely due to: Lower base of 2025, when significant concentrate stockpiles were accumulated and negative change in inventories recorded. Mining tax expenses increase by 122% y-o-y to US$ 142 million on the back of introduction of a progressive mining extraction tax (MET) in Kazakhstan effective January 2026 (rate in H1 2026 stood at 11% vs 7.5% in H1 2025) and higher gold prices. Elevated inflation in Kazakhstan at 10.3% and an average KZT appreciation of 5% y-o-y. The cost of services was up by 9% y-o-y driven by inflation and KZT appreciation negatively affecting KZT-denominated costs. Cost of consumables and spare parts was maintained relatively unchanged y-o-y. The cost of labour within cash operating costs increased by 38% y-o-y, driven by higher headcount and inflation-linked increases in tenge-denominated salaries, further amplified by the appreciation of the KZT. The 10% y-o-y increase in purchases of third-party ore was driven by higher gold prices. General, administrative and selling (SGA) expenses (US$m) H1 2026 H1 2025 Change Labour 31 21 +48% Audit and consulting 5 2 +150% Services 5 5 - Depreciation 2 1 +100% Other 7 5 +40% Total general, administrative and selling expenses 50 34 +47% General, administrative and selling expenses increased by 47% y-o-y to US$ 50 million, driven by higher labour costs resulting from inflation-linked annual wage indexation, KZT appreciation and headcount growth, as well as higher other expenses due to increased consulting and IT services costs. Other operating expenses (US$m) H1 2026 H1 2025 Change Social payments 5 7 -29% Exploration expenses 1 - N/A Taxes, other than income tax 5 4 +25% Other (income)/expenses, net (2) (2) - Total other operating expenses 9 9 - Other operating expenses were broadly unchanged y-o-y. TOTAL Cash costs[14] In H1 2026, total cash costs per GE ounce sold (TCC) were US$ 1,435/1GE oz, largely stable y-o-y and within the guidance range of US$ 1,350-1,550. Kyzyl sales recovery after disruptions in H1 2025 offset the negative effect from the MET expenses increase, a price-driven increase in the cost of purchased ore, inflation and currency appreciation. For the full year, TCC are expected to stay within the guidance range as well. The table below summarises major factors that have affected the Company’s TCC and AISC y-o-y dynamics: RECONCILIATION OF TCC AND AISC MOVEMENTS TCC, US$/GE oz Change AISC, US$/GE oz Change Cost per GE ounce H1 2025 1,458 2,201 Change in Kyzyl volume of sales (409) -28% (521) -24% Mining tax change 241 +17% 241 +11% Domestic inflation 104 +7% 121 +5% KZT rate change 42 +3% 73 +3% Change in price of purchased ore 25 +2% 25 +1% Sustaining CAPEX change - - (254) -12% Other (27) -2% 27 +1% Cost per GE ounce H1 2026 1,435 -2% 1,912 -13% Total cash cost by segment/operation Cash cost per GE oz, US$/GE oz Gold equivalent sold, Koz OPERATION H1 2026 H1 2025 Change H1 2026 H1 2025 Change Kyzyl 1,076 1,179 -9% 121 24 +404% Varvara 1,954 1,543 +27% 84 80 +5% Total TCC 1,435 1,458 -2% 205 104 +97% Kyzyl’s TCC were at US$ 1,076/GE oz, down 9% y-o-y due to the sales rebound after delays in 2025. Varvara’s TCC increased by 27% y-o-y to US$ 1,954/GE oz, on the back of higher cost of sales and SGA expenses. ALL-IN SUSTAINING AND all-in cash costs[15] All-in sustaining cash costs (AISС) were down by 13% y-o-y to US$ 1,912/GE oz on the back of the same factors affecting TCC dynamics while sustaining CAPEX per oz decreased as relatively stable absolute amount was spread over a larger number of ounces. For the full year, AISC are expected to stay within the guidance range of US$ 1,850-2,050/GE oz. All-in sustaining cash costs by segment/operation (US$/GE oz) OPERATION H1 2026 H1 2025 Change Kyzyl 1,223 1,772 -31% Varvara 2,587 2,125 +22% Total AISC 1,912 2,201 -13% RECONCILIATION OF ALL-IN COSTS[16] Total, US$m US$/GE oz H1 2026 H1 2025 Change H1 2026 H1 2025 Change Cost of sales, excluding depreciation, depletion and write-down of inventory to net realisable value (Note 2 of interim condensed consolidated financial statements) 275 131 +110% 1,341 1,260 +6% adjusted for: Treatment charges deductions reclassification to cost of sales - 4 N/M - 35 N/M SGA expenses, excluding depreciation, amortisation and share-based compensation (Note 2 of interim condensed consolidated financial statements) 19 17 +12% 94 163 -42% Total cash costs 294 152 +93% 1,435 1,458 -2% SGA expenses for corporate and other segment and other operating expenses 43 23 +87% 209 221 -5% Capital expenditure excluding development projects 49 38 +29% 239 368 -35% Capitalised stripping 6 16 -63% 29 154 -81% All-in sustaining cash costs 392 229 +71% 1,912 2,201 -13% Finance costs (net) (36) (10) +260% (176) (96) +83% Capitalised interest 4 1 +300% 20 10 +100% Income tax expense 159 33 +382% 776 318 +144% After-tax all-in cash costs 519 253 +105% 2,532 2,433 +4% Capital expenditure for development projects 165 74 +123% 805 712 +13% SGA and other expenses for development assets (5) 1 N/M (24) 10 N/M All-in costs 679 328 +107% 3,312 3,154 +5% Adjusted EBITDA[17] and EBITDA margin (US$m) H1 2026 H1 2025 Change Profit for the period 453 85 +433% Net finance income (36) (10) +260% Income tax expense 159 33 +382% Depreciation and depletion 45 25 +80% EBITDA 621 133 +367% Net foreign exchange loss 15 8 +88% Impairment losses on financial assets 5 - N/A Change in fair value of deferred consideration liability - 11 N/M Adjusted EBITDA 641 152 +322% Adjusted EBITDA margin 66% 47% +19% Adjusted EBITDA per GE oz 3,127 1,462 +114% Adjusted EBITDA by segment/operation (US$m) OPERATION H1 2026 H1 2025 Change Kyzyl 443 44 +907% Varvara 225 125 +80% Attributable corporate and other costs (27) (17) +59% Total adjusted EBITDA 641 152 +322% H1 2026 adjusted EBITDA increased fourfold y-o-y to US$ 641 million with a margin of 66%, reflecting higher sales and gold prices. Corporate and other costs increased by 59% due to higher SGA and other operating expenses (see costs analysis above). Other income statement items In H1 2026, Solidcore recorded a net foreign exchange loss of US$ 15 million (H1 2025: US$ 8 million) attributable to the revaluation of non-USD denominated loans, current accounts and deposits. The Company does not use any hedging instruments for managing foreign exchange risk, other than a natural hedge arising from the fact that most of the Company’s revenue is denominated or calculated in the US dollars. Net interest income amounted to US$ 36 million (H1 2025: US$ 10 million) driven by higher cash balance and interest rate on invested cash. Income tax expense for H1 2026 grew to US$ 159 million (H1 2025: US$ 33 million) on the back of net earnings increase. Net earnings, earnings per share and dividends The Company recorded net profit of US$ 453 million in H1 2026 versus US$ 85 million in H1 2025. The underlying net earnings attributable to the shareholders of the parent were US$ 465 million, compared to US$ 101 million in H1 2025. The results were mostly driven by positive EBITDA dynamics. Reconciliation of underlying net earnings[18] (US$m) H1 2026 H1 2025 Change Profit for the financial period attributable to the shareholders of the Parent 453 85 +433% Foreign exchange loss 15 8 +88% Change in fair value of deferred consideration liability - 11 N/M Tax effect on change in fair value of deferred consideration - (2) N/M Tax effect on foreign exchange loss (3) (1) +434% Underlying net earnings 465 101 +358% Basic earnings per share (EPS) was US$ 1.02 (H1 2025: US$ 0.18), underlying basic EPS[19] was US$ 1.05 (H1 2025: US$ 0.21). Capital expenditurE[20] (US$m) Sustaining Development Capitalised stripping Total H1 2026 Total H1 2025 Ertis POX - 153 - 153 63 Kyzyl 9 - - 9 10 Varvara 13 - 6 19 44 Corporate and other 1 11 - 12 11 Total capital expenditure 23 164 6 193 128 Capital expenditure increased by 51% y-o-y to US$ 193[21] million. The increase is mainly related to the development of the Ertis POX project. Capital expenditure excluding capitalised stripping costs was US$ 187 million (H1 2025: US$ 112 million). The major capital expenditure items in H1 2026 were as follows: Development projects Capital expenditure of US$ 153 million was related to construction of the Ertis POX facility. Corporate and other expenditure mainly included investments in the gas pistol plant project at Varvara and geological fire-assay laboratory in Karaganda. Stay-in-business sustaining CAPEX at operating assets At Kyzyl, sustaining capital expenditure comprised US$ 9 million, mainly represented by scheduled technical and mining fleet upgrades. At Varvara, capital expenditure of US$ 13 million was mainly related to the mining fleet renewal at Varvara and Komar. Capital stripping was down to US$ 6 million (H1 2025: US$ 16 million) mainly due to the planned depletion of the Kyzyl open pit. Cash flows (US$m) H1 2026 H1 2025 Change Operating cash flows before changes in working capital 526 75 +601% Changes in working capital (90) (161) -44% Total operating cash flows 436 (86) N/M Capital expenditure (193) (128) +51% Net change in loans advanced (41) (6) +583% Placement in time deposits (34) - N/A Repayment of loans provided 5 - N/A Net cash outflow on acquisition of financial assets - (15) N/M Investing cash flows (263) (149) +77% Financing cash flows Net changes in gross debt (41) (116) -65% Total financing cash flows (41) (116) -65% Net increase in cash and cash equivalents 132 (351) N/M Cash and cash equivalents at the beginning of the period 731 696 +5% Effect of foreign exchange rate changes on cash and cash equivalents 15 6 +150% Cash and cash equivalents at the end of the period 878 351 +150% In H1 2026, the Company generated solid operating cash flow of US$ 436 million versus outflow of US$ 86 million for the same period last year on the back of stronger adjusted EBITDA and higher working capital base of H1 2025 attributable to concentrate inventories accumulation. With US$ 193 million allocated to CAPEX, free cash flow (FCF)[22] for the reporting period totalled US$ 243 million and was distributed to the following activities: Loans advanced of US$ 41 million including a US$ 9 million loan to Syrymbet JV and US$ 30 million to Bai Tau Minerals (Besshoky project). Placement of US$ 34 million of cash into a short-term (6 months) deposit which was made to enhance returns amid declining deposit rates. As a result, FCF post-M&A and other investment activities was US$ 173 million. balance sheet, Liquidity and funding NET DEBT (US$m) 30-Jun-26 31-Dec-25 Change Short-term debt and current portion of long-term debt 75 105 -29% Long-term debt 150 162 -7% Gross debt 225 267 -16% Less: cash and cash equivalents 878 731 +20% Net (cash)/debt (653) (464) +41% Adjusted 12M EBITDA 1,461 972 +50% Net (cash)/debt / Adjusted EBITDA[23] (0.45x) (0.48x) -6% The Company’s cash balance grew to US$ 878 million, net cash position stood at US$ 653 million (31 December 2025: US$ 464 million; 30 March 2026: US$ 699 million). As at 30 June 2026, gross debt stood at US$ 225 million. The proportion of long-term borrowings to total borrowings was 67% (31 December 2025: 61%). The Company also had US$ 124 million of available undrawn facilities. Following the end of the reporting period, the Company also secured US$ 700 million of loans for the Ertis POX construction. The weighted-average effective cost of debt in H1 2026 increased to 5.5% (H1 2025: 5.3%). 85% of available cash balance is denominated in hard currency. The Company is confident in its ability to repay its existing borrowings as they fall due. INVENTORY Inventory levels increased by US$ 108 million to US$ 447 million at the end of H1 2026. (US$m) 30 June 2026 Change 31 Dec 2025 Metal in circuit 257 +90 167 Ore stock piles 95 -6 101 Consumables and spare parts 67 +8 59 Doré 24 +22 2 Refined metals 4 -6 10 Total inventory 447 +108 339 Payable metals in inventory accumulated at 30 June 2026 were as follows: (GE Koz) 30 June 2026 Change 31 Dec 2025 Metal in circuit 207 +50 157 Ore stock piles 145 -7 152 Doré 15 +14 1 Refined metals 3 -7 10 Total inventory 370 +50 320 Metal in circuit level increased by 50 Koz to 207 Koz for the H1 2026, mostly comprising Kyzyl concentrate and work-in-progress material at Amursk POX accumulated due to temporary shipment delays following changes to the Russian gold export regulations. Shipments to Kazakhstan successfully resumed in July. 2026 YEAR-END outlook The Company reiterates its full-year guidance: production of 540 GE Koz, TCC and AISC in the ranges of US$ 1,350-1,550/GE oz and US$ 1,850-2,050/GE oz respectively, and CAPEX of US$ 510 million. The estimate remains contingent on the KZT/US$ exchange rate, which has a significant effect on the Company’s local currency denominated operating costs, and the gold price. PRINCIPAL RISKS AND UNCERTAINTIES There are several potential risks and uncertainties which could have a material impact on the Company’s performance and could cause actual results to differ materially from expected and historical results. The principal risks and uncertainties facing the Company are categorised as follows: Operational risks: Production risk Construction and development risk Supply chain risk Exploration risk Sustainability risks: Health and safety risk Environmental risk Human capital risk Political and social risks: Legal and compliance risk Political risk Taxation risk Financial risks: Market risk Currency risk Liquidity risk A detailed explanation of these risks and uncertainties can be found on pages 92 to 101 of the 2025 annual report which is available at https://www.solidcore-resources.com/en/. The Board has acknowledged the accumulation of metal inventories at Amursk POX in H1, resulting from changes to Russian gold export regulations and consequent metal shipment delays, and has evaluated its impact on the Group's financial and liquidity position. It was further noted that the Group assumes it has successfully mitigated shipment issues starting from July, ensuring that net cash flows generated remain accessible within the Group; however, there can be no assurance that similar disruptions will not occur in the future. The Board also noted that the Group remains focused on advancing the full-scale construction of the Ertis POX facility, which is expected to eliminate reliance on third-party concentrate offtake over the medium term. In addition, subject to market conditions and logistical stability, the Group expects a substantial portion of accumulated concentrate inventories to be released during 2026, supporting strong cash flow generation. The directors note that the principal risks, aside from this matter, and uncertainties are largely unchanged from those set out in the annual report for the year ended 31 December 2025 and continue to apply to the Company for the remaining six months of the 2026 financial year. Further updates will be presented in the full annual financial report for 2026. GOING CONCERN In assessing its going concern status, the Group has taken account of its financial position, anticipated future trading performance, its borrowings and other available credit facilities, its forecast compliance with covenants on those borrowings and capital expenditure commitments and plans. The Directors have considered the impact of the proposed capital allocation on the Group's liquidity, financial position, forecast cash flows and covenant headroom as part of their going-concern assessment. Based on this assessment, including consideration of reasonably possible downside scenarios, the Directors the Board is satisfied that the Group’s forecasts and projections, having taken account of reasonably possible changes in trading performance, show that the Group has adequate resources to continue in operational existence for at least the next 12 months from the date of this report and that it is appropriate to adopt the going concern basis in preparing these interim condensed consolidated financial statements. DIRECTORS’ RESPONSIBILITY STATEMENT Directors are responsible for the preparation of the interim condensed consolidated financial statements of Solidcore Resources plc (the “Company”) and its subsidiaries (the “Group”), which comprise the interim condensed consolidated statement of financial position as at 30 June 2026, and the interim condensed consolidated statement of profit or loss and other comprehensive income, interim condensed consolidated statement of changes in equity and interim condensed consolidated statement of cash flows for the six months ended 30 June 2026, in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting. In preparing the interim condensed consolidated financial statements, directors are responsible for: properly selecting and applying accounting policies; presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information; providing additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Group’s consolidated financial position and financial performance; and making an assessment of the Group’s ability to continue as a going concern. Directors also are responsible for: designing, implementing and maintaining an effective and sound system of internal controls throughout the Group; maintaining adequate accounting records that are sufficient to show and explain the Group’s transactions and disclose with reasonable accuracy at any time the consolidated financial position of the Group, and which enable them to ensure that the interim condensed consolidated financial statements of the Group comply with IAS 34; taking such steps as are reasonably available to them to safeguard the assets of the Group; and preventing and detecting fraud and other irregularities. These interim condensed consolidated financial statements were approved and authorised for issue by the Board of Directors on 8 September 2026 and signed on its behalf by Omar Bahram Vice-Chair of the Board of Directors Vitaly Nesis Group Chief Executive Officer REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS To: The Shareholders and Board of directors of Solidcore Resources plc Introduction We have reviewed the accompanying interim condensed consolidated financial statements of Solidcore Resources plc and its subsidiaries, which comprise the interim condensed consolidated statement of financial position as at 30 June 2026 and the related interim condensed consolidated statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, and selected explanatory notes (interim financial information). Management is responsible for the preparation and presentation of this interim financial information in accordance with IAS 34, Interim Financial Reporting. Our responsibility is to express a conclusion on this interim financial information based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information of Solidcore Resources plc and its subsidiaries is not prepared, in all material respects, in accordance with IAS 34, Interim Financial Reporting. Paul Cohn Audit Partner Dinara Malayeva Auditor Auditor Qualification Certificate No. МФ-0000323 dated 25 February 2016 Adil Syzdykov Ernst & Young LLP Branch Rustamzhan Sattarov General Director Ernst & Young LLP License for carrying on ancillary services in accordance with the Acting Law of the Astana International Financial Center (AIFC), No. AFSA-A-LA-2020-0007 issued by AFSA on 28 February 2020. State Audit License for audit activities on the territory of the Republic of Kazakhstan: series МФЮ–2, № 0000003, issued by the Ministry of Finance of the Republic of Kazakhstan on 15 July 2005 Z05H9K3, Republic of Kazakhstan, Astana Dostyk str., 16, Talan Towers building 8 September 2026 INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT Period ended Period ended Note 30 June 2026 30 June 2025 US$m US$m Revenue 3 972 325 Cost of sales 4 (317) (155) Gross profit 655 170 General, administrative and selling expenses 8 (50) (34) Other operating expenses, net 9 (9) (9) Operating profit 596 127 Foreign exchange loss, net (15) (8) Change in fair value of financial instruments - (11) Impairment losses on financial assets 16 (5) - Finance costs 10 (8) (8) Finance income 11 44 18 Profit before income tax 612 118 Income tax 12 (159) (33) Profit for the period 453 85 Profit for the period attributable to: Equity shareholders of the Parent 453 85 453 85 Earnings per share (US$) Basic 13 1.02 0.18 Diluted 13 1.02 0.18 INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Period ended Period ended Note 30 June 2026 30 June 2025 US$m US$m Profit for the period 453 85 Other comprehensive income, net of income tax 67 8 Items that will not be reclassified subsequently to profit or loss Fair value loss arising on equity investments designated at FVTOCI 20 (7) - Effect of translation to presentation currency 75 10 Items that may be reclassified to profit or loss Fair value loss arising on hedging instruments during the period 20 (1) (2) Total comprehensive profit for the period 520 93 Total comprehensive income for the period attributable to: 520 93 Equity shareholders of the Parent 520 93 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Note 30 June 2026 31 December 2025[24] Assets US$m US$m Property, plant and equipment 14 1,254 1,034 Investments in associates and joint ventures 93 82 Non-current inventories 15 41 44 Non-current accounts receivable and other financial assets 16 215 161 Non-current financial assets at fair value 20 31 28 Non-current VAT receivable 14 14 Deferred tax assets 3 7 Total non-current assets 1,651 1,370 Current inventories 15 406 295 Prepayments to suppliers 48 48 Income tax prepaid 1 9 VAT receivable 116 56 Accounts receivable and other financial assets 16 17 85 Time deposits with original maturities greater than three months 139 105 Cash and cash equivalents 22 878 731 Total current assets 1,605 1,329 Total assets 3,256 2,699 Liabilities and shareholders' equity Non-current borrowings 18 (150) (162) Provisions 17 (56) (37) Deferred tax liabilities (41) (37) Other non-current liabilities (5) - Total non-current liabilities (252) (236) Accounts payable and accrued liabilities (86) (66) Current borrowings 18 18 (75) (105) Income tax payable (26) (30) Other taxes payable (75) (55) Current provisions 17 (9) (5) Total current liabilities (271) (261) Total liabilities (523) (497) NET ASSETS 2,733 2,202 Share capital 13 14 14 Share premium 13 2,436 2,436 Treasury shares 20 (68) (79) Cash flow hedging reserve 1 2 Fair value reserve 4 11 Translation reserve (1,117) (1,192) Retained earnings 1,463 1,010 Total equity 2,733 2,202 Total liabilities and shareholders’ equity (3,256) (2,699) INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Period ended Period ended 30 June 2026 30 June 2025 Note US$m US$m Net cash generated by/(used in) operating activities 22 436 (86) Cash flows from investing activities Purchases of property, plant and equipment (193) (128) Net cash outflow on acquisition of financial assets 20 - (15) Placement in time deposits (34) - Loans advanced (41) (15) Repayment of loans provided 5 9 Net cash used in investing activities (263) (149) Cash flows from financing activities Borrowings obtained 22 11 21 Repayments of borrowings 22 (52) (137) Net cash used in financing activities (41) (116) Net increase/(decrease) in cash and cash equivalents 132 (351) Cash and cash equivalents at the beginning of the period 22 731 696 Effect of foreign exchange rate changes on cash and cash equivalents 15 6 Cash and cash equivalents at the end of the financial period 22 878 351 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Note Share capital Share premium Treasury shares Share-based compensation reserve Cash flow hedging reserve Fair value reserve Translation reserve Retained earnings Total equity US$m US$m US$m US$m US$m US$m US$m US$m US$m Balance at 1 January 2025 (audited) 14 2,436 - 4 5 - (1,288) 344 1,515 Profit for the financial period - - - - - - - 85 85 Other comprehensive income/(loss), net of income tax - - - - (2) - 10 - 8 Total comprehensive (loss)/ income - - - - (2) - 10 85 93 Transfer to retained earnings 13 - - - (4) - - - 4 - Balance at 30 June 2025 (unaudited) 14 2,436 - - 3 - (1,278) 433 1,608 Balance at 1 January 2026 (audited) 14 2,436 (79) - 2 11 (1,192) 1,010 2,202 Profit for the financial period - - - - - - - 453 453 Other comprehensive (loss)/ income, net of income tax - - - - (1) (7) 75 - 67 Total comprehensive income/(loss) - - - - (1) (7) 75 453 520 Conditional share exchange 20 - - 11 - - - - - 11 Balance at 30 June 2026 (unaudited) 14 2,436 (68) - 1 4 (1,117) 1,463 2,733 NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS GENERAL Solidcore Resources plc (the “Company”) is a public limited company domiciled in Kazakhstan and incorporated in the Astana International Financial Centre (AIFC). The registered office is 1306 Office, 13th Floor, 10 Dinmukhamed Qonayev Street, Esil District, Astana, 010000, Kazakhstan. The consolidated financial statements comprise the Company and its subsidiaries (together, the “Group”). The Group’s principal activities are gold mining and related processing in Kazakhstan. Solidcore Resources plc (the Company) is the ultimate parent entity of the Solidcore Resources Group. Significant subsidiaries As of 30 June 2026, the Company held the following significant mining and production subsidiaries: Effective interest held, % Name of subsidiary Deposits and production facilities Segment Country of incorporation 30 June 2026 31 December 2025 Varvarinskoye LLC Varvara Varvara Kazakhstan 100 100 Bakyrchik Mining Venture LLC Kyzyl Kyzyl Kazakhstan 100 100 Komarovskoye Mining Company LLC Komar Varvara Kazakhstan 100 100 Ertis Hydrometallurgical Plant LLC Ertis POX Corporate and other Kazakhstan 100 100 The Company also holds a 55% interest in the joint venture Tin One ("Syrymbet"). Although the Group holds a 55% ownership interest in Tin One, the relevant activities of Tin One require unanimous consent of the parties sharing control under the contractual arrangements. Accordingly, the Group has joint control over Tin One and accounts for the investment as a joint venture using the equity method.Basis of presentation The unaudited interim condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting issued by the International Accounting Standards Board. They should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the 2025 Annual Report of Solidcore Resources plc and its subsidiaries (“2025 Annual Report”) available at https://www.solidcore-resources.com. Accounting policies These interim condensed consolidated financial statements have been prepared under the historical cost convention as modified by the revaluation of certain financial instruments measured at fair value. The accounting policies and methods of computation applied are consistent with those adopted and disclosed in the Group’s consolidated financial statements for the year ended 31 December 2025, with the exception of new accounting pronouncements, which became effective on 1 January 2026 and have been adopted by the Group. The adoption of these new accounting pronouncements has not had a significant impact on the accounting policies, methods of computation or presentation applied by the Group. New accounting standards and amendments The following amendments became effective for annual reporting periods beginning on or after 1 January 2026 and have been adopted by the Group: Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures); Annual Improvements to IFRS Accounting Standards — Volume 11; and Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7). The adoption of these amendments has not had a significant impact on the Group’s accounting policies, methods of computation or the presentation of these interim condensed consolidated financial statements. Going concern In assessing its going concern status, the Group has taken account of its financial position, anticipated future trading performance, its borrowings and other available credit facilities, its forecast compliance with covenants on those borrowings and capital expenditure commitments and plans. The Board is satisfied that the Group’s forecasts and projections, having taken account of reasonably possible changes in trading performance, show that the Group has adequate resources to continue in operational existence for at least the next 12 months from the date of this report and that it is appropriate to adopt the going concern basis in preparing these interim condensed consolidated financial statements. Functional and presentation currency The functional currency for each entity in the Group is determined as the currency of the primary economic environment in which it operates. The functional currency of the Group’s principal operating subsidiaries in Kazakhstan is the Kazakhstani tenge (KZT). The functional currency of the Company is Kazakhstani tenge, determined based on the currency of the primary economic environment in which the Company operates. The Group has chosen to present its consolidated financial statements in millions of US Dollars (US$m), as management believes it is the most useful presentation currency for international users of the consolidated financial statements of the Group as being common presentation currency in the mining industry. Exchange rates Exchange rates used in the preparation of the interim condensed consolidated financial statements were as follows (based on information provided by National Bank of Kazakhstan): Kazakh Tenge/US Dollar As at 30 June 2026 485.82 As at 31 December 2025 502.57 Average 1H 2026 486.34 Average 1H 2025 512.08 SEGMENT INFORMATION The Group’s operating segments are aligned to those production hubs that are evaluated regularly by the chief operating decision maker (the CODM) in deciding how to allocate resources and in assessing performance. Therefore, the Group has identified two reportable segments: Varvara (Varvarinskoye LLC, Komarovskoye Mining Company LLC); and Kyzyl (Bakyrchik Mining Venture LLP). Ertis POX, as well as minor companies and activities (management, exploration and other companies) which do not meet the reportable segment criteria are disclosed within the corporate and other segment. The measure which management and the CODM use to evaluate the performance of the Group is a segment Adjusted EBITDA, which is an Alternative Performance Measure (APM). For more information on the APMs used by the Group, including definitions, please refer to page 41. The accounting policies of the reportable segments are consistent with those of the Group’s accounting policies under IFRS. Revenue and cost of sales of the production entities are reported net of any intersegmental revenue and cost of sales, related to the intercompany sales of ore and concentrates. Business segment current assets and liabilities, other than current inventory, are not reviewed by the CODM and therefore are not disclosed in these interim condensed consolidated financial statements. The segment adjusted EBITDA reconciles to the profit before income tax from continuing operations as follows: Period ended 30 June 2026 Period ended 30 June 2025 Varvara Kyzyl Total reportable segments Corporate and other Total Varvara Kyzyl Total reportable segments Corporate and other Total Revenue from external customers 393 579 972 - 972 251 74 325 - 325 Doré 331 234 565 - 565 186 7 193 - 193 Concentrate 62 - 62 - 62 65 67 132 - 132 Bullions - 345 345 - 345 - - - - - Cost of sales, excluding depreciation, depletion and write-down of inventory to net realisable value 153 121 274 - 274 114 17 131 - 131 Cost of sales 171 146 317 - 317 134 21 155 - 155 On-mine costs 43 52 95 - 95 31 59 90 - 90 Smelting costs 28 35 63 - 63 25 29 54 - 54 Purchase of ore from third parties 53 - 53 - 53 48 48 - 48 Mining tax 40 102 142 - 142 13 51 64 - 64 Change in metal inventories less depreciation (11) (68) (79) - (79) (3) (122) (125) - (125) Depreciation included in cost of sales (18) (25) (43) - (43) (20) (4) (24) - (24) General, administrative and selling expenses, excluding depreciation, amortisation and share based compensation 10 7 17 31 48 8 9 17 16 33 General, administrative and selling expenses 10 8 18 32 50 8 10 18 16 34 Depreciation included in SGA - (1) (1) (1) (2) - (1) (1) - (1) Other operating expenses excluding additional tax charges 5 8 13 (4) 9 4 4 8 1 9 Adjusted EBITDA 225 443 668 (27) 641 125 44 169 (17) 152 Depreciation expense 18 26 44 1 45 20 5 25 - 25 Operating profit 207 417 624 (28) 596 105 39 144 (17) 127 Foreign exchange loss, net (15) (8) Impairment losses on financial assets (5) - Change in fair value of deferred consideration liability - (11) Finance expenses (8) (8) Finance income 44 18 Profit before tax 612 118 Income tax expense (159) (33) Profit for the financial period 453 85 30 June 2026 31 December 2025 Current metal inventories 54 300 354 - 354 35 214 249 - 249 Current non-metal inventories 15 33 48 4 52 13 28 41 5 46 Non-current segment assets: - - Property, plant and equipment, net 330 450 780 474 1,254 292 438 730 304 1,034 Non-current inventory 34 7 41 - 41 37 7 44 - 44 Investments in associates and joint ventures - - - 93 93 - - - 82 82 Total segment assets 433 790 1,223 571 1,794 377 687 1,064 391 1,455 Additions to non-current assets: Property, plant and equipment 51 11 62 164 226 46 11 57 75 132 REVENUE Six months ended 30 June 2026 30 June 2025 US$m US$m Gold 966 322 Other metals 6 7 Revenue before treatment charges 972 329 Less: treatment charges - (4) Total 972 325 Revenue growth was driven by third-party concentrate processing and respective sales recovery as well as higher gold prices. Revenue analysed by geographical regions of customers is presented below: Six months ended 30 June 2026 30 June 2025 US$m US$m Sales to Kazakhstan 972 269 Sales to Asia - 56 Total 972 325 Included in revenues for the six months ended 30 June 2026 is revenue from two customers that individually accounted for more than 10% of the Group’s total revenue. Revenue from these two largest customers comprised US$ 565 million (US$ 234 million from Kyzyl sales, US$ 331 million from Varvara sales) and US$ 345 million (relating to Kyzyl sales) respectively. For the six months ended 30 June 2025 revenue from the three largest customers comprised US$ 193 million (US$ 187 million from Varvara sales, US$ 6 million from Varvara sales), US$ 65 million (from Varvara sales) and US$ 40 million (relating to Kyzyl sales). Presented below is an analysis by revenue streams: Six months ended 30 June 2026 30 June 2025 US$m US$m Doré 565 193 Concentrate 62 132 Bullions 345 - Total 972 325 COST OF SALES Six months ended 30 June 2026 30 June 2025 US$m US$m Cash operating costs On-mine costs (Note 5) 95 90 Smelting costs (Note 6) 63 54 Purchase of metal inventories from third parties 53 48 Mining tax 142 64 Total cash operating costs 353 256 Depreciation and depletion of operating assets (Note 7) 52 48 Total costs of production 405 304 Increase in metal inventories (88) (149) Total 317 155 Revenue growth was driven by third-party concentrate processing and respective sales recovery as well as higher gold prices. Revenue analysed by geographical regions of customers is presented below: Six months ended 30 June 2026 30 June 2025 US$m US$m Sales to Kazakhstan 972 269 Sales to Asia - 56 Total 972 325 Included in revenues for the six months ended 30 June 2026 is revenue from two customers that individually accounted for more than 10% of the Group’s total revenue. Revenue from these two largest customers comprised US$ 565 million (US$ 234 million from Kyzyl sales, US$ 331 million from Varvara sales) and US$ 345 million (relating to Kyzyl sales) respectively. For the six months ended 30 June 2025 revenue from the three largest customers comprised US$ 193 million (US$ 187 million from Varvara sales, US$ 6 million from Varvara sales), US$ 65 million (from Varvara sales) and US$ 40 million (relating to Kyzyl sales). Presented below is an analysis by revenue streams: Six months ended 30 June 2026 30 June 2025 US$m US$m Doré 565 193 Concentrate 62 132 Bullions 345 - Total 972 325 ON-MINE COSTS Six months ended 30 June 2026 30 June 2025 US$m US$m Services 50 48 Labour 17 13 Consumables and spare parts 26 28 Other expenses 2 1 Total (Note 4) 95 90 SMELTING COSTS Six months ended 30 June 2026 30 June 2025 US$m US$m Consumables and spare parts 24 24 Services 26 22 Labour 12 8 Other expenses 1 - Total (Note 4) 63 54 DEPLETION AND DEPRECIATION OF OPERATING ASSETS Six months ended 30 June 2026 30 June 2025 US$m US$m On-mine 42 37 Smelting 10 11 Total in cost of production (Note 4) 52 48 Less: absorbed into metal inventories (9) (24) Depreciation included in cost of sales 43 24 Depletion and depreciation of operating assets excludes depreciation relating to non-operating assets (included in general, administrative and selling expenses) and depreciation related to assets employed in development projects where the charge is capitalised. Depreciation expense, which is excluded in the Group’s calculation of Adjusted EBITDA (see Note 2), also excludes amounts absorbed into unsold metal inventory balances. GENERAL, ADMINISTRATIVE AND SELLING EXPENSES Six months ended 30 June 2026 30 June 2025 US$m US$m Labour 31 21 Services 5 7 Depreciation 2 1 Audit and consulting 5 2 Other 7 3 Total 50 34 OTHER OPERATING EXPENSES, NET Six months ended 30 June 2026 30 June 2025 US$m US$m Taxes, other than income tax 5 4 Social payments 5 7 Exploration expenses 1 - Other expenses/(income) (2) (2) Total 9 9 FINANCE COSTS Six months ended 30 June 2026 30 June 2025 US$m US$m Interest expense on borrowings 3 5 Unwinding of discount on environmental obligations and social liabilities 5 3 Total 8 8 Interest expense on borrowings excludes borrowing costs capitalised in the cost of qualifying assets of US$ 5 million during the six months ended 30 June 2026 (30 June 2025: US$ 1 million). These amounts were calculated based on the Group’s general borrowing pool and by applying an effective annualised interests rates of 5.61% and 6.01%, respectively, to cumulative expenditure on such assets. FINANCE INCOME Six months ended 30 June 2026 30 June 2025 US$m US$m Interest income on cash and cash equivalents 41 18 Interest income on time deposits 3 - Total 44 18 INCOME TAX Income tax for the six months ended 30 June 2026 is charged at 26%, representing the best estimate of the average annual effective tax rate expected for the full year, applied to the pre-tax income of the six month period. Six months ended 30 June 2026 30 June 2025 US$m US$m Current income taxes (152) (32) Deferred income taxes (7) (1) Total (159) (33) No deferred tax liabilities for taxes that would be payable on the unremitted earnings of the Group subsidiaries was recognised as of 30 June 2026 as the Group determined that the undistributed profit of its subsidiaries would not be distributed in the foreseeable future (judged to be one year). The Group has applied the exception available under the amendments to IAS 12 published by the IASB in May 2023 and does not recognise or disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. Based on the review of Pillar Two impact for the current year, no material amounts were identified to be accrued for the period ended 30 June 2026. The Group continues to monitor the impact of this legislation. SHAREHOLDERS’ EQUITY AND EARNINGS PER SHARE There were no movements in the Company’s share capital and share premium during period ended 30 June 2026. As of 30 June 2026, total number of voting rights in the Company amounted to 443,146,134 ordinary shares of nominal value US$ 0.03 each (31 December 2025: 443,146,134 ordinary shares), each carrying one vote, and additionally the Company held 123,408,853 shares in treasury as indicated in AIX register and such shares did not enjoy any voting or economic rights (31 December 2025: 123,408,853 shares). The ordinary shares reflect 100% of the total issued share capital of the Company. The calculation of the basic and diluted earnings per share is based on the following data: Weighted average number of shares: Diluted earnings per share Both basic and diluted earnings per share were calculated by dividing profit for the period attributable to equity holders of the parent by the weighted average number of outstanding common shares before/after dilution respectively. The calculation of the weighted average number of outstanding common shares after dilution is as follows: Six months ended 30 June 2026 30 June 2025 Profit attributable to equity shareholders of the Parent (US$m) 453 85 Weighted average number of outstanding common shares 443,146,134 473,690,320 Weighted average number of outstanding common shares after dilution 443,146,134 473,690,320 Basic earnings per share (US$) 1.02 0.18 Diluted earnings per share (US$) 1.02 0.18 There were no adjustments required to earnings for the purposes of calculating the diluted earnings per share in the current period (period ended 30 June 2025: nil). There were no adjustments to weighted average number of shares for the purposes of calculating the diluted earnings per share in the current period (period ended 30 June 2025: none), as there are no outstanding Long-Term Incentive Plan (LTIP) awards as of the reporting date (30 June 2025: no dilutive potential ordinary shares). The remaining LTIP tranche, granted in 2021 lapsed during first half 2025 and, accordingly, the related balance of US$ 4 million in the share-based payment reserve was transferred into retained earnings. PROPERTY, PLANT AND EQUIPMENT Development assets Mining assets Non-mining assets Capital construction in-progress Total Cost US$m US$m US$m US$m US$m Balance at 31 December 2025 (audited) 18 1,306 22 341 1,687 Additions 1 48 18 159 226 Transfers - 2 - (2) - Change in provisions - 17 - - 17 Disposals and write-offs including fully depleted mines - (12) - - (12) Translation to presentation currency 2 47 1 7 57 Balance at 30 June 2026 (unaudited) 21 1,408 41 505 1,975 Development assets Mining assets Non-mining assets Capital construction in-progress Total Accumulated depreciation, amortisation US$m US$m US$m US$m US$m Balance at 31 December 2025 (audited) - (643) (8) (2) (653) Charge for the period - (55) (2) - (57) Disposals and write-offs including fully depleted mines - 12 - - 12 Translation to presentation currency - (23) - - (23) Balance at 30 June 2026 (unaudited) - (709) (10) (2) (721) Net book value 31 December 2025 18 663 14 339 1,034 30 June 2026 21 699 31 503 1,254 Development assets Exploration assets Mining assets Non-mining assets Capital construction in-progress Total Cost US$m US$m US$m US$m US$m US$m Balance at 31 December 2024 (audited) 2 17 1,171 18 135 1,343 Additions - - 45 2 85 132 Transfers 16 (16) 2 - (2) - Change in provisions - - (1) - - (1) Disposals and write-offs including fully depleted mines - - (1) - - (1) Translation to presentation currency - - 7 - (1) 6 Balance at 30 June 2025 (unaudited) 18 1 1,223 20 217 1,479 Development assets Exploration assets Mining assets Non-mining assets Capital construction in-progress Total Accumulated depreciation, amortisation US$m US$m US$m US$m US$m US$m Balance at 31 December 2024 (audited) - - (517) (5) (2) (524) Charge for the period - - (52) (1) - (53) Disposals and write-offs including fully depleted mines - - 1 - - 1 Translation to presentation currency - - (2) - - (2) Balance at 30 June 2025 (unaudited) - - (570) (6) (2) (578) Net book value 31 December 2024 2 17 654 13 133 819 30 June 2025 18 1 653 14 215 901 INVENTORIES 30 June 2026 31 December 2025 US$m US$m Inventories expected to be recovered after twelve months Ore stock piles 26 31 Consumables and spare parts 15 13 Total non-current inventories 41 44 Inventories expected to be recovered in the next twelve months Metal in circuit 257 167 Ore stock piles 69 70 Refined metals 4 10 Doré 24 2 Total current metal inventories 354 249 Consumables and spare parts 52 46 Total current inventories 406 295 Metal in circuit increased due to temporary Kyzyl inventory accumulation in May-June 2026. Write-downs of metal inventories to net realisable value There were no write-downs or reversals to net realisable value of metal and other inventories during the periods ended 30 June 2026 and 2025. No inventories held at net realisable value at 30 June 2026 and 31 December 2025. ACCOUNTS RECEIVABLE AND OTHER FINANCIAL ASSETS 30 June 2026 31 December 2025 US$m US$m Non-current assets at amortised costs Loans provided to third parties 186 136 Deposits related to mining contracts and licences 18 17 Other long-term assets 6 4 Loans provided to related parties (Note 21) 12 6 Less allowance for expected credit losses (7) (2) Total non-current accounts receivable 215 161 Trade and other receivables 15 Receivables from provisional copper, gold and silver concentrate sales at FVTPL 11 61 Other receivables 6 12 Short-term loans provided - 12 Total trade and other receivables 17 85 Loans provided to third parties include a US$ 162 million loan extended to Bai Tau Minerals for three years at a market rate (US$ 164 million contractual amount less a US$ 2 million expected credit loss; 31 December 2025: US$ 128 million). Bai Tau Minerals holds the investment in JSC “Ulmus Besshoky”. Receivables from provisional copper, gold and silver concentrate sales decreased to US$11 million as of 30 June 2026 (31 December 2025: US$ 61 million), primarily due to lower concentrate sales during the second quarter of 2026, for which revenue is expected to be received in the third quarter 2026. PROVISIONS 30 June 2026 31 December 2025 US$m US$m Non-current Environmental obligations 17 16 Social liabilities 39 21 56 37 Current Social liabilities 9 5 TOTAL 65 42 Significant change in estimate in the six months ended 30 June 2026 In June 2026, the Group signed Amendment to Subsoil Use Contract (Kyzyl). The amendment changed the calculation of the annual socio-economic contribution from a fixed amount to 1% of total annual income (subject to a minimum of USD 2 million) starting from 2028. The related remeasurement of the provision (net of the unwinding of the discount) has been capitalised to development costs. BORROWINGS The Group has a number of borrowing arrangements with various lenders. As of 30 June 2026, these borrowings consist of unsecured and secured loans and credit facilities, predominantly denominated in US Dollar. Effective interest rate at 30 June 2026 31 December 2025 Type of rate 30 June 2026 31 Dec 2025 Current Non-current Total Current Non-current Total US$m US$m US$m US$m US$m US$m Secured loans from third parties U.S. Dollar denominated fixed 4.58% 4.58% 41 10 51 42 31 73 Total secured loans from third parties 41 10 51 42 31 73 Unsecured loans from third parties U.S. Dollar denominated floating 5.93% 6.31% 32 132 164 60 121 181 Euro denominated floating 2.60% 2.53% 2 8 10 3 10 13 Total unsecured loans from third parties 34 140 174 63 131 194 Total loans from third parties 75 150 225 105 162 267 The Group’s non-current borrowings include borrowings amounting to US$ 150 million that contain covenants, which, if not met, would result in the borrowings becoming repayable on demand. These borrowings are otherwise repayable more than 12 months after the end of the reporting period. As at 30 June 2026, the Group has complied with all the covenants that were required to be met on or before 30 June 2026. The covenants that are required to be complied with after the end of the current reporting period do not affect the classification of the related borrowings as current or non-current at the end of the current reporting period. Therefore, all these borrowings remain classified as non-current liabilities. Movements in borrowings are presented in Note 22 below. The table below summarises maturities of borrowings: 30 June 2026 31 December 2025 US$m US$m Less than 1 year 75 105 1-5 years 116 148 More than 5 years 34 14 Total 225 267 COMMITMENTS AND CONTINGENCIES Capital commitments The Group’s budgeted capital expenditure commitments as at 30 June 2026 amounted to US$ 411 million net of VAT (31 December 2025: US$ 158 million). The increase in capital commitments is due to the acceleration of construction works at Ertis POX, in accordance with the schedule. Social commitments In accordance with various memoranda with regional Akimats (local Kazakhstan government bodies), the Group participates in financing of certain social and infrastructure development project of the region. The total social expense commitment as at 30 June 2026 amounts to US$ 6 million, payable in the future periods. Taxation Kazakhstan tax, currency and customs legislation is subject to varying interpretations, and changes, which can occur frequently. Management’s interpretation of such legislation as applied to the transactions and activities of the companies of the Group may be challenged by the relevant regional and federal authorities and as a result, significant additional taxes, penalties and interest may be assessed. Fiscal periods remain open to review by the authorities in respect of taxes for five calendar years preceding the year of review. Under certain circumstances reviews may cover longer periods. Management has not identified any tax exposures in respect of contingent liabilities as of 30 June 2026 and 31 December 2025. FAIR VALUE ACCOUNTING The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable as follows: Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). At 30 June 2026 and 31 December 2025, the Group held the following financial instruments at fair value. During both reporting periods presented, there were no transfers between levels of fair value hierarchy. 30 June 2026 Level 1 Level 2 Level 3 Total US$m US$m US$m US$m Financial instruments at fair value through profit or loss (FVTPL) Receivables from provisional copper, gold and silver concentrate sales - 11 - 11 Cash balances held in money market funds 201 - - 201 Interest rate swap - 1 - 1 Receivables from conditional share exchange - - 11 11 Financial instruments designated at fair value through other comprehensive income (FVTOCI) Equity investments designated at FVTOCI - - 19 19 201 12 30 243 31 December 2025 Level 1 Level 2 Level 3 Total US$m US$m US$m US$m Financial instruments at fair value through profit or loss (FVTPL) Receivables from provisional copper, gold and silver concentrate sales - 61 - 61 Cash balances held in money market funds 164 - - 164 Interest rate swap - 2 - 2 Financial instruments designated at fair value through other comprehensive income (FVTOCI) Equity investments designated at FVTOCI - - 26 26 164 63 26 253 Receivables from conditional share exchange In October 2025, as part of the Final Exchange Offer, the Company entered into a conditional exchange offer buyback agreement to repurchase and exchange 11.1 million shares for AIX-listed ordinary shares on a one-for-one basis where the completion is subject to completion of the restricted share disposal, the cessation (or licensing) of applicable sanctions, and Euroclear receiving the buyback price from the trustee and distributing it to the direct participants. The Group recognised a financial asset of USD 11 million, representing the reimbursement of the buyback price for such shares. The asset is classified and measured at fair value through profit or loss (FVTPL). The Group classified the receivable as non-current, as the conditions for completion are not expected to be fulfilled during the 12 months after the reporting date. The receivable is classified within Level 3 of the fair value hierarchy. The fair value is estimated using a probability-weighted discounted cash flow technique. Key unobservable inputs include the probability of sanctions relief, the expected timing of the Euroclear distribution, and estimated trustee deductions. There were no transfers into or out of Level 3 during the six months ended 30 June 2026. Equity investments designated at FVTOCI In June 2025, the Group completed the acquisition of 10.68% interest in JSC “Ulmus Besshoky” (Besshoky) for total consideration of US$ 15 million. The acquisition was made through several consecutive deals with third parties. Besshoky is an exploration company, holding Besshoky project in Karaganda region, consisting of main exploration contracts and several exploration licenses for the adjacent areas. This investment in equity instruments is not held for trading. Instead, it was acquired for medium to long-term strategic purposes. Accordingly, the Group has elected to designate these investments in equity instruments as at FVTOCI as recognising short-term movements in the investment’s fair value in profit or loss would not be consistent with the group’s strategy of holding it for long-term purposes. During the six months ended 30 June 2026 the Group recognised a fair value decrease of US$ 7 million on this investment in other comprehensive income (with a corresponding decrease in the fair value reserve within equity). As at 30 June 2026 the carrying amount of the investment was US$ 19 million (31 December 2025: US$ 26 million). Borrowings The estimated fair value of the Group’s debt, calculated using the market interest rate available to the Group as at 30 June 2026 and 31 December 2025 did not differ from its carrying value. Receivables from provisional copper, gold and silver concentrate sales The fair value of receivables arising from copper, gold and silver concentrate sales contracts that contain provisional pricing mechanisms is determined using the appropriate quoted forward price from the exchange that is the principal active market for the particular metal. As such, these receivables are classified within Level 2 of the fair value hierarchy. RELATED PARTIES Related parties are considered to include shareholders, associates, joint ventures and entities under common ownership and control with the Group and members of key management personnel. The Group had the following outstanding balances with related parties: 30 June 2026 31 December 2025 US$m US$m Loans provided to related parties (Note 16) 12 6 During the six months ended 30 June 2026 the Group advanced additional loans to related parties of US$ 6 million (six months ended 30 June 2025: nil). The loans are unsecured, interest-bearing and repayable in accordance with the contractual terms. There were no other significant transactions with related parties during the six months ended 30 June 2026 or 30 June 2025. SUPPLEMENTARY CASH FLOW INFORMATION Period ended Period ended Notes 30 June 2026 30 June 2025 US$m US$m Profit before tax 612 118 Adjustments for: Depreciation and depletion recognised in the interim condensed consolidated statement of comprehensive income 7, 8 45 25 Finance costs 8 8 Finance income (44) (18) Change in fair value of financial instruments - 11 Foreign exchange loss, net 15 8 Impairment losses on financial assets 16 5 - Other non-cash items - 1 641 153 Movements in working capital Change in inventories (93) (127) Change in VAT and other taxes (26) (1) Change in trade and other receivables 33 (32) Change in prepayments to suppliers 2 3 Change in trade and other payables (6) (4) Cash generated from/(used in) operations 551 (8) Interest paid (3) (7) Interest received 34 11 Income tax paid (146) (82) Net cash generated by/(used in) operating activities 436 (86) Cash and cash equivalents 30 June 2026 31 December 2025 US$m US$m Bank deposits -USD 102 66 - KZT 125 181 - other currencies - 24 US treasury bills - USD 359 124 Current bank accounts - USD 91 101 - KZT - 71 Money market funds - USD 198 164 - other currencies 3 - Total 878 731 Changes in liabilities arising from financing activities The table below details changes in the Group's liabilities arising from financing activities, including both cash and non-cash changes. Liabilities from financing activities are those for which cash flow were, or future cash flows will be, classified in the Group's consolidated cash flow statements as cash flows from financing activities. Period ended 30 June 2026 Borrowings US$m 1 January 2026 267 Cash inflow 11 Cash outflow (52) Changes from financing cash flows (41) Net foreign exchange losses (9) Currency translation adjustment 8 Other changes (1) 30 June 2026 225 Less current portion (75) Total non-current liabilities at 30 June 2026 150 Period ended 30 June 2025 Borrowings Deferred consideration payable at fair value Lease liabilities US$m US$m US$m 1 January 2025 322 16 3 Cash inflow 21 - - Cash outflow (137) - - Changes from financing cash flows (116) - - Additions - - 1 Change in fair value - 11 Unwind of discount 1 - - Lease termination - - (2) Net foreign exchange losses (3) - - Currency translation adjustment 4 1 (1) Other changes 2 12 (2) 30 June 2025 208 28 1 Less current portion (105) - (1) Total non-current liabilities at 30 June 2025 103 28 - SUBSEQUENT EVENTS In July 2026, the Group secured US$ 600 million of committed financing for the construction of the Ertis POX project. The package comprises: a US$ 300 million 10-year loan from the European Bank for Reconstruction and Development (EBRD); and a US$ 300 million syndicated facility provided equally by ING (Coordinating Mandated Lead Arranger), Société Générale and Abu Dhabi Commercial Bank, with an initial tenor of five years (extendable to seven years) and an accordion option of up to an additional US$ 300 million. The facilities have a 36-month grace period, with repayments scheduled to commence in 2029 following the completion of construction. In September 2026, the Group signed a US$100 million seven-year facility with KfW IPEX-Bank to finance the Ertis POX project. In July 2026, subsequent to the reporting date, the Group, through Solidcore Middle East SPC, entered into an earn-in agreement and a shareholders’ agreement with Minerals Development Oman SAOC and Minerals Development Oman First LLC in relation to the Khabiyat copper-gold project in Oman. The project is held through Majan Base Metals LLC. Under the agreements, the Group will acquire an initial 20% interest in Majan Base Metals LLC. Following satisfaction or waiver of specified conditions, the Group will pay US$ 6.9 million to Minerals Development Oman as consideration for the initial 20% interest, of which US$ 6.4 million will be contributed by Minerals Development Oman to Majan Base Metals LLC as part of the US$ 8.0 million Stage 1 exploration funding. The Group will contribute the remaining US$ 1.6 million. As at the date of approval of these condensed consolidated interim financial statements, those conditions had not been satisfied, and neither the share consideration nor the Stage 1 contribution had been paid. On completion of Stage 1, the Group is required to pay a further US$ 1.5 million to Minerals Development Oman. Subject to completion of the applicable exploration, funding, share-purchase and other contractual conditions, the Group may elect to increase its interest to 45% (Stage 2) and subsequently to 60% (Stage 3). If the Group exercises these rights, at Stage 2 it will pay a further US$ 11.0 million to Minerals Development Oman First LLC and contribute a further US$ 9.0 million to Majan Base Metals LLC. At Stage 3, the Group will pay an election payment of US$ 1.5 million to Minerals Development Oman First LLC, together with the purchase price for the additional shares, which is also payable to Minerals Development Oman First LLC. The Stage 3 purchase price is formula-based and could not be estimated reliably as at the date these condensed consolidated interim financial statements were approved. Specified decisions concerning the activities that significantly affect the returns of Majan Base Metals LLC, including approval of the work programme and budget, material technical studies, licences and the development concept, require the agreement of both shareholders. Following completion of the initial acquisition and effectiveness of the relevant governance provisions, the Group is assessing the date from which it obtained, or will obtain, joint control. From that date, the investment will be classified as a joint venture under IFRS 11 Joint Arrangements and accounted for using the equity method. The transaction is a non-adjusting event after the reporting period. Accordingly, no investment in Majan Base Metals LLC has been recognised in the interim condensed consolidated statement of financial position as at 30 June 2026. ALTERNATIVE PERFORMANCE MEASURES Introduction The financial performance reported by the Company contains certain Alternative Performance Measures (APMs), disclosed to complement measures that are defined or specified under International Financial Reporting Standards (IFRS). APMs should be considered in addition to, and not as a substitute for, measures of financial performance, financial position or cash flows reported in accordance with IFRS. The Company believes that these measures, together with measures determined in accordance with IFRS, provide the readers with valuable information and an improved understanding of the underlying performance of the business. APMs are not uniformly defined by all companies, including those within the Group’s industry. Therefore, the APMs used by the Company may not be comparable to similar measures and disclosures made by other companies. Purpose APMs used by the Company represent financial KPIs for clarifying the financial performance of the Company and measuring it against strategic objectives, given the following background: Widely used by the investor and analyst community in the mining sector and, together with IFRS measures, provide a holistic view of the Company; Applied by investors to assess earnings quality, facilitate period to period trend analysis and forecasting of future earnings, and understand performance through eyes of management; Highlight key value drivers within the business that may not be obvious in the financial statements; Ensure comparability of information between reporting periods and operating segments by adjusting for uncontrollable or one-off factors which impact upon IFRS measures; Used internally by management to assess the financial performance of the Company and its operating segments; and Certain APMs are used in setting directors’ and management’s remuneration (i.e., total cash costs adjusted for gold price related expenses). APMs and justification for their use Company APM Closest equivalent IFRS measure Adjustments made to IFRS measure Rationale for adjustments Underlying net earnings Profit/(loss) for the financial period attributable to equity shareholders of the Company Write-down of metal inventory to net realisable value (post-tax) Impairment/reversal of previously recognised impairment of non-current assets (post-tax) Foreign exchange (gain)/loss (post-tax) Change in fair value of contingent consideration liability (post-tax) Gains/losses on acquisition, revaluation and disposals of interests in subsidiaries, associates and joint ventures (post-tax) Excludes the impact of key significant one-off non-recurring items and significant non-cash items (other than depreciation) that can mask underlying changes in core performance. Underlying earnings per share Earnings per share Underlying net earnings (as defined above) Weighted average number of outstanding common shares Excludes the impact of key significant one-off non-recurring items and significant non-cash items (other than depreciation) that can mask underlying changes in core performance. Underlying return on equity No equivalent Underlying net earnings (as defined above) Average equity at the beginning and the end of reporting year, adjusted for translation reserve The most important metric for evaluating the Company’s profitability. Measures the efficiency with which a company generates income using the funds that shareholders have invested. Return on assets No equivalent Underlying net earnings (as defined above)1 before interest and tax Average total assets at the beginning and the end of reporting year A financial ratio that shows the percentage of profit the Company earns in relation to its overall resources. EBITDA Profit/(loss) before income tax Finance cost (net) Depreciation and depletion A financial metric used to assess the Company's profitability and financial performance before payment of taxes, interest and depreciation & amortisation costs. Adjusted EBITDA Profit/(loss) before income tax Finance cost (net) Depreciation and depletion Write-down of metal and non-metal inventory to net realisable value Impairment/reversal of previously recognised impairment of non-current assets Share-based compensation Bad debt allowance Net foreign exchange gains/losses Change in fair value of deferred consideration liability Rehabilitation costs Non-recurring/retrospective assessments of mining taxes, VAT, penalties and accrued interest Gains/losses on acquisition, revaluation and disposals of interests in subsidiaries, associates and joint ventures Excludes the impact of certain non-cash elements, either recurring or non-recurring, that can mask underlying changes in core operating performance, to be a proxy for operating cash flow generation. Net debt or (cash) Net total of current and non-current borrowings[25] Cash and cash equivalents Not applicable Measures the Company’s net indebtedness that provides an indicator of the overall balance sheet strength. Used by creditors in bank covenants. Net debt or (cash)/Adjusted EBITDA ratio No equivalent Not applicable Used by creditors, credit rating agencies and other stakeholders. Free cash flow Cash flows from operating activity less cash flow from investing activities Excluding cash flows relating to business combinations and acquisitions of investments in associates and joint ventures Excluding loans forming part of net investment in joint ventures Excluding investment loans Excluding proceeds from disposal of subsidiaries Excluding placement in time deposits Reflects cash generating from operations after meeting existing capital expenditure commitments. Measures the success of the Company in turning profit into cash through the strong management of working capital and capital expenditure. Free cash flow post-M&A Cash flows from operating activity less cash flow from investing activities Not applicable Free cash flow including cash used in/received from acquisition/disposal of assets and joint ventures. Reflects cash generation to finance returns to shareholders after meeting existing capital expenditure commitments and financing growth opportunities. Total cash costs (TCC) Total cash operating costs General, administrative & selling expenses Depreciation expense and depletion Rehabilitation expenses Write-down of inventory to net realisable value Intersegment unrealised profit elimination Idle capacities and abnormal production costs Exclude Corporate and Other segment and development assets Treatment charges deductions reclassification to cost of sales Calculated according to common mining industry practice using the provisions of Gold Institute Production Cost Standard. Gives a picture of the Company’s current ability to extract its resources at a reasonable cost and generate earnings and cash flows for use in investing and other activities. All-in sustaining cash costs (AISC) Total cash operating costs General, administrative & selling expenses AISC are based on total cash costs, and add items relevant to sustaining production, such as other operating expenses, corporate level SG&A, and capital expenditures and exploration at existing operations (excluding growth capital expenditure). After tax all-in cash costs include further adjustments for net finance cost, capitalised interest and income tax expense. All-in costs include additional adjustments for capital expenditure for new development projects. Includes the components identified in World Gold Council’s Guidance Note on Non‐GAAP Metrics – All‐In Sustaining Costs and All‐In Costs (June 2013), which is a non‐IFRS financial measure. Provides investors with better visibility into the true cost of production. [1] The financial performance reported by the Company contains certain Alternative Performance Measures (APMs) disclosed to complement measures that are defined or specified under International Financial Reporting Standards (IFRS). For more information on the APMs used by the Company, including justification for their use, please refer to the “Alternative performance measures” section below. [2] Profit for the period. [3] On a cash basis, representing cash outflow on purchases of property, plant and equipment in the consolidated statement of cash flows. [4] Totals may not correspond to the sum of the separate figures due to rounding. % changes can be different from zero even when absolute amounts are unchanged because of rounding. Likewise, % changes can be equal to zero when absolute amounts differ due to the same reason. This note applies to all tables in this release. [5] Defined in the “Alternative performance measures” section below. [6] In accordance with IFRS, revenue is presented net of treatment charges which are subtracted in calculating the amount to be invoiced. Average realised prices are calculated as revenue divided by gold and silver volumes sold, without effect of treatment charges deductions from revenue. [7] Defined in the “Alternative performance measures” section below. Comparative information is presented for 31 December 2025. [8] Refers to non-meaningful dynamics hereinafter being either too small or too big difference, or when a number changes from negative to positive value. [9] Gross metal output generated at the mine site before accounting for third-party refining or processing losses. Based on 80:1 Au/Ag conversion ratio and excluding base metals. Discrepancies in calculations are due to rounding. [10] Payable production delivered for final processing or sale to off-takers and with accounting for third-party processing and refining losses. Based on 80:1 Au/Ag conversion ratio and excluding base metals. [11] LTIFR = lost time injury frequency rate per 200,000 hours worked. Company employees only are taken into account. [12] Based on actual realised prices. [13] Without effect of treatment charges deductions from revenue. [14] TCC comprise cost of sales of the operating assets (adjusted for depreciation expense, rehabilitation expenses and write-down of metal and non-metal inventory to net realisable value and certain other adjustments) and general, administrative and selling expenses of the operating assets. Gold equivalent sales volume is calculated based on average realised metal prices in the relevant period. Total cash cost per gold equivalent ounce sold is calculated as Total cash costs divided by total gold equivalent unit ounces sold. For more information refer to the “Alternative performance measures” section below. [15] All-in sustaining cash costs comprise total cash costs, all selling, general and administrative expenses for operating mines and head office not included in total cash costs (mainly represented by head office SGA), other expenses (excluding write-offs and non-cash items, in line with the methodology used for calculation of Adjusted EBITDA), and current period capex for operating mines (i.e. excluding new project capital expenditure (development capital), but including all exploration expenditure (both expensed and capitalised in the period) and minor brownfield expansions). For more information refer to the “Alternative performance measures” section below. [16] Discrepancies are due to rounding. [17] Defined in the “Alternative performance measures” section below. [18] Defined in the “Alternative performance measures” section below. [19] Underlying basic EPS are calculated based on underlying net earnings. [20] On a cash basis. [21] On accrual basis, capital expenditure was US$ 226 million in H1 2026 (H1 2025: US$ 132 million). [22] Defined in the “Alternative performance measures” section below. [23] H1 2026 – on a last twelve months basis. [24] Comparative figures as at 31 December 2025 have been reclassified to present long-term VAT receivable within non-current assets. [25] Excluding lease liabilities and royalty payments. 08/09/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com
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