We read with interest the article published by Inbusiness.kz regarding the absence of information about an application related to the Tokhtar project submitted to the Ministry of Industry and Construction of the Republic of Kazakhstan.

We believe it is important to clearly explain the facts regarding Aurora Minerals Group’s role in this project.

Aurora actively participated in the preparation of the project, including geological work, investment packaging, promotion of the asset, preparation of presentation materials, transaction structuring, and negotiations with potential strategic investors.

The project was presented at international events such as PDAC 2023–2024 and introduced to more than 25 international companies, including major global mining industry participants. During discussions, most investors declined participation not because of legal concerns, but due to technical challenges — specifically, complex ore processing, gold recovery issues, and elevated arsenic content.

In this context, the interest shown by Solidcore Resources plc was especially significant. The company has practical experience working with similar ores at the Bakyrchik deposit. Its technological capabilities and operational expertise provided confidence in the project’s potential successful development.

As part of the transaction preparation, Aurora specialists created a detailed geological database, developed geological models, conducted an asset assessment, and prepared analytical and legal materials used during the investment evaluation process.

Our objective was clear: to demonstrate the project’s geological potential, establish a sound investment case, present the asset to serious investors, and advance discussions to a commercial level. Aurora completed this work professionally and in good faith.

At the same time, submission of the application for the transfer of subsoil use rights, interaction with government authorities, and completion of regulatory procedures were outside Aurora’s scope of responsibility. These matters were the responsibility of the transaction parties.

The deal was publicly announced. It involved a project with approximately 1.1 million ounces of gold resources, with the first stage valued at approximately US$25 million for a 51% stake.

Therefore, it is important for the market and investment community to understand what happened next and the status of the regulatory procedures.

Aurora would like to emphasize that its part of the work was fully completed. We helped prepare the project, present it to the market, and attract interest from a major strategic investor.

For the industry, it is critically important that transfers of subsoil use rights are conducted transparently, predictably, and under clear rules. These factors are essential for building trust among international investors.

Kazakhstan has strong geological potential and is capable of attracting leading global companies. Long-term industry growth depends on stable regulatory practices and transparent investment processes.