11 March 2025
Acquisition of Tokhtar gold property in Kazakhstan
https://www.solidcore-resource…ress-releases/11-03-2025/?
Solidcore Resources plc (“Solidcore” or the “Company”) is pleased to announce that it has entered into a binding agreement to acquire 100% interest in the Tokhtar gold property (the “Project”) in northern Kazakhstan.
HIGHLIGHTS
- The Tokhtar property is located in the Kostanay region, North Kazakhstan, approximately 180 km southwest from the Company’s Varvara hub. The Project comprises Tokhtar and South-Tokthar deposits as well as the Barambay prospect area.
- According to the latest available estimates, JORC-compliant Mineral Resources for Tokhtar and South-Tokthar stood at 1.1 Moz of gold.
- Under the agreement, Solidcore will initially acquire a 51% interest in the Project for the total cash consideration of approximately US$ 25 million. An additional 23% will be acquired following the KazRC[1]-compliant reserve estimate for the Tokhtar and the South Tokhtar areas at a price based on the estimate results, with the remaining 26% to be acquired following the KazRC-compliant reserve estimate for the Barambay area at a price based on the estimate results. In addition, the sellers will receive a deferred variable consideration linked to the future metal processing volumes. Completion of each stage of the transaction will be subject to obtaining the required regulatory approvals, with the acquisition of the initial 51% interest expected to be completed in Q3 2025.
- During the next 12 months, Solidcore will be preparing the project documentation to start exploration work and Ore Reserve estimation. The Company expects to complete the estimate for Tokhtar and South Tokhtar by the end of 2027 and for Barambay area by the end of 2028.
- The deposit can be developed as a combination of open-pit and underground mines. The ore will be processed at the Company’s Varvara flotation plant followed by concentrate treatment at Ertis POX.
