TIDMGDP
RNS Number : 0486X
Goldplat plc
18 December 2023
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining &
Exploration
18 December 2023
Goldplat plc
('Goldplat', the 'Group' or 'the Company')
Audited Results for the year ended 30 June 2023
Goldplat plc, (AIM:GDP) the AIM listed Mining Services Group,
with international gold recovery operations located in South Africa
and Ghana, servicing the African and South American Mining
Industry, is pleased to announce its audited results for the year
ended 30 June 2023.
The Company's annual report and accounts are available on the
Company's website at http://www.goldplat.com/downloads and hard
copies will be posted by 19 December 2023 to shareholders that have
elected to receive printed copies.
As announced on 4 December 2023, Resolution 1 to be put to
shareholders at the Annual General Meeting of the Company being
held on 29 December 2023, to receive the report of the Directors of
the Company and the audited financial statements of the Company for
the year ended 30 June 2023, will be adjourned in order to give
shareholders the requisite notice. The date of the adjourned
meeting will be confirmed in due course.
For further information visit www.goldplat.com, follow on
Twitter @GoldPlatGDP or contact:
Werner Klingenberg Goldplat Plc Tel: +27 (0) 82 051 1071
(CEO)
Colin Aaronson / Samantha Grant Thornton UK LLP Tel: +44 (0) 20 7383
Harrison / Enzo Aliaj (Nominated Adviser) 5100
James Bavister / Andrew WH Ireland Limited Tel: +44 (0) 207 220
de Andrade (Broker) 1666
Tim Thompson / Mark Flagstaff Strategic Tel: +44 (0) 207 129
Edwards / Fergus Mellon and 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.
Chairman's Statement
Goldplat PLC's precious metals processing facilities continued
to show resilience by achieving creditable trading results during
the 30 June 2023 year, during which it experienced some unique
challenges.
Our portfolio of core assets consists of two gold recovery
operations, in South Africa and Ghana, with plans to extend
operations to Brazil. These operations recover gold and platinum
group metals ('PGM') from by-products of current and historical
mining processing, thereby providing mines with an environmentally
friendly and cost-efficient way of removing waste material.
Looking at the trading results of Goldplat PLC ("the Company" or
"Goldplat") and its subsidiaries, together referred to as "the
Group", profit for the year remained strong at GBP3,068,000 (2022 -
GBP3,963,000), resulting in a return on invested capital (Profit
after Taxation divided by Total Equity) of 17.8% (2022 - 22.3%).
Cash generation across the Group continued to be robust with net
cash flows from operating activities of GBP3,343,000 (2022 -
GBP2,997,000) and net year end cash of GBP2,781,000 (2022 -
GBP3,895,000).
During the year the Group's operations have been impacted
by:
-- Increased electricity supply cuts in South Africa;
-- Slow turnaround of debtors due to delays from a smelter in Europe; and
-- Delays in export of material out of Ghana during the last
quarter due to finalisation of the renewal of our Gold License.
The above matters have been mitigated after the financial year
end through utilising other smelters and the approval of the Gold
License in Ghana. In addition, we are in the process of installing
back-up diesel generation power in South Africa.
We remain focussed on long term visibility of earnings in the
recovery businesses by increasing visibility of resources through
the strengthening of partnership relationships and improved
processing methods, whilst positioning ourselves as a service group
focussed on key elements of primary producers' Environmental,
Social and Governance (ESG) initiatives. Our key focus will remain
on extracting value from gold bearing by-products whilst we
investigate broadening the commodity spaces in which we operate and
add value.
As indicated in the prior year, the Company will continue to
return cash in excess of operating and development requirements to
shareholders. Due to the challenges experienced during the year,
resulting in significant working capital requirements, the capital
invested into a new tailings storage facility ("TSF") in South
Africa and future capital requirements to maintain operations as
well as processing of the old TSF, the Company did not distribute
any cash to shareholders during the year. We will continue to
evaluate this position and, when appropriate, will distribute cash
through either share repurchases or dividends, whichever the Board
believes will add the most value, to the shareholders.
Goldplat has a pivotal role to play in the circular economy that
extends to the extraction of minerals to re-processing of what
would typically be dumped as waste materials. It also extends to
responsible mining and business practices that underpin Goldplat as
a sustainable partner for large mining groups.
As referred to in the Strategic Report, the business has adopted
certain sustainability reporting principles in the current year
including profiling material matters through the application of
double materiality and linking these material issues to strategic
responses and performance metrics.
As a starting point, we have conducted materiality assessments
to identify where our highest level of sustainability impact could
be and in turn, linking these matters to our strategic response,
policies and performance management. We are committed to creating
measurable value for all our stakeholders towards a just and
socio-economic sustainable future.
Goldplat will continue developing its integrated sustainability
strategy and reporting practices. This process is ongoing, and the
Board will continue to monitor our obligations and make sure that
we meet or exceed expectations as we continue to create and
preserve value for all our stakeholders.
During the year the Group strengthened its executive management
team with the appointment of a Chief Operating Officer (COO),
Douglas Davidson, and Chief Financial Officer (CFO), Brent Doster.
The executive management team is well positioned to execute the
Company's strategy.
The Israel-Hamas and Russian-Ukraine conflict will continue to
pose challenges to global supply chains and whilst Goldplat has no
activities directly connected with Russia, Ukraine or the Middle
East, the long-term effect of the conflict on the Group remains
uncertain.
We look forward to continuing and building on the successes of
the past few years and increasingly realising and growing the
intrinsic value of Goldplat. I wish to thank all Goldplat's
employees, as well as my fellow directors, our advisors and our
shareholders for their efforts as we look forward to the coming
years with enthusiasm.
Gerard Kemp
Chairman
15 December 2023
CEO Report
Overview of operations
Goldplat is a mining services company, specialising in the
recovery of gold and other precious metals, from by-products,
contaminated soil and other precious metal material from mining and
other industries. Goldplat has a pivotal role to play in the
circular economy that extends the extraction of minerals to
re--processing of what would typically be dumped as waste
materials. Goldplat has two market leading operations in South
Africa and Ghana focused on providing an economic method for mines
to dispose of waste materials while at the same time adhering to
their environmental obligations.
Goldplat has been providing these services for more than 20
years mainly to the mining industry in Africa, but more recently
also in South America. Goldplat's extraction processes and multiple
process lines enable it to keep materials separate, which provides
a high degree of flexibility when proposing a solution for a
particular type of material. The processes which are employed
include roasting in a rotary kiln, crushing, milling, thickening,
flotation, gravity concentration, leaching, CIL, elution and
smelting of bullion. Goldplat recovery operations recover between
1,500 ounces to 2,500 ounces monthly through its various circuits
and under different contracts. The grade, recovery, margins and
terms of contracts can differ significantly based on the nature of
the material supplied and processed. At a minimum, 50% of material
produced is exposed to the fluctuation in the gold price, with the
remainder of the production being offset by corresponding changes
in raw material costs.
The strategy of the Company, which also drives the key
performance indicators of management, is to return value to the
shareholders by creating sustainable cash flow and profitability
through:
-- growing its customer base in Southern Africa, West Africa, South America and further afield;
-- strengthening its license to operate in the jurisdictions in which it operates;
-- forming strategic partnerships with other industry participants;
-- leveraging its role in the circular economy to diversifying
into processing of platinum group metals ("PGM"), coal and other
commodities contaminated material;
-- ensuring the sustainability of its operations from an
environmental, social and governance perspective; and
-- optimising the value to be extracted from the processing of its 2.2-million-ton, TSF.
Goldplat's highly experienced and successful management team has
a proven track record in creating value from contaminated gold and
other precious metals-bearing material.
The Group follows the responsible gold guidelines as set-out by
the London Bullion Mark Association ("LBMA") and our processes are
audited on a bi-annual basis, to provide further comfort to its
suppliers, partners and customers.
Goldplat has a JORC defined resource (see the announcement dated
29 January 2016 for further information) over part of its active
TSF at its operation in South Africa of 1.43 million tons at
1.78g/t for 81,959 ounces of gold.
Since the resource estimate was completed, more than 1,000,000
tons of material have been deposited on the TSF.
Operating results
The recovery operations continued to deliver strong results with
profit after tax attributable to owners of the Company of
GBP2,798,000 (2022 - GBP3,555,000), a decrease of 21.3% from the
previous financial year.
The decrease was driven by increased electricity supply cuts in
South Africa, delays at the smelters in Europe and being unable to
export material from Ghana due to the delays in the finalisation of
Ghana's gold export license.
Before the 2020 financial year, the cashflow generated was
invested in sustaining and growing our mining portfolio in Africa,
which we exited during the 2021 financial year. Since then, the
Group has been focussed on the recovery operations to increase
visibility of earnings through:
-- Growing its customer base and its raw material supply on site;
-- Securing its license to operate through maintain licenses and contained conditions; and
-- Securing and extending our role in the circular economy by
expanding our business into other commodities.
Growing the customer base
During the year the Group retained all major woodchips and
byproduct suppliers and secured additional supplies of material in
Ghana and South America. A major supplier is defined as a supplier
that supplied a material amount of raw material to the operations
during the last financial year.
During previous years we removed low-grade surfaces sources from
various sites owned by different entities, whilst during the year
we secured a contract with DRDGOLD Limited ("DRDGOLD"), which
provides us access to certain low-grade soils. As a result, we have
removed material from fewer suppliers, although the quantity
available from DRDGOLD has meant that our security of supply for
our milling and carbon-in-leach circuits increased to more than 5
years.
The nature of these materials to be removed from DRDGOLD will
vary in terms of the gold grade contained and the recoverability of
the gold contained through our circuits. The analysis and
processing of these materials to date has indicated that it will be
viable to remove and process at current cost and price
parameters.
Securing pipeline and
developing alternative
reclamation resources Units 2023 2022
-------------------------- ------- ------------------- -------------------
Product type South Africa Ghana South Africa Ghana
----------------------------------- ------------ ----- ------------ -----
Low-grade surface sources Number 1 0 5 0
Woodchips Number 6 0 6 0
By-products Number 5 12 5 6
-------------------------- ------- ------------ ----- ------------ -----
The percentage contribution on different feed products to
operating margins in South Africa does fluctuate from month to
month but on average each product type contributes a third of the
margins for Goldplat Recovery SA ("GPL"), highlighting each
product's significance to the operations. In Ghana, Gold Recovery
Ghana ("GRG") margin is derived only from the different types of
by-products generated by current mining activities.
Although GPL has retained all contracts during the year the
consolidation continues in the South African gold industry; mines
are closing or are becoming more efficient in their processing,
resulting in reduced volumes and grade of woodchips and by-products
received.
As a result, GPL focus is to increase its share of the market in
South Africa, securing business of a major mining group in South
Africa it is not servicing currently and looking to neighbouring
countries to supplement current feedstock.
The focus of GRG in Ghana remains on opening the West African
market, specifically securing more feedstock out of Ivory Coast,
Mali and other countries. After year-end GRG received its first
supply from a mining group in Ivory Coast which provides additional
confidence on future supply out of this jurisdiction.
The Group continues to investigate and research different types
of discard and waste sources from industry to increase the
flexibility in the types of material it processes.
License to operate
Due to the nature of the recovery services the Group provides
and the commodities we recover, we require various licenses to
operate and need to comply with the conditions of these
licenses.
During the year the group continued to invest cost and capital
to maintain these licenses and to ensure our operations comply with
these licenses.
During the year GRG renewed the Minerals Commission - License to
Purchase and Deal in Gold and the Environmental Protection
Authority License. The delay in the renewal of the License to
Purchase and Deal in Gold in Ghana had a significant impact on
GRG's ability to export material and as a result secure material
from suppliers.
The Department of Water and Sanitation of the Republic of South
Africa has authorised the water use licence of GPL during June 2022
which includes the extraction and use of water in its recovery
processes and the impact of its disposal of tailings on a new TSF,
according to the conditions set out in the licence, which is valid
for 12 years. This has enabled GPL to construct a new TSF that will
provide an additional seven years of deposition capacity.
Below is a summary of some of the major licenses required by
operations to operate in current jurisdictions:
License to
operate Valid until 2023 2022
----------------- ---------------- ------------------------------------- -------------------------------------
South Africa Ghana South Africa Ghana
---------------------------------- ---------------- ------------------- ---------------- -------------------
November
Current licenses 2040* Precious Metals Precious Metals
Refining License Refining License
---------------------------------- ---------------- ------------------- ---------------- -------------------
January 2024 Air Emissions Air Emissions
License License
---------------------------------- ---------------- ------------------- ---------------- -------------------
Expired* Mining Right Mining Right
(expired May (expired
2023) May 2023)
---------------------------------- ---------------- ------------------- ---------------- -------------------
Annual Radio-active Radio-active
License License
---------------------------------- ---------------- ------------------- ---------------- -------------------
2034 Water Use Water Use
License License
---------------------------------- ---------------- ------------------- ---------------- -------------------
Annual Precious Metals Precious Metals
Import Permit Import Permit
---------------------------------- ---------------- ------------------- ---------------- -------------------
Annual Precious Metals Precious Metals
Export Permit Export Permit
---------------------------------- ---------------- ------------------- ---------------- -------------------
Annual Ghana Freezone Ghana Freezone
Authority Authority
---------------------------------- ---------------- ------------------- ---------------- -------------------
May 2026 Minerals Commission Minerals Commission
- License - License
to Purchase to Purchase
and Deal in and Deal in
Gold Gold
---------------------------------- ---------------- ------------------- ---------------- -------------------
18 December Environmental Environmental
2025 Protection Protection
Authority Authority
License License
---------------------------------- ---------------- ------------------- ---------------- -------------------
New application Waste License
---------------------------------- ---------------- ------------------- ---------------- -------------------
* GPL does not require a mining right in South Africa to
continue its operation and is conducting its operations under a
Precious Metals Refining License which only expires in November
2040. As GPL does not have an identified mineral deposit and does
not extract any ore from a mineral deposit, it could not renew its
mining right per the Department of Mineral Resources and Energy
('DMRE'). We have applied to the relevant Government authorities to
convert the existing environmental management plan in place to an
integrated environmental authorization and waste management
licence. We await their response.
Circular economy
Goldplat has a pivotal role to play in the circular economy that
extends to the extraction of minerals to re-processing of what
would typically be dumped as waste materials. It also extends to
responsible mining and business practices that underpin Goldplat as
a sustainability partner for large mining groups.
During the year all of our operating profit was derived from the
processing of discards or waste materials from historic or current
mining activities.
Goldplat believes that it can extend this pivotal role it is
playing in the circular economy to the gold industry in South
America and into other commodities including the platinum and coal
mining industry in South Africa.
As a result, we made a strategic investment of GBP150,000 to
obtain the usage of a small spiral plant for our gold operations in
South Africa and acquired a 15% shareholding in a fine coal
recovery technology company. Goldplat has an option to invest an
additional GBP1.5m, which will increase our shareholding in that
business to above 50%. This investment would be used to
operationalize the technology through the construction of a fine
coal washing plant in Mpumalanga, South Africa.
Management is still evaluating this option which would provide
us diversification in our recovery operations into a different
commodity, namely coal, of which significant resources are
available in South Africa, with opportunities not just for
processing but also for environmental rehabilitation.
During the year we invested capital to increase our ability to
process precious metal group minerals and engaged with potential
partners that can assist in increasing supply of material out of
the PGM industry.
In addition, the Group has decided to acquire land in South
America, specifically Brazil, a process which has not been
completed to date, at a value of circa GBP103,000. The decision was
driven by the need to establish an address in South America from
which we can service our clients. In time we plan to increase
operational plant capacity in Brazil to provide solutions for lower
grade material not processable at our other plants due to the cost
of transport to those facilities.
Tailings Facility
With the approval of the water use license, GPL constructed a
new TSF, which is adjacent to the current TSF, which was completed
in August 2023 and is currently being commissioned over a period of
9 months. The new TSF has sufficient capacity to store the tailings
we will produce in our current operations for the next seven
years.
The new TSF has been constructed by using regulated synthetic
liner and design drainage which should enable more process water to
be re-used in the plant and reduce seepage and contamination of
ground water.
The new TSF allows us to divert all deposition from the current
facility, which will provide us with the ability to use the current
facility to recover the JORC resource through DRDGOLD. The
processing of our old TSF remains dependent on the approval of the
water use license over certain areas for the installation of a
pipeline to the DRDGOLD process facility. The application process
is ongoing with engineering designs being finalised with final
application to be done before end of December 2023. Approval is
estimated to be received within Q4 of the 2024 financial year.
DRDGOLD and Goldplat Plc are currently in the process of
evaluating different variables that will impact on the processing
of the TSF, as well as the commercials of doing so; this process
will be completed alongside the water use license. To enable us to
process the current TSF through a DRDGOLD facility, we will require
approval to install a pipeline to this DRDGOLD processing facility
(as indicated in paragraph above) and will need to finalise
commercial agreements with DRDGOLD.
Electricity Supply
During the year, the South African operation lost circa 13% of
its production hours due to electricity supply outages, which has a
significant impact on our lower grade circuits. The lower grade
circuits operate continuously, and any hours lost result in a loss
of production.
Due to the increased uncertainty of electricity supply in the
medium term, we have decided to invest in diesel generators which
will be able to sustain operations in South Africa during
electricity cuts. The capital cost of these investments will be
GBP750,000 and will be financed over 36 months with one of our
local banks. Based on 25% of available hours expected to be lost
during the next 24 months, we expect that the capital cost of the
generators will be recovered within 24 months. During this year, we
will also continue to investigate other options to secure
electricity supply, for example additional connections to the local
Municipality Grid or a new direct connection to Eskom (South Africa
Electricity Generator and Supplier); however, the timelines of
these options remain uncertain and unclear.
The diesel generators are expected to be operational by the end
of January 2024.
Anumso Gold Project - Ghana ('AG')
The gold mining license under the Anumso Gold ('AG') project
expired during March 2021 and was not renewed as was the intention
of the Company and the joint venture partner, Desert Gold Ventures
Inc. The investment in AG was disclosed as a discontinued operation
during the 2021 year. In that year we were informed that mineral
right fees since 2013 were outstanding, which is still being
disputed. None of the joint venture partners intend to capitalise
the AG project to settle the claim and current AG liabilities
exceed its assets by the minerals right fees outstanding. The
Company's share of outstanding minerals right fees is GBP369,000
and this has been accrued in prior years.
Outlook
Our focus during the year has been, and will continue to be:
-- to open up and expand our market share in West Africa and further into the rest of Africa;
-- to acquire land in Brazil, and expand our service delivery,
specifically on lower grade material in Brazil and elsewhere in
South America;
-- increase our market share in South Africa and increase client base in neighbouring countries;
-- to reduce the of cost of production, specifically on our CIL circuits in South Africa;
-- to agree commercial terms on the reprocessing of the TSF with
DRDGOLD and finalise the regulatory requirements to allow us to
pump material through a pipeline to the DRDGOLD facility;
-- leveraging our strength and capabilities through the
processing of other precious metals and commodities.
The recovery operations have nearly always been cashflow
generative and during the year we have utilised some of this
cashflow to build the new TSF in South Africa, support working
capital levels as a result of delays in renewal of our Gold licence
in Ghana and delays experienced on payment from a smelter in
Europe. The Company will remain focused on sharing future cashflows
with shareholders, specifically distributing cash surplus (above
Group's operational requirements and growth plans) to
shareholders.
The South African operations will continue to serve the South
African gold industry and will focus on sustaining profitability
from old mining clean-ups and as part of its diversification
strategy will continue investing capital into processing PGM's.
We are working with DRDGOLD to find the most economic methods to
reprocess TSF (which has a JORC Compliant Resource of 81,959
ounces) and receiving environmental approval for a pipeline which
will be required to transport material to a facility for
processing.
Goldplat recognises the cyclical nature of the recovery
operations as well as the risks inherent in relying on short-term
contracts for the supply of materials for processing, particularly
in South Africa where the gold industry is in slow longer term
decline. These risks can be mitigated by improving our operational
capacities and efficiencies to enable us to treat a wider range of
lower grade materials and leveraging on our strategic partnerships
in industry to increase security of supply. We will continue to
seek materials in wider geographic areas. We shall also keep
looking beyond our current recovery operations for further
opportunities to apply our skillsets and resources.
Conclusion
The last few years involved a lot of changes in Goldplat's
business as we have set out to increase sustainability and growth
of our recovery operations. I would like to compliment Goldplat's
employees, its advisors, my fellow directors and the Company's
shareholders not just for their efforts and support, but for how
they have embraced the changes and remained focused on the
opportunities they bring. This year we have seen the benefit of
these changes and the Board is looking forward to building on this
year's successes, creating opportunities from the ever changing
environment and returning value to shareholders.
Werner Klingenberg
Chief Executive Officer
15 December 2023
CFO Report
Overview
Goldplat delivered another year of good results despite delays
at the smelters in Europe, delays in finalising our gold export
license in Ghana, increased electricity supply cuts in South Africa
and inflationary pressures.
Goldplat achieved a profit after tax of GBP3,068,000 (2022 -
GBP3,963,000), a decrease of 22.6% from the previous year.
Revenue decreased by 3% to GBP41,881,000, whilst the average
gold price during the year remained constant at USD1,829/oz (2022 -
USD1,833/oz).
The margins of the Group depend upon the volume, quality and
type of material received, the metals contained in such material,
processing methods required to recover the metals, the final
recovery of metals from such material, the contract terms, metals
prices and foreign currency movements. During the year, the gross
profit margin decreased from 23.1% to 17.7%, which was driven by
high volume of high-grade low-margin batches processed in Ghana and
impact of electricity supply cuts in South Africa, where less gold
was produced for the same fixed costs expensed. This was
exacerbated by foreign exchange losses, which increased by
GBP685,000.
The table below on the operating performance of the two recovery
operations combined (excluding other Group and head office cost,
foreign exchange gains & losses, finance cost and taxes)
reflects the ability of the recovery operations in South Africa and
Ghana to produce profitably at various gold prices and production
levels for the last 5 years.
2023 2022 2021 2020 2019
----------------------- ----- ----- ----- ----- -----
Average Gold Price per
oz in
US$ for the year 1,829 1,833 1,846 1,560 1,263
----------------------- ----- ----- ----- ----- -----
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ ------- ------- ------- ------- -------
Revenue 41,881 43,222 35,400 24,809 21,769
Gross Profit 7,422 9,994 6,199 7,312 3,114
Other (Loss)/Income (96) 53 56 0 0
Administrative Costs 3,021 2,332 1,694 1,977 861
------------------------ ------- ------- ------- ------- -------
Operating Profit Before
Finance Costs 4,305 7,715 4,561 5,335 2,253
------------------------ ------- ------- ------- ------- -------
Financial review
The major functional currencies for the Group subsidiaries are
the South African Rand (ZAR) and the Ghana Cedi (GHS) whilst the
presentation currency of the group is Pounds Sterling (GBP). The
average exchange rates for the year are used to convert the
Statement of Profit or Loss and Other Comprehensive Income for each
subsidiary to Sterling.
As set out in the table below, the average ZAR and GHS weakened
against the Pound Sterling by 5.8% and 55.0% respectively. The
exchange rates as at the end of the year are used to convert the
balance in the statement of Financial Position. As set out in the
table below, the ZAR and GHS closing rate depreciated by 20.6% and
49.3% respectively, which resulted in the GBP3,231,000 loss on
exchange differences on translation during the year.
2023 2022 Variance
GBP GBP %
------------------------------------------ ----- ----- --------
South African Rand
(ZAR) Average 21.43 20.26 5.8%
Ghanaian Cedi (GHS) Average 13.7 8.84 55.0%
South African Rand
(ZAR) Closing 30 June 2023 23.87 19.80 20.6%
Ghanaian Cedi (GHS) Closing 30 June 2023 14.60 9.78 49.3%
-------------------- --------------------- ----- ----- --------
Apart from the gold price, the Group's performance is impacted
by the fluctuation of its functional currencies against the USD in
which a majority of our sales are recognised. The average exchange
rates for the year used in the conversion of operating currencies
against the USD during the year under review are set out in the
table below:
2023 2022 Variance
USD USD %
---------------------------------- ----- ----- --------
South African Rand (ZAR) Average 17.78 15.23 16.7%
Ghanaian Cedi (GHS) Average 11.37 6.66 70.7%
------------------------- -------- ----- ----- --------
Personnel
Personnel expenses increased by 11.6% to GBP5,214,000 (2022 -
GBP4,674,000) during the year as a result of an increase in
production personnel from 394 to 415. The increase in personnel has
been driven by an increase in production units and the construction
of the tailings facility in South Africa. We spent a total of
GBP89,000 on various training programmes for our personnel.
Net finance loss
The net finance loss for the year can be broken down into the
following:
2023 2022
Interest component GBP GBP
------------------------------------------ --------- -----------
Interest receivable 69,000 0
Interest payable (283,000) (207,000)
Interest on pre-financing of sales (956,000) (449,000)
Intercompany foreign exchange income/loss 510,000 (157,000)
Operating foreign exchange losses (221,000) (1,071,000)
------------------------------------------ --------- -----------
Net Finance Costs (881,000) (1,884,000)
------------------------------------------ --------- -----------
Net finance costs decreased to GBP881,000 (2022 - GBP1,884,000)
during the year as a result of:
-- Decrease in foreign exchange losses in operations of from
GBP1,071,000 to GBP221,000. During the prior year we had a large
foreign exchange loss in Ghana due to the depreciation of the GHS
against the USD during that year. As we pre-finance a portion of
our sales to the smelters, the exchange rate on the day we receive
most of our funds was lower than the exchange rate on the day we
recognise the sale in our records.
-- The Group has a USD loan outstanding to South Africa, at year
end the value was GBP1,183,000 (2022 - GBP2,395,000). Due to the
ZAR weakening against the USD and the USD strengthening against the
GBP, an unrealized profit was created in the Group, which was the
major contributor to the intercompany foreign exchange income of
GBP510,000.
As a result of delay in finalization of batches at a smelter in
Europe, the balance prefinanced increased and the year it remained
outstanding increased, resulting in an increase in interest on
pre-financing of sales to GBP956,000 (2022 - GBP449,000).
The interest payable on borrowings relates to buy-back of the
minority share in GPL during the previous year and increased as a
result of the increase in the prime overdraft rate in South Africa
during the current year.
Taxation
During the year the income tax expense decreased by more than
80%. This has resulted in a decrease in the effective tax rate from
24.7% to 8.3%, which was driven by the following:
-- Decrease in taxation rate of 15.59% for GPL, to 9.84%, due to
a change in the mining tax rate formula and a decrease in profits
resulting in a lower taxation rate based on mining tax formula
applied in South Africa;
-- Decrease in GPL profits before taxation from GBP4,648,000 to GBP2,781,000.
GRG is registered as a Free Zone company in Ghana and was taxed
at 15% (2022: 15%) during the current year.
During the year, the dividend from GPL to the Company incurred a
withholding dividend taxation charge of 5%. The withholding
dividend tax for the year was GBP69,000 (2022 - GBP71,000).
Other comprehensive income
During the year the Group experienced a loss in foreign exchange
translation reserve of GBP3,231,000 and was primarily made up
of:
-- Foreign exchange translation loss in GRG of GBP1,259,000 as a
result of devaluation of the GHS during the year against the GBP by
49.3%; and
-- Foreign exchange translation loss in GPL of GBP2,169,000 as a
result of devaluation of the ZAR during the year against the GBP by
20.6%.
Property, plant & equipment
During the year we spent GBP1,911,000 on the acquisition and
construction of plant and equipment, mainly at GPL in South
Africa.
We incurred GBP1,480,000 in GPL, with the main contributors to
the capital expenditure in the current year being capital incurred
on the new TSF project of GBP969,000 and the refurbishment of our
oldest CIL circuit of GBP302,000.
We incurred GBP430,000 in GRG, of which GBP263,000 related to
the new milling, gravity and flotation circuit increase recoveries
from material received. This plant will start operating by Q3 of
2024 financial year. A further GBP123,000 on yellow equipment and
GBP44,000 was incurred on the extension and improvements to our
laboratory.
Intangible Assets
The intangible assets relate to the goodwill on the investment
held in GMR and GPL. The balance has been assessed for impairment
by establishing the recoverable amount through a value-in-use
calculation, the detail of which has been disclosed in note 5 of
the financial statements.
Right-of-use asset
The right-of-use assets decreased during the year by GBP224,000.
The primary reason for the decrease is due to assets with a value
of GBP230,000 that were transferred to property, plant and
equipment, as they are now owned by GPL.
The Group acquired plant and machinery and vehicles on finance
leases for GBP146,000.
The remainder of the changes relate to amortisation for the year
and foreign exchange movements as indicated in note 19 of the
financial statements.
Investment in Caracal Gold
During the year the Company sold all its shares in Caracal for a
total consideration of GBP681,000.
Receivable on Kilimapesa sale
GMR is entitled to receive a further 1% net smelter royalty on
all production from Kilimapesa up to a maximum of $1,500,000, on
any future production from Kilimapesa. As at the end of the year,
based on production at Kilimapesa, GBP601,000 is receivable.
Loan receivable
As part of the repurchase of the minority's share, shares were
also issued to a new minority in South Africa, in the 2022 year,
Aurelian, a portion of which is payable from dividend proceeds. The
balance outstanding is GBP164,000.
Inventories
The increase of GBP8,086,000 in the inventory balance, relates
mainly to an increase of GBP7,991,000 in inventory at GRG.
2023 2022
GBP GBP
--------------------------------------- ---------- ----------
Precious Metals on Hand and in Process 16,618,000 8,186,000
Raw Materials 2,462,000 2,730,000
Consumable Stores 1,054,000 1,132,000
--------------------------------------- ---------- ----------
20,134,000 12,048,000
--------------------------------------- ---------- ----------
The increase in GRG inventory relates mainly to an increase in
precious metals on hand and in process of GBP7,938,000 driven by
the inability to export material due to delays in the renewal of
the gold export license.
The raw material stock is only held in South Africa, and relates
to the low-grade material processed through our Carbon-In-Leach
('CIL') circuits. During the year we've processed some of the high
grade, higher cost material, but stock levels remained the same.
With the agreement reached with DRDGOLD, by which we can remove and
process materials on DRDGOLD premises, we have not just increased
the availability of raw material for processing, but also put GPL
in a position to operate with lower levels of raw materials at our
premises.
Trade and other receivables
The Group's trade and other receivables fluctuates based on
grade and volume of batches and material processed during different
periods of the year in the two operating entities.
Apart from the gold bullion produced in South Africa, on which
payment is received within 14 days, for the remainder of the
concentrates we produce, the payment terms on average are between 4
to 6 months.
During the year, the trade and other receivables increased by
GBP19,303,000, of which GBP11,328,000 relates to an increase in GRG
and GBP7,710,000 to an increase in GPL.
The increase in GRG was mainly due to the delay in outturn of
batches delivered to a smelter in Europe. In GPL, the reason for
the increase was similar although larger volumes of material
delivered to the smelters closer to the end of the financial year
also contributed to the year-on-year increase.
Provisions
In terms of section 54 of the regulations of the Minerals
Resource and Petroleum Act of 2002, in South Africa, a Quantum of
Financial Provisioning is required for activities performed under
mining lease. The Quantum was reassessed during the current year
and increased by GBP78,000.
Deferred tax liabilities
The deferred tax liabilities decreased during the year from
GBP1,013,000 to GBP531,000. The decrease is a result of a reduction
in the taxation rate used during the current year in South Africa
decreasing from 25.43% to 9.84%. The reduction in tax rate is
because the South African subsidiary is taxed on a mining formula
tax, which is driven by profitability margins and capital spend.
Due to reduction in profitability and increase in capital invested,
the tax rate reduced.
Interest bearing borrowings
In the prior year, GPL entered into a ZAR denominated bank
facility of ZAR 60 million (approximately GBP3.02 million) with
Nedbank, to finance the repurchase of shares from minorities in
South Africa. The full ZAR 60 million was drawn during the first
half of the prior year and the principal on the bank facility is
repayable monthly over 36 months. The interest payable on the
facility is the South African Prime Rate plus 1.75%.
GPL provided security over its debtors as well as a negative
pledge over its moveable and any immovable property, with a general
notarial bond registered over all movable assets. The Group entered
into a limited suretyship for ZAR 60 million, in favour of
Nedbank.
The balance outstanding on the reporting date was GBP1,183,000
of which GBP898,000 is repayable in the next 12 months.
Refer to note 18 of the financial statements for further
disclosure.
Trade and other payables
The increase in trade and other payables of GBP28,225,000, was
mainly driven by delays at a smelter in Europe and also the delay
of export material in Ghana, due to delay in the renewal of our
gold export licence.
In general, we pay our suppliers before we recover the value
from material processed and delivered to smelters or refiners.
Suppliers are either paid in full or a percentage of the balance is
paid until we receive our final results from refiners or smelters.
We receive external funding for material delivered to smelters to
finance this gap between receipts and payments. During the year the
balance funded increased as a result of delays at smelter in Europe
to GBP19,054,099 (2022 - GBP7,421,000).
The delay in exports resulted in increases in stock holding and
as result contributed to an increase in raw material accruals
payable to suppliers to GBP17,799,000 (GBP4,638,000).
Conclusion
Looking forward, we expect inventory, trade and other payables
and trade and other receivables to reduce as we start exporting in
the first quarter of the new financial year in Ghana and realizing
profits on these sales. We remain focused on generating cash to
fund our capital spend on compliance projects as well as the
generators and creating value for our shareholders.
Brent Doster
Chief Financial Officer
15 December 2023
Statements of Financial Position - Group
Group Group
Figures in GBP'000 2023 2022
--------------------------------------- ------- -------
Assets
Non-current assets
Property, plant and equipment 5,265 4,763
Right-of-use assets 352 576
Intangible assets 4,664 4,664
Investment in subsidiary or associate 1 1
Unlisted investments 63 -
Receivable on Kilimapesa sale 571 556
Other loans and receivables 145 189
--------------------------------------- ------- -------
Total non-current assets 11,061 10,749
Current assets
Inventories 20,134 12,048
Trade and other receivables 29,205 9,902
Current tax assets 58 100
Receivable on Kilimapesa sale 30 142
Investment in Caracal Gold - 727
Other loans and receivables 19 8
Cash and cash equivalents 2,977 3,895
--------------------------------------- ------- -------
Total current assets 52,423 26,822
--------------------------------------- ------- -------
Total assets 63,484 37,571
--------------------------------------- ------- -------
Equity and liabilities
Equity
Share capital 1,678 1,678
Share premium 11,562 11,562
Capital Redemption Reserve 53 53
Retained income 12,328 9,530
Foreign exchange reserve (9,401) (6,170)
--------------------------------------- ------- -------
Total equity attributable to owners
of the parent 16,220 16,653
Non-controlling interests 1,033 1,150
--------------------------------------- ------- -------
Total equity 17,253 17,803
Liabilities
Non-current liabilities
Provisions 743 811
Deferred tax liabilities 531 1,013
Interest bearing borrowings 285 1,417
Lease liabilities 37 111
Loan from group company - -
-------------------------------------- ------- -------
Total non-current liabilities 1,596 3,352
--------------------------------------- ------- -------
Current liabilities
Provisions 207 208
Trade and other payables 43,196 14,971
Interest bearing borrowings 898 978
Lease liabilities 139 259
Bank overdraft 195 -
--------------------------------------- ------- -------
Total current liabilities 44,635 16,416
--------------------------------------- ------- -------
Total liabilities 46,231 19,768
--------------------------------------- ------- -------
Total equity and liabilities 63,484 37,571
--------------------------------------- ------- -------
Statements of Profit or Loss and Other Comprehensive Income -
Group
Group Group
Figures in GBP'000 2023 2022
----------------------------------------------- -------- --------
Revenue 41,881 43,222
Cost of sales (34,459) (33,228)
----------------------------------------------- -------- --------
Gross profit 7,422 9,994
Other income / (loss) (96) 53
Administrative expenses (3,021) (2,332)
----------------------------------------------- -------- --------
Profit from operating activities 4,305 7,715
Finance costs (881) (1,884)
----------------------------------------------- -------- --------
Profit before tax 3,424 5,831
Income tax expense (356) (1,868)
----------------------------------------------- -------- --------
Profit for the year 3,068 3,963
----------------------------------------------- -------- --------
Profit for the year attributable to:
Owners of Parent 2,798 3,555
Non-controlling interest 270 408
----------------------------------------------- -------- --------
3,068 3,963
---------------------------------------------- -------- --------
Other comprehensive loss net of tax
Exchange differences on translation
relating to the parent
Losses on exchange differences on translation (3,231) (522)
----------------------------------------------- -------- --------
Total Exchange differences on translation (3,231) (522)
Exchange differences relating to the
non-controlling interest
Losses on exchange differences on translation (203) (5)
----------------------------------------------- -------- --------
Total other comprehensive income that
will be reclassified to profit or loss (3,434) (527)
----------------------------------------------- -------- --------
Total other comprehensive loss net
of tax (3,434) (527)
----------------------------------------------- -------- --------
Total comprehensive (loss) / income (366) 3,436
----------------------------------------------- -------- --------
Comprehensive (loss) / income attributable
to:
Comprehensive (loss) / income, attributable
to owners of parent (432) 3,033
Comprehensive income, attributable
to non-controlling interests 66 403
----------------------------------------------- -------- --------
(366) 3,436
---------------------------------------------- -------- --------
Earnings per share attributable to
owners of the parent during the year
Basic earnings per share
Basic earnings per share 1.67 2.08
----------------------------------------------- -------- --------
Diluted earnings per share
Diluted earnings per share 1.65 2.05
----------------------------------------------- -------- --------
Statement of Changes in Equity - Group
Foreign Attributable
Share currency to owners Non-
Figures in Share Share Redemption translation Retained of the controlling
GBP'000 Capital premium Reserve reserve income parent interests Total
--------------------- -------- -------- ----------- ------------ -------- ------------ ------------ -------
Balance at
1 July 2021 1,698 11,491 - (5,258) 6,846 14,777 3,637 18,414
Changes in
equity
Profit for the
year - - - - 3,555 3,555 408 3,963
Other comprehensive
income - - - (522) - (522) (5) (527)
--------------------- -------- -------- ----------- ------------ -------- ------------ ------------ -------
Total comprehensive
income for the
year - - - (522) 3,555 3,033 403 3,436
Non-controlling
interests in
subsidiary dividend - - - - - - (139) (139)
Decrease of
Non--Controlling
Interest (21.30%) - - - (500) 3,589 3,089 (3,089) -
Increase of
Non--Controlling
Interest (4.67%) - - - 110 (787) (677) 677 -
Decrease of
Non--Controlling
Interest (4.24%) - - - (100) 715 615 (615) -
Increase of
Non--Controlling
Interest (4.24%) - - - 100 (715) (615) 615 -
Cost of share
repurchase in
subsidiary (21.30%) - - - (3,999) (3,999) (413) (4,412)
Proceeds on
issue of shares
in subsidiary
(4.67%) - - - 716 716 74 790
Cost of share
repurchase in
subsidiary (4.24%) - - - (653) (653) (68) (721)
Proceeds on
issue of shares
in subsidiary
(4.24%) - - - - 653 653 68 721
Cost of Share
Options Issued - - - 11 11 - 11
Cost of Company
Shares Repurchase (53) - 53 (401) (401) - (401)
Shares issued
from options
exercised 33 71 - - - 104 - 104
--------------------- -------- -------- ----------- ------------ -------- ------------ ------------ -------
Balance at
30 June 2022 1,678 11,562 53 (6,170) 9,530 16,653 1,150 17,803
--------------------- -------- -------- ----------- ------------ -------- ------------ ------------ -------
Balance at
1 July 2022 1,678 11,562 53 (6,170) 9,530 16,653 1,150 17,803
--------------------- -------- -------- ----------- ------------ -------- ------------ ------------ -------
Foreign Attributable
Share currency to owners Non-
Figures Share Share Redemption translation Retained of the controlling
in GBP'000 Capital premium Reserve reserve income parent interests Total
-------------------- -------- -------- ----------- ------------ -------- ------------ ------------ -------
Changes
in equity
Profit for
the year - - - - 2,798 2,798 270 3,068
Other comprehensive
loss - - - (3,231) - (3,231) (203) (3,434)
--------------------- -------- -------- ----------- ------------ -------- ------------ ------------ -------
Total comprehensive
income for
the year - - - (3,231) 2,798 (433) 67 (366)
Non-controlling
interests
in subsidiary
dividend - - - - - - (184) (184)
--------------------- -------- -------- ----------- ------------ -------- ------------ ------------ -------
Balance
at 30 June
2023 1,678 11,562 53 (9,401) 12,328 16,220 1,033 17,253
--------------------- -------- -------- ----------- ------------ -------- ------------ ------------ -------
Statements of Cash Flows - Group
Group Group
Figures in GBP'000 2023 2022
---------------------------------------------- ------- -------
Net cash flows from operations 4,511 6,471
Finance cost paid (521) (1,884)
Income taxes paid (647) (1,590)
---------------------------------------------- ------- -------
Net cash flows from operating activities 3,343 2,997
---------------------------------------------- ------- -------
Cash flows used in investing activities
Proceeds from sale of Kilimapesa - 312
Proceeds from sale of Caracal 727 -
Other cash payments to acquire equity
or debt instruments of other entities (126) -
Proceeds from sale of property, plant
and equipment 30 142
---------------------------------------------- ------- -------
Acquisition of property, plant and equipment (1,911) (850)
Cost of Share Repurchase from Minority
Shareholder in Subsidiary - (3,791)
---------------------------------------------- ------- -------
Cash flows used in investing activities (1,280) (4,187)
---------------------------------------------- ------- -------
Cash flows (used in) / from financing
activities
Proceeds from drawdown of interest-bearing
borrowings - 3,031
Proceeds from issue of shares in Subsidiary
to Minority Shareholder - 247
Proceeds from exercise of share options - 104
Payment of interest-bearing borrowings (1,620) (673)
Cost of Share Repurchase in Company - (401)
Repayments of other financial liabilities - -
Repayment of leases (287) (367)
Payment of dividend by subsidiary to
non-controlling interest (185) (139)
---------------------------------------------- ------- -------
Cash flows (used in) / from financing
activities (2,092) 1,802
---------------------------------------------- ------- -------
Net (decrease) / increase in cash and
cash equivalents (29) 612
Cash and cash equivalents at beginning
of the year 3,895 3,459
Foreign exchange movement on opening
balance (1,085) (176)
---------------------------------------------- ------- -------
Cash and cash equivalents at end of
the year 2,781 3,895
---------------------------------------------- ------- -------
Accounting Policies
1. General information
Goldplat plc is a public company limited by shares domiciled and
registered in England and Wales.
The address of the Company's registered office is Salisbury
House, London Wall, London, the United Kingdom EC2M 5PS. The Group
primarily operates as a producer of precious metals on the African
continent.
2. Basis of preparation and summary of significant accounting
policies
Statement of compliance
The consolidated and separate financial statements have been
prepared in accordance with UK - adopted International Accounting
Standards ("IAS") and the Companies Act 2006 as applicable to
entities reporting in accordance with IAS; as applicable to
entities reporting in accordance with IFRS.
Basis of measurement
The consolidated financial statements have been prepared on the
historical cost basis, except for derivative financial instruments
that have been measured at fair value.
Functional and presentation currency
These consolidated financial statements are presented in Pounds
Sterling, which is considered by the directors to be the most
appropriate presentation currency to assist the users of the
financial statements. All financial information presented in GBP
has been rounded to the nearest thousand, except when otherwise
indicated.
The Group's subsidiaries' functional currency is considered to
be the South African Rand (ZAR), Ghana Cedi (GHS) and the Company's
functional currency is Pounds Sterling (GBP) as these currencies
mainly influences sales prices and expenses.
Use of estimates and judgements
The preparation of the consolidated and separate financial
statements in conformity with UK - adopted IAS requires management
to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of
assets, liabilities, income and expenses. The estimates and
associated assumptions are based on historical experience and
various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making
judgements about carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ
from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the
period in which the estimates are revised if the revision affects
only that period, or in the period of revision and future periods
of the revision if it affects both current and future periods.
Critical estimates and assumptions that have the most
significant effect on the amounts recognised in the consolidated
financial statements and/or have a significant risk of resulting in
a material adjustment within the next financial year are as
follows:
-- Carrying value of goodwill GBP4,664,000 (2022: GBP4,664,000)
-- Inventory - precious metals on hand and in process to the
value of GBP16,618,000 (2022: GBP8,186,000)
-- Rehabilitation provision GBP743,000 (2022: GBP811,000)
-- Useful economic lives
-- Estimated revenue to the value of GBP27,531,000 (2022: GBP8,620,000)
3. Share capital, premium and redemption reserve
3.1 Authorised and issued share capital
Group Group
Figures in GBP'000 2023 2022
------------------- ------ ------
Issued
Ordinary shares 1,678 1,678
------------------- ------ ------
1,678 1,678
Share premium 11,562 11,562
------------------- ------ ------
13,240 13,240
------------------- ------ ------
3.2 Reserves
Ordinary shares
All shares rank equally with regard to the Company's residual
assets. The holders of ordinary shares are entitled to receive
dividends as declared from time to time and are entitled to one
vote per share at meetings of the Company.
Share premium
Represents excess paid above nominal value on historical shares
issued.
Exchange reserve
The exchange reserve comprises all foreign currency differences
arising from the translation of the financial statements of foreign
operations.
Non-controlling interest
Relates to the portion of equity owned by minority
shareholders.
Capital Redemption Reserve
Portion of share capital repurchased by the Company.
4. Employee benefits expense
Group Group
Figures in GBP'000 2023 2022
------------------------------------------- ----- -----
Wages and salaries 4,416 4,009
Performance based payments 522 424
National insurance and unemployment
fund 64 57
Skills development levy 43 37
Medical aid contributions 36 36
Group life contributions 64 58
Provident funds 69 53
------------------------------------------- ----- -----
Total 5,214 4,674
------------------------------------------- ----- -----
The average number of employees (including
directors) during the year was:
Directors 5 7
Administrative personnel 38 26
Production personnel 415 394
------------------------------------------- ----- -----
458 427
------------------------------------------- ----- -----
Directors emoluments Executive Non-executive Total
-------------------- --------- ------------- -----
2023
Wages and salaries 178 - 178
Fees - 141 141
Other benefits 62 - 62
-------------------- --------- ------------- -----
Total 240 141 381
-------------------- --------- ------------- -----
2022
Wages and salaries 181 - 181
Fees - 149 149
Other benefits 3 - 3
-------------------- --------- ------------- -----
Total 184 149 333
-------------------- --------- ------------- -----
Emoluments disclosed above include the following amounts paid to
the highest director:
2023 2022
----------------------------------- ---- ----
Emoluments for qualifying services 240 184
----------------------------------- ---- ----
Key management apart from the Directors, the emoluments paid to
key management personnel amounted to 2023 : GBP793,000 (2022:
GBP806,000).
5. Earnings per share
5.1 Basic earnings per share
The earnings and weighted average number of ordinary shares used
in the calculation of basic earnings per share are as follows:
Group Group
Figures in GBP'000 2023 2022
------------------------------------------- ------- -------
Earnings used in the calculation of basic
earnings per share 2,798 3,555
------------------------------------------- ------- -------
Weighted average number of ordinary shares
used in the calculation of basic earnings
per share 167,783 171,018
------------------------------------------- ------- -------
5.2 Diluted earnings per share
The earnings used in the calculation of diluted earnings per
share are as follows:
Group Group
Figures in GBP'000 2023 2022
------------------------------------------------ ------- -------
Earnings used in the calculation of basic
earnings per share 2,798 3,555
------------------------------------------------ ------- -------
The weighted average number of ordinary shares
for the purpose of diluted earnings per share
reconciles to the weighted average number
of ordinary shares used in the calculation
of basic earnings per share as follows:
Weighted average number of ordinary shares
used in the calculation of basic earnings
per share 167,783 171,018
------------------------------------------------ ------- -------
Adjusted for - Dilutive effect of share options 1,899 2,039
------------------------------------------------ ------- -------
Weighted average number of ordinary shares
used in the calculation of diluted earnings
per share 169,682 173,057
------------------------------------------------ ------- -------
6. Related parties
Other related parties
Entity name 2023 Holding 2022 Holding
--------------------------------- -------------- --------------
Gold Mineral Resources Limited 100% Direct 100% Direct
Goldplat Recovery (Pty) Ltd 91% Direct 91% Direct
Gold Recovery Ghana Limited 100% Indirect 100% Indirect
Anumso Gold Limited 49% Indirect 49% Indirect
Nyieme Gold SARL 100% Indirect 100% Indirect
Midas Gold SARL 100% Indirect 100% Indirect
Gold Recovery Brasil Recuperacao 100% Direct 100% Direct
Gold Recovery Peru SAC 100% Indirect 100% Indirect
GRG Tolling Ltd 100% Indirect 100% Indirect
--------------------------------- ---- -------- ---- --------
Major inter-company transactions
Nature of transaction 2023 2022
-------------------------------------------------------- ----- -----
Goldplat Recovery to Gold Goods, equipment and
Recovery Ghana services supplied 679 334
Goldplat Recovery to Gold Goods, equipment and
Mineral Resources services supplied 91 489
Goldplat Recovery to Gold
Mineral Resources Interest received (149) (120)
Goldplat Recovery to NMT
Capital Management fees - 1
Goldplat Recovery to NMT
Group Managements fees - 1
Goldplat Plc to Gold Mineral
Resources Management fees - -
Goldplat Recovery to Aurelian
Capital Trade and other payables 1 138
Goldplat Recovery to Aurelian Dividends Receivable
Capital - Aurelian 150 275
Goldplat Recovery to Aurelian
Capital Management fees 17 15
Goldplat Plc Directors 141 149
------------------------------ ------------------------- ----- -----
7. Subsequent events
There are no events subsequent to 30 June 2023 that will have a
material effect on the consolidated financial statements.
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END
FR TABRTMTTBBBJ
(END) Dow Jones Newswires
December 18, 2023 02:00 ET (07:00 GMT)
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