TIDMGDP
RNS Number : 3708K
Goldplat plc
05 May 2022
G ol dp lat plc / Ti cker: GDP / Index: AIM / Secto r: M in i ng
& E x p l o rati on
5 May 2022
Goldplat plc
( 'Goldplat', t he 'Group' or 'the Company ')
3(rd) quarter operating results update
for the period ended 31 March 2022
G ol dp lat pl c, the AIM li sted g o ld p r o ducer, w ith
internati onal g o ld reco very o perati ons l o cated in South Afr
i ca and Ghana, is p leased to announce an operational update for
the 3(rd) quarter, ended 31 March 2022 ("Q3"), of the current
financial year.
The two recovery operations continued a strong combined
operating performance from the previous quarter and achieved a
combined operating profit for the quarter of GBP2,286,000 which
represented a 96% increase against Q3 in the previous period (Q3,
31 March 2021 - GBP1,165,000).
The combined operating profit for the operating entities for 9
months ending 31 March 2022 increased by 43% to GBP6,045,000 (Q3,
31 March 2021, GBP4,220,000).
This quarter's strong numbers were supported by increased
operating performance in South Africa of GBP1,627,000 (Q3, 31 March
2021 - GBP575,000), whilst Ghana achieved steady operational
results of GBP659,000 (Q3, 31 March 2021 - GBP687,000).
The following events have contributed to the excellent Q3
operating results:
Ghana
-- The results for Ghana were supported by an increasingly
diverse client base in West Africa and South America who provided a
wider range of materials, although volumes were reduced due to
political unrest in some of the jurisdictions in which we
operate.
-- The reduction in volumes has given us the opportunity to
focus on other types of by-products and to increase our service
offering to mines, whilst we also increased our client base during
the period.
-- We continue with our expansion into South America on a
measured basis, with limited capital allocated as yet.
South Africa
-- The strong operational profits for South Africa during the
quarter were supported by good production through our circuits,
specifically gravity concentrators, and increased gross profits
realised on the sales of material processed during the previous
quarters. We are also seeing profits being supported by services in
and production of platinum group metals ("PGM's").
-- The construction of our PGM plant is going to plan and should
be completed at a capital cost of GBP300,000, with commissioning
taking place during May 2022. This will increase the flexibility in
material we can process and will enable us to further develop our
PGM recovery business.
-- Further to the PGM plant, we have incurred GBP100,000 on new
plant machinery and the repair and maintenance of the current
circuits and expect to incur further GBP300,000 during QTR 4 in
this regard.
-- The review of our water use license has been completed and we
are awaiting the drafting and issue of the license from Department
of Water and Sanitation. The license, once received, will provide
us the basis on which a new tailings storage facility (New TSF)
will be developed adjacent to our existing tailings storage
facility (Existing TSF) at a cost of circa GBP 350,000. The
intention is for our deposition to be transferred from the Existing
TSF to the New TSF, with the New TSF to be used for storage and the
Existing TSF to be used for processing. This transfer will provide
us with the ability to process the Existing TSF which contains a
JORC resource of circa 82,000 ounces of gold (Table 1) at a
third-party processing facility once the approval and installation
of a pipeline to this third-party processing facility has been
completed.
-- We have received the environmental approval required for the
installation of the pipeline to a nearby third-party processing
facility, although the required water use license submission is
still in progress. The nearby third-party processing facility has
the potential to provide the necessary deposition capacity to
process the Existing TSF.
Our cash balances in the group remained strong at GBP2,000,000
at the end of Q3, with over GBP5,000,000 locked up in product in
transit or already delivered to smelters and refiners. The
turnaround of our material has been delayed due to global supply
chain and shipping delays, exacerbated by delays at our operation's
local ports. The cash balances in the group at 31 March 2022
reflect both the GBP312,000 received on the sale of 32,878,000
shares in Caracal for 0.95 pence per share and the payment on
account of GBP200,000 for the share buy-back programme announced on
29 March 2022.
Werner Klingenberg, CEO of Goldplat commented: "I am pleased to
note the geographically diversified strength in our recovery
operations and the contribution from production of PGM's. This
further supports our decision to expand in to the South American
market and the investment made into leveraging our current
skillsets and infrastructure, to diversify the materials and
elements we can process economically. I am encouraged with progress
on the tailings facility which should add a further significant
revenue stream to the business in future."
For further i n fo rmat i on v i s it www .g o ld p lat.com, f o
l l ow on Twitter @GoldPlatPlc or contact:
Werner Klingenberg Goldplat plc Tel: +27 (0) 82 051 1071
(CEO)
Colin Aaronson / George Grant Thornton UK LLP Tel: +44 (0) 20 7383
Grainger / Samuel Littler (Nominated Adviser) 5100
Jessica Cave / Andrew WH Ireland Limited Tel: +44 (0) 207 220
de Andrade (Broker) 1666
Tim Thompson / Mark Edwards Flagstaff Strategic and Tel: +44 (0) 207 129
/ Fergus Mellon Investor Communications 1474
goldplat@flagstaffcomms.com
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
Table 1
Mineral Resource Estimate of the Tailings Storage Facility,
South Africa
Total Resource
Domain Class Tonnes Density Au (g/t) Au (Oz) U(3) O(8) U(3) O(8) Ag (g/t) Ag (Oz)
(Mil) (g/t) (lbs)
----------- ------------ -------- --------- -------- ----------- ----------- --------- --------
TOTAL
RESOURCE Measured 0.87 1.32 1.82 50,907 61.41 117,754 4.85 135,573
----------- ------------ -------- --------- -------- ----------- ----------- --------- --------
Indicated 0.49 1.37 1.77 27,897 59.73 64,506 4.71 74,165
------------------------- ------------ -------- --------- -------- ----------- ----------- --------- --------
Inferred 0.07 1.30 1.4 3,154 71.40 11,016 2.82 6,356
------------------------- ------------ -------- --------- -------- ----------- ----------- --------- --------
Grand Total 1.43 1.34 1.78 81,959 61.32 193,276 4.70 216,094
------------ -------- --------- -------- ----------- ----------- --------- --------
The Tailings Mineral Resource Estimate was announced in
accordance with the JORC Code (2012) in a press release on 29
January 2016. Mark Austin of Applied Geology & Mining (Pty)
Ltd. was the Competent Person responsible for that announcement.
The Company confirms that all material assumption and technical
parameters underpinning the Resource Estimate continue to apply and
have not materially changed.
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END
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