Member Info for Selevi

According to paragraph 3.17.2 of the Appendix to the Explanatory Note to the Financial Statements of Polymetal JSC, TIN 7805104870 (posted on the state resource of the Russian Federation), this organization provided a loan to Mangazeya Plus JSC in 2024. That is, JSC Mangazeya Plus, which does not have any property, acquired 100% of the shares of this JSC Polymetal using a loan from JSC Polymetal itself.

At the same time, having spent only 4.5 billion rubles (50 million US dollars) of borrowed funds, the so-called buyer acquired control over Polymetal JSC with assets that at the end of 2024 amounted to about 600 billion rubles or almost 8 billion US dollars. A month after making such a “purchase”, Polymetal JSC transferred all accumulated profits in the amount of 180 billion rubles (more than 2 billion US dollars) to unknown persons by issuing long-term loans - on 27.04.2024 for 74 billion rubles and 94 billion rubles and on 21.05.2024 for 13 billion rubles (this information is indicated in paragraph 3.11.1 of the Appendix to the Explanatory Note to the financial statements of Polymetal JSC).

That is, JSC Polimteall - a company with assets worth hundreds of billions of rubles, with an annual net profit of 100 billion rubles, which at any given time has tens of billions of rubles in its accounts. was essentially transferred free of charge to a shell company. Thus, the most valuable asset, which ensured its value, was seized from the now Kazakh company Solidcore Resources plc. in March 2024. As a result, damage was caused to the Kazakh legal entity as a whole. Also, as a result of such machinations of the persons controlling this organization, the price of shares of Solidcore Resources plc. was repeatedly paid, thousands of its shareholders suffered losses, and a non-market value of shares was formed on the Moscow Interbank Currency Exchange, at which it is now planned to carry out a forced buyback.

I believe that, regardless of the fact of the so-called “sale” in March 2024, Polymetal JSC is controlled by the same persons as before such sale.

This is evidenced, in particular, by the following facts:

- the websites of Polymetal JSC and Solidcore Resources plc on the Internet are identical in form;

- the website https://www.polymetalinternational.com/ currently contains links to the websites of Polymetal JSC and Solidcore Resources plc;

- the majority of the board of directors of JSC Polimteall (6 out of 7) currently consists of senior employees of this organization prior to its so-called sale to a new shareholder;

- General Director of JSC Polymetal and JSC Polymetal UK and a member of the board of directors of these companies, he worked as General Director almost a year before the so-called sale of 100% of the shares of JSC Polymetal, is a co-owner of a number of companies, where the co-owner is the spouse of one of the main shareholders of Solidcore Resources plc, and this General Director worked with this shareholder back in 2000

According to the Integrated Annual Report of Polymetal International plc for 2022, the financial statements of this organization included all the enterprises of the group (page 4), the head of the Company is indicated as the CEO of the group Vitaly Nesis (page 12). According to the named Report, Polymetal is a group of companies mining precious metals with assets in Kazakhstan and Russia (page 5), included in the TOP-10 world producers of gold and silver (page 6), for 2022 its revenue was $ 2.8 billion, $ 1 billion EBITDA (page 7), it employs 14,694 employees (page 8). Shareholders, acquiring shares of this Company, expected that their value would be determined based on the cash flow generated by the enterprises included in this holding.

The purpose of creating this Company was declared in the Prospectus to be the ownership of shares of Polymetal OJSC (paragraph 4, page “i” of the Prospectus).

The main asset of this Company consisted of 100% of the shares of JSC Polymetal, a Russian organization that owns more than 50 gold mining companies. Information about the companies owned by JSC Polymetal is reflected, for example, in paragraph 3.11.1 of the appendix to the Explanations to the balance sheet for 2023. This publicly available information is posted on the Russian state information resource for accounting (financial) statements. The value of the assets of JSC Polymetal at the beginning of the current year was 588 billion rubles, net profit as of 31.12.2023 was more than 114 billion rubles, cash in current accounts was more than 42 billion rubles. Annually, this asset generated more than 100 billion rubles of retained earnings. The presence of this asset ensured the value of the disputed shares of Polymetal International plc. Also, according to the financial statements of Polymetal JSC for 2023, this organization had about 200 billion rubles of retained earnings and tens of billions of rubles of free cash in bank accounts.

Meanwhile, in March 2024, the persons controlling Solidcore Resources plc. sold 100% of the shares of Polymetal JSC for 4.5 billion rubles to a technical company - Mangazeya Plus JSC (renamed M PLUS JSC) INN 9725147230. This fact follows from paragraph 3.17.2

Appendices to the Explanatory Notes to the Balance Sheet and the Statement of Financial Performance of Polymetal JSC for 2024 According to line 4222 of the Cash Flow Statement of Mangazeya Plus JSC for 2024, posted on the same state resource, the buyer paid RUB 4.5 billion for the acquisition of these shares. The buyer of the shares is a typical shell company, created a month before the purchase of Polymetal JSC shares, has no employees, does not conduct any activities, and receives funds exclusively under a loan agreement.

In order to enter the London Stock Exchange, Polymetal International plc was created on Jersey Island, and the entire Russian business was registered under it - this is AO Polymetal with 10-15 people, which owns shares and stakes of about 50 Russian gold mining companies. All these gold mining companies were managed by AO Polimetell UK. These gold mining companies paid dividends to AO Polymetal, which paid dividends to Polymetal International plc, whose shares were traded on the stock exchanges in London, Astana and the MICEX.

At the beginning of the SVO, it is impossible to pay dividends to London and the Nesis brothers redomicile (transfer) Polymetal International plc. from Jersey to Astana. No longer fearing Western law enforcement agencies, they withdrew the Russian part of the business from Polymetal International plc. and sold 100% of the shares of Polymetal JSC. In March 2024, Polymetal International plc. sells its most valuable asset - 100% of the shares in Polymetal JSC for 4.5 billion rubles, that is, for 1% of its market value to a newly created technical company - MangazeyaPlus LLC. The buyer borrows money for such a "purchase" from Polymetal JSC itself. The buyer bought Polymetal JSC with the money of Polymetal JSC itself.

Immediately after such a "purchase", in April and May 2024, Polymetal JSC issued loans to unknown persons for 180 billion. Thus, all accumulated profits from the gold mining business over several years were pumped out of this company.

Following this, the MICEX stopped trading shares of Polymetal International plc.

And the Nesis brothers are now offering thousands of Russian shareholders to buy out their shares for pennies.

We have received a letter from Russian shareholders to the Russian Presidential Administration, the National Security Committee and the Prosecutor General's Office of Kazakhstan:

“I am a shareholder of the public company Solidcore Resources plc. (formerly Polymetal International plc.), registered in 2023 by way of redomiciliation to the AIFC.

Currently, the website of this organization contains information about holding a general meeting of shareholders, where a forced buyout of shares of this company at a price of $2.57 per share will be announced.

I would like to inform you that the planned compulsory buyback is contrary to the AIFC legislation, according to which the buyback of shares is possible only with the consent of the shareholder (Article 61(2) of the Regulation on AIFC Companies).

Moreover, the price of the forced buyout is not a market price; it is determined based on trading data on the Moscow Interbank Exchange, when the persons controlling Solidcore Resources plc. withdrew the most valuable asset (100% of the shares of Polymetal JSC) from the ownership of this company in March 2024.

The fact is that, according to the Prospectus of the issue of shares, Polymetal International plc. acted as a holding company and received income exclusively from the activities of its subsi

HTTPS://m.repost.news/news/94589-redomitciljatsija_i_poterja_aktivov_kak_bratjja_nesis_lishili_aktsionerov_polimetalla_pribyli_i_kontrolja_nad_zolotodoby

Redomiciliation and loss of assets: how the Nesis brothers deprived Polymetal shareholders of profits and control over the gold mining business

An interesting situation is developing with Polymetal - the second largest gold mining company in the Russian Federation, which entered the premium listing of the London Stock Exchange in 2011, had more than 70% of shares in free circulation (controlled by brothers Alexander and Vitaly Nesis).............

Https://www.opensanctions.org/entities/Q4317652/

Explanatory Note of JSC "Polymetal" for 2024 (the main asset of the issuer, which was supposedly "sold" in March 2024 for 4.5 billion rubles. The assets of this JSC at the end of 2024 amount to 588 billion rubles.

Immediately after the "sale" in April 2024, this JSC issued long-term loans for 200 billion rubles, draining all the net profit that should have gone to shareholders as dividends. This is visible from the financial investments section of the Note. It is also stated there that this JSC issued a loan to the buyer Mangazeya, meaning Mangazeya bought the JSC for a pittance with a loan from the JSC, 100 times cheaper than its value.

https://bo.nalog.gov.ru/organizations-card/7067330

The fact is the buyer of 100% of the shares of JSC "Polymetal" (the entire Russian business) is JSC MangazeyaPlus, a technical company created a month before the purchase of 100% of the shares of the JSC, has no staff, assets, or activities, received a loan from JSC Polymetal and by means of this loan bought 100% of this very JSC "Polymetal" from our issuer. A month later this JSC "Polymetal" issued loans of 180 billion rubles to someone, without even specifying the names of the borrowers in the Explanatory Note......

Why Solidcore with an annual guidance of $2200 Gold price. Achieving $3200 Gold price in 2025, why are Solidcore sending refractory ore to a heavily sanctioned country Russia just to save $100 an ounce in costs maximum. It's completely backwards and makes no sense. They are wide open to be sanctioned. If the UK government or EU possibly knew that Solidcore are utilising a Russian facility for profits, then they are sanctioned. It only takes a disgruntled shareholder who has lost everything to report them to their MP. Seems that there's plenty on here to be classed as disgruntled. I might get two bucks a share if they get reported and sanctioned. So get selling please.

Sanction Vitaly Nesis he's directly supporting anti West's directive otherwise he'd use a processing facility outside of Russian capability. He's Russian hence decisions ha?

Email you're MP.

Aye I do like this post.

Have to scratch my head; why Solidcore with an annual guidance of $2200 Gold price. Achieving $3200 Gold price in 2025, why are Solidcore sending refractory ore to a heavily sanctioned country Russia just to save $100 an ounce in costs maximum. It's completely backwards and makes no sense. They are wide open to be sanctioned. If the UK government or EU possibly knew that Solidcore are utilising a Russian facility for profits, then they are sanctioned. It only takes a disgruntled shareholder who has lost everything to report them to their MP. Seems that there's plenty on here to be classed as disgruntled. I might get two bucks a share if they get reported and sanctioned. So get selling please.

Aye Jotom

Have to scratch my ear; why Solidcore with an annual guidance of $2200 Gold price. Achieving $3200 Gold price in 2025, why are Solidcore sending refractory ore to a heavily sanctioned country Russia just to save $100 an ounce in costs maximum. It's completely backwards and makes no sense. They are wide open to be sanctioned. If the UK government or EU possibly knew that Solidcore are utilising a Russian facility for profits, then they are sanctioned. It only takes a disgruntled shareholder who has lost everything to report them to their MP. Seems that there's plenty on here to be classed as disgruntled. I might get two bucks a share if they get reported and sanctioned. So get selling please.

Ummmmm. Get the CEO and the board Sanctioned they are Russians contributory towards the Putin war machine. Write to your Member of Parliament...

Have to scratch my head; why Solidcore with an annual guidance of $2200 Gold price. Achieving $3200 Gold price in 2025, why are Solidcore sending refractory ore to a heavily sanctioned country Russia just to save $100 an ounce in costs maximum. It's completely backwards and makes no sense. They are wide open to be sanctioned. If the UK government or EU possibly knew that Solidcore are utilising a Russian facility for profits, then they are sanctioned. It only takes a disgruntled shareholder who has lost everything to report them to their MP. Seems that there's plenty on here to be classed as disgruntled. I might get two bucks a share if they get reported and sanctioned. So get selling please.

Aye I do like this post.

Https://www.bloomberg.com/news/articles/2025-06-30/zijin-to-acquire-kazakhstan-gold-mine-project-for-1-2-billion

In normal circumstances, share prices across the sector would react in response, but not with Solidmetal

https://www.zijinmining.com/upload/file/2025/06/30/805e7a4506ea43a9a44b0fe0d1449583.pdf

"According to the audited financial report of RGG and converted into USD, as at the end of 2024.

The total assets, total liabilities, and net assets of RGG amounted to ...........

USD 293 million, USD 88 million and USD 205 million, respectively.

The realised sales income and net profit for the year 2024 amounted to USD 473 million and USD 172 million, respectively.

So the sale price was roughly 2 times sales and 6 times net profit

So, current market valuation would translate into a comparable value for SOLIDCORE of between;

USD 2.5 billion to 3 billion or 50-60% above the current market capitalization.

Extract from a Polymetal group

Should be pinned great post.

"Have to scratch my head; why Solidcore with an annual guidance of $2200 Gold price. Achieving $3200 Gold price in 2025, why are Solidcore sending refractory ore to a heavily sanctioned country Russia just to save $100 an ounce in costs maximum. It's completely backward and makes no sense. They are wide open to be sanctioned. If the UK government or EU possibly knew that Solidcore are utilising a Russian facility for profits then they are sanctioned. It only takes a disgruntled shareholder who has lost everything to report them to their MP. Seems that there's plenty on here to e classed as disgruntled. I might get two bucks a share if they get reported and sanctioned. So get selling please".

Ahh the mirage of sending refractory ore to Russia is the fundamental problem and they've been doing it for nearly two years and will keep doing it for another three years..

The markets gasp..........

Polymetal announced decision today launch POX 2029. SOLIDPOOR knew a POX Kaz was required in mid 2022 will launch in late 2028.

CORE true value

https://www.woodmac.com/reports/metals-varvara-varvarinskoye-gold-mine-16328508/

The SP only reflects value at Varvara plus net cash on balance as it discounts Kyzyl to zero. Kyzyl adds a 66% uplift to the sp if the market views no risk with production and recovery of income from ore sent to Russia. It's been the case since redomiciliation.

87,054,919 shares in treasury so still 32,945,081 shares locked in Russia. I bet the same amount in the UK platforms. 5 million BNY Mellon what a mess.

I see an IPO on a liquid exchange just not London. They could buy back 10% of issued stock and list the 10% on say HKEX. He'll want a big bang of a new listing at an elevated price to lift the AIX price. Can't see any other way to do the heavy lifting in company valuation.

A company with a Russian CEO and Russian board is pretty Russian with assets in an Ex Soviet state. Can't see London a friendly welcoming place. Hence Nesis remarks no other listing till 2028 or further out.

Jon. Polymetal RU financial Report was linked here 2023/2024.

https://bo.nalog.ru/organizations-card/7067330#fundsMovement

31st March 2025 but since removed conveniently.

It showed.

Revenue 0

Cost of Sales 0

Profit 0

Commercial Expenses

Management Expenses 854,246 assume RUB

Profit/Loss from sales 854,246

Income from participation in other 41,000,000

Interest Receivable 37,364,505,11,,,,,

Interest Payable 35,615,052

Other Income 193,372,193

Other Expenses 211,223,469

They didn't work, they only received wages

In 2024, y

Solidcore repaid Polymetal JSC more than RUB 66 billion in loans ahead of schedule with maturities of December 31, 2027 and June 30, 2028.