Solidcore Completes Buyback of Euroclear-Blocked Shares
Solidcore Resources has completed a major share buyback, reclaiming 123.4 million shares previously blocked in Euroclear. The company, formerly known as Polymetal, finalised the deal in December 2025 after a series of restructuring moves linked to U.S. sanctions and market changes.
The shares were originally frozen due to sanctions affecting Solidcore’s Russian operations. In 2023, the company—then called Polymetal—shifted its registration from Jersey to Kazakhstan after its Russian subsidiary faced U.S. restrictions. A year later, it sold its Russian assets and rebranded as Solidcore Resources.
In mid-2024, Solidcore announced the delisting of its shares from the Moscow Exchange. Trading was fully halted on September 26, and its stock moved to the Astana International Exchange. The buyback involved 123.41 million shares, now classified as treasury stock and locked by the company’s registrar. For the transaction, Solidcore paid $2.57 per share for 30.54 million non-treasury shares, while no compensation was given for the remaining 92.86 million treasury shares. A total of 228.38 million dirhams (around $78.5 million) was transferred to a trust account for Euroclear. Deutsche Bank took over the shares once the repurchase was finalised. As of December 22, Solidcore’s share price stood at $6.11. The company now holds 123.41 million treasury shares out of a total voting stock of 443.15 million.
The buyback marks the end of a long process to recover shares trapped by sanctions and market shifts. Solidcore’s restructuring, including its rebranding and delisting, has reshaped its ownership structure. The treasury shares remain locked, and the company’s stock continues trading on the Astana exchange.
